Shanghai, May 13, The fact that the balance in. the profit and loss account is $1,701,782 was revealed in the report presented at the 37th annual general meeting of the shareholders in the China Import and Export Lumber Ca, Ltd, which was held at_the offices of the general managers, Saison House, yesterday. afternoon at 4 pin. A total of 189,180 shares was represented.
Mr. J. E. Gray, who acted as secretory of the meeting, read a. notice convening the meeting and then pre= sented the auditor's report after which the report of the directors was presented. The report stated that the s of $56,002.33 has been paid out of venue for repairing and maintaining the company's, properties during the year, In addition to this, all Dulld-ings, plant and general equipment at Shanghai and at agencies have been written down by a total of $144,542.33 in accordance with the established depreciation schedule, and all prom arties under the company's control are now in good condition, $500,000 Set Aside In view of the unsettled conditions which continue to prevail, and of the uncertain future outlook with respect certain areas wherein the company operates, the directors have considerced it expedient to set aside the sum of $500,000.00 out of the year's corn ings for the creation of a. special reserve for depreciation of assets, and this now appears in the balance sheet, After allowing for Depreciation as aforesaid, providing for Directors' and Auditors' Fees, and deducting, Interim Dividend of 4 per cent. pald in September, 1938, the balance in Profit and Loss Account is $1271,- 741.35, "which with the sum of $510,040.62 brought forward from the Previous year, provides a total of '$1,781,782.37 for disposal, The directors recommend that this be disposed of as follows: to create 3 reserve for equalization of divid-fends amounting to. to set aside $519,238.72 with which to pay a final dividend of $2.24 per share, making $2.80 per share for the year lurider review; and to carry forward fo the new account a balance $702,543.65.
Text read from the printed page and cleaned; old type leaves the occasional error.