The Future of the Club: Outlook Not Encouraging The fourth ordinary general meeting of Union Club Proprietary, Ld, was held at the Club last Friday. Mr. P. W. Massey presided, and was supported by Messrs. T. G. Drakeford, Chu Pao-gan, and the Chinese and foreign secretaries, Chang Nieh-yuan and McKelviec, In proposing the adoption of the report and accounts, the Chairman said:
You will observe that the balance at credit of profit and loss account, after writing off 10 per cent. for depreciation against fwmiture, ete., and transferring an additional sum of Tls, 750 to furniture reserve count, only amounts to Tls. 110.53, which we propose to carry forward to next year's account. We believe that the assets as regards furniture, fittings and fixtures are now correctly valued so that it will not be necessary next year to write off profit'and loss account any further sum to furniture reserve account, but the company will still continue to maintain it's policy as heretofore of writing off 10 per cent. per annum for depreciation.
With regard to the item of Tls. 15,031.72 appearing as a debt owing to us by the Union Club. of China, it ig certain that the Olub at the present moment cannot meet this indebtedness, and until they can show a profit on their working account, this item is bound to increase. I can assure you, gentle men, that the, Club Committee have the matter very much at heart and are endeavouring to reduce expenses in every conceivable way, go that the desired end way be attained. I again state that the purpose of this Company is to sponsor the Club and to carry 't aver the difficult period which it is bound.to encounter in the early years of its existence, and we feel sure that the Club has every prospect of future prosperity.
I do not think that there is anything else in regard to the accounts that needs any explanation from me, but before formally proposing their adoption I shall be pleased to answer to the best of my ability any questions which any of you may so desire to ask.
The report' and accounts were then passed.
Messrs, P. W. Massey, J. B. Powell and V. G. Lyman, retiring: directors,.were re-elected, an' Messrs. Lowe, Bingham & Matthews were re-appointed auditors.
The President Pessimistic The annual meeting of members of the Union Club of China was then held, Mr. G. L. Wilson, President, in the chair. He was supported by Messrs. T. G. Drakeford, O. G. Steen, Chu Paosan and
Text read from the printed page and cleaned; old type leaves the occasional error.