As I said at our last meeting orders were placed in 1936 for two coasters of the Taksang type and a small upper fiver steamer. But for the dif culty in obtaining steel all three would have been in commission by. now. As it ig the river steamer Liwo about to be taken over while the two coasters should be ready in mid= summer. The construction of all three was as you know financed by Joan with the Hongkong and possible to make substantial payments towards the reduction of this account. Though at December 31 a stim of approximately £150,000 still remained to be financed, to-day it is £125,000. jest below mormal requirements ud expansion essential Tam going to make no attempt now forecast the future. We must admit that the immediate outlook certainly not cheerful with China and Span. engaged in a bitter strusle. Gur "deepest. sympathies go. out. to SIN" those who' have suffered, But trade' has remarkable recuperative owers herein. the Fr' East {fore will be much to do when usin it. takes its normal and hampered course. So far 1938. has Bog quite well but T hope outside Sipping may: not be widuly attracted te there parts as happened atter the Russo-Japanese" and Great" War. Their owners will find ax they did afore that they chase a chimaera Turning to the Statement of Ao counts, the items debited to revenue amount to £142,9988.5d, and include the balance Bought forward from 1998 Account L1EBBAL., general charges £7,940.189d., depreciation for
Text read from the printed page and cleaned; old type leaves the occasional error.