In the circumstances, it is satisfactory that our Profit at £192,443 shows an improvement on the figure of the previous year, and again we have good reason 1o congratulate Mr. Crichton and his officers. We are maintaining our dividend at the usual 12 per cent, and there is no change in our contribution to the officers' Pension Fund or in our tended to sag, the fall being heaviest in respect of Common Teas. On the other hand production increased with the result that stocks at the end of the year were heavier. A small reduction of quotas for the year ending March 31, 1940, which has just been announced should improve matters. The Iron and Steel and Cement industries continued to flourish, but prices of coal declined probably owing to a large increase of production. The troubles of the great Jute industry to which I referred last year continued till September last when the Bengal Government intervened and imposed a temporary limitation of working hours on the mills in Bengal. This intervention had the desired effect, and the industry has now come together and has signed a five year agreement for the limitation of hours of work. A large order for sandbags has also been received recently from the British Government, and I hope that the industry will now regain some of its former prosperity. The progress of the Cotton industry continued, and production reached a very high level. The Bombay section of the industry should benefit by the passing of the Trades Disputes Act. Labour unrest which frequently has no relation to conditions of work is a great handicap to the prosperity and progress of industry in India.
Text read from the printed page and cleaned; old type leaves the occasional error.