for presentation to the Shareholders at the Fourth Ordinary Meeting of the Company, to be held at the elfives of the General Managers on Tuesday 13th March 1900, at 4 o'clock, p m.
In submitting the Report and Accounts of the Company for the year ending 3ist December, 1899, the Directors take pleasure in pointing to the stealy progress made by the Com)
As will be seen fron the accounts, the net ducing the year mount to Tle, 28,069.51, but from this sum the Directors have considered it advisable to 10,00) as provision for de-redation on Machinery, and the transfer amount will leave a balance still standing to the debit, of Profit and Loss Account of Tis, 983.10, Tue amount set aside for depreciation is considered ample, aa it must be remembered that with the addition of the new Spindles, the whole Mill was reorganised nnd the Machine'y through out surveyed and refitted where nrvessary The delay in the arrival of the new Machinery retarded the maximum production of Yarn for Nie first six months of the year, bat since the completion of rhe work in July, the Mill's extension has proved an anqulitied, re-nited ina greatly improved The Mill now contains 20,308
NA" Leave of the Silk. Filature was entered to on Ist July, 1899, and terminates on 30th June next, when' the Directors hope cumstances will permit of its tions of the Yarn Market during the first six months of the year were ex: tremely unfavourable, the latter portion of ths year, however, witnessed an improved demand at satisfactory prices, though the shortage in the Cotton crops had led to a el cost fur raw mater bat offers himself for re-el ction, Ceawford D. Kerr re 1 Auditor to the Company.
Mr. Foster seconded the amendment.
Mr. Geddes inquired if the amendment covered all the five appl and at the present rate of two tids Mr. Alfred Brown thought it was a mistake to 41 for terms of three or Landrenters were thus hi come without knowing what expenditure they might have to meet. He sniegested that the rent be doubled and the lease -granted for one year only.
Mr. Archibald thought the two propositions ought to be voted on separately.
The Chairman therefore put ty the meet ing the amendment that all leases of Bund Frontage run from year to year.—Carried, The Chairman then asked for a moti to the rate at which the front-had nditure on the Concession Extension, and he therefore thought the rate ought toh vel, Mr. Geddes replied by royting out the following resolution come to by the Council? Thy Council cannot make progress either in making roads or improving the sanitary conditions until the Chinese claiming "and occupying land have been dealt' with, All efforts to buy lind from them by private treaty have failed, even the production of deeds ined whone ved that the Council be empowered to raise funds for expenses on the Concession Extension, not exceeding Dis. 30,000, with the sanction of the Con ul.
Mr. rided the motion.
Mr. Geddes explained that the Council did.0t propose to draw the mon mice 5 it would bein the form of aeredit. on which they could draw when required, and it would be treated as cally as possi-airman put the motion to the meeting, when it was carried.
Mr. Archibald in. moving a vote of riks to the Council, stid he hoped they wal work they did for the ey munity was not thorouy ited. seconded the motion, tried by pation.
The Chairman then declared the meeting closed.
The proceeding concluded with a vote hair, proposed by Mx. Wh ler an 1 curried by acclamation.
E. H. Fras HB.M.'s Acting Consul-General.
Text read from the printed page and cleaned; old type leaves the occasional error.