The first annual general meeting of the Shanghai Sanitary Laundry Ca., Ld., was held on Wednesday afternoon in the offices of the secretaries and general managers, Messrs. J. P. Bisset & Ca., when Mr. G. M. W. Hummel presided.
In the course of his speech the Chairman saic Referring to the accounts, there is one item especially which I think needs some explanation, i.e, Tls. 11,696.67 carried forward to the debit of Profit and Loss Account. As the work of erecting the plant and machinery was not completed until September this year, about 83 per cent. of this figure is essentially preliminary expenses, and shawld be shown as such; but unfortunately no provision was made for additional preliminary expenses to those stated in the accounts passed at the statutory meeting, and therefore all expenses since then, excepting actual building, plant and machinery costs must be placed to the debit of Profit and Loss Account. Practically—the whole of our "plant and machinery accessories, etc.," were bought at 0 very favourable rate of exchange to the Company (Gold $125 per Tls. 100) and the equivalent value this item at the exchange -(Gold $82} per Tls. 100) ruling at the date the books were closed is Tls. 14,116 more than is shown in the accounts. Similarly with the item "cash at Hongkong & Shanghai Bank, San Francisco, G.96,247.22—if re-converted into Taels on November 30, 1920, the value of this asset would be Tls. 2,547
Text read from the printed page and cleaned; old type leaves the occasional error.