Mr. C. R. Burkill presided at the third annual general meeting of the Shanghai Kedah Plantations Ld., held on Thursday sifter-noon. He was supported by Messrs. G. M. W. Hummel and E. S. Kadoorie, and there was an attendance representing 76,605 shares.
The notice convening the meeting having been read, the chairman said:—Before proceeding with the usual business of the meeting, I think it is. only fitting that I should refer to the loss sustained by the company through the retirement on account of ill health of our Chairman, Mr. E. W. Noel. - Mr. Noel thas been con+ nected with the company for many years and during his term of office has ably presided over the affairs of the company. He has always taken a keen interest in the company's welfare and his retirement from the Board will be keenly felt and I am sure you will all join me in wishing him a speedy recovery.
In response to the circular last December, asking shareholders to take up further shares of the unissued capital, I might say that on account of the uncertainty of the market then prevailing, very few applications were receive from shareholders. Fortunately the directors received an offer from two of the largest shareholders, to take up at par all shares not applied for on the date of the closing of the application list, viz: December 31, 1922. As sufficient time had to be allowed shareholders living abroad to make their application, the whole of the unapplied for issue could not be disposed of, but arrangements were made to dispose of such shares as were not applied for by local sharelolders.and to grant the buyers the option of taking up at par all shares that might not be applied for within reasonable time by shareholders living abroad. At the close of the company's financial year on September: 30, 1923, the total number of shares issued was 297,430, but since that date 2,570 shares, being tha balance of shares not applied for by absentee shareholders, have been issued at par, thus bringing the total paid up capital to Ts. 300,000. To those shareholders' who came to the assistance of the company at a most critical time our best thanks are due.
With regard to the accounts, I am very pleased to report what may be considered a very satisfactory year of working. The result of the year's working showed a profit of Tls. 31,520.73, approximately 10 per cent. on
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