{Pho following is an extract from the Directors' Report of the above Company, pet sented to the sharclviders at the half-yearly. ordinary general mesting, held The 23rd ult.
GasTcEMen,—Since the beginning of Ixat year, most of our fi-et have been put on the Government service, but notwithstanding-this we have maintained our regular services without any cessation, replace them by chartered vessels. As you know, all: Japanese merchants having" patrioric= ally s.crificed their interest in some degree for the Government service in the prexent war, the profit we "derived from the Government charters was not larg. Yet we hive g eat pleasuize in placing before you more satisfactory results of the. half-year's operations than those of previous terms, The gross income during this term is 401,000 compared with that of Inst.47800,000, showing an ina
term." The expen iiture was i 202,000, the amount of term, helm Y 9,500,000, and for lat term Dari past tari we have made an hiring exceptionally large addition to the tenn:
out fet. Previous to the outbreak of War, our fleet, ins lading chartered vessels, consisted"of 93 steamers, the aggregate tonnage of which' was 77,000, who atthe steamers OF 110,000 tone." "™Ploved 128 December it, we employed By morns of the first, instalments of the new shures "which* weta rec-ived the -end of November, we rhall: have ten-new steamers of about 37,000. ton These vessels orb now..under conetractiot and will be complete! in. the course of the year, We intend acquiring more lounge whan-exer opportunity offers. three instalments of the new shares made half-yearly, and with these we hope to carry out our extension. programme in the course of this and next year.
The gross profit of the Company for the half-year amounted to ¥.1,281,725, out of which the following sums will be reserve Reserve fund for insurance (a Yen.
little more than 6 per cent of the value of the fleet). +99,000 Reserve fund for repairs (alittle more than 7 per cent of the value of the fleet) 279,000 Reserve fund for deterioration (wlit'le more than 4 of the cost of the fleet 201, leaving " balance of ¥ 1,011,928, including Y 401.833, brought forward from last account.
'The Directors now propose that ¥ 81,000 be added to the reserve fund, raising it to ¥ 311,100, and Y 31,000 be allowed as Directors' and 'Auditors' fers: From the remainder the Directors recommend n dividend at the rate of 10 ¥'a07,916. The balance, Y 601,642, will r cent per annum, which will absorb be carried forward tothe next account.
Tu conclusion, we beg to draw your st-tention to the fact that, hitherto 5 per cent ofthe value of the steamers was reserved for repairs; this term we propose to write off 7 per cent, which absorbs ¥ 60,000.
You will also take no'e that a little more than 5 per cent instead of 4 per cent as hitherto, was reserved this term for our insurance account, Thus, besiles carrying forward ¥ 250,000 to uyxt account, the reserve fund has been increased by 70,000.
Text read from the printed page and cleaned; old type leaves the occasional error.