Mr.C. C. Dunman suggested, as a matter of book-keeping, that the item of fittings and fixtures should be shown' separately in the accounts, snd not included in the item of stocks, which represented a floating quantity.
"The Chairman ald Mr. Duoman's suggestion would be acted upon and the report and accounts were then adopted.
The following resolutions were then yf, carried 801 Proposed by Mr. Hinton, seconded by Mr. Mr. Browott—That the appointnient of Mr. W. D. Little a Director, during the absence of Mr. E. ©. Pearce on leave, be confirmed.
Proposed by Mr. Moutrie, seconded by Mr. Payne—That Mr. E. 0. Pearce be re-elected a Director.
Proposed by Mr. Browett, seconded by Mr. Pearson—That Mr, A." B. Leake by reappointed auditor and that his remuneration be increased to Ts. 350, Mr. Moutrie returned thinks on behalf of the employees for the bonus granted on the Directors' recommendation.
Before the meeting separated the Chairman mentioned that 670 pianos had now been completed at the Camp: ny's factories. The later ones had received special imrovements to render them durable and refit the tone. All had been constructed under the superintendence of Mr. Moutrie, whose thirty years" experience enabled him thoroughly to understand the requirements of the climate. The Company could congratulate themselves on being placed in the position of being to renew his agreement. The option w: arranged by the original directors at the inception of the Compsny snd would admit that in exercising this option the Directors had acted in the interests of the business, In accordance with the original agreement, Mr. Moutrie had been granted leave of absence from next mouth, and in his absence Mr. J. H. Hinton, who was for many years in barge at the Tieatain branch, would be acting manager. The Tientsin branch under Mr, Jupp showed increasing busi while the returns at Shanghai ai Blut June showed " steady increase over the corresponding period of previous years and the company's prospects were iborefore very promising.
Text read from the printed page and cleaned; old type leaves the occasional error.