The fifteenth general meeting of! the Zoong Sing Cotton Mills, 14d. was held at the offices of the com-any, 8 Rue clu Consular, at 12.15 pan. on Monday. Me. B. D. Tata presided, supported by Mr. E. Nissim, Me. S. D. Zau, Mr. Z. 8, Pei, and Mr. Moise Ezra. The number of shares represented was 109,724, The notice convening the meeting! the meeting having been read. the chairman said:—
The report and the statement of! accounts have been in your hands for some days and T shal, with your approval, take them as read.
You must have noticed. that our accounts have been shown ju dollars, fas the sel has been. abolished, although the capital of the company sult In taels The period under review was unfavourable for the spinning industry.
addition to the usual political and communist troubles in some of the Provinces, the loss of the Manchurian arker as well as imports of Japanese loco goods diverted to this country ving to the imposition of restric-ons' by' various' forelun "countries. mutated against. business.
Moreover, the spasmodic demand from the large consuming centres such as Kwangtung, Yunnan and Sze-linen, coupled with reshipments of; targe quantities of yarn to this port) "from North China, were factors!
[which contributed to the increase of Mocks of yarn to an abnormally high figure. "Consequently, prices. of yarn continued to decline gradually unt 2 record low level for the past several Years was reached on the Chinese Cotton "Goods Exchange. Notwithstanding this fact, the decline in the Duce of raw cotton was not comment urate with the fall in yarn, which gravated the situation.
This state of affairs threatened to! bring some of the mills to the verge of bankruptey, and a meeting of the Chinese Cotton Millowners Assoclation was convened to devise ways! und means to cope with the situation. As it was difMeult to secure the €o-operation of foreign mills, the Chinese Millowners had no alternative but to adopt such course of action 'a8 sulted their own individual position. This resulted in some reduction of output, which failed to produce any appreciable effect on the yarn. market nnd, therefore, a number of small mills' in the interior and out-worts closed down temporarily.
Notwithstanding the adverse conditions which prevailed, the directors, wre pleased to report that our sales fand clearances had more or less Kept pace with the production of our mill, owing to the standard of our quality having been uniformly maintained, which rendered it unnecessary 10) carry heavy stocks of unsold yarn.
For the current year, it would futile to make predictions as, tu addition to the important question of supply and demand, many other unknown factors may arise which may upset all calculations and expectations.
The fact, however, of the Chinese Government's policy of -exiensive cotton cultivation coupled with their! efforts to improve the quality of [Chinese cotton, should "eventually rove beneficial to the cotton mill industry.
There being no questions asked, the following' ceststons were pal imously:—the meeting and pated tua
"That the report of the directors ant the audited accounts as standing on me" in" prevnied' tthe hae idea we' sabptd" star Iselin. ofthe lane of prof acount "be weconmenacd Cy ed directors be peed "Propaca BS. Fire and stonded bon That Mr. Moise Ezra be re-elected a director of the company. Proposed Mr.°B. D. Tata and seconded by. Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.