The 2nd annual general meeting of the New China Textile Ca, Ltd., was held yesterday at 88 Museum Road, Mr. W. C. Gomersall chairman presided, supported by Mr. C. P. Yao, director and secretary, who read the notice convening the meeting.
The chairman in his speech said:—When I addressed you last year the Mill was just ready to start opera-partitions. You see in the present balance the result of the first year's working, and, taking all things into consideration, the result is not unsatisfactory.
The year has been a very strenuous one for the management. When the year opened there were only about 5,000 spindles running. By March there were 27,000 spindles at work. All the workers had to be engaged and trained, staff and overseers assembled, and welded into a homogeneous and efficient unit, The workers were all engaged directly by the Mill, not under the old compradore system.
In the meantime, another reinforced concrete building was under construction for the weaving department, and by June there were 200 looms at
Text read from the printed page and cleaned; old type leaves the occasional error.