'The notice convening the meeting and the auditors' report having been read, the Chairman addressed the, meeting as follows:—Accounts: The Accounts having been in your hands for some days, I shall, with your consent, take them as read.
The net profit for the year amount= ing to $170,688.85, after allowing for certain " depreciation, is considered satisfactory by your directors and general managers, taking into con sideration that the past twelve months covers a period of compara~ tive Real Fstate stagnation. The return on your capital was also affected by the extensive building programme carried out during the year, of which special mention will be made later.
Comparing the figures with those of previous years, our rental income has increased, but total earnings from commissions, ' fees and trusteeships have decreased. Fees for the hand~ ling of estates snd trusteeships remain about the same, but com~ missions from mortgages and land transactions for clients' account were adversely affected by the inactivity of this phase of our business.
Reductions in overhead expenses re not fully discernible from the accounts as we were still carrying, during the period, certain obligations that have now been entirely lquidated. Overhead expenses for this {coming financial year will be less than the gute for last year, is considered ample for a company of our size and we are not recom. mending any further addition to this figure at the moment, Dividend Declared Dividend: The liquidated profit for the year allows of, our recommending a dividend of eighty cents per share which is approximately six er cent. return on the par value, Your directors and general managers feel that they are best serving the Interests of shareholders by recom~ mending as large a dividend as is possible commensurate with the earnings and the present position of the Company.
Directors: During the year Messrs. D. S, Scott, C. V. Start and A, Me-Lure retired and Messrs. W. A. Hale and G. E, Marden were tavited to join the Board, Their appointment how requires confirmation.
In accordance with the articles of association Messrs, R. Calder-Marshall and O. Okamoto retire by rotation and being eligible, offer themselves for re-election.
Auditors: Messrs, Thomson & Com. pany retire and offer themselves for 'There being no questions asked, the following resolutions were put to the meeting and passed:—'That the directors' report and audited statement of accounts as presented for the year ended September 90, 1994, be and they are hereby received, approved, and adopted. Proposed by Mr.
Smith, "seconded by Mr. G. Marden.
That the following recommendations as to the appropriation of the balance at credit of the profit and loss ace count as presented be accepted:—
1. Payment of a dividend of $80 per sh 2. Transfer to. putiding "ye.
serve (making a total of $80,000) seerernsceses ses 20,000.00 8. Carry forward (subject payment of directors fees) 05,525.00
Model Residential Aren Purchases and Sales: The Real Estate market has withstood consierable pressure during the period covered by this report and it shows the strength of the holders that ther was ttle if any forced selling. Sales of our property consisted principally of lots in our new subdivision on Macleod Road, of which we sold almost half and' have en~ quirles for some of the remaining portion in small lots, As soon public utilities are available in this area we hope to commence a model residential development similar to Jone or two previously successful ventures but with our sub-divisions fon a larger scale. Our belief in the demand for a slightly larger holding for each individual owner appears to, have been substantiated to date by the success of this development, Tnvestments—Shanghai: The me crease in the value of our Shanghai holdings was due to the purchase of Our Macleod Road Estate and to the Proposed by Mr. F. 8, Smith, seconded by Mr. E, Sigaut.
That the appointment of Mr.
Mr. W. A, Hale be con-a that Mr. R. Calder-and Mr. O. Okamoto be and they are hereby re-elected directors of the company. Proposed by Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.