Land.—You will find an increase under this heading of Tls. 295,343,- 46, This is chiefly accounted for by the acquisition of a very valuable site on the Bund in Hankow, acquired from the Russian Volunteer Fleet, in settlement of their indebt-eelness to us, to which reference was made when addressing you last year. These negotiations entailed payment to the Russian Volunteer Fleet of the difference between the valuation your Board set on the property and the amount of their debt. Incidentally I may mention that our title thereto has
Text read from the printed page and cleaned; old type leaves the occasional error.