A question by Mr, Gensburger asking if it was true that Mr, A. W. Burkill had objected to the Indo-China deal and that he had resigned on account of the deal being made, wasinot answered by the chairman. Continuing, Mr. Gensburger asked if the deal had been made when Mr. Burkill ang Mr. Welch were away The Chairman—tI refuse to answer thigeNIt Ws out" of order.
Mr. Gensburger then asked proper minutes had been: kept of the discussions concerning this deal in Indo-China and the chairman replied in the affirmative, Mr. L. Soyka—May I ask that you vacate the chair to someone else, Answering Mr. Gensburger the chairman stated that he had not received any concessions in Indo-China as a result of the deal, and that only one. of his family was employed by the Exploration Company.
Mr. Gensburger—Are proper minutes of this meeting being kept?—A report of this meeting is being kept The Chairman—I'm going to answer no further questions, Mr. Gensburger. I think I have gone far enough to meet you.
Mr, Soyka then proposed that the company should have only three directors, but was informed by Mr. J. R. Jones that a proposition such that should be given in writing seven days before the meeting.
Remunerative Period Respect the Chairman Coal prices in North China have risen considerably during the past few months, but in the Peiping area we have been obliged to accept the price decided on by the local consumption committee, otherwise we are threatened with suspension of transportation. Nevertheless the last six months has been a very remunerative period for the mine. It is impossible to prognosticate what may happen in the latter half of this financial year but should we experience no further abnormal rains, and be able to continue without interruption through military activities, there appears to be little doubt that the result of this year's working should be satisfacto:
Stocks at the end of the year under review amounted to 193,270 tons. compared with 273,391 tons the previous year. The recent reduction in our stocks at the mine has enabled a more accurate survey of the existing stocks to be made than was possible at the end of last year. This new survey has revealed a surplus of 35,000 tons, which will be taken into the accounts for the year 1938, This surplus represents an accumulation over several years, and is additional to the stock of 192,270 tons just mentioned.
Sales for the year amounted to 272,696 tons, compared with 2 tons the previous year. I may add that all sums owing to the mine for sales up to the end of the year have been collected, and it. has not been necessary in our accounts to make any reserve against bad debts, which, in times like these, is very gratifying.
Text read from the printed page and cleaned; old type leaves the occasional error.