The ordinary half-yearly meeting of shareholders was held in the offices of the company, Queen's Buildings, on the 19th inst. Mr. R. Shewan, Chairman, pro-sided, and there were present—Hon. J. J. Bell-Irving, Hon. C. P. Chater, GM.G., Messrs. N. A. Siebs, A. Haupt, D. E. Brown, P. Witkowski, H. P. White, (Directors), a large number of shareholders, and Mr. T. I. Rose, Secretary.
The notice convening the meeting having been read, 'The Chairman said—Gentlemen,—With your permission we will take the report and accounts which have been in your possession for some time past as read on this occasion. The result of the past six months' work is a most satisfactory one, and it affords your directors great pleasure to be able to lay before you the best record we have yet bad. The amount available for appropriation, including $256,757.20 brought forward from last ar, is $1,115,065.86, which we propose to tribute in a dividend of 10 per cent and a bonus of 8 per cent., absorbing $450,000 (against $312,500 last August), by writing $181,370.71 off the value of Kowloon and Cosmopolitan Docks, $4,000 off steam-launches, ete., and by carrying forward $459,695.15. The dividend ani bonus is $137,500 more than we paid the same time last year, though we only proto write off about $55,000 less than we did then. It may appear to some shareholders that we write off too much, but the wear and tear and loss by depreciation of plant and machinery in such a business as ours is very great indeed, and when all is said and done you will notice that the value of Kowloon Docks will still stand at $1,700,000, as against $1,600,000 last December, so that. in fact their book value thas risen' $100,000. As we have no reserve fund and cannot have one except on paper until we are out of debt, we propose to keep something in hand by carrying forward more than usual to the credit of the next account. We are in debt to our bankers some $300,000 which will be increased on payment of the dividend of $450,000 to, about $750,000 and it must be our constant aim to reduce this indebt-eelness until the balance inclines the other side. This we can only do by writing off more of our profits than we spend on improvements; if not, our debts will increase until we are compelled at last to raise fresh capital to pay them off, a step of course we should be very loth to resort to. The money spent on improvements has, however, I am glad to say, been money well spent as is proved by the increased efficiency and greater facilities for the work now provided at the Docks. The negotiations with the Government for the acquisition of land for a new and larger dock which have dragged their slow length long for years past, appear at last to give some signs of approaching a conclusion. The great stumbling block, the right of preemption claimed by the Navy, has been overcome, anu the questions now at issue are more or less of a minor character, though still of quite sufficient importance in themselves. Your directors are very fully alive to the great importance of pushing on with the new dock ay fast as possible, and will endeavour in any possible way consistent with your interests to bring this matter to a settlement in accordance with our views. The want new and larger dock is fully exemplified by the case of the steamship Miinchen. In ordinary times we would have willingly competed for the repairs of this boat. but our large docks were so fully engaged hat we had to let the business go past us. The work would have taken at least four months, and we could not afford to lot one of our two largest docks be engaged for such a time without gravely inconveniencing our regular business. Ax you see in the report, Mr. Gillies has resigned the post he has so ably filled for many years past. His successor, Mr. Dixon, comes to us with first-class credentials, and we have every reason to believe he is well qualified for the position of chief manager of this pany. While on this subject I may take the opportunity of recording the fact that the hearty thanks of the shareholders are due to Sir Andrew Noble, Mr. William Keswick, and Mr. J. L. Houston, for the very valtiable assistance they have given us at home in selecting someone to succeed Mr. Gillies, As to the present six months it is not well to prophesy unless you know. Tean only say that the returns fox July are satisfactory, although at the moment work is rather slack and the Docks by means so full as they might be. Before proposing the adoption, of the report and passing the statement of accounts, I will be happy to answer any questions you may desire to ask.
There were no questions, and the man proposed that the report and accounts, as submitted, be adopted and passed. 4 In seconding, Mr..C. S. Sharp said:—I much pleasure in seconding the reso lution just proposed for the adoption of the report and passing of the accounts. Tt is no small achievement to have topped the already splendid records shown by this company, and let us hope that we have not reached high-water level even rat. I have no doubt the accounts and propused distri-
Text read from the printed page and cleaned; old type leaves the occasional error.