The report and accounts for the year ended February 28, 1939. having been in your hands for the necessary period, I propose, with your permission, to take them as read. The recommendations, as proposed by your directors, are duly set forth in the report and balance sheet and I will now-give you a brief general review of the past year's working of the company. As you are wel! aware, we have passed through another eventful year and I feel that the results of the year's trading have been very satisfactory, considering the fact that during the first half of the financial year Shanghai was still suffering from after effects of the recent hostilities in its vicinity. It was only from August of last year that business conditions began to show signs of recovery and, from ihe final figures of the year's tradies, you have definite proof that your company shared to a considerable extent in this recovery and the better business conditions prevailing during the latter half of the year.
Text read from the printed page and cleaned; old type leaves the occasional error.