Turning to the accounts, the principal feature is the satisfactory showing for the past year, it is he result of hard work and aboli on the part of all concerned and reflects to their credit, and I think se have reason to be satisfied.
Plant and buildings have been kept in good order out of revenue and the stock of materials jo valued as usual at less than present replace by a cash return to shareholders of is, 25—per share and I wish to explain to you that, as mentioned in remarks at the' annual general meeting just concluded, we have lately sold a piece of ground amounting to about 54 mow at the upper or western side of our International Dock property close to the present Asiatic Petroleum Co's property, and we received payment of the purchase pric on Wednesday last: the ground was not necessary for our business and the sale of it Il not impair our earning powers any way.
Your directors are keenly aware of the changing conditions in China "and realize that the most efficient and successful method of cverconiing possible difficulties or Unfair competition is to have our capital kept as low as practicable and on that principle they propose the reduction. It is our proposal to add to the amount received from the Asiatic Petroleum Ca, the necessary sum of taels from our available cash in the bank and pay back the reduction of capital of Taels 25—per share, If the resolution is carried to-day it will be submitted for confirmation as a special resolution at a meeting to be held here on Thursday the August 15 at 8 pin. If then confirmed, our legal advisers will at once apply to the Court for confirmation "of the reduction and Proceed with the other formalities.
Payment of the return will be made without delay after the regis tration,
Text read from the printed page and cleaned; old type leaves the occasional error.