South Drift:—In_ April, we started a new drift from the old shaft in order to strike the same seams near our southern boundary. This progressed favourably and in March of 1927 we struck the first We were fortunate in striking two new seams during these operations, each of which had been ex-plaited for some distance eastwards, found to be regular and work:
ble, varying from two feet to eight fect in thickness. As this area was in the direction of the part of the from native workings, we estimated that these two new seams. would iderable quantity of coal well below that at which we have produced hitherto, Construction:—During the year we erected a modern screening plant driven by one electric motor which reduced inbour expenses, at the same time reducing our coal into four categories with far greater accuracy and speed than was posble under the old method of handing. We estimate we shall recover at least seven per cent. of cobbles from what under the elf aystem became slack, and reduce th proportion of slack to lump to 50 per cent, of each.
We have also completed the erection of our own power plant, and we anticipate that this wi 1 considerable saving in the cost of production.
Briquetting Plant:—1 should like to call your attention to the loss of Tia. 1,203.76 appearing in profit and loss account transferred from this account. The lask was canyed through our removing our briquetting factory from Chinese territory at Pootung to our present location in the Foreign Settlement at 13 Thong Road.
The removal was rendered necessary by the spread of Communism at Pootung following the occupation of Shanghai by the Southern forces in the early part of last year.
Our present factory is more conveniently tuated for the conduct of our briquetting business, and xe look forward to showing better results, in our next accounts.
That, gentlemen, is all 1 have to say, but before putting the formal resolutions to the Meeting, 1 shall be pleased to answer to the best of my ability any questions anyone may wish to ask.
There were no questions, so the following resolutions, having been formally proposed and seconded. were put to the meeting and carried That the report and accounts, as presented, be passed—Proposed by Mr. W. R. McBain and seconded by Mr. A. W. Burkill.
That Mr. A. J. Welch be re-elected a director of the company Proposed by Mr, Ellis Hayim and seconded by Mr. Sih Kee.
That Messrs. Lowe, Bingham Matthews be re-elected auditors for the ensuing year—Proposed by Mr. Ellis Hayim and seconded by Sih Kee.
Text read from the printed page and cleaned; old type leaves the occasional error.