'The annual meeting of the Shanghai Waterworks Fittings Ca, Lid., was hold on March 10 at the' offices of the Shanghai Waterworks Ca, Ltd, with Tr H. Martin Lite in Nye chal, The chairman 'The result of the year's working is disappointing showing, as It does, 0 ess of $68,892.13, which, atler taking {nto account the various prof and Joss account items, gives a net loss for the year of §47,80020. 'From this gute, there is to' be deducted the sum, of $24,172.52, being balance of profit brought forward from the previous year, leaving a net loss on Profit and ess account of $23,027.68. This amount we recommend be ear: ried forward to new account, In addressing you last year, concluded by saying that we looked forward with confidence to maintain ing our position. T regret that' our expectations have not been realized:
did, however, point out that volume of work lid fallen consider ably and that a large proportion of your company's business being derived from contract work, that alde the business was entirely depend= ent on real estate. and industrial development. But we certainly did hot antlelpate so severe a restriction of the volume of work as to result jin such a comparatively large. loss on working account. Overheads have been reduced and very. effort. Is being made still further to reduce them during the current year. As stated on the face of the balance sheet, the dividend for 1935 declared by the subsidiary company, the China Brass & Iron Works, Lid, has been included in the accounts, but the Toss made by that company for the year 1936 has not been taken Into Becount. Xam pleased to say that. although a loss was made for the year 1030, the: amount of such loss carried forward is not of material proportions,
Text read from the printed page and cleaned; old type leaves the occasional error.