agonte, £183; Bills payable (being acceptances against English ship - raenta), £2,709; Sundry liabilities), railage, salaries, etc., unpaid, £295, and a contingent liability, for bills under discount, of £3,124, On the Assets side are shown as tho main assets of the Association:-Freehold properties £9,137; Keroseneaad pow der store, '£2B; Stock on hand and afloat, £24,527; Machinery, plant and fixtures, £1,066; Bills receivable, £492; Sundry debtora, £12,683; Con signments of produce to London, £762; Cash in band, £628; Bank balances, £36; and Unexpired pro ' portion of fire insurance premiums, £168:

MrM. Caselberg, the Chairman, mentioned that tho first statutory mating had been adjourned from 18th May to the present date to allow com pletion of stocktaking and to bring '■Wtlie balance sheet. ■Ut Gapper would like to know why two of the Directors were absent, They were paid £25 for the six months' duty, and they should be there. If it wore too much trouble for the gentlemen appointed to attend the statutory meeting, they were not worth their honerarium. The Chairman: remarked that the best service of directors was rendered -4Bi board meetings, Both those now absent had attended regularly, especially so Mr Cave. Dr Hosking's professional duties rendered his oc casional absence unavoidable. The Directors had rendered good service as a whole. They had to meet once a month, and it was thought that £SO a year was a moderate and fair recompense to direotors who had the management of such a largo company. Mr Gapper still maintained that all the directors should be. present st a meeting of thiß description. ' The Chairman regretted their ab sence butthey had beenmostassiduous UjJheir caro of the Association's in vests, (Mr Cava subsequently tnteredjheroom,) It was then moved by Mr Dal rymple and seconded by Mr Gapper that theßeportand Balance Sheet be received as read.—Carried unani mously. ....... Tho _ Chairman .said that in disposition would prevent him from making a long speech, but he would gladly answer any questions, The balance sheet indicated a very favor able state of affairs. It showed assets of L 50,000 while their liabilities were only about 114,000, including every thing. Thus for every single, pound

owing they had L 5 2a 6dto pay with —a position hardly possessed by the Bank of England. He had been asked why thoy slwwed so big a profit-one equal to 28 per cent per yoav. 