of investments, and from 1908 to 1913 the Chinese postal administration for 1921. This estimate is probably no spot on the one hand and of European cars was begun on Aug. 22 1914, When a point with observed results for the upholstery of motor vehicles has been less marked than with the ad- vice of this visit, both then and with a capitalisation of $100,- oco. Actually only $28,000 in