A dividend of $10 per share was declared by the Anglo-French Land Investment Ca, Ltd., at the 30th annual general meeting of the company held on Friday morning at 20 Canton Road. The directors present were Messrs. W. Mellor (chairman), H, Martin Little, H.W, P, MeMeckin, Chang Yin and', Sigaut, and the. shares represented by the attendance were 8977, The chairman said:
Gentlemen:—Before proceeding with the usual business of the meeting, wish to take this opportunity of observing that it is largely the conservative policy of your previous chairman, Mr. A. W. Burkill, that has enabled your directors to place before you. what they consider to be satisfactory balance sheet considering the trying times experienced during the year under review, Turning to the accounts before you, rental working account shows a decrease of $41,198.53 in the amount transferred to profit and loss recount 45 compared with last year, This difference is accounted for in round figures by a reduction in rentals of $27,218, increases in rates and taxes $4,020, repairs $9,046 and charges $2,126, The lower Agure for rentals is due to reductions on various properties and vacancies, and as long as present depressed conditions continue, would not be wise to anticipate any great improvement.
The increased expenditure on repairs was incurred in maintaining the properties in a first class condition, on rates and taxes because we have paid the Chinese Government land tax on estates which are outside the settlement limits, also Shanghai Municipal Council-Iand tax on B, C. Lot 14080 which was purchased early in the ancial year. The increase under charges is accounted for by increased legal expenses in connection with rent collections, The balance at credit of profit and loss account this year is $972,700.54 which is $43,182.41 lower than for the previous year. This reduction ly due to the smaller amount transferred {from rental working account which 1 have explained above, and by a decrease in interest earnings '$1,757.17. This account would have shown an increase over last year but for the failure of one mortgager to Keep up Interest payments, Fortunately the mortgage is only a small one, about $70,000 against land and buildings valued at $127,000, and it is the only one with which we are having any trouble. Arrangements have been made with the mortgagor to have all rents collected handed over to the company, In the profit and loss appropriation account you will observe a transfer of $30,710.20 to bad debts reserve, and after all adjustments have been made, the total of this reserve stands in the balance sheet at $05,000, which in the opinion of your directors is sufficient to cover any losses due to defaulting mortgagors or tenants.
'As mentioned in the report, the reserves of the company stand at {$1,805,000.00 which in the opinion of your board places the company in a very' sound position, In his speech last year, your chairman drew the attention of shareholders to the agitation for rent reductions that was going on at that time. This gathered force during the year owing to the diMcully, in my opinion, experienced in obtaining ejectment orders within a reasonable time, against some of the ringleaders who' are invariably found to be the worst offenders as far as rental arrears are concerned. However, new instructions have recently been promulgated by the judicial yuan, which if enforced will I hope lead to jan improvement in this respect.
There being no questions, the following resolutions were passed:—That the report and accounts for the Year ended February" 20, 1930, as presented "be adopted: Proposed by Mr. W. Mellor and seconded by Mr, "phar a final dividend of $10 per be pald: Proposed. by "Mr. and seconded by Mr. E, Sigaut, "thatthe appointment of Nr, Mellor as a direct fof the company' confirmed: Proposed by Mr. H. Magtin Little and seconded by' M hing.
That Mr, W. Mellor be re-elected a director of the company: Proposed Mr. Liu Chang-yin, and seconded by Mr. Chun Ton Yenstong.
Th company F190; Proposed by Mr. M1. Spelman, and seconded by Mr. Chun Wing-liang, corporation had expired, were te-elected en bloc.
Messrs, E, K. Hsu, H. J, Nain and Dr. ¥. L, Yao were elected as super visors of the Corporation, Messrs, Thomson & Ca. were again appointed auditors of the Corpor: and the meeting closed with a vote of thanks to the Chairman for his work throughout the year.
Text read from the printed page and cleaned; old type leaves the occasional error.