The ninth ordinary meeting of of shareholders of the Ewo Cotton Mills Ltd, proprietors of the Ewo 'Mills, King Yik Mills and Yangtszepoo Mills, was held on March 17 at the offices of the General Man-jagers, Messrs. Jardine, Matheson Ca,, Ltd, Mr, R. Mein-Austin was-in the chair, and' the attendance represented 161, 428 shares.
After calling upon the Secretary, MeNicol, to read the convening the meeting and also the auditors? statement, the Chairman spoke as follows:
Gentlemen,—The report and accounts have been in your hands for Jsome time and, with your approval, I prepare to follow the usual] [custom and take them as read, It gives the general managers and consulting committee great, pleasure to present such a sati factory result of last year's working and I'will now proceed to comment on the proposed allocation of, the profits.
The dividend of 8 per cent, on the preference shares absorbing Ts, 72,000 is in atcordanco with the terms on which these shares were The proposed final dividend on ordinary shares of Tis, 2 per share makes a total dividend for the year of Tls. 240 per share, equivalent to 48 per cent. on the par value, and I feel sure that this will be highly satisfactory to shareholders, 'The depreciation of buildings by 'Tls. 60,000 and plant and machinery by Tls. 170,000 is slightly in excess of the amounts written off in the and has the approval, rs, while the other allocated' to depreciation, 000 on furniture, Tis, supply and Tls. 500 on motor cars do not call for com-
With the addition of Tls. 100,000 to equalization of dividends fund {this reserve will stand at Tls. 1,100,- }000, or Tls. 300,000 less than it was a few years ago before we had to draw on this fund to pay a dividend in respect of the years 1024 and 1925, but it willie Tis, 222,000. higher than in 1926, At the end of the year the amount standing to the credit of special repairs and renewals' fund was Tis. '34,400.72, the amount expended during the period under review being Tis, 170,260.18. It is proposed that, Tls. 286,000 be added to this Fund, The recommended allocation of Tls. 20,000 to the Chinese superannation fund should keep us well ahead of our liabilities in this connection for some time.
The suggested bonus of Tis, 80,- (000 to the staff at the mills will be highly appreciated, will encourage them to further endeavours in. the interests of the: Mills and is I think you will agree well deserved, Turning to the balance sheet you will see that Debts due by the Chinese Government stand at Tis, 208, 724.62, an increase of Tls. 12,271.24 representing interest occured during the year, no further payments having been received.
Our stocks are higher by about Tls. 83 lakhs a3 compared with our position at the end of 1928, this difference being in respect of yarn and cloth.
Interest shows a credit of Tis. }93,897.72 as against Tls. 3,117.43 in the previous year; this is due to our having carried small stocks throughout the greater part of the year.
Issue of Capitai—As you will have seen from the local newspapers and as intimated in our circular ted March 8, 1990, sent together: Jwith the report and accounts to al' ordinary shareholders your consulting committee have decided to offer:
Text read from the printed page and cleaned; old type leaves the occasional error.