"The increase in investments is duc to a purchase of the 1940 Loan which has since been sold, Sundry Debtors may appear on the high side but. most of these have been pai singe the accounts were closed.
"Cash in hand includes Sundry Balances in various currencies, These foreign currencies are essential 10 able us to purchase our materials from abroad. They have been taken 7 into the accounts at the rates mentioned in the Balance Sheet with the approval of our Auditors, As these valance are sold the prot change will, of course, be credited the current' year's accounts, "Duriag the year under review your Company' completed a Yangize Upper River vessel, a passenger cargo tender for a local Company and, in addition to other small craft, are construct four launches which are now nearing completion.
"In closing, a word of appreciation is due to the Manager and his Staff, bott European and Chinese, who hav' given whole-hearted support to the Company and who in no small mea sure contributed to the satisfactory Feaults now before you,
Text read from the printed page and cleaned; old type leaves the occasional error.