Notes for 1911-1920

Things interesting

1)	During this period, we are given even more information about the composition of the firm's
	reserves. The paper basically divide the reserves into the following categories:

	Building reserves account, Capital Reserve Fund, Depreciation Fund, Equalization of
	Dividend Fund, Exchange and Investment Fluctuation Acct, Gold Reserve Fund,
	Exchange Reserve Acct, Insurance Fund, Reinsurance Fund, Repairs and Renewals Acct,
	Silver Reserve Fund, Depreciation and Repairs Acct, Underwriting Suspense Act,
	Special Acct, Special Works Fund, Extra Reserve Fund.

	These are all denoted in the spreadsheet. As for those reserves that are not given
	notations, I call them the "Normal Reserve"

	In addition, it was also during this period where we get to know the no of shares that
	are unallotted and unissued.

2)	If you have heart problems, then better not invest in Shanghai market during this period,
	especially in the plantation stocks. Prices can drop very drastically, as a glance in 1911
	notes column (column AT) will tell you, but prices can too increase alot, as in the case
	of the plantation stocks the following year. In 1913 however, prices dropped drastically 
	again. Well, isn't that a roller-coaster ride for the plantation stocks investors?)

3)	It is strange that for the case of Cathay Trust, bonus dividends are given for the ordinary shares, but not the
	preference shares. (1912-9AR)

4)	There are some plantation companies which first appeared in 1910, but was delisted in 1911.
	In 1912, they are back to the listings again. These comapnies are
	Permata Rubber Estates, Ld (1912-76C), which was previously known in 1910 as Permatas
	Repah Rubber Estates, Ld (1912-77C)
	Taiping Rubber Estates (1912-88C), which was previosuly known in 1910 as Taiping Estates Ld

5)	As mentioned, format of 1914 quotes are very simplified, only has closing quotations, value
	and paid-up of shares, last dividends.

	One problem of the 1914 quotes is that there are some companies missing, namely
	Russo-Asiatic Bank (1914-7C), Raub A'lian Gold Min. Co. Ld (1914-36C)
	and Oriental Consolidated Mining Co., Ld (1914-39C)

	Another common occuring problem is that the denomination of some shares (that of those 
	$-denominated shares) differ from previous years. Most of them are now in Taels, and the
	examples are
	
	Yangtsze Insurance Association (1914-30G), Central Stores (1914-115G), and Weeks & Co
	(1914-118G)

	Another thing is that some of the dividends does not tally with previous years report. EG
	Shanghai Electric and Asbestos Co., Ld, in 1914's paper stated that 3% for week ending 
	02/28/1909 (1914-107AI), but in the previous yr paper, the dividend for the same date is 
	8%. (1913-106AI)

	A.Butler Cement, Tile Works, Limited - in the 1914's paper stated that the last dividend
	is 4T for yr to 03/31/1910 (1914-99AI), but the dividends for date does not seem to be 
	the last dividend payable). Last year's report, we have dividends for year to 03/31/1912
	(1913-98AI)

	In addition, it's interesting that despite the prevalence of the bid prices, prices for
	most of the plantation stocks still fall alot.

6)	It's interesting that stock quotes are talking about whether or not the dividends are
	free of income tax. 

	Examples of firms which state whether their dividends are free of income tax:
	Hongkong & Shanghai Banking Corporation (1915-5AI)
	Gula Kalumpong Rubber Estates, Ld (1915-72AI) - stated in the paper that dividends 1/-
	a/c 1915 less income tax 2 shillings and 8 pence

7)	Cathay Trust Co (preference) - (1916-10M), was stated that 87890 Preference shares 
	are cancelled. 



