It is impossible to be optimistic which at, pre-China, With and brigandage with the military in occupation of the railways, iting the movement of cargo, it hot surprising that the demand for yarn is poor, and that people live from hand to mouth, with the result that, stocks in Shangh are accumulating. On the other hand, stocks up-country ars said to be stall, and given peaceful contitions, s0 that farmers can transport and Wispose of the prodness of the soil, a steady demand for yarn and cloth would make itself felt, The price of yuin today is lower than it has been for three years, the Tariff Conference now sitting shoul be brought to a successful issue, the prevent adverse conditions would make way for a period of prosperity for the textile but failings this, the on nything but encouraging.
Turning to the accounts, Directors recommen debit balance of the following: manner: wafer of THs, 100,000.00 to the cotton equalization fund, and Tis, 6495247 to general reserve fund.
The total reserves of the Company will then stand at Tis, 1,163,185.62, addition to the depreciation, reserve fund of Tis, 1,000,000. Considering that the upkeep—of machinery is written off the working account every year, and that the replacement cost of most of the machinery is higher today than at the time at which it was purchased, this depreciation reserve must ered extremely conservative Assuming, however, that the Com: pany's assets have depreciated that extent, the 3 te approximately share, It is to be hoped that cond: tions before long, will improve sufficiently to enatic the Company once more to corn profits and di tribute divides The follow resolutions were the statement of accounts for the December 21, 192 ing audited and
Text read from the printed page and cleaned; old type leaves the occasional error.