MeBain, chairman, presided, supported by Mr. A. J. Welch, director. Shares present and represented were 141,679.
The chairman in his speech said:
It ig 'a matter of satisfaction to your Wirectors to be able to place before you such a favourable account for the: past year which has proved to be the most petitable in the history of the company. The year's. working, after making allowance for depreciation, directors' and auditors' fees and general agent's commission, has resulted in a profit amounting to '$1406,330.61, "Included in. this sum {s'the reserve against depreciation of investments amounting to $25,000.00. which, being no longer required, has been transferred to profit and' loss account. Adding the balance of $31. 260,51 brought forward from 1998, also $7.70, the value of 2} fractions of bonus shares not applied for, and deducting the {wo interim dividends paid in 1989 which amounted to a {otal of $430,018.20, there remains. a Dalance of $1,007,615.62 at the credit of profit and loss account which 1 WIM propose later in a resolution be dealt with as follows:
To pay a final dividend, of 3080" per. share. (making $220 br the year) absorbe 'Tramater' Yo" genial' Yeserye raising amount of same to 400,000.00) minster to, prospecting' fe:
serve. (raising amount "of 'Transfer' to 'Dewatering' #e> Same to ponding).-...0* 78,000.00 ready to combat any excessive inflow of water. during the next rainy
Text read from the printed page and cleaned; old type leaves the occasional error.