the blood is laden with impurities it spreads disease as it circulates through the organs of the human body—Lungs, Heart, Stomach, Kidneys, Brain, Clarke's World-famed Blood Mixture is warranted to cleanse the blood from all impurities from whatever cause arising.
For Scrofala, Scurvy, Eczem1, Bad Legs, Skin and Blood Diseases, Pimples. and Sores of all kinds its effects are marvellous. Thousands of wonderful cures have been effected by it. Sold everywhere at 25, Od. Beware of worthless mirations and substitutes, The Chairmsn- whole of Mr. Taylors speech was practically levelled against mo all through.
Mr. Taylor—It was.
The Chairman—My shoulders, however, are broad enough to stand his vituporation and comment, I can assure you it runs off my back like water off a Guck's, because I fool that I have had the best interests of the Company at heart. I defy him to show one instance of my not having acted for the best interests of true that the Art ion give us great power, but, in all instances, the shareholders must admit, everything has been brought before them to carry themselves, and we have never used that power. What I say is correct, there is no question about It is true that I went home on the com. pany's business, at my own expense. Up to the present moment neither 1 nor Mr./ by Mr. Prentice have charged the company one cash, but for your information I may tell you now that I shall certainly do so. The thing needs no comment. We have not done anything wrong. According to Mr. Taylor's method of speaking, ho tries to persuade us that weave done something that is terrible, and we begin to wonder what it is Taylor says there has been a huge increase in the shipping at this port, That may be 80, but ever since the companies have been amalgamated we have been, so to speak, plunged in war. Take the wharf during the past year. Sometimes for woaks there was not a ship lying alongside. Years ago, the China and Japan war had the same effect. With regard to the Directors' salaries, Mr. Taylor has made certain suggestions, and has commented upon people leaving our employ. People leave because they do not get exongh, and those who got them give them larger salaries, To uso a vulgarism, I am not speaking through my hat. I know what am talking about Mr. Johnston left while I was away.
Mr. Johnston—No, I did not.
1 told you before you left that I was leaving.
The Chsirman—You left in a fit of temper.
A Shareholder—Rats careful what you are saying, Mr, Johnston. You know what hold I have over you. You had botter be careful.
Mr. F. E. Taylor—No si rebolder caught to be intimidated. (Applause.
The Cheirman—I am not intimidating. Mr. Johnston knows to what I allude.
With regard to Mr. Taylors assertion that we have lost work that we might have bad. If we sond in an estimate at practically cost price, surely it is better to lose the work than to lose money. I know money was lost on the particular ship alluded to. With regard to Stock Exchange gambling, it is thing we do not want to interfere in. (Loud laughter.) You fay laugh, but I will make no further comment' on it. My hands are clean. Mr. Taylor said I was a dictator. Why? I have always consulted the shareholders, We had power to go to London and sell the company, and bring it before the shareholders afterwards, but as it was such " huge undertaking we consulted the shareholders first.
Owing to the negotiations falling through we are in no worse position than we were before. I do not think it is necessary to extend the discussion further, as I think T have said all that is necessary. Ican quite understand Mr. Taylor having a bitter feeling if he has lost money. Ifhe has all I can say is that I am sorry for him, done so. I still repeat that the company is in a satisfactory We have nothing to complain about. Wo have a good credit balance at the bank, and the accounts for the year are before you. I am quite prepared to give you any explanations with regard to the accounts.
Mr. Taylor—With regard to the ship: ping, what I told you is quite true, The entries at this Port—I have looked up the statistics since 1901—have increased by nearly 1,000,000 tons.
The Chairman—That may be so, but the Dock and Wharf Company have not the work all the same. Certainly it id not come here, Perhaps some of the ships only got as far as Woosung. fottowing resolution, which was seconded The Chairman then proposed the
entice:—That the report and accounts of the Company made up to the 30th of April last, as printed and circulated, be adopted and approved and that the directors be authorised to pay a final dividend at the rate of Tls. 8 per share The resolution was carried, the majority of the shareholders present abstaining from voting.
It was then proposed by Mr. J.-Young, seconded by Mr. W. A.C. Platt, that Mr. 8. Groundwater be re-elected " director. Most prosont abstained from voting on this also, but it was nevertheless carried.
Tt was then proposed by Mr. W. S. Jackson, seconded by Mr. W. Murray, that Messrs. G. D. Scott, and Mr. J. D. Thorburn be re-elected auditors for the present year, Mr. Butler—I notice that in the assets are comprised pumps, and sundry other things, such as shears, etc. How can the auditors get the value of these miscellaneous things. I don't think it ie fair to compel them to make a statement that these things are worth so much, The stock is put down as according to statement in the books, and I can only judge from this that the shears, pumps, etc., have been put down at cost price. I should like to ask if anything is allowed for depreciation.
The Chairman—When we amalgamate ed, the shareholders in one instance got one share for one, in another two for one, and in another three for cne, That raised the capital to Ts 5,520,000, This has already been explained to you. The property on the other side balance that amount, so was raised up accordingly. I don't think anything was put down on shears, but only on land and machinery, to make the books balance, For your information I may tell you t we had the property valued to keep us right, and I think the valuation was more than' double what it stands at in the books to-day. Wo are therefore perfectly safe on that score, and so are the auditors. The machinery was valued by Messrs Wilson and Weill, the property and buildings by Messrs Scott and Carter, and Mr. Dowdall. The entire property was valued at Tis 11,000,000. The valuation was therefore more than twice our capital. (Applauso.)
The resolution appointing the auditors was than carried and the business of the meeting came to an end.
Extraordinary General Meeting.
The secretary then road the notice convening the Extraordinary General Meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.