The Directors have now the pleasure to submit for the information of Shire-holders, the audited General Statement of Accounts and Balance Sheet for the year ending 31st December, 1903.
Te_will be seen from the Accounts that the Gross Revenue for the year from all sources amounts to T's. 357,489.06 as against Tls. 316,074.87 in 1908 and that Bslance of Working Account, transferred to credit of Profit and Loss' Account is 'Tis, 237,535.67 as agains', Tls. 208,270.09 the previous year.
'An ad interim dividend of 16s. per share at Exchange 2/43, absorbing Tls.45,078.26, was declared, and made payable' on the 27th July; after writing off Tls. 20,000.00 for depreciation on permanent works, paying interest on Debentures and sundry other items, there remains a sum of Tls. 135,022.99 at credit of Profit and Loss Account available for distribution, which the Directors recommend should be dispose ed of as follows To payment of a final dividend for the year, of 87/6 pot Ts.
share at Ex, 2/7 per Tael 102,653.46 transfer to Reserve Fund (increasing it to Tle.140,000) 25,000.00 carry forward to new account 7,309.58
Tis, 136,022.99
The erection of the new Pumping Engine referred t" in last year's report was comted early in the year and the entire work
as most satisfactory in ey reported pu by the Eo.in A new Filter Bed is struction and when completed will miaterially add to the efficiency of thu Work:
Baring the year considerable exter have been made to the Company' mait in order to meet the increasing requ men's of the Settlements, and to supply the large number of houres built, and course of erection in the out-'ying dist ite The whole of thy Company's Works, Plant and mains have been kept in good repair and it is with satisfaction the Directors can report that the luryely increased consumption of water his been supplied throughout the year without any Directors.—The Directors much regret having to record the death of their colleague Mr. J. W. Harding.
it. J. L, Scott was invited to fill the vacancy, and this appointment requires motion of Shareholders. Mr W. from the Board in accord-tides of Association, but being eligible offers himself for re-election.
Auditors.—Messrs, Drummond Hay and [-_W. Weightson having resigned their positions, Messra. W. H Anderson and J. D. Thorburn were elected in their places, and have audited the acovunts now presented; these two gentlemen offer themselves for re-election.
A. MoLroo, Chairman.
Shanghai, 15th March, 1904.
Wonxxo Accovwr for the year ending
Text read from the printed page and cleaned; old type leaves the occasional error.