Shanghai, Apr. 22.
'AKING a profit of $2,745,964.68 in the most profitable year's working in the history of the company, also declaring a final dividend of $1.20 per' share and a special dividend of $0.6993007 per share, was announced at the 22nd annual general meeting of shareholders of the Shanghai Exploration & Development Ca. Ltd., held yesterday at the offices of the general agents, No. 1 The Bund, Mr. W.R. McBain, chairman, presided, supported by Messrs. A. J. Welch and G. E. Marden, directors, and shareholders representing a total of 156,389 shares.
Your directors are pleased to be [by us, The chairman in his speed said:—Jporings, has not yet been exploited Jable. to. place before you such favourable account for the past year, Transport and Labour Improvement tihich nas aga prove fo be the ast With regard to the present year, 1 restate atte history. of the come Jam glad to be able to inform you Peng rue years, working, after that there has been a very consider-Ping twance for" aepatcation, fable increase in transport and also an Sinclar fee, auditor" ces, and Improvement in our labour situation, Geverel'agens! commission, his Te-[Sales from the Mine from January 1 Scted inc' prof" smouting 0 to April 6 this year are 104,716 tons seihoot. compared with S101 Jcompared with 20,849 tons "for the Saar'tne previous Year" Adana Jeorresponding period in the previous Pataca of a799628 brought forward year, I would here mention that the anrtoy, ana deducting tne two Jestimated profits for the first three
eng December 2, 1900 respective: Incr fiends poi on Sener months of this year exceed the profits caning to a (Stal of $800038 for the first six months of 1940. is aimeult 10 prognosticate what is in here remain balance of 8107982210 store for us but if prevailing condiieee of profit and Toss tions continue, it appears your com-oun wish? wil propose Iter pany will again show satisfactory re-Sout ha tha tore "Teel Sults at the end of the present year, tion 'With regard to equipment at thi Investment, Account mines, the boilers, turbo-generators, with fegurd to the"balance sheet, Jelectrical pumps,' screening plant, inane vestment account haulage gear and pneumatic machinery: fou Sinounts to a515.0498, invests hhaye all been kept in good condition arty at coe who ins marked id have operated satisfactorily, Ad~ men Phon at in date of Closing ditions and improvements have been Tes Stunts was S24N69074, shoe made where considered necessary. oF acer ecllion of m8 20250, eer appreciation, 8 rot conclusion, gentlemen, 1 would antee ea we realized sri ves tike to take this opportunity of ex-cee turing the yeat under pressing our best thanks to the stof earths you wil pote for the very satisfactory manner in ie; amd vesaccount tat the sum which they have carried out their Brea ad Jas received on soul duties under sometimes dimeult and Sara aivigends, which 30 hazardous conditions. of, itera A quite sntotory 7e-'That, gentlemen, is all 1 have ma Jsay, and I will now formally propose thai the directors' report and state-General Agents' Remuneration ment of accounts for the year ended Your Board have reconsidered the December. 31, 1840 be adopted and [generat agents' remuneration and an passed, This is seconded by Mr. A. J. Jagreement has been entered into [Welch and is now up for disctssio whereby, as from January 1, 1040, the This resolution was passed une general agents receive a commission of 7% per cent. on the net profits of The following resolutions were also Jyour company, Previously the gen-put to the meeting and passed une feral agents received a commission of per cent, on the net profits and That the at credit at also a declared commission of 2 per "beccinber 3, ent. for the handling of all sales of coal, Your board are of the opinion Would be more satisfactory for all Jeoncerned to pay the general agents Jone remuneration rather than the arrangement 1 have just mentioned,
Text read from the printed page and cleaned; old type leaves the occasional error.