Tt might be argued that the inerence of Tls. 125,000 odd in the your's working should be reflected in the dividend, but T want to bring to your notice' very clearly that, both in the immediate future and over the succeeding years, a great deal of money will have to be spent, fon your property to bring it up to date, At least one godown isan. urgent necessity and the question of coming out to the normal line at. Hunt's and Hongkew must come up toon, when, as told you by my predecesser, last year, we shall have to replace our present wharf staging: with a more substantial structure Long carries have got to be avoides this you will realize necessitates. a certain amount of reconstructions when the time comes.
Labour charges have been increas:
during the year under review, 'This upward tendency is known to' you all and needs no emphasis from 'The only othe in the acna caling for, mention area Jnkh to depreciation, and transfers of Tis, 25,000 to special repairs and renewals,' and Tls. 75,000 ondinary'repairs and renewals, but, will only cover cur: rest and very The Year's Work home steamers in 262 in 1926; 492 coasters, a against 500; and 23 coal jwamers, ay against 22, This reduction was offset by. increased stone charges of Tls. 879,641, a8 against Tls. 250,092, and receiving, storing and. delivering, Ti 1,088,- 840, as against Tis." 1,05 7,690. might say here that we berthed fewer steamers during the year, fut they carried Inrger cargoes, Theve figures can be considered satisfactory.
The staff have experienced a-trying year and I trast the proposed bonus will have your sanction. 7 not propose to try and foretell the future, or hold out to you prospects of better times. I~ think thut, to achieve as good a showing hax been effected ast year, is something my predecessor and the wheel atuif can congratulate themselves on.
"That Messrs. Lowe, Bingham Matthews, shattered accountants, be. re-elected as auditors for the ensuing. year.
The Extraordinary Meeting The Chairman—Aftér the resolutions, which it was proposed to put before an extraordinary general meeting, were published in the Papers, very definite objections were made by one of our largest shareholders and others. I prefer, there-re, to withdraw the resolutions in toto and to see if I can evolve some formula which will be satisfactory to all parties. The extraordinary general meeting, therefore, will not be held, oF, rather, has been held, but no business will be brought forward.
Text read from the printed page and cleaned; old type leaves the occasional error.