adjusted when the local currency declined in value but in my experience the adjustment has always been downward.
It is no news that costs are increasing and while I sympathise with Property owners they are by. no means the only ones who are feeling the pinch. I made no protest when a couple of weeks ago I was notified of a 12% per cent. increase in my rent as from the Ist of May, I can budget against that; but to be faced with an unknown' monthly rent is quite another thing and I suggest that the circular be withdrawn because as it stands now the rents of monthly tenants can be raised WITHOUT NOTICE. I am certain that none of the monthly tenants are the least inclined to shoulder the landlords exchange losses, which really what this circular amounts Thanking you and your correspondent, for your and their support in this matter.
P. B. SaLaRY.
Shanghai, Apr. 9.
Text read from the printed page and cleaned; old type leaves the occasional error.