'The annual meeting of the shareholders of this Company was held at the offices of the General Agents, Messrs Jardine, Matheson and Ca., on 'Tuesday afternoon' under the presidency of Mr. E. F. Alford. There were also present, Messrs A. McLeod, A. Probst, A. Korii, E. A. Hewett (Direetors), Cruickshank, ©. "E. Anton, Duncan Gls, H, Re H. Burden, Gressom, J. M. Young, E. Jonner Hogg, Reynell, Spooner, R. Meoproger, Pemberton, "E. U. Smith, R. Inglis, E."H. Davis, ©. Thorne, and Camera.
'Phe notice convening the meeting having been read, 'The Chairman said.—Gentlemen, the Report having been in your hands for some days, propose to follow, the usual preeedont and take it as read. 'The result' of the year's Working I feel sure you will agree with me is highly satisfactory. In addressing you at the General Meeting " year ago I referred to "e decision of your Directors to increase the Tariff from Ist April, and expressed a belief that, notwithstanding the advance in the price of labour, an increase in our earning power would be apparent. The beneficial result of that step, taken for the protection of your interests, is shewn: in the accounts before you, there being a balance at credit of 1898 Working Account of Tls. 263,555 against Tls. 199,849 for 1897, or a net increase of Tls. 68,706. Confirmation of the necessity
figures appertaining to Working Expenses the increase of Tariff is found in the for 1898. The total of these amounts to Tls. 379,082 as against Tls. 330,739 for 1897, s0 that without the protective measure I am now discuss the return which shareholders may reasonably expect to receive, based on the value of their property, would undoubtedly have been interfered with by the enhanced cost of working. After payment of an Interim Dividend of three taels per share we are in a position to propose the payment of a further nine taels per share. thus making twelve taels for the year, to place Tls. 25,000 to repairs Account, and carry forward Tls. 22,713.47 to credit of Profit and Loss Account for next year. With over 100 godowns, besides wharves and pontoons, to maintain in a state of efficiency, the item of repairs must always be an important one, therefore I feel sure that our action in making provision for the up-Keep of-your property will meet with your approval. Iam pleased to be able to say that the saving on dredging operations still continues, our expenditure under this head being about half that of the preceding rear. t the same time it must be borne in mind that the shore to the eastward of the ningpo Wharf is extending upwards, and considerable dredging may have to be done there in the future, also ti the next few years extensive repairs will be necessary "at the Pootung Wharf, hence your Directors' recommendation to carry forward portion of our profits to enable such requirements to be met.—The amount of Tls. 20,000 transferred from 1897 earnings to Repairs Account has been absorbed with the exception of Tls. 425.22 which ap) in the balance sheet now presented. Property Account has been increased by the sum of Tls. 36,594 exponded during 1898 on new works and buildings and in consideration of the value of the Company's property being in excess of its book value i think that no exception can be taken to this method of treating the addition. Our present financial position does not call for any special remark. The balance due to Messrs Jardine, Matheson Ca., at the present moment is Ti: to which will have to be added Tls. 135,9 for the proposed dividend, if approved of by you. Against this liability of course be set the imoumting receipts for current business, and the indebtedness gradually reduced. The new year has opened pros-porously and there is every reason to ex pect a continuance of this improvement. it does not occur to me to add anything to the foregoing remarks, but, before proposing the adoption of the Report and Accounts, I shall be pleased to answer any enquiries that shareholders may desire to make.
Mx-E. Jenner Hogg,—What: Mr. Chairman, about the sati of the accounts I think cannot be disputed for " single moment, and the thanks of the shareholders must be due to those who have contributed to such an extremely good result. My object in rising for a mom is to put a question as to one of the properties ofthe Company which perhaps is worthy of some further notice than has been given to it. All those who have observed the spreading of the Chinese Bund on this side of the river must have been struck with the so-to-speak unsatisfactory state, the almost inutility, comparatively, of the Tungkadoo property which is ov the other side of the river. The prosperity which has dawned upon this side of the river must, I should suppose, have some effect upon the opposite side and the property that I speak think, is somewhere about 200 mie, The Chairman—236 more.
Mr. Jenner Hogg—Well, that is " very substantial piece of land, and I must say I think it is hardly utilised. The property, I think must have cost the Company, when it was taken over from the Pootung Company, something like Tls. 50,000, but now it must be worth vastly more intrinsically. But whether it is worth that intrinsic cally from the use that is made of it is another question, and I think it will be gratifying to know what is its position, whether it cannot be better utilised and what prospects there are of this being done.
The Chairman—Mr. Hogg's enquiry is a very natural one, and I am very glad to reply to it. Tt is quite true that the earning power of this particular property is not satisfactory, but taken altogether with Pootung, itis perfectly satisfactory. The earnings of the property taken over when the amalgamation with the old Company took place amount to Tls. 168,000 which would give nearly 12 per cent on the two proper-Hies. DMs. agy is quite right in to Tungkadoo not being sufficiently ed, but we have not lost sight of the fact and we look upon Tungkadoo as part of the out-Iping suburbs which might improve. At the present moment it is difficult to see how we can improve it because there are certain difficulties attached to the fact that it is not within the harbour limits. T have only to say we are quite aware of the position, and if it is possible to make a better earning power from it as I hope it may be, as the prosperity on the other side of the river increases, we shall do all we can to deal with that possibility. Idon't know that I can add any more.
Mz. Jenner Hogg—Is there any particular meaning in mentioning that it is nob within the harbour limits? Has that a strong bearing The Charman—Yes, it has this bearing. The Customs don't give a general permit to discharge up there and no doubt many people would not approve of our-storing their goods there. We can only hope that, in the course of time, this penalisation by the Customs may be removed, as it may if we, as foreigners, get any control over the other side of the river, and I hope that time will come. (Hear hear.) I now beg to move that the Report and Accounts as pre sented to you be adopted and passed.
Mr. MeLeod.—I have very much pleasure in seconding:
The resolution was carried unanimously.
Mr. Pomberton.—I beg to propose the lection of Messrs. A: McLeod, J. L. Scott, E. A. Hewett, it, and A. Korff as Directors for the ensuing; i idition to the senior representative of Messrs. Jardine, Matheson & Ca, Mr. C. Thorne seconded, and the motion was agreed to.
Mr. Hogg—I beg to propose the reappointment of Messrs. C. W. Wrightson and G. R. Wi as auditors of the company for the ensuing year.
Mr. R. McGregor seconded, and it was an—I have to move that a final dividend at the rate of Tls. 9 per share be now declared.
Mr. Probst seconded, and this was unanimously carried.
The Chairman—The warrants will be ready to-morrow. I have only further to thank you for your attendance and to hope that the Company will continue to prosper.
'A vote of thanks to the Chairman carried on the proposition of Mr. Hogg concluded the proceedings.
Text read from the printed page and cleaned; old type leaves the occasional error.