Changes in capitalization structure:

1)	Shanghai Tug & Lighter Co., Ld (ordinary shares)
	1911: No of shares 20000 (15H), Value 25Taels (15I), Paid-up 25Taels (15L)
	1910: No of shares 50000 (16H), Value 50Taels (16I), Paid-up 50Taels (16L)

	Shanghai Tug & Lighter Co., Ld (preference shares)
	1911: No of shares 10000 (16H), Value 50Taels (16I), Paid-up 50Taels (16L)
	1910: No of shares 20000 (17H), Value 50Taels (17I), Paid-up 50Taels (17L)

2)	North-China Ins. Co., Ld
	1911: No of shares 10000 (26H), Value 15pounds (26I), Paid-up 5pounds (26L)
	1910: No of shares 10000 (28H), Value 5pounds (28I), Paid-up 5pounds (28L)

3)	Philippine Exploration & Mining Co., Ld
	1911: No of shares 100,000 (35H), Value 5G$ (35I), Paid-up 5G$ (35L)
	1910: No of shares 120,000 (112H), Value 5G$ (112I), Paid-up 5G$ (112L)

4)	Soy Chee Cotton Spin. Co. Ld
	1911: No of shares 20000 (49H), Value 50Taels (49I), Paid-up 50Taels (49L)
	1910: No of shares 2000 (50H), Value 500Taels (50I), Paid-up 500Taels (50L)

5)	Ayer Tawah Rubber Plantation Co., Ld
	1912: No of shares 20000 (58M), Value 10Taels (58N), Paid-up 10Taels (58Q)
	1911: No of shares 20000 (56H), Value 10Taels (56I), Paid-up 7.5Taels (56L)
	1910: No of shares 19000 (59H), Value 10Taels (59I), Paid-up 5Taels (59L)

6)	Chemor United Rubber Estate, Ld
	1915: No of shares 400000 (67M), Value 9Taels (67N), Paid-up 9Taels (67Q)
	1911: No of shares 174225 (60H), Value 0.2pounds (60I), Paid-up 0.2pounds (60L)
	1910: No of shares 220000 (63H), Value 0.1pounds (63I), Paid-up 0.1pounds (63L)

7)	Semeling Plantation Rubber Co., Ld
	1911: No of shares 25000 (79H), Value 1pounds (79I), Paid-up 1pounds (79L)
	1910: No of shares 20000 (85H), Value 1pounds (85I), Paid-up 1pounds (85L)

8)	Anglo-German Brewery Co., Ld
	1911: No of shares 4441 (95H), Value $100 (95I), Paid-up $100 (95L)
	1910: No of shares 4000 (104H), Value $100 (104I), Paid-up $100 (104L)

9)	Shanghai Pulp and paper Co., Ld
	1915: No of shares 45000 (113M), Value 10Taels (113N), Paid-up 10Taels (113Q)
	1911: No of shares 4500 (105H), Value 100Taels (105I), Paid-up 100Taels (105L)
	1910: No of shares 4557 (118H), Value 100Taels (118I), Paid-up 100Taels (118L)

10)	Weeks & Co., Ld 
	1911: No of shares 20000 (114H), Value $20 (114I), Paid-up $20 (114L)
	1910: No of shares 200000 (127H), Value $20 (127I), Paid-up $20 (127L)

11)	Astor House Hotel Co.
	1912: No of shares 30000 (118M), Value $25 (118N), Paid-up $25 (118Q)
	1911: No of shares 120000 (118H), Value $25 (118I), Paid-up $25 (118L)
	1910: No of shares 25520 (131H), Value $25 (131I), Paid-up $25 (131L) 

12)	Gula Kalumpong Rubber Estates, Ld
	1913: No of shares 500000 (68M), Value 1pounds (68N), Paid-up 1pounds (68Q)
	1912: No of shares 415000 (67M), Value 1pounds (67N), Paid-up 1pounds (67Q)
	1911: No of shares 500000 (65H), Value 1pounds (65I), Paid-up 1pounds (65L)

13)	Kamunting Rubber Co., Ld
	1912: No of shares 85000 (69M), Value 1pounds (69N), Paid-up 1pounds (69Q)
	1911: No of shares 60000 (68H), Value 1pounds (68I), Paid-up 1pounds (68L)

14)	Kroewek Java Plantations Ld
	1913: No of shares 70000 (76M), Value 1pounds (76N), Paid-up 1pounds (76Q)
	1912: No of shares 70000 (73M), Value 10T (73N), Paid-up 10T (73Q)
	1911: No of shares 70000 (72H), Value 1pounds (72I), Paid-up 1pounds (72L)
	
