There was no new financing during 1938, During the year, holders of a further $473,900 principal amount of the First Mortgage Debentures 5 per cent, Dollar Series due 1973 cepted the Company's offer to enter Into an agreement to convert their debentures into First Mortgage Di bentures 514 per cent. Chinese Dollar Series due 1973, which debentures, if and when issued, will be essentially Similar to the first-named debentures, except that they will be payable as to both principal and interest in Chinese dollars, local currency. The holders of over 09.35 per cent. of the total Principal amount of the debentures have accepted the proposal,
Text read from the printed page and cleaned; old type leaves the occasional error.