The second ordinary meeting of this company was held at the offices of the General Managers, Messrs. Jardine, Matheson & Ca... 'The' Bund, on Wednesday. Mr. E. F, Alford presided and there were present, Messrs, J. Prentice, 4. MoLeod Directors), C. Dovdall (Legal Adviser). J. M. Young, A. K. Craddi Cruickshank, G. J. Morrison, Tong Kid-son, James Valentine, F. Gratton, Colin Buchanan,. 8. Taylor, E. R. Burdon, A, Cushny. W. C. Murray, J. D Clark, W. Dobie, W. D. Little, John Paterson, Rodewald and 0. E. Anton (Seeretury), representing 3,825 shares.
The Chairman, in moving the adoption of the report and accounts, said—Gentle. men, it is only so recently that I occupied your attention at some length as regards the cotton mill industry, when we met at the extraordinary meeting, that I think I may limit my' remarks on this occasion. The "report and accounts have been your hands for some days, and you will see that they bear out the remarks I made as to their probable nature when previously addressing you. may, therefore, take the items in the balance-sheet seriatim. You will see under Assots) Property, Tls. 187,506.93, This is represented by the cost of the land, bunding, ete, Then, Buildings, Ts. 259,857.02; this is the cost of the buildings. It is somewhat over the estimate, I admit, but, at the same time if anyone' cares to take the trouble to look over them I think he will agree with me that we have got full value for our money. Plant, Tls. 601,626. is the cost of the plant and machinery. The remarks I have just made will fully apply to the plant and machinery. Water supply, Tls. 15,741.94, is for the reservoir, Waterworks Company's charges, ete. Then there is mill stores, Tls. 1,816,40 representing oil, packing, and smaller things for keeping the machinery and plant in order. Coal, Tls. 3,865.50; this, think, needs no explanation. Furniture, Tis, 3,865.50; this is for the furniture in the office, and the bed-rooms and sitting room of the three European employees at the mill. Cotton, yarn, and. waste in stock, Tls. 198,603.17 is the value on that date of the amount. then in the godown. Cotton and yarn in process, Tls. 27,435.22 represents the material on the bobbins on the 31st of October. Yarn in stock, Tls. 104,691.64 may appear large, but it was all sold, and I am glad to say at least half of it has been delivered. It would be all delivered had it not been for some string gency in the money market, which I believe exists. Unexpired Fire Insurance Premia, Tis 5,927.91, and Rates and. Taxes, Tls. 605.42, need no explanation. Preliminary Expenses, Tls. 3,957.78, are such as are incurred by every company, and I think are not excessive. These we propose to wipe out, as they do not represent any available asset... We have Tls. 6,553.27 in the Hongkong and Shanghai Bank, and Tls. 2,730 70 in the hands of the compra-dare. On the Liabilities side there is capital Tls. 1,000,000, plus the sum of Tls. 216,822.74, which is due to Messrs. Jardine, Matheson & Ca., that amount being more than balanced by the cotton and yarn in stock, which appears on the other side. Accounts payable, Tls. 16,238 include bill which had not matured but which has since been paid. The Profit and Loss Account shows a balance of Tls. 41,261.64 tothe good. Thatamount is carried down. In the Protitand Loss Account we have the interest, Tls. 14,556.07, which, as I have previously "mentioned, shows a very desirable amount, due, of course, to the fact that our capital was all paid up and has only been used as required in payment for the mill. Transfer fees, is. 464, is for the transfer of shares. The balance of Working Account is Tls. 28,696.98 is account taking on one side the cotton put in and on the other side the yarn taken out. On the other side of the Profit Account the consulting fees Tis. not particularly excessive. Auditors' fe-s, 'Tis, 250, I need not explain, nor Tls. 605.41 for Rates and Taxes. This, then, leaves a balance of is. 41,261.64. As regards the Working Account we have not published details, but if any shareholder cares to look at' the books they are at is disposal. There is no mystery about this account, gentlemen, nothing we wish to conceal, but I do not think it desirable that it should be put into the papers here and elsewhere as to what our salaries come to, the cost of cotton, ete. I repeat, however, that if any shareholder would like to inspect the books, he can see these details for himself. The report, to my mind, is a most satisfactory one, and, so far as Tom see, is very hopeful for the future. I trust we shall con. tinue to have reports as satisfactory as this one, or mere so. If any shareholder has anything to say or any questions to ask on the report the meeting is now open to him.
In reply to Mr. Cushny, The Chairman said that he was glad to say that on the previous day there were 29,400 spindles at work—almost the full 30,000. When he last addressed the shareholders they had only only 23,500, so that he thought that increase was a fair one during the last few weeks. He concluded by moving—
That the Report and Accounts, to the 3ist of October, 1897, as presented, be passed.
Mr. J. Prentice—I have' much pleasure in seconding that and I would just like to endorse Mr. Alford's remarks about our mill and machinery. We have bad no formal opening of the place at all as others had, but it will well repay any shareholder to go and see the buildings and machinery, and the ground which belongs to the Company. We are one of the two companies which own their own ground, and Tthink this is a great thing in favour of the Company.
The resolution was carried.
Proposed by Mr. McLeod, and seconded by Mr. Prentice, it was agreed—
That the General Managers be and are hereby authorised to pay a dividend of Tls. 34 per share to shareholders on the share register at this date.
Carried. seconded—3 Mr. J. D. Clark moved and Mr. Cushny
That the Consulting Committee, Messrs. E. F, Alford, J. Prentive, A. McLeod, To Fong, and Zee Tee-san be re-elected.
Carried.
Mr. F.M. Gratton moved and Mr. Overbeck seconded—
That Mr. G. R. Wingrove be re-elected. Auditor for the ensuing year.
Carried.
The Chairman—Gentleman, that _concludes the business of the meeting. Dividend warrants will be issued to-morrow.
Text read from the printed page and cleaned; old type leaves the occasional error.