The seventh annual ordioary_mecting of shareholders in the Shanghai Mutual Telephone Company, Ld. was held st 14, Hankow Road, on Tuos-day afternoon. There were present Messrs, Paul Brunet (Chi stalled during the year—2,285 as against 1,764. Passing on to the Profit and Loss account, I will only draw our attention tothe new feature introduced thoro, namely, depreciation of plan and furatvare'" Abtuoagh the smallest deficiency in the company's plant is bound to show satisfactory working of th and lines, 80 that it is therefore necessary to-eeep these in perfect order, charging it to Working account under Repairs and Maintenance, we h Hearaon, 0. Middleton (Dirootors), G. thought on the whole, advisubl Oberg (Becretary and General write of annually a certain amount! Manager), H. Browett, A. McLeod, against depreciation, principally on the Ach Riva, A. ne, W. ound that a plant, after having been Kayo, J. B, Harris, F.'G. Keeling, A. C, in use, is not of so much value as when Hunter, H, Norcock, R. H. Hunt, new, even though it be kept in the best. Buyers, T, H. Harris and Yang Shing-of repair. And now, gentlemen, I have 420, representing 2,678 shares. only one more remark to make on our 'The Secretary having road the notice figures. You will notice that in our convening the meeting, recommendation as to how the profite The Chairman ssid: Gentlemen,—are to be distributed we say "Four Your directors' report and accounts Taels por share to shareholders, equal have boon printed and circulated 8 por cont—Tacls 53,568", while 8 amongst you and have also per cent on our Paid-up Capital, Taels peared in the local 672,000, would be Taels 53,760, o Tasls therefore, with your permission, 192 more than we ask for pense with the formality of roading to the circumstance that them. The past twelve months—during which we have, amongst other Into for her shares that things, doubled our capital, concluded to them, but, under the circumstances, contract for the building of our own your directors allowed hor 48 Exchange, and settled another and on the condition that those shares more important agreement with the would carry no dividend for the year. Municipal Council—has been a very Four timos forty-eight makes the di busy time for your directors, who ence of Taels 192 of which I am speak-ive to the importance of ing. I have nothing more to say, as bearing on the future gentlemen, but before proposing that prosperity of the company. The con-you adopt our accounts, I shall fidence they expressed a year ago, when we mot hero, that the new shares would queatio with ref pleased to reply if anyer be readily taken up, has been fully There being no questions it was pro-Justified, as you can see for yourselves posed by the Chairman, and seconded from the es pital account; and the by Mr. 0. Middleton: "That the acamount we received, roughly Tis. counts be passed as presented, and that 340,000, was utilised in thp following the appropriation a8 recommended by manner:—Tls. 100,000 to pay off the the Board be adoptod.—Carri mortgage, Tls. 150,000 loaned on a good The Chairman: Now I come to the mortgage, and the remainder used to new franchise from the Mur extend the capacity of the Exchange Council. For the benefit of those share-and to purchase a property at Yangtoepoo ribed for our godowns aod wort holders who may not have read the published minutes of the Municipal shops, Having secured the neccesary Council relating to a ne funds, your directors entered into with the company, I will explain that negotiations for ling of the new Bzshange—storied buildin, in the month of May last year we received a letter from the Council re-with Mosare architects. is hoped that the build-! ferring to our old agreement, and stating that, our services having proved satising will be ready for occupation before factory to the community, the Council the promises we at present occupy thought the time had arrived when, in become too small to receive now sub- the intereats both of this company and scribers, As I have to mention later the community, the question of the reement with the Muni (company's franchise should be placed will not say anything on @ more definite basis, and that ree lent, but pass on return for the use of the public m these you will for our poles, wires, ross receipts from should, like srworks Compan: year—an increase of Tls. 22,000, or 89,432.67, against Tis, 67,454.32 about 33 per cent, which I hope you will consider satisfactory evidence that the service la appreciated. On the! other side of the working account you will notice an increase of from Tls. 19,500 last year to Tle. 26,800 this year, or about 27 per cent. This incresso in the work pg expenses is mostly duo! to salaries and wages and ropaii other side of the Balance Sheet. The quence of increase on the net balance from Working account to Profit and Loss account is Taels 62,613.44, 2 against Taels 47,043.91 last year, or an increase of 27 per cent. The same percentage likewise applies to the number of new telephones in-
Council " certain amount of dividend-bearing scrip as part of our capital. This proposition your directors found reasonable, and thonwand fully-paid-up shares to rank agreed to hand over to the Council one with dividends and other privileges as ordinary shares, in return for which we asked for a thirty years' franchise,, to incresso the rate of subscription within certain limits, and other powers necessary to the good conduct of ti telephone service, That arrangement was accepted by the Council, who mitted it to atopayers meeting. The unanimity by which it was approved at that mosting oan only be accepted by us asa high tribute to the confidence rebored in us by the community, and which we must endeavour to continue to merit by im. proving the service as much as possible, and by continuing to charge as low a rate for it will attract to us the capital necessary for extensions,, T! conditions already ageeed upon ha principle ito necopted by French Municipal Council, wh receive a pro rata number of in all 100. By a resolution passed here year, on the 25th of April, the capital was raised to 20,000 shares, and of these, as you will soe by the accounts, we have allotted 13,440, leaving in our xed of, and it is shares that we now ask your to utilise 1,100 to acquire the os just mentioned from of both communi I may the same time, explain that son why we oak for your sanction to what we hava done is that our lawyers are under the impression that the resolution to increase the capital somewhat limits our powers with regard tothe uniaaued shares ao that, although we might pay for these fraud hard cash, we may not uso the shares we have in hand for such purpose without your sano therefore I beg to propos of a franchise being granted by these to the company for a form of 30 years the directors have agreed to allot to them respectively 1,000 and 100 fully-paid-up shares in this company, Mr. J. Osborne seconded, and the resolution was carried, The following resolutions were then put and carr Proj by Mr. A. MoLeod, and seconded by Mr. H. Browett: That Cecil Holliday and A. W.
nominations as directors be Proposed by Mr. A. ©. Hunter, and seconded by Mr. A. Riva: That Messrs, Paul Brunat and N. Macleod, the retiring directors, be re-clooted, Proposed by Mr. R. H, Hunt, and sooondod by Mr. H. Noreock: That Mr. J. D. Thorburn be re-elected auditor for the ensuing twelve months, Mr. A, MoLood suggestion to the exceedingly satis! tory report which given the shareholders Tt had no doubt been 5 and there was an old the Inbourer is worthy of the diceotors he thought something was Although praise was due to
duo to the staff. During the year the staff had had to do groat deal of hard work and especially during the riots. Mr. McLood was given to understand that during those troublous times the oF seven young in the office had, at groat inconvenience and per.
ual danger, attended at the offi just asit nothing had happened. He thought that it was only right that these young ladies should receive some recognition at the hands of the company. He proposed that the dirsotors be authorised to pay a bonus to the staff of the company and that the amount and manner of distribution be left to the directors.
Mr. H. Browett The Chairman thanked the speakers for their remarks with regard to the work of the staff of the company. They
Text read from the printed page and cleaned; old type leaves the occasional error.