Report on the Results of the Past Year's Working, Financial Readjustments and Development The results of the operations of the Power Company for the twelve months ended December 31, 1084, has now been issued to stockholders, The dividends on the Company's 6 Teel Cumulative Preferred Stock have been regularly paid quarterly from date of Issuance, Dividends on the U.S. $7 Cumulative Second Preferred Stock of the Company have been paid in full to December $1, 1034, On January 1, 1994, Shanghai Power Company ' had outstanding US, $19,584,000 principal amount' of 20-Year 6 per cent, Gold Debenture ne 1950, The company's earnings are silver, and was deemed advisable in view of the prevailing exchange and silver situa-Yon, that silver securities be sub: stituted for the Gold Debenture Notes im order to reduce the Company's foreign exchange risks. To that end, the Company entered Into an agree: ment. dated February 19, 1984, with the Hongkong and Shanghai Banking, Corporation under which ES. $21,- 00,000 principal amount of Shanghai Power Company First Mortgage Debentures, 5% per cent. (Chinese) Dollar Series due 1973, which were issued under the Company's Mort~ gage and Deed of Trust dated as of February 1, 1993, were sold to the bank. Of this amount, $11,000,000 pristipal amount were privately sol and the remaining $10,000,000. principal amount were offered for public subscription of March 1, 1984, by an underwriting syndicate formed by, the Hongkong and. Shanghai Banking Corporation. The proceeds derived from the sale of these Debentures were wholly used on April 1, 1934, to retire US. $7,000,000 principal amount of the Conipany's 20-Year per cent. Gold Debenture Notes, Series A, duc 1960.
Text read from the printed page and cleaned; old type leaves the occasional error.