GENERAL: With the above information in hand, it is possible to make a careful analysis to show, let us say, the percentage of increase in population, gross earnings, and net earnings, and the ratio per dollar of gross earnings of the combined capitalization, bonded debt, preferred stock, and common stock. Such an analysis has the advantage of showing, if obtained for a series of years, to what extent the company is developing. FORTY-SIXTH REPORT of the NIPPON YUSEN KAISHA (Japan Mail Steamship Company, Limited.) Presented to the Shareholders at the HALF-YEARLY ORDINARY GENERAL MEETING, held at Tokio, on Wednesday, 28th May, 1913. Capital Paid-up.... Yen 22,000,000 Reserve Fund, Insurance and Structural Repair Fund, etc.. Yen 30,807,224 Reserve for Equalization of Dividends.... Yen 3,300,000 The Directors submit to you the annexed Statement of the Liabilities and Assets of the Company, and the Profit and Loss Account for the Half-Year, ended March 31st, 1913: The Gross Profits of the Company for the past Half-Year amount to Yen 5,277,890.452, out of which there has been paid: Depreciation of the Company's fleet and property.. Insurance Fund.... Ships' Structural Repair Fund.. Yen 1,036,594.492 leaving a balance of Yen 3,803,404.650, including Yen 813,723.990 brought forward from the last Account. The Directors now propose that this surplus be appropriated as follows: Addition to Reserve Fund.. . . . . . Yen 149,484.030 Addition to Reserve for the Annual Reduction of Subsidies... Yen Addition to Fund for the Extension of Services and Improvement of the Fleet...... 98,474,560 . Yen Reserve for Construction and Repairs of Building. 700,000.000 Yen Special Reserve... 500,000.000 From the remaining balance Yen 2,055,446.060 the Directors further propose that Yen 73,555.000 be allowed as Directors' and Auditors' fees, and recommend a dividend at the rate of ten per cent. per annum, which will absorb Yen, 1,100,000.000, leaving a balance of Yen 881,891.060 to be carried forward to the next Account. REMPEI KONDO, Head Office, Tokio, 28th May, 1913. Chairman. |