The fifth annual general meeting of the China General Omnibus Ca. Ltd,, was held on Tuesday, in the offices of Messrs. Arnhold & Ca. Ltd, the general managers, 6) Kivkiong Road. Mr. H. E. Arnhold (Chairman) presided, being supported by Messrs. Chun' Bing-him, W.
MeBain, Ellis Hayim, and Commander F.'R. Davey (directors), H. S. Benner (Secretary) and" other shareholders, a total of 17,051 shares: being represented.
The chairman said:-—
The report and accounts for the year ending December 31, 1927, have been in your hands for'séme days! and, with your permission, I shall follow the usual custom and take these as read, The year's working has yielded a profit of Tis, 27,014.07, which re~ duces the debit balance of profit and loss account to Tls. 23,240.59. This result, your directors feel, can be considered satisfactory, in' view of the fact that the company's returns for the months of February, March, and April suffered severely from the effects of local unrest, which occasloned barricading the streets, with the resultant restriction of} traffic. Owing, however, to more effective regulation, to ' energetic supervision, and to' efficient maintenance, the returns from May to the end of the year steadily improved, and I may add that this) improvement has since that date more than been maintained.
Accounts and: Plant Turning to the asset side of the balance sheet, good-will and development accounts are unchanged, at Tis, 25,000 and Tls. 28,000, ro-Land stands at Tis. economical and more tenance of the company's fleet.
Rolling Stock stands at Ts. 557 691.46 and covers the cost of vehicles og stated. The two new Guy buses, of the ordering of which information was given in last year's annual report, duly arrived and have been fon service for some months. They fare proving well adapted to the work required of them, and are, popular with the travelling public. Your directors have ordered a further increase to the fleet in the form of 20 gear-driven Tillings-Stevens chassis, which are equipped with pneumatic tyres and are of lighter; construction than the present Tillings-Stovens petrol-electric vehicles, being somewhat similar to the Guy. buses recently placed on service. They have also arranged for the a of two or more of the new Ford 2-ton chassis. These will be fitted with suitable bodies and used for service in the outlying districts. Against the rolling stock account sum of Tls. 103,629.83 stands at the credit of depreciation account, which is allocated to each bus in proportion per cent., Tls. 45,253. was invested with Messrs. Arnhold Ca, Ltd,, until it was convenient. to pay off the loan of Tls. 50,000 from the company's bankers. These funds have since been utilized for that purpose. Sundyy debtors, Ths. 3,678.90; this account has since been Turning to Viabilit it account remained unchanged during the year. 'Tyre Reserve, Ts. 892.67, with the monthly allocation, nite sufficient to meet expenses for tyre renewals as they become necessary. Sundry creditors, Tls. 59,148.65; these accounts have' since been paid. Tokens issued, Tls. 12,- 655.86; this account chows a slight increase over last year's figures.
Text read from the printed page and cleaned; old type leaves the occasional error.