Shanghai, Dec, 13.
The ninth annual general meeting of shareholders of the Metropolitan Land Ca, Lid, was held yesterday morning at No. 17 The Bund. Mr. E.R. Smith presided over a gathering representing 83,604 shares. Support ing the chairman were Sir Robert i¢ Calder-Marshall, x.ne, Messrs, O. Start, (Directors) and ris, C.
G.T. Read (Secretary).
"The Chairman said: Comparing the Profit & Loss items with those of the previous financial year, our "General Expenses" were reduced by $4,157.45. "Salaries and Wages" were increased by $107721, the difference being due to the exchange rate at which Hongkong dollar expenses were converted into Chinese national currency. The ems under these two headings cover the running expenses of our offices in Shanghai and Hongkong, catering for the requirements of our own properties and many other properties managed on behalf of clients, "Interest Paid" shows an increase of $13,098.10, due to Hongkong exchange. "Expenses on Company's Properties were reduced by $3,640.87, our East em District and "Northern District properties receiving very little atten ion during the period. "Now that we have access to the areas concerned and the Japanese armed forces bovine evacuated our premises, we are completely rehabilitating "all of these properties. The other items in the Profit and Loss Statement, comprising "Depreciation on Company's Furniture, Motor Car, Fixtures, ete." and the" "Annual Charge to Building Depreciation Reserve," merely indicate our usual practice of writing down perishable assets and allocating adequate funds to maintain our build-Ings in first-class condition, The new item in our accounts under the heading of "War Damage to Com~ pany Properties" is made up of $20,000 {or the estimated replacement cost of buildings damaged by fire in January, 1938, $4425.11 for the estimated cost i of repairing and renovating the rest of our "War area" properties, and '$19,029.97 for writing-off our Macleod bs Road improvements. There ix a possibility that some of these amounts, may be recovered, but your Directors, consider it preferable to write them oft in full, Earnings from "Commissions and Fees" amounted to. $32,135.95, $4,430.00 less than last year. and Interest Earned'
$317,487.20, a small merer despite the Tack of earnings from properties in the Eastern and Northern Districts: since August 1937.
Text read from the printed page and cleaned; old type leaves the occasional error.