for presentation to the shareholders at the Annual General Meeting to be held at the offices of the Agents, Messrs. Slevogt & Ca., on Monday, the 27th of February, 1905, at 4.30 p.m.
The Directors beg to submit to the shareholders the statement of accounts for the period ending the 31st of December, 1904. The Balance at Profit and Loss account amounts to $2,085.38, which it is proposed to transfer to Preliminary Expenses account.
An unexpected delay was in completing the Brewery buildings at the erection and fitting up of the machinery and plant also took much longer than anticipated. For these reasons the Tsingtao Brewery did not begin work until October, and the first beer was only ready for sale on the 23rd December. Although the time has been too short to thoroughly test the different markets—the northern ports being at far tains are vel tifyii an present cloted to trade—the resulte 20 fally justify the hopes expressed by the Directors when starting the Company.
Mr. J. Prentice retires from the Board and does not seek re-election.
In the temporary absence of the Company's Auditor, Mr. Geo. R. Wingrove, the accounts have been audited by Mr. W. F. Wingrove, the former gentleman offering himself for re-election.
Prorir axp Loss Accouns, for the period ending 31st December, 1904.
To Balance... sss soe o++'2,085.38
$2,085.38.
Text read from the printed page and cleaned; old type leaves the occasional error.