Mr, F. R. Davey, the chairman, presided, directors "present being Messrs. bt Ming. C, J. Menger, H. 'Armhold, -M. Spelman Svacias' ate 3. "Bs Etherington also attended in his capacity of secretary. 'Altogether' 131,045 shares were re-resented.
'Alter' the notice convening the meeting and the auditors' report had been read, the chairman said:
Chairman's Speech, Our assets are the same as at ti2 end of 1998, with the exception of the Hem of $304,424.30, under the heading of investments, which shows an me crease of $107,925.40, as compared with the figure appearing in. the Previous year's accounts. These investments are part of the Company's: surplus earnings which have been. Invested in fixed interest bearing securities, and the value of which, as you will note, at the end of the year Under review was slightly in excess cost.
IL is proposed again to write off an amount of $36,000 in further reduetion of the debenture underwriting ecmmilssion, which amount represents the proportion for one year on, the basis of amortization of the total amount over the period of ten years. for which the relative " debenture Issue is current, and to continue the policy adopted in previous years of limiting dividends to 10 per cent., per annum, which Is the figure recommended for the year under review.
"Shareholders will be glad to know {that none of the properties, forming the security for the mortgages held by your Company, have been damaged during the recent hostilities, and their Value as security would not appear to have been impaired thereby.
The Resolutions"
The following resolutions were put to the meeting and carried unanimously:
That the Directors! Rey and State-agent of Accounts. for. the year ended December Sh Tas, as, presented, be Davey Bnd pram Bie. Feiner with a rouse forward
Text read from the printed page and cleaned; old type leaves the occasional error.