Restriction of output. combined with alternate day tapping reduced what would otherwise have been a million pound crop to 760,000 Ib. the cost of which worked out at 749d. per b. F.O.B. compared with 9.14d. in 1920, a most gratifying reduction, and at this figure, I think we may claim to rank amongst the cheapest producers. We hope to make a further reduction for this current year unless something unforeseen occurs to upset our estimates. Detailed figures of cost as hitherto submitted have been discontinued in the present report because restriction and alternate day tapping make such figures misleading as comparisons.
The Shanghai company's accounts call for no comment except that adverse exchange caused a loss of Tls. 15,948.35, which, deducted from the amount brought forward from the previous year, leaves a balance at credit of profit and loss account of Tls. 23,004.37, which the directors recommend be carried forward.
There was no discussion, and the formal resolutions were adopted.
Text read from the printed page and cleaned; old type leaves the occasional error.