'The sixteenth ordinary general necting of the Shanghai Loan & Investment Ca, Ltd, was held at the of the' general agents, George McBain, 1 The Bund, at 1145 am. on Monday (Feb. '28). Mr. B. McBain, deputising for his brother, Mr. W. R. McBain, was the chair supported by Mr. A. J, Welch, and Mr. J. H. Liddell directors of the company. The total number of shares represented was 20,462 shares.
'After the secretary Mr. W. A. /Turnbult, had read the notice conven Ing the meeting and the andiers' report, the chairman said:
n'a retrospection of the past years working of the company I would mention that during the first part of the year business was fairly active. and at one period there was every prospect of your directors being to present to you a much more favourable account than that which you have now before you.
Unfortunately, during' the Fast few months of the year under review the heavy depletion of silver locally brought about a scarcity of ready money, causing an almost entire absence of investors from our market. with the natural consequence thal prices of all securities gradually dwindled, and by the end of 1934 Pousiness on our market had become almost stamant, and quotations of conditions takes place.
This shortage of capital still continues, and until the circulation of money becomes more general and credit easier, I am unable to foresee an immediate Improvement of the existing unprecedented situation which has prevailed on our market for several months. However, owing to our well-spread investments, the Jcompany is bound to benefit as soon any Improvement In the present conditions takes place.
Turning now to the accounts, you will observe that the last year's work-ug of the company has resulted in the realisation of a profit of $191,848.. 50 which together with the balance of $28,439.97 brought forward from last year, makes 2 balance of $218,088.53 at the credit of profit and loss count.
The depreciation in values of all investments on our market already referred to, makes it necessary for your directors to recommend the transfer of the sum of $150,000—to reserve against fluctuation of invest ments. I may here mention that the drop in market values of your securllee during the latter half of the year amounted' to no less a sum than:
$170,124.13.
This result is however unavoidable! on a falling market to all companies similar to ours, who by the nature of their business carry a heavy Portfolio of Local securities.
Reverting to the balance sheet, investments and debentures appear 3 customary at book value, amounting to $1,999,733.79 at the close of the '$236250.07, to provide for which an appropriation will be recommended, ater by your directors.
On December 31, 1994 the Investments of the company consisted Plantations with a market value of s2s3.2s000) fands with "3.70032 Other "Securities with market vale of Our liabilities remain very low. amounting to only $150,176.78, even jess than at the end of 1933, when! they totalled $187,373.57.
Your directors regret that in view of the present financial situation, and consequence of the prevailing de-Dression in values, it is necessary to recommend a smaller dividend than ast year, but point out that if their recommendations are adopted, the amount at credit of reserve against fluctuation of investments will be $230,000—which sum together with! the amount of $20,000—at general reserve, is more than sufficient to cover the difference between the book. value and market value of your investments.
There being no questions asked, the following resolutions were put to the meeting and passed:
That the report and accounts as. presented be passed. Proposed by Mr.
McBain seconded by Mr. A. J. Welch.
That the balance of $218,08883 at Jexedt of profit and loss account be; Proposed by Mr. EH. MeBain seconded by ite. 9. Liddell That Mr W.'R. McBain. be re-lected a diecior of the company. Proposed by Mr. G. F. H. Bichard, Seconded Oy Mr. We A. Tirabal Trot the spoointment gt Me MéBaln as director of the company Be eontrined) Proposed Bichard. y: are Turnbull, seconded by Mi. OF.
Thal Mes. Lowe, Bingham Matthews be re-lectad_ audios" fat the lensing "Sear ING.
Turnbull, f ait Shard, seconded" Uy Me
Text read from the printed page and cleaned; old type leaves the occasional error.