"At the last two annual meetings, 7 told you that prospects for property were not bright, and it is with reiret that T have to repeat this sta ment" Mr, A.W: Burkill, chairman. of the Anglo-French Land Investment Ca, Lid, said at the 29 annual gen-feral meeting of the company's shareholders, held on Friday at the offices of the agents, Messrs, A. R. Burkill Sons.
The chairman was supported by! Mr. H, Martin Litle, Mr. HW. P. MeMeckin, and Mr. Liu Chang-yen. directors of the company. There: wore 80,425 shares represented.
"The chairman said:—As regards the: the working of the company during] the past year, T will give the various: Agures in dollars, as although last year's accounts, were made {aels, this year's, for the frst time. are In dollars as well as in taels, consier for you to show Increase of an $15,113.71 which is eatistactory and is chiefly due to the development of Estate M, North Chekiang Road, With regard to outgoings, rates and taxes are up $5,500.41, due to the charges on the properly T have just mentioned. Last year T stated that! we could look forward to reduction fon the charges for water, and T am pleased to say that this item Is down The final result of the Rental Working Account is that the sum of $416,- 1695.04 Is transferred to Profit and Lose Account, an improvement over last year of $10,270.06.
As regards the Profit and Loss Account, the only Item that calls for comment is that of Interest, and this shows a reduction over the previous: year of $13,696.73, entirely due to the very cheap rates of interest prevail-{nie in the year under review and the aimeulty experienced In finding sound Investments. Tam in hopes that with the coming year the earning under this heading will show an appreciable improvement. The balance of Proft and Loss Account transferred to Proftt and Loss Appropriation Account Is $418,031.95 which shows a reduction over last year of $4,850.81.
Tt Is. proposed xy the same final dividend as last year, 6 per cent, or $840 per share, making 10 per cent. for the year, but a bonus of 1 per cent only or $1.40 as compared) with 2 per cent previously. Te would bbe quite possible to pay the same bonus but your directors consider it prudent to conserve resources, in view of the difficulties property owners are experiencing. It is to the interest of shareholders to strengthen the company rather than pay out the same bonus, however much we may dislike not doing so.
It is proposed to place $75,160.84 to Dopreciation and Renewals Reserve, bringing this up to $1,236,000.00.
of $130.88, Equalization of Dividens By, ihe, edaion of the mall Reserve is brought up to the round figure of $140,000, and General Reserve brought up (o'$300,000 by the addi-lon of $20270.72. Bad Debts Reserve and Special Repairs Reserve are both Strengthened, the former by the addition of $16,88450 and the latter by $6,222.22. These reserves we consider ample to cover anything that might happen during the coming year. Your Ditectors also recommend a donation of $1,000 be given to the British Forces Recreation Centres Fund. With your approval of these suggestions, Yhere will be a balance of $17,897.87 carry forward to next year.
"At the last two annual meetings, 1 told you that prospects for: ty were not bright, and it is with re-ret that I have to repeat this state-
[provement in trading conditions and Uuntil this does take place, we must expect difficulties as regards collection of rents, and a certain amount Jor empties, fortunately the bulk of this company's properties is develop-with a lass of house to let at reasonable rental. We have only few empties in those of higher rental shops and houses. The agitation for reduction of rents still continues, but this is a question that is really matier for individual property ownfers to make their own decision.
There being no questions asked the following resolutions were put to the meeting and passed:—That the report and accbiti for the year ended February 28. 1903. as pre-ented "be accepted." Proposed by Mr. Ar 'W. Burkill. seconded by Mr. HE. Martin Little.
That, the following recommendation as to the at credit of Presented be. accepted: To. pay. final divide ud of $840 per share To pay bonus of $140
To place to depreciation and sare:21960.00] per
renewals reserve r-nr-, 75.1004] To place to equalization of dividend reserve s.e-e: s- 19086) To place to special repairs To place to bad 1830430 To place to general reserve... 20.272.72 To donate to British Forces Recreation Centres Fund.. 1.00000] to carry forward Ca aasrat "Tat Mr. E. Sigaut be re-elected rector of the company-—Proposed by Mein, Martin Lite, seconded by Tuat Mesers, Lowe, Bingham & Ma news be fetlected auditors tthe com Tons, seconded by Mr, Kay €. Chun.
nyrsProposea by Dr. chun Tongyen-
Text read from the printed page and cleaned; old type leaves the occasional error.