You will be interested to know that arrangements have been con-eluded whereby we have obtained the coutelling interest in the China Motors, Ld., of which, as you will have seen advertised in the newspapers, we have been appointed the general managers.
As you are doubtless aware, the China Motors, Ld., are the proprietors of two of the principal garages in Shanghai—the Star and the Eastern, both of which are well equipped and in excellent running order. We think a garage business is one that may be easily worked conjunction with our hotels, and it is confidently expected that the investment will prove to be a very profitable one.
Before formally proposing the adoption of the accounts, which I think have: been placed before you as clearly as possible, I would welcome any shareholder availing himself of this opportunity of obtaining any information which he may desire.
Text read from the printed page and cleaned; old type leaves the occasional error.