15)	Pengkalan Durian Estate, Ld
	1912: No of shares 30000 (75M), Value 1pounds (75N), Paid-up 9T (75Q)
	1911: No of shares 30000 (75H), Value 1pounds (75I), Paid-up 1pounds (75L)

16)	Senawang Rubber Estates Co., Ld 
	1912: No of shares 75000 (81M), Value 5Taels (81N), Paid-up 5Taels (81Q)
	1911: No of shares 53800 (80H), Value 5Taels (80I), Paid-up 5Taels (80L)

17)	Shanghai-Malay Rubber Estates, Ld
	1912: No of shares 30000 (83M), Value 10Taels (83N), Paid-up 9Taels (83Q)
	1911: No of shares 30000 (82H), Value 10Taels (82I), Paid-up 6Taels (82L)

18)	Shell Transport & Trading Co. Ld (ordinary)
	1913: No of shares 2750000 (13M), Value 1pounds (13N), Paid-up 1pounds (13Q)
	1912: No of shares 2500000 (13M), Value 1pounds (13N), Paid-up 1pounds (13Q)

	Shell Transport & Trading Co. Ld (preference)
	1913: No of shares 150000 (14M), Value 10pounds (14N), Paid-up 10pounds (14Q)
	1912: No of shares 100000 (14M), Value 10pounds (14N), Paid-up 10pounds (14Q)


19)	Batu Annam (Johore) Rubber Estate, Ld
	1913: No of shares 400000 (60M), Value 1Taels (60N), Paid-up 1Taels (60Q)
	1912: No of shares 50000 (59M), Value 10Taels (59N), Paid-up 10Taels (59Q)

20)	Kapala Islands Estates, Ld
	1913: No of shares 300000 (71M), Value 1Taels (71N), Paid-up 1Taels (71Q)
	1912: No of shares 75000 (70M), Value 1pounds (70N), Paid-up 1pounds (70Q)


21)	Repah Rubber Estates, Ld
	1913: No of shares 275000 (80M), Value 1Taels (80N), Paid-up 1Taels (80Q)
	1912: No of shares 400000 (77M), Value 1Taels (77N), Paid-up 1Taels (77Q)

22)	Samagaga Rubber Co., Ld
	1913: No of shares 600000 (81M), Value 1Taels (81N), Paid-up 1Taels (81Q)
	1912: No of shares 520000 (78M), Value 1Taels (78N), Paid-up 1Taels (78Q)

23)	Semambu Rubber Estate, Ld
	1913: No of shares 300000 (83M), Value 1Taels (83N), Paid-up 1Taels (83Q)
	1912: No of shares 40000 (80M), Value 10Taels (80N), Paid-up 10Taels (80Q)
	

24)	Taiping Rubber Estates, Ld
	1913: No of shares 200000 (91M), Value 1Taels (91N), Paid-up 1Taels (91Q)
	1912: No of shares 600000 (88M), Value 1Taels (88N), Paid-up 10Taels (88Q)

25)	China Flour Mill Co., Ld
	1913: No of shares 6000 (100M), Value 50Taels (100N), Paid-up 50Taels (100Q)
	1912: No of shares 4000 (97M), Value 50Taels (97N), Paid-up 50Taels (97Q)

26)	Central Stores, Ld (ordinary)
	1913: No of shares 50000 (114M), Value $7.5 (114N), Paid-up $7.5 (114Q)
	1912: No of shares 50123 (112M), Value $15 (112N), Paid-up $15 (112Q)

	Central Stores, Ld (founders')
	1913: No of shares 123 (115M), Value $7.5 (115N), Paid-up $7.5 (115Q)
	1912: No of shares N.A (113M), Value $15 (113N), Paid-up $15 (113Q)

27)	Cathay Trust (ordinary)
	1915: No of shares 300000 (8M), Value 0.2pounds (8N), Paid-up 0.2pounds (8Q)
	1913: No of shares 1,000,000 (8M), Value 0.2pounds (8N), Paid-up 0.2pounds (8Q)

