Attached to our report is a copy, of the correspondence we have had with the Municipal Council which gives you the progress of our nogotiations for an extension of. our present franchise which expires in 1997, The progress we have made far must, I think, be considered very satisfactory to all parties concerned, and will I hope meet with your approval. The matter is now in the hands of our legal adviser, and when the necessary documents are completed an extraordinary general meeting will be called to pass such alterations to our articles of association as will be needful, and to increase the capital of the Company.
Your directors intend inviting applications for the remaining 5,644 shares of the company's nominal capital at a price of about Tia, 75.00 per share. The applications will be confined to shareholders and subscribers and your directors would. point out that these shares." will Participate in_the issue of bonus shares in thé"proportion of out bonus share for every four share 0 soon ax the share capital of the company has been increased, Inter-communication with, Chinese
Text read from the printed page and cleaned; old type leaves the occasional error.