Rerort for presentation at the fourth annual general meeting of shareholders to be held on the premises opps the Horas Bazaar on Mone the 2th April, 1893, at 5.30 o'clock The Directors now beg to submit to the shareholders the audited accounts to the Bist December, 1892. showing a net Balance to the credit of Profit and Loss Account of Tis, 8, 155.54 inclusive of Tls. 2,913.28 carded forward from last account.
An Interim Dividend of 3% was paid last November, which amounted to Tls. 2.700, and the Directors now recommend the pay ment of a final dividend for 1892 of 4 per cent. or Tls. 3,600 which will leave a balance of Tls. 1,859.54 to carry forward to this year's accounts, The property purchased on the Hanbury Road Extension, Hongkew, referred to in last Report, has been raised, and Stabling and Shes erected thereon. A large portion of the Municipal stud has been kept there since last July, in conformity with the Company's understanding with Lhe Municipal Council, and this distribution of the service has been found to work well. A portion only of the ground has been used for above se, the other portion being available future use or re-sale. This property was assessed professionally at the early part 189? at Tls. 5,000, and should materially increase in value.
During the past year the property known as "Southville" being in the market for the sum of Tls. 7,000, the Directors deemed it Gesirable in the future interests of the Company to acquire it.
To meet these outlays a mortgage was arranged with the Yangtsze Insurance Aseociatiao for Tls. 9,000. The Reserve Fund ha: also been withdrawn from the Hongkong an Shanghai Bank deposit account and used in part expenditures on the Hongkew property, under which heading it is now included as an asset in the Balance Sheet, the balance of said expenditures being paid out of current account.
The stock and live stock have been kept during the year to their usual state of efficiency.
Mr, H. Symons, on his return to Shanghai in July last, was invited to rejoin the Bourd, and was appointed to the Managership of the Central Stables on the Ist ultimo, Mr. Brodie A. Clarke retires by rotation from the Direction, but offers himself for re-election.
Mr. Geo. W. Notl, Auditor, also offers himself for re-election.
By order of the Directors, J. Liupy, Secretary.
Shanghai, 15th April, 1893.
Prorrr aND Loss Accounts.
Dr. Ts. To Invoices of goods, purchases of ponies, carriages and fod. der, repairs to. stock and carriages, salaries, wages and neral expenses. 85,090.57 Fire Insurance wa. ccseewsreene.—S1241 sss 9,132.40 Directors, Secretary and Auditor 741.65 Dec. Bist 1892.
Balance 8,155.54
103,432.57
Text read from the printed page and cleaned; old type leaves the occasional error.