The annual meeting of the shareholders in this company was held on Thursday afternoon at No. 22, The Bund. Mr. Alex. Mel.cod presided, and there were present, Messrs. H. J. Such (Director), E. O. Arbuthnot, Drummond Hay, H. J. Limby, A. Allan, Vinay, and R. F. Bastlack (Seretary).
The Chairman, in proposing the adoption of the report and accounts, said the result of the year's working was not so favourable as it might have been, but that was owing to circumstances over which they had no control. As would be seen by the report they had concluded a lease of the present premises for a further period of nine years, which would make their Indian civilians who are so devotedly lease expire at the same date as the Cen-grappling with death in its direst forms tral Hotel—their landlords. The result of of pestilence and starvation. The cotton the year was a profit of $4,011, out of crops of Western India have been a which it was proposed to pay a dividend partial failure; consequently, the Bom-of 3 per cent and carry $511 forward. bay Mills have been compelled to work Owing to his departure for home Dr. Mac-{short time, and this has aggravated the Tead had resigned his seat on the board. evil condition of the lower classes by les~ They had asked one of his partners to fill sening their earning powers. Since we the vacancy, but unfortunately he was not last met, the creation of able to do so. It was hoped, however, to {bank has been mooted ina more or less fill the seat shortly. formal official fashion. The scheme is Mr. Such seconded the motion for the still quite embryonic, and I trust that it adoption of the report, which wag agreed will be carefully considered from the Into unanimously. {dion and not the European standpoint, Proposed "by the Chair n and and materially amended ere the period of seconded by Mr. Such, the di idend, as full gestation. Ihave already (in October} recommended, was declared. called attention to this question, and now Mr. H. J. Such was re-elected a Direc I will only refer to two points in the pro~ for on the motion of Mr. Arbuthnot, posal not previously touched upon. Tt is seconded by Mr. Hay, and Mr. Hay was vested that the ote circulation shall be re-elected Auditor upon the proposition transferred from the Government to the of Mr. Vinay, seconded by Mr. Limbs. new bank. This step, in a country like India, would be distinctly retrograde. The people have been accustomed for so many, years to the promissory note of the Stute
Text read from the printed page and cleaned; old type leaves the occasional error.