The tenth annual general 1 shareholders in the above camp: held at the fices, No. 13, Hankw yesterday attern Mr. J. D. Th (Chairman of Directors) presided and th were also present Messrs Such and A. MeLeod (Directors), J. Samson, E. 8. Perrott, A. Cushny, J. Liddell, M, Wolff, ¥. Gove, and Pankey, and E, 0, Arbuthnot, secretary, representing a total of 2,600 shares, The Secretary having read the notice convening the meeting, The Chairman sxid—As the Report and Accounts were issued a week ayo you will have had ample time to go through them and I will therefore ask-you to take them rend, The business I have to lay before you to-day is almost entirely of " formal nature. [do not think T have much to tell you; but before you toad the Report, and pass the accounts, to congratulate you upon the ji volume of amount standing at Cred Loss Account. From this Profit your Directors recommend a distribution of per cent or 'Tis, 2) per share equal to 'Is, 13,750 and that. the balance say Ins. 13,902.50 be added to the sum of Tis, 4.000, net aside list year for alterations, improve: ments, and' renovations of plant and premises, These are much needed, and to certain extent hare already proceeded with, as it was found impossible to carry on your increased business with the appliances ax they stood. These outlay part from the consideration of thole necessity, may of conse he looked 1 set off against depreciation, ae nothing will be added to the Ggares in the balance sheet before you, and representing Plant, Bui ings, ete, under which herdings would he chargeable unless provided as now proposed.. It is unnecessary, think, in view of the reference made to this subject at the annual meetin lust year for mo to say anything further. Rogariding the Shénpao Lam glad to be able to continue what has hitherto, from year to your, been a satisfactory report. 'The circulation continues on a most satisfactory basis, and we have receive assurances from' various xources—oficial and otherwise—of the increasing reliance that is pliced on the newspaper by its native renders. Your Acid Works have again donee larger business than formerly. Refiners have been well supplied silver during the year and anticipate atwple supplies during current season, Local demand has also increased and your Direetors look for a further increase in this department.
The smaller branches of your! business, as mentioned in the report, have added the usual quota to profit and loss account. I feel therefore confident that you will consider the past year's working of your business satisfactory, as it continues to show a steady improvement and T can only add that I shall be happy to give you any fuller information, or toan-Swer any questions you may think it well to put to me.
Phere being no question:
The Chairman moved That the accounts as printed and published be passed.
Me, Such seconded the proposal, which was carried unanimously.
The Chairman moved and Mr, 4, McLeod seconded "That Mr, A. MeLeod be re-elected a director for the year."
Carried unanimously.
On the motion of Mr. F. Gove, seconded Mr. E. S. Perrott, Mr. G. D.'Seott was matsly re-elected auditor for the current year, \—That concludes the business, gentlemen, Dividends will be issued to-morrow On the motion of Mr. J. Liddell, a vote of thanks was accorded the Chairman and this
Text read from the printed page and cleaned; old type leaves the occasional error.