Another disability under which the port-as' 9 whole is labouring and which is lable to affect our company an increasing extent Is the lack of facilities for conducting the sual dredging operations necessary to keep certain parts of the river and steamer berths tree from silt, Tt is understood that the Consular Body' is working on this matter and T hope their efforts will shortly lead to the release for public use of the necessary dredging. craft, Our properties, except in a few: cases where the effects: of hostilities have not yot been eradicated, have all been maintained in the usual state of good repair. A new four storey conerete godown is in course of erce~ tion at Old Ningpo Wharf, but construction has been halted at the see and floor by the lack of materials.
I hope you will not expect me ti say much about future prospects. Although the outlook is necessarily obscure, T do not think we need be unduly pessimistic. At the moment we are taking about as many shipr as we can conveniently handle, but cargoes are deplorably light," Our godowns are' reasonably well' filed, {If and when the import trade of China becomes anything like normal, we fare in a paramount position as regards, berthing and storage accommodation and a return to better: times will find us fully prepared, Turning to the accounts. The balance of working account broughs in {0 profit and loss is $574,000, an Increase of $150,000. This reflects the excellent earnings of the first seven months of the year which more than offset the drop after the outbreak of hostilities, 'In 1035 we sot up a ¥eserve of $56,000 for a doubtful' debt, This sum has been fully paid up together with interest and has therefore been written back,
Text read from the printed page and cleaned; old type leaves the occasional error.