The twentieth annual meeting of the Shanghai Tug & Lighter Ca., Ld., was held on Monday at the offices of the agents, Messrs. Wheelock & Ca. There were represented 5,393 shares and the foi-lowing directors were present Mr. John Prentice, (chairman). Messrs. J. Harold Dollar, H. W. Lester, and W. J: N. Dyer. The chairman said The result of the year's working, considering the still very depressed condition of the trade of the port, we consider has been very satisfactory and feel certain you will agree with us. The amount avail able for distribution, after the pay ment on July 17 last of an interim dividend of 3} per cent. on the Freference shares and 12 per cent. on, the Ordimary shares, is Tis, 188,330.21, which we recommend be dealt with as follows Tis.
Vay 'a final dividend of 34 per cent. on Preference shares 17,500.00
Pay a final dividend of Tis.
4.75 per share on Ordinary shares Add to general reserve Write off depreciation on Tugs St, Dominic and St.
Sampson Write off bad debt.
Carry forward 95,000.40 20,000.00
Text read from the printed page and cleaned; old type leaves the occasional error.