The Daily Press. HONGKONG, MARCH 5th, 1881.
CHINA SUGAR REFINING COMPANY, LIMITED.
The following is the Report for presentation to the Shareholders at the third Ordinary Annual Meeting to be held at the Offices of the General Agents, at three o'clock p.m. on Friday next.
The General Agents have the pleasure to submit to the shareholders their report, together with a statement of accounts, for the year 188 in 1880.
The net profit, including $1,163.39 brought forward from last year, after providing for the usual charges, amounts to $150,959.04, which it is proposed to appropriate as follows, viz.
A dividend of $12 per share, payable on 12th March, 1881 $72,000.00
To apply towards cost of Extension of Refinery ... 75,900.00
and to carry forward to next account. 3,059.04 $150,959.04
PROPERTY ACCOUNT.
During the past year, $60,742.20 have been expended in valuable additions to the works at East Point, including large godown, and the Company has acquired by purchase the property at Wanchai known as the Oriental Refinery, the Swatow Refinery, and the Hongkong premises as shown in the statement of account annexed. The cost of them added to the earnings of the Company, and is to be valuable sources of income in the future.
The cost of the properties purchased has been met to a certain extent by the issue of Debenture Bonds for $300,000.
The shareholders are aware that the fee charged to this Company for licence to distil has been raised from $100 to $2,000. This charge has formed the subject of a representation to the Secretary of State for the Colonies.
CONSULTING COMMITTEE.
Mr. Andre joined the Board on the departure of Mr. Reiners from the colony: he, as well as Messrs. F. D. Sassoon and D. R. Belilios, offer themselves for re-election.
AUDITORS.
Messrs. Thos. Arnold and H. M. Bowers are recommended for re-election.
JARDINE, MATHESON & Co., General Agents. Hongkong, 2nd March, 1881.
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