The annual meeting of the Shanghai Horse Bazawr Ca., Ld., was held at the Horse Buzawe on Friday afternoon. Mr.
A. Clarke (Chairman) presided, and there were also present Messrs. J. D. Thorburn and R. W. Shaws, (Directors), J. Liddell, R. F, Eastlack, J.B, Cameron, W. H.-Beatry, L. Moore, H. S. Perrott, Captain Paramore, L. A-shing, and H. Symons (Secretary).
"Phe Chairman suid that the report and accounts had been in their hands for some time, and he trusted the shareholders would consider them satisfactory. The year had resulted very favourably, and they were able to pay a good dividend namely, 10 per coot. As the year had been a' good one the Directors considered desirable to give a bonus of 3 per cent. Some people might think that it ought alt to have been given as a dividend, but the Directors thought it better to keep the dividend at 10 per cent and to pay a bonus when they had a god year. The sum carried forward for the present year some might consider to be large. Still, they had a considerable sum to expend property in Hongkew—it would absorb Tls. 6,000, of perhaps more. They also tu expend Tls. 2,000 or 3,000 in new stibics and shed where the stud required for the purposes of the Municipal Council were housed. The Municipal Council work was growing with the extension of the Settlement, and it was necessary to ive them every facility and nccommodation, Consequently they ind to extend the buildings on the Hongkew property, and they were also on the look-out for a site or premises in order to work the western ai net. This would also require " considerable sum of money, and the Directors thought it desirable to carry forward the amount he spoke of, and make the property of the bazaar more valuable by doing 30. The property stond at the original cost to the company, and he need hardly say that its value was now very much increased, and the actual value of the land would, if sold, represent a larger sum than the capital of the company, to say nothing of the buildings, stuck, horses, and carriages. The stock, moreover, had been valued well within its actual value. Tue Chairman went on to speak of the accounts, and mentioned that the trade expenses were a little heavier, a result of the larger volume of business. The amount set down in that way covered everything which they could not charge to a constituent's account. The book debts appeared a litel heavier than last year, also accounted for by the Inrger business done. Finally he expressed a willingness to answer any questions that might Lo put.
Mr. W. H. Beatty asked if there was any proportion of the bunk debts which might be looked on as bad.
The Chairman said not a very large amount. One of the large amounts which usually came in before the end of December did not, and that made w considerable difference in the accounts. However, the amount had come in since that time, He then propose What the Report and Accounts, as presented, for the year 1899, be accepted and passed.
Mr. R. W. Shaw seconded, and the resolution was carried.
Me. J. D. Thorburn proposed That a dividend of 10 per cent and bonus of 3 per coat be declared and paid for the year 1999.
Mr. R. F, Eastlack seconded, and the proposition was carried.
Sir. J. Liddell—I have been asked to propose That Mr. J.D. Thorbura be re-elected a Director for the year 1900, and that the Directors' remuneration be fixed at Tls. 250 per annum each for that yea In this connection I think the shareholders will feel with me that the remuneration the Directors have received in past years is quite inadequate. However philanthropic these gentlemen may be, I think Tls. 100 per annum is much too little, and I beg to propose that it should be Tls. 250 for the future. I think that the shareholders have reaped great benefit from the services of these gentlemen, and I would be pleased if some gentleman would second the resolution.
Mr. W. H. Beatty seconded, and the resolution was agreed to unanimously.
Mr. J. B. Cameron proposed, Mr. Beatty seconded, and it was agreed That Mr. G. D. Scott be re-elected auditor for the year 1900.
The Chairmau—I should like to thank the shareholders and Mr. Liddell for the kind remarks and the vote passe. Ithink Tam speaking fur my fellow-Directors when Tsay that the interests of the Company have always been their first care, and sometimes we may have appeared to have done not what is best, every man ly liable to make mistakes We have always worked for the interests of the general body of shareholders and not for the interests of one or two. This is our eleventh wonual meeting, and we gan experience as we go along. The accounts before you today are sufficient guaraut-e that our experience lus resulted satisfactorily. 1 should like to say that " great deal of the success ut the Company in due to Mr. Symons and his staff. Tuey have to work very hard ina business like this, very often early in the morning until quite Lace at night, wud their holidays are very few. They do take great deal of interest in the Company, and their work is sume-times not particularly pleasant, because there are a great many people who think that things can be done for them that it is practically impossible to do. I have pleasure in proposing that we should vote them " bonus of 10 per cent on their salaries for the past year.
Mr. L. Moore seconded the proposition, which was carried nem. con.
Mr. L. Moore proposed and Mr. J. Liddell seconded " vote of thanks ty the Directors and staff, which was carried unanimously and acknowledged by the Chairman and Secretar
Text read from the printed page and cleaned; old type leaves the occasional error.