The Mth annual general meeting of the Shanghai Tug and Lighter Ca, Lid, was held on March 30 at the amigos of" the. secretaries, Messrs, Wheelock & Ca, Lid, 2 French Bund, Mr. F. R. Davey presided, and he was supported by Messrs. 0. Steen.and KK, M."Fetterly, director Captain G, Welgall, general ma ager; and Mr. W. J. Hawkings, re-Presonting the secretaries. 24,095 shares were represented by the In his speech, the chairman said:—Last year, you, were informed. that we should' be fortunate indeed. maintain our working account. at the level which 1039 afforded. In 4he result there was a fall of some $05, 000 to a figure of $42,905.05, which the lowest recorded in the com-any's history, and it has been found necessary {6 make a transfer from general Feserve of an amount of $79,-
'A heavy loss was incurred on the working of the frst quarter of the year under review, but J-am pleased {o inform you that there has been a progressive and satisfactory improve ment up to the present time. With the improvement in China's trade and prospects ax well-og in' shipping generally it may not indeed be too much to hope that we have seen the last of the lean years for some time come, There was also a loss of $11,000 inewrred on the sale of investments, Lighters Purchasea The feet has been depreciated ae-cording to scale, all repairs being charged to working account, and it may fairly be assumed that, under Toa present conditions, the value as shown is a conservative one, Just before the end of the year, arrangements were concluded' for' the put= chase of a fleet of lighters and towing Jaunehes, which had been under Jease (0 one of our associated companies. As payment was not made Until the current. year, the result does not appear In the accounts before you, but the transaction may be regarded as highly satisfactory, You will observe that there Is now a favourable balance in the invest. ment reserve, the market value of ur securities having again become in $34, excess of the book val The directors regret that they are unable to recommend a dividend on the ordinary shares.
There being no questions, the fol-' lowing resolutions were passed:
Text read from the printed page and cleaned; old type leaves the occasional error.