'The resignation of Messrs. Cawas-Joe Pallanjeo & Ca. and 'Tung Yih Cotton Mill Left vacancies on the committee which have not yet been' filled.
The recounts made up to the end of November have been audited by} Messrs. Lowe, Bingham & Matthews and were forwarded to you a few The second annual meeting the Greyhound Racing Association (China), Ltd. was id on Decem=
28 in the offices of the Grey. hound Racing C Canton Road. There was a large attendance of shareholders present under th chairmanship of Mr. W. R. B. Me Bain, who was supported by Messrs C, H. Arnhold, A. W. Burkill, days ago.
The increase in the allocation for expenses from one per cent. to two! per cent, is in accordance with the committee's resolution.
As will be seen from the accounts, the sum of Tls. 1,602.93 has been forfeited and placed to the association's reserve funds in accordance with the decision of the committee meeting providing for the forfeiture of rebates in cases where reports, have been delayed for two years. 1 will later ask for your ratification of this decision.
T think the accounts are quite clear but, if any further explanation ig required, I shall be pleased to explain any items to the best of my ability.
Distribution of rebates.—Tho rate! of rebates during the period ending Tune 3) was Tls. 1.1865 and the total tes paid out on cotton, was Tis, 169,321.01. The rebates for this period works out at Tis, 1.2107 per bale and the total amount to be distributed among the mill-members is Tis, 202,401.17.
The distribution, will, subject to your approval, commence at once.
Security mohey.—There are still a few who have not sent in their deposits although the secretary had pressed for payment. A decision assed at the last committee: meeting to write to those members and, if no reply is received within a month, to strike their names off our roll.
There were no questions, and the following resolutions were proposed, seconded and carried unanimously:—That the report and accounts for the year 1928 be passed—Proposed ly Mr, MeNicol and seconded by Die, H, Rogers, That the new committee, as reco mended by the retiring committee, Reader Harris, E. Hayim, Sparke and G. L. Wilson, directors.
The notice convening the meetin; and the auditors? report h read, the chairman Your directors consider the result of the first year's working quite satisfactory. The balance at credit of Abe profit and loss account amounts to $246,319.18.
Tt must be in mind that all preliminary expenses, including the loss on importation and keeping of dogs, prior to the first drawing it the middle of May, completely written off. You notice that kennels and tracks have been depreciated at a rate which will write them off ever the period of our lease, but your directors consider a further sum should be written off, and recommend that, in the appropriation of profits, a sum should be placed to this It is abo considered reserve fund cly placing a sum of $50,000 to this count in view of the fact that our assets are of such a nature that they can only be used for greyhound Work of Commencement Your directors, in recommending that a dividend of $1.75 py ordinary, and $6.59 per founder's, shares, have in their business st teh as ours "should be placed on a sound financial basis as Soon as possible with ample cash Tt may be of Titerest to share. holders to know a few facts regard. ing their track and Kennels. "'The and was acquired ducing the latter' part of Octoter, 1927, and being low-lying had to be raised about two fee Me. Ellis Hayim be re-director of the compans.—tyeed by Mr, R. Bailey and conded by Mr, We IL. Chen ier rll an MART
{the appointment of Messrs, Burkill and EM. Arnhold directors of the company, be Proposed by Int. J.
anal seconded by Me, the lease wes That Messrs. Lowe, J Matthews be reel ted auditory to the company: ed by Mr. Michael and seconded by Me. F.
China's Greatest
Text read from the printed page and cleaned; old type leaves the occasional error.