It is with regret I have to inform you that the authorities in Malaya have, as a war-time measure, prohibited the import of Moutrie Pianos into that territory. This will necessarily curtail the business of our branches in Singapore and Penang, sh, but steps have already been taken by our Manager in that territory to effect substantial reductions in overhead expenses, and we can only hope that the period during which these restrictions will remain in force will not be unduly prolonged.
On the other hand, the profitable turnover has been well maintained at our Branches in China during the first four months of the current Financial Year, and as I am confident of the continued loyal ce-operation of all members of the staff, I see no reason why the -dffficult times ahead should be regarded with undue concern.
Before putting the resolution to the meeting I shall be glad to answer any questions relative to the accounts now before you, upon which Shareholders might like further information."
Text read from the printed page and cleaned; old type leaves the occasional error.