There is one matter I should like to deal with at this point which may serve to clear up a certain misunderstanding. Your directors and the management hear from time Ito time a report that considerable key money" or "small rent! is demanded by our compradore or his staff on the letting of new houses. We are confident that nothing of this kind occurs, the management in touch with Chinese tenants all of grievance they may have, and it is, vance they may have and it is sult to see how this practice out our obtaining. What happens, and this has no doubt given rise to is this when old houses are pulled down re alway certain arrears of rent owing by the old tenants which it is impossible to collect, the total amount of these arrears is divided up amongst the new tenants each of whom has to his share before a house is ed te him. The company thus cover their losses, and the new ten-pay cheerfully: for the prvzticg2 of a new house. This system has worked well in the pest, and your Directors see no reason to make any T think there is nothing further for me to touch upon, but should any shareholder wish' for further explanation or information, T shi be pleased to reply to the best of my ability. I now propose that the report and accounts as presented be accepted and passed.
Mr. C. G, S. Mackie seconded, and there being no questions the report, and accounts were adopted. pense Reserve, The reserve now stands at Tls. 798,251.81 and this is considered sufficient to cover any probable fluctuations in- values. our undeveloped estates and as a consequence of this. interest on unveloped land will nog be charged The Chairman then proposed, and Mr. H. E. Arnhold seconded:
That the directors be authorized aut to pays final dividend of 6. per And a bonus of four per cet the I to share no ders
Text read from the printed page and cleaned; old type leaves the occasional error.