Beautify your Home
[WITH '.
MALKIN
ART TILES
Suggestions for all Purposes.
'From
C. E. WARREN & Co., Ltd. Chloa Bu 'di: s.
The
"And_Best.
2nd. EDITION
Hongkong Telegraph.
Tel. C. 269
FOUNDED I
NO. 13,0
六拜益。
SILVER NOT LIKELY
TO RECOVER.
BANK CHAIRMAN'S VIEW
OF THE FUTURE.
FALL IN BRITISH EXPORTS TO EAST MAY CONTINUE.
LITTLE OPTIMISM FELT.
"With conditions as they are in China, one looks in vain for any probable source of a consumptive demand of sufficient strength and endurance to effect an appreciable recovery in prices," said the Chairman of the Hongkong and Changhai Banking Corporation when referring to the silver position in the course of his speech at the annual meeting held in the City Hall this morning.
Referring to the Colony's currency, he said that 20 million silver dollars had been put into circulation and the further
the Bank's note circulation had been rendered possible by the Government making a concession in regard to the taxation of the issue.
As usual, the Chairman made a comprehensive review of trading conditions in the Far East and showed that in the past twelve months China had made comparatively little pro- greas. Dealing “with_trade; in the Far East, he said it was to be feared that the marked falling off in 'British exports to the East, dating from last October, may yet continuer
COLONY'S CURRENCY POSITION.
fall
your:
mint
BS' PER ANNUM
WITA SATURDAY, FEBRUARY 22, 1930. LE BIRULE OFF IN CANTA
tael for telegraphic transfers to London
*By a curious coincidence the Shanghat exchange touched the top and bottom limits" on the first and Isst days of the year respectively.
The mine production of silver for 1929 is computed at 276 millions of standard ounces which, added to 60 millions from outside sources, gives a total of 335 millions—an increase of 12 millions over the previous year. China's estimated consumption waS 143 millions and India's 70 millions, corresponding respectively to 141 and 110 millions in 1928. China thus again achieved a record.
The trading conditions of last year in India and the Far East have, as have already mentioned, been none too favourable. In the first place China failed to realize the
lines. The construction of 600 miles of railway track in Manchuria during the last three years is a fact worthy of notice..
Coastal shipping has had difficult
A. year and again met with tragic ex perience at the hands of pirates. Foreign navigation on the Yangtze passed an uneventful year, the cost of reduced volume of trade being offset by Government commen- deering of native vessels for milltary transport
British and Best
The year opened with the Disband spite of forcible pleadings by the existence and be an act of the gravest ment Conference in session at Nan- Chinese bankers and merchants and injustice. king. The hopes which attended this of clear and outspoken warnings first round table" of the military the Minister of Finance himself, the that extrality shall remain. In its What we therefore demand is, not by chiefs were however: doomed to be Government have failed to achieve unmodified form, but that its modifica months, and short-lived. Within a couple of any of the major reforms which are tion shall be gradual, the rate and
before
start so urgently needed in order to put method being such as will at no stage had been
made to tinn, the country had slipped back
apply the the country on a sound financial foot- leave foreight As to how Conference plans for demobilis-
firms in China without to a state of civil strife.
common legal
A quarrel 12030 between Central Government and the Wuhan military group centred at Hankow.
ing.
the spending of the major part of the rds at the report of the 1928.
zay
The balancing of revenue and ex-far China has
progressed to penditure appears no nearer and the wards herself
providing these safe-. opinions may vary. I call national income on military expendi In India the past year cannot be
ture continues as before. There is
Commission n abundantly proved their tanked as a very prosperous period. By the end of March it had fared little or no abatement of the crippling Inadequacy at that date, now that it the trade of the country having show into active warfare the first renewal local taxation
is obvious that the four Intervening and gunny marketered from lower before the end of April, but fighting advance, but the ensuing increase, in- a decided tendency to sag. The fute of Bghting since the establishment of
National
The reorganisation of the Central years, filled as they have been by important,
Government, The Government's revenues under Mr Warfare and political two of the most
qualled on the Yangtze V. Soong has undoubtedly made wrought no radical improvement. prices than had been seen for several
Now the essential safeguards which moed for the carrying on of our Canton, into the Customs, has been swallowed up heads, reasonable laws, their im- almost entirely by military needs partial application by independent Future income, meanwhile, has been
have
Wo
the previous year and mine of years. The tea industry ako *** | dragged on in the southern provinces,cluding the additional yield from the business may be grouped under three
steady drop in values due to increased especially round
month of June. large stocks in the United Kingdom. tcrops and the existence of unusually
should improve the position in regard The last monsoon was a fair dhe nd to foodstuffs. Native manufactures have been favoured by batter relations between employers and labour.
