The annual general meeting of share. holders in the above Company was held at the offices of the general managers, Messrs, Arnhold, Karberg & Ca., No. 6 Kiokiang Road, on Tuesday alter-noon. There were present: Messrs. M. Mittag (Chairman). A. Hoettler (Vioe-Chairman), M. Stempel and Ho: Hejenrchaen (Directors), W. Nilsen (Secretary), H. E. Arnbgld, (General Manager), W. Carter an P. Hannesen.
The Secretary having read the notice convening the meeting, the Chairman Gentlemen,—Bofore proceeding to the business of this meeting, I wish to inform you that the incorporation of our Csmpany under the Hongkong Ordinances has in the meantime peep effected and the new shares have peep vi your hands for some time, I wi ill, with your permi slop, follow the asaal proce-dare of taking same as read, You will notice that oar property stands 18,000—bigher than last year, owing to the expense of filling-up and banding of our Shenko land, the cost of which has been charged to property account. The Senko land is let to our neighbours, the Now Engiaeering and Shipbuilding Works, Ld., who pay a rent of: Tls. 5,000 per annum for same, so that the reclaiming of thie long' will. prove very satisfactory fnvegtmept, As you are aware, the last year has been a very unfavourable one for the. local cotton mills in general, and we have had to contend with the same difficulties as all the other mills. The result of the year's working has contequebtly been unsatisfactory, and your Board regret that the balance at the oredit of Profit and Loss Account is only Tle, 22,505.85, which it is proposed to deal with as laid down in the wrt which has already been submitted to you. The unsatisfactory reanlt is mainly due to the fact that tha..sapply of raw material has in every respect been unsatisfactory. The cotton has not only—poor in pane ce ne as all the Mills jaality, but dear, and of the same time
wore compelled, owing to s shortage of supplies caused by the failure of the crop, to take whatever cotton they could gety: tbe old.evil of watering hss igcronsed to an. extent, never experienced before. There are at present negotiations pending between the interested parties to make arrangements by which this watering can be prevented, or at) any rate made unprofitable both for the countrymen and cotton dealers, and as also the Cotton Guilds and Japanese
Text read from the printed page and cleaned; old type leaves the occasional error.