The annual general meeting of the Shanghai Gas Ca., Ld., was held at the offices of Messrs. Scott, Harding and Coy Ld 38 Peking Kosd on Thursday." Mr. A. D. Bell presided, supported by Messrs. C. G, 8. Mackie (Director), W. Potter (Engineer) and (Secretary). There were represented 8,723 shares.
The Chairman Gentlemen—The report and accounts have been in your hands for about a fortnight and T will, with your permission, take them as read. In dealing with them T do not i tend to trouble you with a recit tion of figures, which you have doubtless alrendy studied in the printed accounts, I will merely re-for briefly in a general way to the chief items of interest in the year's working.
The accounts exhibit, I think you will agree, n satisfactory state of affairs, for in spite of the fighting round Shanghai and the depression trade which naturally accompanied it, your undertaking earned larger profit in 1924, than it did in the previous year.
Gas continued to be in good de mand for cookers, geysers and other and there is will go on steadily increasing.
Sales of gas for industrial purposes, on the other hand, fell off a ttle but this was to be expected in view of the disturbance to trade caused by the long drawn out} military operations in our neigh bourhood. The quantity, of gay used for lighting again decreased, but this has already become compar tively a minor part of your bu eas. Your directors decided early fu the year to aire charge for) niaintaining gas-lamps in alleyways and this ted. to the elimination of number of uch alleyway. lamps uttered at wide intervaly over Settlement. The operation was stich a way as to avoid.
nee to our customers and, relieved your undertaking of an unremunerative part of its light ing load. We still provide, how-fever, a number of gas-lamps. in, alleyways and streets—the latter chiefly in the northern and eastern istriets—and we have in no way, changed our belief in the advantage of gas as an illuminant The total consumption of gas: fell by 3.2 per cent. of which more than half wax accounted for by the elimination of the scattered alle; lamps mentioned in the!
Residual products again did well, substantially increased revenue a erning from our sales of coke, tar and pitch.
The financial result of the year net profit of Tis, 237,818.97, which more by Tls. 17,613.56 than the jaunt obtained in 1923, while the" te recommend a dividend of 8 per cent. after making the necessary for depreciation and reserve funds, leaving: a balance: carry forward to the new account of Tls. 16,620.82.
Turning now to the assets of the company I may mention that, while! your land stands in the books at a ost of Ths, 168,248.25, it waw assessed in' 1921 for purpose taxation at no less w sum than Ths, 952,145, On a pisco ut lund belonging the Company, situated ut the corner of Seward and Dent Roads, which hitherto been undeveloped, there now in course of construction Chinese "houses; these should Prove a good investment when com= pleted and in occupation, For some years past your directors ave taken any opportunity. that offered of acquiring the Company's Spor cent Debentures and daring 11924 THs. 11,000 of these were fat a cost of Ths. 10,220, he your total holding tw Tls. 225,100, Bought at Tis, 45,025 below par walue—an average cost of abou, TH, Your platt has been maintained first class condition and 2.27 miles voT'at new mains were laid during the!
Sear.
The work of the stof hus, as! F.irsual, given the directors complete! with to express regret at the [absence of your chairman, Mr. L. E Canning, -who has gone on leave since the report and accounts were prepared. His partner, Mr. Cubitt, has. previously acted as. a director lof your company during Mr. Can ning's absence and your Board have invited him to act again in this way. 'That is all I have to say, gentlemen, except that I will be' pleased to answer any question about the report and accounts to the best of my ability, before proposing formal-that they be accepted and passed.
Ar. C. G. S. Mackie seconded and the resolution was carried un-
The following resolutions were then passed:
That a dividend for the year ended December 1924 be paid to the shareholders a: the rate of Tis, 4 per share—Proposed by Me. JO. D. Bell; seconded by Mr.
Mackie.
That the balance' at credit of Profit and Loss account, -after the buyment of Dividend declared at this meeting, be appropriated as recommended by the Directors in their report for the year 1924.—Proposed by Mr. A. D. Bell; seconded by Mr.
Ambrose.
Tha Mr. A. D. Bell be re-elected Director of this Company—Proposed by Mr. T. A. Clarke; second-Jed. by Mr. E. E. Parsons That Messrs. Lowe, Bingham and Matthews be re-elected as auditors to the Company for the ensuing] yenr—Proposed by Mr. Leslie J. Cubitt; seconded by Mr. H. Martin Little,
Text read from the printed page and cleaned; old type leaves the occasional error.