The General Liquidators are cons fronted with the problem of drawing a new balance sheet which will show any degree of accuracy, be-Jeause of the fact that many items Jof asset of a large book value of 1 value, ax appeared in the previous report are too uncertain to their actual value when sd. Hence this attempt is being abandoned. Future prospects will have to be depended upon the realization of the following items lof asset in question, (a) Assets subject to litigation Hongkong and the United States of America, (b) Claims of the China, Liquidation against the Paris and Various forms of debts due to the Liquidation by deter still, outstanding. remises at Peking. interest *Sockété Anonyme eu Sougari"
Of the shove assets, it is most dificult to foresee what proportion of them will be recovered. As soon jas the realization of any one them is brought to a successful end, the General Li anier the payment of further dividends.
La Axe, General Liquidator. i Prey Cuvy Associate General Ligilitdier, Shanghai, June 80, 1020,
Text read from the printed page and cleaned; old type leaves the occasional error.