Unfortunately the new halt cent coins appear to be exceedingly searce fu "Shanghai, and are seldom. seen in elreulation with the result that it has not been possible to put our new scheme into operation.
Tu order {o assist and encourage the. circulation of half cent coins, your company purchased a large Quantity from the central Bank of China and arranged for their issue through conductors to passengers, in change, as suitable opportunities Occurred. This effort, however, failed to produce the desired result, for while conductors were successful in disposing of them to passengers, practically none returned through out Fevenue in the payment of fares, Being the lowest unit of value in the new subsidiary coinage, it is felt that as a matter of economics, it can only fe a question of time until the half cent coin claims its place in circulation and exchange, but that event may not occur until the old copper coins have disappeared from The present composition of our revenue indicates that a conversion of our fare charges to terms of the Rew subsidiary colnaye cannot be much longer delayed. Attention is, therefore, being given to a new scheme based on cents only, eliminate ing half cents, which, according to present expectations, will be introduced at an early date.
Text read from the printed page and cleaned; old type leaves the occasional error.