The second annual meeting of the Shanghai Meat Supply Associstion, Ld., was held on Friday evening at the offic-s ofthe Association, 1154, Broadway. The chair was occupied by Mr. L. Moore, who Director).
was supported by Mr. J. W. Gande
The Secretary (Mr. W. H. Juckson), having yead the notice convening the meeting, and the minutes of the last meeting, the Chairman expressed regret at having to. put before the meeting such a bad result on the year's working. He could assure them that it was only on going through the accounts that the Directors discovered there was so much money outstanding. They had succeeded in bringing in several of these outstanding debts, but he was afraid that some would have to be recovered throu: sh legal process. Again, they had not received the sui port which'they might expect from a European community. The reduction of the wepts from SL4,000 to $12,000 would not suffice. People who ran up big bills there seemed to think the association was a charitable institution, and it was a great shame for customers to keep on putting off the settlement of their accounts, The lnssrs amounted-on an average to $500 month, and the Directors were of o, inion that before every thing was sivallowed up. it would be better to yo into liquidation. Before the Report nnd Accounts were passed he would be glad to answer any question.
In reply tour. Brumfield, the Clsirman said that from the Ist of April Inst year to the 3ist March this year, the total sales realised $76,739.58. The crisis up North had created 's higher price for cattle, bue no extra charge had been made for the meat. The working expenses of the 4 ciation for the year amounted to $3,283. Salaries came to about $8,000.
Mr, Brumfield said that it seemed to him simply a matter for retrenchment to put the business on a paying footing.
In reply to farther questions, the Chairman stated that during the' last three months sales realised $15,432, and $13,773 16 had gone to disbursements. If the bills for the sales were paid up there would be a profit of $1,659. He was sorry however to say that no calculations would alter the facts of the case—the business was being worked ut a loss. They spent about $800 a month, He certainly thought there was too much paid in salaries, Mr. S. R. Gale said that a manager who received $270 a month ought to keep his directors better posted in the business than seemed to have been done in this case. 'The business could be brunat a little profit to better advantage, and would Teceive grenter support from the publi Mr. Gande, in the course of some marks, said that after two years' working the directors were justly of opinion that that business could not pay, and that the best thing to do was to go into voluntary liquidation. He tained that it was practically impossible to cut down the expenses $500 and work the undertaking at a profit.
Av the close of the discussion, Accounts ere passed on the motion of the Chairma:
seconded by Mr. Gande, and _Mr. J. Beaumont moved That the As: ociation stands as it is till the end of the sear, with strict instructions to euctail expense -|the proceeds fully covering the figures ab which they stood in our books.
The steamer Lai San: building in last report h to Shanghai, where she instant, and she will imunediately take her place on the Calcutta line. "A steamer for the same trade is now in hi Captain Davies seconded the motion, at Glasgow, also two improved cuaste: s of which was carried. about 3300 tons register. 'TI The Chairman said that in accordance] building at Shanghai for the Ichang with the Articles of Association, beand Mr, is now approaching completion.
Gande retired from the Board of Two new and more suitable steamers fur Directors, but he was sorry to say he could the West River passenger and cargy trade not again offer himself for reelection. have been delivered. The troic vere has Mr. Ganite also said he could not again made a little progress, but is not likely to serve as a director of the Association. give ang very satisfactory results until a Further remarks were offered by complete and liberal revision of the result ferent shareholders, all to the effect th fons for navigating the internal waters of the business should be continued, na has been obtained from the Chinese ren tually, on the motion of Capt ment, and until they show sine Davies, seconded by Mr. Beaumont, 3 making their sivers navigable, Waite' and Mr. Brumfield were cle We have t+ lament loss "of Dire: f the Associstion in the plice colleague, Me. Thomas Tid, who di vf the two retired, and Mr. A. R. Leske July last, having s ryed the compu) was re-elected auditor. since its ewmmencement. Ta 'A vote of thanks to the old Directors] place Mr. Edward F. A-fuud, late of Shang-ended the business of the meet Report. has been appointed ty the Board, ich requires eonfirmazion by the share holders, The retiring director is Me. W. jo. Watson, who offers himself for ree
Text read from the printed page and cleaned; old type leaves the occasional error.