With regard to capital expenditure during the year under review, it was huecessary, in order to comply: with the requirements of the Government Labour pent of, seeounts fort "Thal, the rectors 20 Belcher ae igo, Gdvby Ate. A. 3. Welch, fiat the balance of $26484072 at crea Loss colle {o'replace an old one, and additional expenditure was also incurred for the completion of the light railway. Besides these two major items a small sum. was spent on ittin credit of profit and loss account be approved, li the fixed assets to the company, buildings, plant and mach~ stock and vehicles, ote, will be written down the value'of $1 each. na Donate to British Forces Te creation Centres Fund... Place to general rescue raising amount of same to China Finance Corporation Shanghai, Mar. 12, The regular annual meeting of the stockholders of the China Finance Corporation, Federal Tne. US.A. was held. at 9 Avenue. Edward Vil, on March 16., Mr. R. H Parker, presi dent of ithe "corporation, presided. Holders of 103085 shaves were represented in person of by Proxy.
The chateman in hi speech sai:
Teiis with much pleasure that T st mit to" you the annual report and latement of accounts for the year fended December 31, 1989.
Profit shown You will have noted from the balance sheet already circulated that your company' has al a successful ear resulting in an operating profit of $2080.81. After allowances are made for additions! reserves, special bonus and Tax Saving Dividend, the eflelt of the Corporation will be te= duced by the sum of $111,393.00.
"You "are no. doubt ware that American companies incorporated tinder the China Trade Act are sub-Jeet to a tax on their special. class net income of the year. These Cor-parations, however, have the option paying this tax either to thelt Mockholders as a special dividend of {o the United States Government 08.8 Corporation Tax. In the case of your company, "your" directors naturally chose tO. give the stockholders. the Denefit "of" this distribution which mounts to $0.05%% per common share.
Text read from the printed page and cleaned; old type leaves the occasional error.