The twenty-ninth annual general meeting of the shareholders of the China Import & Export Lumber Ca., Ltd, was held at the offices of the general managers, Messrs, Arnhold Ca, Ltd, Sassoon House, at 3 pam. on May 29. Me, C, H. Ammhold presided, supported by Capt.
Essoon, director, The shaves vepresented totalled 9,731, Mr. J. Gray acted as secretary of the meeting.
The chairman saidi—
The volume of sales during the past year has constituted a fresh Tecord. However, during the period when our importations are usually heaviest, we were working on falling " market, and. o¢casional losses. were consequently "unaveldable. In view of this and also Jextremely' keen competition, which has made it impossible to." realize reasonable margins of profit, your directors consider the "result for the past year satisfactory, and I shall "later on have pleasure in recommending: the payment. of the ame dividend as for the previous year, namely, 24 per cent, Your directors regret the loss which has been incurred in, the liquidation' of the company's. inter~ Jests in Japan, where operations were discontinued ax from Decem-jeer 31, 1930," You will remember that practically all our capital investment was written off in 1928 accounts in the expectation that, would be futile to look for returns from that source, We had, however, extensive outstandings atthe time, fand it was not possible to liquidate Jour position until last year. We tean only hope that conditions in. Japan may' recover to an extent which will enable ts to realize on the mortgages still held, The debt owing to us by the Chinese Government, Railways, has, by the addition of inferent for, thi teased to Tis, 962,200. however, as you will covered by a special You Will realize that this isa heavy burden for us to carry, land T regret that I can only repeat What said last year: that there 28 no prospects of collection dis fcemible in the near future. 1 wish to make it quite clear that, the Interest has not been treated revenue in our working account, but has been cartied direct to the fund "in respect of the Government Railways me Regarding depreciation on our assets, I think it appropriate for me to mention that the company has a hidden reserve of about Tis, 1,000,000 under the item of Land, ahd a3 has been shown in the Come pany's accounts, we have spent. during "the, last, few years" an average of Ts. 40,000 annually for the upkeep of our properties, all of which are in excellent condition, Te was resolved That the report, and accounts fox the year ended February 28, 1051, as presented, be passed.
'That a dividend' of 24 per cent, be dealt with as proposed in the yo paid, and thatthe balance Report.
That the directors' fee be me creased to Tis, 2,500, That "Mr. LIB. Arnhold be re-elected to the board of directors.
'That "Messrs. Lowe, Bingham' Matthews be re-elected auditors for the ensuing year. cour of local social workers lave ce-operating with a number of Ins students who are to graduate this summer in the formation of free legal service league. In addition to giving free legal serviewy he league will devote itself to research work and to the-advanct-Rient of juridical science, as well jas the popularization of ' common~ sense law among the people. Measures will be provided to prevent the organization from being used for individual purposes.
Text read from the printed page and cleaned; old type leaves the occasional error.