Coming now to the investment in the subsidiary company to which I have already referred, it appeared to your directors in the earlier part of the year that the company's business operations could be extended profitably to Malaya, for not only were reports encouraging as regards our chances of securing favourable contracts for sanitary engineering work but it was also clear that with an immediate outlook ig satisfactory it is only too evident that with the European war now added to the Sino-Japanese war which will soon be entering its fourth year, stil with no end in sight, we must be prepared to face the difficult days that are ahead of us.
In the resolution which will be proposed re-electing your auditors you are asked to approve their remuneration of $3,300 for the ensuing year, This amount has been calculated on the basis that has now become customary in Shanghai and we consider it to be fair.
The affairs of the subsidiary company have necessitated the absence of your manager, Mr. Goodman in Singapore for considerable periods. In his absence Mr. Ridley has acted as manager and I take this opportunity of recording our satisfaction with the manner in which he and the whole staff have carried out their duties.
The following resolutions were passed unanimously:—
'That the directors' report and accounts for the ae 1939 as submitted to this meeting and they are hereby received and adopted and that the balance at credit of profit and loss account on December 31, 1939 be disposed of as recommended by the directors. Proposed by Mr. H. M. Little and seconded by Mr. W. Mellor.
That a dividend of 10 per cent, for the year ended December "31, 1939 be and the same is hereby declared on all the issued shares of the company payable to shareholders appearing on the register as on May 21, 1940. Proposed by Mr. H. M. Little and seconded by Mr. W. Mellor, That the directors be and they are hereby authorized to pay to the foreign staff of the company as a bonus a sum hot exceeding $4,500.00 and that such sum be distributed in such manner as the directors at their discretion shall think fit. Proposed by Mr. H. M, Little and seconded by Mr. W. Mellor.
That the directors be and they are hereby authorized to donate the sum of $2,000.00 to the Central British War Fund. Proposed by Mr. H. M. Little and seconded by Mr. W. Mellor.
That Mr. A. M. Cobbett be and he is hereby h or piece oF the company. Proposed by. W. Carter and seconded by Mr. W. P. Rial, That Messrs. Lowe, Bingham & Matthews be and they are hereby re-appointed auditors of the company until the next ordinary meeting and, that their remuneration be $3,300.00, ' Prosed by Mr. W. P. Rial and seconded Mr. H. W, Carter, U.S. Gold Imports Washington, June 11.
The United States imported $532,477,333 worth of gold and $1,200,471 worth of silver during the last week, the Department of Commerce announced today.
Of the total amount of gold that poured into this country during the week, $483,353,279 worth came from Canada, $21,762,454 from the United Kingdom, $16,588,610 from South Africa, $3,928,264 from Switzerland and $3,567,477 worth from India, Gold to the value of $399,802,223 was deposited in the United States to the credit of foreign Governments, boosting the total of gold held "under earmark" to $1,686,703,889.
Of the total silver imports, $560,322 worth came from Mexico and $205,798 from Canada,—Havas. organization in Singapore we should be in an advantageous position to dispose of the products of our workshops in Shanghai. It was to realize these objects that the Standard Engineering Ca. Ltd. was incorporated in Singapore on June 5, 1939. The prospects of this venture were good until the outbreak of war in Europe, contracts had been secured and already shipments of manufactured materials were being made at good prices. Unfortunately war conditions have affected the whole venture adversely. Uncertainty of deliveries of materials ordered and various war restrictions are hampering the business before it has had a chance to become firmly established and what is perhaps even more serious the regulations governing the prohibition of imports into Malaya have made future shipments of materials from Shanghai impossible. The accounts of the company disclose that a large portion of its capital has already been lost and in the circumstances your directors see no alternative but to discontinue the business and liquidate the company. It is difficult in these uncertain times to forecast with any Gegree of accuracy the final position on liquidation but it is hoped that some portion of the original capital may yet be recovered.
Text read from the printed page and cleaned; old type leaves the occasional error.