As in the previous year the proportions of stocks and debtors which we carry in foreign currency are shown at rates of exchange more favourable than those now ruling. Nearly the whole amount due of the sundry debtors has since been received. Cash held in foreign currencies has been converted at rates ruling at December 31, 1940.
The profit and loss account calls for no special comment but you will be pleased to learn that the very satisfactory profit—more than three lakhs greater than in our last year—has been arrived at after deducting the cost of our donation of two motor cars to the British Residents' Association for their raffle held in November, Tt is again proposed to make a transfer to General Reserve—this time of a lakh—thus further strengthening cur position for the future, Our managing director has been granted leave for the purpose of serving with His Majestys Forces and you will, I know, wish to be associated with the Board in wishing him success and a safe return to Shanghai when victory has been achieved, work and that of the is reflected in the accounts we have just scrutinized.
The following resolutions were passed unamiously:-
That the report and accounts for the year ended December 31, 1940, as audited and cer! by Messrs. Lowe Bingham & Matthews and now ne posed by Mr, G. E. Marden and igor. the directors in their report be and are hereby approved.
To pay a dividend of $200 per share.
transfer $100,000.00 to general moved higher on general buying, reports of a reduction in the Spring acreage, good flour demand and frm cotton market. At the final bell, gains of % to 1% cents were registered.
New York Cotton New York Rubber N. Y. Sugar No. 3
Text read from the printed page and cleaned; old type leaves the occasional error.