He is sitting with ws to-day, but is sailing from Shanghai next week to settle in British Columbia. Ho thas faithfully served you from the date of the inception of the com: pany, and hasslargely been responsible for the successful results of the past. I feel sure that you will Join with me in wishing him long life and health in his new home in Canada, where £ have no doubt he will find ample outlet for his energies, Whilst much regretting the lors' of his services, you can rest assured that the future management of the works will be in good hands, inasmuch og Mx, Brankston who, three years ago retired from the managing directorship, has now returned and resumed his old position, Depreciation fund is slightly reduced by appropriation. during the year, and if you pass the amount suggested, it will be'brought tp to a round figure of Tls. 750,000, which is considered adequate, The remaining figures on the liability side of the balance sheet, unclaimed. dividends; ills payable and sundry creditors are the normal outstandings at the end of the year, and, with the exception of un claim: ed dividends, have now all been
Text read from the printed page and cleaned; old type leaves the occasional error.