civil warfare; famine and brigandage played their familiar roles and a fur. ther misfortune was added in the fall of the silver currency, This cumulation of evils effectively destroy- ed any chances of trade expansion and I think we may reckon it fortunate that there has not been a more ap-. preciable decline.
autumn
crash on the New York Stock Ex-. business in China at an unusually low change, and the end of the year found
turn of the tide." ebb with little prospect of an early
Trade in China.
Ey difcult for British
On
Japan's Improvement. Japan's trade for. 1929 shewed a over the low marked improvement level of 1928. Exports showed a
balance for the year, standing at Yen large increase and the adverse trade
January
-An Overcast Outlook.
membership of the Central Executive
with
He was officially declared a rebel
the arrears of the "Salt" loans has helped to revive confidence among
for
the
purveyors
T
of
only
revolt but his attitude to the gore, which disposes of the clariv in the frequent removal
at
sub-
They there pointed to the need of a living reality of reforms, especially a far greater advance towards making in regard to freeing the courts from Till this takes place, any outside interference and dictation, transfer to the Chinese courts of powers of jurisdiction over foreigners needs to be strictly conditioned and limited. As regards the railways themselves, an extension programme of almost
Illegal Treatment. staggering magnitude,, requiring an I come now to the third, and
Many Plans But
to
achievements... the.
*our
Fresh Breach of Peace
pledged over deeper for unproductive judges and, lastly, effective protection In the meantime at Nanking an loans issued to the total nominal against illegal administrative acts: important political milestone had been value of some $250 millions in the. passed, namely the holding of the course
Judicial Independence. of the past year. I ZUNL Third National Congress of the mention in this respect the great im- As regards the first, the Govern Kuomintang. The result of the Con- provement effected by the creation of ment, as stated, is baslly enacting gress was to confirm the central power independent commissions for the cus-body of modern law. There may, as The raising of the tariff in
in the hands of Marshal Chiang Kai-tody and service of the funds pledged I have mentioned before, be room for February had little apparent, effect on
shek and his colleagues; leaving the for these loans, the result showing in improvement in the method of com- the volume of import trade which was
the fact that their price on the market, pilation, but there is no reason to well maintained
has remained relatively unaffected by doubt that him will soon phasice months of the year. As the year pro-
country, substantially unchanged. ned during the first few
Council, the supreme authority in the
political fluctuations.
an acceptable instrument of pressed, however, the various hin-' 67.1/2 millions, is the lowest for ten
Before the country had had time
insofar as the actual codes are con drances to commerce became in years. The new Government which to settle down from the Wuhan
Alarm Over Debts.
.cerned. When we
to admin- creasingly felt.
Wars and disorders took office about the middle of the year revolt, a fresh breach of the peace
Though a special Government Com-the many recent cases in the Shanghai stration we have, however, before us provinces together with the set itself strenuously to appreciate the occurred. In the middle of May, mittee has been appointed for debt Provisional Court, which have in the drop in exchange checked the demand value of the Yen in prepargid is, of the Kuominchun, challenged the evidence of progress and in the mean. Deputies, and in the
Marshal Feng Yu-hsiang, at the head consolidation, we still await tangible for imports, while exports fell away restoring the currency to a gold basis,
forth
from the
and difficulties of transport. In the abroad-to which this Bank contribut his army into the western provinces. in alarming fashion. The Minister of of the Diplomate Body. One has.. under the burden of military taxation With the help of credits opened Nanking Government, withdrawing time the debts continue to snowball
besides incurring the un import of silver dollars was to be deprecated. The increase in foreign markets resulting from the 11th last when the embargoi and by the end of the month war was holders of this class of security. look with confidence to the Chinese
ed as a member of a London banking and destroying railways along his Finance's arrangements for dealing to look at the record came the disturbance of the Cdicate this was accomplished on line of retreat.
this court to see the need of a further period The rise in the exchange value of the again raging in China. The state Nothing however has been done. on the export of gold was removed.
of development before foreigners can Yed had the immediate result of de- funeral of Dr. Sun Yat-sen-which very important category of creditors,
tribunals as a guarantee of justice. pressing home prices and restricting took place with great ceremony on
above all the lack of June 1st came
of railway namely at an commerce and industry.
opportune material, some of whom have been Commissioners in their 1920 Report judicial independence stressed by the a lull in, the These sacrifices, consequent on the moment and caused Taking the staple imports, foreign delicate operation of restoring credit fighting. Thereafter Marshal Feng, waiting for payment for over ten
years.
