At the last ordinary general meeting a resolution was passed empowering the chairman fo conclude the new agreement for the year 1938-1939. The chairman accordingly negotiated with the shipping companies concerned and was able to renew the agreement oh the same basis as for last year. Details of the arrangement made were circulated to you from time to time, I have just been advised by the chairman at Osaka to the effect that the agreement is now duly signed. Copies of the agreement will be forwarded to you on receipt from Osaka. I wish to take this opportunity to tender our hearty thanks for the efforts and endeavours made by the Cuairman on our behalf.
Text read from the printed page and cleaned; old type leaves the occasional error.