First Annual Meeting.
1 The first annual meeting of the above Company was held at 4, Peking Road on the Sist ult.
There were present Messrs. W. D. Little (Chairman), W. C. Murray, L. C. B. Edmondston, W. Wilmer, F, Kennedy, E. W. Clements, J. P. Lowe, J. Frost, J. Magill, Arthur J. Watson, J. C. Quick, H. Browett (Legal Adviser), G. W. King, Michael, and John Ford.
The Secretary read the notice convening the meeting.
The Chairman—Gentlemen, the report and accounts having been in your hands for some days I presume we may follow the usual custom, and take them as read.
have but few comments to make on the accounts. This is the first year of the company. We propose to pay our char holders 8 per cent, and if y propriations we will write off the whole of the flotation expenses, also 10 per.cent off] furniture, fixtures, ete., and a substantial sum off the book value of the launch Electra, which vessel will then stand in our books at the modest sum of $4,500. Itisnot usual in companies of this kind to publish the working account for the benefit of competitors, but if any shareholder wishes to satisfy himself that the books have been kept properly, they are open for his inspection upon application to the Secretary. Our expenses for rent of promises and salaries and wages, have been heavy items. We have considered it advisable to have good offices and show rooms ina convenient locality, and also an adequate staff. I trust' that the shareholders who have given the Company business have found that staff efficient.
The head of one of the largest shipping hongs told me recently that the work done for his firm by the company was good. (Applause.) " You will observe that the auditor certifies that all our book debts appear to be good, with a slight exception. This exception. is an amount of a little over $100, but as we carry forward tothe new account $1,810.56 there seems ample provision for this doubtful debt, should we, as seems probable, fail to collect same. I shall be glad to answer any questions, or hear' Say suggestions.
Mr. Wilmer said that he did not rise for the purpose of criticising the balance sheet. He fully recognised that the Company had had difficulties to contend with during the first year, and one of these difficulties, the competition of the Council, was now done away with. He did not doubt that the Company had a very good future before it. The net profits during the year had been roughly speaking about 14 per cent of the capital, out of which the shareholders were only going to receive 8 per cent. Therest seemed to be absorbed in writing off formation expenses, and part of the cost of the launch and furniture, and the Auditor's and Directors' fees. It seemed to him scarcely necessary to write off such large amounts in the first year. Ho thought that the shareholders might have a little more out of the profits. Ho realised that the Directors' proposal placed the company in a better position for the future, but he would suggest that they should write jeff a little less and pay a little larger dividend.
The Chairman said that he could sympathise to a certain extent with Mr. Wilmer. At the same time ho thought that it was most desirable to strengthen the company as far as possible. If the company paid 8 per cent in its first year the shareholders should be fairly satisfied. He might mention that at present the launch was not insured, and if it was sunk it would be absolutely necessary to replace it. A suggestion had been made to the board that the boat ought to be insured for half its value. As regards the suggestion to increase the dividend ho was afraid that according to the Memorandum of the Articles of Association (p.42 §146) this could not be done. No larger dividend could be declared than directed by the directors of the company, but the company in general meeting could declare a smaller dividend, He was sorry to see that there was any dissatisfaction, Mr. E, W. Clements said that ho thought that when the company paid a dividend of 8 por cent the Directors were justified in carrying forward about is. 2,000.
The following resolutions were then put to the mooting, and carried nem. con.
1.—Proposed by the Chairman, seconded by Mr. W. ©. Murray:—That the report now presented, together with the accounts, be approved and adopted.
2.—Proposed by Mr. Edmondston, seconded by Capt. Lowe:—That Mr. John Ford, the retiring Director, be re-elected.
3.—Proposed by Mr. Wilmer, seconded by Mr. E. W. Clements:—That Mr. A. R. Leake be reappointed auditor for the current year.
The Chairman announced that dividend warrants would be posted on the next day.
Captain Lowe suggested that in a har-dour like Shanghai, where there was 80 much shipping it would be safer to insure the launch for its full value.
The Chairman pointed out thatthe rate for insuring up to its full value was 6 por cent, while for insuring half the value the rate was only 4 per cent. If the company bore half the risk therefore it would cost Tls. 80 instead of Tls. 200 for the premium. t Capt. Lowe said that he was con ent to leave the matter in the hands of the Directors.
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Text read from the printed page and cleaned; old type leaves the occasional error.