Reynolds Tobacco "B" Schenley s Sieg pfd. Sears Roebuck Shell Union On Socony-Vacuum Sthrn. Pacific Texas Gulf Un. Carbide & Carbon Un. Pacific.
Un. Aircraft, (new) Un. Airline Trans. Un. Coro, Un. Gas Corp.
Un. Gas Improvement U: S. Rubber, Vanadiu Warner Bros. Picts. Westinghouse' Elec. Woodward Iron China he general improvement in trading during the early part/of 1937 was satisfactory, but the disturbances caused by the hostilities there very adversely affected the Company's trading in Shanghai (where the Company has one of its largest Stores), although not so much as your Directors feared' at one time.
The Hongkong and Tientsin Branches, which are small compared with the Shanghai Store, showed increases which may partly have been accounted for by the conditions in Shanghai.
I am very glad to inform you that our premises in Shanghai were hardly damaged at all, but. you will, of course, realize that the Management and staff had a very anxious and worrying time, apart from loss Of business. I am informed that they loyally stood to their jobs, and a word of appreciation to them from this meeting would be justly and warmly welcomed any accuracy territory for the your Board is reduction if an unate, with results in this current y hopeful in turnover not be subs'a: ial.
Text read from the printed page and cleaned; old type leaves the occasional error.