Apart from the misfortunes of your subsidiary company, the result of the year's working cannot be considered unsatisfactory. Conditions "affecting the business of your company have continued to Improve. The volume of linon-contract work has shown a considerable increase and we have been the successful tenderers for some larger contracts. Considering the present deplorable stat® of "world affairs we may indeed count ourselves fortunate that we are able to resume dividend payments and still further strengthen our position by a transfer to reserve. However, although the immediate outlook is satisfactory, it is only too evident that with the Buropean war now added to the Sino-Japanese war which will soon be fentering its fourth year, "still with rho end in sight, we must be prepared to face the dimeult days that are head of us.
the resolution which will be proposed re-electing your auditors You are asked to approve their remuneration of $3,800 for the ensuing This amount has been cal is that has now become customary in Shanghai and we consider it to be fair.
The affairs of the subsidiary company have necessitated the absence Jof your manager, Mr. Goodman, in Singapore for considerable periods. In his absence Mr. Ridley has acted fas manager and 1 take this opportunly of recording our satisfaction with the manner in which he and the whole staff have carried out. their duties.
The following resolutions were passed unanimous That joy the" rector.
A. small sale of investments -w made during the year and this is refected in tne reduction of the cost valuation of the investments. Although the market valuation at the bs date of the balance sheet is substantially lower than the cost value raby, authorised to pay, the fede ihe directors be and. they are tion, since that date there has been considerable improvement in price tthe company ta Bone and further realizations have now ceria Gest 00, Sind that such nited Ili such manner been made with beneficial effects on ind seconded by hi. Ht. Ws Carter" "Proposed by the "Chairman the cash position.
"Frat the alreciors' be Singapore Company here authorized to donate the senor Coming now to the investment in $0090, Hal det Conte aah Wt chairman and the subsidiary company to which I have already referred, it appeared to your directors in the earlier part of St."A ni, Cobb ihe year that the company's business company. proposed by Ate the Wr Garter Sha egided by Sa We, la, operations could be extended profit. ably to Malaya, for not only were Feports encouraging as regards our chances of securing favourable con-Bro tracts for sanitary engineering work ie but it was also. clear that with an Carter. organization in Singapore we should an advantageous position to spose of the products of our work-Auto Palace Interim shops in Shanghai. It was t6 realize Dividend these objects that the Standard Engineering Ca, Lid. was incorporated Shanghai,, June 19. in'Singapore "on June 1930. The The directors of the Auto Palace prospects of this Venture were good Ca., Ltd, have declared an interim Until the outbreak of war in Europe, dividend "of Chinese $2.00 per share, contracts "had been secured and. payable on June 27 already shipments of manufactured materials were being made at good.
Forward Rubber Sales prices. Unfortunately war conditions. fave affected the whole venture adversely. Uncertainty of deliveries of roe an Sule 88 materials ordered and various war hal i emettnt restrictions are hampering the busi-fess before it has had a chance. 10 Pat Se a become firmly established and what perhaps even more serious. the regulations governing the prohibition of imports into Malaya Rave made
Text read from the printed page and cleaned; old type leaves the occasional error.