The annual general mosting of the New Engineering & Shipbuilding Works, Ld., was held on Tues~ day afternoon at the Shanghai Genera! Chamber of Commerce Rooms, Mr. H. E. Arnhold presiding.
Addressing the meeting, the Chairman said, in part:—gives me great pleasure again to submit such a highly satisfactory report and to be in a position to state that the year's work constitutes a new record in the annals of the company. The works have been very fully occupied during the whole of the year and there has been a notable increase both in repair and construction work. Before proposing the adoption and passing of the accounts I will, as usual, make a few remarks, The amount ovallable for di: tribution, including Ts, 39,082.23 carried forward from 1919, amounts to Tls. 1,265,554.39, of which Tls. 150,000 has already been paid out in the shape of an interim dividend of Tls. 1 per share, and it is now proposed to deal with the balance as follows To pay a final dividend of 20 per cent. 150,000.00: To pay a bonus of 60 per cent. 450,000.00 To place to depreciation fund 25,000.00: To place to reserve fund 325,000.00 To place to dividend equalization fund 100,000.90: To donate to charities 10,000.00 And to carry forward the balance of 55,554,309
Taels,.....1,115,554.50°
This is a very handsome return, although the fact must not be overlooked that the actual amount of capital working in the business: was approximately five million taels. You will notice on the asset side of the balance sheet that a considerable amount is again shown for capital expenditure, most of which represents progress made in the development schemes which have already been brought to your notice.
Works ar Iouana, Under this heading you will see an increase of Tls. 83,959.68. This: represents in the first instance the. cost of the acquisition of a residential site in the Yangtszepoo district not far from the works fur the erection of residences for our: staff. A terrace of five houses is already in course of erection to relieve the housing problem that has been so acutely felt by many of our employes, in the same way as it is felt by many. other people in Shanghai.
It also covers, however, the cost. of a large piece of property purchased by the company at Ichang. In the circular issued to the shareholders dealing with the reconstruction scheme reference is made to the erection of subsidiary works m Ichang. As you are no doubt. aware, the navigation of the Upper
Text read from the printed page and cleaned; old type leaves the occasional error.