This recovery is all the more arresting when it is considered that our services are still shut out from considerable area North of the Soochow Creek, embracing some 17% miles of route which is equivalent to 4 "percent. "of our total route mileage.
(Regular representations have, been to "the proper authorities throughout the year with a. view to obtaining permission for the restora~ tion of our services in that area, and every reasonable step has been taken, But I regret to say that It is stil not possible to Indicate when we may hope for a solution of that problem. It'ls the policy of your directors 10 continue to press for the resumption of our services on the main trafic arteries North of the Soochow Creek and then to proceed with a steady expansion of services as, when and where required, until normal opera tion as been restored.
It has been fortunate that the com: mencement of our new route connecting the International Settlement in the West with the French Concession via Ferry Road, Sinza Roat Seymour Road, Avenue clu Roi Albert, Rue Lafayette and Rue clu Capitaine Rebier, on September 15 last, synchronized with an intensive
pulation in the western ares concentration of the industry po-Tu this extension we have an important and popular connecting link between the two territories, and it is satisfactory that the decision was taken to proceed with this route despite the more unsettled conditions which prevailed In the early part of last year when arrangements for its equipment were made.
Trolley Bus Routes In accordance with our progressive policy, we have applied to the Muni-Cipal' Council and have received approval for the extension of our Trolley Bus route now operating on Vu Yuen Road, to The Bund via Jessfeld Road, Avenue Road, Hart Road, Sinza Road, Seymour ' Road, Weihaiwei Road, Race Course Road, Vu Ya Ching Road and Foochow Road, and itis hoped to have this extension ready for operation about the end of the current year.
Referring now to sterling exchange, it would be pleasing to us all were it possible to give the same encouraging report of it as in the case of our passenger traffic, or if it were even possible to remark that the rate pre-Vailing at the commencement of the year had been maintained, but 1 am afraid that we must regard exchange as the adverse factor in our opera tions. At the commencement of the year the rate for the Dollar was 1/2% and it remained steady around that level until about the end of March when it began to decline.
By the end of June it was down to 8% pence and on the last day of the year was Bie pence. The aver~ age for the year was 10.234 pence at which rate all revenue items in the accounts now before you have been converted to. sterling except when equal rates have been available.
Text read from the printed page and cleaned; old type leaves the occasional error.