Mention of a satisfactory return [being received by reason of the pur chase of the Lunghua Dock Property fin the upper reaches of the harbour was made by Mr. G. E, Marden, chairman, in the course of the Sard [annual general meeting of sharehold~ fers of the Shanghai Tug & Lighter Ca, Lid. in the offices of the secretaries, Messrs, Wheelock: & Con, 2 French Bund, at 31.30 am. on Monday, /Mar. 30. The' chairman was supported by Messrs, F. R. Davey, 0. G. Steen, Bills Hayim, i. 3f. Petterly, directors, Captain S. G. Weigall, general man-Jager, and Mr, E. A. G. May, representing the secretaries, and) share~ holders representing a total of 25,530 shares.
in his report, the chairman said:
The balance at the credit of our ]working Account showed a fall of [almost $82,000 from that of last year snd stands at $107,7699, This Is fectly due to the reduced amount fof tonnage and, cargo entering the port, and until here is an improve Front in general trading conditions, we must consider ourselves fortunate, Hf' we maintain this @gure. It has, However, the regrettable result that your directors are unable to recom-[mend a dividend upon the ordinary shares.
"You will observe a new item under spixed" Assets" inthe balance sheet ie, Land and Buildings. We have purchased the Lunghua dock property In the upper reaches of the harbour.
has a deep water frontage and, Whilst @ most desirable asset to the company in itself, it is affording a falistactory return, being let to our associates.
'Depreciation according to scale has been' written off the values of our Moating property, the cost of repairs being ws usual charged to Working Account.
The amount due from our eubsidllary, representing mainly hire of our jerait on salvage operations, has been either pald or secured on salvage proceeds, whilst of the loan. $8,000 Femain outstanding. This is in the ature of an additional capital con {tefbution, 2s an amount in proportion {to their' holdings has. been lent by {the minority shareholders. The loan to Wheelock & Ca, Ltd, remains outstanding.
The Item under "Intangible Assets" representing the difference between book value and market price of our investments has now been absorbed owing to the recent advance in the market value of debentures.
"Current representing "The amount of $1050000 under
balance of purchase price of our new property has since been paid.
The relations between the management and the native floating staff Jeontinue to improve, and although it impossible 10. record complete Inarmony, nothing but minor incidents disturbed the work.
The Tug St. Aubin fas been completely refitted, after being salvaged by your subsidiary "company. major towing salvage operations were carried out during the year; but Suey is now engaged in towing a vessel up from Westera Australia, fon behalf of one of our associated fcompanics. A successful and econoical. issue to this venture, which We have every reason to anticipate, will open a new sphere of activity for our larger craft.
The Atteenth annual meeting, of stockholders of the Asly Life Insurance Company was held on. Friday Afternoon at & pin. at the Head OMice ff the Company at 17 The Bund pet suant to notice of meeting sent by the Board of Directors to each shareholder In accordance with the Company's By-laws.
"The meeting was presided over by Mr, Mansileld Freeman, President of the Company, and N. Vander Start, Secretary, who acted as secretary of the. meeting.
"The stockholders present being the holders of a majority in amount of the outstanding stock of the Company, the mesling proceeded with the Feading of the minutes of the last annual. meeting which was then adopted, The President then read the report of the Board of Directors for the year 1035.
The Company's balance sheet and statement of profit and loss as of December 31, 1035, were presented to the meeting, and, on motion of Mr.
Seitz, seconded by Mr.
Smith was carried and approved as presented.
The President expleiwe to the meeting that forthe FAsv08~s of the Company's governmental d+ visit French Indo-China, it wax necessary that the Bi rect thorized with such deposit, and would be glad to entertain a motion this respect, Accordingly, on mo: tion of Mr. V: Gensburger, seconded by Mr, T. I. Low, it was resolved and decided that the Board of Directors of the Asia Life Insurance Company be authorized to invest at their discretion an amount not exceeding U.S, '$75,000 in approved securities in a cordance with the provisions of the Decree of April 12, 1916, concerning, Life Insurance Companies operating Prench Indo-China, On nominations by Mr. F. R. Smith, seconded by Mr. 1, Yakoonnikoff, and unanimously approved, the followin, named persons were elected directors of the Company to hold effec until the next annual meeting, to wit: Mansfield Freeman, W. A. Hale, Pel 'Tsuyee, C, V. Start and Miss N, Van-dor Start, 'AL the first directors' meeting tin. mediately following the shareholders' meeting, the following were elected amicers of te Company for the cur rent year:—Mansfield Fecoman, Pros-Ident, N. Vander Stars, Vice-President and Secretary, Vice-President, F. B. Baldwin, Actuary, F. R. S. Loutit, Treasurer, W. A. Hale, Assistant Secretaries, 8. T, Ling, Dr. C.
Li and Kenneth Lock."
Text read from the printed page and cleaned; old type leaves the occasional error.