The twelfth annual general meeting of shareholders in the Shanghai Horse Bazar Company, Limited, was held in the offices of the Horse Bazaar on Thursday evening. The chair was occupied by Mr. B. AL Clarke, and there were also present Messrs. R. W. Shaw, J. D. Thorbura (Directors), L. Moore, W. H. Beatty, W. H. Purcell, E. S. Perrott, and L. Ashing (Shwreholders), and the Secretary (Mr. H. Symons).
The Secretary, having read the notice convening the meeting, The Chairman said—The Report and Accounts have been in your havels for some ne, and I have no doubt that you have thoroughly perused them and studied them, and I do not know that there is very much for me to say. The accounts show the position of the Company, but perhaps may be of interest to you to know that when the Company started they had practically no property at all except the stock of the old Horse Bazvar, which they purchased, and the yood will. Since then your directors have been able to purchase a considerable amount of land, erect a large number of buildings, and they have worked off the whole of the good will, which e Tls. 29,000, and with the di 'h.has been proposed. to be paid for the pas year, they have paid an average dividend of " little over per ent during the twelve yess, Your property, I think you may' con sider, "is worth, with the—buildings, considerably more thin the actual capital of the Company. You will observe ut there has been a sum of is. 15,000 placed to Reserve, That is practically the land which has been bought and the buildings which have been erected, and the sum which has been carried forward is to meet further projects which we may consider necessary in the very near future, with a view to" the: better carrying on of the Company, and with a view to increasing our bus ness. 'The latter part of last' year we had no seifius down, which interfered considerably with our auctions, The arrival of horses, however, gave us auctions which to ascertain extent made up for the want of griffins. The actual figures in the accoun's are not very much different from those of last year as far asoxpenditure goes. We had to pay license fees durin; the past year, which vf course has increased our trade expenditures, which are an amount which covers practically all sums which we have had to pay out and for which we get no returns, such as repairs, license fees, stationery, all the things that are required about the yard, and matters that -ort, The fodder and pasturage is litly lower than last year. The fire Insurance is practically the same. The exchange account is a little larger than last of course the fees for the directors creased owing to the proposition the list meeting. You see that we practically own all our property, and the Company is in a very substantial xnd sound condition, and I think that as far as We can see our business is not likely to retrograte—I think it will probably increase, One directors have been looking out to get some more property in order to relieve the pressure on this bit here, which is practically too small for our busi the Hanbury Road property, any. I see by the report, new stabling has been erected, which has cost Tls. 6,000, and a small pies of land which cost Tls. 1,80, and stabling there which will cost' Tle.
000. That we found necessary, as our lease is expired on the corner lot which we have rented for some time, You will also that our sum for rent is Inrger.
due to our having to pay a higher t the stables in Foochow Road.
will see that the land and buildings are only put in at hook cost, and Tesn assure you that they are worth great deal more.
In answer to Mr. Perrott, the Chairman said that the book debts could be eonsidered good. They always made an allowance, but the loss un book debts had been very small.
The Chairman proposed, and Mr. Shaw seconded, the adoption of the Report and Accounts, which were adopted.
On the proposition of Mr. Thorburn, secunded by Mr. Beatty, it was decided to dividend of 10 per cent and a bonus per cent for the year ending lst December, 1900. the proposition of Mr. Moore. seconded by Mr. Purcell, it was resolved to re-elect Mr. Shaw a Direcior, and to pay the Directors salaries of Tis, 250 per annum for the ensuing year.
Mr. G, D. Soutt was re-elected Auditor of the Compsny on the motion of Mr. Beatty, seconded by Mr. Moore.
Text read from the printed page and cleaned; old type leaves the occasional error.