The annual meeting of the shareholders in this company was held at 2, French Band, last Friday. There were present Messrs. A. MeLeo (chairman), W. Dobie, H. A.J. Macray, R. B, Mauchan, and H. J. Such (directors), T. Wheelock (representing the manegers), W. J. N. Dyer (secretary for the meeting), N. E, Bryant, Brodie A. Clarke, J. Cooper, C. E. Geddes, j3-_N. Jameson, Capt. MeCrachin, J. Langley, J. Ht Osborne, 'f, Pemberton, MI. Prsce, A Shewan, and J. D., Thornotice convening the meeting hav-been real, the Chairman said that, before proceeding to the official business of the meeting, he would like to express the regret felt by the directors at the loss ince the laet annual meeting of two of the company's employes. Mr. astlack was auditor of the company for some he "lied last year; and quite ly the death Id occurred of Mr.
wie was for many years superiztendent of the old Tug Boat Company, who joined the present company at me of the amalgamation, The ed a death, as he was a most and hard worker and always looked well to the Company's interests. Turning to the accounts and report, the Chairman obtained permission fas usual to take them as read. He hoped the shareholders would consider them satisfactory as they showed a net profit for the year of Tls. 193,762.28 as against Tls. 180,540.9 in 1903, an improvement of Tls. 13,220.19 on the year's working, The proposed appropriation of this sum indicated in the report and was seven per cent on the preference absorb 'TMs! 35,000, and a dividend for th your of wine per cent on the ordinary shares, Tls. 90,000. Then the directors had decided to start mn insurance fund of their own to cover @ certain portion of the risks now insured with local ies. It was proposed to put ide Tls. 25,000 to form a nucleus of fund the directors hoped would grow yer by year so as to enable them to take a lurger sum annually on their own books. No doubt this business had been very profitable for the insurance companies and there was tio reason why the Company should not participate to some extent. There would still remain a balance of Tls. 43,762.28 to carry forward. It would be seen by reference to last year's accounts that sundry creditors had claims amounting to Tls. 126,462. The money was principally owing to Messrs. Farnham, Boyd and Ca. for new tugs, and during the year the amount had been entirely wiped off. Daring the latter part of last year the Airectors received a tempting offer for the Samson, and though she could ill be spared they decided that it would policy to dispose of her; an order was Famediately placed for a new tender. The entire amount received for the Samson was written off the stock, though it was in excess of the sum at which the tender stood in the books. Recently the owner of the Samson, finding he had no further use for her, entered into negotiations with the directors for her relfhoogt they had srrnnged fo got on withs vechase, Thedirectors were glad to dose,
Text read from the printed page and cleaned; old type leaves the occasional error.