	(Note because 1914 is the simplified version, can only compare capitalization
	struture using 1913 data)

	Cathay Trust Co (preference)
	1915: No of shares 212110 (9M), Value 0.18pounds (9N), Paid-up 0.18pounds (9Q)
	1913: No of shares 1,000,000 (9M), Value 0.18pounds (9N), Paid-up 0.18pounds (9Q)

28)	New England and Shipbuilding Works
	1915: No of shares 150000 (21M), Value 5Taels (21N), Paid-up 5Taels (21Q)
	1913: No of shares 43698 (21M), Value 5Taels (21N), Paid-up 5Taels (21Q) 

29)	Philippine Exploration & Mining Co., Ld
	1915: No of shares 200000 (37M), Value P$10 (37N), Paid-up P$10(37Q)
	1913: No of shares 10000 (37M), Value G$5 (37N), Paid-up G$5(37Q)

	(P$ means Philipine dollars)

30)	Consolidated Rubber Estates, Ld
	1916: No of shares 500000 (71M), Value 0.75Taels (71N), Paid-up 0.75Taels (71Q)
	1915: No of shares 250000 (70M), Value 0.75Taels (70N), Paid-up 0.75Taels (70Q)
	1913: No of shares 125000 (66M), Value 1pounds (66N), Paid-up 1pounds (66Q)


31)	Sungala Rubber Estate, Ld
	1915: No of shares 50000 (95M), Value 1Taels (95N), Paid-up 1Taels (95Q)
	1913: No of shares 50000 (89M), Value 1pounds (89N), Paid-up 1pounds (89Q)

32)	Hongkong & W'pao Dock Co. Ld
	1916: No of shares 60000 (21M), Value $50 (21N), Paid-up $50 (21Q)
	1915: No of shares 50000 (20M), Value $50 (20N), Paid-up $50 (20Q)
	

33)	Yangtszepoo Cotton Mill Limited (A)
	1916: No of shares 200,000 (57M), Value 5Taels (57N), Paid-up 5Taels (57Q)
	1915: No of shares 175000 (55M), Value 5Taels (55N), Paid-up 5Taels (55q)
	

34)	Ayer Tawah Rubber Plantation Co., Ld
	1916: No of shares 30,000 (64M), Value 10Taels (64N), Paid-up 10Taels (64Q)
	1915: No of shares 20,000 (63M), Value 10Taels (63N), Paid-up 10Taels (63Q)
	

35)	Kapayang Rubber Estates Co., Ld (B)
	1916: No of shares 7500 (77M), Value 10Taels (77N), Paid-up 10Taels (77Q)
	1915: No of shares 7300 (77M), Value 10Taels (77N), Paid-up 8Taels (77Q)
	
	
36)	Oriental C.S.Co., Ld
	1917: No of shares 20000 (48M), Value 30Taels (48N), Paid-up 30Taels (48Q)
	1916: No of shares 20000 (55M), Value 50Taels (55N), Paid-up 50Taels (55Q)

37)	Shanghai & H'kew Wharf Co.
	1918: No of shares 40000 (18M), Value 1000Taels (18N), Paid-up 100Taels (18Q)
	1917: No of shares 36000 (19M), Value 100Taels (19N), Paid-up 100Taels (19Q)

38)	Union In. Society of Canton Limited
	1919: No of shares 200000 (21M), Value 10pounds(21N), Paid-up 4pounds (21Q)
	1918: No of shares 16000 (21M), Value $250 (21N), Paid-up $100 (21Q)
	1917: No of shares 12400 (22M), Value $250 (22N), Paid-up $100 (22Q)

39)	Shanghai Electric and Asbestos Co., Ld
	1918: No of shares 8000 (102M), Value $25(102N), Paid-up $25 (102Q)
	1917: No of shares 5000 (107M), Value $25 (107N), Paid-up $25 (107Q)

40)	Far Eastern Insurance Co., Ld
	1918: No of shares 50000 (25M), Value 20Taels(25N), Paid-up 20Taels(25Q)
	1917: No of shares 50000 (26M), Value 20Taels(26N), Paid-up 10Taels(26Q)

