The company's Shanghai _and branch premises have been Kept in good state of repair entirely out of revenue, Ay stated in my ast! speech, the roof of these premises yequiréd serious attention, and the necessary work including anew steel! skylight was carried out during the past year, The roof is now in sound repair, ard guaranteed for 10 years} 80 no further expense need! be looked for in that direction. I would also refer you to my remarks of last year in connection with your directors' efforts to make the store attractive and up-to-date, The rol'ey they then decided on has been eaztied to practical effect, the improvements Being obvious to those acquainted with the store, As a matter of fact many complimentary remarks have een pasted regarding those im. provements Ly our clientele. The! advantage of these improvements is becoming more apparent every day as our stocks are displayed to better advantage Stocks. ax are down his reduction has in no way im paired the standard of efficiency of your store.
Sales show a decrease of just over $100,000, a portion of which fact ix directly attributable to the May 30 incident here and the strikes. that followed—our furniture factory in Shanghai was closed for a period of over two months, The disposal of your bakery, to which I shall allude presently, contributed to the decrease, The troubles during the year in the Nevth and also seriously affected the turns from our two branches. Your directors, however, feel that provided more settled conditions prevail in China the current year's results more than cifset the decrease in! sales of last year.
Text read from the printed page and cleaned; old type leaves the occasional error.