Turning to the accounts, 1 wish to draw your attention to a inw asset in the shape of the Garden Road property, the land ani buildings, which your directors purchased for our furniture factory for the sum of $44,374.40, and (here no doubt that this property is ap extremely good investment, besides being 'a more suitable place than our present rented workshop in the Pingliang Road, which will be given up in due course. The various buildings at Shanghai and outports have been depreciated on the usual lines, from the property reserve fund, and 1 need hardly say that they, and the land they stand on, are worth considerably, more than their book value. The cash liabilities as you will notice, are: Bills payable $ 50,734.76 Sundry creditors 47,300.21 Overdraft with H.S B.C. 735,855.78
Making a total of.........8833,890. Against last year's total of $855,878.04
Shows a reduction of...$ 21,387.29 and if we take into account the cost of Gordon Road property, first, referred to, which is included in convening the meeting and the
Text read from the printed page and cleaned; old type leaves the occasional error.