The annual general meeting of the Cottoh Anti-adulteration-sociation was held on Wednesday morning at the offices of Messrs. Jardine, Matheson & Ca., Ld. Mr.
J, MeNieol was in the chair and was supported by Messrs. 8. Kato, H, Box and A, Jessiman, secretor After the secretary had read notice convening the meeting, the chairman said:—In. accordance with our usual practice I will, with your permission, take the report and statement of accounts now in your hands, as read "The working account for the fin~ ancial year, which ended on July 431, last, shows a net profit of Tls. 16,620.90 to which must be added he balance of Tis, 16,769.07 brought, forward' from last year, leaving a profit of Tls. 33,980.97 to be caried: forward to the next account.
From the balance sheet you will see, that: our investments at cost slond rather higher than there market value on July 81, 1926, but this has been adjusted by placing un' amount equivalent to the difterence to Investment fluctuation reserve, Owing to the general strike and aqthe high price of Chinese cottons cofirst few months of our year' working were very unsatisfactory, bat from January to May the quzntity of cotton tested showed a gra tifying increase, Tosting. fees received amount to Ts, 89,921.66 us compared with Ys, 49,171.68 for the previous year. No change has been made in the real of charges, the difference being recounted for by the reduced want ity of cotton tested for ox-vert. As you are all aware Japan purchased a much smaller quantity of, Chinese cotton than in th 1994/1925 season. The total quai Aity tested amounted to 789,321 Ficbls against 976,815 in the pre" vious 12 months, a decrease of 19 rer cent.
I regret that I have to report that the aduitorotion of cotton by the fraudulent addition of water still continues and our results show that of the total amount of cotton tested only 10 per cent, was up to standard, as against 27 per cent in 1926,'17 per cent. in 1924, 31 ver cent, in 1923, and 40 per cent. in 1922, "I think I am correct in saying that, in the history of this association there has never been such a small percentage up to stand~ erd og in the period under review.
The work of the cotton testing house has been carried on with its usual high state of efficiency, and the equipment has been over-hauled, repaired and painted.
The thanks of members and others interested in cotton are due to the Diplomatic Body and the Maritime Customs for their con-Yinued support of the association.
Reports on the present local cotton' crop are not very favourable as it suffered through the very dry weather in the early stages and through a superabundance of rain in August. There is, however; a considerable carry-over from the old. crop 80 it would appear that at least a moderate quantity should pass through the testing house.
Your committee'vecommends that interest at the rate of 10 per cent. yer annum for the past year be paid on the guarantee fund.
If any members have any questions to ask regarding the accounts or the affairs of the association I shall be pleased to endeavour to an+ swer them. of Company The 13th annual geriral meeting lof the Shanghai Pahang Rubber Estate, Ld., took place on Wednesday afternoon at the office of the Jscoretaries and general managers, jMessra, A. R, Burkill and Sons, 2 Canton Road. Mr. A. W. Burkill resided and he was supported by and A. K, (Craddock (directors) and Mr. C.-L. Smith (representa ting the secre-tartes and general managers). There iwas an attendance representing 27,750 shares.
In the course of his-speech, the [chairman said:—
Gentlemen:—The report and accounts having been in your bands for some time, I will, with your permission, follow the usual course and take them as read.
The board considers that the result of the year's working may be regarded as very satisfactory and it may interest you to know that the profit Yor the year under review exceeded the total profits earn-by the company since it was {formed in 1914, The profit for the year amounted to Tis, 112,131.26 which, added to the amount of I 11,029.01 brought forward from last year, makes a total of Tls. 123,- 160.37, Deducting two interim dividends of Tis, 30,000 (15 per cent.) and Ts. 20,000 (10 per cent.) paid on December 18, 1925, and May 18, 1926, respectively, there lation as recommended by your Ay you will note from the accounts, the company's finances are in a very healthy condition, the Iiquid assets exceeding the liabilities by approximately Tls. 76,000.
Text read from the printed page and cleaned; old type leaves the occasional error.