Report of directors, for presentation at the third apuual meeting of shareholders to be held on Monday, the 14th March, 1802, at 4 o'clock p.m. 4 The diveetbés have now to submit their third aunuad report to the shareholders with statement of accounts for the year ending Bist December, 1891.
The Working Account for the year shows a profit of Tls. 27,581.03, and the Profit and Loss Account, after deducting amount of Dividend paid in July, sta on Bist December, at Tls. 34,391.75. This sun the Directors propose to deal with in the following manner:—pay a final dividend of 2% on the paid-up Capital, absorbing Ts. 12,000, transfer Ils. 21,354 (being amount of interest on tate as noted below) to Reserve Fund, and carry forward Ts. 1,037.79 to new account.
The Directors beg to report on the Company's Estates as follows:
Yo. 1 Kstate.—The Terrace of Houses on the lot between the German and Japanese Consulates was completed in July last, and the houses are now all let at remunerative rates. Two semi-detached houses will shortly be commenced on this lot, and one of them has already been leased.
Yo. Bxtate.—The Houses alluded to in last Report as being in progress of erection in Quinsan Road have been completed during the year and are now almost all let. Two semi-detached houses at corner of North Szecien and Quinsan Reads are approaching completion. and tenants for them have been secured. The Directurs have also contracted for the erection of another terrace of six houses in Quinsan Road.
Lhe Directors have thought it right to debit the Capital Account of this Estate at 5% per annum on the cost of the unproductive fand, After doing this, adding cost of mud filling and deducting land surrendered to the Munici-1 Council for Roads, the Estate now stands in the Company's books at a cost of Tls. 1,460 per mor. his the Directors have no hesitation in saying they consider very much under its present value, No. 3 Estate and No. 4 Estate do not call for any comment.
Directors.—Mr. J. G. Pardon retires by rotation, but offers himself for re-election.
Mr. John Walter resigned his seat at the Board in June last and Mr. A. G. Wood in the following month. At the invitation of the Directors, Mr. Alexander McLeod replaced the latter gentleman, but the former's seat was not filled up.
Auditor.—The Accounts have been audited by Mr. Francis, who now retires, but also offers himself for re election.
Jou G, PuRDos, Chairman, Worxix@ Accousr For Tap Yean ENDED Bist December, 1891.
Text read from the printed page and cleaned; old type leaves the occasional error.