Cooper & Ca. Legal Advisers ta the Company.
'The Secretary having read the potice convening the meeting and the Auditors' report, the Chairman said:
"The Report and Accounts for the year ended September 30, 1940 have een in your hands for some days and 1 will, with your permission), take them as read, In the carly part of the year the Shanghai Dockyards was converted into a Public Company, thus. completing the final stage of the merger, "the profit for the year ix $4410. 678,88 to which has to be added the balance brought forward from the previous year of $198.419.70 and these Sums, less interim dividend paid on uly 1 of $1,125,000.00, leave a balance of $3.484,0988 which your Directors Yecommend should be distributed as Pay a final dividend of*20 wher" cent sate Forward "1 hope you wilt consider these rets satisfactory, "1 feel T must mention here that during the latter halt of the year our business fell off considerably due to the fewer number ships calling at Shanghai, Also we Still miss those River Steamers and the Chinese tonnage which were x0 large a part of our business in normal times. Unfortunately as these conditions are likely to continue for some time it is difeult to be optimistic the future.
ing to the balance Sheet you hat the Issued Capital was increased by the issue of 125,000 additional shares as purchase price for the Cosmopolitan Dock property, formerly the. Shanghai Dock & Engineering Ca., Lid, This property was part of the assets of Shanghai Dock & Eniineering Ca, Ltd, which were not included in the merger.
Text read from the printed page and cleaned; old type leaves the occasional error.