During the first half of 1938 your managing director, Mr. F. C. Milling-ion, spent most of his time visiting your Hongkong and Singapore Branches and in August he left for England on a combined home-leave and business trip. Though the results of Mr. Millington's work in England are not reflected in the accounts now before you, it would appear that this trip was undertaken to the advantage of the firm and, its benefits ought to become apparent during the current year.
During Mr. Millington's absence, the firm has been under the manage. ment of Mr. B. Rozenbaum. To him and to Mr. H. A. Fandry, manager of your printing department, as well as io all your foreign and Chinese staff are due the favourable results obtained in Shanghai. The Hongkong and Singapore Offices were managed by Miss E. Kelly and Mr. A. Hill-Reid respectively and to the former special credit is due for the profit of Ch.$14,15.66 made during 1938, the highest ever made in Hongkong.
Text read from the printed page and cleaned; old type leaves the occasional error.