'The Directors' and the Manay Report for the year ended Det ber 31,1934, runs as follows:
On February 8, 1984, gas manufac ture was commenced at the company's new works situated at Yangtszepoo and on March 13, 1934, gas production cased at "he Thibet Road works which have been responsible for Shanghai's eas supply since 1808, 4 period of 69 years.
With the change of manufacturing methods the allocation of charges and changed somewhat so that all of the toms shown in the accompanying Working Account cannot be compared with apparently similar items in pre vious accounts though the final profit Agure shown is on an identical basis with the profits shown for previous The profit on Working Account for Gay sold during the year amounts to 96000061, 1 Cgear Secvease. of $273,12482 a compared swith 1053, The net profit shown is $288,798.63 against $807,431.78 for 193, decline of, $808,833.18, The balance at credit of Prom Loss Appropriation Account is $220, '22234 which the Directors recommend be dealt with as follows:—
Pay a final dividend for the Year "1994" on the 4,000 ares sued. er cent, for' the year). oF Tie, "S00 por share (Tis. carey forward to New Ae> count 7
With the transference of the produc-tion of gas to the new Yang-{exepoo works certain portions the plant were transferred there {com the old Thibet Road works: other portions and scrap material were sold. The portions of ole plant fand buildings retained were written lown to a talc present value. The balance of $692,18821 standing to the credit of "Share Premium Account has been appropriated to cover the difference between the book value of the old Menufacturing Plant and Buildings and their value a hew represented in the Company's Balance "Sheet, due allowance having" been made for the amounts realized on sale of scrap material.
'The account now appearing in the Balance Sheet as "Reserve Account'
made up of the three accounts which were formerly shown separate "Equalization of Dividend Reserve," "Land and Buildings Reserve" and. "Sueclal Reserve Depreciation on Distribution Plant, Office Furniture and Sundry Stock for the year 1924 amounting to $200, LSI has been provided for out of Reserve Account.
In accordance with the company's policy of building up a reserve for The renewal of retorts on the basis fof the quantity of coal carbonized uring the year, $20,588.86 has been Webited to. Retoris and Repairs Account and credited to this account thereby increasing the amount avallable, to meet future contingencies, to During Mr. A.W. Burkill's tom= porary absence from Shanghai Mr. Hr. Martin Little filled the vacancy fon the Board. Mr. Burkill resumed hhis seat on his return.
In accordance with the company's Articles of Association Mr. R. M.
Joseph retires but, being eligible. offers himself for re-election.
'messrs. Lowe, Bingam & Mathews offer themacives for re-election auditor ensuing yea Manager's Report During the year 808419475 cubic feet of gas were sold to private consumers being an increase of 71,252,070 cubic fect equal to 9.7 per cent.
'The quantity of gas sold for domestle purposes constituted 648 per cen'. of the total gas sold, and used, and showed a decrease equal to 23 per sent of the quantity sold for similar purposes during 1933: such decrease attributed tothe better and more constant quality and improved composition of Gas made during the year.
Text read from the printed page and cleaned; old type leaves the occasional error.