The Chairmaan said; 1 have now much pleasure in proposing:
"That the capital of the Company be increased to Taels 7,020,000 by the creation of 23,400 new shares of is, 50 each, ranking for dividend id in all other respects pari paso the existing ordinary shares the Company.
Gentlemen, with the figures in front of you, T am sure you wilt agree that the time has arrived when some participation in the large profits earned by the Company should be allowed to shareholders.
The accounts rendered to you for the past three years will have shows you how satisfactorily your rentals have increased and that that is so is [chiefly due to the re-developments of property which have steadily' been carried out and are at this moment in progress. The profits nade by sales of property fall into nother category and are naturally. due to the increase there has been fin land values of recent years. It is the profit so realized on a com: Paratively insignificant portion of your holdings that really enables us to-day to recommend the course which is embodied in the resolution now before you, Before I explain further, I should like to pay a tribute to' the able and progressive programme which has been augurated and followed by our present Manager to which, in no) small degree, we owe our present enviable position (applause). In [saying this, however, T am very far from wishing to belittle the prudent and conservative policy of his and. Jour predecessors which did 20 much to lay the foundations of the com-yarly's prosperity and I venture to
Text read from the printed page and cleaned; old type leaves the occasional error.