The fourth ordinary general meeting of shareholders in the hove Company was held at the offices of the General Managers, Messrs. Arnhold, Karberg & Ca., Kiukiang Road, on Tuesday last.
Mr. G. Galles presided and there were resent Mr. E. Karhe (Vice-chairman), Mr, C. Brodersen, and Woo Saw-chin, (Directors), Mr. Phillip Arnhold (general manager), Mr. H. Lehmann (sub-manager), Me. J. Nolting, Woo Chin-fah, Mr.
Danforth, Mr. W. Grage, Mr. Lamond, Mr. A. ©. Ramdor, and Biron Schnitaler from the German Consulate-General, representing 1,655 shares.
The Chairman in opening the proceedings said Gentlemen—The Report has been in your hands for some time and, with your kind permission, I will take its read. As you Will have seen from the figures, we have to deplore the loss of Tls. 18,337.61 on the ast year's working. The causes which have led to this regrettable result are manifold. In the first instance we had to stop the mill for about 3 weeks consecutively on account of wilful damage done to our machinery, for the same reason having to interrupt work on about 20 occasions for several hours and sometimes for half-a-day or half-a-night—this occurring in the best season of the year for the sula of the yarn. We had to keep the hands on half wages even during the time of the entire stoppage in order to prevent them going elsewhere, and the cost in this respect alone—not taking into account loss of market and terest—has been considerable. As an illustration T will mention, that the curtailment of production maybe estimated at about 2,000 bales, which at the period might be computed to have realised a profit of at least Tls. 5 per bale. In the second instance the market—besides bei glutted by heavy shipments from India and Japan—was in such an unsatisfactory condition, generally, that sales were weill nigh impossible during the whole of the summer months and even part of the Fall—entailing thereby a loss of interest much larger than would otherwise have been the case. Third, and lastly, Cotton advanced continuously from Tls. 15 in Janunry last to 17.50 in August, receding again with the arrival of the new crop to Tis, 124 in September; whereas Cotton yarn declined from the top price of Tls. 70 for No. 10 to'Tls. 59 for the same spinning. Now, gentlemen, you will all be aware that a manufacturing concern of such magnitude cannot afford to cease pro-Quction at all fluctuations of the raw material and if there occurs a stoppage in the sale of the produce, as has taken place during the past year, there is scarcely Enything else tobe done' but to stand by
Text read from the printed page and cleaned; old type leaves the occasional error.