Of $2,826,257.18; Extraordinary Meeting Held Extraordinary General Meeting Gentlemen: The present _extraordinary general meeting of the Jcompany has been called, as already advised you, for the purpose of Jconsidering and it thought ft, passing the following resolutions, the first two as special resolutions:—That the Articles of Association be Shanghai, Feb. 8. {HE 2ind ordinary general meeting of shareholders of the Shang hai Loan & Investment Ca., Ltd,, was held at the offices of the General Agents, Messrs. George McBain, at 1 The Bund yesterday.
Mr, W. R, MeBain, chairman, presided, supported by Mr. Chas, H. Arnhold, director, and shareholders representing 69,906 shares, An extraordinary general meeting was held immediately faltered in manner following:—
(a) That Article 45 shall be cancetted.
The fetlowing article shall be sub-tuted for Article 45, and num: Berea a5: after the ordinary meeting.
The chairman in his speech sald:—Before proceeding with the ordin~ ary business of the meeting Twill atk you to rise for a few moments in token of respect to the late Mr, Fu. 1 wish to take this opportunity of recording and exsiressing our appreciation of the valuable services rendered by Mr, Fu during the time he was a director of this company, and expressing our sympathy afd regrets to Mrs, Fu and family In their sad bereavement, Company's Most Prosperous Year a matter of satisfaction to your directors to be able to place before you such a favourable account for the past year, which has again proved to be the most prosperous in the history of the company, The net prompt earned amounted to $2,026,- 257.18 or approximately 101% on our paid-up capital, compared with the previous year's profit of $988,006.11 or Approximately 50.5%.
Tneluding the balance of $51,410.91 brought forward from last year the balance at credit of profit and loss account "amounts to §2,877,668,09, Dedlueling from this amount the we interim di dividends of $250,000.00 each pald on August 9, and November 1040, respectively, there remains credit balance of '$2,977,008,09 which your directors propose be dealt with fas set forth in their report now before you, Increased Profits reviewing the company's activities' during the past. your, T would tike to draw your attention to the fonsidorable. increase in the profit Fentized on investments" sold, which outed" to f2qr2tb.2 edmsared with Task year's figure Investments. appear in the Balane Sheet at poole value. market value of sam ihe date of closing of the accounts showed "an appreciation of approxi-nately" $179,000.00, Ts Is naturally addition to" the profit of $2,472 {Woe to which I have Just alluded, There was also a considerable improvement in" dividends received, Which amounted. §5121082,78 com: pared with $322,000.12 received during the previous year.
Wise Policy the present slate of world poli vies It if diMeutt. to. promosticate what the. present year will have More for us, and with this Ju mind your Board, desiring to_ put the com. Pany in a "position. to be reasonably fle to absorb any probable depreciation, fu the. valda of our holdings tu focal," currency, recommends the Iranster' to. General Meserve of $500,000.00 raising same t0 $550,000.00, the tcanster to reserve against fluctuation of investments of $363 05.04" raising same to" §000,00,0, carry forward. the sum. o $24090235. in order to" guard Saalast depreciation in, our have decided to recommend the j$2.707209 per share by the issue to payment of a special dividend of Shareholders of two bonus shares for Jevery five shares held, thereby increasing the capital of' the company.
$699,200.70. inserting. immediately atler Clause anew clause, to be num *Sxiny general meeting may resolve that ones, Investments of other assets Later, in proposing the resolution to that' effect, the directors wish to make it quite clear that the new shares, if their issue is approved, will rank pati pass with the shares al Feady Issued only in respect of fivdonds earned as from January 3, 941, Since the closing of the accounts sed fund }tne results of the company's activi ties have been, in my opinion, quite satisfactory. As T previously inform- shares ed you, at the end of our financial year, there had been an appreciation in the market value of our holdings fof about $778,000.00 compared with the book value of same. This appres [ciation has increased to approximate §$1,000,000,00, while during the month' of January 1941 a profit of Japproximately $195,000.00 or slightly over 11% on the capital of the Company was realised, That, gentlemen, is all I have to say, T' now propose, that the report and accounts for the year ended 31, 1940, as presented, be adopted and passed, adjust 4
Seconded by: Mr, Chas. H, Arnhold, The resolution is now before the [meeting and before putting it to the vote I shall be happy to answer to the best of my ability any' questions Jyou may wish to ask, There being question the resolution was put to the vote and passed unanimously, The following resolutions were also put to the meeting and passed un-
Peon tu Loae A Beeember standing to Credit 5, S00 be dealt with as follows 46 pay 2 dna ath yidend 'o's per share (risking Der stare Yor the year! $$00000.00 -rianater to general" reserve s00000 British Marketing Agency woa038|In U.S. Considered London, Feb. 5.
The President of the Board. of Trade stated in the House of Come Toro yesterday that the Government Was examining plans for the etaby ltpent of fa" peomanet British Bsted capital credited ay fully pald up can sir Gla ieee marketing an agency in the United States. He added that every ahar i ta cee encouragement by export credits snd Sthee Government' felis. january 1541 par ready being given to the marketing Already tesueds" Phe tad sale of "Bris goods there {ull power to' make such provisions by. outer the sue' of fractional certientes currency to a reasonable extent, it ecw they think, expedi has been the policy of your Board 10 shareholders. Wwitosetotat shareholders ye. mot exact. muitipes. of five, one Invest a considerable sum in coun Fractlonat "certineate tu respect of he ties of the sterling and U.S, dollar Odd share or shares held by them and bloc, and I would mention that at filet one new Fully ald "up share" Drosent "the avket value. of our [every perm ho"
'Person' who' shall. subsequently "those countries Matin, mu, eriad, ihe an simoumls to approximately the total] trselinst" cerieaits
Text read from the printed page and cleaned; old type leaves the occasional error.