or has come to its decision on imperfect premises. Special attention may be drawn to Major H. Brown's explanation of the methods of injauiry. The Experts had full access to the Company's books. They applied to the investigation their own extended experience of cofts of plants. As an example of their at~ titude it may be pertinent to quote Major Brown's comments on the problem of valuation:
Valuation must be made on a certain date. How could a proper Valuation be made under these conditions? If they wanted, thing of that kind done in Shar hhal, he would have required star of $0 men and twelve months in which to do the job. And even then if the valuation were re-taken The logic of this answer is irrefutable. The ordeal from which the Shanghai Telephone Company has emerged with unshaken—ay, enhanced—reputation should establish for that Company further immunity from the unfair criticisms and imputations to which it has been exposed. Surely, it would be more appropriate if Shanghai, rejecting the inhibitions of the "small town" mind, ventured for once to discern merit in one of its own institutions.
The testimonial to the Company is unsolicited and unassailable.
Text read from the printed page and cleaned; old type leaves the occasional error.