Sundry debtors, thanks mainly to at "their offices, Mr. A. K. Craddock presided, more efficient system of shroffing ported by Messrs. over the account H, Martin Little and T. E. Trueman yo leas than $28 000, oot have decreased (directors) and Mr. A. Braid, secre- reserve of $10,177.00 is considered tary, and shareholders representing ample provision for any debts which 8,166 shares. may prove doubtful, It must be The notice convening the meeting b ore in mind that the figure shown having been read by the secretary, in the balance sheet under this head the chairman said, includes the then current month's It is unnecessary for me to tell] oral credit purchases. you that the trading conditions Turning now to the branches, Jduring the year under review have Tientsin has shown most. satis been "deplorable, every foreign factory progress, the turnover ex-which have been and which are still resident, in China touday and. also ceding that of the previous year sheet and profit and loss account amounting to a total of Tls. 5,365.44, being carried out on the lots ad-an increasing number of the Chinese for the twenty-Afth year of the such procedure having been adopted Joining your property. As soon as. operation of the company, the at the suggestion of a gentleman, feasible your building will be put havoc which has been wrought by.
Girectors are pleased that it has by far the largest shareholder in the es, fally realize the terri ize the terrible Temain stable, a still further Im land provided conditions in the north
ed for.
Srovement can confidently be loo} in order, for which purpose I hope internal wars. affecting the com-Conditions in Hankow, howe been possible to show satisfactory your company, that your board of the building reserve will be suflmercial world of China in all yearnings, despite the chaotic cor directors. should in future pay the veqvently" bu ever, have been ai trous and cone cient. directions, The situation hi dition of trade in China, Business usual bonus to staff if the boanl been possible and 1¢83 well nigh ime Sundry creditors of Tls. 82,334.01 getting worse each year and now, il some settlement over wide areas in China, decimated were satisfied with the working of have all paid.
We can only hope that we are near-of the Hankow deadlock is reached by factional military and the employees.
Having already dealt with the armies at civil war allo Furthermore, owing to the fact ing the climax. It is a matter for and the return of the foreign popula profit and loss account, I now turn, regret that in our business we have] ion takes place, your directors feel munter, to a practical stand that the griffin season, which to the assets side of the accounts. to face another loss, it being' that this branch will continue to still in November and December of ordinarily ends during December, Whilst your land stands in the Inst year, and T need not refer to thereby enabling your company to slightly smaller in amount than for the bravely hart shew a loss, The que accounts at Tls. 118,595.27, its value the deplorable events which have collect all profits arising out of the previous year, sidered but it was felt that to 13 n seriously cone per the Municipal "Council's secured since then in the total griffin sales, ete. prior to the end of An Improved Turnover Assessment coming into force the this would be a mistake in view dislocation and stoppage of trade the year, commenced very late, and July 1, 1927 is Tls. 495,697.50, or Every effort has been made to at Hankow, Nanking and other it was only possible to realize apdifference in your favour of Ti ner ease the sales, and in this with the port. During the of the company's long jateoeation Yangtze Valley ports, The facts proximately one-third of the griffin 377,302.23, Tespect we have been successful, the our agent "in Hankov, ig the year are only too well known to us all, profit prior to December 31, whilst resigned his position dings.—There has been" no turnover being an improvement on. and left for Despite these difficulties, we are the balance was only realized during, the previous, year, but the outport carrying on operations where and the first five months of 1927, Bneland. Stocks in Hankow have and interior trade has shown been ly reduced and some een materially reduced and when business can, with veaxonable Profit Not so Bad they now stand most valuable portions of
Text read from the printed page and cleaned; old type leaves the occasional error.