The avnwsl meeting of this company was held at the hotel ea Friday afternoon, There wore present: Messrs, F.C. Heffer (in the Clair), F. Anderson, and Leslie J. Cubitt (Directors), H. Browett (Legal 'Adviser), L. H. Drakeford (Secretary), H. Frankel, R. H. Gore-Booth, A. J. Hadley, J. Moosa, M.S. Very,' W. Price, and E. D. Sanders, representing a total of 7,647 shares.
The natica convening the meeting was read.
The Chairman—The reports "and accounts have been in your hands some days, and with your permission we will take them as 1éd. In reviewing the accounts now submitted to you it must be borne in mind that during the firs half of the term, namely from July to December, we had an exceptionally dull time rom a hotel-keeping point of view. Que effect of the Russo-Japanese war was that the number of ordinary travellers to the Far East was mach less than in normal times. It was not until after the fall of Post Arthur that we ceased to suffer from the absence of transient visitors, and although we then had a good shave of the influx of refugees from Manchuria, this did little more than compensate for the ling—ff to which I have refer-'Further, the enhanced prices of provisions, together with higher servants' wages, have materially increased oxpenditure for which we have no return under our tariff—this, on the contrary, averages less than our scale of charges three years ago. The Astor House will bear favourable comparison with any establishment in the East as a high-class hotel, but at the same time it is a hotel where the charges are exceedingly moderate. It will be noticed from this Report that our bad debts have been brought down to a very small percentage. This can only be accomplished by the most rigid adherence to the rules which are now in force for the prompt collection of accounts. Our stocks of wines, stores, ete., have been placed at a most conservative valuation, whilst. the crockery. cutlery, furniture, fixtures, plant and buildings accounts have all been liberally depreciated, the deprecia to the very subs 00. With regard to the croat jorve fund, your directors feel that improved public rooms in the hotel should be provided as soon as circumstances will permit, They recommend that improvements in this direction be proceeded with at the earliest possible opportunity, and the amount placed to reserve fund willie a substantial contribution towards the necessary oxpondifure. Engnities have been made regarding the possibility of our selling the garden, and whilst we anticipate that the longer the sale is delayed the better will be the price resulting from such sale, yet we consider that it would be in the interest of present shareholders to realise this property, provided that satisfactory terms are obtainable, as'at present you are paying at the rate of 8 per cent, on a very valuable piece of property which, however, brings in no adequate return. It is with regret that the Directors have to inform you that the Manager whom they obtained from Ceylon proved to be unsatisfactory, and it was decided to terminate his agreement, even although thnt course involved
Levey took his place, and the Directors no small expense to the Company. "Mr. believe that in him you have.a capable and conscientious Manager. Under him the stof is working smoothly and well, It is not our province to prophesy, but the future before. the hotel appears such as to warrant every confidence. We are now in a much stronger financial position than ever before, Shanghai is rapidly growing, and there is an increasing number of people who prefer to live in a Hotel rather than pay the enormous rents and incur the.many annoyances and expenses incidental to housekeeping, Taking all the circumstances of the past into consideration, we think wa may confidently expect an equally good ~Jaccount next year, and we hope that ib may even prove a better one, Phere were no questions and the following resolatious were then pnt to the meeting and carried unanimously without discussion Proposed by the Chnirman,' seconded by Mr. F. Anderson: That' the report and accounts as presented be passed.
Proposed by Mr. Gore-Booth, seconded by Mr. Sanders: That the appointment of Mr. Cubitt as a director confirmed. "Proposed by Mr. Sanders, seconded bp Mr, Gore-Booth: That the appoint-t
Text read from the printed page and cleaned; old type leaves the occasional error.