During the present year we have taken delivery of three 3¢0 ton D. 'W. lighters and other three 300 D. W, Lighters are now being built.
The Joss of the tug Samson, which was under charter to the British Government, was reported in the "North-China Daily News'" of January 23 and we have been, and are still, in communication with the naval authorities on the matter.
A bonus to the staff will be proposed later and I take this opportunity of stating that your directors have decided, under certain conditions, to start a provident fund for the benefit of the European staff.
Directors.—Messrs. May and Wheelock resigned during the year, and Messrs. H. W. Lester and W. J. N. Dyer joined the board; their appointment requires confirmation, Messrs. H. M. Tibbey and J. Harold Dollar retire and offer themselves for re-election. The auditors, Messrs. Lowe, Bingham & Matthews, retire and offer themselves for re-election.
There being no questions the following resolutions were passed:
That the report and accounts for posed by the chairman, seconded by 1919 as presented be adopted: pro-
Mr. Tibbey.
That the amount at credit of profit and loss, amounting to Tls. 291,359.27 be distributed as follow To a final Dividend of 34 per shares 17,500.00 cent, on 10,000 preference
To a final dividend of Tls, 5,00 per share on 20,000 ordinary shaves 100,000.00 To general reserve 125,000.00 To write off depreciation on cost of tug St, Dominie 25,000.00 To carry forward 23,859.27
Proposed by the chairman, seconded by Mr. Lester.
Text read from the printed page and cleaned; old type leaves the occasional error.