The first three months of this wwe opened well, with a subial increase in turnover for March and April, which clearly in-leates. that, given peace, and freedom from internal strife, busi Ines may be expected to return to ithe figures of the years prior to 1922. Every effort has been and being made to cut down working: Jexpenses, and a saving of $9,000 has been effected on the previous year and over $14,000 on 1924. Against this saving in expenses, we are faced with keener competitive prices, which reduce the' margin of profit on the turnover. [Liberal depreciation has be allowed vans, machinery and lifts, Jof $9,887.12, and places all these assets at a figure well below their realizable value. The amount written off for bad and doubtful Jdchts is less than last year, and our ess from thi cause remains at a very low average, being only one Jquarter of one per cent. over a period of 10 years.
Our cash sales were 20 per cent. higher than the previous year, and it was the second highest year on record. This feature of of turn-lover is very satisfactory, because it indicates that we are maintaining
petitive cas! ess in Shanghai.
n in the increasing com Your chairman last year pointed out that the 1924 assetsed value of the Shanghai land is nearly Tls. 120,000 micro than the book value lof land and buildings and of course {this enhanced value still applies at} the present time. In other words, if the land was written up to its assessed value, it would create credit balance in the profit and lose account. While this treatment alue in the accounts would be, quite permissible, your! directors prefer to leave it as it is, because the value i still there and
Text read from the printed page and cleaned; old type leaves the occasional error.