It is unnecessary, therefore, for me to make anything in the nature of a set speech at this meeting, but I should like to place on record our appreciation, and, I am sure, the appreciation of all shareholders, of the good work which Mr. Arnhold has put in on behalf of your interests, during the year he has been chairman of Shanghai Dockyards, Ltd., During that period Mr. Arnhold has taken a very close and active interest in the company's affairs. I should like to take the opportunity also, of expressing our appreciation for the services given by Mr. Bonnyman and his staff, the results of which are shown in the excellent results obtained.
Full particulars have been circulated of the results of the scheme for conversion of preference into ordinary shares, and it is unnecessary to make any lengthy reference to this matter. There are now only 144,500 preference shares and if the results of Shanghai Dockyards, Ltd. continue to be reasonably satisfactory. in addition to the amount required for dividend on these shares, there should be sufficient for a good dividend on the ordinary shares also,
Text read from the printed page and cleaned; old type leaves the occasional error.