The report states that during the six months from Jast April to last September, transportation was relatively inactive in North China. Com. paratively better business was done in May and June but during the two months from the middle of July to the middle of September, business was gravely affected by the disastrous flood in Tienisin. As a consequence, Business loss of $5,000,000 was incurred.
In addition to this loss, $9,400,000 was appropriated by the company for Nood feller and rehabilitation work in the affected areas around Tientsin, thus bringing the tot Toss in 1939 to about $14,400,000.
Text read from the printed page and cleaned; old type leaves the occasional error.