An opinion that the great demand for ships all over the world would reflect favourably on Shanghai was expressed by Mr. H. V, Wilkinson. chaleman, at the annual gener: meeting of the Shanghai Dock Engineering Ca, Lid., held on March 12 tu the boatd room of Jardine, Matheson & Ca, 27 The Bund, Shares Drosent or represented totalled 3,788, 'The chairman said With. your approval 1 propose to take the directors' report as having been read: we meet (o-day under changed conditions to our previous Annual mectings—we are now joint holders of half of the stock of Shang-hal Dockyards, Ltd,, and in addition owners of the Cosmopolitan Dock property and the Old Dock property. 'The copy, of the directors' report andi chairman's. speech of the Shanghai Dockyards forwarded to you with our balance sheet showed the progress ud position of the new company at the and of its first financial year, 'Turning {0 our own balance shoot which has been reduced to 8 months working results, to December 31, 1996, fag the' financial year of Shang Dockyards, Lid, ends on Septem 80, we have riven the valuation of our asters careful consideration and used part of our special reserves to write down various items to very low Ngures, Our Old Dock property con-
Whilst, taking an impartial view, the considerable extra work for the imation might be justly con-'08 being beyond the scope of ordinary directors' activity, Justifying 8 special compensation, the directors, however, thanking the proposer and seconder, feel that the immediate results of the merger do not yet justify any sum being granted now. Should it be possible to show you more favourable results of a fulure ate, the question could be reconsidered, Future dividends will depend upon the amount we receive from Shanghai Dockyards, Ltd, plus the liquidation of sundry debts'and returns from the sale oF lease of our properties, and When It Is possible to sell these pro-arties a Substantial sum will" be Available for distribution to our shareholders.
Mr. La Soyka's request for informa tion "concerning the present man-agonal and secretarial fees "and salaries of the Shanghai Dockyards was refused by the chairman on the grounds that the company was" Drivate one, and that therefore these Accounts could not be made private. He could secure this information from the secretaries later, if he desired.
The following resolutions were That the directors sists of about 20 mow arsessed by "3 the SIM.C. at $1,440,000, and the area a of our Cosmopolitan Dock property is bout 200 mow, with a very deep water river frontage of 2400 feet and the ground surface raised about 8 fect above high water level.
Docks, wharves, bundings and walls
Text read from the printed page and cleaned; old type leaves the occasional error.