The tenth annual meeting of the above Company was eld at the head quarters, Bubbling Well Road, on Wednesday evening. Mr. Brodie Clarke presided, and there were also present Messrs. R! W. Show, R. W. Mustard, J, D. Thorburn, P.
Parcel, Beattie, L: Moore, W. W. Cox, 'H. Symons (Secretary).
The notice convening the meeting ha ing been read, Mr. Brodie Clarke svid—Gentlemen, you have had the accounts and report in your hands for some days and I don't know that there is anything much for me to call your attention to. You will sce that the Directors have written off Tls. 4,000 consideration to vendors and this matter is now out. of our accounts altogether. In January last year the Directors advanced Tls. 3,600 on mortgage on the lot on the opposite side of the road by the bridge. The reason for this was that the owner wanted an advance on it and, in order to wee re the lease, we thought it was advisable ihe {interests of the Company to advance hin thay WoHey 85 mortgage, thereby scouting fq,-ther lease to the Company Of the? property, Zo, money was ade vanced at ligh per CEP darted sent, In addition to
3,500 in the yard in extra mortgage we have expenu. afoot 3,500 which
and hydrants on the property, yrs of course increases the value o. 'Be property but it is one of those' expense. for which we have always to be pre for. Of course this makes a little difference the amount available for dividend but I think it is money well expended in the interests of, the shareholders. The ae-4 counts are made up to the end of last year and you will see in the property Account that our property just now stands the actual cost value. On the Bubbling Well Road here we have just about 15 mow and on the, Hanbury Rod six mow and I think the valuation vf that 2L mow will show a very good asset to the Company. The stock and everything has been valued at well wit in its acruxd value. I don't know, that I have anything more to say. Of course we have had to pay a good deal more in wages, Mafoos are always requiring an advance but fodder and pasturage have been high so that although the gross earnings have been high the expenditure has, like most other undertakings, been a gradually increasing one. Before' sulmitting the accounts to be passed if the shareholders wish to ask any questions I shall be very glad to answer them to the best of my ability.
No questions being asked.
The Chairman moved The adoption of the report and accounts as presenta! by the Directors for the year 1898."
Mr. Shaw seconded and the resolution was carried.
Mr. Thorburn proposed: That a dividend at the rate of ten_per cent be declared and paid for the year 1898."
Mr. P, H. Purcell seconded and it was Mr. Beattie proposed and it was seconded by Mr. R. W. Mustard: "That Mr. Brodie Clarke he re-elected a Director of the Company for the ensuing year, and that their remuneration be Tls. 100 each per annum," and this was unanimously agreed to.
Mr. L. Muore proposed and Mr. W. W. Cox seconded: **'The re-appointment of Mr. G. D. Scott as auditor for the year 1899" and the motion was carried.
Mr. R. W. Mustard proposed: That a bonus of ten per cent be given to the foreign employees of the Company for their efficient services during the time the shareholders have had a regular dividend."
Mr. L Moore seconded and the motion was unanimously agreed to.
Mr. Moore moved a vote of thanks to the Chairman and Directors for the work they had done during the past year and trusted that they would show just as good a result at the end of the present year.
The motion having been carried, Mr. Brodie Clarke suitably returned thanks and the meeting terminated, The report and accounts are as under The Directors beg now to submit to the Shareholders the Audited Accounts to the Bist December 1893, showing a Net Balance to the credit of Profit and Loss Account of Tls. 14,160.85.
The Net Profit on the working of the business for the year amounted to Tls. 14,120.76, which, together with the balan brought forward from 1897, viz. Tls, 4,040.09, gave s total of Tls. 18,160.85 to be dealt with.
From this amount the Directors decided to write off the balance standing to the Debit of "Consideration to Vendors," viz., Tls. 4.000, thus finally eliminating this account, They now recommend a Dividend of 10 for the year ending 31st December 1898, which will absorb Tis, 9,000, and leave a Balance of Tls. 5.160.85 to the credit of Profit and Loss Account to carry forward to 1899.
In January of last year the Directors advanced Tls. 3,500 on mortgage to the owners of the property, Lot 682, opposite the Old Horse Bazaar, leased to the Company, and this amount stands san As-et in Property Accow During the past year about Tls. 3,500 has been expended in additions to the Buildings and Hyddrants on the Horse Bazaar Property, and this amount, together with the mortgage abovementioned, increases the Balance' on Property Account Tls. 7,000 since 1897, all which has been paid out of current
thal i eqcitom, but offers himself for ro-ate A. Clarke retires by rotation from elections Morris having resigned wing resigned the Mr. Wilmer. D., Scott was appointed tore one? and offers, "self for re-election. in his place, and offers "sell Yor tores By Onder of 1."¢ Diggers. Secretary.
Shanghai, 3rd April 1899.
Statement of Accounts for the year ena!03 Bist December, 1898.
Text read from the printed page and cleaned; old type leaves the occasional error.