"it will be recalled that Shanghai Telephone Company acquired the Shanghai Mutual Telephone Company, Lid, on "August 5, 1990 and agreed reconstruct the property and provide a full automatic telephone service for the International Settlement fond the French Concession within a period of two years. Through diligence and careful planning the conversion was completed more than four months ahead of schedule resulting In 18 per cent. of the contract time being saved to the great benedt of subscribers. As an illustration, the average calling rate for 1931 just prior to the opening of the new automatic central offices was 7.12 calls per evening, but strongly reminded his [hearers that no talk of improvement in British imports into China was of any permanent value unless. the British nation could be induced buy Chinese goods, thereby making possible for China to import the 0 ign capital, or, rather, capital goods, that she required.
Text read from the printed page and cleaned; old type leaves the occasional error.