The thirty-Grst annual general meeting of the shareholders of the Shanghai Land Investment Ca., Id., was held on Thursday at the offices of the company, No. 2 Jinkee Road, the chair being occupied by Mr. E. C. Pearce, who was supported by Messrs. H. E. Arnhold, C. G. S. Mackie, H. A. J. Macray, and E. C. Richards, direetors, and shareholders representing 2,563. shares.
The secretary having read the notice convening the meeting and the auditors' report, the chairman Gentlemen, Before _commensing the business of the meeting I have regrettably to announce the loss sustained by the Company through death. venture to think that it has never occurred in the annals of any Shanghai Company that the Chairman has had to refer in his opening speech to the sad loss during any year of two active Directors and one past Director. I refer, gentlemen, to the demise of Mr. E. Jenner Hogg, your late Chairman, to Mr. C. W. Wrightson, both active Directors until the time of their death, and to Mr. H. R. Kinnear, a late partner in Messrs. Gibb, Livingston & Ca., who died in England, having retired from the Board in 1913.
To Mr. Hogg I should like to make more than special reference. He was your Chairman for 20 years, in fact, he was one of the original Directors on the formation of the Company in 1889. Throughout, the 20 years his advice, due to his keen business acumen and general knowledge of Shanghai land values, has always been of the utmost value to the Company. By his kindly disposition he endeared himself not only to his colleagues on the Board, but to all who came in contact with him. His loss will be sadly felt by: the shareholders. To Mrs. Liege and his relatives I should like to place on record the Company's most sincere and heartfelt sympathy in their sad bereavement.
Mr. C. W. Wrightson was lected to the Board in 1900 and was " most valued member of your Board, most conscientious and hard-working Director. His death is a great loss to the Company. To Mrs. Wrightson and his friends we extend our sympathy.
Mr. Kinnear, who died in England during the year, was associat~ ed with the Company since its inception in 1889. He took a very Keen interest in the welfare of the Company right up to the time of his leath, although he retired from active participation in 1913.
By the death of these three gentle-nien, the Company has sustained a great loss and it will he exceedingly difficult to fill their places on your Board.
Excusxce Apverse 10 BurnprNa.
You will see from the Report and Accounts which with your permission will be taken as read that we have not undertaken any extensive building programme since the last annual meeting of shareholders.
The year 1919 has been marked by an unprecedented rise in the vale of silver and this coupled with, and perhaps the cause of a great tightness in money has made it inexpedient to issue debentures, ever: had it been possible to place any considerable quantity of debentures on the market, the price of issue would have made the interest charges too high for profitable investment by. the Company. This has necessarily greatly curtailed our activities and except for the conversion into shops of certain houses in North Szechuen Road our work during the year has been confined to the upkeep and managenient of our existing properties.
Hovsixe ror Juntons-
A further reason which has caused. us to refrain from any large capital expenditure was our desire 1 to do something to-meet the present shortage of houses at moderate rents. During the year we were approached by certain firms on the question of building houses to accommodate the junior menibers of their staffs. After considerable negotiation we now hope to come to an agreement with a number of
Text read from the printed page and cleaned; old type leaves the occasional error.