"A vad year should-teach you not to be discouraged, a good year should warn you to be cautious, and, as this company has always been fully alive fo these principles, our main: policy has always been to be ready to face any untoward events which might happen at any time", declared the chairman of the Shanghai Cotton Manufacturing Ca, Ltd, Mr. K, 'Kuroda, at the 20th' ordinary general meeting of the company held on May 185 Szechuen Road, 195,847 shares were represented by the atten dance, Tu his speech, the chairman said:
The results of the term under view must, 1 am sure, be considered Sompany in the past, our present "prosperity attributable to the appar Jeconomic recovery which is indicated from various sources; in addition, we must remember that unprecedented bumper crops in agricultural districts throughout China have been of great assistance, Although it is impossible for me to make any prophecy as to the future, T must say that undue optimism should not be indulged in at the present moment, "My view ig that the present prosperity is largely due to the sudden and unexpected boom in the armaments and munitions indus-ries all over the world, and as such 12 boom of prosperity differs from the ordinary course of economic improve-/ments the question of a reaction must Rot be lost sight of; in addition, we must remember that sich a prosperous year as last year could hardly be expected to be repeated in years to come.
"Again, my feeling is that, while a bad: year should teach you not to be discouraged, a good year should warn you to be cautious and as this com-Pany has always been fully alive to these principles our main polley has always been to be ready to face any untoward events which might happen at any time, Your extension works in the north, both in Tsingtao and In Tientsin, are progressing satisfactorily and apart operation of the new Tsingtao mill may be expected by the end of this year while the Tientsin mill is ex-'Peeted to commence operations early in the spring of 1930. In this con. nection, I am glad to be able to tell you that we have been exceeding! fortunate, owing to the fact that all plant and machinery was contracted for, prior to the "existence of the present high prices. T/am told that at present It is almost impossible to obtain any machinery' at such early dates as We have specified, in spite of the exceedingly high prices now ruling, With regard to the labour situation 1 may report that, in spite of the
Text read from the printed page and cleaned; old type leaves the occasional error.