Ing of Shareholders of the Metropolitan Land Company, Limited, was held at 1145 am. on Wednesday, December 29, at 17 The Bund. Mr. F. R. Smith presided over a gather-Ing representing 98,78 shares. Supporting the Chairman were Messrs Calder-Marshall, CHE, M. Reader-Harris, 0. Okamoto, 'C. V. Start, Yusen ea (Directors) and AnH. Dutt" (Secretary).
'The notice convening" the Meeting and the Auditors' Report having been ead, the Chairman addressed the Meeting a8 followss—
'Agrin making a comparison with the preceding year, we note that the Liabilities have' been decreased. "Loans secured on Company's Properties" were reduced by $9024458 Out of current cash accumulation. The soving of interest to the Company by this reduction has ready been mentioned. "Building Depredation Reserve" has been in~ creased by a further $26,700.00, as~ sessed according to the formula of our Auditors. The remaining items show a shrinkage of $19,767.23 in the Company's lability under these headings.
Gentlemen-—The Report and_Accounts having been in. Your hands for some days, I shall with your Consent take them as read.
"The net prodt for the Year ater the segregation of Debenture Inferest, adequate allowance for depreciation buildings and equipment, and re-Serves against "doubtful items, amounted to the sum of $405.63. uly, we antlepated a larger profit Toor than that of 1036, but the loss. of revenue' in the Eastern. and Northern distiets since then, and the Allocation of liberal. eserves and Slowances "against probable now collection of outstanding rents in these areas has considerably reduced ur net earnings.
Making a comparison with the previous financial year, our "General Expenses" wore reduced by $5,71035 and. "Salaries and Wages" ian. The items under these headings cover: the running expenses of Dur offices in. Shanghai and. Hfongfong, catering for. the. requirements our own properties (totalling over Five. Million Dollars) and many other properties managed on. bebait of clients. "Interest Pald" shows. Feduction' of $5.4023, due' to. on having paid off some of our mortgage Chligations uring the period. "EX-Benses on Company's Properties Show an increase of $3,48239, duc to the increased cost of upkeep. The other items, comprising "Depreciation on Company's Furniture, Motor Car, Fixtures ele" and the "Annual Charge to Building Depreciation Re-Serves" merely emphasize the pru-tent policy of Your Direciors and General Managers in writing down Perishable, assets and. allocating adequate funds fo malniain our buildings fi" first class condition, Our. earnings from. "Commissions and Fees" were. §9036503, ap. Droximately $3000.00 lower than Fast Year, there being practically no pur-base, sales, oF mortgages negotted for clients during the year. "Rent fud Interest Earned" amounted $316 900.67, the drop of approximate-$27,000.00 being' due to the com: Bieto loes~ of revenue. from the Easter and Northern dlstrits from the beginning of hostilities, and the elimination of interest earnings on mortgages paid off during the year.
Text read from the printed page and cleaned; old type leaves the occasional error.