Mr, D, D. Tata presided at the seventeenth general meeting of the Zoong Sing Cotton Mills, Ltd, held on, October "7 in the" registered offices of the company, 20 Ningpo Road, The chairman was supported by two directors, Messrs. E. Nissim and S. D, Zau, there being 22,320 shares represented, Taking the Report, and Statement of Accounts as read, the chairman proceeded to explain the sum of $53,610.61 shown in the Proft & Loss Account. og "items held in. suspense now appropriated." 'These items, he said, represent sundry sums stich as sale' proceeds of old stores, forfeiture of wages ote, accumulated with lerest over a'period of years.
'The Directors have recommended to set aside from the proffs a sum 'f $15,000 for Employees' Benefit and Welfare "Fund, 'The conditions during the major part of the period under review were fon the whole fairly favourable for the industry in general, and the directors have been able' to show the Digaest profits so far earned in any year which, undoubtedly, will be. ratifying {0 the shareholders.
The notable feature of the year was the enforcement by the Chinese Government of a managed currency by withdrawing silver dollars from. elt~ ulation, and making the notes of the three Government banks "full legal lender. This. monetary reform, prohibiting the "use of sliver as the medium of currency, did away with violent fluctuations in exchange and definitely removed one of the principal factors of uncertainty under which the trade and industry of the country were labouring for so many. years past. It had also the immediate effect of raising prices of all com~ modities including yarns, which had previously. declined to a low level following the sensational rise in. the, price of silver.
'The sloady drain of silver from the country and the consequent tightness of the money market proved a great handicap. 'The Communist activities in some' of the provinces and the so-called "autonomy movement" in the North were also disturbing facors. 'The relations between the Conival Government and Canton, far} from showing any Improvement, grew worse and. culminated In. an' open rebellion by the Kunngtung and Kwangs military lenders, but the conciliatory policy adopted by the Government "has lately cased the situation and this augurs well for the Ultimate unifteation of the whole country.
The Chinese cotton crop last season suffered a severe setback due to drought and flood, which inflicted, rear damage to the yrowing crops. and reduced the final yield to a. gute much Tower than that of the previous year, Conscquently, as the Feason advanced, a scarelly' of deairable grades of Chinese cotton was felt, and this had to be made up by the' import of foreign staple, For the current year, the prospects appear encouraging. With the bum per crop of Chinese cotton this season, the mills are practically assured of ample supplies of raw material at reasonable prices, At the same the, the industry can expect to reap bene Als resulting from increased demand for yarns and cloths from the interior fon account of abundant crops of agel= cultural products, rehabilitation areas formerly under the coutel, of communists, improvements in the means of "communications by the construction of new highways and, railways, and the gradual unifeation of the country under the Central Government. All these, however, will depend in a great measure on future political events. Internally the coun ity ig enjoying peace, but hor relations with Japan stand in urgent need of improvement, The. situation ominous, and is easing considerable concern. Let us lope, with restraint and wise statesmanship coupled with Soodwill, diMeullles will eventually ye overcome fo the benefit of all eon~ cerned.
There being no questions, the fol-Jowing resolutions were proposed and assed unanimously:
"That the Report of the Directors and the "Audited "Accounts us. standing, "on June 30, 1096, presented to. the shareholders, be adopted, and that the allocation of the balanes of Profit and. Loss Account, as recommended "by Directors, be passed. Proposed by_ Be. B.D, Tata and seconded by Bir, "That Mr. Z. 8. Pel be ro-elected director of the company. Proposed by Mr, B, D, Tata and secotided by Mr. ara be re-elected director of the company. Proposed by br. B, D. Tala and seconded by Mr.
Nissim.
That Mess, Lowe Bingham and! Matthews be fe-locied andiers of the company for the financial year ending Stine 30, 107, at_ a fee of is. #83 per annum." Proposed "by Mr, B.'P. Mehta and seconded by Fr, F, B. Bhedwar.
Text read from the printed page and cleaned; old type leaves the occasional error.