The 27th ordinary general meet ing of shareholders the Stanghai Geen Manstatering Coy Eid, took" place on May 25 head ofice, 49 Seechuen Road, when Sie. K. Gonzo, the: chairman (supported by Sessie: K. ere Otani, 7. Exjof, J. Inouye, Maeda ana'¥, Noda, directors, and MrT. Kageyama, secretary)" prs Sided over 8 gathering repreceatng T7800" shares The chatrenan said The allding: work and erection of machinery for Non 5 mils having Seen executed, as "planned, Spinning and weaving, mile have een ale to operate is full capacity Since lat month, and Tam sure that Sou will agree with tne thet, such Fapid progress in the completion of our new mais wil be geceved. wich deep sense of gratiheation, Political trouble'in the south, and aicutty'in suppressing con ist tanditey, Have had am exceedingly bad effect on the market, as, the demand for coarse counts from the interior has almost: completely ise appeared: "Henry accumulation, cargo would have ensoedy hed there Sot*been an exceedingly fortunate of to exports by the shipment of over £0,000 bales of barm to japan, {his being entirely due tothe ab: normal rate of exchange prevailing Sgainst that country. As to the Export of on products to Japan ce fre greatly indebted to. ihe Toyo Menta "Kaisha, oar agents, Yer where efforts T'wish to express 5
Tam, however, very much concerned about the fature marke, IF'the exiting stife fp to continue, ecmay. have. an extremely hard Umer Ag early tetlement of die ferences by peaceful means abi joint endeavour for the restoration prosperity te ecrwealy heped for fother important matter U have deal with, fe the enforcement of Factory Taws which wil come into tffece as freon August 1 next. Seems likely that, if these. ate, applied in toto, although they are exceedingly. far-reaching and theereticaly excellent, the. present ate of affaiea in this country oth from the Industral and economical points of view, would Rasdly stand Tuck a strain of almost reveftional change, not to mention the 5 fmmporsoiity of attainment of their éexired aims.
must. be realized that such dien and antic application odes, would, without oust, tend Sot only to" higher coats Sut to really diminished production. The Feral will be tha, to meet the deand, there wil be no' alternative thee to for of spindles in thie country fine to tavert, foreign' artisan ints the market. Te in fnconceteablo resort tothe former remedy ina Timited "time, particularly as thie Involves the' import of "expensive machinery at. the. present prokbic tive rate of exchange Consequent. ty, the situation would naturally re. Sit In" the encouragement of the See of foreign imported goods the great cietppointment of cer sections of the peerie.
T'frmly believe thatthe time is not yet ripe for the enforcement of Tees idealist: laws, since these would have a euiidat effect on the Tndontry of this country, and hat ample and reasonable' bevied for Preparation should be ven 0 {ocallow she gradual application of those laws as time goes on.
Nows gentlemen, Lam glad to say that the result of his derm wader review may Be taken ae a satis"
ye able 10 present alfont the rave Eehders wil'agree with me, since ficary one: Cam coe thet share
fgorer of prof and distribution as thoes of the previous term, flowing evdahions were Piha, the report, balance, she Frost and'loss account for the eral inventory "of assets ing profit Bnancial term ended Opel 30, 1051, bevsanctioned and passed, That the director suggested appropriation of the balance #t ered: Brvprott and loss account be sanc-Toned an passed.
"A'vote of thanks to the chairman and directors, proposed. by Rmukawe, and seconded by Ste. Roy, war ceried with neslamaticn Hall & Holtz, Ltd.
'The annual meeting of share~ holders in Messrs. Hall & Holtz Lid, took place on May 29 the fices of the company, shea Mr, W. S, Watson presided in the absence of the chairman, 'Afr. chairman were' Messe, TW. Moller. Supporting the act
Sfealein. (Giretor)" and JH, R. Faulkner (secretary). The: number of share represented was The Chairman said:-
You will no doubt te pleased mote that, instead of loss having' been made on the year's working, a profit of $28,330.11 is shown, Jagainst a loss of $60,266 last yes and a lors of. $71,028 the previous year to that, Turning the balance sheet you will find "our overdraft with the bank to be $593,671.16 as compared with $635,564.40 last year, a reduetion of $40,893.
Sundry creditors stand at $98, 104.92 as against $104,326.67, a re-[duction by $66,221.75. On the assets side of the balance sheet, you will have noted additions and altera-ions to buildings during the year,' $26,539.02 and which sum has been paid out of working account other-rise the profit made for the year would have been $54,869.13, How-lever, you will be pleased to learn that' we shall correspondingly benefit this year by the rentals we are receiving from these alterations and additions, which at the present moment are Tls. 20,199.98 and we still have two lange offices to dispose of.
Sundry debtors have been reduc-Jed to $68,016.19 from $61,052 last year notwithstanding a greater turnover.
Leaving the accounts for the moment, I will refer to the general [working of your business.
During the year some quite important changes have been made. Firstly our general manager has) been replaced ty the appointment lof Mr, J. H.-R. Faulkner on June 30 Mr, Faulkner came to us not only with trade but also local experience, he having been assist ant manager of Messrs. Whiteaway Laidlaw & Ca, Ltd, and later! manager of that company's branch) lat Tientain, You will have no doubt noticed?!
change in the appearance and ar-Tangentent of the different. depart. ments of the Shanghai store, and Tam pleased to inform you that there has. been a marked" increase in sales notwithstanding adverse business conditions prevailing in [Shanghai during the period under review.
The additions and alterations buildings that I referred to previ ously have been brought about by' the utu tion of vacant and unused space, coupled with a slight. addi-Uon fo the Szechuen Road end of the building and from the rentals that we are now receiving will prove fan additional and appreciable source fof revenue, As an item of interest to sharefnoiders T am pleased to inform you that your board hes quite recently sold our Hankow property at a figure showing a profit of over 200] per cent on what it stands in aux Books, the purchase money being veceived and deposited with our bankers.
Ta conclusion T would like state that the directors consider your business as now being in a. sound state and given no worse business conditions than we have experienced luting the past year, and which you will agree have been bad" enough, may look forward to a return of the dividend paying stage at no distant date. myself of this opportunity]
ing the thanks of the Jgetic efforts and loyalty to the company during the past year which has necessarily entailed a certain mount of re-organization and addition to their duties, Tt was resolved:—That the accounts as presented be adopted, That Mr, Moller be re-elect: edva director of the company.
That Messrs, 2 Seth,
Text read from the printed page and cleaned; old type leaves the occasional error.