sot the China at the Messrs. amt there were J. Such, Dowling, 1 Wilk ing 1,009 shares in all, report and we been in your hands for some time, and T presume you will dispense with the formality of reading you to pass them nvke x few comments on them, tht the result of the year's is not more satisfactory, but we ad during the ry considerable to contend with, 'The wheat 13 was A notoriously bad one, ferior, the crop was to the' demand for the ports the prices here rose to a high level. the first siz, jin determined to suspend work tirely for atime, The result of the first six months was very unfortunate, and we made very considerable losses. With the appearance of a new crop in June, matters Changed considerably for the better, The of wheat declined considerably, and 1 compelled ta pay lo to enter into new contracts xt $2,074 per picul. Wo burel ryely as we thought pra tient, and the results of one operations uring the final is hi is factory.
months'
ear off the entire losses of the first: six Ate pout "small our Working Buildings Reservoir ments Machinery Less Depreciation Property Chinese Houses and Land. Furniture Value of Yarn Cotton and Unexpired Fire Insurance Yarn Duty Passes in hand B&O.
Shanghai, 20th January, 1900.
Invert & Ca., General Managers.
A. Ronrr, Roney oe, Directors.
Ihave examined the Books and Vouchers kept by the General Manugers and fied this Statement of Account in accordance therewith.
Auditer. n, suv that the wi of the school ut be In the meantime let them fluence their friends to become subscribers, so as to increase the amount annually received. Mr. Thorne went on to speak of the appointment of the committee, and sai that the council had four:—the Rev the Rer Dr. Muirh Bourne. The Council further, in expressed its high approval of th in which the s of the instit had announced would be included went on to prop following eight Ind additional members o Mr. and Mrs. J.C. Boi Mrs Drummond, Mrs Wickham, a C. Thorne, W. Lil. Poate, and A. W Burkill.
The Rev. H. C. Hodges seconded, and it was carried.
The Rev. Dr. Muirhead exp behalf of the meeting, high tion at the return to health of Mr. C. Thorne, and hoped the great improvement would continue. He went on to commend the high entire year. Thy ial remark from me, but it may be factory to shareholders to know that thole property, and the machinery, have hoon kept in perfect order, and the build-and property generally are now in as da condition ax they possibly could or the satisfaction of the directors an informal valuation was male of it, you will be glad to learn that the which stand on our books ab a very cor 'Tls. 66,500—a dif-he' machinery, Which cost, erection, Tls. 89,500 jeoukd not replaced under Tls. 102,000—a surplus in it favour of Tis.
Altogether, therefore, we have Tis.
the extra cest it would take to ni property. The favour in which our products are now held in the markets in China is such that although for the past six months we have worked.
i¢ht and day we have not had to run into stock at all. The products are taken off Yas qui as they are produced. We are now getting very good prices for all our products. Tf th at crop turns out as ist we ery hops that we may present you a very satisfactory report at this time next year. Before proposing any resolution Shall be pleased ty anniver any questions which shareholders may wish to put.
Text read from the printed page and cleaned; old type leaves the occasional error.