The annual meeting of shareholders of the Shanghai Land Investment Company, Ltd., was held yesterday at the Shanghai Club. Mr. J. G. Purdon presided, and those also present included Bfessrs. H.R. Hearn, A McLeod and E. Jenner Hogg Qirectors), E. H. Lavers, J. Jaques, H.
Wilkinson, J. Mencarini, Zee Lan-char, Dr. Macleod, H. Suethlage, W. Buchansn, Douglas Jones, J. Chapsal, R. Francis, W. Kingsmill, L. Rousten, L. Moore, F.C. Bishop, J. M. Young, 4. Burman, B. Ruttonjee, H. W. Daniel, H. R. Kin: near (Secretary), ete., representing in all 4,628 chares.
Mr. H. R. Kinnear having been elected Secretary of the meeting, and having read the notice convening it, The Cuarnway stid—The minutes of the statutory meeting held in April are on the table, and if anyone here wishes them read they can be read; if not, we can go on with the business of this meeting.
In presenting their first report, which has been in your hands for a week, the Directorshave endeavoured to enter as fully as possible into the affairs of the Company since it has been in active operation, as they are desirous the Shareholders should know all essential partioula i their business, As intimated in the report, the fi mouths of a large Company like this cannot be very remunerative, and probably no one expected any considerable profit to be made, or dividend to be declared.
As regards what may be celled the proved" properties; we are at present getting very gond returns from Estate No. 3 and most of No. 1, and as the tenancies of the greater portion of the buildings on Estate No. 4 begin on Ist prox. that will now soon be giving a good return also.
Although we started with a certain amount of property that was yielding an income, yet the larger part consisted of unimproved land, and our main object was then, and' has been since, in' subsequent ' purchases we have made, to acquire such Iand in favourable situations at reasonable prices, to develop; feeling sure that the demand for the description of buildings we intend erecting will groatly increase, and enable us in the near future to get, a handsome return on our capital, We believe that our property in the centre of Hongkew is now worth 25% to 30% more than it cost us. It will be in the knowledge of all of you that we entered into an agreement with the promoters of a proposed new Hotel Company for a long lease of the site on which the Astor House now is; but the scheme has not been successful us yot. Our agreement is binding until the ist May next, and until then we cannot tell whether it will be carried out or not. Tf not, we still have a good lease from the Astor House, and can improve the immediately surrounding lots. 'The lease of the ground on the opposite side of the Broadway on the Whangpoo road (Saunders') expires 31st December, 1898, when the property should give a vastly greater return than it does at present, You will probably have noticed from the published report of the Municipal Council, that we offered to surrender land for the extension of public roads through our No. 2 Estate, but that, owing to the Council's plans for the extension roads not agreeing with ours, the offer was not accepted. Our proposed lines followed the general' direction of the road in the vicinity and the trend of the Creek, and made advantageous connections with existing roads, while the Council's, in our opinion, did not do this, besides so cutting up our property that could not afford to allow them to be ea out without requiring such compensation believe the Council would not be willing to pay.
We will now turn to the accounts, taking the items as they appear.
Charges Account; this is made up of small items, such as cost of placing and removing boundary stones, etc., that cannot well go to any other account, tween London and this, regarding allotment Telegraph Account is for messages. be-of Shares.
Tranafer Fees account; we do not pay shareholders for transferring their shares,
Text read from the printed page and cleaned; old type leaves the occasional error.