Shanghai, Apr. 11.
1938 annual report of Shanghai Power Company, which includes a statement of income and a summary of earned surplus for the twelve months ended that date.
In addition, the report contains pertinent property, service and general statistics. All financial figures in this report are stated in terms of Chinese dollars, unless otherwise indicated. The results of the operations of your Company for the twelve months ended December 31, 1938, are shown, Dividends on your Company's Silver Preferred Stod: have been regularly ald quarterly from date of issuance. Dividends on the U.S$7 Cumulative Second Preferred Stock of the Com= pany have been paid in full. to
Text read from the printed page and cleaned; old type leaves the occasional error.