Brighter prospects for the coming} year were reported by Mr. W. MeBain, chairman, at the" annual meeting of the" Shanghai Loon Investment Company, Ld. held on February 18 at the offices the general agents, 1 The Bund. Other directors present at the meeting were Messrs. A. J. Welch and Ful Siao-en, and 53,807 shares were represented by the attendance.
In his speech, the chairman You will nolo from the accounts before you that the balance at credit] of profit and loss account, including' the balance of $32,983.24 brought forward from last "year, amounts. to $08,915.64, which balance 1 will propose later, in the form of a resolution, be carried forward to next account, During the year it was unfortunately necessary to write off the: book value of the company's hol ing in American-Oriental Banking Corporation shares, amounting to $10,083.92, against profit realized on sales of investments, 'As you are aware, gentlemen, your company carries a' heavy' portfolio of local stocks and shares, and in a year of depression, such as we ha Just passed through—the market rates of practically all securities. suffered 4 decline, consequently a decrease in the value of our holdings was only be expected. I am, however, pleased to say they have improved singe the closing of our accounts, and at the moment prospects may justly be considered 10 be much brighter for the present year.
Text read from the printed page and cleaned; old type leaves the occasional error.