"Annual Meeting of Management:
Good Report on First Year in New Building The whnual meeting of the Board of Managers of the Shanghai Amer can School, was held at the School on Monday,-November 24, with 10 members of the Board in attendance, together with two representa tives. of other members, and the Business Manager and the Acting Principal. Mr. J. Harold Dollar, for two years chairman of the Board, presided.
On nomination of the American Association of China- and the American Chamber of Commerce of China (Shanghai) Messrs. C. W. Atkinson and A. R. Hager wore flected to succeed themselves as members of the Board for the term ending June 30, 1927, and Mr. V. G. Lyman' was elected to fill the unexpired term of Mr. H. A. Wiley, for the period ending June 80, 1926. Mr. Wiley's resignation, necessitated by his departure for America, was accepted with regt:
"The. Treasurer, Mr. Atkinson, presented the audited reported of the Finance Committee showing a total investment in the new plant on Petain of Mex. $729,068.04, with further commitments to complete payments on present contracts amounting to $34,121.44, making the grand total $769,875.48. Of this, the net expenditure for land $$249,594.3 of which the present assessed value is. $277,767 and the market value well over $300,000, Owing to slowness of payment of sums subscribed in the various campaigns an overdraft (at the bank) approaching—$100,000 has been necessary, and the interest on this must be borne from current receipts.
The expenditures for current conduct of the School amounted to Me:
$143,619.45, which was slightly more than covered by fees received and
Text read from the printed page and cleaned; old type leaves the occasional error.