The first annual me ting of the shareholders in this company was held on the hotel premises on Tuesday. Mr. W. Brand presided and there were present Mees. P. F. Layers and Burkhardt (Direc tors), A. Cappichos, John Ford. W. King (by proxy), J. Moosa, C. Patrick, I Vilaite, P. Schlumberger, ©. E. Sparke, Veitch (by proxy), I. Vinay, F. Elis (legal adviser) and J. R. Porter (secretin he notice convening the meeting was read.
The Chairman-—The duties of Chairman have fallen on me, as Mr. Burkhardt has been away during the last few mouths and_o1 returned yesterday. With your permission the accounts which have beer your bands for some little time as read.
ts of the company, account Ts, consider this his then we first of ast your the hotel nilly and, we thi sue subject of the sposesl hax had most careful conside from the directors and they believe the interests of the share-hollers are fully protected by setting aside the proposed sum annually. "On the expirs of the hotel lease we shall then have at disposal the fall amount of the subscribed With regard to the outlook, we y say we have every reason to hope for as gol or better years in the future as in Veture asking you tw pass the accounts I shall be glad "to answer any questions to the best of my ability No qu: stious were asked and the pian proposed "That the report and balance sheet be adopted."
Mr. P.
F. Lavers seconded, a-d the motion was carried.
The ©hairman proposed, Mr.
Lavers seconded, and it was carried "That a dividend at the rate of 6 per cent on the amount of the capital of the Company be declared and the same be pay able on the 27th instant, or a5 soo after as possible. was proposed by Mr. Burkhardt, seconded by Mr. Sch'umberger and carried:
"That Mr. PF. Lavers the retiring Director be re-elected It was proposed by Mr. by Mr. Veitch and exrried parke, seemed "That Mr. L be re-elected auditor for the ensue y—If you were to explain how the sinking fund is to be invested the infor-j motion would be acceptable.
The Chairman—The directors propose to invest in first-class securities, Mr. Vinay—What does that mean, more detinitel The Chairman—Not Langkats (laughter). Municipal debentures was the idea.
Mr. Schlumbergerproposed, and Mr. Vinay seconded a vote of thanks to the Chairman, directors and manager, the carrying of which ended the meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.