th annual meeting of the shareholders jin this Company, was eld offices, 4, Kiukiang Road, yesterday ater noon.' There were present: Messrs. J. L. Scott (Chairman), C. Rayner (Vice-Chairman), W. H, Poate, ©. Tburg, Jas. N. Jameson snd Chew Shing-ching (Directors), Father Robert, Messrs. G. E. Burgoyne, T.
Wuilleamier (Secretarg), Dr. Blanc, Currie, and Liu Chang-yun.
The Chairman, commenting on the report guid accounts, said the reslt of the working for the ad been very disappointing. There bod been a good deal of trouble, the mill, and, not being satisfied with the management, the Directors had decided to make certain changes in the personnel. He was pleased to say the way things were being run now was very much more satis. factory and, short of any more " Boxer" troubles or such like unforeseen disasters, the Directors believed the year now opening would have a very much better result than the one reported on. As regarded the accounts, in the Profit and Loss Account, the amount of interest was what was paid the Bank on account of overdraft and advance against cottons also what was due on de-dentures. Deducting the rent on the Company's village houses the net amount. was 34,571.97. The balance to credit after wing the Debenture Trustees 25 per cent of the year's profit was Tls. 13,619.34, adding to which the Tls. 68,415.42 brought forward made a total of Tls. 88,034.76. 'The balance sheet showed that the amount owed to the bankers was 'Tls. 259,779.26, not an excessive' amount. Debentures account showed a slight increase, but if there was deducted the amount paid to the Debenture Trustees, the account was really considerably less. The Directors would very much like to see the account stand at a much higher fic Sundry "creditors represented various of which were mow paid off, The Debenture amounts due by the mill, the greater part Sinking Fund had been fully explained in the report.. The Property account. covered all land and buildings belonging to the Lom pany; the additions comprised a colton godown and a store room completed. and machinery were set down at the sam amount as last year, though they could m be replaced at anything like that figure. The amounts due to the Company under debtore[ were now nearly all paid. The values put ren inst stocks of cotton, yarn, stores. etc., hed li been carefully verified." No amount! had been written off for depreciation. but the Tls. 18,559.88 spent in keeping machinery and plant in thoroughly ood order really stood for depreciation. The Company had bought sufficient cotton to Keep the mill going for the next fire or six months, and had sold their output of for the same period at a fair profit. "As delivery of contracts for seed and other native cotton was now fairly satisfactory, and there was a good supply of the Indian staple close at hand, night work would be! recommenced in a few days and the cost of eduction thereby considerably reduced. Vatered native cotton had still to be reckoned with and the percentage of added water seemed if anything rather on the increase. The ginning mill was now in thorough re pair and giving good results.
The following formal resolutions were carried unanimously Proposed by the Chairman, seconded by Mr, OG. Rayner
ended the 30th September 1903 be accepted That, the report and accounts for the yeat and passed.
Proppsed by the Chairman, seconded by Father Robert "That Mr. C. Rayner be re-lected a star.
Proposed by the Chairman, seconded by it. Blane Phot the election of Mr. W. H. Poate as a Director be confirmed.
Proposed by the Chairman, seconded by Mr. Burgoyne That the election of Mr. James N. Jameson as a Director be confirmed.
Proposed by the Chairman, seconded by Mr. Burgoyne That the election of Mr. Charles Iburg as a Director be confirmed.
Proposed by Father Robert, seconded by Dr. Blane That Mr. Rufus Eastlack and Mr. A. Leake be re-elected auditors for the coming year.
Text read from the printed page and cleaned; old type leaves the occasional error.