The tenth ordinary general meeting of the shareholders in the Kung Yik Cotton Spinning Weaving Ca., Ld., was held on Wednesday morning at the offices of Messr: Jardine, Matheson Ca, when Mr. A. Brooke Smith presided, supported by Messrs. F. Ayscough, C. G. Mackie, Char Lai-fong and Pan Ching-poo, consulting committee, Mr. W. K. Smith, manager, Mr. G. H. Wright, legal adviser. Mr, E. M. Ross, representing the auditors and Mr, C. W. Beswick. sotretary. The other shareholders present were Messrs. S. M- Joseph.
J. Burrett,. Hummel, M. Simmons. J. J- Dunne, C. F. Wong, W. B. Middleton and Chun Nea-ching.
The secretary having read the notice convening the meeting and the auditors' report, The chairman said:—The report and statement of accounts having been in your hands for over two weeks, I will, with your permission, take them as read.
It is with great pleasure that your general managers are able to present such a very satisfactory report for the past year—the profit of Tls. 035-13 being far in excess of any previous record. and we trust that the proposed allocations will have your entire approval.
We have fortunately been able to take full advantas of the excellent trading conditions that have prevailed throughout our past year, and have worked the mill to its utmost capacity in order to cope with the keen demand that has been in evidence for our products since the termination of hostilities in the Great War, when China. in common with other countries, was found very bare of all descriptions of cotton goods. 7 We trust that the proposed dividend of is. 5 per share will be. satisfactory to shareholders, I may say that it is a source of great pride to the consulting committee and general managers that since the inception of this company, nine years ago, we have been able to pay dividends totalling Tls- 16.40 per per Tls. 10 share, or an average return of 18} per cent, per annum, meanwhile strengthening the material and financial position of the concern and building up a sound and constantly expanding connexion-The addition of Tls. 140.000 to the equalization of dividend fund will bring the amount up to Tls. 300.000, which, whilst being a reserve, also forms a very useful addition to our working capital, which, as you know, is none too much.
The appropriation of Tls. 50.000 to cotton fluctuation fund (making it altogether Ts. 70.000) will piaes us in a sound position, in view of
Text read from the printed page and cleaned; old type leaves the occasional error.