Following is the report of the directors of the Shanghai Gas Ca., Ld., for presentation at the annual general meeting of shareholders to be held at the office of Messrs. Scott, Harding & Ca., on Thursday, April 27:—The profit on working account? amounted to Tls. 279,595.75, against Tis, 271,123.23 for the previous year, an increase of Tis, 8,742.52. The net gain for the year was Tls. 235,- 366.74, as compared with Tls. 235, 824.97 for the preceding 12 months, a decrease of Tls. 458.23, The balance. at credit of profit and loss account, including the sum of Tls. 2,979.45 carried forward after appropriation of the profits, as sanotioned at the last annual meeting, amounts to Tls, 238,346.19, which sum the directors recommend be dealt with as follows Tis. To pay a dividend for the year 1921, on 24,000 shares at 5 per cent.=Tls. 2.05 per share 60,000.C6 To write off for depreciation of buildings Tis.
3,887.36 To write off for depreciation of manu.
facturing and dis tributing plant 128,009.80 To write off for depreciation of furniture 187,25 132,084.41 To transfer to land purchase reserve account 20,000.50 To transfer to staff pension fund 10.00.44 To pay a bonus to foreign staff (being 10 per cent. of salary for 1921) 8,977.62 To carry forward to new account 7,284.15
Ts, 238,346.19
A sum of Tis, 23,367.61 was expended during the year in renewing the roofs of No. 1 retort house and the condenser tubes of water gas plant and that amount has been appropriated from this account, leaving a balance at credit in the books, for such purposes, of Tls. 96,632.39, The directors record with deep regret the death of Mr. Edward Isaac Ezra, who joined the bean en August 9, 1919, and was an active director until death intervened on December 15, 1921. To fill the position thus created Mr. C. G. S. Mackie was invited to join the board. Mr. L. E, Canning having resigned his seat on the board, upon leaving for England, the directors invited Mr. L. J. Cubitt to fill the vacancy. The appointment of these two gentlemen requires confirmation at the ordinary general meeting. In accordance with the Articles of Association, Mr. A. D. Bell retires but, being eligible, offers himself for re-election. Messrs. Lowe,' Bingham & Matthews offer themselves for re-election as Auditors to the Company Summary of Engineer's Reports.—The additions during the year to plant were two Ingersoll-Rani compressors required in connexion with the high pressure distribution scheme and one new tar still. Owing to their condition it was neces-
Text read from the printed page and cleaned; old type leaves the occasional error.