Unless the situation changes for the better without delay, it may not be long before we see' wholesale! destruction of various industries, both Chinese and foreign alike, as a result of which vast numbers of} workers will be thrown out of employment. You will readily understand that, with such a strained it ip most impossible ft fe natural that the result of the financial term under review is not, a very good one; your Directors, however, have the consolation being able to declare a small dividend after providing a fund for de-Drecation which "has long been wanted.
Tnerease in cost of power and an all-round advance in price of stores, feaused by the adverse exchange rate, in addition to the heavy. increase in wages, have resulted in a considerable increase in the cost of working. To overcome such dificult few the only remedy is to minimise all expenses by scientific checking, and continual vigilance in manageent. You may rest assured that your management are making the utmost efforts to this end. Tam glad to kay that these efforts have already met with some reward.
'The upkeep and maintenance of your property have received very' careful attention and, having spent the sum of Tls. 65,941 on renewals and repairs, the same being charged to working account as usual, the entire installations have deen maintained in good working! order, T may here mention that all your mills are now under a strong] guard of marines of the Imperial Japanese navy and not the slightest fear or anxiety need be felt of any violence or destruction of your properties, I think it is not out of place fo take this opportunity to! Yecord our appreciation and sincere thanks to the authorities for the protection afforded. nance Healthier year.
That the report, and accounts resented be aiupted, "Proposed by Ga, accended by ale MThat the Dalonce at debit of the fetid Hose account Te 108700 1 fou be She C, Ins Bain, seconded By Wea. b. Bel, "Fant Inv. J.D. Gordon be re-elected ey) Director. "Proposed. by Me. Tsaac Hiisom, seconded by Ste. James, Macbeth.
Thal the appointment of Me, Bein ae director be confirmed. Pro: Tored.t fir J. R, Moodle, seconded by Bre ®, ili, Gange.
"mei-the appointment of Mz. A. Boll'ne dimeter be conBrmed. Proposed By Mr, 3B Mocdn, conded By Be. Pas Bein tow, Bingham & Mat: neva. Be "reappointed le3 "auditors See og, Med. Mbetb, sesended Turning to our financial position, conditions are much healthier than. Lefore; apart from occasioned short. Joans, your company has generally] been immune from borrowed capital, particularly towards the close of the term.
You will recollect that at the last meeting you passed a resolution instructing the board to call up the unpaid capital at the earliest" opportunity, but, as I have just stated, the company has in the meantime been fairly well provided with funds and did not therefore feel it necessary to seek your assistance in this manner; it was also thought that to collect these funds when they were not required and to' merely keep them: with the company's
Text read from the printed page and cleaned; old type leaves the occasional error.