The main items for comment in the balance sheet figures are the increase of the cash in banks, decrease of loan against securities and decrease of mortgage loans. Our Shanghai investments have further depreciated and some of the quotations must be taken at nominal values.
Reserve for interest due but not yet collected is increased by the overdue China Realty debenture interest which has been reserved for in full.
As stated in the balance sheet, the deposits with the registrars of companies at Shanghai and Singapore have been released by our deposit of approved Sterling securities with the Supreme Court, London, amounting to £20,000,
Text read from the printed page and cleaned; old type leaves the occasional error.