The annual general meeting of shareholders in this Company was held at the offices of the general agents (Messrs. Jardine, Matheson Ca., Ld.), No. 3a Peking Road on Tuesday morning, Mr, A. Brooke Smith presiding.
In the course of his speech, the Chairman said:—It gives your Directors great pleasure to be able to present a very satisfactory showing for the past year, and I trust the proposed allocation of the balance at credit of profit and loss account will have your approval. Compared with 1919 the profit for the year shows an increase of Ts. 290,183.73 and is the best on record since 1907. An interim dividend of Ts. 3-was declared last August and I hope the proposed final dividend of Tls. 10 will have your approval.
In view of the present cost of materials and labour your Directors consider it desirable to set aside Tls. 60,000 for ordinary and Ts. 75,000 for special repairs and renewals; also to build up the depreciation fund, inaugurated last year, with an appropriation of Tls. 50,000, to bring this reserve to Ts. 75,000. Since 1907 it has not been possible to add to equalization of dividends, but the suggested appropriation of Tls. 50,000 will augment that fund to Tls. 75,000.
Last year a bonus of 10 per cent. was granted to the foreign staff at the wharves, but in view of the gratifying result of the past twelve months the Directors have thought it desirable to recommend the payment of 15 per cent. absorbing Tls. 8,266.50. I can assure you that this recognition of the services of the staff is well merited.
The Staff Provident Fund, sanctioned by you last year, has come into operation and is much appreciated.
During the year no debentures have been purchased, as all available funds have been required for development purposes. From the balance sheet it will be seen that we have disposed of part of the old Ningpo Wharf for Tls. 348,- 757.50; this was the portion bordering on Broadway, and your Directors felt that, with the increased cost of labour, it was advisable to sell and use the proceeds to develop the property fronting the river, thus ensuring ecomonical and expeditious working. On additions during 1920 we expended Tls. 691,770.89, which, together with the amounts dis-pursed in 1918 and 1919 and the elance of existing contracts (Tls. 433,437.62), means that our develop: ment programme will cost in the neighbourhood of 13 lakhs. I need hardly remark that the additions which came into operation during 19% assisted our earning capacity, and I have no hesitation in saying that we shall not regret the expenditure already referred to.
Although we have had numerous inquiries for our property at South
Text read from the printed page and cleaned; old type leaves the occasional error.