The 11th ordinary general meeting of the Shanghai Cotton Manufacturing Company, Ltd., was held on Thursday at the offices of the company, 49. Szechuen Road. Mr. K. Goma presided and was supported by Messrs. W. J. N. Dyer, K. Kuroda, Woo Ling-shu, and Y. Maida." Mr. T. Kagiyama was secretary to the meeting. The attendance represented 70,429 shares.
The notice convening the meeting and the auditors' report having: been rad by the secretary, the cchairniay said:—ince our last meeting local con-shown considerable li evidenced by inal decrease in the number of troops and marines stationed here. although the extent of this ment does not yet warrant their complete withdrawal. The tempora ary cessation of warlike operations in central China had done much to heal the long tortured wound of continuous warfare, and a return to normal conditions was confidently looked for. At the moment, however, the unforeseen outbreak at Tsinanfu has come like a sudden cloudburst and grave anxiety is felt to the possible extent of its The result of the financial period under review may, I think, be cerned quite satisfactory, if conven to the world-nin the textile dustry and the effect of continual upheavals among the Chinese people who have been thereby to a great extent deprived of their buying power.
stated in the report, the working of your mills has been satisfactory, although conditions have hhecn by no means coxy.
The Professional Agitators The activity the radical of clement hus not diminished and has necessitated the utmost precaution. Professional agitators, who have gained experience through many years of trouble, have shown even greater ingenuity than before in their underhand and subversive methods. In particular, armed robberies, especially directed against payroll messengers, have necessitated certain special precautions. With this state of affairs in view, 1 owners in the eastern district save had several meetings and after careful deliberation finally proached the Shanghai Municipal Council, with the result that the: police force of the district has bee reinforced by a party known as "The Special Mill Squad." As this scheme has only come partly into operation since February last, its full merits can not yet be judged, hut it is euflicient to say that the results so far are very gratifying.
1 may also state that another Important result, chiefly due to the ong' mill owners mentioned above, was the formation of Joint committee of Shanghai cotton mill owners, all being includ-irrespective of nationality, and the united efforts of such a powerful body for promotion of their mutual interests, and the cementiney fof friendship among mill owners, have significant re consequence to one of the most important industries of China, as well as to the welfare of her own people, and will adopt. sole wise and far reaching solution of this matter.
As regards your directors' recom: mendations on the question of appropriation of the funds available, I feel that these require no special explanation as they adhere generally to our usual policy. This is all 1 have to say, but before placing the resolutions before you, if any one has questions to ask, I shall be very pleased to answer them to the best of my ability.
Text read from the printed page and cleaned; old type leaves the occasional error.