"Toe chairman spoke se follow: ched such a low level that. many mi importers having bong eae ae sere The report aod accounts. having Mills had to close down because of been in your hands for some the ruinous. prices and under-eon-Sart ott lee eho ce ear ale in sels ("wit with your, permission, tak sumption' of Paper, them ya read, Foreign exchange rates Auctuated Mea A eS, he roault of the year's working, violently daring the year of the abandonment of. the Gold printing; further, there was" fan un newsprint, 1am glad to og, shows a profit of Standard by most countries, 'The demand for the' better grades ris ofz04t2, which, gedvcted from the' previous debit balance of highest quotation in' Sterling was PNoe/Dec. the market wax Giot1 makes, the balance "st 1/114 in February, and the lowest in, June 1/74. rather quiet, and the demand from bit of proft'and love account Ti,
'The prospects of any substantial Outports continued to be very small, Aeyou will observe from the rise in prices seem rather remote, 'The Boyeott- movement against but paper is a key" article, and panese goods continued throug? aivectore' report, an allowance view of its nature, used in many the year, but in spite of this $00,801.36 "oe approximately Ts, 35,000.—has been made for depceciastatitticn show that different lines of business, so" that tie any improvement in the present detts of the quantities into China came Turning to the actual develop-pressed world condition will first be Work ak the mine, Title work noticed in the Paper Trad this "direction "was necessary Canadian Mills ide & strong bid furing the Jone." You will remem for the Chinese during. the year under review, ficulties and hardships we passe ber that in'my.epeech atthe nxt id Fair quanti ies of Canada newsprint were, ran meeting "Eigored sold to this market year will never be forgotten, Con= eheough in the "early part of 2 The paper prices quoted in ster sidering all the difieulties we. ex-Our produstion- suet" develop the. arose of increas
ing dropped approximately'. 10/16 perienced, I think Tam. right in ment work has been completed stating that last year turned out during" the lest these yours' at a er cent. as compared with the far better than anticipated in, the pleas ruling in 1031. 1" may be interesting to nolo that the prices fsa the your. "Our, custom: flebited yearly. to the working, Tis, 158,000, which was account. "This development work, en, for instance, newsprinting, Jocal currency are the sume to-day ities an we ai and think perhaps, experienced even more although costly, has put us in. a ior very substantially inas those in 1928, In 1928 the price majority of the dealers. discharged fair to. say that a great Po Jerease our production, on news in sheets 48 grammes hele obligations. in a very sation Tam sure it will interest you to about $16.108., and based upon Factory manner following comparison of change of 2/8 works out at. Tis.
As far as concerns the economic 128.00 per ton; the present price is results of last year, I understand in 131" the amount of coal about £10.18. and based upon that about 50 "per" cent, of the brought 19 the surface was 160,000] change 1/84, the price In local cur tons, which was. dealers made a little profit during Fency of. is also Tis, 129.00 per the year, 40 per cent. were able to for the mine. In 1082, "221,000 tone make both ends meet, and 10 per tons: were brought to' the surface, easy during: the year, with the ex.
"he Shanghai money market was feet. lost money. One of the thus creating a new record. This
ception of the months of February er dealers had to close his doors rosin aenioed' in apito of out having "to, cease mining operations Sand March, because of. the Sine. been im constant, Youch' with the 'As in previous years, we early in Abgust owing to. heavy Sapanese: Hostilities, "During these [Custom authorities, and' quite ring, and we were unable to resume Prodietion unfit November, during months native interest ro%e to"'f0 umber, of disputes regarding. the hich month we were only' able to candareens per dey, enialling, ape Sauaifeation of paper have been Drovdiee" 18,000 tons. proximately 25 per cent per anna, the conclusion of _our The Customs authorities were very paper during Janaary, but the outs here ets a tale lemand break of the Sinosapancse host bung issuing notiteations during the farther ser ease. in production. eat, and the Mort Important of January.
February ties brought all business ie ese tress was isted on June 14, 0 the 114,200" tons Pron the paper effect that all cargo" imported. into were brought to the surface as] Importers point of view, the begs China had to be accompanied by compared with 64,300 tons daring lifes could Reavecly have broken ous consular invoices, from August 1 the corresponding" period of the ly fa as cancer lasfention previous year.
