, 1877-02-21

prices having taken place during the last few
months, which cannot fail to have a beneficial
influence upon the West India Colonies.
The Chairman then said-Gentlemen. from
what passed when we last had the pleasure OF
meeting you six months ago, I think you must
have been somewhat prepared for the report
which had juss been read, and the reduced d.
vidends, for I think I remember I told you
that tbs West Indian Colonies were suffering
from serious competition with the bounty paid
sugar from the Continent and Jamaica par.
ticularly, was suffering from bad government
and heavy taxation. These circumstances
caused us some fears, but we had no idea OF
the unsouDduess Of trade in Jamaica until 1t
was disclosed by the heavy failures which
have been reported. To add to the CONNER
cial crisis. there, the want Of confidence In
landed property is so great that the fine estates
have been put up for sale twice without any
offer being made for them, except one for q
nominal sum, which has been refused. That
is = bad state Of things, and quite accounts for
the reduction in the dividend but l am hap
Ply to inform you that We have been able to
make provision for all the loss we expect, and
l hope things will mend before very long. The
Colonial Ofhce, who now govern Jamalc4' mays
no doubt, DO a great deal Of good if they choose
and shOuii England cease TO protect Euro.
peau made sugar, by checking lis free import,
like Germany now has decided to do, We may
expect that Jamaica, the most besuiItuI, and l
think the richest island in the West Indies will
again be prosperous. l an happy to say that
the other important Colonies seem to be max
iny a good fight OF it, and our reports frOR the
branches are such that we quite expect that
the profits of the last six months vii! b9 nearly
equal 10 those Of the corresponding six months
of 1875. No doubt he sudden rise in sugar
will be Of very great benefit to many OF our
friends, and 10 all the West Indian Colonies
ard tbiak, as We last year imported eighf
millions OF leaves Of European sugar, which
cannot be obtained now, good prices are likely
to last through this year at all events. II any
gentleman has any question to ask after the
RESOLUTION have to propose IS seconded, |
shall be happy 10 answer him. | have now TO
propose. That the report OF the directors
which has been read to The meeting be rsceiv'
ed, printed, AMI distributed amongst the pro-
prirtors. (IItar, hear) Mr.. Hsnriques 1.-THE
Deputy Chairmau) seconded the resolution.
Mr.. Castle Smith asked for Information re-
Specting The losses. He wished to know II
there were any securities held for these losses,
and if there was any Ultimate prospect OF their
being recouped. lie thought that, considering
the present Depressed state Of matters, it would
be we'll not to fill up the vacancy at the board
caused by the death Of Nj. Hume He had
nothing TO say against ms gentleman now pro-
posed for the vacant seat, but he thought tbs
matter might be left in allegiance until better
times.
The Chairman, in reply, said it "ould be
unwise to mention figures. They had besn
much taken in Jamaica, but they had
provided for al the loss, aud, if The estates
sod pretty we'll by-and.by, owing to the
advance in the sugar, they would get 9 larger
dividend than they anticipated. With regard
to the election of a director, the charter OF the
bauk compelled hem to have a cerlain number
Of directors, and in this corporation it was
desirable to bave a good many directors who
were personally coguizant with the West
ladies, and who had connections thSre. MIR.
Dobree would be very advantageous in thAs
respect.
The Chairman then put the resolution,
which was carried unanimously.
The Chairman next proposed That o
dividend of 6 per cent. be made for the half
year ending 30th June 1876, on the paid up
capital Of the corporation, and that tue same
be payable on and after the 9th iDstSnt. free OF
lncOme-tax.
Mr.. Henriques seconded the resolution,
which was carried.
The retiring directors, Messsrs. Rodolph A.
Hankey. Joseph Hoare, Thomas D. Hill
Spancer II. Curtis. aAd William Rennik, were
reelected. as was The auditor, MIR. Charles 3.
Gurney Hoare.