The 17th annual general mecting of shareholders in the Shanghai Dock & Engineering Ca., Ld., was held on Thursday afternoon. Mr. John Prentice presided, supported by Messrs. H.W. Lester, P. L. Knight and A. Brooke Smith, and Mr. Arncld Dawson, secretary, and there was an attendance representing 5,196 shares.
The notice convening the meeting, and the auditor's report, having been read:
The Chairman said: Gentlemen, the report and accounts having been in your hands for some days, with your permission, we will take them as read.
The serious depression in shipping, shipbuilding and repairing continued during the whole year and up to the present there are no strong signs of improvement. Taking into consideration the conditions ruling the result of the year's working is, in our opinion, very satisfactory.
The net profit for the year, including the amount brought forward from last year's accounts, after paying all charges and allowing for all liabilities, amounts to Tls. 516,534.76. This we recommend be dealt with as follows:
Tis. Pay a dividend of Tls. 7.50 per share (10, per cent.)
absorbing 414,000.00 And carry to new account 102,534.76
Tls. 516,534.76 We tru these _recommendations will meet with your approval, We did not consider it necessary to add anything to the special reserve, er.deprepiation funds. These now stand as follows Tis. General reserve fund 1,250,000 Depreciation fund 698,000 Maintenance has in all departments, as usual, been charged to working account.
A resolution to give £1,000 to the Sailors' War Orphan Fund will be put later, and we feel sure it will meet with your approval.
The alterations to the Cosmopolitan, Dock were suspended during the year on account of the great depression in docking, no prospects of improvement in docking requirements for some years to come and the high cost of timber, ete. The work will be resumed during the year.
Return of Capital:—The return of Tls. 25 per share has been made on 54,874 shares—326 shares not yet having been sent in_for endorsement.
Your directors have decided to start a provident scheme for the benefit of the foreign staff of the company, the date of the establishment is to be May, 1923.
Before proposing the adoption of the report and accounts, I will be pleased to answer any quest-
Text read from the printed page and cleaned; old type leaves the occasional error.