At our last meeting, I referred to the necessity' of having to increase Jour bad debis reserve to $17,000, JOE this sum approximately $10,000 Jhos already been applied against luncollectable accounts and It has been considered desirable to provide a further $3,000 odd this year in ord fo round off the reserve to. $10,000 'This latter figure is. in my. opinion, suliclent to provide for all doubtful accounts outstanding as at Decem= ber 31, 1987, a number of which have arisen' from those of our customers. who were forced to evacuate from the eastern and northern areas the Settlement.
During the period of the hostili-thes, and owing to my absence in England, Mr. Gibson was in full control of the working of the dairy and cannot Jet this opportunity' ps without an expression of apprecit-Won of the manner in' which he carried out his duties during a time of extreme stress.
Considerable dimeulty was and is being experienced in obtaining necessary supplies of cattle food Jand this has had the effect of redue-. ing our milk production with the consequence that for a short period we could not take on any new lorners, We were also' forced. {0 levacuate- our premises at Minghong Jand the occupation of that area by the Chinese and Japanese troops in {urs has resulted ina certain amount Jof damage to our buildings "which however, is not very serious, and it may be possible to formulate claims Jat a later date.
consequence of my doctor's advice that I~ should "leave. this Jcountry, 1 have tendered my resigns: Hon as' managing director of this company with effect as at June 20, 1938."In_ view' of this and in the interest of the shareholders, "your directors have had under considera tion a scheme for the reorganisation fof the company, which has been Jsubmitted by Messrs. Keylock and Pratt, With a large amount of my Semambu Rubber Estate Shenghai, Mar. 20,
on December 31, 1037; the cash onsets moderately saiistactory position, since "Financially the comply
Gxeeeded the. liquid' lisblties $0155.04" said "Mr. A. J. Welsh, Chairman, of' the annual meeting Shareholders of the Semambu Rubber Estates, Lid. held yesterday at 1143 um. at 65 Canton Road, Supporting Me. Welch were Messrs Canning and H. Kadoorie, while thd represented year was a profit of $1 compared with a prof. of $42:218.50
Text read from the printed page and cleaned; old type leaves the occasional error.