(the Chairman), Mr. K, Otani presided at the seventh ordinary. general meeting of the Shanghai Cotton Manufacturing Ca. Lal, held the head office, 40 Szechuen Road, sast. Thursilay. "There were also present Messrs. W. J. N. Dyer, Gonno, Woo Ling-shu, K. Kuroda and Y, Maeda (directors) and othe shareholders. a total holding of 68,082 shares being represented.
The Chairman said:—As it Is now past 4 o'clock, T wi with your permission, commence the business of the day. 'I will ask the secretary to read the notice? calling this meeting and also the report of the auditors, This having secretary, the time been read by the Chairman con-
Now, gentlemen, the report and accounts having been in your hands for rome time, I will, "with your permission, take them as read. Fol. lowing the last disastrous period, unprecedented in local history, the term under review has been comparatively quieter and more normal and the result, therefore, has lightly improved,' though int wood as one could have wished for.
'The operation at your mills was generally very smooth, except for a few days' stoppage and the deplorable tragedy which occurred in No. 8 weaving mill, as mentioned in the report. Having spent and charged on working account the xum-of over THs, 66,000 on plant and mahinsry, Cie" as renewal and repair, tue conditions are in excel-Tent order. As to writing down your sets, I have to again repeat our regret, expressed at previous meetings, but it ig hoped that we may be able to provide a fund for depreciation at the next meeting.
Continual dislocation of—com= munication in the interior by war and bandits is a great menace to the trade and all have to suffer equally. While shortage of cargo reported in ups ntries, yet there are no means to huge stocks held by manufactur As the outcome of amendments made to the Articles of Association Jost August, there be no ordinary meeting during next! August, and, consequently, the election of directors and auditors, whose terms expire next August, will take place at the next meeting to be held in December next, in necordance with Cause No. 28 of the Articles of Association, the past snd is increasing in this recounting. At one perla? this was a highly successful cotton manu-curing company, yet at this date has found its activity crippled by a zed for the acquiring of land areas, hence adverse results recent yours, which could have been encouraging' years, Had the com pany enjoyed the Zacility of the accumulated reserves, interest would not have accumulated and there have bern a margin for de-ion and a possible quota of profit.
Tu the schedule of assets there is an item of a certain area of K,|Iend and an explanation as to "how came utilized, To this exception ig taken and a query is put:—Is the statement made confirmable by fact? What about the undeveloped land? What is the proportion? Furthe it not owing to having bought th it the company is now in the embarrassing position a3 evidenced in' the balance sheet, and lacking in its reserves? Until these have bosn replaced, to think jof dividends, or depreciation, oF even long life for this company is futile.
The Chairman replied that the Jonns were largely due to the bad times they had experienced. They were ruled by circumstances and sometimes were high and sometimes low, 'They now were entering a profit-making period and he thought in the near future they would not require any loans. They had only about 50 mow of undeveloped land y were retaining the neces-area for stoff and mill hands' quarters, The rest was for the future development of the mill, Mr. Robertson said that if the company could go further without Noans he failed "to see it. Te had been felt acutely alzesdy and would jhe felt more la the tims to com {They had more undeveloped land than they wanted and they should not erippte the ey: buying land which they were going to hold for posterity, which was what they had done. For three years they hed of had a dividend and he thought woul! be 30 before they did have fay. As to thr matter of meetings {they would find that they woald ave to have half-yearly meetings. They could not go on playing fast and loore in this manner, The Resolutions The Chairman then put the fullowing resolutions, which were car-Mr. Robertson being the only sentient and insisting that his vote and those of his proxies should be recorded "That the report, balance sheet, general inventory' of assets and profit and loss account for the financial term ended April 90, 1926, be adopted and passed—Proposed by the Chairman and seconded by Mr. W. J. N. D; Gentlemen, this ix all T have to eay. If you have any questions to ask T shall be pleased to answ them to thy best of my ability.
Text read from the printed page and cleaned; old type leaves the occasional error.