Shanghai Cotton Manufacturing Co.'s Plans to Meet New Conditions: Mill at Tsingtao The construction of an up-to-date} factory in Tsingtao as the Grst step its policy to protect its industry was made known by the Shanghai Cotton "Manufacturing Ca, Ltd, at its 23rd ordinary meeting held in its head office, 185 Szechuen Road, at 4 pin, last Wednesday. The firm is also planning to install modern machinery in its No. 1 Spinning Mil, and the enlargement of its woollen' mill.
Mr. H. Togawa, chairman, was supported by" Messrs. K._ Kuroda, Maeda,. Enjoji and ¥. Noda, directors, and Mr. B. S. Wilkinson, auditor, Mr.. Kekeyama, secretary and twenty shareholders representing 150684 shares including proxies. A dividend of $2.50 for old' shares and $125 for new shares was declared for the halt year ending April 30.
The chairman said: depreciation reserve Fund is kept on separate account instead of cutting down the book value of the properties at the end of every term, but as the prices of both the old and up-to-date installations are independent ly accounted for, it is somewhat dimeult to make an accurate adjustment. Sundry depreciation reserve fund will be increased to $4,000,000. If you approve the suggested appro-' priation of the balance at the credit fand Proft and Loss Account. I then propose to give up the previous system and adjust the book value of the properties, with the approval of the Auditors, as from next term, and also propose to put staff provident fund and workmen's relief fund into tone item as "Employees? provident tun The Resolutions "Before T commence the business! of the meeting T will say a few words bout the result of last term and the future potiey of your board.
Text read from the printed page and cleaned; old type leaves the occasional error.