Salvage work during the year has been small and new construction very limited: we successfully carried Out several large reconstruction schemes and repairs on local and foreign owned vessels and the results in all instances gave complete satisfaction to the owners. Labour has been steady and quiet and our works have carried on constantly without stoppage.
We are still at a serious dis~ advantage due to the heavy Custom duties levied on all materials for engineering and shipbuilding con-[struction al and repair work and unfortunately the new tariff of a few weeks ago has made matters considerably worse, so much so that the ability of Shanghai shipbuilders being able successfully to compete for large repairs and new ship construction with such ports as Hongkons, ay well as Japan become a serious Tis diMeult to understand why fis National industry should be indicapped. in this manner, steel fe tional "materials such as and angles have now to pay wut 22 per cent. of their landed Value in duty and surtaxes, steel
Jabout 50 per cent. and s0 on, Fivets about % per cent, (eae wood finished parts made outside China such a boilers and engines are charged only ten per cent. duty plus surtaxes. motion. appointments require "your
Mr. Beith, as you know, was chairman of the company for the year: he has been a. director for umber of years and present pressure of business prevents his continuance for the time being and T take this opportunity. of expressing our appreciation of the very valuable services rendered by him during his connection with the company, his wide experience and knowledge of shipping and local conditions "have always been of great help during his association. with us.
In accordance with Para, 92 of the Articles of Association, two directors, Mr. 'T. G. Weall and' myself, retin and. being eligible, offer ourselves for re-election, With regard to the coming year it {is dificult to venture an opinion. but Tam afraid it is early ta look for much improvement: in out industry the depression is' lifting. in some parts of Europe and.other parts of the world, but ttle signs, if any, of improvement are. to be. seen as yet in China. and. with' the' increasingly heavy loads which are being put on industrial companies one feels that more considerate treatment Is necessary if progress and high class service is to be maintained and the great: shipping requirements of the Port satisfactorily Taxes Increased Although our general overhead expenses have been decreased during the year. it is to be regretted that our efforts have been partly, use by the Shanghai Municipal Council Considerably increasing our annual {xes, by as much 9s 118 per cent unfortunately at the time when in. dustrial companies are suffering from the effects of the unprecedented depression, our appeal to the Rate Assessment Committee bore little fruit, even though we stressed the fact that the British Government as: Tate as. 1929 the Local Government De-Rating Act which afforded immediate relief to industries affected by the world depression and made possible the cancelling of the Whole or in part of the, usual taxes paid by pivotal industries.
Turning to the report and accounts you! will notice that this year they are rendered in dollars, but the tach equivalent has also been shown, where necessary for comparison with ast year's figures. The capital of the company must of necessity be. shown in taels until such time as Support of Clfents It is a pleasure to mention that during the year we have had the continued support and confidence of our clients and have kept our Eurooean and specially trained Chinese Staff up full strength all the time, and.with our widely known facilities and reputation for turning out the highest lass of shipbuilding and engineering work quickly and well, we are in-a position to take full advantage of any early business revival, and Use mao ner in which we have maintained our standing during the late dificult years gives us confidence towards, the future. Rateays {In conclusion I should: like to-ex-ress our appreciation of the: loyal manner in which the Buropean. ard Chinese Staffs have carried out their duties during the year under review.
'This is all T have to say but, before moving the adoption of the' report
Text read from the printed page and cleaned; old type leaves the occasional error.