Fortunately the book value of raw materials and stocks held in hand at your godowns have stood at an exceedingly low figure when compared with prevailing price on the Market and accordingly {t was thought a good opportunity to have them revalued and credit the difference into the Proftt and Loss Account so as to enable us to liquidate the above men-Lid tioned account. The figure thus acerning amounts to just over five millions as you have noted in. the report. Your Auditors have been approached and after their careful 1 investigation they concurred in this it I am gratified to state that our agents were generous enough to waive their right of claim for com: mission on this particular profit, Second Interim Dividend Declared Shanghai, Dec. 3.
The directors of the Shanghai Exploration & Development Ca,, Ltd. decided yesterday to declare Secon 1d Interim Dividend on account of the year ending December 31, 1938 of Thirty Chinese Dollar cents per share, Payable to shareholders on jer on the December 16.
Text read from the printed page and cleaned; old type leaves the occasional error.