The annual meeting of the Anglo-French Investment Ca., La, was held on Wednesday in the office of the general managers and secretaries, Messrs, A. R. Burkill & Sons, No. 2 Canton Road. Mr, A. W. Burkill presided, supported by Messrs, J. R, toodle, Gilbert Davies, and Lis Chang-yin, directors, and shareholders representing 8,634 shares. year has been a very one for property owners, spite of the local disturtluring the early part of last year and the subsequent rent re-notion agitation, I am. very pleased to congratulate shareholders, fon the result of the year's working. While congratulating ourselves, 1 think T am voicing the opinion of all shareholders when I say that we: are under a very deep obligation to all who contributed towards the maintenance of Law and order in the settlements and for the protection of our interests, During the year, considerable difficulty was experienced in collecting the rd and 4th moon's rentals from our North Chekiang Road property, which is situated in Chapei territory. Proceedings were taken against tenants in the Provis Court and, after protracted delays, the Court' decided against the com-area, Another situation arose later: in connection with the payment of the 7th and 8th moon's rental-from this property when the com-any was asked to accept military bonds in payment of rent. This form of payment was refused and negotiations for the collection these two month's rentals are now proceeding. Should negotiations fail, the directors have decided to deal with the loss by writing the amount involved, as well as the 3rd and 4th moon's' rentals, off bad debts reserve account for which the amount of Tls. 10,000 is provided for in the appropriation.
With regard to the working account, our rentals last year's figure, jeaneies in our Chapei property during the disturbances and also Outgoings or charges against rentals such as fire insurance, taxes, ter, ote., are practically the same in the previous year.
It may interest you to know that the profit for the year is the highest earned since the Company Was formed 22 years ago. When I addressed you last year, we were passing through troublous times, Which influenced the directors in adopting @ conservative policy regarding the payment of a larger dividend, but, now that conditions have become more settled, and appear likely to remain so, and thanks fo the steady progress maintained, the directors have great pleasure recommending the payment of a final dividend of Tls. 6 per share, thus placing the Company for the first time on a 10 per cent. dividend Paying boris' With regard to the Sther recommendations, these are Shown im the report and T trust Jou will approve of the manner Thich the appropriations have been Oring to the distorba ttle work "in connection with wing to list neces, very special repairs to the Chinese pro-arties was carried out during the Jear but this will be. undertaken Soring the current year on some at the elder Ceinese properties in the. French Concession, Foreign Properties were all maintained in a fooe state of repair and Tam Pleased to report that during the XMeertain amount of movement not a single vacancy occurred.
took place in the Chinese houses, tats at the end of the financial year, the houses were all let That is all T have to aay, gentlemen, bot if any abarebolder has any, questions to ask, I shall be pleased fo'anawer to the est of my ability.
Text read from the printed page and cleaned; old type leaves the occasional error.