The twelfth annual general meeting of shareholders in the above Company was held at the offices of the Agents, Messrs. Morris & Ca., on Wednesday afternoon. Present: Messrs. J. Prentice, (Chairman), C. Buchanan, W. Dobie (Directors), Ollerdessen, G. Galles, F. Gove, T. RB. Wheelock, R. W. Mustard, J. Morris, and J.C. Bois.
The Chairman—Gentlomen, as there is now ® quorum present I shall ask the Secretary to read the notice convening the meeting. The notice was then read.
The Ghairman——Before moving the adoption of the report and accounts T should like to make a few remarks upon them. In comparing the accounts with those of the previous year you will notice that there has been a decrease of 'Tls. 14,990.90, but last year you will remember, was an exceptional one for salvage, a yood deal of money having been made in connection with the Onwo. If compared with the previous year, 1895, you will notice that this year there is an' increase in the earnings of Tls. 6,000, and these two years were all receipts from tug-boat work. The working expenses are about Tls. 2,000 more than Inst year, due to the enhanced price of coal, which forms a very considerable item in our expenditure. The profit and loss account shows a balance to the credit of working account of Tls. 31,181.38, out of which we have paid Tls. 15,000 in three interim dividends. From the balance of Tis. -16,668.10 we propose paying a final dividend of Tls. 5, maxing 20 per cent for the year, which, T think, is highly satisfactory, placing Tls. 9,000 to the reserve and Tls. 2,668.10 to new account. The books show the value of the fleet at Tls. 128,000 against Tls. 74,000 last year. 'This increase has been made up by the cost of new engines and boilers to the Fuhle and the cost of the new tender Victoria, which has been added to' the fleet. The banking account is Tls. 48,000 on deposit, and Tls. 10.504.32 on current account. On the other side there is a balance of Tls. 15,500, the balance of the contract for building the Victoria due to Messrs. Boyd & Ca, which amount has been paid. The new engines and boilers to the Fuile make her as good as new, and she is better than she ever was before. The other three tow-boats are in excellent order, and we do not expect to spend any money on them in the future. The tender Victoria has been added to the fest and is doing very good work. With the four boats we can more than overtake all the work of the port. We have insured the four boats for Tls. 3,290, with the collision clause, and must take the balance ourselves. This, gentlemen, is the very best we can do. Before moving the adoption of the report and accounts I shall be glad to answer any questions that you may like to put.
There being no question, the Chairman Proposed and it was seconded by Capt, That the report. and accounts as presented be adopted, snd passed, and that a final dividend of Tls. 5 per share be paid on tie 28th inst.
Carried unanimously.
Proposed by Mr. T. R.
Wheelock and seconded by Mr. J. C. Bois That Mr. J. Prentice be re-elected a Direc-for, to serve on the Board according to the Articles of Association.
Carried unanimously.
Proposed by Mr. F. Gove, seconded by Mr. G. Galles That Mr. H. J. Limby be re-elected auditor for the ensuing year.
Carried unanimously.
Proposed by Mr. G. Galles, seconded by Mr. Gove That a bonus of one month's salary be paid to the staff.
Carried unanimously.
The Chairman—I may say that the staff have done very good work during the past year, and that we have run remarkably free from accidents. posed by Mr. Galles, and seconded by Mir.
A vote of thanks to the Chairman, pro-
Mustard, having been passed, the proceedings terminated.
The Directors have the pleasure to submit the audited accounts for the year 1897.
The amount at the credit of the Profit and Loss Account is Ts, 31,668.10; three interim Dividends of Tls. 6.00 per share have been ing to Tia. 15,000.00, leaving a 6,668.
Your Directors' propose to appropriate this balance as follows—add Ts, 9,000.00 to Re serve, pay a final Dividend of Tls. 6 per share (making in all 20 po cent for the eat) and carry the balance of Tls. 2,668.10 to now account.
The superintendent's reports on the Samson, Rocket and Fokelin are satisfactory.
During the year the Fuh/e has been fitted by Messrs, S. G, Farnham and Ca., Ld., with new engines and boiler, and the bull thoroughly repaired, and she is now a first-class serviceable tow-boat.
A new mail tender (Victoria) has been built by Messrs. Boyd and Ca., La.
Directors.~Mr. J. Prentics, in accordance with the Articles of Association, retires, andy being eligible, offers himself for re-election.
Auditor—Mr. H. J. Limby also offers himself for re-election.
Joux Prextice, From Ist January, 1897, to S1et December, 1897, 5 Dr.
To Tug-boats' portage bills Superintending Engineer an shore staff wages... Wages of carpenter, wa and sampan-man 2,460 tons coal Repairs account, 2 Deck and engine-room stores Medical attendance Directors' fees Auditor's fees Godown rent an year.
Bilotage—up-iver Telephone
3" Insurance on bulls, ete. boats, ete...
Agents' remuneration, office rent and staff Balance to profit and loss Tls. 75,747.55
Text read from the printed page and cleaned; old type leaves the occasional error.