The twenty-sixth ordinary general meeting of the Shanghai Hotels, Ld., was held on the 11th instant, at the elfices of the company, No. 14 Kiukiang Road, Mr. Brodie A. Clarke presiding.
In the course of his speech, the chairman said —The balance sheet which you have before you to-day is our twenty-sixth, and it is one, I think, upon which we may congratulate ourselves, the period covered by the accounts being one of steady progress and expansion, There is one noteworthy feature in the balance sheet to which 1 would first like to make special reference, and that is the company's assets are now shown at their true value. During recent years, it has been the custom to create large reserves for the Astor House and Palace Hotel buildings, which have been out of proportion to the replaceable values. As a result of this re-valuation the financial position of the company is shown to be very strong indeed.
Text read from the printed page and cleaned; old type leaves the occasional error.