This ส a very serious matter the outstanding defect of the cotton manufactures have had to com- by artificial measures are, of course, weakened by the defection of two vi and consider it indefensible that courts which caused
Mistrust since` pete with a substantial increase of inevitable, and though avery effort his
it has shown leading generals, withdrew from
self all too output from the local mills.
The will no doubt be made to minimize the Government continued to be such as payment for the materials used in mission by the Judiciary to political
of railways should withhold of Judges and in avowed raising of the Japanese boycott also effect, we must look forward to some Gover brought a flood of Japanese cotton continuance of the dullness in trade.
to leave the si
situation precarious. A. their working (which, let me add, From a fairly promising start trade made by Chiang Kai-shek in the first rolling-stock in everyday use on the therefore but echoithe British Govern
bold on to the market, muking com-
to reunite the leaders was effort
include in this case large amount of the progress already made, I cannot, authority. While gladly recognising the Straits Settlements The trade
tish conditionaya teriorated, through the week of July when he called a con- lines), thereby involving private ment statement in their note of dull in spite of lower year: and finished
low
The attempt was at a ragzaltably.
merchants in almost fatolerable losses. Angast: last. ed prices. The engineering business level. A notable increase in the successful; - Marshal Feng
We are given to understand that showed welcome signs of
consumption of rubber was again pledged his loyalty and was
the Ministry of Railways" has the from long period of stagnation, outstripped by the increase in produce reinstated and it was agreed to hola
matter of debt settlement in hand Addressing the shareholders the became in the end completely divorced thanks largely to the quickening of tion and export, and prices receded in another Disbandment Conference. Chairman
and we must hope that it will not (Mr. W.
H. Bell) from their nominal silver value and industrial developments
second Disbandment Con- the the latter half of the year to abnorference, held at Nanking early in aaid:-Ladies
be long before action is taken to and Gentlemen. su to a high premium over the silver Yangtze and to greater a activity in
mally low figures. The tin industry
remove the stigms which attaches to The report and statement of currency which they actually repre- the sphere of public
presented similar features. The im August, ended in fresh plans for an
the present state of affairs. accounts having been in your hands sent.
There was an increased importation
port trade shewed a corresponding de-all-round reduction of troops and in for some time I shall, with
The resulting disturbance to trade of railway material, including engines cline and was very dull in the second disbandment loan. The results were, the issue by Nanking of a further permission, take them as read.
between the Colony and China decided
and
rolling-stock. a considerable de- part of the year. The net profits for the year amount the Banks to revert to the circulation mand for aircraft for both military
unfortunately, negative, for after and commercial use and
barely three months of peace, war a good marked to $14,148,209.57 as compared with of the silver dollar. Many of the
for motor vehicles $13,430,051.61 for 1928-a.return to Banks then sent orders for the
corresponding to
broke out for the third time towards expenditure of some $800,000,000 was roy opinion by far the most impo Although trade in the Philippine the end of Sep Nanking was faced adopted by the Third National Con- fof the rapid extension of motor roads in approximately our earlier level of pro- ing of British dollars in London dr fita as calculated in silver. This Bombay, and 20 millions of these and
On this occasion most provinces of China. British pro. Islands suffered from the effects of
world over-production of sugar ducts, I may add, were fairly well re-
requisite safeguarder as by a revolt from the so-called greas. But when we would be satisfactory were it not for Mexican dollars have been obtained,
turn from glance at current conditions in China presented in the supply of industrial well as of the devastating typhoons "Reorganisationists," a group mainly plans the rate of conver- of which the greater part are already the henvy
machinery, arly moderately so in re-
is enough to shew how absolutely sion from silver to gold-correspond in the Colony. As the largest issuer
It f that protection should tions are by no means unsatisfactory. the left who had been excluded from In considerable part As the Clearing Bank, gard to railway requirements and
to use ing to a fali in exchange of just under of notes, and
of exist very slightly in the case of the motor Considerable development is taking office, supported by certain military remitted Boxer Indemnities thare the
lawless Impositions by 25% between the opening & closing we have seen the majority of these
that be Individuals trade..
place both by private enterprise and commanders including several of the has been, it is of the year which substantially di- dollars furce their way into our trea-
In the form of Government works Kuominchun generale,
replacement of rolling-stock than for to illegal and often extortionary treat-
true, a greater and minishes the sum available for our suries, a state of affairs which reveals
itself in our increased note issue.
