Shanghai, May 25.
The Bighth Annual General Meet ing of shareholders of the flee Appliance Ca. Ltd., was held at the company's offices, 180 Nanking Road, yesterday, Mr. P. 8, Widdup, Chair man and Managing Director, presided, supported by Messrs. Reader Harris and G. B. Marden, directors, who, with the other shareholders "present represented 80,174 shares.
'The chairman in his speech sald:—'You will see from the accounts placed before you that we have made 8 gross profit of $183,687.08 and a net profit of $52,980.13 which, when deducted from' the loss of. $187,641.29 brought forward from 1936, reduces this gute to $134,052.10, Your dir tors' recommendation as to its posal will be put t6 you later Fesolution. Your Hongkong and Philippine islands branches. reports fare included in these figures Speaking of your Liabilities, the are substantially the same is_ast Sng year and call for no special comment. The amounts appearing as due to Sundry Creditors and Credit Balances ($130,804) have, with the exception approximately §1,500, since been Speaking of your assets, the Goodwill figure remains at, $120,000; furniture and. fixtures, plant, tools and equipment accounts do not call for. any special comment. Stocks ($275,047) have been increased by approximately" §2,000 and have been figured at a $3.30 to one, rate of exchange.
Of the amount of $259,960.40 shown under sundry debtors and debit balances, approximately $210,000 has since been received. 'A reserve for bad and doubtful debts of $7,969.72 has been carried forward which Is considered adequate, Cash at banks "and on hand amounted to $71,239°70.
Speaking of the profit and loss account, this does not call for special comment, except to mention that Shanghai and Hongkong Omces made profits, whereas in the Philippines we suffered a loss on the year's working which, by the way, is our first full year of operations in that territory.
Before formally proposing the adoption of the report and accounts as presented, I shall be pleased to answer to the best of my ability any questions that shareholders may de-Sire to put to me, 'There being no' questions, the following resolutions were put to the meeting and duly carried unantmously:
That the report and accounts for the year ended December 31, 1007, as audit:
certified ale' company's proved a ing Widdup and seconded. by bee.
1057 of $82,080.13 be chat' the nett refit for the year of deducted tom the
Text read from the printed page and cleaned; old type leaves the occasional error.