phone Ca. Ld, took place at the head office of the Company, No. 14, Hankow Road, at 5 p.m. on Tuesday, the 13th instant, Mr. Paul Brunat being'in Chair. There were Present Messrs. R. Mf. Campbell, Dr. Macleod, J. Johnston (Directors), J. C. Hanson ' (Legal Adviser), (Secretary), J. D. Clark, William Kay, A. Ballard, A. L. Anderson, W. B. Buyers, P.L, Knudsen, M. Bernheim, A. Neu! MIN, Hoerter, A: F. Wilson, A. R. Murphine, A. W. Danforth, P. Zura, The Chairman said:—Gentlemen, it bee ing now past the time, and a quorum present I will proceed to open the meeting by directing the Secretary to read the notice calling it.
This having been done, the Chairman then said:—The accounts have been in your hands for some time and with your permission I will take them as read." To what your Directors have already said on the subject there is very little to add, but I wish to call your attention to the Assets, where under the heading "under ground work" you will find the sum of Taels 27.132.12. This is the cost of laying 62,445 fect of three inch concrete piping underground and connecting the divisions of it by wells. This item will not again be seen separate but will next year go to the Cost of Shanghai Exchange, The reason why it was placed separately this year was that this large part of your capital had been expended entirely ior the benefit of coming years, there being at the present moment only 881 feet of it actually in use. When the Hongkew cable which is now being laid is connected there will be 3260 feet of it in use, There is another item under Assets which calls for an explanation, I mean "Cost of improvement of Pre= mises" Taels 3,115.55. This money has been spent partly in order to make the two floors suitable to our business but also with a view to be able to sublet part of it advantageously until it will gradually dis appear as profits on letting the lower floor accumulate. The keeping-up of two sub" sidiary small exchanges, one on Bubbling +Well Road and one in Seward Road, has increased the working expenses this year more than they otherwise would have been, had all the subscribers been operated from the Central Office. We therefore hope that the native labour saved when the two exchanges are closed will be sufficient to operate from the Central Exchange the new subscribers coming in this year, and that therefore no increase on this account will become necessary but, the "after office hours" work at the Exchange, which at the commencement of our business was of little importance, is now rapidly increasing and it will soon be necessary to engage an assistant superius tendent to take up the evening watch and who could in case of need take the Superintendent's word during the day There were on the Ist of April 619 telephones connected with the Exchange. The total number of interruptions in the service during the year amounts to 2,895. Of these 37 per cent was caused by the subscribers keeping their receivers off, 42 per cent by masons, contractors, thieves, sunshade contractors, etc., and 21 per cent was due to other causes. 108 subscribers have not been interrupted during the year; 108 have been interrupted once and 407 more than once. Before I ask you to pass these accounts I shall be glad reply to any questions you may wish to ask.
Text read from the printed page and cleaned; old type leaves the occasional error.