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APPENDIX “J”
Sheet I.
APPERTAINING TO PARAGRAPH No. 36 OF THE MEMORIAL.
Translation of the Annual Report, Balance Sheet & Statement of Accounts Presented in the Chinese Language to its Shareholders at the First Annual General Meeting held 27th October, 1934.
The Report and Statement of Accounts for the First Year, 1933/34, of the
China Motor Bus Co., Ltd., Hong Kong.
This year economic conditions have been very bad and financial uncertainty has been worldwide and commercial affairs in Hong Kong have been greatly affected. It was impossible that the Company's business could Also after the beginning of the suppression of prostitutes, whereas formerly merchants and others visited West Point in great numbers, but now everything is extremely quiet and our business compared with our original estimates shows a great difference.
escape.
In these circumstances we have energetically planned to save the situation.
We have therefore decided to make a speedy change from the petrol engines to the Diesel (or crude oil) engine in order to reduce expenditure. At the same time we are approaching the Government to allow certain changes in the routes in the hope of increasing our income,
degree.
It would seem that by these methods we may reduce the leakage and increase the stream to an unlimited
Now on reckoning the first year's accounts it is found that after meeting the expenses, Directors' fees and the Royalty paid to the Government the gross profit is $131,963.39. Deducting $100,208.50 for deprecia- tion of value of buses, furniture, fixtures, uniforms, etc. there is a NET PROFIT of $31,754,89.
Although this is not as much as we had hoped for, in this time of depression you will all be glad to hear that we have obtained this small dividend. We now propose to apportion the Net Profit as follows:-
(1) DIVIDEND ON SHARES-$28,521.72
(2) BONUS ON PROMOTERS' SHARES—$3,175.48
(3) CARRY FORWARD THE BALANCE-$57.69.
The Accounts have been audited by Messrs. Thomson & Co., Chartered Accountants, and the Share- holders' Auditor, and have been certified as correct. The Directors and the Shareholders' Auditor retire in accordance with the regulations and offer themselves for re-election, and Messrs. Thomson & Co., also having completed their term, retire and offer themselves for re-engagement.
NGAN SHING Kwan, Chairman of Board of Directora.
DIRECTORS.
NGAN SHING KWAN
LAM TSZ FUNG
FUNG KUENG
LAM CHEUK MING
WONG LU NAM
ADVISER.
HON. MR. R. H. KOTEWALL
NGAN SHING KWAN, GENERAL MANAGER
WONG TU NAM. ASSISTANT MANAGER
YAU LIM ON, SECRETARY
CHAN TIT CHO. TREASURER.
(Statement of Accounts reproduced on next page)
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