Actuarial reserves conforming to 'American, French and British standards have been set aside to meet Policy obligations, and now total $13,516.204.75, 'The total assets of the company have increased during the year, now amounting to $16,804,957.63, The' company's insurance in' votes sta Is at a figure of $101,753,1.00, this insurance being well diversified in the various territories in which the Company operates as Central West China, south China These percentages compared with 1937 show increases "in Malaya, the Dutch East Indies. and Hongkong. the Philippine Islands, and corres Messrs. R. A. Berthet, F.J.W. Focken, King Ching-chao, A, E, Lawrence, 'T. deducting depreciation and. transfer- Passed.
This resolution was second-
Shanghai Compat ponding decreases in Chinese ter Watson, J. F, Vella, and Kan Tu nan. Total shares represented were In his speech the Chairman said: I have to apologize for the delay in the issuing of the Report due to the' fact that Just before the audit we found that our books had been falsifed and that we had dishonest employees, Defaleations in the sum fof $36,689.58 were disclosed and have been written' off in the accounts be> fore you.
The year under review has keen a {anxious and diMeult one as the jon of our coal supplies for last year and the current year were Insceure for some time, but I am glad to be able to report that as far as humanly possible we are now ensured supplies to carry us forward well into the autumn, As. you are' probably aware we have had to go. further afield for our coal, not only to India but to Australia," and with exchange at its present quotation you can imagine that the cost has more than doubled, and as a consequence we unfortunately have had to increase the price of gas to the public on two occasions, Those increases have had the approval of the Shanghai Municipal Council and the French Municipal Council, after an exhaustive examina tion of our Books from time to time, Notwithstanding the increase of today, compared with the average of five principle cities East of Suez, gas in Shanghai is $0 per cent. cheaper, Your board and officers of the com= pany realize to the full that. the Gas Company Is a public utility and their services are to. the community, and fon the other hand the Board has a further duty and that is to its share holders, In addition. the Gas Company has its competitors which sures consumers of an equitable price.
Text read from the printed page and cleaned; old type leaves the occasional error.