of the International Settlement, I feidentally, the British flags which we erected on various parts of the build~ lings just before the outbreak Inostilities are still there, continuing establish the nationality of the shall now outline the position regarding our other properties:—Medhurst Apartments continued to jjustlty the investment made in it, there being few vacancies during the year, The capable handling of staff fand the excellent food served under the supervision of our efficient IManageress continue to satisfy the requirements of the most fastidious. Our shops, however, are not showing. the return previously received and shall have to await some improv ment in trade before we can expect fa return of normal income from this for the development of our' Macleod:
The accounts are, I think, quite Jclear, but T should ike to explain the remarks by the auditors aa to" ad-to two directors of the inst full security, and the year, Th at call and wer rate of interest for a short period out Jof cash balance in hand, which was fying idle and was not required for [immediate use, You will recall, gentlemen, that at the last meeting 1 had referred to the Jvery unsatisfactory relations then Jexisting between this country and japan, and hed expressed the hope that with wise \statesmanship the Jdimiculties would be overcome, Un-{fortunately that hope has not been fulfilled. The events, which have followed, have justified my apprehen= slons and, being too well known to you, need no further comment, The period under review witnessed Jan unprecedented activity In the inning industry due to very favour in. the Road. Estate were delayed and we may be thankful that, at the commencement of hoatlites, only "the pumping equipment had been installed. This was all removed before the scene of battle moved Into the wns considerably increased due to enhanced purchasing power of tural population as a result of abundant crops of agricultural pro-
Western Area, Our total damage will duce, The stabilization of the cur fee the nominal amount required to rency and the continued expansion of repair the bamboo fence surrounding transport facilities had the effect of the property. improving. the general outlook and Rent collections in the Western Infusing confidence in the economic [District and French Concession were development of the country. A con~ rather troublesome during the early Unuation of thes> favourable eondltions was looked forward to, when stages of the hostilities, but they have Inow improved and can be considered the prospects were rudely shaken by quite satisfactory. the grave events we are now witness ing in the country, Hongkong Property As you will realize, the prospects Several years ago, your Directors! for the current financial year are not Jand General Managers decided to encouraging at all, Cur mills are make an investment in Hongkong Jelosed since the hostilities suddenly Properties, the impelling motive being started here, but have fortunately Jan "anchor to windward" in the event suffered no damage. Although the Jot China becoming disturbed by hostheatre of warfare has now been re~ tilties. My recent visit to Hongkong moved away from Shanghai, its stilt Jshowed our developed properties in uncertain as 40 when it will be posslfexeellent condition and all filled to ble to resume operations, For several Jeapacity. Regarding our undeveloped months the trade and Industry of this properties, we prefer to postpone great port fave been almost com-further development pending a pletely paralysed and an early. felearance of the present situation, sumption of normal activity is dest With the continuance of hostilities able, Lot us hope the worst is announced by both participating already over and that it will not be parties, this would seem to be the lain restored. time to conserve our funds and. [prepare for possible future strain on say, but before proposing the JAnanelal resources, "Your Directors Jadoption of the Report. and Accounts, Jand General Managers, therefore, re-shall be pleased to answer, to the commend that the balance at credit best of my ability, any questions lof Proft and Loss Account, $113,982.41, concerning the affairs the mills be carried forward, that you may wish to Since the last General Meeting, Mr.
"There being no questions, the follw. A. Hale and Mr. R, F.C, Master lowing resolutions were proposed and Ihave "retired from the Boaxc Mr. passed unanimously:—IE. 'V, Start and Mr. M. Reader-the Report of [Harris have re-joined the Board, and their reappointment requires con~ [innation at this Meeting, Balder be adopted: a USNR Be "bslanes Sk
Text read from the printed page and cleaned; old type leaves the occasional error.