Notwithstanding all our difficulties Tam glad to say we have been kept quite busy and our dry docks fully Secupied practical all the time, Wel have built several new: vessels, including a steel steam pilot, station Wessel for the Shanghai Licensed Pitot's Association, and have carried out several large repair contracts to damaged vessels, including the President Havriton, and the fact that we "secured such contracts against the Japanese and Hongkong competitors called in by the under writers proved our ability and the possession of efficient resources to carry through speedily repairs of Targe magnitude, Labour conditions at present more settled and agitator are less evident but how Tong this state of affairs will continue one cannot say. {can only say that I believe the great majority of our workmen are Anxious to be left alone and carry out, their work.
Turning to our accounts, you will notice that Tls. 274,848 has been added to the value of our land; this represents the acquisition of 100 tow of land by Shonko. We now own 495 mow of land standing in our books at an average price of under Tis, 2,500 per mow. Plant and buildings have been kept in good repair out of revenue and the spec reserve of Tls. 1,260,000 and depre fon account of Tls. 750,000 retain unaltered, The Hrofit for the year amounts to Tls. 391,676.14 as Compared with Tls. 387,215 for the previous lend declared, but I would remind shareholders that until conditions become more settled your Girectors consider it their duty to fact conservatively, and that it is the conservative ' policy of past boards which has put us in the strong position we are in to-day.
Thanks to Marines take this opportunity of publicly expressing our grateful appreciation Of the invaluable assistance rendered by the British "marines landed uring the troubles at our works and drydoeks on the Pootung: side the river. Their presence inspired confidence in our foreign and Chinese star alike, and reduced a doterrant effect on the efforts of the agitators.
With regard to. the immediate fature, our works and drydock are fairly busy and. prospects are satisfactory, but there is keen eom-Pstltion for any work there is to do.
Shareholders must also realize that if these new duties are unforced we shall be heavily penalized in competition with similar concerns} in neighbouring countries who obtain their raw materials free of duty.
'However, although we undoubted. ly have very difficult times ahead' of us, we are, financially, in an extremely strong position, and although the moment there is no demand for our spare land, it stands in our books at such a low figure that] unless the trade of Shanghai is! going to be utterly ruined, which' I refuse to believe, we shall one day be able to sell it at a handsome profit.
Text read from the printed page and cleaned; old type leaves the occasional error.