The fourth ordinary meeting of shareholders in the Yangtez- arf and Godown Ca., Ld., was held at. the Office of the General Agents, Messrs. Carlowitz Ao.. 16, Kiukiang Road, on the 26th of March, 1905, Mr. M. March in the chair.
There were present:—Mr. R, Lemke and Captain R. Kohler, Directors, Mr. C. Landgraf, morgen gh Messrs. J. Stampff, O. Hoffmann and Krietsch, representing all 1,691 shares.
The usual notice convening the meeting was read by the Secretary.
The Ohairman.—The General Agents' Report and Statement of "accounts for the have been in your hands for some time and with your permission I will take same as read. The year's working has again been a very satisfactory one as shown by the fact that your Directors have again been able to recommend the payment of a dividend of 18 percent. The increase of business has made it imperative to erect a new shed of the following dimensions 200' by 100' metal roofed which is on the point of completion and which will serve mainly as transit shed. Our buildings, pontoons, lighters etc., have all been kept in first class order and the coat of doing so has, as in past years, been defrayed out of current receipts without encroaching on the amount at credit of repairs account. The repair account has been altered to reserve account, and same has been strengthened setting aside a further Mls. 11.500, so that it now stands at Tls. 17,500. As regards our property on the Yangtsepoo Road there is nothing new to report today. I am confident however that the authorities will not allow the question of the Conservaacy of the Huangpu to be shelved but I trust on the contrary that we are nearing the time when we shall see this hand. Sur Manager, Mr. r8, and our most important matter vigorously taken in
staff at the Wharf have attended to their work with their usual energy and to their efforts the success of the past year's workfngis due to a large extent. It will be gratifying to you to learn that the outlook or the year 1906 is as satisfactory as we could h for, Mr, Charles Rayner having had hitherto taken no fees. left Shanghai on a well-earned holiday, The annual meeting of this company were held at 1 Yuenmingyuen Road on Wednesday. There were present Mr. John Ford (in the chair) Mr. Harry Smith (Secretary and General Manager), Messrs. L. H. Drakeford, 8. J. Solomon, and Chu San-ko, representing 452 shares out of 709.
After waiting three-quarters of an hour for the necessary five shareholders, Mr. Ford announced that there was a quorum present and that, in the unavoidable absence of Mr. Brodie Clarke. Chairman of the company, the business would proceed.
The notice convening the meeting and the minutes of the last meeting were read, the latter being confirmed.
The Chairman read through the printed report of the directors and added that a further vacancy had been caused on the directorate by the departure for home of Mr, ©. W. Wrightson. That would, however, come into next years report. He considered that under all circumstances the shareholders might feel proud of their balance sheet. The company had had uphill work from the start; it was some months before they could get into working order, and prior to that, there had been great difficulty in getting accommodation. Judging from the business now in hand, a still better result would be shown next year."
The following resolutions wore carried unanimously:
Proposed by the Chairman, seconded by Mr, Solomon: That the report and accounts as presented be passed.
Proposed by the Chairman, seconded by Mr. Smith: That a dividend of four per cent be paid to the shareholders for the last year's working.
Proposed by Mr. Smith, seconded by Mr. Solomon: That Messrs. A. B. Ross and W. 8. King be invited to join the Board of Directors.
Proposed by the Chairman, seconded by Mr, Chu San-ko: That Mr. Geo. R. Wingrove be re-elected auditor.
Proposed by Mr. Smith, seconded by Mr. Solomon: That the fees of the Directors be fixed at a sum not to exceed $200 each per annum.
The Chairman explained that to assist the Company in its first year the directors This con@tuded the business, Tis.
Write off from Machinery...... 4,000.00 Allow for Agents' Participation in Profits, as per agreement, viz:—Profiton Work- Tis. ing Account..41,450.42 Less Amount of Depreciation..4,000.00
Tls. 37,450.42 @ 10% 3,745,04 Dividend 10%............29,930.00 Place to Reserve Fund 5,000.00 Carry forward to new account... 718.00
Tls. 43,393.13
Capital—The amount of Tls. 700.—final call on 28 shares of the new issue—was still unpaid at the end of the year.
Buildings.—The two new large godowns were completed and also workshops erected during the year. The final, payment for the godowns and the cost of the erection of the workshops amounted to Tls. 9,221.56.
Machinery.—For new Machinery the amount of Tis, 24,176.51 was expended. The greater part of this sum represents the cost of the additional Cleaning Plant, by which a considerable improvement in our Flour has been attained.
Property.—A valuable piece of land in front of ths Company's property has been acquired at Tls. 2,500.—and a part payment of Tls. 1,250 against this purchase has been made during the - past year. For further improvements to the property the amount of Tls. 433.90 has been paid.
To allow of the erection of the additional Cleaning Machinery the Mill had to be stopped for two months during the Spring.
Directors.—Mr. Schirff resigned his seat on the Board on his departure for Europe, and the vacancy was filled by Mr. Hans Wenck, whose nomination ro-quires confirmation.
According to the Articles of Association, Mr. H. J. Such retires from the Board, but being eligible, offers himself for re-election.
4uditor—The Accounts have been audited by Mr. Gee. D. Scott, who offers himself for re-election.
Shanghai, 14th March 1905.
Text read from the printed page and cleaned; old type leaves the occasional error.