Investments in subsidiary Companies have been increased by the reinvestment of part of the dividends received from them.
From profits for the year an terim dividend of $2 per share was declared and if you approve of the directors' recommendations a further $3 per share will be distributed, and the General Reserve will stand. at Before formally proposing the adoption of the report and accounts I shall be pleased to reply to the best of my ability to any questions you may wish to put 'There being no questions, the following resolutions were then put to the meeting and carried' unanimously:
That the report, land accounts as presented be. a Pre ite, GE, Marden, @'Co. be re-atthe companys al a Proposed by ite. 'V. 5 Bog Seco hire W Jy Haivkings. Seconded Shai & Hongkew Wharf Shanghai, Mar. 31, The serious situation which" has been created in the port of Shanghai by the impounding of the Whangpoo Conservancy Board's dredging craft and equipment as well as the abnormal conditions still prevailing in Hongkew, were stressed by Mr. W. Keswick, Chairman of the board of Directors of the Shanghai & Hongkew Wharf Ca, Ltd, at the annual mee ing of the company held yesterday morning, at which 21,709 shares were represented. A dividend of $10 per share, was declared, In his speech, the chairman said:
Taking all things into consideration we must consider the result of the year's working satisfactory and 1 think it Is considerably better than might have been expected, ngkew Conditions Deplored It is deplorable that in the year 3 which has passed since our last" Annual General Meeting there is Practically no progress to report as regards conditions in the Hongkew area where the major part of our properties are situated. The restric-Yions Imposed on free access North of the Soochow creek still severely handicap our activities and are rave inconvenience to all consignees, shippers and clients. Tt is now about 1226.30 eighteen months since active host ties moved away from this part of the International Settlement and return to something approaching harmal conditions is long overdue, Texation paid by us on Hongkew properties amounted to $286,000.00 in 1038 for which in view of the restricted use of roads we received 0 very inadequate return, No. blame attaches, of course, to the Shanghai Municipal Council who are obviously doing their utmost under adverse conditions to restore services and amenities.
On the occasion of the annual meeting last year I mentioned the serious situation which had been created by the impounding of the Whangpoo Conservancy Board's Dredging Craft ud equipment, I regret that here again there is no progress to report Sooner or later this matter will become of urgent importance to. the welfare of the community as a whole, Buildings which suffered damage during the hostilities have all been reinstated and the cost has been charged in full to revenue. A claim has been lodged with BAM. Consulate, Our properties are all ina, good state of repair. "New construction in hand thas been completed and until conditions become more seitied it is hot your Directors" intention to proceed with any new development of major importance.
Turning, now 40 the Accounts: If you will took at the Profit and Loss Account you will see that the amount brought in from Working Account is $009,168.73 which is an improvement (Of approximately $436,000.00 as compared with year 1037. We handled En increased number of ocean going Steamers but as a result of conditions in Hongkew and on the Yangtze the berthing of coast and river steamers fell off considerably. Our increased earnings were derived principally from storage.
The auditors! fees are slightly higher than Tast_ year as we have agreed to give them exchange compensation on one-third of their annual feo. T hope you will support. the resolution which will be proposed Suthorizing the Increase for" 1938 which amounts to $463.9.
Cash Position Healthy Depreciation has been written, off on the usual scale. The balance sheet fottows the usual tines and 1 think You will agree that itis a very solid and Satisfactory" document. The cash Position ly healthy.
The balance at credit of Prest and {Loss and available for distribution Is Sitza7i1 The directors recommend 1 dividend of $1000 per share, pay "Gomis to: tail of $15,000.00" and hope these recommendations will have your approval.
The staff bonus is in Line with what we have done in previous years and Tean assure you it has been well cared.
Before putting the resolutions 1 shall "be "pleased to answer any questions arising out of the accounts, "There being no questions, the following resolutions were passed bye ndopied, that a dividend of si0a0 be That lig report and accounts for, 138 clare, ahd that {he allocation Of the mount ition available ax recommended yvthe Directors "be. passed proposed by lite. W."3. Aceswick and scgoned by" Mr" t. "Kadoorte, "That Mesea Pan" Ching Poo, Pavies, Be Morison, "Radootie DrvvA. Koni be anil they age, hereby Fevgiosted "Direston of ite Company Proposed by Mr. Yuk Cher Poon ahd seconded by" Mr. Sohn Mee "That. Mesars, Lagwe, Bingliem € Mat thewa, bey and they are hereby" scley'ualors for. ne enstih year Ghis200730 be adjusted in Tespect, of the pant" year iso aocuat twostinds with Detaia"in Nooat"eutreney" andthe Bihes "omecthira, will be. converted. nto Sterling" at i/24sd, to en gto and Eonveried at Bika. to Chie, propo' 3, Mi" fu" Tee Chie ana seconded by MPA. HI, Merriion
Text read from the printed page and cleaned; old type leaves the occasional error.