The 27th ordinary general meeting of the Shanghaa Hotels, Ld. was held at the offices of the company on Thursday. Mr. Brodie A. Clarke presided, supported by Dr. E. L. Marsh, and Messrs. A. Sopher, E, Nissim and E. Burrows (directors), R. N. Macleod (legal adviser) and F. M. N. Mathews (auditor).
The notice convening the meeting, and the auditors' report, having been read, the chairman said Gentlemen,—In submitting the balance sheet and profit and loss account for the year ended December 31, 1921, together with the directors 27th annual report on the state of the company's affairs, 1 will first read to you the auditors' certificate attached to the accounts, and their separate report referred to therein regarding certain investments and advances. The certificate is as follows "We have obtained all the information and explanations we have required: we have issued a separate report to the shareholders regarding certain investments and advances. Subject to the foregoing, the above balance sheet is in our opinion properly drawn up so as to exhibit a true and correct view of the state of the Company's affairs according to the best of our information and the explanations given us and as shown by the books."
(Sd.) Lowe, Bivona & Marriews, Auditors.
Before referring to the subject of the company's investments, however, I_ propose first, with your permission, to make a brief survey of the business of the hotels for the period.
Prorit aNp Loss.
Taking first the profit and loss account, The net profit for the
Text read from the printed page and cleaned; old type leaves the occasional error.