'A. new route, known as Route No. 12, which operates between the Garden Bridge and St. Georzes via Peking and Avenue Roads, was in= augurated on December 11, 1984. Up to the present this route has not been Tecelved nnd adopted and that the Balances at credit of profit and loss ac-Count and of extracagreement and ship= Dingcconsumers' account on December 51, 1994, be disposed of as Fecommended well patronized, but it is hoped that as soon as it becomes better known, it will gain public support, On November 19, last year, a skeleton service, known as Route No, 14. was put Into service during the Tush hours, This route runs from_ the junction of Columbia and Great Western Roads, via Great Western Road to St. Georges, and thence along. Route No. 1 to Hongkew Park and back.
'A supplementary Route No, 1A S. was inaugurated' on December 19, 1984. This short route maintains a) service throughout the day between St. Georges and the junction of Columbia and Great Western Roads.
In compliance with popular demand. monthly season tickets were re-introduced on November 1, last year. These tickets are issued' at a charge of $10 per month for adults and $8 for school children under seventeen years of age.
Currency Conditions regret to report that copper p: coins have continued to depreciate and that local currency conditions, have not improved. Over twenty different types of 20 cents pieces of varying values have been in circula~ tion, although most of these coins are sued and accepted in small quantities by many of the exchange shops at full value, if tendered in_ large Quantities they are refused. "Such a state of affairs naturally adds to the dimeultles of operation.
The steady depreciation in copper colnaxe, has seriously affected your compony's income. The average exchange rates for the years 1031 to. 19%4 inclusive were 270.6, 2603, 308.7 and 319.0 coppers to the silver dollar respectively, whilst since the Chinese New Year 1985, the rate has dropped to over 330. Comparing the year under review with the previous year, coppers have depreciated 4.17 per cent. equivalent to a loss by exchanze of approximately $87,000. The dimeulties of operating a public utility company on a fine margin of prof, when its income is almost entirely. {in coopers. and its expenses In silver which bear no fixed relation to each other. can readily be appreciated, Tt fg earnestly hooed that the Chinese Government will soon find itaelt In a position to stabilize subsidiary, coins ona firm basis, During the year under review your company was reluctantly obliged slichtly to Increase ite fires. This Increase was necessitated by the predation of Conner coinage, and the, [hither cost of diesel all fuels consequent upon heavy import duties levied on fuel oils of with Kerosene content. Since the Increase the aver= age fore pald amounts to Tess than nineteen coupers ner Dassenrer. Con sidering the service provided the Tong @lctance fares. which work out a little over on Rnelieh farthing per mile, are very reasonable, Complete Harmony gratifying to report that! urine the year we have experienced no difMeulties or disagreements with our employees. and that the main~ tenance of satisfactory relations between them and your company con Hnues to have the sympathetic care of the senior officials. The entire Saft is working in complete har= many and every effort is being made. bby the management fo encourage the Yeaternising of all decartments by the promotion of recreation during the staff's leisure.
The diesel engine fleet continues to perform satistactorfly, although recently there has been a recurrence of smoke nuisance, which I am pleas-fed to eay, has now abated, and it anticipated. will be @liminated in the near future, It is only by the employment of diesel engines, that the fares can be maintained at the "hat dividend for the half year ended' December 31, 1994, of 344 per cent. on 100000 of the' per cent. Cumulative Redeemable. Preference Shares and. of percent. on 100000 of the Gis. per cents "Cumulative Redeemable Prefer= fence Share be declared and ald. and Ghat a. tual dividend on Intra-Agreement Consumers' Account for the Year fuded 'December 3, 1006, of Ste Der Seat on os anges 3 pen cent, SR" shares and 444, per' cent. on "C: shares be. declared and. paid. proposed by Mr. FIN. Little and seconded by te. A. W. Burk.
"That a dividend on Extra-Acreement and Shipping Coneumers' Account for Bie year ended Decrber 31, 104 of 79 per "A" share and 3% per "B" share be declared and pald, proposed by Mr.
Little and seconded by Mr. A. W. Burk.
HM. Ute, Me. 1 appointed auditors of the company Unt the next ordinary meeting and that their remuneration Be S200. proposed by MrT. Wallace and seconded by BFpresent level 'Your company is now earning steady profit month by month and provided the copper exchange rate does not depreciate unduly, it is an-Helpated, that the debit' balances brought forward from previous years will be converted to a credit balance in the Profit and Loss Account at the end of this year.
Text read from the printed page and cleaned; old type leaves the occasional error.