'The second annual meeting shareholders of the General Forge' Products (1929) Ltd. was held at the office of the company's secre taries, No. 1, The Bund, on December 30, There were present Messr' R.B. Mauchan, (Managing Director Chairman, W. R. M Burns, Kwong Kwok-wah, directors, Harrison, and E. F, Harding the meeting and the auditors' report on the Jaccounts having been read, th Chairman said:—
The report and accounts having been in your hands for the priseribed time I shall with your permission follow the usual course and take them as read.
Before proposing the adoption of the report and accounts I wish 10 call your attention to the item of plant and machinery in the balance sheet.
Im our last balance sheet dated August 31, 1929, this asset was shown at Tis, 81,896 because a complete inventory of plant an machinery was at that time in th: process of being made to ascertain the true value of all the machinery, taken' ever from the Tung Sheng il Ca., and the original Forg? Company, which appeared on ths balance sheets of these companies at a valuation of approximately Tls.
165,000.
The inventory haviog been completed, we have accordingly written up this machinery to its true valuation of Tls. 121,863, as at the date of purchase; this is however about 50 per cent. under its present replacing cost.
'The difference bette cost and actual value of purchase amounts to about' Tls. 41,000, and provides a general reserve representing the favourable terms upon which the company] acquired the machinery of the two former companies.
We have utilized part of this reserve for writing off the expenses incurred in forming the company and the balance is eet off agains: the loss sustained during the past year's working. In order to show naturally be of material benefit to your Company in the future, That is all T have to say, but should you wish to ask any questions you have now the opportunity to do 20.
'There being no questions, the following resolutions were then pu' to the meeting, and carried unani+
That the report and accounts, as presented, be passed—Proposed by Mr. R. B, Mauchan, and seconded by Mr. W. R. McBain, That Mr, W. S, Burns be re-dec: ed a director of the eompany—Proposed by Mr. P. G, Harrison and seconded by Mr. R, B, Mauchan.
That Mr. Kwong Kwok-wah de re-elected a director of the company Proposed by Mr. F. G. Harvisoy sonded ty Mr. W. R. McBain, That Messrs. Lowe, Bingham Matthews be re-elected auditors for the ensuing year—Proposed by My. W. S. Burns and seconded by Mev Kwong Kwok-wah,
Text read from the printed page and cleaned; old type leaves the occasional error.