Under the heading of Buildings, Plant and Machinery, you will find an addition during the year of Ts. 107,645.71. This covers the cost of construction of a terrace of houses built on the residential property to which I have just referred, and now in occupation by various members of the staff. The construction of these residences became imperative in view of the housing problem which you know well has been very acute in Shanghai, and the neccssity of having certain responsible members of the staff within easy reach of the works. In addition to this residential property, the expenditure covers the final purchase and installation of certain new machines and plant, and completes this part of the programme entered upon by the Company some three or four years ago, when it was decided to equip the works as a thoroughly modern and up-to-date shipbuilding and engineering establishment.
Apart from these additions the entire plant, and the Dock, have been kept in a high state of efficiency and repair, the cost of which has, as usual, been charged against profits.
Text read from the printed page and cleaned; old type leaves the occasional error.