Tue annual meeting of the Shanghai Tee Company was held yesterday at the offices, No. 5, Hankow Road. Count Butler presided, nnd there were present Dr. Zimmermann, attending us the represent tive of the German Consulate, Messrs. A. Chiers. F. Geblurdt, and Chapsal, representing 133 shares.
The Chairman, in proposing the adoption of the report and neoounts, said he thought that, they called fur little or no comment, and, under the circumstances be thought the shareholders would be quite satisfied with the dividend of 6 per cent "Mr. Chapsal seconded, and the resolution was agreed to unanimously.
Upon the proposition of the Chairman the directors and auditor were re-elected, and the proceedings terminated with the reading of the ofticinl minutes drawn up by Dr. Zimmermann, Tut Directors, in submitting the audited accounts for the year ending SIst October, 1897, beg to state that the year's working yeas not very satisinctory, owing to the great increase in the price of coals, higher rates for Inbour anil increased cost of stores due'to the low rates of exchange, combined with an obligation to supply a large quantity during the whole year of 1897 at prev prices.
The net profit amounts to Tls. 5, out of which i is proposed to pay adi at the rate of 6%, absorbing Tls. 3,240.00. The remaining balance of Tls. 2,607.96 will be written off from Plant, Account.
Board of Directors—Mr. Aug. Chiers haying been elected Managing Director in place of M. Ford. Gebhardt. the Board now consists of Mr. KO. Karbe, Chairman, Count Butler and Mr. N.E. Cornish, Directors, who retire as required by the Articles of Associ tion, but offer themselves for re-election.
Auditor.—Mr. Paul Borkowsky has again audited the accounts, and the Directors recommend his re-election.
E. Kanne, Chairman, Managinig Director. Shanghai, 4th January, 1898.
Text read from the printed page and cleaned; old type leaves the occasional error.