EFERENCE to the unsatisfactory position with regard to the foreclosure on mortgages was made by' the chairman, Mr. H, B, Arnhold, at the annual meeting of the Shanghai Land Investment Ca., Ltd., held on May 10 at 100 Jinkee Road, All directors of the company were present with the exception of Mr. Vu Ya-ching. In all, 410,593 shares were represented, Mr, Arnhold said that the position had not improved'since the last annual meeting, but the matter was being energetically taken up by various local bodies, and it was hoped that, during this year, the Chinese Civil Code would be tightened up so that foreclosure proceedings might be expedited, and mortgages placed in a better position.
In his speech, the chairman said As was the case last year, 9 rote appears in the balance sheet to the effect that "there is q contingent In addressing you last year, I pointed out that "real estate con~ Ainued to suffer from the effects of business conditions and I regret to say that, during the year under re-View, there has been no material Improvement in the local property market, So far as concerns this company, the recurring periods of uneasiness in the Hongkew district ontinus to be a serious matter, have a lot of property on the other side' of the Soochow Creek and 20 400m as conditions become more stable this district, a marked improve ment should be' recorded In our gross Turning to the Working Account, you will" observe that we have {gross profit in this account of $1,609, 179, which, after passing through ref and loss account, is reduced to $112,628. Tam eliminating cents. This big difference between the amount at credit of Working Account fand the nett profit as shown in. the Pront and. Loss Account {s brought about "largely through the very heavy charges which the company has to pay in interest, accentuated by the additforwl fact that interest on some of our more recent mortgages has fallen into arrears and has to be written off from the year's prams.
Text read from the printed page and cleaned; old type leaves the occasional error.