The annual general meeting of the Shanghai Gas Compay, Ltd., was held on the 30th ultimo at the attices of Messrs, Scott, Harding & Ca., Mr. F. C. Butcher presiding.
In his speech the Chairman referred in sympathetic terms to the severe loss sustained py this Company through the deaths of Alr. E. Jenner Hogg and Mr. Clarance Ward Wrightson.
With reference to the Report end Accounts, he said, in part:—Our figures' show a considerable falling off from the previous year, the high price we had to pay for our coal being the chief factor; on the other hand your Directors "did not consider it advisable to increase the price of gas to meet the extra expenditure incurred.
Working account shows our revenue from all sources to be Tis.
847,764.25 against Tls. 919,069.41, a decrease of is. 71,305.16 whilst expenditure was is. 676,777.51 against Tls, 685,511.07 a decrease of Tls. 8,733.56, showing an aggregate decline' in the account of Tls. 62,-
571.60.
As regards profit and loss account the net profit for the year was Tls. 133,833.25 against Tls. 189,06.- 91 a decrease of Tls. 55.473.66.
Referring to the balance sheet, there have been no additions to land and buildings while alterations in the manufacturing plant by the removal of an unused holder and the conversion of the tank into an underground concrete tar tank at a cost of Tls. 4,278.47 is to be recorded. Expenditure on distributing plant was Tls. 53,917.91 against Tls. 101,518.60 for the previous year.
Our. investment account is increase by Ts. 11,899.00 being the purchase price of Tls. 16,300 of our own debentures. The security held under this heading consists of Tls. 128,200 6 per cent. debentures and £5,000. 5 per cent. War Bonds at cost price.
Sundry debtors stand at Tls. 197,- 921.19 of which Tls. 131,739.16 have since been collected.
On the other side of this account, Jit will be noted that our insurance fund was increased during the year by Tls. 5,478.20 and the amount at credit of this account is now Ts.
32,662.63.
The remaining items on this side of the account call for no special comments.
Secretariat—I regret to have to report that owing to failing health Mr. G. R. Wingrove has had to resign from the Company and in consideration of his long and Roo faithful service as our Secretary, your Directors have granted him a life pension. Mr. W. Gater has since been appointed his successor.
There were'no questions, and the formea} resolutions were passed, including "ne to the effect that a dividend for the year ended D+ cember 31, 1919, be paid to share holders at the rate of Tls. 2 per share.
Text read from the printed page and cleaned; old type leaves the occasional error.