The ninth annual meeting of shareholders of the Shanghai Exporation & Development Ca., Ltd, was held on Thursday morning at the office of the general agents, Messrs. George MeBain, No 1 The Bund, Mr. W. R. MeBuin presided nil he was supported by Messrs A.
Burkill, ALJ. Welch The ening: the meeting. and "report es read, the eh The result of the year's working, regret to say, shows a loss of Tls. 68,213.53, which, added to the previous balance of Tis, 114,283.81 the debit of profit and loss account, makes the balance at debit of your. ditectore, bron is unfornate resale is entire.
due to the tate of war existing thoughout the entire "wear which hot only interrupted tar norton Shut, you azo all awave interened Serlounly with business generally Phe Insatiable Military Generals—The year 1927 was a aitmeait one for the' company. on Sceount of civil ars agiadions,
honey" by the local military one amd for thorities. if became impossiie to get our cal away to the consuming Sentres, while stocks at the mine rose to Therefore, in the of last year, your directors decided to close the until such time as stocks could be wi sold. 1am glad to form you that (he stocks at the mine have since been reduced 95,000 tons.
Production:—Production for the was 80,000 tons. We closed down our old workings at the Beginning of July, since when the only oval brought to the surface has deen that taken out during development of new areas, making drastic reductions in our staff and general expenditure, we have been able to cut down overhead very considerably.
Despateh:—During the year we despatched 61,549 tons. As already mentioned, despatches have been unsatisfactory on account of civil wars, which continued throughout the year, causing a serious shortage of rolling stock and acute business depression in the north.
Deyelopment:—We have now sunk a shaft down to our second level, which level we reached last May' (1927) and made galleries at two different depths, to the coal seam..On reaching the seam we started an incline downwards through the coal to meet the second drift." When we re-open we shall work the coal from the two lower levels, leaving a vortical layer of rock between our old level and the new workings. In the latter, we shall be working below the flooded area and should be free from the necessity of excessive pumping operations,
Text read from the printed page and cleaned; old type leaves the occasional error.