CO129-553-5 Japanese activities in Macao and Canton 31-1-1935 - 22-11-1935 — Page 59

2.

59

We would add that under Portuguese law and Article

40 of the Sociedade de Abastecimento de Aguas de Macau

Limitada's Deed of Charter, a minimum of 5% of the net profits of the Company must be put to reserve until such reserve fund amounts to one-fifth of the issued Capital of the Sociedade de Abastecimento de Aguas de Macau

Limitada.

We have the honour to be,

Sir,

Your obedient Servants,

For The Hongkong & Shanghai Banking Corporation,

sd. V.M. Grayburn.

CHIEF MANAGER.