41)	Semambu Rubber Estate, Ld
	1919: No of shares 300000 (77M), Value 1Taels(77N), Paid-up 1Taels(77Q)
	1918: No of shares 100000 (79M), Value 1Taels(79N), Paid-up 1Taels(79Q)

42)	Yangtsze Insurance Association 
	1920: No of shares 250000 (24M), Value $10(24N), Paid-up $10(24Q)
	1919: No of shares 12000 (23M), Value $100(23N), Paid-up $100(23Q)
	1918: No of shares 12000 (23M), Value $100(23N), Paid-up $60(23Q)

43)	Indo-China Steam Nav. Co.(preference)
	1920: No of shares 120000 (9M), Value 5pounds(9N), Paid-up 5pounds(9Q)
	1919: No of shares 60000 (8M), Value 5pounds(8N), Paid-up 5pounds(8Q)

	
44)	Indo-China Steam Nav. Co. (deferred)
	1920: No of shares 120000 (10M), Value 5pounds(10N), Paid-up 5pounds(10Q)
	1919: No of shares 60000 (9M), Value 5pounds(9N), Paid-up 5pounds(9Q)

45)	Shanghai Cotton Manufacturing Co., Ld
	1920: No of shares 80000 (50M), Value 5pounds(50N), Paid-up 5pounds(50Q)
	1919: No of shares 40000 (48M), Value 50Taels(9N), Paid-up 50Taels(48Q)

46)	Lane, Crawford & Co., Ld
	1920: No of shares 2550 (113M), Value $100(113N), Paid-up $100(113Q)
	1919: No of shares 2500 (113M), Value $100(113N), Paid-up $100(113Q)

47)	See Kee Rubber Estates (1918), Ld
	1920: No of shares 100000 (80M), Value 1Taels(80N), Paid-up 1Taels(80Q)
	1919: No of shares 30000 (78M), Value 10Taels(78N), Paid-up 10Taels(78Q)



	
	
	






Things to note:

1)	Quotation for the Russo-Asiatic Bank is now in Rubles (1911-6E), denoted by R. Previously
	it was in Taels.

2)	For HSBC's quotation in 1911, report stated that the closing quotation is $90, (1911-5D)
	but does not make sense since in all other years, the prices has increased to $800.
	Possibly a typo mistake
3)	For North China Insurance, the 10411 unallotted shares is from the first issue of 60000
	(1911-26H)

4)	Shanghai Cotton Manufacturing now becomes Co., Ld (1911-50C). The same for Kamunting 
	Rubber Co. (1911-68C)



5)	Again, during this period, we have many firms' whose dividends are paid by coupons. There
	are simply too many, so will not be listing them all here. But in the notes column in the
	spreadsheet, it will be mentioned.

	Some examples of such companies are 
	Shell Transport & Trading Co. Ld (ordinary) (1911-13C)
	Raub A'lian Gold Min. Co. Ld (1912-34C), 
	Chinese Engineering & Mining Co., Ld (1912-35C)
	Shanghai Electric Construction Co., Ld (1915-125C)
	Cathay Trust Co (ordinary) (1916-9C)




6)	Previously, there are A and B shares for Raub A'lian Gold Min. Co. Ld, but in 1911, it was
	all merged into one (1911-33C) i.e all shares are now fully paid.

7	The closing quote for Shanghai Land Investment Co., Ld (1911-37D) is for both sales and bid
	price.

8)	Kota Bahroe Rubber Estates, Ld changes its name to Kotah Bahroe Rubber Estates, Ld (1911-71C)
	
	Semeling Rubber Co is now also known as Semeling Plantation Rubber Co., Ld (1911-79C)
	
	A.Butler Cement, Tile Works, Limited is now also known as Butler Tile Works, Ld (1915-103C)


9)	Shanghai Klebang Rubber Estate, Ld -in report stated that denomination of par-value, 
	and paid-up in $ (1911-81I), but in previous yr, was in Taels (1910-87I), and in 1913,
	its denomination is changed to S$ (1913-85N)- and in 1914's report, quoted that S$ is 
	actually Sing$.

