The fifth Annual Meeting of tha shareholders. of this company took place at the office of Mesars, Wheelock & Ca., general Agents, on Thuraday.etternoon. Mr. HI. Such. occupied the chair and thers were Biewan (directors) E. H. Davie, F. Gove, resent Messrs. J. F. Seaman -and A.
W.-8. Jackson, J. Talloch, W, Lamond, Jr, E. P, Wickham, and Count Butler, representing 304 shares. Mr, E. P. Wick: hain.was unanimously appointed secretary of the, meeting.
The Chairman said—Gentlemon, the accounts have been in your hands for some time so I suppose we may take them read, In miking up ® comparison of the accounts now submitted with these of 1897 the cost of working is five oF six thousand taels more for which the increased price of col is responsible for tivo thou. fund trols, A considerable saving has been effected in laying down a yood supply of stores, prine pally oanvns, which is much used in repairs. Tdon't think there is any more to be anid about the accounts except that Tls, 2,000 lias been debited to. worl ing acount. owing to the conversion of one of our §00-ton boats for the purport of carrying bulk ai), and Tls. 1,700 will have to be paid ducing the prevent year. At the prevent time the volume of kerosene which comes to Shanghai is not very large, byt we have rengo to leliove that it will be increased. So fur we carry oil at a fixed minimum rate which, although it: pays the expenses of the boat, does not leave much profit, I€ any shareholder has soy question to ask I shall be pleased to anewer it.
The Directors have the pleasure to submiss the Shareholders the audited Accounts for the year ended December Bist, 1895.
Balance at the credit of Working Account is Tls. 14,387.61 or Tls. 3,003.18 less than the previous year "This falling-off wns to be expected, looking st the enhanced price of coal, Jabour, etc., lo the benefit of the nanguslly lar 4 of spare stores, about Tls. 1,5)0,, will fu the fature.
An Interim Dividend of 5% was paid in August last, leaving balance xt the credit of Profit and Loss Account of Tls. 11 $36.27, vhich it is proposed "to appropriate lows Final Dividend of 6% (making 11% for the year). ait 6.00.00 be transferred to Reserve and Mainfensnce 3 4,000.00 be Cartied Forward 1,436 27
Text read from the printed page and cleaned; old type leaves the occasional error.