Barraclough, manager, and Mr.
Mann, seerelary. There was repre: rewtation of 286,07. shares, The Chairman sald:—
'The balance for appropriation at the end of the your's working amounts \o. $475,708.57, which your directors Propose' should be carried. forward.
Tovday, largely due to wie abnormal appreciation in the value of China's currency "brought. about ™ by American silver policy, a_set_ back nas been experienced, and we are in the thrace Of a financial crisis Tt has been suggested that. this Crisis has been caused toa large extent an undue inflation in property valves, but this is not the ease. Tt has been caused by the artifeisly increased we of silver and also. the abnormal outflow of silver which has Fesulled. tu money no longer being available for property deals, share {tanstetions, or new ventures of any kind This has ied in some Instascee {o foreed liquidation bay when once erty, which is the best form:
monetary crisis has passed, prop
tangible security wit be she "st 10 Fecover. In the meantime it may be advisable for property owners to accept lower rentals, but there 13 occasion for pessimism or alarm. In View of this. situation and. of the completion of our large development 2 Route Cardinat Mercier compels: tug Groevenor: Hose and Grosvenor Gardens, which cannot. be expected toilet with the same speed a would fave Geen the coe in normal tines Your directors recommend he con Versative poly of carrying forward the balance on prot and loss account Preeenting the sccounte, forte year under review your directors have adopted the policy of wetting up the value of the land held in ihe Internation and French Settlements touts asseued "value, and. the ec: counts, 'Show how the "difference Smounting to, $88354836 has 'Soon Aisposed ot."The balance sheet now Shows a more correct picture of the aloe. or"our holdings and in' ths Way it has been possible Yo add supt sntiat sums to our reserves foe Je-Preclution bad debis and investments.
Our working account shows am lat grease of approximately "$47.00000, Ts ts, however, offer by an tnereass Interest recount of approximately $5400.00 anda. decrease of 35 aoaG0 in the: earnings derives from subsidiary companies, which amounted compare to $72568.60 as against $87,806.52. for the previous year. On the other hand we have recovered Yen 12.00.00 received from the Japanese Government in respect of the damage 2us-tained in Sino-Japanese disturbances, the total amount. of which was) written off In 1932
Text read from the printed page and cleaned; old type leaves the occasional error.