The annual meeting of this Company was held at the offices, 4 Kiukiang Road, on Tuesday. There were present:—Mr. W. H.. Poste (Chairman), Messrs. J..N. Jameson,..C.. Iburg, F.: Ayscough, Mf. "March, and Chew Shing-ching (Directors), KW. Campbell. J...F. Seaman,-F..E.]
Taylor, Lin Chang-yin, Sen. Ming-yue, Walter C. Wood (Mill Manager), and G. Wuilleumier (Secretary).
The notice convening the meeting having been read, The Chairman said:—The Directors trust the Report and Accounts now submitted will meet with the approval of the shareholders, It must not be considered a matter of regret that with such good results no dividend can be recommended your Directors believe that you will see the desirability (not to say the necessity) of following the course they propose to carry on the mill properly more capital is required and failing the issue of debentures the only source from which this can be obtainable is to retain apy profits made until a sufficient amount has been accumulated last year has done a great deal towards this end and, given a continuance of profitable working, the Mill will soon be in' an excellent financial position. It may not be out of place to remind you that the mill cost Tls. 267,000 more than the amount of capital raised, and yor can see from the accounts before you that it requires Tls. 200,000 more to provide for jocks of material. This want of working capital has entailed continual trouble to your Directors and is responsible for some of the unavoidable results of the past. The amount written off plant -and machinery may seem large but the total writings off (including this) for the ni years the mill has been working is rather lose than 25 por cent. When the prospectus of this mill was issued it was thought that 7} per cent per annum would have to be written off but we have vot come near that. It will be seen that excellent one; the stipulation that 25 per cent of net profits should go to the Trustees for their redemption was made in the expectation that all the debentures authorised would be taken up; the small proportion issued makes this a very onerous condition, and unless the deb tures come into favour they will be paid off as soon as possible. It will be noted with satisfaction that loans (bank and otherwise) which last year stood at Tls. 338,000 have been reduced to Tls. 180,000: The mill under the efficient management of Mr. Wood, supported by his staff, has been maintained in thorough working order during the year and our yarn will bear favourable comparison with any produced locally.
No questions were asked and the following resolutions were carried unanimously without remark:
Proposed by the Chairman, seconded by Mr. Jameson—That the report and accounts for the year ended the 30th of September 1905, as presented, be accepted and passed.
Proposed by the Chairman, seconded by Mr. Chew Shing-ching—That. the election of Messrs. F. Ayscough and M. March to the Board of Directors be con-
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Proposed by Mr. Seaman, seconded by Mr. Taylor—Thut Mr. Arthur R. Leake, Chartered Accountant, be re-elected audi-for for the present year.
The meeting then ended.
Text read from the printed page and cleaned; old type leaves the occasional error.