is expected somewhat over 990,000 Ib., but experienced. companies, that is Company and pany, each with counts, a shareholders waar profit has been earned during] the year, and a certain local paper, 1d] in reviewing the accounts now before you, made it appear as though your Wirectors had sanctioned the distribution of a larger sum than was actually earned during the year, In order to understand these accounts properly, it is first necessary to bear in mind that it is the Dutch Company that cams the profit and that only sufficient of its profits are transferred to the Shanghai Company to cover the payment of whatever dividend your directors decide to recommend, For the year under review, if you combine the income and revenue expenditure of the two company you will find that the net profit is Tis, 515,513.27, which when added to the balances brought forward from 1924, makes a total divisible balance of Tls. 531,092.75. Out of this your Proposed by Mr. Feng Kuch-tung, seconded by Mr. A. J. Welch.
That Messrs. Thomson & Ca., be elected auditors to the company. for the ensuing year.—Proposed by. Mr. Feng Kaoh-tun, seconded by Mr. E. G. Barrett. directors recommend distributing in
staff Tls. 24,000, placing to re writing of various fixed assets Tls. 8,108.11, and carrying forward Tls. 18,579. 24, or in other words, the amount that will be paid out _represents approximately 86 per cent. of the available balance, and the financial] position of the company will strengthened by Tls. 53,500.00, thus making the total surplus of liqui assets with which the companies will start the new year Tls. 105,934, I do not think that there are any' other items in the accounts that call for special explanation.
In conclusion, gentlemen, I should ko to express our thanks to the two managers and their staffs, to the visiting agent and to the agents in Java, to whose efforts and careful' supervision the present very satisfactory state of the properties is due. That concludes my remarks, gentlemen, but before formally proposing the adoption of the report and accounts, I shall be pleased to answer any questions you may wish to ask, The Resolutions There being no questions, the fol-Towing resolutions were formally proposed, seconded and carried 'That the directors' report and statement of accounts, as presented, be adopted and passed.—Proposed by Mr. A, J, Welch, and seconded by Mr. W. R, McBain, That a final dividend of one tael per share, making a total of Tls. 1.70 per share for the year, be paid—Proposed by Mr. Welch, and seconded by Mr, C. J. L, Stewart.
That the appointment of Mr, Fu Shiao-en as a director of the company be confirmed.—Proposed by. Mr. V. G. Gensburger, and seconded by Mr. M, Ezra, That Mr. A, J. Welch be re-elected a director of the company.—Proposed by Mr. E, Shahmoon, and seconded by the Rev. F. Morin.
That Messrs. Lowe, Bingham Matthews be elected auditors to the company for the ensuing year—Proposed by Mr, M. Ezra and seconded by Mr, R. Bassett.
This concluded the business, of the meeting.
Text read from the printed page and cleaned; old type leaves the occasional error.