Mr. J. A. Wattie, The shares represented 4,400.
'The Chairman said:—Gentlemen. 'The Directors' report and balance sheet having been in your hands for some days, I shall take it as read. In accordance with the requirements of the Companies Ordinance (Hongkong) 1911, I shall now the auditor's certificate which is as follows "In accordance with Sec. 113 of the Companies' (Consolidation) Act 1908 (England), we hereby certify that we have obtained the information and explanations required in connexion with our audit of the company's affairs.
We have examined the revenue account and balance sheet with the books and vouchers of the company, and in our opinion such balance sheet is properly drawn up as to exhibit a true and correct view of the state of the company's affairs, on March 31, 1912, according to the best of our information and the explanations given to us and as shown by the books of the company.
We have had produced to us all ithe securities held by the company with the exception of those deposit-led with the High Court (England), For these we have seen the acknowledgement of the said Court.
(Sd, G. H. & N. Thomson, Chartered Accountants, (Auditors).
Ab the Inst general meeting of the company, held on May 31, 1911, my predecessor made the following statement. "Last year will pro. ably be ever remembered as the most disastrous financially in the history of Shanghai and Northern China generally." I think I might almost make the same remark with regard to the year which ended March 31, 1912. The revolution which has taken place, whatever good may be the ultimate result, has caused great financial loss to most business houses in China. Your company has been affected to some extent in that we have lost " considerable amount of new business from our agencies in China. Shanghai is an exception, and in Shanghai larger amount of business was written than wae written in any other agency. We found it neces-
Text read from the printed page and cleaned; old type leaves the occasional error.