1920-05-11 — Page 8

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16, Des Voeux Road,

CHINA IMPORT & EXPORT

LUMBER CO.

ANNUAL GENERAL MEETING. The eighteenth annual general meeting of the shareholders of the China Import & Export Lumber Co., Ltd., was held a Shanghal on April 30%.

Mr. H. E. Arnhold presided, and there were present Messrs. W. S. Jackson, J. S. S. Cooper, W. J. N. Dyer, C. L Seitz, directors, J. E. Gray, secretary, and shareholders re- presenting 3,537 shares. The Chair man said:

Telephone 29.

the year was to keep stocks to a mis imure so as to avoid undue risks connected with the inflated values ruling. However, towards the end of the year the increase in building trade in the principal ports in China made it necessary for the company to arrange to import larger quantities of timber for stock to supply to the trade in early spring. This explains why stocks on hand at the end of our financial year amounted to T. 778,165,73 as compared with stocks of lumber or Tls. 417,857.67 as shown at the end of our previous financial. year. These stocks have been con- servatively estimated

In looking over the details of the "In presenting to you the profit accounts you will observe that land and loss account and balance sheet now stands in our books at a value showing the results of the operations of Tis. 356,632.66-an increase of of the company during the past year, Tls..8.400.60. During the year pro- your directors consider the share perty was purchased at Focchow and holders have every reason to be sattsat Pagoda Anchorage to meet the fed with the profis earned and the requirements of the company's ic continued progress of the company creasing business there. in its development of timber trade in China.

Buildings standing in our books

THE CHINA MAIL.

provided. In accordance with this policy, buildings during the year were erected by the company at.. Nanking Tsinanfu, Tientsin, and Foochow

Mill buildings, the value of which! ja included under the general heading of buildings, have been considerably added to. In the spring we had thei misfortune to Eave a rather extensive fire in the Poirt Mill, in which all the dry xilas were destroyed.. These kilns were rebuilt in reinforced con crete, and during the year a further 30 kilns were constructed. All these kilns lare of the latest fire-proof con struction Demand for kiln-dried lumber is increasing steadily, and whilst the company now possesses the largest dry kilning outfit in. the Far East-in fact, larger kilning capacity than any mills even on the Pacific Coast of the USA-their capacity is taxed to the limit, and the company has at times

DAIRY FARM NEWS.

COLD STORAGE.

Store your Winter clothes, furs, rugs, carpets &c., in our cold stores. The only safe method

of keeping them during the Summer months.

For full particulars apply to the Secretary,

had to delay deliveries to buyers THE DAIRY FARM, ICE & COLD STORAGE Uo., Ltd." because of surplus of orders for kin dried wood. The results of the service! rendered to the building trade by the company through its dry-klinina} equipment are obvious in the greatly

proved interior finish and especially directors recommend be appropriated say, and I shall be pleased to answer in the bardwood flooring, which is as follows:- now used in practically all good grade construction in China.

of

the

Pay

a Dividend of 8 per cent.. General floating equipment, ma

asbsorbing chinery and mill equipment show in a Bonas of Tia. 25.00 per creased values to cover normal share, absorbing:........... expansion

company's to Charities. business...

Investments: the sum of Tis. 177,953 22 covers our investments in undertakings which are closely allied with our growing business in China.

Under sundry debtors the amount of Tls: 253,834 46 is comparatively low, considering the large overturn

and carry forward to new

account, balance of...

any question which, any shareholder Tis. may desire to ask.

There being no questions, the 40,000.00, following resolutions were then put to the meeting and carried un 125,000.00 | animously

5,000,00 Proposed by Mr. H. E Arnhold, seconded by Mr. W. S. Jackson: 91,134.16 That the report and accounts as

presented be passed.

Tis. 261,134.16 The board trusts that the proposal to contribute Tis. 5,000.00 to charities is one that will meet with your approval.

