ER "Notes of the Weel "Finance & Commerce" in its issue of January 4 gives an interesting survey showing the position of the Shanghai-Nanking Railwa: prior to the outbreak of hostilities, A summary of the article given below shows clearly the remarkable recovery that had been made from the 1932 outbreak, and the bright prospects that were before the- railway for.the year 1937-38. The increased re venue and reduced expenses indicated that the prospect of the railway carrying out its full loan obligation each year was greatly improved. This encouraged the Administration to view the future with optimism but it was short-lived, less than two months after the close of the financial year hostilities had again broken out Turning io the annual report u. the working of me Nanking-shangha. noway lor me zein nscai year eau ing June ay, 1937, the laet is recate mar me period noder review wa-one or eusmusiasm among railway: men in China. "rhe previous yea-
1929, and three half-yearly instalments of interest were in arrear at he end of June 1937. The annual! obligation for loan service (amortizaion and interest), at the stabilized vote of exchange, amounts to about 34,250,000. aad been a period or general depression but closed with a nolo of opus must, for a revival in trade had be come apparent and, with tne return.. of the-Aaministration from temporary offices to more appropriate accommodation at tne North Station, Shang Hai (on which building, subsequently reduced to ruins, $692, u00 was spent, it was felt that the difficult period, resulting from $1,900,000 worth o. damage to the railway "during tht 1932 hostilities in Shanghai, had ended. Fijaten of the Shanghai-Hang chow-Ni Railway—Corhpletior. Loan had shown that, with public confidence in management restored, funds could be again obtained for railway development. Early in the year improved business conditions, increased revenue, and reduced Operating expenses induced the Administration to embark on a policy of expansion.
The Shanghai-Nanking Express On January 1, 1937, a new express service between Shanghai and Nanking was introduced. This was in the nature of an adventure, for existing equipment and rolling-stock had to be adapted, and the track im-Proved and strengthened where necessary. The success attending the introduction of this service justified the boldness of the experiment, but it also showed that, for further expansion, additional rolling-stock, more modern signalling, and extensive track improvements would be necessary.
A programme of expansion and improvement was then prepared, calling for an expenditure of £800,000 over a period of three years, and confidence in the future was shown when credit for this sum was arranged, and an agreement signed with the British and Chinese Corporation, Ltd. on June 1, 1937.
Text read from the printed page and cleaned; old type leaves the occasional error.