The American Commercial Attache in Shanghai has received a. cablegram from the Bureau of Foreign and Domesfic Commerce, Washington, stating that the May exports to China totalled G$8,700,000 and the imports G88,000,000. The April return on capital it earns is re-; quired to keep it in a satisfactory; position, it is obvious that he much! smaller return on capital earned by; the company cannot be, by any) stretch of imagination, called ex cessive. To put it in another way,! the amount of shareholders' money, represented by each share immediately after the appropriation voted on May 30 was paid, is Tls. 88.98 per share, so that a dividend; of Tls. 6 per share only represents a return of 6.90 per cent. per share, or less than is obtained from this year's issue of municipal de-! bentures.
The accuracy of the figures given in the foregoing is vouched for by
Text read from the printed page and cleaned; old type leaves the occasional error.