Chairman of the Waterworks Ca. Reports Profit at the Annual General Meeting of charges with the rebate of 25 per feet, remain in force during the current year. To this proposal the Couneit has agreed.
Tu other words, we have in the Interests of the community deferred The net profit of The Shanghai Waterworks Ca,, Lid, for the year on Intra-Agreement Consumers Account} was §1,147,210.88; and on Extra-Agreement and Shipping Consumers Account was $103,400.04, Mr.
Little, Chairman of the Company, reported on Monday, Mar. 30, at the annual general meeting. The Chair man was supported by Messrs. A.J, Welch, LO, Canning, W. Mellor, 8. Fessenden, and W. P, Lambe, direslors, Mr.
D. Pearson, engineer-in-chief and] manager, Mr. R. Lock, secretary, and the following shareholders represent-Ing 807,122 votes:—Messrs. A, E. Roggers, D. Webb, W. A. Willis, B.A.
Wood, T, Wallace, Hi. Mf, Hind, and Col, T."'E," Trueman, his report, the Chairman mentioned that."in" the interests of the community the Company had deferred for one year an Increase In revenue to which the Company was clearly entitled under agreement with the Shanghai Municipal Council. Tt was and still is abundantly clear, he sal, that the lower level of exchange must result In an Increase in waler rates.
Tu regard to the supply of water to the area west of the International Settlement, he regretted that he had again to report, that the subject w SUL under negotiation, "He expressed the hope that such negotiations would be brought to a successful conclusion but until then' the Company wontd not be able to supply water 40 any] fresh consumers in that area An Interesting point of fact, he mentioned, was that the quably of water supplied was slightly superior {to that provided for London.
The Chairman's speech foliows:—
The net profit for the year on Intra-Agreement Consumers® Account. of $1,747,216.8 shows a decrease of just over. $500,000, as compared with that for ast year. This deercaso is. en-rely accounted for by a drop of the same amount in the revenue which, in turn, isa direct result of the operation of the rebate now In force. You will remember that the rebate of 20 per cent. being applied as from April 1934, affected' only "nine months of that! year whereas It has been effect. five throughout the twelve months of] 1999. In addition this rebate increased to 25 per cent, as from April 1 last year and has therefor further decreased the revenue for the Tagt nine months. "T will refer to this increase in the rebate later In connec tion with the tari of charges.
Text read from the printed page and cleaned; old type leaves the occasional error.