The fifth Ordinary Meeting of the shareholders of the above Company was hell in the Chamber of Commerce Rooms on Thursday afternoon, the 7th inst. The followin Bentlemen were present:—Messrs. A. D. Lowe (Chairman), J. D. Thorburn, and John Prentice (Directors), and Messrs. J. B. Hyfe, A. Dabelstein, J. A. Stewart, Alex. Samso Thomas Cock, H. E. McCann, E. J. Ezra, N. E. Bryant, and J. H, Osborne.
The Chairman asked Mr. Osborne, who had Kindly consented to act as secretary, to read the notice convening the meeting.
This having been done, 'The Chairman said that the report and accounts having been in the shareholders' hands for some days would, with their permission, be taken as read. 'They would observe that the amount at the credit of profit and loss account was Tls. 14,865.48, and from this amount the Directors recommended a dividend of 5 per cent which, after deducting Directors' fees, would leave balance of Tls. 4,015.48 to carry forward. This was not a very large dividend, bu it was better than the Company had been doing hitherto. There was every hope of doing better during the next year. The past year had not been particularly good as far as the sale of ico went, as the summer bad been very coo!, and there were plentiful stocks of native ice. The Company had not been patronised very much by the local shipping companies until towards the end of the season, when there had been so many sad deaths from cholera among the shipping community. Immediately the consumption of machine ice increased enormously, and there was every raison to believe that the local steamers would patronise the Company during the coming summer. During the past year the working expenses, as anticipated, had been considerably reduced. This was in a great measure due to the closing of the Amoy Road works, and Mr. Cromartie, Company's engineer, deserved thanks for the interest he had taken in the affairs of the company. The new ice storage godown would be ready at the end of the mon, and then it was hoped that any demand con' be met with. During the sudden demand for ice from the shipping last summer the Company had only just been able to keep up the supply. The Directors therefore thought it, necessary to have a properly insulated godown where five or six hundred tons of ice could be stored if necessary. As to the accounts, the only thing he would mention was that on 30th Norember, 1902, the overdraft at the Hongkong and Shanghai Bank was about 'Tls. 16.000, whereas on 30th November, 1903 it was only Tls. 4,484, Mr. Dabelstein' said that he regretted having to give vent to his feelings. There had been a great deal of dissatisfaction about the management of the Company. Compared with the dividends paid by other companies the Ice Company gave very poor results, and he would therefore ask the Directors to forego their fees of Tls. 250 each, Tls. 750 for the Directors was much too much; in the old Company the Directors got no fees at all. He would like to know how many tons of it was necessary to facture to mako Tls. 750 for the rectors. He wished to move that until the Company's dividend was 10 por cent, no directors? fees should be paid.
The Chairman asked if Mr. Dabelstein had any seconder for the resolution.
Mr. Dabelstein asked Mr. Ezra to second, but that gentleman indignantly replied "that would do nothing of the kind. Mr Dabelstein then approached Mr. Bryant.
Mr. Brsant said that he certainly thought that the shareholders were entitled to something. They had waited patiently for six years for a dividend. He would not, however, second Mr. Dabelstein's resolution.
Mr. Stewart said that after two years without any dividend a dividend of 5 per cent was pretty good. The amount paid to the Directors was very trivial indeed and he did not think that the idea of asking them to give it up ought to be entertained for a moment. There was only one thing he would like to ask.
In the 1903 accounts stores and cylinders were put down at Tls. 2,460. In 1902 they were valued at Tls. 4,152. He would like to know if there were fewer star now. He saw ro mention of depreciation, although the amount was about half of what it was in 1902, The Chairman said that with regard to the Directors? fees he, personally, considered that he had devoted Tls. 2,500 worth of time to the Company.
250 would not have paid Mr. Mackenz for three days' work. He thought it a very ungracious kind of motion to bring forward to ask the Directors to forego their fees.
Mr. Bryant-said it was the wrong way to start: economizing to do such a thi The Chairman explained that the difference in regard to the value of the stores was due to the fact that in 1902 they had a very large stock of chemicals, whereas the stock on 30th November, 1903 was very much smaller.
Mr. Stewart asked how the new godown was to be paid for.
'The Chairman stated that a great. pari' of the cast had been paid. The report ud accoums were dated 30th November iis Since then most of the cost had been paid.
Mr. Stewart remarked that that only showed that the report and accounts might have been issued sooner.
Mr. Fyfe said that he thought the Directors ought to be congratulated on their working.
The reduction of the overdraft showed that the Company was going in the right direction.
He thought that there was now some chance of a former Chairman's prediction that 16 per cent could be paid, being realised.
The Chairman thanked Mr. Fyfe for his remarks, and assured him that everything possible would be done to put the Company in a sound position.
The following resolutions were then put to the meetin, and carried nem. dis.
1.—Proposed by the Chairman, seconded Mr. John Prentice:—That the report accounts for the year ending 30th November be accepted and passed.
2.—Pro} by the Chairman, seconded by Mr. J.D. Thorburn That a dividend of 5 per cent on the capital of Tls. 200,000 be declared and paid to the shareholders on the record on the 30th March, 1904.
3.—Proposed by Mr. J. B. Fyfe, seconded by Mr. J. A. Stowart:—That Mr. J. D. Thorburn be re-elected a director.
4.—Proposed by Mr. Dabelstein, seconded by Mr. Fyfe:—That Mr. J. H. Osborne be re-elected auditor, to serve until the next annual General Meeting of Shareholders.
In conclusion Mr. J. A. Stewart proposed and Mr. N.
Bryant seconded, a vote of thanks to the chair.
Text read from the printed page and cleaned; old type leaves the occasional error.