The annual meeting of shareholders in this Company was held at the Central Hotel yesterday. There were present Mr. G. L. Shekury (Chairman), Capt. 4. Flaeg (Director), Messrs, M. J. Nathan (Acting Secretary), Bull, J. D. Clarke, J. Langley, A. B. Rosonfel and others.
The Chnirman—The Directors are pleased to greet you again, and to present to you the report xnd recounts for the year ended 1st December 1904, which, with your permission, I will take as read. I think you will' all agree with me that, considering the rebuilding which is going on and the restricted accommodation at present available, the report and accounts are satisfactory. However, I shall be pleased 10 hear any criticism and answer nny inguiry. I need not go into details. The accounts speak for themselves. We were fortunate in scouring the promices Nos. 3 and 6 Nanking Road. which we xre now using as an annexe, and no doubt with those premises our' business is much better than it otherwise would have been. I may state that of the new issue 12,884 mew shores were subscribed by the shareholders, an were sold to the public, leaving a nce of 3,553 shares. The Tls. 110,000 required by agreement with the landlords to be laced on deposit before building opera 18 commenced, was deposited with the Hongkong and Si nghai Bank on the 10th of May last. year. he contract for the 't]} new building, which has been named the Palace Hotel, was, on the recommendation of our "revitects Messrs. Scott and Carter, given to Wong Fa-kee for is. 236,800, for the building only, with an d|ayreement to complet" the first part by the end "f June 1903, Tenders for the other requirements for the Palace Hotel, such as plumbing, wiring, fittings, tiling, lifts, ete., have not been called for yet, but they are estimated to cost about Tis.
The Halace will, when com: pleted, we think. prove satisfactory in avery respect, and your direct-rs are taking great interest in looking after every detail to make it worthy of its name, and the most perfect hotel in the Orient, There were no questions asked, and the following resolutions were put and carried unanimously Proposed by. the Chairman, seconded by Capt. Flagg: That the report ani accounts, as presented, be accepted and Proposed by the Chairman, seconded by Mr. Evans: That a final dividend of sixty cents, making fifteen per cent for the year ended the 81at of December 1904, be declared and paid.
Proposed by Mr, Willmer, seconded by Mr. Bryant: That Mr, G 1. Shekury be re-elected a director of the Company.
Proposed by Mr. Evans, socmnded by Mr. Clarke: That Mr. G,' D. Scott be reappointed auditor for the year.
Mr. Clarke added a farther proposition, which he hoped would be seconded and carried. He remarked that the directors
Text read from the printed page and cleaned; old type leaves the occasional error.