Several years ago, your Directors and General Managers decided to make an investment in Hongkong Properties, the impelling motive being an "anchor to windward" in the event of China becoming disturbed by hostilities. My recent visit to Hongkong showed our developed properties in excellent condition and all filled to capacity. Regarding our undeveloped properties, we prefer to postpone further development pending clearance of the present situation, With the continuance of hostilities announced by both participating parties, this would seem to be the time 1o conserve our funds and prepare for possible future strain on financial resources. Your Directors and General Managers, therefore, recommend that the balance at credit of Profit and Loss Account, $113,982.41, be carried forward.
Since the last General Meeting, Mr. Ww. A. Hale and Mr. R, F. C. Master have retired from the Board. Mr. C. V. Start and Mr. M. Reader-Harris have re-joined the Board, and their reappointment requires confirmation at this Meeting, Mr. G. E. Marden and Mr. Yusen Yeo retire by rotation and being eligible, offer themselves for re-election, 1 Messrs, Thomson & Company retire and offer themselves for re-election, Are there any questions?
Text read from the printed page and cleaned; old type leaves the occasional error.