'The 20th annual general meeting' of the Shanghai Dock & Engineering Ca, Ld., was held lest Friday afternoon in the offices of the company' at 150 Broadway. Mr. H. W. Lester' was in the chair and was supported by Messrs, H. V. Wilkinson, Fu Siao-en, B. D, F. Beith and W. S. Burns. There were 2787 shares represented.
The chairman said:—The report, and accounts having been in your hands for some days, with your per mission I will take them as read.
Last year I referred to the depression in shipping; not only has this continued, but we have during the year under review had to con-_ tend with some 4 for 5 months Jdnforeed idleness owing to the British boycott which took place last circulated be adopted and passed, and that the directors be authorized to pay a dividend of taels eight, mace two and candareens five per share to shareholders on the register at date." Proposed by Mr. H. W. Lester, seconded by Mr, H. Ve Wilkinson.
(2.) That the election of Mr.
G. Steen as a director of the company be confirmed. Proposed by Mr, Brodie Clarke, seconded by Mr. Norman Wallace, (8.) That the election of Mr. Fu Sino-en as a director of the company be confirmed. Proposed by Mr. T. A. Clarke, seconded by Mr. Brodie Clarke, (4.) That the election of Mr. D. F. Beith as a director of the company be confirmed. Proposed by Mr. T, A. Clarke, seconded by Mr, D. Turnbull.
(G.) That Mr, H.W. Lester and Mr. 'H, V. Wilkinson be re-elected Girectors of the company. Proposed by Mr, Brodie Clarke, seconded by rather greater activity has been! shown in taking delivery of auction cargo, Hankow and Changsha have been taking more, while although Korea is not buying much at present, shipments are proceed. ing regularly thither.
Jed some tendency to throw off lethargy of the preceding week, this being more pronounced or Thursday. Even then it was principally to be found in a more optimistic sentiment for this coming week than in an additional eagerness to buy, and on the whole (he sales were sticky' with lower quotations all round. At} times more interest was shown in Macks and Whites, whereas heavy Greys were principally responsible for the fall in Greys generally. These heavy qualities are now coming down nearer to the level of] Tocal values in other classes of] goods. Probably the heat has had a good deal to do with the lower prices for Blacks. This market is supported largely from the Shanghat and Chinkiang areas, and 20) Jong as the present weather continues it will be merchants into active puchi Cotton, Yarn, Ete.
Chinese Cotton—On the local Exchange Chinese cotton is down about week for August for October and forward it is slightly up. No purchases of any note are reported on! the part of the mills, for although) spinning contracts have been made up to November, it is understood] Dlishments are well supplied for a few months ahead.
ts of the local cotton crop to be good, but at, this stage rain would doubtless be beneficial. Spot quotations for cotton are as follows:—Tungchow 34: Shanghai 923: Shensi 323/334: Ningpo 82. On the Chinese Cotton Goods Exchange at the close yesterday morning rates were:—August 82.20: September, no quotation October 32.65: November 32.7 December 32.75: January 92.80. The total dealt in during the morning session was 19,400 piculs.
Yarn—Sinco last week the price of yarn on the local Exchange has: advanced by about half a tael. During the week there have been' fairly large sales by the mills for} delivery up to about November, and while a good deal of this contracting is likely to prove remunerative, it cannot be said that this will be so in every case. Clearane; have been fair. Cloth has not participated in the activity attendant upon yarn, and there is comparatively little doing. Spot quotations for yarn are fas follows:—10's 122/16: 12's 190/142: 16's 136/145: 20's 148/159. On the Chinese Cotton Goods Ex. change yesterday morning the tota' prices rose about 5 per cent. The e8"- market closes quiet but steady.
Text read from the printed page and cleaned; old type leaves the occasional error.