Rerort of the Board of Directors for presentation to the fifth annual general meeting-to be held on Tuesday, 28th July, 1896.
In submitting their report with statement of accounts for the year ending 30th April, 1896, the Directors congratulate. the shareholders on the exceptionally favourable results shown, which far exceed any previous year on record. the exceptional demand. for dockage and These results have been attained partly by repairs caused by the late war, and partly by the expansion of local industries. amount brought forward from last account The net earnings for the year, including (Tls. 9,758.07) and interest on Investments (Tls. 7,348.98) and allowing for all known liabilities, stand at... Tls, 259,867.24 Less Directors' and Auditor's Fees, Cash Account—Cash in hand H'kong & S'hai Bank 24,307.19 Interest Account—'Interest accrued with Hong-ong and Shanghai Bank 962.88, Reserve Fund—Investment Account—Canton Insurance shares.... 2,087.50 45 North-China Insurance shares... 3,390.00 35 Yangtsze In.' shares 1,715.00 30 Union Tu. shares... 1,860.00 105 China Mutual 8.
Ca. Pref. shares - 3,675.00 100 Taku Tug & Lighter Ca. shares 54 Shanghai Boat.
Ca. ances 8 Ca-op. Cargo Boat shares: 50 S'hai Cargo Boat Ca.
9 Bonds Chinese Gov, shares Loan Tls. 25; Sundry Debtors—The Reserve Fund, standing at Tls. 100,000, Accounts in course of collection is fully invested, and. the Directors have decided to add to it the sum of Tls. 60,000, and they propose to make the following appropriation 1st—Amount_to be added to Liabilities, Reserve Fund. Tls. 60,000.00 Capital Account—2nd—Amount to be placed Maintenance and Depre-/800 Ordinary shares at Tis, 100 780, ciation Account. 20,000.00 200 Founders 8rd—A Dividend of 13% and at Tls. 100 3%= 15.00 on Ordinary shat 117,000.00 800,000.00 Improvements Account—Baloney from last Acon Founders' shares. 23,400.00 count...
Sth—Amount to be carried to New Account,. 37,167.24 18,519.79 Tls. 257,567.24 Maintenanceand Depre-lation Account—In accordance with Clause 98 of the Articles Balance from last Acof Association, one of the Directors, Mr. count. 10,439.73 W. Hay, will retire, but being eligible offers Appropriation, 30th himself for re-election.
April, 1895 se... 15,000.00 The accounts have been audited by Mr. J.
D. Thorburn, who offers himself" for re: election.
Less Expended 1895- 1896 14,970.00
Text read from the printed page and cleaned; old type leaves the occasional error.