1953_1954_1955_1956_1957_1958 — Page 9

REPORT OF THE BOARD OF DIRECTORS

for

THE YEAR ENDED 31ST DECEMBER 1953

for

PRESENTATION TO THE SHAREHOLDERS

at the

TWENTY-SIXTH ORDINARY ANNUAL MEETING

to be held at the

COMPANY'S OFFICES

Jordan Road Ferry Pier

Kowloon

ON SATURDAY, 3RD APRIL, 1954.

at 12.00 noon.

GENTLEMEN,

The Directors have pleasure in presenting their Report and audited Statement of Accounts for the Year ended 31st December, 1953.

The net profit for the Year amounts to...

to which must be added: --

Provision for Royalties and Pier Rents to 31st December, 1952, no longer required,

now written back

Amount brought forward

$ 5,608,043.23

1,178,179.00 19,396.08

$ 6,805,618.31

An Interim Dividend of $3.00 (net) per share on 336,000 shares was declared on 23rd September, 1953, absorbing

and your Directors now make the following further recommendations:-

To pay Final Dividends:-

$ 1,008,000 00

On 7,500 Preferential Shares $4.50 (net) per share On 328,500 Ordinary Shares $4.00 (net) per share

$

33,750.00

$ 1,314,000.00

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

1,347,750.00

$ 2,355,750.00

$ 2,000,000.00

1,300,000.00

600,000.00

200,000.00

349,868.31

$ 6,805,618.31

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, 16th March, 1954.

T. N. CHAU

CHAIRMAN,