The investments have been increased during the year by taking up $200 Shanghai Municipal Council,3 per cent debentures, 1937, offered by the Council at 99, by using the proceeds of Tls. 100 Shanghai Municipal Council Debentures 1925 which were redeemed on June 30, 1937 and paying the difference of $58.14. A loss of $210 incurred on the redemption of the Tls. 100 Shanghai Municipal Council Debentures 1925 has been written off the reserve account.
The funds of the trust are invested locally in Shanghai Municipal Counci] debentures, Cathay Land Com-
Pany 6 per cent, debentures (1930) and Central Properties debentures (1934), all of which are shown in the balance sheet at cost at $85,864.22.
Text read from the printed page and cleaned; old type leaves the occasional error.