The thirteenth ordinary general meeting of the above company was held at the offices of Messrs. Arnhold, Karberg & Ca., 7 Kiukiang Road, on Tuesday, March 10, 1908, at 3 p.m.
The Chair was occupied by Mr. Mittag (Chairman), and there were also present:—Messrs. A. Zickermann (Vice-Chairman), A. Hoettler, Woo Groesser (Secretary) and a representa~ tive of the German' Conaalate-General representing in all 957 shares.
The notice convening the meeting been read by the Secretary the ie Gentlemen, the report and accounts with regard to the working of oar mill daring 1907 have been in your hands for some time, and with your permission I will dispense with the formality of reading them. Aw you will have seen, we began the year with a balance at credit of profit and loss account of Taels 50,663.40, and now carry forward Taels 26,129.27 only; the working, after deduction of renewals, interest,' etc., showing, a loss of Taels 24,534.13. Your directors greatly regret the unsatisfactory results attained during the year under review. As you are no doubt aware the year has coen one of deplorable depression all ronnd, and proportionately. It has, in fact, been the worst year experienced for some considerable time, the unsatisfactory the following adverse circumstances ion being mainly attributable to
The consumption in the River ports was abnormally small, no doubt as a result of the failure of the crops in 1908 and the consequent famine, the effects of which are still being felt severely slong the whole Yangtze Valley. Also formerly a very brisk trade in cotton goods, woven from our spinning, was done with Manchuria, But since the Japanese have obtained the predomining influence in that province, this has been almost entirely closed to a, Furthermore, the high rate of exchange ruling at the the year was very much ypanese and Indian spinnings, October, when exchange dropped, the stocks of Indian yarns were 80 enormous that local spinnings were almost out of the market, The new cotton crop for some time looked exceedingly bad, and though it rallied a little, the fibre was very lacking in strength. Owing to the unsatisfactory position of the yarn market thoroughout the year, several of our oldest customers had to suspend payment, and we were obliged to re-sell our production with a heavy loss at a time when godowns were filled to overflowing, and. buyers could only be tempted by substantial concessions. Owing to the entire absence of demand, we had to carry, during the entire year, a stock ranging from 4000—5000 bales. In view of the very uncertain position of the trade at the beginning of the season, your directors did not feel justified in buying cotton to a large extent but, as things turned out, prices rose so steadily, that it was impossible to cover our requirements of raw material at profitable rates, and it was decided to curtail the production, which naturally means a lose to the mill. Further, during the summer months when native hands work slowly on account of the great heat in the mill buildings, your directors deemed it advisable to close the mill altogether, and take that opportunity of thoroughly overhaalting and cleaning the machinery and
Text read from the printed page and cleaned; old type leaves the occasional error.