10)	Maatschappij Co., in Langkat - 

	1911-3 interim dividends of 1.5T for 1911, payable at 03/15/1911, 05/15/1911 and 09/15/1911. 
	There is also a special bonus of 2T on new shares) (1911-100AF)

	1912 - 3 interim dividends of 1T payable at 03/15/1912, 06/05/1912, 09/16/1912 and 4th 
	interim of 0.5 cum bonus 1T payable at 12/16/1912) (1912-101AK)


11)	Shanghai Ice, Cold Storage & Refrigeration Co., Ltd (1911-105AF) does not state the 
	dividends in the report, but the payable date is the same as previous report, same as 
	the year, so assume dividends is the same as last yr)

12)	Paid-up value for Culty Dairy Co., Ltd (1911-120L) is not stated. On the other hand, in 
	1912, the value of shares is not stated (1912-120N) and its denomination too differs from
	that in 1911.

13)	Shanghai Mutual Telephone Co., Ld, in the paper, reports states 71-125 for due date 
	of dividends, seems to be error (1912-124AM)

14)	For North China Insurance, the bonus dividends 15% is on "contributory premiums" (1912-27AT)

15)	For Oriental Consolidated Mining Co., Ld, reports state that the 2nd interim dividends for
	1912 was paid in 12/14/1911. Not possible, so assume it means 2nd interim dividends for
	1911) (1912-38AM)

	The same problem for China Import & Export Lumber Co., Ld -report stated that the 
	dividends are for yr 1911, but are paid at 04/07/1911, not possible, so change it for 
	yr 1910, since in the next report, the last dividends paid are still that for 1910)
	(1912-98AH)

	Also for The Central & North China Godowns & Press Packing Co., Ld (1913-26AN) report 
	states that the dividends are for year ending 12/31/1912, but are payable at 04/04/1911. 
	Does not make sense, assume that it is for year ending 12/31/1910, like last yr

	Karan Rubber Estate Co., Ld - report states that dividends are for 1912 but payable at 
	06/14/1910. Not possible so follow the next year report where we have the dividends for 
	same yr (1913-74AM)

	A.Butler Cement, Tile Works, Limited - report stated that dividends was payable on 
	07/06/1910 since dividends is for 1912, not possible, so follow the next year's report 
	and assume was payable on 07/06/1913) (1913-98AM)

	Anglo-German Brewery Co., Ld - again say that the dividends was for 1912, but payable on
	03/13/1910. Not possible so assume was payable on 03/13/1913) (1913-99AM)

	Lane, Crawford & Co., Ld - paper states that dividends is for 1912, but payable at 
	05/29/1912, not possible so change it to payable date 05/29/1913 (1913-118AM)



16)	Hongkong Fire In. Co.,Limited -report does not write denomination of bid price (1912-31H), 
	assume the same denomination as all other previous years).

	This is also the same case for China Sugar Refining Co. Ld (1912-99H)



17)	Was stated that Chemor United Rubber Estate, Ld issued 101470Taels of debentures (1913-63C)
	
	Was also stated Anglo-Dutch (Java) Plantations, Ld that issued 225000T of debentures (1915-61C)

	

18)	Again, there are many instances where some or all denomination of reserves are not being
	stated. In the case of all denominations not stated, nothing is being assumed, eg
	Central Stores, Ld (ordinary) -(1913-114V) 
	Anglo-Dutch (Java) Plantations, Ld (1913-57V)
	
	but for the case of part denominations not stated, then I assume it follows denomination 
	of other reserves. Eg
	Hongkong Fire In. Co.,Limited - (1913-32AB) -Report does not state the denomination of 
	reserves against exchange and fluctuations, assume it follows the others


19)	In 1915, there are quite a few quotes which stated T50N

	Some examples of such firms are
	China Land & Finance Co., Ld (1915-44D)
	Shanghai-Malay Rubber Estates, Ld (Preference) (1915-91D)
	Butler Tile Works, Ld (1915-103D)
	Anglo-German Brewery Co., Ld (1915-104D)
	Major Brothers, Limited (1915-110D)
	Shanghai Electric and Asbestos Co., Ld (1915-111D)
	J. Llewellyn & Co., Ld (1915-117D)
	S. Moutrie & Co., Ld (1915-120D)
	Shanghai Mercury, Ld (1915-127D)




