The annual general meeting of the New Engineering & Shipbuilding Works, Ld., was held last Friday at No. 1 Yuenmingyuen Road, under the chairmanship of Mr. C. H. Arnhold, supported by Mr. A. W. Brankston, Mr. C. R. Burkill (directors) and Mr. C. A. Skinner (secretary). The attendance represented 60,608 shares.
In the course of his address to the shareholders, the Chairman said You will have seen that the amount standing to the credit of profit and loss account, including the carry forward from last year, amounts to Tls. 621,463.24, which is recommended for appropriation as follows:—Tis.
To pay a dividend of 20 per cent. on the ordinary shares 210,000.00
To pay the preference share dividend from March 24 to December 31 93,041.09 To place to materials equalization fund 250,000.60 To carry forward balance 68,422.15
Tis, 621,463.24
A ff1enny Sarisracrory Resuxt.
This result, although falling short of the years 1919 and 1920 is, in the opinion of your Directors, highly satisfactory in view of the general trade depression experienced throughout the whole world during the year 1921, which depression has been felt by engineering and shipbuilding concerns, in common with most other trades. Before formally proposing the adoption and passing of the accounts, will, as usual, make a few remarks thereon.
Turning to the balance sheet yon will find there has again been a considerable amount of capital expenditure, mostly representing the completion of the general development schemes outlined to you in previous years. This development and reorganization is now nearing completion, and it is confidently anticipated that the great improvement effected in the Company's buildings and plant, will be of considerable assistance to us in meeting the more strenuous competition which we are now called upon to face.
Text read from the printed page and cleaned; old type leaves the occasional error.