'The Shanghai OfMce made a profit of $248638, which considering the large reserves which had to be made respect of bad accounts caused by the war, and the decline in our turnover' immediately after the outbreak of hostilities, can be considered as fairly satisfactory.
'An examination of the liabilities side of the balance sheet calls for no special comment. Sundry. creditors stand at_ $69,738.97 which is approxlmately $2,500.00, less than last' year. They have since been entirely 'Turning to your assets plant, max chinery and type equipment has been thoroughly overhauled when it was moved from Szechuen 'Road to its present site and undoubtedly your printing works are now among' the finest in the Far East, Value after depreciation $156,253.69, Investments have been shown at cost and stand at the same amount as last year, Stocks have been reduced during the year under review from $46,708.38 to $38,405.31.
Work in progress $4474.00 represents expense occurred on incompleted printing jobs at the end of the year, Sundry Debtors stand at $240,760.98 approximately $86,000.00 over last year, accounted for mostly by an in-grease in sundry debtors of the Hongkong - Ofice of approximately $19,000.00 and $17,000.00 of the newly opened office' in Singapore. The reserve for bad and doubtful debts stands at $44,951.33 an increase of approximately. $6,400.00 and following, a very careful check of all outstand= ings by our accountants and auditors believed to be fully adequate,
Text read from the printed page and cleaned; old type leaves the occasional error.