Shanghai Merchants in Nanking The annual general meeting of Conference the "Shanghai Gas Company was held ons April. 27 at the Nanking, Apr. 25. fice of Messrs, Scott, Harding, Go, Ltd, 35 Peking Road, Mr. A. lowers, including Mr. Yung Chung-delegation of Chinese, mill ching, "the Chinese "Cotton Kings"
Bell preted, supported by Atessrs. A. W, Burkill, oz, R. M. Josep Mr, Kuo Sheng, Mr. Nich Lu-sheng and Horace Kadootie (directors), jand Mr. Chang Cheh-min,"arrived W. J, Baker (engineer-in-chief and here this morning in response to a manager), W. J. Brown (Secre-request from the Executive Yuan to lary), J. Buchan, H. J. Clark, A. discuss with the authorities the cot-Graham, King Kai-sing, J. W. Mac-ton situation following the recent kay, J.'E. Merch, E._E. Parson, curtailment of working hours prac-A. B. Roggers, W. B. Sinclair, and tically all over the country.
W. A. Willis." The attendance It, is understood that the delega-presented 12,571 shares and 2,016 tion is appealing for immediate votes. measures to be taken to meet the' exitieal condition of the cotton in-'The report and accounts have been his speech, Mr.
Jdustry. "Reduction of freight char-_ in your hands for some time and [ges on the transportation of cotton you will no doubt be willing to take Jand cotton yarns, readjustment of Them as read. They disclose a state the tariff on imported cotton, and of altairs which your directors hope the granting of a Government sub-that you will consider satisfactory.
idy from the proceeds of the con-Te is true that the quantity of gas dated tax are among the mea-sold in 1982 was less by 43 per cent.
"os contemplated. than the quantity sold in 1931, this It is stated that, owing to the! being the first retrogression since Jumping of foreign' cotton and the 1025, This decline, howe Jdepressed trade conditions, tremen-Jdous stocks of Chinese cotton are entirely due to the Sino field in Shanghai, which the local hostilities ard consumption is again banks no longer accept, as. security definitely on the upward grade, for the loans advanced, thereby tying With a continuance of the present up part of the working capital of more peaceful conditions it" seems the. reasonably certain that consumption Faced with such critical conditions, {in 1983 will surpass that of the re-[Shanghai mill. owners decided on ord year, 198L JApril 10 to reduce the working time In. spite of the reduction in our by 23 pet cent. a month, beginning income, due to decreased sales jon April 22.' The same measure gas, and in spite of losses definitely has been adopted in Wushin, Cheng-five to the hestilties, inthe shape jehol, Wuhan and Tungchow; whi Tientsin it is reported that the traordinary expenses. incurred appliances destroyed and of Chinese mills are faced with a total handling coal, we have made a stoppage.
Whether the mills wil larger profit in 1982 than we did in 1931. The gross profit, as you resume working on full will see from the accounts, 3 tone month will depend upon " the ed that of 1981 by no less than Tis, measure of state relief afforded, 93,631.98, This almost entirely'
view of the large number dae to the favo exchange at ill hands in Shanghai, in Which we were able, particularly' over, 150,000, and a. probable equal during the last half of the year, to number in other industrial districts, purchase the yen, in which we pay' fio authorities here are paying the for our coal. The net profit. for ieeenest attention to the critical cot-1032, however, did not show a corton situation, and. promise to €o-responding increase compared. with Jeperute to the utmost with the mill that for 1931 it reveals. an excess lmognates marder. to devise. the of only Tls. 2, necessary relief measures Reuter. account for this iserepancy, name-Relief Steps Discussed charges on our overdraft for funds: ly' the somewhat heavy, interest Nanking, Apr. 20. expended fu extending and im-A. conference of representatives proving the company's distribution lof Chinese cotton mills at Shanghai, lent and, secondly, the abnormal fand of the Ministries of Industries low value of the dollar in terms o Finance, and Railways, was called the nel. "Hitherto the company's yesterday by Mr. Wang Ching-wel, fixed rate of exchange for account-President of the Bxecutive Yuan, ing purposes has been 73, whereas to discuss measures for the relief of for abret. onthe of the year the, Chinese cotton industry. the tael-dollar rate was in the among those present were Mr. neighbourhood of 70, while at times Kua Meng-yn, Minister of Railways, it wns under 69. Tt is to be hoped Mr, 'Kuo Chung-tao, Vice-Minister that the re-arrangements, made. by of Industries; Mr. Toon Lin, Vieethe Chinese Government during the Minister "of Finance, Mr.' Yung last few weeks will have the effect Tsung-ching, and other representa Jef removing this unforeseeable tives of the Shanghai cotton, mills feature of fluctuation from future ac-Te ie understood that, during the counts. In any case our net profit conferences, at which no Yecision was for the year, taking into conside Teached, the cotton mill delegates tion the unauspicious way in which urged the Government to adopt the following measures for the relief of the year bean, seems to your direetors very satisfactory. the cotton industry: You will naturally wish to hear 1. Revision of the consolidated taxes on cotton and cotton yarn; something about the progress made 2, Reduction "of - freight and at Yangtezepoo. Mr. Baker, whom transportation "charges for cotton your board has during the year apand cotton yarn; pointed engineer-in-chief and mat '3. The Government to instruct ager, was in England for some the Central Bank and months, assisting to make the China and Communications to grant numerous decisions necessary in the Toans to mill-owners at low rates of purchase of the equipment for a modern gas plant suited to local rei ings, land-raisese cotton yarn. laying were at-Dr, of. H. Kung, Gov to in spring and summer, Cental Bank, asserted in an_inter-and in Octoben the representatives view yesterday that the Central fof. the firms responsible for th Bank would be willing to ce-opera with the cotton mills for the vival of the native cotton industry hoped, however, that mill-own-until now work has' been actively ere would also" introduce better methods in factory management. in ope that the new the end of Octo-order to increase efficiency and imworks will be in. operation. The Prove the quality of their products, smoothness and dispatch Kuo Min. the work has so far proceeded re-fleets the greatest credit on Mr. Baker and. his assistants. Your
Text read from the printed page and cleaned; old type leaves the occasional error.