The twenty-first_annual report of the hoard of directo f the Indo- h Steun ion Company. Ivl., presented to. shareholders at the y-second ordinary general meeting, held at the Lone don offices of the company on the 4th of June.
he Board of Directors now sulinit their report and statement of accounts for the year 1902.
The depressed condition of the -hippi trade in the East during the year under review will have prepared stare holders for financial results much less satisfactory thy ndsome earnings of the two pr Notwithstanding se cumstances, however, it is that after crediting over £ the wnal premium of insurance to underwriting account, the revenue can still provide, (with the aid of the sum brought forward from 1901) for income tax, interest charges, and also £59,185 for deprecia tion on' steamers, and yet leave a credit balance.
Owing to these causes a jond could hardly have been looked for, but the absence of any total loss or of damage to the fleet for a long peri allowed of an accumulation of profit on the underwrite account, which nearly equals half the paid-up capital of the company, and the directors consider this account has reached such dimensions that they are justified in the interests of the shareholders in. transferring 9d. to revenue, leavin i sun of £240,000 at credit of underwrite account.
"This transfer increases revenue account to £30,174 15s. 7d. and it is recommended that a dividend of 5 per cent, free_of income tax, be declared, thus absorbing £24,794 10s., and leaving £5.380 5s. 7a. to be carried forward to the new account.
The company's fleet has, during the past year, been further strengthened by the addition of the new steamers Yiksang. Choysang and Kwong<ang, in replacement of vessels sold at satisfactory prices. Two additional steamers for the coast trade were contracted for during the year and both have now been delivered."
The board have not availed of the proposed increase of capital alluded to at the last annual meeting.
There has been some improvement shown in the freight market this season over the earnings of last year at same time, but it is not possible to forecast from present prospects what results may lly be realised.
The directors deplore the unexpected death of their late chairman, who had been on the board since the formation of the company, and they have just learned with regret of the death of Mr. W. L. Wat-on, who had retired from the Board in 1901. The directors have appointed Mr. H. Beazley, a well-known former re ident in China, to the Board, and_his appointment requires co} Mr. W. Paterson, who retires in rotation, offers himself for re-election.
The auditors, Messrs. Turquand, You and Ca. likewise offer themselves for re-election.
By order of the Board.
ALG. Werts. Secretary London, 22nd "May. 1903.
The list of the Company on the Bist of December steamers with a total soss tommage of 80,356 tons, Capital £1,200,000, First Tssue 640,000 Shares each £10, rear subset sd.
up 00 f Und 240,000 000
Text read from the printed page and cleaned; old type leaves the occasional error.