1953_1954_1955_1956_1957_1958 — Page 19

REPORT OF THE BOARD OF DIRECTORS

for

THE YEAR ENDED 31ST DECEMBER 1954

for

PRESENTATION TO THE SHAREHOLDERS

at the

TWENTY-SEVENTH ORDINARY ANNUAL MEETING

to be held at the

COMPANY'S OFFICES

Jordan Road Ferry Pier

Kowloon

ON SATURDAY, 2ND APRIL, 1955.

at 12.00 noon.

GENTLEMEN,

The Directors have pleasure in presenting their Report and audited Statement of Accounts for the Year ended 31st December, 1954.

The net profit for the Year amounts to...

to which must be added:-

-

Pre-war provisions no longer required, now written back...

Amount brought forward

An Interim Dividend of $3.00 (net) per share on 336,000 shares was declared on 1st October, 1954, absorbing

and your Directors now make the following further recommendations:

To pay Final Dividends :-

On 7,500 Preferential Shares $5.50 (net) per share... On 328,500 Ordinary Shares $5.00 (net) per share...

41,250.00

1,642,500.00

To Transfer to Typhoon and Accident Fund

To Transfer to Reserve for New Construction

To Transfer to Taxation and Contingencies Reserve

To Transfer to Leasehold Properties Sinking Fund To Carry Forward

$ 5,508,545.24

3,052.11

349,868.31

$ 5,861,465.66

$ 1,008,000.00

1,683,750.00

$ 2,691,750.00

1,000,000.00

1,000,000.00

600,000.00

200,000.00

369,715.66

$ 5,861,465.66

DIRECTORS:

In accordance with the Articles of Association, all the Ordinary Directors now retire and being eligible offer themselves for re-election.

AUDITORS:

The Accounts have been audited by Messrs. Martin & Co., who offer themselves for re-election.

Hongkong, 3rd March, 1955.

RAAN COUNCIL PUBLIC LIBRARIES

Reference Library. Ciry Han

T. N. CHAU

CHAIRMAN.