ce., ID.
The annual general meeting of the! shuroholders of the above Company was held at the Company's attices, No. 2, Jinkee Road, last Friday afternoon. There wore present: Messrs. A. W. Burkill (Chairman), J. M. Young, snd C. L. Seitz, Directors; Chas. Sturmann, A McLeod, T. Weir, R. von der Leithen, Wou Lit-ging, Say Zoong, Chun Zing-ting, Yung Kee, A. 8. Wilson (Legal Advisor), and F. 'M. Goose (Secretary), representing 1,580 shares.
TheSeoretary having read the notice convening the meeting, The Chairman said he wished to express the deep regret of the directors for the untimely decease of Mr. Suethlage, the founder of the company, and to whose untiring zeal its success was due, When the company was first started Mr. Snethluge worked x8 hard and conscientiously as though it were his own business. In all hechd hehad the shareholders' interests at heart. One of the last things he did prior to his decease was to pay a visit to Pacific coast in the company's eat, the result of which the olders would hear about later. Seitz, the managing director, regret and sympathy. Turning to Report and nceonnts, the Chairman that with the shareholders' permis he would take them as read. The past year bnd not been an easy ong, yot the working showed a larger profit than that of the previous year. There was a slight increase in the capital of the company, due to the issue of 270 new shares during the year. Hoo was glad to state that the overdraft with the Deutsch-Asintische Bank had been reduced by about Tls. 80,000, The liability to sundry creditors stood ata higher figure than that of the previous year, asciid also that of sundry Uebtors. The reserve fund remained the same. The shareholders would notice that pecial reserve fund had been created, as it had boon considered advisable to rot aside a certain percentage on the sales of Tnmber to a special reserve fund to cover bad and doubtful debts. Ho was glad to say that the tued already stood at the Large sum of Tis, 9,998.76 after the deduction of all-bad debts incurred. The buildings showed a much larger figure in the assets than the previous year. This was duo to the acquisition of the new Jumber yard at Yangtsepoo. The lumber business had to be carried on on up-todiate principles, and Mr. Snothlago bad bronghit from the Pacific coast s man experienced in the lumber business to super-Jatend the erection ofa saw-mill and drying sheds, eto. - There would benoexcusenow for architects in Shanghai putting green wood into buildings, as the company thed all appliances for drying and seasons 1 ing wood. The amount owing by sundry debtors was larger in the accounts than last year, but it had nearly all been collected since the publication of the accounts. The stock of lumber on hand, he was glad to say, stood at " much lower figure than last year. It had been reduced from Tls. 514.000 to Tls. 396,000. In the Profit und Loss recount the directors hud depreciated very severely on the machinery, Some of the machinery had had hard work, bit other machinery had not been in constant use. Still the directors thought it a wise policy to depreciate all as though it had bad constant xnd haul work. It was hoped thay the new lumber yard would be completed this year, and it would be worth the reholiders' while to visit the premises and inspect them. It was their idea to issu more shares, and the details of! the scheme would be placed before the i shareholder during next week. The past year hal been a very trying one, and the value of lumber had decreased from 30 to In spite of this, the year's working showed a larger profit than the previous year. The directors wished to place on record their appreciation of the carefal management which brought about.such a good result. management wust have been exceed ingly careful and far-seeing, considering what "large stock of lumber they had on hand last year. In conclusion, th Chairman said he would be glad to a swer any questions the shareholders thought fit to ask.
There being no questions, the follow. ing resolucious were then put to the meeting, and carried unanimous)
Proposed by the Chairman and seconded by Mr. J. M. Young: That the report of the directors and the statement of accounts to the 28th of February, 1905, as presented, be accepted Proposed by the Chairman and seconded by Mr. C.L. Seitz: That the direotors be authorised to pay a dividend of 10 per cent per annum in form of intoron the paid-up capital from date of payment until the 28th of February, 1905.
Proposed by Mr. 'T. Weir and seconded by Mr, Chas. Sturmann: That Mr. J. M. Young be re-elected a director of the Company. seconded by Mr. Chas. Sturmaun: That Pi by Mr. A. MeLeod and the appointment of Mr. C. L. Seitz as managing director of the Company be confirm: seconded by Mr. Yung Keo: That the Pi by Mr. von der Leithen and appointment of Mr. J. Blechynden as a director of the Company be confirmed.
by Mr. Chas. Sturmann and seconded by Mr. T. Weir: That Mr. A.
Leake be re-elected auditor of the Company.
The meeting closed with a vote of thanks to the Directors and General which they had looked after the Com-Mai for the careful manner iv pany's interests in a trying year, proposed by Mr. A. McLeod, seconded by Mr, Sturmann, and carried by acclamation.
Text read from the printed page and cleaned; old type leaves the occasional error.