trust Acts or the Acts to regulate commerce, nor shall anything contained in the Act be construed to alter, modify, or repeal the said anti-trust Acts or the Acts to regulate commerce or any part or parts thereof. Approved, September 26, 1914. WHAT AN INVESTOR SHOULD KNOW REGARDING TERRITORY: Location of property. Natural resources of surrounding territory. Transportation facilities. Chances for competition. Whether the industries established in the territory are stable or speculative. Growth in population. OPERATION: Gross earnings, operating expenses, net earnings, taxes, interest charges for a period of years. If a holding company, such earnings should be a consolidated statement, as well as a detailed statement of earnings of all the subsidiaries. CAPITALIZATION: Balance sheet showing liabilities and assets, and, in the case of holding companies, a consolidated balance sheet to show especially the assets and liabilities of subsidiaries. BONDS: In the case of bonds, the usual fundamental terms of the mortgage, showing property secured, sinking or improvement funds, rate of interest, provisions as to income tax, market value of securities junior to the bonds. Terms under which additional bonds can be issued. DIVIDENDS PAID: Record of rates over a series of years. RANGE OF PRICES OF SECURITIES: Record of fluctuations over a series of years. LEGAL FEATURES: General legality of the issue of all securities by reputable lawyers. Length of franchise and terms thereof. MANAGEMENT: How is the management of the company handled? 1 From Special Public Utilities Number of The Evening Post of New York, March 20, 1914. 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, Capital Paid-up..... Reserve Fund, Insurance and Structural Repair Fund, etc.. Board of Directors 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 98,474.560 Addition to Fund for the Extension of Services and Improvement of the Fleet...... Yen 700,000.000 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. |