The sixteenth ordinary general meeting of the Laou Kaog Mow Cotton Spinning and Wearing Company, was held yesterday afternoon settee of Maen Used the General Managers. Th present, Messrs. EC. Pearce (Chairman)
Michelan, J. M. Young and Chuog Liang-yn, Directors; Mr. W. Pratt, Secretary'; Messrs. W. H. Beatty, A R. Marphine, R. Spant, F. W. Satierle, Yok Ping-or, H. J. Clark, H. P. Wilkinson, @. Payne and W. H. Bell. Total number of shares represented 1,493.
The Secretary read the notice convening the meeting.
The Chairman said:—Gentlemen The report and accounts having been in your hands for some time, we will, with dept the usual proce-a read.
Reviewing the past twelve months as covered by our report, the first nine months of the year 1909 wore excoptwhich sums together with the amount of TT. 5,347.91 to be paid to the General Managers leaves a balance to be carried forward to the new account of Tis.
4,960.09. ith the amount of Tls. 23,596.69 mich your Board proposes to place to the depreciation of your machinery, practically write off the cost of the new additions mede during 1909, and T. 20,000 besides, which means that we have reduced the actual cost of your plant from Tie, 630,370.50 to Tls. 340,000, mother words your plant stands in the books at T. 424 per share or T. 10.60 per dle, deprecia been entirely effected out of the earnings; at the same time it must not be forgot ten that to keep your plant in thorough repair a sum of Tls. 45,800 daring the last seven years has been spent in repairs and renewals. Your plaot, parcbased from Mesars. Twoedales and Smalley, in the year 1897 cantiones to ry satisfaction, and I might add hough, no longer sew, is la a seand condition as the day it was erected, which speaks volumes for the manufscturers, and the care exercised by oer ill Manager, Mr. Murphine, and those in charge ander bim.
The cost of your buildings with the ionally favourable for cotton spinning, Ti.,0U0 now recommended for depre-the working results on these nine ciation will be reduced from the original exceedingly months, January to September, were cost jast on Tls. 206,000 to Tis. wctory, and at one time 150,000. it was aot that to-your The item Chinese Hoase has, as you tight have boon. able to issue 4 will have noticed, disappeared from your report more favourable than the one no" before you. Th three months of the' assets, the property, as explained by year, however, failed to bear out our your Chairman last year, haviog been wold. expectations. October ber, a8 you are doubtless aware, terest Account this year sh cover a period in which the new season's of Tls. 1,229.64 on the credit cotton is The year's cotton crop, thi the first time since the inception owing to altern ing lengthy periods of of the Company that this has been the drought and excess in during the case, bat from the accounts you will summer months, tarned out in the observe that as your buildings and plant Shanghai districts to be an exceedingly only stand at Tls. 490,000 including poor one. In a commodity like cotton, this year's depreciation, the difference with high prices being paid throughout the world for the raw material, it was pay amount and your capital for working capital, and that when our the Compsny some Tls. 300,000] 7 not unnatural that our market for the new crop opened in an excited manner stocks are low there ie " surplus op with rates steadily advancing to hich interest can be earned. This was prices never hitherto reached. There particularly felt daring Jaly to October fore, with an inferior crop, with when clearances were made almost as high "prices, advancing as" they [#000 as we coald spin the vara, and oar did the commencement of cotton stock was getting low. the season from T. 24 to T. 28 per pical, With these remarks, gentlemen, I beg, and to add the ever predominating to propose the adoption of the accounts: of excessive watering, in which pareait and report, bat before patting it in the on an advancing market the native form of a resolution, I shall be blessed countryman is an expert, it is no won-to answer any questions to the best of der that the combination of these my difficulties coupled with what I might There were no questions.
The call criminal adulteration, rendered the following resolutions were then put to spinning industry, dari October to the meeting and carried ansnimonsly:—December, in spite of considerably higher Proposed by the Chairman, seconded prices for vara, far from paying by Mr. J.M. Young: That the report. undertaking. and accounts as presented be passed.
Text read from the printed page and cleaned; old type leaves the occasional error.