The total Income for the past year from all sources amounts to Tls. 154,959.32, as against Tls. 131,333.39 in 1894, and the Balance of Working Account, transferred to Profit and Loss, to Tls. 96,747.01, against Tis 84,533.69 the previous year.
'An ad interim dividend of 133. per share from the profits of 1895 absorbing, at exchange of 3s. O}d. per tael, Tls. 30,984,75, was declared and paid on the 98th July' last, and there now remains an amount of Tis, 66,016.34 at the Credit of Profit and Loss Account available for distribution, which the Directors recommend should be appropriated to the payment of a final Dividend of 23s. per share, at exchange 3s. O4d., qual to Tls. 54,443.84, carrying forward to next year's account the balance of Tls. 11,572.50; the total dividend for the year being 36s. per share, or 9°/, per annum.
The rapid expansion of the Hongkew district has necessitated, as was foreshadowed in last year's Report, considerable additions to the Company's Mains and Service Pipes; the cost of those and other extensions amounting, to Tls. 28,815.33 has been debited to Capital Expenditure Account.
great importance of keeping the Company's works fully up to the capacity requisite to provide an adequate supply of water to the increasing population of the Settlements, and for the requirements of the various existing factories, and those in course of erection in Shanghai, has had the serious attention of the Directors, who considered that the time had arrived for carrying into effect the scheme provided for in the original plans of the Company's works, of laying a duplicate 20- inch main from the Pumping Station, at Yangtszepoo, to the Water Tower, and this work is now being rapidly pushed forward. To provide the necessary funds for this and other extensions, a second instalment of Tls. 100,000 five per cent debentures, of the authorised issue of Tls. 250,000, was offered to the public, and has been fully subscribed for at a slight' premium. kept in a thoroughly efficient state of repair, The Company's, plant and works have been and are now in first-class order; the water service has been maintained throughout the Year without any interruption whatsoever.
In terms of the articles of Association, Mr. A. MeLeod retires from the Board, but being eligible, offers himself for re-election.
Auditors, Mr. Drummond Hay and
expressed their willingness to serve again if Mr. ©. W. Wrighteon retire, but have re-elected.
A. McLzop, Chairman.
Shanghai, 11th March, 1896.
Text read from the printed page and cleaned; old type leaves the occasional error.