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Hongkong & Shanghai Banking Corporation. But there is no bankers' bank here as there is in London, or in the areas of the Federal Reserve Banks in Amstics. The connection between the three types of banks I have mentioned is comparatively slight; and in the event of a crisis there is no very obvious means of safeguarding the banking system as a whole, while providing against unsound practices by the various banks. The Hongkong & Phanghai Bank is in evezy my predominant, through its large capital, through having its head office in Hongkong, through being prac- tically the Goverment's bank, and also by reason of its great prestige among the Chinese. This leadership is shared in a less degres by the Chartered Bank, But it is not so overwhelming as
to emble the Hongkong and Shanghai Bank to play the part of the
Bank of England in such a crisis as this, The question, is now-
ever, one that should be studied with extreme care.
It is my
intention, when I can spare the necessary time to do so, to
sxamine thoroughly the systems of the Chinese registered banks
and of the native banks with a view to seeing whether centrali-
sation, as applying to then, would be desirable or not. If my
study carries me far enough, I may submit a memorandum on the
mubject for the information of the Government,
itals Capital and labour.
94. The importance of a better understanding between Capital
and Labour has not been thoroughly realised in the past, though
matters have improved since 1922. Lately, the Chinese General
Chamber of Commerce has on two occasions, entertained represent- atives of the guilds. On the second occasion Mr. Chow Shou-son and I were present. There were no speeches, but there was a general atzġabere of good will and friendliness, and consequently both parties benefited from these meetings round the tes-table. General Leung also realised the need for improvement in