Prospect of Stability Owing to Smaller Imports Tokyo, Aug. 6.
The Yokohama Specie Bank orf the 4th instant raised its exchange yates to G.$475 on New York and 1s, Ujid. on London. Judging from various observations in financial circles as to whether or not, the rates will be of long duration, ft is generally considered that the jon of the yen is a definitely' fixed one, for Japan's foreign exchange rates were restored to their normalcy at the end of last. year' and they have been maintaining a $47 mark since Jast May. Moreover, as the. prospects of the import: of raw cotton, which have an li fluence on the actual market-rates in the immediate future, together with the attitude of the importers ind the present stock of the cotton spinning companies, show that there will not be a big import of raw cotton from abroad, the general public are holding optimistic views!
As a result of this at the end of the first half year we could only" just square expenses; the profit on working account of Tls. 521971, has, therefore, all been made during' the last six months) of the year under review, and I eon-Sider that this reflects the greatest Mr, D. Arakie.
(G.) That Messrs, Lowe, Bingham Matthews be elected Auditors of the Company for the current. year. Proposed by Mr, T. A. Clarke, seconded by Mr. Brodie Clarke.
At the conclusion of the meeting credit on our managing director, Mr, Brodie Clarke arose and said Mr. Burns and the rest of the staff. that he wished to compliment the At the date of our meeting Last entire ataff_ on its excellent work [year we were in the middle of the during the four months of the boy Boycott and your directors, there- cote when conditions were very up-fore, considered it wise to carry! set, forward the comparatively large figure of Tls. 172444; this_conservative policy, together with the
Text read from the printed page and cleaned; old type leaves the occasional error.