A steady increase in the normal business of the Shanghai Tug Lighter Ca. was maintained throughout the third quarter of last year, while in the last quarter an appreciable increase in earnings took place, which may be attributed to the local hostilities, it was reported at the 35th ordinary general meeting of the company, held yesterday at the offices of the secretaries, Messrs. Wheelock & Ca, 2 French Bund. Mr. G. E. Marden presided at the meeting, supported by Messrs. F. R Davey, P. H. Bordwell and K. M. Fetterly, directors. Also present were Captain G. S. Weigall, general manager, and Mr. W. J. Hawkings, representing the secretaries, and shareholders representing 26,856 shares, In his speech, the chairman said:
Just a year ago I informed you that with the improvement it China's trade and prospects as well as in shipping generally, it was not too much to hope that we had seen the last of the lean years for some time to come. My.hope was well-founded, and a steady increase in our normal business was maintained through the third quarter, and it was not until the last quarter that an appreciable increase in earnings took place which may be attributed to the local hostilities, Although this increase has' been maintained up to the present time it is not likely to continue indefinitely because the export trade, to which we look for the major part of our earnings, has greatly decreased in volume.
The fleet has been depreciated according to scale, all repairs being charged to working account, and the value as shown is a conservative one.
Text read from the printed page and cleaned; old type leaves the occasional error.