Morris, Secretary, representing 406 The notice convening the meeting ing been read by the Secret: Chairman said:—Gentlemen, Your Directors have again the pleasure of placing before the Shareholders particulars of 2 fairly satisfactory year's work. The report and accotints have been in possession for some days and may be taken as read. The change in the Company authorised by the Resolution passed at the extraordinary general meeting held at the close of our last Annual Meeting has been effected. The Capital was increased to Tls. 200,000 by the transfer of Tls. 100,000 from the Reserve Fund—the old scrip was called in and a new issue of two new shares for one old made in June last comparison of the accounts shows the earnings for 1901 were more the preced-i it by Tls. 8,774.24 and the ouf:
2,350 more, the increase in the expenses being' principally for coal. The balance transferred from the Working Account to Profit and Loss is Tls. 7,471.88 in excess of the previous year. The amount at the #redit of the Profit and Loss Account is the equivalent of 22 per cent on the increased Capital—13 taels per share 26,000 Taels have been paid to the holders by quarterly dividends, leave balance at our disposal of Taels 1 your Directors recommend the" ofa final dividend of 5 taels Tis.
10,000.00 making 18°/, for the year.* Transfer to Reserve Fund..
5,000.00 making reserve 60,000 Taels. and carry forward to New Account... a Ts, 18,235.71
The new tug Victoria began to worl in August last—she has proved to be a valuable addition to our fleet. Her cost is Tls. 78,693.55:
We have vot written anything off the values of the Foxelin, Rocket, Fuhle, or Samson; they appear in the Assets at Tis, $8,000 for the four tugs. They are all in good working condition, and the value they are reduced to in our books is about one-half of what they could be repaced for. The _invstments in debentures at 6 per cent interest and the deposit in the Hongkong and Shapghai Bank at 5 per cent cover the Reserve Fund and the unspent capital. It He thanked Mr. Gove very much for his a portion of t will probably be shortly necessary to apaly suggestion. oint"the pur-the meeting terminated with a vote of chase of a new powerful tug boat, suflicieut- thanks to the chairman and the directors. ly -trong to meet the requ raments of the greatly increased size of the ships and Steamers now frequenting the port. Th"
Text read from the printed page and cleaned; old type leaves the occasional error.