Mr, Soyka asked the chairman, at the conclusion of his report. whether hho thought the amount of '$51.684.62 as reserve for bad debis was suflcient. The chairman replied that it was considered an adequate amount as he pointed out, Mr. Soyka asked what was the amount outstanding for rents. At the end of December it was $186,300 the chairman. replied. "Mr, " Soyka expressed the opinion that more, of the outstanding rents should be collected.
Mr. Soyka next asked whether it would not be feasible to pubbs shareholders a working account. would like to have an idea of the gross income as well as of the ross expenditure;" he said, "seeing that
Cress expenditure of the company amounted to $600,000 the chairman Said and then called upon the secre tary. Mr. W, B. Bryden, to itemize the account. "Mr. Bryden did so, the Aolal figure being $643,527.13.
'A_ request that the directors be more economical in the interests of shareholders, was made by Mr. Soyka. 'The company owed last year to E. D, Sassoon Banking Corporation a sum of $10,705,10588, secured certain of the company's' assets. This was an increase in indebtedness of over $2,000,000 from the 1034 figures, said, and asked for a reason for this Increase as no further properties were purchased, The chairmen replied that the company's overdraft had been increased by two million dollars during the year because the company' was under contract to complete Grosvenor House and Grosvenor Gardens, Me, Soyka asked whether the directors did not think it rather risky to take a loan of $17,000,000 on a capital of $6,000,000, and asked whether it was Ju the Interests of the company 0 undergo such a heavy lability.
The chairman pointed out that the company had undertaken a programme when there was a boom In Shanghai. No one could have foreseen the present collapse in values he said, If it came to trouble he would see that the directors were held responsible for undergoing such a liability for which they would have to answer Mr, Soyka said, It was irresponsible tomake a loan of $17,000,000, he. said. It was pointed out to Mr. Soyka' that the overdraft was $10,000,000 and not
Text read from the printed page and cleaned; old type leaves the occasional error.