Annual Meeting of Shareholders: Question of Merger with New Engineering Ca.
The 26th annual general meeting Jot shareholders of the Shanghai Dock ind Engineering Ca. Ltd, was held at 150 Broadway on Thursday. those present including Mr. H. V. Willi son (chairman), Mr. T. G. Weal jand Dr. A. Korff (directors), Mr. count at $1,155,11833 and from ow special reserve, with your approval, we propose to transfer $137,692.31 t6 the present year's working account as mentioned in the annual report row in your hands. The value of! our land as shown in the annual re-
W. S. Burns (managing director), the total. attendance "representing 1,115 shares.
The chairman spoke as follows:
The report and accounts having been in your hands for some days, Twill. with your permission take them as read. port is nominal and far below its market value; our buildings, docks ind wharves also stand well under their actual value and our large' stock of materials are shown at much less than replacing cost whilst. our plant, docks" and floating' property have been kept in good order out of reviewing the past year's activities it is to be much regretted [that the continuance of the serious depression in China has affected. local and other ship-owners to. the extent of reducing all repairs and lupkeeps to the lowest possible figu Jand in many cases the laying up ships for long periods owing to the Jabsence of remunerative freights.
Our business in general, however, Joo far as the amount of work 's concerned kept up surprisingly well Jduring the year: our dry docs, which fecnctitute one of our main sources of revenue in docking and contin~ gent repair work, have been well occupied by vessels for painting and other indispensable work during the year—in fact our total dockings are only about three per cent below the previous year and a good number fof foreign owned vessels Yook advantage of the cheap Tocal drydocking rates to dock' and overhaul before leaving the port while several carried out their special "classifieation surveys at overall costs -much below other repairing centres.
At the last annual meeting of the
man men tie 1¢ progress of their Now Engineering Works their chair proposed merger with us;" further ¢iscussions on the matter are at present in abeyance pending the return to Shanghai of those members of the board of the New Engineering Company who represented the Latter company on "the joint committee handling the negotiations. During. the year the assets of both compan= les were valued by rellable and experienced valuators, outline schemes have been discussed and the whole. reposition is having the careful and studied consideration of all concerned.
Text read from the printed page and cleaned; old type leaves the occasional error.