The average T.T. selling rates for the year 1937 were ug 1/2.37077
9961 per Shanghai The fluctuations between high and low rates during the year are as follows in Sterling 1 2%d, and 1 2'sd n U.S. $29]i and 29 Last year your chairman comment-
On March 1 owners were permitted to remove cargo stored at the China Merchants Wharves but the restric' tions against inspection of the cargo were such that great confusion was caused. As far as one can gather cargo stored in the godowns was seriously congested and, in the absence of permission to consignees and the customs to make a proper inspection, serious difficulties arose with the result that in many cases consignees were unable to take delivery of their cargo. In instances where customs duty had not already
Text read from the printed page and cleaned; old type leaves the occasional error.