The twenty-sixth ordinary general meeting of the Laou. Kung Mow Cotton Spinning & Weaving Ca., Ld, was held on Thursday afternoon at the office of the General Managers, Messrs. Libert Ca., Ld., No, 4 The Bund. There were present: Mr. E. C. Pearce, Chairman, Messrs. C. M. Bain, E.
Ezra,' Chung Liang-yn, Yebara, directors, and Messrs. H W. P. McMeekin, H. E. Campbell, E. Lester Arnold, H. P. Wilkinson, Nang Kung-mow, H. Tomono, J. Prentice, shareholders, In all 4,648 shares were represented.
The Secretary having read the notice convening the meeting and the auditors' report, the chairman said:
Gentlemen.—The report and accounts having been in your bands for some few days, ye will with your permission adopt our usual procedure and take them as read.
The year's working of your mill has proved exceedingly satisfactory and it is with great pleasure that your board have to sumpit for your approval to-day a report, the result of which exceeds their most sanguine hopes, the profits for year, Ts. 899,383.24, being more than the capital of the company.
Your mill has been worked to its utmost capacity throughout the year and both your yarn and cloth have met with a ready sale; in fact right up to the last two months of the year our production has been cleared almost as soon as it has been manufactured. We have ex perienced a certain amount of labour trouble during the year and our output has suffered to some extent in consequence. The cost of labour has advanced from 12 to 25 per cent. and this increase we have had to meet, but taking the year as a whole your Board are satisfied with the general working of the mill, reflecting as it does great credit on the management and on those responsible for the supervision of labour as well.as the upkeep of your machinery and plant.
As shown in your report your Directors recommend the balance of Tls. 899,383.24 be dealt with as
Text read from the printed page and cleaned; old type leaves the occasional error.