The 18th annual general mete ing of the Anglo-French Land Investment Company, Ld. was held at the offices of Messrs. A. R. Buykill & Sons on Wednesday afternoon. Mr. C, I, Burkill took the chair, and was supported by Mr. Gilbert Davies and Mr. Liv Chang-yin. The total number Of shares represented was 4,890.
The Chairaan, presenting" the annual report said While the figures. showing the year's working indicate an in crease of approximately Ths 2,900, the actual result is not quite up 10 the last year's standard, The net profit for Tia 114,881.57 for the year, a decrease of Tis 'This' result is mainly to the charge of Tls. 7,894.11, expenses, and debentures dis. counts in connexion with the flotation of the new issue of Ts $00,000 debentures, During the year the directors received an offer for the purchase Estate "J" Fokien Road. For "several years this property bar been yielding a comparatively poor return -and athough the price offered was} net as high as we might have wished, the directors considered it advirable to Wispose of the pro-porty "and utilize the proceeds for "the purchase of more munerative properties. which wore then on the market. A loss Tis 11114 wae incurred on, the sole bub this loss, however, does not affect our profit and Joss recount as the amount has been written off depreciation and re-Fewals account. Although the sale of this property naturally -affected' our rentals, I am glad to eay that the gross rentals for the year exceeded last year's collections by Tls. 6,921.51 which may be considered very satisfactory.
NEW PURCHASES, the report, Estates "8" and As you have been, informed, i are new purchases, The developmit of Estate. "R"
Inst year and Estate "8" were completed last month and all houses and shops are now fully occupied. Since the report, and accounts were published, Estato} ""P" has been augmented by the} purchase of B.C. Lot 1113 situated the corner of Yuhang and Miller Roads. The acquisition of thie corner piece now gives ne the whole road frontage on the Yuhang Road from Miller to} Fearon Roads and will greatly facilitate development. The building of this property is now in hand and will be completed during the current year.
A fire occurred in October last in the Rue de la Mission—part of Estate "A'—12 houses being totally destroyed and the remaining four partly damaged, "It was decided to rebuild this property with 12 three-storied shops whic wil] assure a much better return) on the rebuilding than the origin-horses which were destressed. meeting held on March 23, 'At an extraordinary Cary 1923, a resolution empowering.the directors to borrow sums up-to the full' nominal capital of -the
Text read from the printed page and cleaned; old type leaves the occasional error.