During June last year your directors decided to purchase $25,000
Shanghai Power Ca. 54% per cent. Debentures which are now shown in the balance sheet at cost, amounting to $23,375.85. The present market value of these debentures is about $19,000, but until conditions become more normal it has been decided that as the General Reserve is adequate ho specific, reserve shall be made against depreciation of the investment, It is expected that the loan, which is a part of a mortgage guaranteed, will be repaid in the near future as a result of negotiations now proceeding. Actually, this mortgage became due for repayment in September last year, but owing to hostilities no satisfactory arrangements could be made. Although the mortgagors have not paid interest for the past: 12 months, has all been made good by your general managers, Mes: A. R. Burkill & Sons, Ltd, and, as stated in the chairman's remarks at the annual meeting of shareholders [of the Tanah Merah Fstates (1916), Ltd., all legal expenses have also been paid by them.
The following resolutions were passed unanimously:—
Prop W. Mellor aiid seconded by: E. È. Parsons That the report and acco g recommendation as tion of the credit of Profit and Lozs Acco presented be accepted:—To pay final dividend of cents local currency po:
share (making a total ai 3 cents local curr th share for t a $25,000.00 Place to General Reser 10,000.00 Replanting and Culti Rose. 15,000.00
Text read from the printed page and cleaned; old type leaves the occasional error.