The eighteenth annual general meeting of the Shanghai Tug Lighter Ca., Ld., was held on Tuesday at the offices of the agents, No. 2 French Bund, Mr. J. Prentice presiding.
In the course of his speech, the Chairman said:
Before proceeding with the business of the meeting it is my painful duty to refer to the death during the year of our ce-director and friend, Mr. Geoffrey M. Wheelock. It is unnecessary for me to tell you of the interest Mr. Wheelock had in the company, both as a director and as the senior partner of Messrs. Wheelock & Ca., our agents. It is with the deepest regret that we record his early death, and his great loss to the company and ourselves.
We consider the result of the year's work is very satisfactory.
The amount available for distribution after the payments on July 15 last of an interim dividend of 3} per cent. on the preference shares and 8 per cent. on the ordinary shares, amounting to Tls.
is Tis. er as detailed in the report.
The fleet has been maintained in the usual first-class condition and all repairs, ete., have been charged to working account.
You will see by the profit and Joss account that Tls. 30,000.00 have been written off for depreciation.
The additions to the fleet during the year were six 300-ton steel lighters.
Payment has been received for the tug Samson and the amount in excess of her dock value has been credited to profit and loss account.
With regard to the tug St. Dominic, this vessel has done very good work during the year under review, and we think it is just as well for shareholders to realize they now have a salvage tug capable of tackling any salvage work and/or towage.
There were no questions, and the formal resolutions were adopted.
Text read from the printed page and cleaned; old type leaves the occasional error.