To the Editor of the ""Nonnt-Cuna Dairy News"
Sm,-—The report recently issued by Messrs, Hillaly & David is very use ful and interesting, but it appears to me that in giving an indication as to the prof earning possibilities of the various Shanghai companies, no difference has been made between the companies with reserves and those without. For example, Tanah Merahs, with a capital of Tls. 1,300,- 000, have reserves amounting to about '$100,000.00, whereas some companies have no reserves whatever.
Investor.
Text read from the printed page and cleaned; old type leaves the occasional error.