Customs Returns.
such as new roads and bridges. This At first the were dividend in sterling.
#good many years past and the ment, against, which the courts of fundamental improvement in the For many
Law weeks It is obvious that a small colony In addition, the Bank has suffered like our own cannot absorb unlimited
fighting, proceeded benefit of this will inevitably make provide no defence, So many flagrant The Customs returns for the year economic state of the Islands reflects in the central and. routhern
pro-ifself felt if the lines can be kept cases have been revealed in the public show a gross revenue of Taels 152 itself in the budget: heavy losses from frauds perpetrated
sunplus
carried almost to the gates of Nank- terference,
examples, need not be however, I am glad to tell you full these are much to be deprecated. The Reckoned in silver
this represents
Next year's outlook for trade being. The tide turned, however, in
quoted. increase in our note circulation, I
The "if" however, is a big one. an increase of 86%; reckoned in gold tween Great Britain and the Far East favour of Marshal Chiang, who, by The past year saw little improvement closely connected with the persistence. provision has been made. It is for would add, has only been rendered 68% in this connexion. I may generally is somewhat overcast. The the end of the year, had the situation-taking the railways as a whole-in of civil war throughout the provinces This state of affairs is, of course, these reasons that notwithstanding possible by the Hongkong Government add that, unde Custom
gand made by Bank made
new. tariff, in regard
heavy fall in values consequent on again in hand and averted the threat regard to military occupation or to the of China, and one can fairly hope that a year of serious trade depression your. Directors have thought it led to the taxation of our lasue, without the proportion of Customs revenue re- the Wall Street collapse and inflated to the Government,
sive taxation which goes with
with a few years of peace and orderly go- quired for the foreign loans and in money conditions are without doubt which an Increase would have been demnities to make the reduction of bonus, the
manufacturers and restrict
Three Crises Suvived.
I control, transportation taxes vern remove the worst of almost prohibitive
the nature being
But I possibility of which was adumbrated Prohibitively expensive
wish to any nali."
can thus congratulate the fevied as before on many of the the emphasis I can that unless and The Cristams have not made avail-line Far Eastern produce such able the comparative figures with rubber, tin, temp, sugar and China, scrious crises during the course of more hopeful on the Shanghai-Nank- it would be
furnish an index of the increase or
its position has been strengthened in relation to which lines our "as- to market the steadily increasing pre- throughout the country as a whole it sociate, the British and Chinese Cer- decrease of trade, but one may infer duction. by calculation 21 falling off-though
Unfortunately, British textile ex- is very difficult to say. A year ago poration, has been actively engaged not of serious extent from the
tera. generally have been corres VIDUTIN
it was at least possible to hope that on schemes of co-operation with the we are prezently to be called upon to portera. year's volume.
had done away Ministry of Railways.
come under Chinese law, it is here Figures the interim dividend and already mentioned, we have suffered bring out the increasing prepon- cost of production, they are condemned which kept China in turmoil The
pondingly hit. Handicapped by high the nationalist victory":
with the old disruptive forces
more than in any other direction thất Directors remuneration is $12,614,- the inevitable reaction from thelation to that of the rest of China, cheaper products of Japanese mills have proved this hope to be vain and derance of Shanghai's trade in re-
Disbandment.
we look to our Government to assure market supplied by the to see tho
events of the last twelve months
us, the protection so vitally needed. 00.84 and the allocation proposed is renewal of civil war in the
Disbandment remains the most im follows:-
Kwang provinces and other parts of they also indicate a redressing of the
portant issue in China's domestic A final dividend of £3 per share China. The conditions for trade.being ports, the south having re-
between the northern and the and of domestic output in India
Shanghai's Fature. * with bonus of £1 per share (subject to very similar to those applying-covered much of the ground lost the demand for Britishsely affected selves to a.slower, and less dramatic, is paly because there is, unhappily, the Far East. The drop in silver we must, 1. fear, now reconcile our affairs, and if I mention it last this
The momentous question of the fu currencies has also Income Tax deduction) $7,876,923.08. China, I will refrain from treating through the Communist troubles, esnecially cotton, woollen and artifi-
manufactures, cure of China's domestic is,
The sequence of wars has left little nothing more to record than the hold-ture status of the Shanghai Interna- nsfer to Bank Premises Account them separately.