In concluding my explanations of of the company and the wide range the figures shown in the balance of credit given to buyers throughout sheet before you, I wish to express China. All bad debts. In fact, any the appreciation of your directors of debts in the least doubtful, have the work done by Mr. C. L. Seitz, our been written off at the close of the late general manager, on behalf of year.

the company. Mr. Seitz resigned his position with the company at the end of our financial year by reason of the provisions of Section 4 (1) of the

*

Under liabilities you will note that the capital of the company of Tis 500,000 00 has been fully issued by which brought a premium of Tis. 74,925,00 as shown in profit and loss account.

Proposed by Mr. H. E. Arnhold, seconded by Mr. W. J. N, Dyer: That the directors be authorized to to pay a dividend for the year ended February 29, 1920, of Tis. 8.00 per share, and a bonus of Tis. 25.00 per share to the shareholders on the register at this date, and to contri- bute to charities Ta. 5,000.00, carry- ing forward to new account the balance of Tls. 91,134.16.

Proposed by Mr. C L. Seitz, seconded by Mr. Wong Zurg-dah: That Mr. H. E. Arnhold be reelected a director of the company.

Proposed by Mr. W. S. Jackson,

at Tis. 228,006,00 show an increase the sale of the balance of 213. shards China (Companies) Amendment Order | seconded by Mr. Yao Sing-kee: That

in Council, 1919,

The past year has been note-worthy of Tls. 129,847.27. During the year in its abnormal variations in costs of construction was begun on a large lumber imported. The year opened reinforced concrete admineration

The board arranged with Messrs. with every indication of a drop in the building being erected on the main Sundry creditors stand at a total Arnhold Bros. & Co., Ltd., to take price of lumber, and freights were yard of the company at Yangtsze-figure of Tis. 919.558.12 as compared over the general agency and man weak. Towards summer, prices of poo Road, and which will be ready with T. 441.08291 at the close of agement. Mr. Seit was invited to lumber rose to rates previously un- for occupation in about two months'

our accounts on February 23, 1919 join the board and the continued heard of, and freights also stiffened time. This building contains offices The increase under this heading is benefit of his experience and advice so that in the autumn the highest gold for administrative yard staff of the explained by our larger stocks of in the operation of the company will prices ever recorded were paid for company as well as residential fumber on hand.

be of great value in our interests.. woods Imported into China. Exquarters for the foreign staff of the

The reserves of the company in- The staff of the company has dur change on silver on the other hand company. It is the aim of the board vested in our business as shown in ing the past year worked most ef- rose in conformity, with the result that wherever the company operates

the balance sheet now stand at the ciently, and their loyal service de that the selling values in tacks were lumberyards and owns the land, substantial sum of Tis. 2,200,000 00 serves our thanks. I trust that you more or less uniformly maintained buildings are to be put up on the

Our balance at credit of profit and will approve of the bonus to the staff throughout the year.

properties in which offices and re-loss account available for distribu- which I intend to propose later v0. The policy of the company during 'sidential quarters for staff will be tien is. Tis. 261,134.15, which your This, gentlemen, is all I have to

the appointment of Messrs. W. J. N. Dyer, J. S. S. Cooper, and C. L. Seltz

as directors be confirmed.

Proposed by Mr. W. J. N. Dyer, seconded by Mr. J. S. S. Cooper: That Messrs. Lowe, Bingham & Matthews be elected auditors for the ensuing year at a remuneration of

Tis, 500.00.

Proposed by Mr. H. E. Arnhold, seconded by Mr. W. S Jackson: That a bonus of not exceeding 20 per cent. on their salaries for the year ended February 20, 1920, be paid to the members of the foreign staff based on their record of service.

TUESDAY, MAY 111820]

NOTICE.

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WITH

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WHITEAWAY, LAIDLAW & CO., LTD.

20. Des Voeux Road Central, Horgkong.

FAIRALL & CO.

Beg to announce that in consequence of having

been compelled to vacate their present premises, and being unable to obtain a suitable store, have decided to dispose of the whole of their Stock All goods sold at less than Cost Price.

SALES COMMENCING

WEDNESDAY, MAY 12th, 1920.