The seventh annual general meeting of Messrs. Wheelock & Ca. Ltd. was held at the registered offices of the company, No. 2 French Bund yesterday. Mr. G. E. Marden occupied ihe chair and was supported by Messrs, H. E. Arnhold, P. H. Bordwell, Ellis Hayim, and V. K. Song, directors; and Mr. H. W. Keep representing the secretaries. The total number of shares represented was 10,005.
In his speech the Chairman said:
You will observe that the balance sheet itself is much more complex an has been the case in the past and this reflects the increased activity of your Company along old lines as well as the introduction of new ones. This in itself was the cause of some delay but the fact that your auditors considered it necessary (and you may think rightly so) to assure themselves in respect of the large item appearing as an asset under "Ships Suspense," necessitated communication with places abroad and delayed the issue of their certificate. It is not anticipated that such a delay will reoccur.
From the profit and loss account you will observe that our sundry net profits were higher than last year by some lakh of dollars whilst our two major subsidiaries having declared substantial dividends, our income from investments was higher by over three lakhs, The resulting transfer to the balance sheet of over $535,000 must be considered as very tis factory. The recently formed subsidiary to which reference is made in the profit and loss account is a private company in Hongkong, ihe formation of which was rendered necessary by the development of our shipping business. It has a capital of Hongkong $2,000.
Turning to the balance sheet there has been a slight increase of capital and only 51 ordinary shares in the Shanghai Tug & Lighter Ca, Ltd. now remain under outside ownership. The General reserve established by you at our last annual meeting remains unchanged, your directors having decided to defer recommending its augmentation until next year. Under sundry creditors in addition to amounts owed in respect of our ordinary trading appear amounts owing to subsidiaries and associates. These figures taken in conjunction with those under sundry debtors on the other side of the sheet represent the balances of our current accounts with the companies concerned and fluctuate from day to day. Apart from these and an amount of some two thousand pounds odd which is not yet due for payment, all amounts under this heading have since been paid.
Text read from the printed page and cleaned; old type leaves the occasional error.