Consignments of paper bough, due smote Inconvenient ing, Big Septeniber/ October, stof, Wer that the clastieation war ma-paper qualities, you vill remem Tam glad to be able to inform you that during the your under reed daving the months of Januat ferially improved upon some years view transport facilities have been Februnty and Sareh. barge gu Jago, and also in thix respect the more in keeping with our requi es of paper were. discharged Customs "authorities ¢o-operated ments. Tu 1932 tons. of Hongkong, "incurring additional with this Association. The classi-[coal were despatched from the mine, charges. Mose banks demeied fiention ix still not quite satisfactory ympared with the amount of over against var risky bul thane Jand could easily be improved upon. tothe cooperation of the members The duty on certain grades of Paper (02,007 tons transported during the previous year. This agai Of this association, the gecater part is very high; as you know, the daty Feeord in the treatment for news on reels is 7 the war risk piemfaty and other Despatches from January to the percent. ad valorem, whilst expenses paid by' the importers was lend of March 1933 were 64,560 tons the duty for" newspaper Fecovered from the demeras whereas during the same period of Rink" thay you will agree with ong 1932 they amounted to 69,975 tons. hat this astocation ts once more 35. per cent. tinuous drop in the paper prices, the This decrease is entirely due to the Droted to be Benefal to the trade, temporary. commandeering Jduty on news in sheets seems most "A number of dealers. and prints rolling stock by the military. Every fair, especially to the smaller suffered quits heavily tam the endeavour is constantly being made printers. who almost—(exclusively Eeuetion tu Chapels and in view of to secure adequate transport, and use newsprinting in sheets, I under-the troubles we have experience, T a result of these efforts I am glad ind that the Chinese paper guild think that everyone wil agree that to report that. according to our latest. information there has been! the only: desirable terms for sling paper are the eitea terms; 'Turning to our stock position at ellen other terne—even to printers the mine, we find we ended our and boxmakere™should' Sealy not farify rates as a whole the limit has financial ' year with a stock of necessary: been exceeded, detrimental to the 35,224 tons of coal. This has in-'Towards the end of February and interests of China herself.
Jereased considerably and at March the bennning' of Diasehe there was toms returns show a great 81, 1983, it amounted to 89,727 agond demand for fb news: Jdecline in 1982, which is attributed tons. Although there has been this Printing ex stock, civing £0 the the loss of revenue from Man-substantial increase in stock, the eavance of the" mange "mosque Dut I think that the decline receipts from our previous sales Paper jin the revenue can alsa, be attributed have up to the present provided Belveries of cargo were rather to the high tariff wall. sufficient funds without having. unsatisfactory during March, owing Turning to matters more closely! deaw on the company's various to; the dealers experiencing concerning the Association, the cash balances. equipment at the mine have been Kept in a high state of efficiency, Jand there have been no additions To take you back to what I said at the previous annual meeting, as result of our - development programme we are now fully equipped fo produce over 1,000 tons per da: This has been accomplished, and as matter of fact we have exceeded a Jdaily production of 1,500 tons, and even this figure could be maintain-fed if sufficient rolling stock became: available, Tt appears now that the success, lor even the existence, of the mine is entirely dependent on transportation facilities, as the numerous mining difficulties' and problems, thanks to our engineer sta, have apparently been sol It is difficult to form an opinion jas to what may be in store for us jin the future, but it seems to me {that if conditions improve, the mine thas, mow the equipment and. [sufficiently developed considerably exceed the production of the [year under review.
T would like to take. thi tunity of expressing the redation and thanks. for the manner in which the' staff have jearried out their duties, It must be borne in mind that owing to the hazardous nature of the operations involved in their daily routine, per sonal risks cannot always be avoided.
That, gentlemen, is all I have
resolutions to the meeting, shall aay: but before patting the be pleased to answer to the best riy, ability, any- questions you may wish to ask.
There being no questions, the following resolutions were then put to the meeting and passed: the General Reserve will amount to Tis, 600,000, and therefore' the net depreciation' "in market value on igvesiment will amount Tis, 300,00, 4 OP saP 27.56, onthe paid up capital
Text read from the printed page and cleaned; old type leaves the occasional error.