ing while the
of the two barren conferences tional Settlement is receiving official With an excess of supply over
distinct desires for the north show i cial silk fabrics, and it is to be feared room for constructive work and the already mentioned. The President attention. The system of Transfer to Silver Reserve Account demand the. Silver Market has trend-
that
the marked falling off in British many excellent programmes of rehimself has described disbandment as $500,000.00.
Bettle This is
overnment under which, the pal ed steadily downward throughout the
especially the case in regard exports to the East, dating from fast form, sponsored by the National the touchstone, of patriotism for ment has attained to its present size Balance carried forward
to Tientsin found itself starved October. may yet continue. to the year owing principally to n
Government have made but small pro-China's military
commanders; the de-' and $3,397 977.16. Total off, in Indian, demand, Continental ut adeff men and also suffered
prosperity has a splendid record. Account
of cargo from up owing to To take the reverse side of the gress. Such verhefinition is exact and there is noth to its credit. Altered conditions $12,514,400.84.
cales of silver, pesumably released for the first half year from the un-picturetive ap to the Umits of trade achievements of the year.
however, to review the ing which would do more to restore of which the expansion Following the example of three when French Indo-Chins
decided
10dable
the world confidence which Chian so "Greater years ago we have made a tri your gold basis, an.cperation which they churian figures reflect the disastrous mic lines. We may venture, too, on the transfer of their currency to councets it with the sea. The Man in future conducted on, sounder econo- which expansion may lead to business being
greatly needs than an effective agree Settlement. Nanking's Reforms. Directors considering, it advisable to
In the sphere, firstly, of politics, the mutual reduction of troops. an impartial
Cormeil ation and, it may Passing on to China's diplomatic re be, for some chang Eastern Railway which, besides in will counteract the feared decline in programma for the continued govern- of vital importance for all foreign have taken a wise step by obtaining to suppose that in future with the economic machinery
their 15 Refinery now work ver Currency developerly checked all commercial commodities.
of the country a lessening of the world's demand for with this programme the system of traterritoriality. Having proved my and coin in the Silver development.
"political tutelage' is to last till 1985,
high As regards the Balance Sheet sold locally as opportunity offers, thus Reserve will gendrally be refined and
The Year In China.
word, I propose by the way handling of Shipping Difficulties. figures will only remark that, the foc
Ching by
Bave my tongue and time
your slackness of Far Eastern Trade is narrowing the outlet for the world's
Let us ipasa now to the political years to come. production.
While on the subject of the Customs, situation in China which; more than In the matter of legislation many form and to call it evidenced in the increases under the Reserve is a weight on the silver. In the increase
"extrality." ilver let me add a word of recognition of any other factor in the present state now laws and sections of codes have subject is so immense that I Readings of Current Accounts and market and with Fired
my they Deposits, while the cash
conditions in-
the very quecesful manner in which of affairs, regulates the fortunes of been promulgated. The texts appear deal with it as fully as I should like the are in
service, under Maze's those whose business lies in the Far to be based, in general, on good and and I shall confine myself to a few probable source] of a consumptive
Our models. difficult crisis with which it was faced
own ex- cómprehensive remarks from the point has enjoyed have had the effect endurance to effect an
year has slow
in legislature has taught us, of view particularly of our own posi- over a year appreciable circulation of silver.
tion in, the matter, m
of the previous year, general condi- consisting of the political leaders of cord, is hardly impressive.
Thanks notoriously subject
444
in more than one country for which/silver dollars, and further imports of millions against 82 millions in 1928. year is expected to produce which the, vinces, and the war was at one moment free from the plague of military in-Press. that.
in the Chairman's speech last year to record in aur-field of operation is The only expansion which I have
This
Опе
art
at current rates of ex- affectio purchases of raw material. change is considerably less than one-ing bear heavily on firms hand Government on surviving three mest principal lines, Conditions have been until this improvement" takes place is particularly necessary in the case at Muar in the Malay State of Johore. former years which are necessary to produce generally, making it difficult the year: Whether in consequence-ing and Shanghai-Hangchow.rallways, flest sense of the form Place
A consecutive policy ory manage at the opening of a new Sub-Agency
trust that you will
of a Back and concur in the Board's decision and
The Colony's Affairs.
