The annual meeting of the above Company was at No. 69, Kiangse Road, on Thursday afternoon, 6th April, 1905. The following gentlemen were present Messrs, A. McLeod (Chairman), J. Cooper, W. D. Little, W. H. Poate (Directors); A. P. Wood (Secretary), Bryant, H. J. Clark, L. J. Cubitt, V. Dent, H. E. Hobson, F. B. Piteairn, Platt, G. H. Purcell, and J. M. Young, representing with proxies 3,475 bares.
The Secretary read the notice conven-ang the meeting. A The Chairman—Gentlemon, the Report and Accounts for the past year having been in your hands for some days, would suggest with your permission they be taken as read. The year 1904has been, far us this Company is concerned, one of considerable activity; extensive additions have been made to our plant and works, and new mains have been Inid in the extended area within the Settlements, and in the districts beyond the Municipal boundaries, resulting in a very satisfactory increase in our revenue. Before asking you to pass a resolution approving the Report and Accounts now submitted to you, I shall be glad to be permitted to make a fow remarks upon them. Taking first the Working Account, you will notice that our revenue from all sources! amounts to the satisfactory sum of Tls. 403,245.70 and is the largest income earned since the inauguration of the Company, being an increase on 1903 of Tls. 45,766.64; the Directors have every reason to hope that this increase will be maintained, it not improved upon in the future. It is also.e matter for congratulation that the general working expenses of the Company remain practically the same as last year, leaving a3 result of the year's operations a balance of Tls. 281,060.58 at credit of working account to be transferred to profit and loss account, or an increase of Tls. 43,624.91 over the amount passed to this account in 1903, Profit and Loss Ascount is stated in the same manner as last ybsr, and after the payment in Jul last of an interim dividend of por share amounting to Tls. 41,806.45, providing for interest on debentures, nnd Bank overdraft; depreciation on engines, boilers, and general works, amounting to Tls. 30,000, and e special eum of Tls. 20,000 as depreciation on stocks of fittings, etc., and providing for sundry other payments as specified in 1 account, there remains a balance to credit of Tls. 151,737.11 for distribution, or an increas of Tls. 16,714.12 over last year. The Directors now recommend that the above balance be appropriated in the following manner To payment of a final dividend Tis. for the your 1904 of 37/6 per tael +++e104,516.12 per share at exchange 2/7 Transfer to Reserve Fund (increasing it to Tis.
170,000)... 30,000.00 Carry forward to new account.. 17,220.99
Tis, 151,737.11
Text read from the printed page and cleaned; old type leaves the occasional error.