Most Successful Year in the Company's History Sir Edward Pearce presided at the 34th annual general meeting of shareholders in the Shanghai Land Investment Ca., Ld., held on Thursday morning at the offices of the agents, Messrs. Gibb, Livingston Ca. There were also present: Messrs. Cc. G. S. Mackie, H. E. Arnhold and H, W. Lester (directors); P. Peebles, manager, P. A. H. Chambers, E. Wheen, R. M. Saker, J. J Dawe, 8S. Yate, C. C. Stevenson, snd R. B, Moorhead.
In his speech the Chairman said The past year has been one of satisfactory work with steadily improving results, and your Directors have pleasure in submitting an account which they are confident you will regard with satisfaction. In this account, the gross rents for the first time in the history of the Company have passed the million mark and the actual working, apart from sales and chance profits, is the best the company has so far experienced.
Saues:—During the year we sold to the Municipal Council for a children's playground the remaining lot of our Ferry Road estate: this, with two smal] strips of land which were also sold during the year, completed the disposal of this estate. the profit, together with Tls. 11,000 which had accumulated as interest on undeveloped land and which on the sale of the estates was written back from land suspense account, has been carried to the credit of profit and loss account. This estate was purchased in 1905 with the view to cutting it up into building lots for re-sale, an object which has now been fully attained, the profits from various sales having been dealt, with in past accounts.
Nos, 6 and 7 Yuen Ming Yuen Road were sold to the Yokohama Specie Bank, and after' deducting first cost estimated on the same safe line as detailed by me in my speech Jast year, the profit has been carried to credit of profit and loss account.
Purcuases:—In my speech last, year I informed you that after closing 1921 accounts, a property. on Yangtzepoo and Thorburn Road had been acquired at a price of approximately Tls. 450,000. Of this amount, Tls. 280,000 was paid in cash and is included in the increased book cost of Estates, and the balance of Tls. 170,000 has to be paid this year. The only other purchases have been small lots to square off properties principally on our Zang Pang Estate.
NEW CONSTRUCTION WORK, are in many cases higher than udo Nas caiding, materials when I last addressed you. That we have been able to complete during the year 31 small foreign houses on Dixwell Road Extension is due entirely to the fact that we are developing land howght some
Text read from the printed page and cleaned; old type leaves the occasional error.