The prospects for the present year are uncertain. Cotton is at a reasonable price, and the country not overstocked with cotton goods, although there are larger quantities of yarn than we care to sce in Shanghai, but the political outlook, on which' so. much depends, leaves fa great deal to be desired, Given a period of pence, sufficient to revive the confidence of merchants throughout the country, I see no reason why n moderately successful year should not be experienced, but 80 Jong as wars and, what is almost. ax disastrous, rumours of war are Fife we cannot hope to sce the cot ton mill industry flourish.
Gentlemen, as this will be the last occasion on which I shall have the pleasure of addressing you—I retiring from China next month—should like to conclude by express. ing the sincere hope that the very trying times we have been and are experiencing will shortly be followed by years of prosperity. I also desire to record my keen appreciation of the unfailing courtesy and assistance that have always been extended to me by my fellow workers, both British and Chinese, in building up the mills of which you are now the proprietors, You will perhaps realize that my retire: ment is tinged with regrets, as T severing an association dating back to 1897, when I arrived in Hongkong, and was connected with the erection of the Hongkong Cotton Mill, which Inter was transferred to Shanghai and forms the major portion of our Yangtszepoo Mills. The cotton mill industry in China was in its infancy at that ime, but it has made great strides ince, snd while many may be pesimistic about the future of the T have no hesitation in prophesying that with peace in this country, well managed mills will prove to be a satisfactory investment.
The following resolutions were passed 'That the report and accounts, as. circulated, and the allocation of Profits as' recommended be adopte# and that a dividend of 8 per cent on the preference shares be paid Tls. 0.25 per share on the ordinary shares—Proposed by the Chairman, seconded by Mr. C. Gordon That Messrs. C. Gordon Mach E, Clark, H, Martin Little, W. Wakeford Cox, Zee Quan-yuen, Chai Lai-fong, Pan' Ching-poo, and Woo! Ling-shu, be re-elected members the Consulting Committee for the ensuing year—Proposed by Mr. Brodie A. Clarke, seconded by Mr. EL Hayim,
Text read from the printed page and cleaned; old type leaves the occasional error.