Chairman States Position Sound Despite Losses Due to Hostiiities While describing the reverses suffered through the year as a result of the Sino-Japanese hostilities, Mr. Martin Little, presiding at the eleventh annns" meeting "of the Shanghai, Waterworks Fittings Ca. Ltd, at 494 Kiangse Road on Mar, 22, said the company's position fundamentally sound and with the economies effected should ye able to weather whatever is to come without further material inroads being made Into reserves.
Present at the meeting were Messrs. H. Martin Little, C.D. Pearson, R. G. MacDonald, W. Mellor (Directors) and Messrs. W. P. Kial B.A. P. Wood, T. J. Goodman (manager) and. Locke (secretary, Fepresenting 4,753 votes.
The Chairman said: 1 regret that] again the accounts presented to you show -a loss—on working account '$42,005.00 as compared with $68,832.13 Jost year and net loss for the year $24,909.08 as compared with $47,800.20, To'the net loss for the year there to be added $23,027.68 being balan of loss brought forward from 1930 thereby Increasing the debit balance fu profit and loss account to $58,626.76. This amount your directors reco account, Z mend be carried forward to new
Last year, in telling you that we were not prepared to recommend any allocation from reserve for dividend purposes until the future could be more clearly seen, 1 stated that the Joss then carried forward would be written off against. reserve in. this year's accounts if the position. war-Fanted it. I regret that the position now does not warrant It,
Text read from the printed page and cleaned; old type leaves the occasional error.