At the date of the last Report, the Assets in the hands of the Trust, available for reduction of, Liabilities, amounted to Ins. 6,426.90. This sum, together with the income which has accrued during the past 18 mouths, has been applied to the extinction of the claim made by the Shar holders in the Race Course, and to repayment to the Shareholders in the R creation Fund, of the amounts originally subscribed by them, ghttemption of With the exception of seven Shares held by persons who reside at a distance, and apparently do not think the matter worth attention, all the scrip originally issued has been redeemed.
As shown by the accounts making the total sum expended in re-thou of scrip to date. against Ts, 5,865.50 originally subscribed the difference, Tls. 174.80, is accounted for by fluctuation in exchange.
Cinim by Race- The Special Committee Conte Shareholders. appointed at the meeting of Trustees held on the 18th March 1872 to adjust this claim, after carefully examining the documents produced by the Rncocourse Committee, and hearing the arguments adduced by them in support of their euge, came to the conclusion that the Reorention Fund was so far committed by the letter of Ist September 1866, written by Mr. Horny Dent, as Committeeman on belulf of the Recreation Fund," to Tames Hogg, Esq., Secretary of the Shanghai Ruce-course, as to Fender a compromise advisable, 'They accordingly made an offer of is. 1,500 to the Race-course shareholders, and, after some correspondence, 'Tls. 2,000 was finally accepted by them, in full for all claims, on the understanding that they were' to hand to the Trustees a clean Title Deed for the 30 mow of Jand in dispute, and for any small plots in the interior of the Race-course might not hitherto have been paid for by the Trustees. In addition to this payment to the Race-course shareholders, it was also arranged that the Shanghai Race Club were to have the use of the inner Riding Course for purposes of training, and also of suitable Steeplechase Course, free of charge, during the contin-nance of the Trust, all public rights being reserved, On receipt of a letter from the Secretary of the Race-course to the effect that the Title Deeds were duly prepared, the claim was finally extinguished by the payment of Tis, 2,000 on the 9th January 1873. Subsequently it appeared that, though the Title Deeds had been made out and signed by the Vice-Consul in charge, they were iuformal, no boundaries being stated in th The Trustees consequently declined to accept them as conveying a clean title to the land in question. The attention of H. B. M.'s Consul, Mr. Medhurst, being called to this defect, he at once entered into correspondence with the Taoutai, claiming the production of proper Title Deods. "The matter is still under investigation, and cannot be adjusted until the land in the inter rior of the Race Course has been re-measured. It la still therefore doubtful when ther the land, for which the Trustees have conditionally paid, really exists, nocef case Goune, been expended on this in Into. A sum of Tle, 495.53 has
property, of which Ts. 264.23 were appro-Brisket Ground and ting a drain nated to deepening the ditch round the to carry off the stagnant water;; the experiment has proved in every way successful, the Cricket Ground now dries up very quickly after rain, Shangiai Cricket - HAVE requested that the tub rent for the current year may be allowed to stand over until the subscriptions for the coming seaton have been collected,—the funds at their disposal (owing to extraordinary expenses incurred for relaying the Match Ground, and in repairs to Pavilion, de.) not being adequate to meet the claim for rent, Skating Club. It has been found impos: sible to collect from this Club, which has apparently ceased to exist, the outstanding rent for 1872 and 1873 (Tls. 20), and a further sum of is. 80 expended in deepening the Skating Rink and Alling i with water, in the winter of the past year.
Tuball Grouse: Tia, 182-90 hans bééadis-bursed for putting the Old Bi Ground in order, and a lease for a term of years, expiring 31stDecember1876, has been concluded with the Shanghai Base-Ball Club, at an annual rental of Tls. 120, Laato of Pasturage 0% Innd in interior of Race Course previously held by the late Mr. Pallant, has been Fenewed with the present occupiers of the Shanghai Horse Bazrar, Messrs." Crofts & Sewjee, at a rental of Tls. 720 per annum.
Loan to Rowing Club, Interest has been paid up to ist December 1873.
Club Property. The purchase of the furniture by the Club members has been duly completed, and the proceeds Tls. 7,500 applied to reduction of Dr, Barton's mort-gave, which now stands at Tls. 27,500. Nhe Bill of Sale on the said furniture issued in favor of Dr. Barton has been noelled, and a new.mortgage entered into for a period of three years from 31st March 1873, at a reduced rate of interest, viz. 8} per cent, per annum.
The repairs to the Club building unfortunately been very heavy, amount it to Tls. 1,804.15 for the period under review, the chief item being the renovation of abortion of the roof. The building is now in thorough order, and it is hoped that the outlay for repairs will be very small during the next year or two. Theatre. ference Debentures to the New Lyceum As previously stated, Pre-
extent of is. 3,862.50 have been taken up by the Jate shareholders in the Recression Fund, and a further sunt of Tls. 1,500 will be placed at the disposal of Theatre Trustees under terms of letter of 4th Dec. 1872, so soon as they require it, the interest to be payable thereon at 5% per annum, commencing from date of payment, are starting every day in the year from It is hoped that the Theatre will be ready for uze in a few weeks' time.
StatementofAmets for the year ending Sist December 1873. This statement shows that, after providing for all known liabilities, and setting apart the sum of Tls. 1,500 promised to the Lyceum Theatre Trustees, there will remain Tls. 346.35 at credit of the fund, in addition to property valued at Tls, 34,650.00.
patel Income a0 appears that in addition Sesmnco Cai, From this statement it Brpenaiturefri8i4. +9" the above sum of Tis, 846.35, there will be an avail able income for 1874 of Tls. 8,600, I would suggest that of this sum Tls. 3,500 be appropriated to the reduction of Dr. Barton's mortgage, which would then stand at Tls. 25,000, and that a portion of the balance be expended on draining, and otherwise improving, the interior of the Race-course.
Francis A. Groom, Hon. Sec. Sh. Ree, Fund.
Shanghai, 14th October, 1873.
Text read from the printed page and cleaned; old type leaves the occasional error.