Proposed by the Chairman

seconded by Mr. H. W. Lester:—That the director's report and statement of accounts made up to April 30, 1923, as printed and circulated be adopted and passed, and that the directors be authorized to pay a dividend for the year of Tls. 7.50 per share to shareholders on the register at date.

Proposed by Captain H. Markham, seconded by Mr. K. H. Martin:—That the lection of Mr. A. Brooke Smith as a direc-for of the company be confirm-Proposed by (Mr. Martin, seconded by Captain Markham: That Mr. A. Brooke Smith be re-elected a director of the company.

Proposed by the Chairman, seconded by Mr. Lester:—That Mr. H. M. Tibbey be and he is hereby elected a director of the company.

Proposed by the Chairman, seconded by Mr. brooke Smith That the sum of £1,000 be donated to the Sailors' War Orphans Fund.

Proposed by Captain Markham, seconded by Mr. Martin Messrs. Lowe, Bingham & Matthews be elected auditors of the company for the current year.

Mr. Brooke Smith, speaking as a shareholder, said he would like to propose a hearty vote of thanks to Mr. John Prentice for having acted as general manager for the greater part of last year when the company was without the valuable services

Text read from the printed page and cleaned; old type leaves the occasional error.