General Omnibus Company Ltd., was held on March 24 at the Head Office, Sassoon House. Mr. C. J. Meager presided, supported by Messrs. H. E. Arnold, F. R. Davey, Vu Yah Ching, and R. G. Currie, secretary, Holders of 116,862 shares were represented at ihe meeting.
The chairman in his report said.—The directors submit the accounts of the company for the year ended December 31, 1937, which show a net profit of $141,860.69 on the year's operations.
The managing agents, in terms of their agreement with the company, are entitled to a commission of 10 per cent. of the profits for the year. "They have, however, offered to reduce the full amount due to them to an amount of 10 per cent. on the balance in Profit & Loss account, after deducting the loss brought forward from 1936, The commission satisfactory profit, after providing fully for all depreciation.
The directors wish to place on record their appreciation of the good work put in by all members of the staff during the latter part of the year, when conditions were extremely trying and at times dangerous.
There being no questions the following were confirmed:—During the year Mr. Chun Bing Him resigned from the Board owing to ill-health and his place was filled by the appointment of Mr. Li Ming. In accordance with the Articles of Association Mr. {Li Ming's appointment requires the confirmation of the Members.
Mr. H. E. Arnhold and Mr. Ellis Hayim retire from the Board by rotation in accordance with the Articles of Association and, being eligible, offer themselves for re-election.
The Company's Auditors, Messrs. Lowe, Bingham & Matthews, retire, and offer themselves for re-appointment.
Text read from the printed page and cleaned; old type leaves the occasional error.