The unsatistoctorly ages has not improved addressed you, but this matter
various oot bodles.ond 4t it ho ing energetically taken that, during this year, the Chinese Civit Code will be tightened up so that foreclosure proceedings may be expedited and mortgagees be placed inn better position, both in regard taking over defaulting mortgages ud in ihe collection of rental from les. T believe that the Nanking would be unwise to part with any of the company's sels during " time alnes whi we hope, heat fu be only emnporery.
There being no questions, the following resolutions were passed:
As you are aware, some of our properties have been held by the company for many years and naturally the letting of these older buildings has been adversely affected by the large number to-date apartment buildings which cently been constructed in Shanghs To overcome this handicap, it 1s ous intention gradually, to modernize some of our. foreign residences and so make them more, attractive to tenants, I am pleased hit our own large modern Broadway Mansions—hes ry popular throughout the year and there has been a sand for accommodation, both in the residential and in the hotel portions, which has. kept the building almost fully occupied.
Wa also hope that improved business conditions will lead to an in-
Banking Corporation, Shanghai, with lover 90 per cent. of the shares' being fereased demand for godown space and the Company, will immediately Benefit when such demand sets in, as at the moment, we have a good deal fof vacant. godown accommodation 'A. Indy shareholder asked wheth~ considering the hard times thiough which they were passing, It was wise to appoint two new direc-ped man replied, thi if the Resolutions to be submitted at o later meeting. were passed, the capital of the Com-would be doubled and a larger Mr. ¥. M, Chien, one of the Managl [Directors presided as chairman of the In reviewing the company's operations during the year ending December 3h 1688, ce "Chen ined general business recovery had its favourable effects on the company's working. - The currency stabilization scheme enforced by the Chinese Gov-Jernment In November 1935 began to show Its effect in the early part of 1936 and gradually brought" about more favourable financial conditions.
Board was therefore visable, "The The attainment of national unity, proposed increase in capital had been following liquidation of the South JChina impaste, further. improved the situation by instilling confidence in every walk of life. These happy clt=
In rental working account that we have effected considerable economies charges and. advertising and foreign salaries and allowances, This the these areas an_ opportunity tation. For. the company, the bountiful harvest played no small [part in the increase of the premium Incomes, substantial reductions in stalt pay to Mellor The pool formed with the An Ping Which T referred at the last annual Jand the Foong Sheng Insurance Com-fand dealing with economics, Be panies which resulted satisfactorily Important change which can still be made must be In connection j|atring te "eat "yearn 1035 again with interest charges.
Wis for this reason that a resolu-I ang egy tion will be proposed, at a. special 5 increased" from seven "te meeting to be held on June 30, to inedconded by" rt. fet anna eas fereage out capital im order to tre the company from the present heavy Sake cee sac iter bank overdraft. 1 do not. propose at
Text read from the printed page and cleaned; old type leaves the occasional error.