The amount due from the Chinese Government stands at Tls. 169,- 539.83, an increase of Tls. 2,828.05, over last year, due to the fact that Payments in 1925 were less than Tt was no tittle disappointment to your general managers that the Shanghahi Municipal Council's bye-laws regarding Child Labour were not passed owing to the lack of a quorum at the meeting called to consider them, but I can assure you that we use our best endeavours to keep out of our mills children below the age limit fixed by us in 1923, Should this matter be brought up again by the Council we shall give their resolutions our whole-hearted support as was promised at our meeting a year ago.
Text read from the printed page and cleaned; old type leaves the occasional error.