The first annual general meeting of the above estate was held on the 13th instant at the offices of the General Managers, 2 Kiukiang Road. Mr. A, W. Barkill presided sod another Director present was Mr. Chan Wang-him. The number of shares represented was 7,955, Mr. Barkill id Although the scconnts have not been very long in your hands I will with your permission take them as read.
The report we issued with them fall and explains the various difficulties we have had to contend with, bat these Tam happy to say, are, as far as we can jadge, all over and the work on the estate is progressing very satisfactorily. Yon will see that we paid £5,800 less for the estate owing to th the areas, the paid-up capital of the company is £39,200, we paid £16,200 for the estate and £23,000 was for working capital, and we have anissned 5,800 shares.
The troubles we have gone through have chiefly been due to the changes of managers, and each change threw the estate back, of work, ideas and being he liked. Your directors and the general managore were 80 dissatisfied with the state of affairs that early in the year it was decided that " change would have to be made in the arrangements then existing with our agente and visiting agents, and at their own expense the eral managers sent down a represent and in March the agency was given to Messrs, F. W. Barker & Ao. and Mr. Wyld was appointed manager with an assistant, Since then a great deal of work has been done to remedy matters and, as I said before we can say to-day that the estate is properly aged and looked after.
Text read from the printed page and cleaned; old type leaves the occasional error.