_As you are all avrare, the political situation daring the past year, although tending towards "a more optimistic feeling az compared with the past few years, yot lacked that sense of security so essential to sod trade during the carlr part of the past year, but in the latter half more confidence was fel, duc to the better understanding arrived at between Nanking and several of the Powers. This situation, combined with the result of our inerewsed act the greater part of which has been paid off, Th closing remarks when dressing you last year, T sai that bad tines always passed in "dus course in favour of good, and that fore hud to be patient and hopeful. The account before you is than T had expected and. you can rest assured that, with continuance fof normal times, the company has every reason to hope that the improvement shown in this working will continue, Mr, Brarkston, owe I divesting, came back tous for during the general reorsani the works and the company mobled to him for so doing. has row returne England and you Will he interested to hear that age earnings were concerned, whic show an -appreeiabl against the ye sour di ment are to spite of the continued increase in the] feast of labour ete., they' have "been fable to present such an excellent Daring th: veatels wore mat large a year the Fast and. in expansion of our business, we were pleased to accept an elfer from to rejoin our service, The morea ting activity wide plenty:
resumes. hi old positi director and will be duties by Mr. N. who as manager gentlemen, ix all T have say, but I shalt be pleased to the best of my ability which you may wish put connection with the The daily: de-ook baronial Si yok tol Uma for this}
Text read from the printed page and cleaned; old type leaves the occasional error.