Reasons For Sale of Nanking Road Property: Bonus Voted For Shareholders The forty-second Hall & Holtz in the emees of the company at 31 Nanking Road, when there were: present Messrs, E. Moller (chairman), W. S. Watson, H.W. P. Me-Meekin (directors), J. H. R. Faulkner (secretary), and ' shareholders representing 2,605. shares.
The notice convening the meeting having "been read." the "Chairman Gentlemen: You have before you during the last few days, the Balance Sheet of the company for the last year's working ending February 28, los.
The recommendations of _your directors asset out under such Balance Sheet are now known, and propose to cover the position with such necessary information as will shareholders present, a gen-of the company's position, Various Branches Head Office, Shanghai—The turn cover has been a little less than last, year, but against this the overhead charges have been minimized as! much as possible. The ground floor as_you will notice has been re~ modelled, in order to give a complete open display over the whole area trid Tam certain that all of our shareholders will agree that the Keneral appearance of our Head OMmce is very inviting.
Tientsin Branch—This branch has passed through a slightly belter year than lost year; its turnover has been Beller and the nett results have been Bubbling Well Branch—The terior of this branch has been modelled, and new fixtures and Atlings have been installed, which as enabled the branch to carry more stock, and this has resulted in 1 considerably better turnover, Generally speaking, your com~ pany has nothing to complain of, as the management has met all dim. culties quite satisfactorily and there Femains a profit of $55,008.49, which, added to the balance carried forward from last year, permits your Direc tors to recommend a 10. per cent. dividend for the last year's working.
Text read from the printed page and cleaned; old type leaves the occasional error.