Approve their recommendation in re- gard to the allocation of profits.
Of the affairs of this Colony there As shewn in the Profit and Loss is little to say except that, in Account, the amount available after addition to the currency difficulties
25
New
1.00.
·
two
to
The
state of the river which
and
from Silver. to Sterling reserve, your have now. Virtually accomplished, and, effect of the Sino-Russian dispute and the hope that an increased trade the "Central Executive Council an
build up the latter in view of the finally, uncertainty in regard to silver prices, Indian Government.
The amount, as shown in the Report, is $6 millions converted at 21-
Black Eastern Trade.
of by the
not improbably als
disastrons in the
premature, and
to
foreign businesses under the sovereign control of local Chinese
ment among those same leaders for the most im
outside
the
is perhaps
however,
As regards this last it is reasonable creasing freight rates, upset the l'America's 'prosperity and so prevent ment of the country. In accordance concerns; namely the abolition of ex- Judge parade in the perso
The
creage, attributable wholly to Shang-China one looks in vain for any guidance, has emerged from the, very East
thus, the Kuomin Party for Vole that excessively poly.
PTD date:
the government of
01.
renews of using It. in future in its troped will be found which
a man of
experience the practical of an analogous
that a
a selation nature. Let us hope
will provide the desired extent of Chinese co-operation and also firmly guarantee the stan
and
which
has also reflects the Biatorbed trade demand of euficient. strength and feet har ago. In spite of wars gress in the movement towards com. however, the great value US Extfality Question.
conditiona
restrict which
As I
Inari estets stand at well under bye local requirements in Hongkong
The increase of $10.1/2 millions inure bound to prove limited.
market quotations,
our Head Office note issue is related.
*Silver Prices.
We have trined
commotion the
been remitted,
minio prestipe too, of the minim counter-movements have threatened laws. In order that they may
in
cannot
to the up to present..! Other matters in China's relation with foreign Powers to which time forbids me to make mo
„more than the briefeat reference evacuation of
of Slantung Japanese troops last May,
firstly, the
peace and security of the popula- best adapted to local conditions and castion to abolish the extrality in a relaxation of the
tob
unfortunate that
the stability of the Government and acceptanco, be moulded into the form of the foreign ad-
Let me begin by saying that China's in the fact that the to Hongkong's currency difficulties of
None of those has succeeded, it is perhaps a little the past year. During the first nine The extreme quotations of the year Maze's hands the control of importante, there is no evidence of any al-examination by any other agency than the mat however as pointed out by ture over the Chinesa Eastern Rall2 Government has transferred to Mr. indeed, in, overthrowing the Govern the present, system of legislature in system and to see herself placed on the had unfortunately existed between the countries for the previous year ment of Nanking and so far, at any Chin
nations one which China, provides, in opportunity for footing of other name feel for. In and, secon months the Hongkong exchange full for the price of silver were as Native Customs establishments
secondly, the Sino-Russian rup ed to respond to the drop in the price follows, highest: 20.7/16d., lowest:
several
provinces.
ternative to that Government. These the Central Administration itself. In of silver and in Shanghal exchange, 21.5/10d., per atan tard, ounce, which Railway communications, to which reper
how
Bettle repeated uprisings absorbed, ho
Majesty's Government, the way which still awaits a final and the notes of the three Banks in constituted a low record for the
the
anner of their making the row I shall again refer later, have shown ever, most of the country's energies fundamental laws of Chips might sity in China a
been a recognised
mont although through Tieces- Hongkong (on the basis of which all metal; (since then there has been a some slight improvement over the and the record of the year, which appear, in fact to approximate rather institutions alke our own were found demands on your pete com dosto on the and it is upon it that Tallway has now been business had for long been conducted further declino). The quotations conditions of the previous year, but will attempt to summarize in a short too much to departmental regulations, ed and built up. Its abrupt terpine-
Having made already, following mutual arrangement for Shanghai exchange were military interference has prevented or space, in, as will be seen, chicily taken among the Banks of many years ago) highest: 2/7.1/144., lowest: 2/1d., per crippled traffe on nearly all main up by military operation.
Turning to national finance, the tion would, I have no hesitation in with the state of affairs in China, position is frankly disappointing. In saying, seriously Imperil their
(Continued overleaf)