Property:—The new premises were occupied on November 26, 1924, Prior to November 30, all interest, taxes and insurance charges' were debited to capital account. The figure under total Property $1,290,278.43 plus the contracts payable $23,511.85. totalling 1,313,790.28, represents our investent in our present premises.
Current Assets, Current Liabilities:—Under current assets you will mote an item of cash $20,495.96, while under liabilities is shown a bank overdraft of $82,698.53. Interest payments on debentures issued are due August $1 and the figure $82,698.53 represents interest warrants issued on August 31, The Club's cash balance of $29,495.96 was practically all ap-Plied to liquidate a portion of this overdraft on the following day.
Income and Profit and Loss Acitems are self-explanatory. The increase in revenue also in operating expenses is principally due to the occupation of the new premises.
Room rental for nine—months shows $47,622.59, an average of $5,280 per' month. During June, July and August, the average monthly return was $5,921.87 with an average of 44 rooms occupied. The possible monthly revenue from rooms, one in a room i $6,675, or $80,000 per year. While we cannot expect the rooms fully occupied with some reserved for transients, the extra revenue from two in a room and for transients should make up for an occasional vacancy. from rooms should be year, and this figure enn be reached by the concerted effort of the membership, The rooms have been made comfortable and we are going to give service. The active ce-operation of the membership is necessary to make this department success. Advis your outport employees that we are Prepared to take care of them, even if only for a day in Shanghai, and try to get members to take up permanent residence here.
The Club in Nanking Road may interest old member to Know that the total assets of the operated on Nanking Road red on November 20, $180,099.00.
The operation of the Club in the present premises for the period, December 1, 1924, to March 31, 1925, four months, shows a loss of $1,707.82, while that for the period April 1 to August 21, 1925, five months shows a profit, over" and above interest charges, of $7,490.66.
To meet our obligations we should have a surplus of 60,000 per year and it can be reached by having the rooms full.
Library:—During the year 243 new volumes have been added and 10,360 books have been taken out.
Text read from the printed page and cleaned; old type leaves the occasional error.