Loan and advances on commission to managing director which stood at $20,505.01 at the end of 1036 have Deen reduced during the last year to $10,676.58. This loan, on which you et the usual bank interest, is adequately secured by a mortgage on 'Mr. Millington's house and a life insurance policy' which has been assigned to your Company, In conclusion your directors wish to express the hope that. steps will bbe taken to place Shanghai in a posi= tion which would preclude the posslbility' of another calamity. similar that which struck us in 1932 and in 1997. It is felt that for some time to come, the length of which it is dim cult to foresee, no optimism can be entertained as regards. business Shanghai, but with the marked. ime provement of business both South-China and Malaya substantial profits should be made by our branches in Hongkong and Singapore. the Repor cunt, Report and Azcounts, a printed. and clrctlatod' De, adept inted and lrculated, De Titlde Suc i Saul Eored. by m AB: Miser and accended Sie B. Rexeivaim:
Text read from the printed page and cleaned; old type leaves the occasional error.