The fifth annual general mooting of this Company was held at No. 24a, Nanking Road, dri the 30th ult. There we: present Messrs. J. A. Ballard (Chairman), A. C. Hunter, C. Fink (Directors), R. D. Neish (Deputy Managing Director), A. R. Leake, W. C. Murray, J. Morgan, and J, Green (Secretary), representing 929 shares.
The Secretary read the notice convening the meeting.
The Chairman—The Report and Accounts having been for some days in your hands we will with your permission take them as read. The year under review has presented no specially abnormal features, and the accounts do not call for any lengthy comment on my part. The balance at credit of working account jJamounts to Tls. 17,659.72, as a st i Tls. 14,460.07 last year, showing an increase of Tls. 3,200, which must be erded as satisfactory. This increase has enabled the rectors, after writing off for depreciation, etc., rather more than last year, to recommend the same dividend to shareholders as before, say 9 per cent for the year, and to reduce the goodwill account' by Tls. 2,000. They trust in course of time to be able to liquidate this account entirely. The only item in the Balance Sheet which seems to me to call for remark is that on Sundry Debtors, which stands at Tls. 34,735.31 as against Tls. 26,934.81 last The increase is in part accounted the larger volume of business 1d in part by the delay necessarily attending the collection of bills at the outports.
Sinca the accounts were closed upwards of Tls. 15,000 has been collected, nearly all of which appertains to last year's business: The directors consider the sum set aside for bad and doubtful debts a sufficient provision for the time being. The busi-uncas generally shows steady progress, and there is reason to hope that with the development of the local Settlements and with the prospective opening of thp Chinese Empire, our results in the fature will show substantial improvement upon those of the past. Reference having been made in the Report to the absence on leave of Mr. J. D.
Clark, I may state that he expects to return to China and to resume his position in the Company about the end of this year.
Before proposing the first resolution there is an opportunity for shareholders to ask for any further information, There being no questions, the following resolutions were carried without discus sion—
Proposed by the Chairman, seconded by Mr. Fink: That the Report end Accounts for the year ending 30th April, 1903, as presented, be accepted and passed.
Proposed by the Chairman, seconded by Mr. Hunter: That a dividend at the rate of 5 per cent, making with the Interim Dividend of 4 per cent paid on the 17th December, 1904, 9 por cent for the year, be paid to shareholders on the Register on 30th April 1005.
Proposed by Mr. Mufray, seconded by Mr. Leake: That Mr, J. A. Ballard, the retiring Director, be re-elected a member of the Board, Proposed by Mr. Morgan, seconded by Mr. Murray: That Mr. A. R. Leake, A.C.A., be appointed Auditor for the ensuing year, This concluded the busines
Text read from the printed page and cleaned; old type leaves the occasional error.