Having said so much T must, however, draw your attention to the fact that' the accounts now before you have felt the full benefit of the drastic policy of retrenchment that was put into force at the end of 1037 as exbinined to you at your last meeting. While your directors. do. not, feel Juslfied at this juncture In deviating any way from the principle of this policy yet you will, I'am sure, agree {hat in view. of the better showing An of the Increased cost of living in Shanghai, some adjustment in salaries is amply" juatied. In anticipation of your wishes all salary cuts have been Festored with. some' addition in re-Cornition of increased costs, Again Sour auditors agreed to accept a Feduced" fee of '$1200 in respect 1838. Te is similarly proposed. that this" Be restored together with an Increase by way of exchange adjustment. which has been generally approved by other companies In Shang-Fat thus' moleing the total fee $2,000 respect of 3939. A resolution giv~ {ng effect to this proposal will be put to'you later. "And lestly your sup-is" asked to. another "resolution {hat will be. proposed Mixing' your directors' remuneration "at $3200 per annum, You wil recollect {hot sour directors in recognition the. position, agreed to. accept. hail tees bs from the last quafter of 1957 inti" such time as conditions proved, 'We ask you now to restore Rose fees s from ist January, 1909, with, an additional amount of $400 making. $2200 inal, This very modest increase is Fecommended to." you In' view of the proposed liquidation your subsidiary company already tmoationed, may add that the management of the tivo businesses under ne Board. will result in appreciable Saving in certain overhead expenses:
Text read from the printed page and cleaned; old type leaves the occasional error.