to be presented at the Sixth Aumual Meeting of Shareholders, to be held at the Office of the Company, No. 4, Kiuliang Road, on the 28th November, 1901, at 4 p.m.
Directors: E_A. Probst, Esq., Chairman, J. L, Beott, Bsq., Vice-Chairman, Seaman, Esq., Charles Rayner, Esy.
Poate, Esq., Chew. Shing-ching, Esq., Wuilleumier, Esq., Secretary, E. W. Turner, Esq. Mill Manager The Directors now beg to submit to the sharebo'ders the audited accounts of the Company for the yearfended 30th September, 1901.
'The profit on the Working Account, after allowing for interest on overdraft at Bankers, Directors' and Auditors' fees, amounts 5, which deducted from the loss of 7 brought forward from last account, still leaves a loss to be carried forward The Directors regret that they have not been able to make more progress towards reducing the heavy loss incurred last year under exceptionally adverse circumstances, At the same time when it is considered, fratly, that during the first_half of the present working year our trade had not vet recovered from the Boxer troubles and that in consequence the Mill was for a considerable period working short-time: and secondly, the abnormally high price of Cotton ruling compared with the price of yarn; the profit throughout the greater part of the year as realised is not altogether unsatisfactory, and hope may now be entertained that" tudor normal conditions of trade a more favourable result may he attained in the future than has been the case in the past.
The Directors have effected every possible economy and the working of the Mill is in every way satisfactory, the usual expenditure having been incurred to ensure the thorough up-keep of plant and machinery The yarn in stock on the September war sol, sud the Directors are pleased to be able to inform the shareholders that forward contracts have been made at a fair margin of which will absorb the Mill's production time to come, rikers, the Russo-Chinese Bank, have given notice to terminate on the 31st January ext the agreement with respect to the overdraft, Init negotiations are proceeding with a view te its renewal, "At the same time the Directors consider absolutely the fi many der basis, one with that end in decided, under the powers conferred the Articles of Assoviation, to issue Deben: tures bearing interest @ 7'. per annum to the extent of THs, 500,000, and they look to the shareholders to materially support the said issue.
The Directors furthermore recommend the reconstruction of the Company, viz., 10 reance the paid-up, 1 by 9 Ts. 533,400 to Tis. the' standing to the debit of the Balance Sheet to the 30th September last.
Text read from the printed page and cleaned; old type leaves the occasional error.