On the Assets side, our Shanghai properties increased by $41,480.79, principally due to our taking over an Tneome-producing property which was previously mortgaged t0 us. We also made improvements to existing buildings thereby increasing our income. "Furniture, Fittings, Equipment and Motor Car" have all been written down. "Mortgage -Loans" have been: reduced by $58,731.55. The Company's contingent ability under "Mortgages Discounted" reduced by $635,40029, "Loan against Securities" "continued to pay its Interest in full, and the principal stim was Tedueed by $4,500.00. The reserves. against "Accrued Interest Reselvable," "Outstanding Rents Receivable," and "Sundry, Persons" are quite adequate. "Cash in Bank ahd on Hand" shows a continued liquidity, enabling us to meet any and all em holdings of Hut Hua money) are negligible,
Text read from the printed page and cleaned; old type leaves the occasional error.