The Company's business shows a very gratifying increase, und to meet same new stables have been' erected on the Gord Road property and on the spare land opposite the' present' Hanbury Roxd stables.
The live stock, which isin very good condition, and general stock both show considera 3 joe with Clauses 107-108 of the les of Association Mr. A. W. Barkill retires, but being! eligible, offers himself for re-election.
Auditor.—Mr. G. D. Scott offers himself for 1e-election.
By order of the Directors. W. H. Jacksos, Secretary. Shanghai, 24th March, 1904.
Sraremext Or Accounts for the year ended Sist December, 1903.
Prorir axp Loss Account. Ts.
Text read from the printed page and cleaned; old type leaves the occasional error.