Sontinentis
83
PORKOSA
DAVALO. ERIT
CLMANY CUM. ANY LIMITED:
General urvey of Activities, 1938
1930439.
I OWNERAL MESTING
FINANCIAL REALT
The Third Annual General Meeting of the Formosa
Development Company was held at Taihoku on June 29th, 1959,
when secounts for the year ended Farch 31st, 1939, were
approved.
Net profits for the year amounted to 402, 493,
making with the sm of 149,896 carried forward from the
previous year a disposable surplus of #552, 389. og this,
¥225, 616 ia re orted as allotted to dividend at six per
eant, but its payment is deferred; £160,000 goes to
reserve funda, and 1166,773 is carried forward-
declared
of the nominal capital of 150,000,000,
711,250,000 is still uncalled, and no dividend we/puká
on the government investment of land, amounting to
15,000,000.
In spite of the large unenlled liability,
new funds are now to be raised not by further calls upon
capital but by the floating of debentures up to
$80,000,000, on which a Government guarantee is being sought, (and appears to be decided upon informally. )
The meeting agreed to leave all details of time, amaunt
and conditions of issue within the discretion of Kr.
Myohei Kato, the resident of the Company.
IL
ACTIVITIES
IX
4. Income from Årable land. The Company's main
source of income is rent from arable land previously
held by the Government and handed over by the latter in
return for 15,000,000 worth of shares. According to
Dr. Kato's report, the Company in arch, 1938, (the end
of the previous business year), owned 36,096 sores of
such