After calling the meeting to order, the Chairman sai 'The report and accounts having been in your hands for the prescribed period, I take it, that you are thoroughly familiar with them, and with your sanction I propose to: fellow the customary procedure and. take them, as well as the auditors' certificate, as read.
Aware. as you are of the trying times through which we have passed and are still passing, you cannot fail to appreciate that we have not been immune from the effects, and consequently this yer has by no means been an easy one' for business.
While I hesitate to take up your time by reiterating the various, occurrences, it may be opportune to remark that the year opened with excellent prospects, we then havit.g: in hand several large printing cor tracts, while our.advertising de-Partment: was also well engaged.
Unfortunately, the depression in business gradually became worse with the result that we we quested to sanction the cancel tion} of some of our largest printing eon. tracts, while the operations of cer tain sections of our advertising de-Partment also became adversely: affected, Keeping, as your directors ways have, in close touch the management, it was deemed pedient at this juncture to meet the oncoming tide of depression with} economies, and "this measure has been largely responsible for relieving the tenseness of the situation. Moreover, as certain channels of! Fevenue "became blocked, others! were immediately investigated and if calculated as likely to prove Productive, put into operation While the printing department has given us cause for anxiety at iv: tervals it has passed through the year in very satisfactory manner. Tha advertising department' has, ikewine, met, with difficulties, notwithstanding which, however, it has on the whole been maintained at a highly satisfactory standard, and profits have been encouraging.
As. you know the business now: under entirely new manag mont and several innovations have been introduced in both the printing: and advertising departments, and were it not for the depression, or} more correctly speaking, stagnation in business, a marked improvement would have been recorded.
With regard to the accounts now before you, your directors, while regretting the delay in presenting same, which is in no small measure. due to local political disturbances necessitating the ser of those responsible for their production being more or less requisitioned for During the year also, a change in the status of the board of directors was necessitated through the much regretted retirement, owing to pressure of personal business, of Mr. Madier, who has been one of your directors for so many years, Jand who during his tenure of office gave unstinting attention to the affairs of the company. The loss of his wise counsel among us is profoundly regretted. The vacancy created by Mr. Madiers retirement has been filled by the appointment of Mr. J. Donne, managing director of Messrs, Racine & Cie., a gentleman who requires no recommendation as an able and astute man of business, and in whom you. may place every confidence. Before resuming my seat, gentlemen, would like to take this opportunity to express the Board's appreciation of the work of your director of the Oriental Press, Mr. E. J. Burgoyne, ax well as the rest of the staff, both foreign and Chinese.
1 think, gentlemen, I have now made reference to: all necessary matters, but in the event of any shareholder desiring for informa tion, T shall be pleased to answer any' questions to the very best of my ability.
Questioned by M. clu Pac clu Marsouliers as to what steps had been instituted in respect of doubt~ ful debts, the secretary vas instructed to read extracts from the minutes of the meeting of the-board of directors held on June 28, 1927, when the matter was discussed at Jength and the necessary measur adopted.
The Resolutions There being no further questions the Chairman put the following resolutions to the meeting, which were carried unanimously:
That the report and accounts as presented be passed, That Messrs. JI. Chollot, BAIT Harris and. JR. Moodie, whose period of office has expired, be re-lected "a directors for a further term of three yours, and that J. Donne, be elected for the same Period as director, it place of Mr. Madier, who tendered his resigna: tio That an expression of apprecin~ tion of Mr. Lafon's work as auditor be voted and that he be elected auditor for the year 1927-1928: that Mr, Meuniar of the Banque Franco-Chinoine be elected to substitute Mi Laifon, in case of the latter's proceeding on furlough. exceptional merit: Garage. Me isis alia, Wien, AOA tan yentai wait?
An Hate of ult dignity 12, Queensborough Terrace, iysiondutit COURS ATR. 46-~ harming family read ence'" Shires CHANTERIGA HOTEL, 12-16, tovernen "Terence 'A relined" Renidentis Pam "Retience wher We feel that you company's financial position without any feeling of unt will appreciate that, notwithstanding the various obstacles encountered! throughout the year, the profi shown, amounting to' $25,000, under the circumstances, a credi achievement, Vemilies. NO EXTRAS Garvie of above Motes earn interchange for Also charming LONOON COUNTRY HOTEL:
Text read from the printed page and cleaned; old type leaves the occasional error.