A Good! Year:
Re-development Schemes Proving Profitable:
"Key" Money—A Rumour. Denied The annual general meeting of the Shanghai Land Investment Ca. Li. was held at 28 Jinkee Roa: on Thursday. Sir Edward Pearce, Chairman, presided, supported by Mesats. LIB, Arnhold and C. G. Mackie (Directors), 'P. Peebles (manager) and N..L. Sparke (assistant manager). 'The follow me shareholders were also present: 'Messrs, P. Peebles, A. Brooke Smith, Bain, W. L. Atkinson, R. W.' Liddell, C.'C, 'Stevenson, S. Yale and R,' B.S, Gregson.
The Chairman said The report and accounts for the sear ending December 31, 1924, been in your T propose, with your permi take these as read.
Tt is a pleasure to be able to report you again that the improvement in oar working account which has! hou feature of the. past years, has been well maintained, our show fne for" 1924 "being an increase of Tis, 22,388 on the, previous. year, although we had again a consider" fable temporary lors of rent (acme Teghano). during the re-development of properties Fatemsive Development Programme During the vene we have spent anprosimately Zour and a half Ines hnewstonment and. re-development.
The vwo blocks of Chinese hooses on Chwang Hoong estate that mentioned last year have been daly completed, The. buildings on North Fokien Ron Rotate were. completed. early Inthe year "and "the Municipal Bluvket on the portion sold to the Caunell wus opened.
We hullt'a pair of semi-detached hovees-on. Yates" Road Estate. on Tind previously eeeupied by stables and the other foreign dwellings fne on Sensfield Estate and one Jrunse Pane Fstate the latter having feu sold to the tenant since th Chute of our books.
mentioned. in _my spoach lust "year our activities have. been Cheo confined to the re-development of our Chinese properties.
'This year we have. in contemplat tion the re-building of another block Chinese housed an Chwarg Hoon Tstate; this will complete the whole whelming of the Chinese re-development on that property, the resconstruetion ola snnall block on Will's Estate land a" more considerable ing on Hanbury Road Estate. Our, re-development schemes re proving profitable, and as T have said before wwe shall continue with our rebuild-Ing programme until. all our pro-dually brought up to We are also considering the building of another 18 or 20 small fevoign houses in Dixwell Road. There is still a good demand for this style of dwelling and the proposed additional houses should read fly find tenants, Tr is possible that shall also make a start with development of Chusan Road Est fete, but we only propose to build 2 Himied number of Chinese houres Here by way of a test of the market.
Tu all. we anticipate spending som Tls. 400,000 on these scheme during' the year. is. 1,000,000 from Rentals There is little T need say curd to this year's accounts, Our het rents exceed Ts, 1,000,000 for the first time. Outgoings for repairs, insurance, taxes, and sundry expenses. are only: slightly increased over last year's figures.
Charges are somewhat higher ow-increased passages for staff.
nto Mr. Sparke's Home leave, the passages from England of two new clerks-of-works come into this: account.
Salaries are somewhat decreased owing to our being without clerks-of works for a pare of 1024.
Tnterest account, that is, the difference between interest on mortgages and interest on bank overdraft, from being a credit of Tls. 29,816.18 ast year becomes a debit of Tls. 25,140.95 this yea being on ecevunt of an increased overdraft, the result of the various schemes carried out during the year.
You will notice that this year we have not increased our Land Sus-until such time as in the opinion of the Directors it again becomes necessary. Our action in this is fully endorsed by our auditors.
We do not propose to add any-S. thing to Improvements and renewals account.this year. This account has a substantial credit and it has been the practice of the board in the past to build it up from surplus efts when such occur, but this year it is considered wiser in view the increased shares on which a dividend will have to be paid, to carry forward the whole balance profit and loss account (Tls. 83, 'TIT31) rather than transfer: Tls. 150,000 to Improvements and renewals account, Tribute to the Staff In connexion with your staff super annuation, this account in accord: ance with the scheme outlined in speech Inst year has been This want being made up by Tls. 3,430 feoatributed by the company, 1,715:-—contributed by the staff, and Tis, 2,569.29 accrued interest," and now stands in your books at Tls. 47,305.51. The work performed by your staff during the year, in spite of being shorthanded, has been exceedingly satisfactory, and the result of the year's working is in a great mensure due to the zeal and energy your staff have displayed the furtherance of the Company's affairs.
On the June 30 next x further issue of our 6 per cent. debentures amounting to Tls. 250,000 fall due for payment, these will be met and another issue of like amount issued in their stead, the original debenture holders being given preference the new issue, yee our last annual general ing, a4 shareholders are aware, your Directors have very seriously considered the future financing of the company, 'The result of their deliberations was. the calling of the necessary' meetings to authorize the issue of 100 additional shares. The proposal of the Board was that these new shares should be issued at Tls. 90 each, but there was such an overmajority of shareholders who desired the new Issue at Tis, 15 that your Directors felt that they could "not oppose so strongly supported amendment, These shares will rank pari-pai shares for the final dividend for
Text read from the printed page and cleaned; old type leaves the occasional error.