Shanghai, 22nd January, 1896 To Messrs. F. H. Tell, R. M. Campbell, H.R. Hearn A. McLeod. J. L. Scott, Trustees of the Shanghai Recreation Fund.
Grxsteme>.—I have the pleasure to lay before you the accounts of the Fund for the past year showing a balance in the hands the Hongkong and Shanghai Bank of Tis.
285.49. The expenditure for the year has been Tls. 7,568.15. and the receipts were Tls. 9,899.41, showing a net income of Tis,.761.26, being a little over last year's es-
Club.—The Lease of this institu-renewed fora farther term of five ith the option of a further five Club expend the sum of Tls.5,090 on repairs and alterations during the first five years, The terms agreed on are £600 per annum and $4,000 per annum, the Trustees only to do Landlord's repairs.
The mortgage to Dr, Barton on the Club Building has been renewed for a further period of three years at an interest of 73%.
Interior of the Race Course.—The Rent has been duly paid by the Municipal Council on the terms of their lease.
The Accounts as presented show that all the rents have been ssuly paid, but there is a small outstanding in the interest due which will he paid shortly.
Deposit Accounts. inking Fund shows a balance with accrued interest of Tls. 1,692.26, and the D-posit on General Account (also with interest) of Tle, 1,630.82.
Text read from the printed page and cleaned; old type leaves the occasional error.