Building works oh your Tientsin Mill have almost approached completion and the installation of machinery and plant will be put in hand as soon as they are delivered.
With regard to the account hitherto held in suspense in connection with losses sustained by the present war amounting to ten million yen, your Board considered it sound policy to} liquidate them rather than to leave them in abeyance until cessation of the present hostilities in anticipation of an indemnity by way of compensation.
Text read from the printed page and cleaned; old type leaves the occasional error.