REPORT OF DIRECTORS, For presentation at the Seventh Annual Meeting of Shareholders to be held on Tuesday, the lith February, 1896, at 4.30 o'clock p.m.
The Directors beg to present their Seventh Annual Report and a Statement of the Company's Accounts for the year 1895 and in doing so they think they may congratulate the Shareholders on the steady progress the Company is making in its earning powers.
The Profit on the Workin; Account stands at Tis, 56,490.58 as against s. 43,561.33 last year.
The Profit and Loss account, after deducting the amount of interim dividend paid in July, shows a credit balance of TIs. on 3ist December. This sum the Directors would propose to divide as follows To pay a Final dividend of 43 er cent on the paid-up Capital (making 73 per cent, for the year) Tls. 36,616.50 Transfer to reserve fund (Interest for 1895 on undeveloportions of No. 2 and No. 5 Estates)... v 2421.26 Carry forward to new account. " 3,898.01 Nos. Land 4 Estates call for no comment, the rentals amounting to much the same as they did last year.
No. 2 Eeate—The terrace of 8 foreign houses referred to in last year's Report has been finished and let at renninerative rentals. Szechuen is approaching completion The, terrace of 7 foreign houses in' North and the houses have al m taken at No. 5 Estate.—The development of this Estate has continued steadily during the year, and the last block to be built upon is now being taken in hand. The houses have mostly been occupied at fairly satisfactory rentals, No. 6 Hstate.—This property, consisting of the Jinkee and Sin-we compounds (Cadastral Lots Nos. 22, 25, 26 and 27) was bought in December for Taels 300,000, and the Directors feel confident it will eventually become a valuable acquisition to the Company. There has not been time yet for a full consideration of the plans for improving the property.
Debentures.—With regard to the Trust Deed, to which reference was made at last meeting, your Directors have to announce its due execution. They have to thank Messrs, Charles Dowdall and Neil MacLeod, x.p., for having kindly undertaken the Trusts under which Estates Nos. 1 &2 are specially held. Your Directors have thought it desirable, in view of the recent acquisitions of property, to announce the issue, from the Ist Janae 1896, of the last instalment of Taels 1,000, authorised. To provide for further possible requirements of the Company, a resolution will be proposed at the annual meeting to authorise the Directors to issue Debentures to the extent of Tls. 1,000,000 in addition to the amount already authorised and under issue.
Capital on 31st December, 1895, stands at Taels $13,700 and the Directors have thought it advisable to invite full payment of those shares now not fully paid-up. tion, but offers himself for re-election, Directors Mr. Dudgeon retires by rota.
Auuditor.—The Directors have to regret the loss of their late Auditor, Mr. Francis, who died shortly after the last Annual Meeting, and they wish to record their appreciation of the valuable service he has rendered the Come any since the date of its formation, Mr. Mr. Francis, and he again offers his services harles H King, was appointed, to succeed for the current year.
H.R. Hears, Chairman, Workixe Accousr ror ry Yrar Expy lst Deceper, 1895.
Dr. 'Ts. To Brokerage on Debentures... 1,901.00 Advertising 174.69 Agency Mana; 7,500.00 Interest 28,157.78 Legal Expenses. 357.19 Directors' Fees 2,000.00 Auditor's For 200.00 1 Trustee's Fee (half-year). 250.00 Balance transferred to Profit and Loss Account By Gross Rentals LeqsFire Insura 12,805.85 96,651.67 130.12 Commission 249.45
97,081.24
Prorrr axp Loss Accousr.
1895.
Tis. Feb. 28 To Final Dividend 1891 re 28 4, Interest on 27,642.00 1894 transferred to Difference in Exchange be-the Dividend is declared, tween 4/6, the rate at which 444,444,45 satisfactory rates. A further terrace of 5 somewhat smaller houses in the same road Jy 31 Interim Dividend Reserve Fund
are well forward, and the continuation of the Deo. 3). Balade!
200 Chinese houses have been completed terrace of 7 houses is about to be commenced.
Ts and 2/Ig, the rate oftheday, 492,140.92] during the year, all of which are well let. 66 Transfer to reserve fund,... 250,000,00 houses have been Balance carried forward to completed there will be little land in this in and when these are next half-year, "all rentals, -both Chinese and foreign, have Jan. 1 By Balance 312,780,12 Estate left for Chinese tenements. Almost 1895 $1,514,365.48 been slightly increased during the year.
Dec. 31 5, Interest on' No. 3
Text read from the printed page and cleaned; old type leaves the occasional error.