The hostilities, as you know, broke out in August. They occurred just at a time when we were engaged in transferring our offices and printing plant to premises better adapted for Our business at 117 Hongkong Road, That the moving was done without any loss or damage to your machinery face of a shortage of skilled labour in a district which was £0 close to the scene of early fighting is a tribute to your management, and more particularly to the technical skill of your Printing Works manager, Mr. Pandrel, who succeeded Mir. J. A. Coughlin in July as manager of the Willow Pattern Press.
Realizing the fulllity of staying in Shanghai where business had come to a complete standstill, your Managing Director, Mr. F.C, Millington eft, on August "23 first "for Hongkong and then for Singapore, where a Branch "had just been established under the management of Mr. Alan Hill-Reid. Your Managing Director's presence in these {Wo ports undoubtedly tended to stimulate considerably business in these places, During Mr. Millington's absence from Shanghai the firm was under the management of Mr. B. Rozenbaum, who had already fulfilled the duties of acting managing director, fon a previous occasion, during your Mr, Millington's home-leave in 1936. To his cool and careful administra-than, during a most critical period your directors feel that credit goes for the preservation of the assets of the company and the maintenance of the business in Shanghai during the remainder of this dificult year.
Text read from the printed page and cleaned; old type leaves the occasional error.