The third annual meeting of thr Cotton Anti-Adulteration Associ tion was held on Tuesday afternoon at the offices of Messrs. Jardine, Matheson and Ca., Ld., Mr. E. C. Pearce, Chairman, presiding.
The secretary (Mr. J. Cochrane), read the notice convening the meeting after which the Chairman ai Gentlemen, the report ant counts having been in your hands for some few days, I think I can dispense with reading them and with your permission take them as read, The report is fully drawn up and full recount of ing July 31 last, and leaves but little for me to add.
There is one great feature in the report that I should like to call particular attention to, and out of 943,795 piculs of cotton which have been passed by the Cotton Testing House, the moisture proved to be as follows Al per cent., or 386,956 pels., was inside the 12 per cent. standard, 87 per cent, or 537,963 pels., was between 12 and 15 per cent., 2 per cent., or 18,876 pels., containing over 15 per cent. moisture, and consequently failed to pass.
These figures go to prove. that the object of the Association, namely, to do their best in the reduction of the adulteration by water, has to some extent been achieved, and that the Chinese are, at least I hope so, commencing to realize that the dishonest methods Indian cotton to the detriment of the Chinese farmer.
With regard to the Special General Meeting held last Mi will not touch on that point the moment, but leave it to reeolution that I am about to propose after the adoption of the re-Port and accounts, Turning to the accounts, you will see that our balance of working accounts amounts to Tls. 14,- 848.12, which, together with the sum brought forward from last year's account, viz: Tle. 8,871.06, shows a surplus of Tis, 93,717.17, with which it is customary to deal under separate resolution. The funds of the Association are invested on fixed deposit with the Hongkong and Shanghai Bank, viz: Ts 51,400.00; Tle. 28,500.00 of which belongs to members of the Association as a guarantee fund.
With these few remarks I now beg to propose the adoption of the report and accounts ae presented, but before laying the resolution before the meeting I shall, be pleased to answer any retharks bearing on the report and accounte for the year terminating July 31, 1914, Mr. J. Kerfoot seconded, and the resolution was carried.
The Chairman:—I have now much pleasure in proposing the second Resolution, that is, the recommendation of your Committee with regard to the surplus of Tls. 23,717.17, which is as follows:—
That 10 per cent interest be paid to the members owning the Guarantee Fund which will abis. 2,941.50 To place to the Reserve Fund 15,000.00 To carry forward 5,775.67 of adulterating such an important article of commerce as cotton cannot in the Long run prove _beneficial to the interests of the future welfare of Chinese trade.
Tls. 93,717.17.
I cannot impress upon you the importance of this reserve fund, which by this appropriation is
Text read from the printed page and cleaned; old type leaves the occasional error.