$236,022.00 as against $450,262.34. the previous year. This large difference has not been' caused by any extra ordinary withdrawals due to foreign employees leaving the service, but is the result of the institution of a trust fund for the benefit of those who wished to convert Shanghai currency credits to sterling of which many of the foreign members of the staff have failed themselves. On the assets side the small addition to Property Account represents certain fes in con nection with land transfer.
Stocks are lower by about $1,000,000 represented chiefly by smaller stocks of cotton and other raw materials.
Interest cost $23,423.98 as against $01,208.97, this being lower owing 'o having: generally smaller stocks throughout the year.
Text read from the printed page and cleaned; old type leaves the occasional error.