Holders t 8% Debenture Receipts ana old Common Stock Receipt between itself and the said Yangtsze Insurance Association Limited as Trustee for the debenture holders of the principal of and interest upon all the debentures secured by the above mentioned Trust Deed of the Ist day of August 1932 and the due and punctual performance and óbservancy of all covenants and conditions in the said Deed contained and by Shanghai Telephone Company io be performed and observed.
After the close of business on December 31, 1939 the debentures then outstanding will be binding obligations of the said Shanghai Telephone Company, Federal Inc. U.S.A., without the necessity of any endorsement thereon or other formality. However, 5346 Issue January 1997 Coupon No. 6 9% Issue January 1932 Coupon No. 16 should debenture holders so desire they present their debentures at 5% Issue July 1937 Coupon No. 5 the /offices, of Shanghai Telephone C " Federal Inc. U.S.A., 232 Holders of Debentures to Bearer ku Road, Shanghai, and have an endorsement placed thereon re-coupons representing interest for the the above mentioned assump-year ending December 31, 1939, tion of liabilities by Shanghai Telephone Company, Federal Inc. U.S.A, in place of Shanghai Telephone Company.
C. D. LONGHURST,
Text read from the printed page and cleaned; old type leaves the occasional error.