er cent. preferred slock of §100 pat Value atid 150,000 shares of common Mock of $10 par value of the mew company. The. money so received was used by the new. company to repay. indebtedness "which it. had incurred to enable it to make the payment to the City Government of Greater Shanghai required by the franchise and {or other corporate purposes, "The requisite steps for the allow tion to Chinese incrests of 49 per cent. of the voting stock of Western Disttiet Power Company of Shang: hal, Federal Inc. U.S.A, have been carried out in accordance with the terms of the franchise.
On the balance sheet the item "plant, "Property, Franchise, ete." reflects the reduction in Plant caused by the sale of the Company's pro-
Text read from the printed page and cleaned; old type leaves the occasional error.