The Annual Meeting of the Zoong Sing Cotton Mills Ltd, was held at 20 Ningpo Road yesterday. Mr. B. D. Tata presided, supported by Messrs. Z.S. Pei, S. D. Zau and E, S. K, Hotung, Directors, Holders of 107,023 were represented at the meeting.
The chairman in his speech said:
"Gentlemen,—The Report and Statement of accounts for the year ended June 10, 1937, have been in your hands for some days, and I shall, as usual take them as read.
The Annual Meeting would have ordinarily been held within four months of the date of the accounts as prescribed by the Articles of Association. Owing to the serious situation prevailing here after August 13, however, it has been found impossible to.comply with this requirement and it is hoped that, although the presentation of the accounts has been late, the Shareholders will pass the same as placed before them at to-day's meeting.
The accounts are, I think, quite clear, but I should like to explain the remarks by the auditors as to advances made to two directors of the Company against full security, and which were repaid by them during the year. These advances were repayable at call and were made at full rate of interest for a short period out of cash balance in hand, which was lying idle and was not required for immediate use.
You will recall, gentlemen, that at the last meeting I had referred to the very unsatisfactory relations then existing between this country and Japan, and had expressed the hope that with wise statesmanship the difficulties would be overcome, Unfortunately that hope has not been fulfilled. The events, which have followed, have justified my apprehensions and, being too well known to you, need no further comment,
Text read from the printed page and cleaned; old type leaves the occasional error.