Operations were re-commenced during November of last year as soon as possible after hostilities moved from the immediate vicinity of Shanghai, and we have continued working since then. As already men-loned there is some improvement in offtake, but I am afraid the Company cannot anticipate that for some considerable time the demand will approach the level attained during the frst seven months of last year. Many of the factories using our product have been either destroyed or so seriously damaged as to prohibit their working; also many of our consumers depend for their work upon other local industries being able to function normally, which they cannot do now.
I wish to take this opportunity of placing on record the Directors' appreciation of the good work done by Mr. Fisher, the General Manager, and his assistants, Messrs. Ashworth and Zee during the year and particularly during the period of hostilities in the precautions taken to reduce the risk of serious damage to a minimum.
Before putting the Resolutions to the Meeting, I shall endeavour to answer to the best of my ability any questions Shareholders may wish to ask.
There being no questions, the following resolutions were passed:—
Proposed by: W. Mellor, Seconded by: W: B. O. Middleton.
That the Report and accounts for the year ended December, 31, 1937, together
appropriation of the balance at credit with recommendation as to the of Profit and Loss Account as presented O. Middleton be re-elected a Director 9f the Company.
Proposed by: C. J.
Seconded by: 8 R. Owen:
That Messrs. Thomson & Ca. be re-elected Auditors to the Company.
Text read from the printed page and cleaned; old type leaves the occasional error.