20)	The quote for Alma Estates, Ld excludes dividends (1915-59D) So does the quote for Culty Dairy Co., Ltd (1918-114D),
	as well as Chinese Engineering & Mining Co., Ld (Bearer) (1920-32D)



21)	For Anglo-Dutch (Java) Plantations, Ld (1916-62AI), the report write int dividend of T1. 0.25 a/c 1916 9 (assume it
	is 1 Taels)	

22)	Dominion Rubber Co., Ld (1916-72D/G), there is a huge difference between the closing price and the bid price. (13 vs
	2.25) does not seem to be possbile. 

23)	Shanghai House Bazzar & Motor, Co., Ld (1916-128G/J)-does not make sense that the ask price is less so much than the 
	bid price (33.5 Taels vs 9Taels)

24)	The Shanghai Hotels, Ld (ordinary) (1917-114C) seems to be the previous Central Stores, Ld (1916-122C), since they
	have the same no of shares (50123), value ($7.5), and paid-up ($7.5)


25)	Shanghai Mutual Telephone Co., Ld (1917-123AY) - there is a notation of unissued shares for the company but report miss
	out the explanation for that notation and hence no of shares unissued

	This is the same case for Semambu Rubber Estate, Ld (1919-79AY) - suppose to have some notation for no of shares, but
	paper missed out, though next yr, it said that 130,000 shares unissued



26)	Unlike the dollars shares where the exchange are fixed for all shares, this is not so for those shares denominated in
	pounds. Each of these companies seem to have their own exchange rate, especially when come to dividends payout. Eg
	
	North-China Ins. Co., Ld (1918-22AI) -paper writes that final dividend 15% @ 5/(1and 3/4) making 30% for 1917
	North-China Ins. Co., Ld (1919-22AI) - paper writes interim dividends 15% @ 4/10.25 and 2nd int dividend 15% @ 6/7.25
 	
	Shanghai Waterworks Co.,Ld (1917-109AI) - stated that interim dividend 1 ppund ex 3/10.5 for yr to 06/30/1917
	Shanghai Waterworks Co.,Ld (1918-104AI) - dividends stated that interim 1 pounds at ex 4/8.5 a/c 1918 

	

27)	North-China Ins. Co., Ld (1918-22D),  in the paper quotation was denominated in $ but in all earlier and later years,
	was denominated in Taels, believed to be a mistake

28)	In 1917, Kapayang Rubber Estates Co., Ld has both A and B shares (1917-69/70C), but in 1918, they are now all merged
	together (1918-66C)

29)	Chartered Bank of I.A. & C. (1919-6AI) - was stated that the dividends 14% per annum is for 1/2 yr ending 12/31/1918 
	so I have entered as 14% in the dividends column.

30)	Shanghai Dock & Engineering Co., Ld (1919-15AN) - the paper wrote dividends for yr to 04/31/1919, but there are no
	31 days in April, so assume it is 04/30)

31)	Chinese Engineering & Mining Co., Ld in 1919 is known as Chinese Engineering & Mining Co., Ld (Bearer)(1919-31C)
	

32)	Humphrey's Estate & F.Co.Ld (1919-37U), the $244,373.50 reserves is stated as cotton fluctuations fund, but all other
	previous years, has been typhoons and flood funds, does not make sense too that an estate company requires such a fund.

33)	Ewo Cotton Sp. & W. Co., Ld (1919-43AM) states that dividends was for yr ending 10/31/1916, but previous year the same
	dividends was for 10/31/1918.

34)	Ayer Tawah Rubber Plantation Co., Ld -  No of its unissued shares seem to be changing all the time. Eg
	In 1918, 8121 (1918-53AY) are unissued, in 1919, it was 3121 (1919-56AY) and in 1920 it wa 8121 (1920-58BF) again.

35)	Shanghai Waterworks Co.,Ld's (1919- 106AI): dividends exclude 5shillings and 4 pence

















