The first annual general meeting of the Shanghai Horse Bazaar Company, Limited, washed on Wednesday, under the presiden-ey of Mr. Robert Mackenzie. There were also present:—Messrs. Brodie A. Clarke, R. W. Shaw and H. Symons (Directors), J. Limby (Secretary), E. Bois, Brown, A. Clifton, A. H. Heath, C. Hutchings, Li Ching Lin, J. Mencarini, L. Moore, B. Palamountain, E. 8. Perrott, J. A. Pond, D. E. Sassoon, and Tsang Pau-sung, representing in all'1,167 shares.
The advertisement of the meeting having been read by the Secretary, The Cuarnwax said—The report and accounts have now been in your hands over a week, and with your permission we will take them as read." I have little to say in addition to whatis in the report. I think the net result must be satisfactory to you all, as it is to the Directors, for the antici-potions we had in the beginning have been fully realised during the year; and I have also the pleasure to tell you that the present year has begun very well. We have not published the accounts in any very extended form, as we did not think it was either necessary or desirable to clu so; and it would be impossible to go through all the items and state what was made. The carriages and stock in use have been well Kept up and are now in efficient order, As to the 100 shares we have not issued, we had power by the articles of association to hold them back, and wadid so, not seeing the necessity for a reserve fund. When a reserve fund was first thought of, there was some probability of having to build some more stabling, but that has fallen through. The shares, however, can be issued if necessary at any future time. If we had issued them and obtained the money, the best thing we could have done with it would be to put it in the bank and get five per cent. for it; and I think you will agree we have done a little better than that. 'The book debts, which amounted on paper to about Tis, 14,000 and which we purchased for Tls. 10,000, produced up to the end of December 'Tls. 10,131.56; and since January Ist we have collected' Tls. 500 more, and we still hope to get. another is. 1,000.
No questions being asked, the Cuarnotax moved the adoption of the report and accounts, Mr. Bropre A. Ctanxe seconded the motion, and it was carried unanimously.
The four following motions were then successively carried without comment Proposed by the Cuarmmax, and seconded by Mr. R. W. Suaw—* That a dividend of Oper cent. be declared and paid for the year 1889."
Proposed by Mr. Poxp and seconded by Mr. Moorz—' That Mr. Brodie A. Clarke be elected a Director for the year 1890."
Proposed by Mr. Bors, and seconded by Mr. Tsaxc Pav-suxo—' That the Directors' remuneration be fixed at Tls. 100 each for the year 1890."
seconded by Mr. Sassoos—"That Mr. G.
Proposed by Mr. Pataxouszars, and W. Neal be appointed auditor for the next year."
The meeting then terminated with a vote of thanks to the Chairman and Directors, after the Chairman had announced that the dividend warrants would be ready next day.
Text read from the printed page and cleaned; old type leaves the occasional error.