Shareholders of General 'Forge Products (1929) Ltd, was held at ithe Office of the' Secretarie Messrs. George MeBain, No. 1. 'Th Band, on Dee. 23. Mr.'R. B, Mau chan was in the' Chai supported Messrs, W. R, MeBain, wong Kwok-wah, and Gensburger, directors,' and shareholders presenting 61,717 shares, will_note the expenditure of Tis, 21,571.79 on new buildings and Tis, 15,623.54 on additional ma~ chiners"
making a total of Tis, 371980, 'This. expenditure is in order to mako it possible to" maintain monthly "production of approxi mately' 17,000 kegs of Nasr wadi twe believe can be disposed of under 'Unfortunately in this country with its civil disturbances, "foods, rchange.dificulties, our' sales.
interior towards the last. quar fee of the year have. been below pormal. Tu consequence of these Unfortunate conditions. we have' cumulated an abnormal stock, of finished goods, which form. the major portion of the Ti, 273,771.20 Under stocks in hand in the balance Sheet, In my opinion this stock of finished products should mot be con sidered in any way detelmental to the company's position, for" should trade conditions return to normal should be for the first time in the history of the to abl give instant deliveries in all sizes, Which formerly we could not do om account of our over-sold position, I wish to bring to your notice an item of Tls. 23,436.00 for additional Jand. This was for the purchase of about 3 mow on the East side of our factory. This purchase was. made on favourable terms with the abject of disposing, of about 7 mow on the south side of our property, this area being not so. suite Able for the further future development and extension of our business.
This surplus land was sold since the close of our financial yenr now under review, and so the profit will be dealt with in your next balance sheet.
For your information T may say that your company owns to-day approximately 12 mow of land, today's book value of which is somewhat under Tis. "19,000, whereas 78,000. the assessed value'is about Tis,
Another item T wish to bring to your notice is the sum of Tis, 20,- 108.36 which we have written off as depreciation of your plant. and buildings. This is over" 7) por ent, of their book value and so 1 fam sure you will agree we. have allowed amply for depreciation, You have no doubt noticed ro-that Messrs.
Text read from the printed page and cleaned; old type leaves the occasional error.