'As regards taxation, which _increased by about $48,000 as comated with 1993, you' will recollect general reassessment of properties the settlement for rating purposes was made by the S.M.C. asin result of which we have suffered like many other companies. The burden taxation on your company at the new values both for land tax and "Munlcipal Rates is indeed an onerous tone and if further increases occur the question of advancing our tariffs must' naturally follow. So far we have refrained from such action.
The volume of business at the wharves shows an improvement over 1992 and 1938, Tu all we handled 087 steamers or 86 more than 1993. Both "home steamers and coasters show Increases, whilst coal steamers were seven ess in number Ing are light in these days of depressed trading conditions our Income from this source showed satisfactory increase, Earnings from storage, unfortunately, were somewhat reduced. "Various factors. tend to moke storage space less remunet live of which I might mention the tensive competition from outside companies and tighter customs re fons which make it more di fault to hgo "oer space to the same degree of earning power. While fon the subject of storage T may mention that since 1022 we have Increased our total covered storage space from 1,870,000 square feet to 2480,000 square feet at the present time: Without this enlarged sccom= modation it would have be great Fecently completed a four storied conerete. godown at Old Ningpo Wharf, and apart from replacing No. 26 Godown at Hongkew which noned out in February last, we have no further building construc tion. on but there are several old godowns at Old Ningpo which are overdue for de-volition "and they will have to be replaced when opportunity offers. pour saving devices in so far as they are suitable to local conditions Ihave been installed. With an efficient personnel, up-to-date wharves and modern godowns we are well equipped to care for the best Interests of Sur clients and we ought to get our fair share of whatever business may offering.
Turning to the accounts, statements of which have been posted to all Shareholders, you will note in the profit and loss account that deprecia-ton has been provided for on all our properties before arriving at the net profit for the year. The debit for Interest was incurred in financing' capital expenditure prior to the new capital being called in April last.
Going on to the balance sheet, the issue of 10,090 new shares last year reflected in the increased Subseribed capital. 'The premium this issue amounted to $708,188.75 and it is proposed to follow the course and transfer this sum to our' reserve fund. I will propose the necessary resolution later.
On the assets side the additions to at Hongkew staging and the addition to buildings largely the new godown at Old Ningpo. The balance of the cost of our new wharf staging at Hongkew and Hunts accounts for the increase inthe figure under "Wharves."
"You will see that the company had $861,000 liquid cash at the end of the year which has since increased to-an amount more than suffilent 1o care for the appropriations which fam about to recommend.
$506,588.01 For Distribution The profit for the year brought from profit and loss account is $537,- 048.98. After adding the amount brought forward from last year 909.09 and deducting the interim lend of $170,000 paid in Sept-tember last there Is a sum of $506, 588.07 available for appropriation and your directors recommend the fol-
To pay a Anal dividend of $780 per abore on 80,000, old shares $378,000.00 $8100 per share on 10000 new share 50,000.00 Ty pine to cre of Heserve
To pay a bonus 10 Siait 140.09 Fung "S loan. To carry forward uapattaa There being no questions asked the following resolutions were put to the meeting and passed:—That the report and accounts, for 1034, be adopted, that a final dividend fof $7.50 on 80,000 old shares and $5 that the allocation of the balar profit and loss account as recommended by the directors be passed. Proposed by Mr. B. D. F. Beith, seconded by Mr. HI V, Wilkinson.
"That the sum of $706,158.75 stand-Ing at credit of share premium account (1954) Issue be transferred to Reserve Fund. Proposed by St. J. Killecy, seconded by Mr. Kadoorie.
Text read from the printed page and cleaned; old type leaves the occasional error.