The eleventh annual 1 meeting of ithe Shanghai Land Inve ment Ca., Ld., was held at the offices of the company, the Bund, on Thursday, the 15th ut. {Mr.E. Jenner Hows (Chairman of Direetors) presided, and there were also present Messrs. H.R! Kinnear, J. M. Young, and ie. W. Wrightson, Directors; and Messrs. IW. Pearce, R.S. Harvey, P. H. Purcell, 1A. McLeod, T. Wheelock, H. P. Wilkinson, C. S. lor, Seitz, W. Styan, J. Buchanan, A. Cushny, jr., C. HI. Snethlage, A. M. Reith, and' Wi Cooper, representing in all 490 votes, The "Chairman said:—The report ud accounts having been in your hands for some T will ask you to consider them as There isa printer's error in Profit ad Loss account which has to be cor-
Lreeted. The interim dividend paid on July Bist last ix entered as for 1898 instead of for 1899, After this correction I hope the motion for the adoption of the Report and Accounts will meet with your cannot address you to-d pressing my deep regret not my" predecessor Mr.
affairs of the Company b-fore you." The sorrow that [feel for his being [Stricken is, I am sure, shared by you all We have most of us lost a valued f As shareholders we have lost the servi fof one whose careful labour jinterest_ of the Compeny demon hearty reco You will, join with me in the hope that his be speedily restored to him, Tomy be allowed to congratulate the sharehohlers on the solid progress shown in lust year's working. While an improved ident for 1899 has been secured, the a the Jinkee estate at substant as afforded fature dividends. by inaugurating a fund portunity for ensuring the stability
for their equalisation, and I hope that you will approve the proposal of the Board {reference thereto, The working ix, I think, sufficiently self the satisfactory inci 100 in gross rent mpared with the previous year, while the expenses are about the same. During th spent about T and we shall probably require some Tls. 130,000 for the same purpose this year. As regards the balance sheet, th perties stand at their cost price, whi sid Ivelow thy ered and we shall" probably increase our business in this direction during this year. There is 1 to add to the report as to the several estates. Our chief building us have been on No. 2 (Chwang Hoong) and No, 6 (Jinkee), and we have every reason to be satisfied with the prospects of the return that these will give when completed. Our other developed properties are well let—we have hardly any empty houses, We still defer building on Estates 8 and 9, but we shall lose no oppar-[tunity of utilising these as we can do so ge, and meanwhile, they area good investment. As preshadowed by the we have undertaken '250,000 of Debentures, [of which Tls. 92,100 were taken up by December 31st last. The legal preliminaries not being sufficiently complete to enable the delivery of certificates we have issued provisional receipts, to be the certificates are ready; deeming it best to meet the demand of investors as it arose, while finding profitable employment for the money. As the legal decaments are now in order, there will be no further delay in the matter. I do not know that T have anything further to add, beyond atixfactory and will show progressive ts unless anything untoward occurs, Before putting the resolution to pass the report and accounts, I shall be glad to answer any questions that shareholders may wish to ask.
Mr. C. S. Taylor remarked on the statements in the report that Estate No, 1 called for no comment, and that the time did not yet appear to have arrived for building on Nos. 8 and 9. He quoted year's figures as against. those of this year, and asked how the alveral trived at under these circumstances.
The Chairman replied that with reference to Estate No. 1, the alteration was due partly to the rebuilding of certain houses, and partly to the further addition in some respects of the buildings on the estate.
Estates Nos, 8 and 9 they had been interested" on their cost.
Mr. C. S. Taylor said that: the Chairman referred in his opening address to the value of the property as being very much more than the cost, Could he give figures of the market value was' considered to Chairman replied that they not had the property re-valued. The had not thought it necessary, as throwing expense on the Company. All ho was p prepared to say at present that they knew the property was worth considera! more than the cost, Mr, C. S: Taylor—Under those cireumstances there does not seem to me to be necessity for a Reserve Fund. You pre-now that at the meeting of the kong Land Investment Company a movement was set. on foot to capi reserve, and call up the balinee of the shares.' [think the time has arrived who the same thing might be done in this Con because I don't think your financial iti night be, You issuing too many debentures for your ital. The suggestion T should like te is that the directors take power to selves to increase the capital to two taels by the issue of 14,000 new shares, and allot them at yar in the proportion of one to two to the present hold-I would say that the shares should he issued with Tls. 25 paid up. To do that you should take away your reserve, appropriate your balance instead of paying dividend. I think the shareholders in this company—and it is not a fluctuate ing one—are entitled to all the money that as been made. T believe you yourself, Mr. Chairman, have a scheme for vinpany their unearned increment, and support the contention ders in this company has already been to me that if you had more money in capital your position would he very much sounder than it is now. It be all right with things going smoothly, and the amount of debentures does not hurt you, but if anything yoes wrong it ill. "I think this will benefit the shareholders of the company. Practically it gives us a bigger dividend.
Mr. White-Cooper did not agree that it was u curative for shareholders if the company issued more capital, when they could borrow money at 5 or 5} per cent.
Mr. C. S. Taylor—G per e"nt.
Mr. White-Cooper said that if they could do it at 6 per cent it would he more profitable to do that and pry the difference than to issue further capital, Mr. C. $. Taylor—Yes, but you can overrun credit, and that is the position the Company is getting into. It is issuing too many debentures. It is getting top-heavy.
Ti Chairman—This is too important tterfor me to give a definite reply to today. It will need consultation with my colleagues, which is impossible at the
Text read from the printed page and cleaned; old type leaves the occasional error.