During the year Mr. W, R. Johnson resigned from the Board' on account of leaving China for good. Judge Purdy. resigned as President and Director and Mr. R. H. Parker was lected in his stead, Mr. C. H. French resigned from the Board 8, upon his return from home-leave, he felt thet. his own business required all of his attention. Having in mind the Question of economy, new directors were not elected "in the places of Messrs. Johnson and French, Mesers. Turner and Sells resigned their seats instead, in order to allow of the proper ratio of Americans on the Board and Mr. Seth was elected Secretary of the Company, Messrs.
Payne, R. H. Parker and Speelman are now the only directors. They offer themselves for re-election Jat this meeting. We feel that the present Board Is sufficient to handle the affairs of the Company and, in order to keep expenses down to ths minimum, no additions to the Board fare contemplated at this time.
Tt has been deemed advisable to provide additional reserves against umber of accounts which are [present uncoliectable, in some cases caused by the general depression in business. While some of these counts we hope to recover later, there are several on which there Ino chance to recover, such as the heavy loss mede in the Yangtze Rapld S. Ca. As this was the heaviest Toss Incurred during. the past yeas the facts in the ease may be of in-
Text read from the printed page and cleaned; old type leaves the occasional error.