The Keemun market very dull all the week. very few second crop teas of any quality left, and no first only business in black tea magnitude has been the of 3,755 h/e dust for Russia.
'Hankow:—Russian buying proceeding steadily but is so far' confined to Oanfs. A more general' try, have caused @ general disturbance of trade which hag seriously affected the shipping and trading fon the Yangtze River and to a lesser extent on the coast. These conditions and the worldwide trade depression affect our busines to an almost, equal extent as does the general trading merchant, We have had a few inquiries for new construction but the low silver exchange with its rapid fluctuation, makes, it highly speculative to tender for any contract
plete, {hat will take a long time to com-Labour conditions have been very satisfactory during the year, our workmen having carried—out their promises and their representatives being very tactful in settling any small differences that, occurred.
'The Customs Tariff has in ro way been modified in the shipbuilders' favour and presents a serious obstacle in compatiti cent ports where little or no duty is levied. 7 We have delivered! during the year @ twinserew middle river steamer, 292 feet long, for Messrs. The Indo-China Steam Navigation Ca, and a large steel Cargo hulk, 825 feet long, for Messrs. Butterfield & Swire, and have also carried out a number of extensive damage repairs to various vessels, in addition to our usual docking and repair work. Our. salvage department has only been moderately employed, ce large salvage operations having been undertaken, We have several small craft under construction and also a certain amount of shore constructional work in hand, ard are presently estimating on several inquiries for new tonnage which may eventuate into something concrete.
To venture any forecast for the current year is very difficult as the whole situation in China depends on settled conditions in the country' and a dependable silver exchange: we are in a position to tackle ary'
and repair work that may come into the port and it is to that, branch of our business that we must look for our principal support until more settled condi-prohibited without permission. tions exist in the interior and a better exchange situation arrives, Shipowners would be well advise ed to take immediate advantage of the situation and yend their vessels to this port for dockage and re= pairs, as, owing to the low exchange, the charges work out ex tremely moderate: in some cases, the advantage being nearly the rate of one silver dollar equal to one gold dollar for similar work carried out ie a gold, currency, country.
In tendering for new work, while every effort is made to cal culate this on replacing costs of material, it will be realized that efforts in this direction must be subordinate to meeting competition and that, therefore, the process of adjustmart of prices to the change factor is necessarily slow.
Turning to the report and ac+ counts, you will notice that our results are somewhat better than last year, our gross turnover being much higher. Our stock of mate rial is valued at much less than 'Hoo: replacing cost and plat, docks and buildings and' floating property have been kept in ood order ous of revenue.
The book value of our invest
ated market value, These me considerably under the vestimerts taken at their book valu plus cash in the bank, amount. to some Tls. 974,263 but note should be taken that, of our investments, Tls. 110,000 is earmarked @s a rex serve against liability under em= ployees provident fund—the balance sheet shows this clearly. Our dee preciation account now stands at Tis, $48,000 and it has not been found necessary to make any furs {ther provision in this respect, During the year, owing to his departure from Shanghai, Mr. Widmanc\ resigned his position on our board and Dr. A. Korff accepts ed our invitation to fill the vacancy, and his appointment requires youn confirmation.
accordance with paragraph 92 of the Articles of Association, two directors, Dr. A. Korff aid Mr.
G, Weail retire and being eligible offer themselves for re-election, Before moving the adoption of the report and accounts, I shall be pleased to answer any questions.
'AS no questions were asked, the following resolutions, having formally been proposed and seconded, were put to the meeting and carried without dissent:—Proposed by Mr. G. W. Shop= pard and seconded by Mi. H. Vs Wilkinson—That the directors' report and statement of account made up to April 30, 1931, as printed and circulated, be adopted and passed, and that the directors authorized to pay a dividend of 12 per cent. being Tle. 6 per share, to shareholders on the register ab reposed by Mr. O. G, Steen and seconded by Mr. T. G. Weall—Thas the deletion of Dr. A. Korff as a sed by Mr. G, Wallace and seconded by Mr. D. Tux: bull—Thag, Dr. A. Korff and Mr. 7. G. Weall elected directors of the com pany
Text read from the printed page and cleaned; old type leaves the occasional error.