With high prices for imported cottons there was a heavy demand for native growths and it looks as though thera may be a shortage before next} season's crop is marketed.
spite of periodical rumours that the import duty on foreign cotton was to be raised I'am pleased to say that no additions to the burdens already borne by the cotton industry have been made. This subject and {ts probable effect on the mills was Jdcalt with at some length by the chairman last year and Ido not propose to cover the sume ground gal 'The province of Szechuen which normally should be a valuable market for our produels but which unfortun= ately hag for some years been in a state of turmoil with consequent' il effects on trade was during the year brought under the control of the Central Government with results that are already proving beneficial to the cotton industry, not the least of which the inclusion of that province in the area in which the Consolidated Tax Is applicable. This is a great step forward and further evidence of the constructive work of the Gov-ferment to improve trade and trading conditions throughout China.
It is seldom wise to forecast future trend of events but I would ike to tell you that there has been a distinct improvement in business during the past few weeks and that we have been able to increase the working hours to a considerable extent. I hope that this optimism is justited and that we shall not have to revert to the curtailed hours which have: been overshadowing the mills and our workers for to long.
'The following resolutions' were passed unanimously at the meeting:
That the report of the general managers Produced, together with the star ent of the company's account, os at "That Messrs. H. Martin Little, GI. wilson, 'L, J. Davies, Zee Quan-yuen, Pan Ching-peo, and Chun Bing-him Fevolected, members of the Consulting Committee, "Proposed by Mr. A. Plcrey. Seconded by Br. Pan Tee-chuen..
"That Messrs, Lowe, Bingham anid Mat~ thews be. re-sleeted auditors of the company. for the ensuing year at the Same remuneration vas for' 1053. Proposed by Me. Bills Wayim, seconded by firs w.. Sever,
Text read from the printed page and cleaned; old type leaves the occasional error.