For presentation at the General Meeting of Shareholders to be held on 29th March, 1893.
To presenting the 20th Annual Report with statement of Accounts for the year ending December 8st, 1892, the Directors have imu pleasure in again congratulating the shareholders on the very favourable position of the Company, the accounts continuing to show a steady increase in the business.
The net profit for the year, taking the usual ordinary items, is Tls. 56,854.71, but the Directors have thought it advisable to allow Tis, 2,500 as the probable loss by the 'New Oriental Bank Corporation, Ltd., thus reducing the amount to is. 48,354,71, from which must be deducted 'Tis, 12,000 dividend for the half year ending June 30th 1892, paid in July last, and is. 19,380,52, written off ete. for' depreciation on land, buildings, plant The balance carried forward unt is Tls. 24,644,41, out of which the idend for the six mouths ending December paid in January last.
'AS usual a large amount hus pecu written off for depreciation, particularly from plant account, the whole cost of additions to maius during the year being taken off. The laying of the new maiv, alluded to in last year's report og being necessary for the supply of the district north of the Soochow Creek, was completed last month, The increase in the consumption of gas ix highly satisfactory, being 7.27% wot including the French Settlement; this is the largest percentage in any year, with one ex Since 1883. The French Settlement being a new district the percentage of increase there is naturally greater than in the older district, and the Directors hope for a still further expansion in that quarter. 'The consumption among the Chinese is steadily improving, the receipts from this source being neatly' 14% greater than in 1891, and it is reasonable to expect that with lower price and the mea sures taken to make the advantage of using {the consumption will be considerably extended 18 more generally known among the natives,
among them. 5 From the Ist of January, 1893, the price to both Municipalities and to private consumers been again reduced, and is now 81.85, with a discount of 8% for cash, to consumers of 20,000 cubic feet and upwards monthly, arid an additional 5% to those whose average monthly consumption for twelve months is 50,000 cubic feet and upwards.
Gas Engines.—There are now 20 of these in use, and the price of gas supplied to them has vise been reduced, to $1.65 per 1,000 cubic feet, with an allowance of 5% for 50,000 fect and upwards per month. The consumption in 1892 was 860,000 fect greater than in 1891, which in its turn was 600,000 in excess of 1890.
Cooking Stoves.—There are as yet very few of these in use, which is somewhat to be wondered at, as with the very low price for the gas they are economical for small households and exceeding y convenient, "The same may be said of heating stoves, and it is hoped that there will be a greater demand for both.
The coal carbonised.was 1,000 tons more than in 1801, and the gos produced, over 9,200,000 enbie feet more.
The receipts from residual products were Tls. 3,751.82 greater than in the preceding twelve months.
The new holder has now been in use for some time and the total storage capacity is 320,000 cubic feet.
Tnterest on the Reserved Fund.—This, as in the previous accounts, has been kept separate, the account being credited with interest on
Text read from the printed page and cleaned; old type leaves the occasional error.