IHE annual meeting of shareholders of the Shanghai Exploration Development Ca., Ltd., was held yesterday at the offices of the General Agents, 1 The Bund. Mr. W. R. McBain, chairman, 4 presided, supported by Messrs.
A. J. Welch and E. B. McBain, und directors. Shares present and represented totalled 140,520. The chairman in his speech said You will note from the accounts Tientsin, were engaged to make inde-before you that the profit is the pendent annual surveys of our coal highest in the company's history, due stocks, and the figure given annually principally to a large surplus in by. Messrs. Borrows & Company has been taken into our accounts. The stocks, accumulated during previous years but not definitely ascertained method of survey is by measurement, ags until deliveries took place during the allowing for contours of hillside and year; this is a matter that I will deal uneven terrain. Owing to the local with more fully later. The result of hostilities in former years, and to the the year's working, after making full consequent frequent interruptions of allowance for depreciation, is a profit transportation, stocks accumulated to such an extent that at one period in amounting to $1,126,333.04, which can be regarded by us all as very satis-May 1937 they amounted to no. less than 270,000 tons. Every available factory. After deducting the interim space, including ravines and gullies, dividends paid in 1938, amounting to was filled, and the difficulty in
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$358,350.60, there remains a balance Hn Fi of $783,675.70 at the credit of profit making allowances for contours in measuring our stocks is quite under-and loss account. standable, and accounts for the large Sales t difference discovered when stocks were reduced to a more manageable 366,957 tons, and the Stocks at figure.
Production.
During the year under review production began in April 1938. I informed you at our last annual meeting that, owing to hostilities breaking out in the vicinity of the mine in 1987, our labour force were obliged to disperse, as a result of which all Fi 3. 542. 41... 4 Sales during the year amounted to
December 31, 1938 were estimated at 78,043 tons. The following figures with regard to production, sales, and stocks at the end of our financial year should make our position quite clear. to you:—
mining operations were suspended. Due to the loyal efforts of our staff, we succeeded in bringing to the surface all our large electrical equipment, Sale i 1998 Stock at Dec. 3i, 1998 and the shafts were allowed to flood to the surface. This equipment had all to be re-installed before de-
Text read from the printed page and cleaned; old type leaves the occasional error.