Shanghai Loan to Managing Director Loan and advances to managing director stand at Ch.$11,781.86. This loan which carries the usual bank interest, is adequately secured by a mortgage on Mr. Millington's house and a life insurance policy which has been assigned to the Company.
In May 1938 an invitation was extended to Mr. P. W. Massey to join the Board. Mr. P. W. Massey's experience has proved of great value to your Directors in their deliberations. This appointment requires your confirmation.
Text read from the printed page and cleaned; old type leaves the occasional error.