The 28th ordinary general meet ing of Messrs, Lane, Crawford Go,, Lal, was held on Thursday afternoon; Mr. James Ambrose presided, supported by Messrs. D. W, Crawford, E. H, Dunning, (directors) J.
Lucas (secretary) and other are holders representing 1,848. shares.
The Chairman said: the report and accounts: for the year ended February 29, 1924, have for some time been in your' hands, with your consent I Propose taking them as read.
Your directors have great pleasure in pres to you what is, in their opinion, stich a satisfactory result. of the past year's working, for though the great bulk of the: work of reconstruction and alterations to your premises was completed during the previous year there was still a great deal to. be dope during the year under review to finish off the premises internally which I believe may now be considered as completed and ina manner witisfactory to you all. The work took a long time to complete, Dut as you must be aware it is much more difficult to carry out such changes as we have made than it is, to erect a new building.
There has not been any particular outstanding feature in our trading during the year except that the turnover, though not a record one, was urger than that of the pre: vious year and the business which 0 far has been done during the current year is very satisfactory, and would no doubt be still more 80 if general business conditions in Shanghai had improved, Tuxning to the accounts you will ce that the balance of wor accounts a satisfactory increase.
Land and buildings still stand in our books ut $380,000 bat you will wee that we have expended on these buildings the sum of $126,11%02 in 2.25 received from the Municipal ouneil for the surrender ex the lots for dening the Nanking Road, or in all a total of The assessed Talue of our land is Tis, 292,125 which is more than Ample cover for our debenture issue of Tis, 240,000, Furniture, fixtures and machinery stood in our Inst balance sheet at $23,778.69 and during the year we have expended on these the: sum of $6,781.11 less depreciation written off of $5,559.80 leaving this item as shown in the balance sheet now. before you at $25,000.
T would like here to draw your attention to the fact that during the three years ended the February 29, {dat we have expended Partie AME AN a9] Buildings Improvement ce 5 chary © 25,500.00
Bungo on H.C i.ak O86:.00 Pad off mortgage O25 tenseescvesise 1941.00 the bulk of which has been paid out of revenue and in addition during the same period we allocated to stack reserve $75,000, which figures ate, think, ample evidence of the sound: oners of your businers.
Our stocks have been eaxetully taken, cheeked and valued at actual cost or less andi stand ut $596,001.17, an inereare over last year "of $15,126.99.
Stock reserve has disappeared from this yeas's balance sheet the $20,000 standing at credit of this tem having been used during the year to write our stocks down, and general reserve is unchanged at Bank overdraft practically the 2 "us last $422, 07.18, when it stood to $420,723.80, Investment account is unchanged $5,808.97, a list of wh investments can be sem by any sha desiring fo dp 9 prevent which is ver $12,600, 'From the ren the balance prompt end $5,588.52 brought fu to $97,917.67, which, to deal with' as fell dividend of 19 per which will $25,000, transfer to building resweve £20,600, trans to stall passage seectve acer $5,000 and to " forward Feortor. "Wieh vesaid the pee Posed transfer to building reserve
Text read from the printed page and cleaned; old type leaves the occasional error.