We are also suggesting that a sterling reserve should be set up and £10000 set aside for the purpose. in putting this forward I have partiularly in mind that sooner or latex further building will have to be undertaken and replacements of pi: effected. Faced with uncertain conditions "and greatly inflated costs, however, it seems better to conserve our resources until we can see ahead more clearly or until we know more definitely where our needs are most pressing. I ask you, therefore, to support "this proposal to allocate £10,000 out of Profit and Loss to be the discretion of the Three years ago we took $80,000 out of our Equalization of Dividends Fund, and T think the time is propitious to make replacement.
'A bonus of $20,000 to staff is prom posed. T can assure you this has been very well earned as increased business and conditions generally have added to the strain of normal duties. We have a very good and loyal staff.
The carry-forward is adequate think, In view of the conservi distribution we are making.
Before putting the resolutions shall be pleased to answer any questions arising out of the accounts, W.CR, Progress Mr, Soyka Lauds Management encouraging that there appears to be progress to report as regards the Whangpoo Conservancy Board's dredging plant which you will remember was Impounded in August 1037, and has been out of operation sines then. I understand that arrangements have been made for certain units to be handed back to the Board and if no hitch occurs dredging on a restricted scale will Probably be commenced in the near future. In the general interests of the port it is to be hoped that these essential services will not be sub-ceted to further delays.
urning now to the Accounts, You will see that the amount brought in to Profit and Loss from Working Account. is $2.71448297, which compares with $969,168.73 in 1938, Depreciation has been written of fon the usual scale as regards buildings and wharves and we have taken the opportunity of writing down fair-generously our Floating Property and Sundry' Plant.
'A few years ago when the Compony was going through lean times the Directors voluntarily agreed to forego a part of their fees in the interests of economy. In view of the changed circumstances however. the full authorized fees of $13,980.00 have been restored for the year 1939.
Mr, L. Soyka, in addressing the Jchairman, congratulated the Board of Directors' and the agents of the company for the excellent results ob-{tained during the year under review.
added that he had handed a letter {to the agents containing certain suggestions which he was going to put before the meeting.
Mr. Soyka suggested that bonus shares be issued and that Tls. 100 shares be split into more convenient units so that small' investors may Ihave the opportunity to invest in the company, which Mr. Soyka added, he personally considered a gilt-edged investment.
In reply, Mr. Keswick thanked Mr. Soyka for his suggestions and assured him that they would be studied very seriously by the Board. He invited other shareholders present to voice their opinions on the matter.
Mr, H. Kadoorie, speaking as a shareholders and representative of other shareholders, then told the meeting that he was strongly against Mr. Soyka's suggestions of increasing. the capital and splitting shares. He pointed out that shares in the company were investments in the truest sense of the word and that they were not speculative,
Text read from the printed page and cleaned; old type leaves the occasional error.