1953_1954_1955_1956_1957_1958 — Page 39

REPORT OF THE BOARD OF DIRECTORS

for

THE YEAR ENDED 31ST DECEMBER, 1956

for

PRESENTATION TO THE SHAREHOLDERS

at the

TWENTY-NINTH ORDINARY ANNUAL MEETING

to be held at the

COMPANY'S OFFICES

Jordan Road Ferry Pier

Kowloon

ON SATURDAY, 6TH APRIL, 1957

at 12.00 noon.

GENTLEMEN,

The Directors have pleasure in presenting their Report and audited Statement of Accounts for the Year ended 31st December, 1956.

to which must be added:-

The net profit for the Year amounts to...

Amount brought forward

$ 6,249,387.62

615,340.23

$ 6,864,727.85

An Interim Dividend of $2.50 per share on 504,000 shares was declared on 21st September, 1956, absorbing

$ 1,260,000.00

and your Directors now make the following further recommendations:-

To pay Final Dividends:--

On 7,500 Preferential Shares $5.50 per share On 496,500 Ordinary Shares

$

$5.00 per share

41,250.00

2,482,500.00

To Transfer to Typhoon and Accident Fund

To Transfer to General Reserve

To Transfer to Taxation and Contingencies Reserve ...

To Transfer to Leasehold Properties Sinking Fund

To Carry Forward

:

:

:

2,523,750.00

$ 3,783,750.00

1,000,000.00

680,000.00

650,000.00

400,000.00

350,977.85

6,864,727.85

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-clection.

Hongkong, 8th March, 1957.

T. N. CHAU

CHAIRMAN.