Evidence of agitation and unrest In industrial labour in Shanghai has} been more pronotinced in recent months than for some time previous-Iy._ Since the commencement of the current year, your Company has been Involved in iwo strikes each of which lasted for only one day and in settlement of which certain adjustments in conditions of service were made.
Our thanks are due to those members of the staff on whom the un-seitied labour conditions imposed an additional strain and especially to the general manager for the tactful way-in which our labour dimculties jand negotiations were handled.
Turning to the balance sheet which reveals a healthy financial state, would like {0 make a few comments. The gute for investments is up by £83,000 compared with the previous year, and cash on deposit "and on current account is down by £68,000.
'A new item will be noted under the heading of "staff pension and retire-
Text read from the printed page and cleaned; old type leaves the occasional error.