Referring to the satisfactory position of the company's capital account, be stated that daring the past five years they had bout 165,000 tons of shipping at a total cost of nearly £4,50°,000, mich worked out at £26 126, 6d. per too. He was, however, glad to say that the total book cost of their tonnage figarod at about £5 per tu, allowing, of coorte, for the cash reser ves, which stood practically to the credit of He was perfectly certain ippiog company slood. as regarded its capital account, la & mor atisfectory position than thet—s: posi tion which was reflected, of courte, in the market value of their property. (Cheers,) He concluded by moving the adoption of the report.
Sir William Adamson seconded the motion, wi alter the Chi questions: and the dividends and bonus recommended were aft pproved.
Text read from the printed page and cleaned; old type leaves the occasional error.