The Annual Meeting of Shareholders in the Shanghai Land Investment No. Ld, was held at the Company's Offi No. 2 Jinkee Road, on Wednesd: afternoon, the 19th February, 1908.
were present Messrs. E. Jeoner Hogg (Chairman), E. C. Pearce, W. Wrightson, J. M. Young and H. R. Kinnear, (directors), Mr. P. Peebles (manager), Messrs. A. Dallas, A. MeLeod, H. J. H. Tripp, J. A. Ballard, J. H. Teesdale, R. M. Saker, Crawford, D. Kerr, H. King Hillier, H. Macray, J. Johnstone, Captain J. Whittle, D. M. Gubbay, Valentine, Bre Ting-sia and Zang Lich-kung.
The HE. herald and S. C. & C. Garette.
Mr. Peebles was appointed secretary to the meeting.
The Chairman said:—I presume that we may take the Reports and Accounts, which have been in your hands for some time, as read. I think that they must have afforded you satisfaction, showing as they do that we are able to offer you the same rate of dividend as last year as well as a bonus of Tls. 2 (which is half a tael more than in 1906) This return is ff course on the increased capital now nding at Tls. 3,900,000. The additional capital has enabled us to extend our business profitably in the present, and has provided for extensions which I hope will prove remunerative in the future. We propose to carry forward the substantial sam of Tis.
109,547.50 to the next account, which eaves us in a strong position for the present year. Ourrental account has increas-by the very satisfactory sum of Tls. 54,000 while repairs etc., account has not been subjected to the " extraordinary, charges of last year and is less than in 1908 by about Tls. 20,000, but our properties are all well kept up; gradual improvement of the various estates being secured by our doing all stractaral repairs in a substantial manner, whi though more expensive in the beginning, at is the best economy in the long ran. Interest account is the difference between what we pay on debentures and overdraft and the receipts from our mortgages and shows a satisfactory balance, a8 our mortgages are very liberally covered. Of the other side of working account there is little need of explanation. There is a small increase in charges, salaries and rental, resulting from -our growing business. The trustees' remuneration is slightly added to in respect a further debenture deed drawn up to cover the last issue of debentures, In profit and loss account you will find that during the year we have sold certain properties on which we have considered it desirable to realize, giving profits amounting in all to Tis 136,583.43. Reserve fund stands in the accounts at Tls. 869,493.51 and as. we propose to add now the amount of premiums derived from the recent issue of capital—Tls. 653,552.21—it will then reach the sum of Tle. 1,523,045.72 or nearly forty per cent of our present capital. The reserve fund special account remains as before at 170,000 and is as you know available at any time when required for equalization of dividends. In the balance sheet you will fied the cost of our several properties with the additions thereto during the year. Our mortgages, amounting to Tls. 2,704,297.14 are, as Ubave already said, very fully covered. On the other side of the account is shown our Capital increased by the Inst issue to Tls. 3,900,000 and we have added Tls. 112,000 to our issue of six per cent debentures. We shall probably issue a farther instalment shortly. We have expended daring the year about land, 413,400 on new buildings, 17,800 on land and buildings together snd have every reason to be NE
449 satisfied these investments. As to the fature I can pretty nearly repeat. my remarks of a year ago and what I said then has been quite borne out. We have several properties that will commence or increase their earnings this year and there is every rea-ton to believe that year hence we shall be able to lay before you a no less satisfactory report than that which we have presented to you to-day.
There were no questions, and the following resolutions were pnt to the meeting and carried unanimously Thint the report and accounts as presented be accepted and passed.—Proposed by the Chairman, seconded by Mr. J. M. Young.
That the directors be authorized to pay a final dividend for the year 1907 of six per cent and a bonus of four per cent on the paid up capital to all shareholders on the regi this day.—Proposed by the Chairman, seconded by Mr. C. W. Wrightson.
Fed Mr. H. R. Kinnear be re-elected by Mr. Dallas, seconded - Mr. Saker, director of the Company.—Proposed That Mr. G. R. Wingrove be re-elected auditor for the ensuing year.—Proposed by Mr. A. McLeod, seconded, by Mr. Crawford Kerr.
That a bonus of ten per cent on their salaries be paid to the stafl.—Proposed by Mr. Tripp, seconded by Mr. Crawford Kerr.
The Chairman announced that dividend warrants would be issued to-day.
Text read from the printed page and cleaned; old type leaves the occasional error.