The Directors present this twen'y-second anneal report which cannot be considered unsatisfactory io view of the depression that has prevailed in Shang-bai, though the net result follo short of previous years.
The Working Account for 1910 has a credit balance of Tls. 428,043.16 as compared with Tle. 455,079.31 for 1909. The Gross Rentals shew ao increase of Tls. 19,102.75, but against this there is an increase in rouning expenses of Tls. 29,798.25. Thi increase in expenditare is largely due to The differences in the figures of Capital Account are dae to interest ea undeveloped land with the following exception:
Will's Estate, No. 1.—Additionsl stable and wagon accommodation has been built for the Tramway Company. lit erected in 10 Kiokiaog Roads eats on new buildings, Jiokes Estate, No. 6.—pay-
of the Estate has been sold Estate, No. 13.—A
profit carried to Proft and Loss Account.
Great Western Road Estate, No. 17.
othe te ae onthe Hines mentioned continued on the li Gerelopment of this Estate has STessfield Road Estate No. 20—A part of this Estate has been sold and
Text read from the printed page and cleaned; old type leaves the occasional error.