Investments—Hongkong: With the exception of one purchase made during the year, the Increase in the value of our Hongkong holdings was due to our building programme, We developed three of our Hongkong properties, one of which is com-{pleted and over fifty per cent. filed, December 1" and. is two-thirds booked, the third will be finished on December 15, and reservations already made cover half of this development. These investments have been carefully chosen and appear to be on the verge of earning reason~ ably well for the company. mA
Text read from the printed page and cleaned; old type leaves the occasional error.