1926-03-01 — Page 8

THE HONGKONG DAILY PRESS, MONDAY, MARCH 1st, 1926

HONGKONG & SHANGHAI BANK MEETING.

CHAIRMAN'S FAITH IN HONGKONG'S FUTURE.

CHINA'S FAST-VANISHING "CREDIT, AND THE ONLY WAY

TO RETRIEVE IT.

BANK'S BUSINESS CONTINUES TO EXPAND.

The ordinary yearly general meeting of shareholders of the Hongkong & Shang, hai Banking Corporation was held at the City Hall at noon on Saturday.

In comparing the sterling equivalent of our asets and liabilities with those of it should be noted that the rate of exchange at which the conversions have now been made are approximately 2} per tent, higher than the previous year.

Mr G. M. Yoco (Chairman) presided and with him were the following members As mentioned in thê report, we closed of the Court of Directors. H. B. our Vladivostock office on September 30th White (Deputy Chairman), Hon Mr. F. list. Our experience of business cond. H Holyoak, Hon. Mr. A. O Lang, Mr. tions in Vladivostock has not been en- W. H. Bell, Mr. D. G. 3. Bernard, Mr. | couraging during the seven years we wero A. H. Compton, Mr. W. L. Pattenden, established there, and, as the prospect Mr. J A. Plummer, and Mr. T. G. Weall. of improvement appeared remote, it was There were also present Mr. A. H. Barlow considered advisable to close that office. (Chief Manager), Mr. A. C. Hynes)

THE SILVER MARKET. (Manager), and the following share-

There has been un abacace of spectacu holders-Hon Sir Henry Pollock, K.C., Hon. Mr. L. W. Bird, Commodoro d. Jar movements in the price of ver B. Stirling, Messrs. D. J. Lewis, during the past year. In fact the range ofd between the maximum and mini- Pearce, He Kem Targ, Ho Wing, Capt. mum prices, piz.: 33.7-18d. and 311-16d, Thomas Arthur, Messrs. J. F. Wright, G. B. Towns, H., P. Thomson, Lo Cheung respectively, has been the narrowest for Wan, R. 4. Dastur, F. W. Stapleton, Crecord. In the circumstances, there are years, and one of the smallest on F. Nicolay, A. HI. da Silva, B, A. Eale,

no outstanding features of interest to C. A. Middleton Smith, A 3. D. Cousland, He Fook, J. M. MeHutcheon, which I can refer in connection with the

silver market. Chan Lim Pak, D. Templaton, J. D. Kinnaird, S. H. Michael, V. Goulbourne,

1.

BOUNTIFUL HARVESTS,

was in force, London was to a great ex- the vicious circle of inter-party struggle, of both parties, and by making a genuine of the deep interest taken by financial tent independent of outside influence from which no escape sedma possible effort to lay the foundation of an in circles in London in the preliminary an- The Bank of England rate remained at while each successful party persists in proved fiscal and insocial system in-nouncement which was made by our 4 per cent throughout the whole of 1834, exploiting its power solely for its own | Chino,

directors (before the balance sheet. Itsolf while during the past year the rate was advantage, and in treating the provinces Tari autonomy-that is freedom in published and I venture to think that our raised to 5 per cent in March, lowered as spoils of war to be divided among its fixing tariffs has already been in prin- Chairman's speech to day will eroke to 4 per cent in August and per cant supporters and to serve as little else than tiple conceded after the lapse of three greater world-wide interest than ever on October 1st. Early in December, a means of support for their ever-increas year, during which period, the Chinese before in the history of the corporation.. chiefly owing to the withdrawal of golding troops

[ Government is to affect the abolition of For many years past it has unfortunate for export, the rate was raised to a per Another year of military misrule in. The questions before the Center been necessary for the time being to cent Discount rates at times ruled con- the provinces has had the inevitable affect once art, therefore, the measures for refer to the political unrest, to the wara siderably under Bank rate, but, on the of further disorgansing the economic abolishing in, the levy of temporary and rumours of war in China, and to the whole, the rate was effective, and to machinery of the country. This especial surtaxes to provide additional revenue exploitation of the provinces by successivo wards the end of the year there was no ly applies to the railways and the Salt during the interim period, and the dis

warlords. The past year has probably appreciable difference between the ma-dauinistration. In the case of anveral posal under adequate safeguards of that been the worst within the experience of ket rate of discount for bills and the Bank of the former, continued misuse of the sdditional revenue. In the present state any of us bere present. All the amal. of England rate of 5 per cent.

lines and the appropriations of revenue of the country, the practicability of troubles prevail and in addition the cut- have proved the last straw, and at the making effective and lasting arrangements break of anti-foreign and particularly end of the year three of the international with the de facto rulers of provinces for anti-British feeling has added to our

the abolition of likin and other obstene diffenities. railway loans had fallen into default. reckless and ignorant usage, is also he ful; one can only hope that the offer of that this outburst is partly due to a Depreciation of rolling-stock, through ve taxation, must be regarded as doubt coming a very serious matter. In the compensation from the new Customs re-growing spirit of nationalisin amongst venue will supply the necessary induce certain sections of the Chinese nation, case of the salt, the seizure of revenus by

ment. As regards the disposal of sartax provincial Governors and forcible in- terferance by local military authorities Proceeds, the first and most vital need in the national interests of China, and in have reached a point where they no

those of foreign trado, is to prevent their longer merely reduce the foreign bond- finding their way, as under the pressut holders' murity, but seriously threaten system, into the hands of the dominant the organisation so carefully built up militarists to be used in supporting those with foreign assistance since 1913.

very armies, which are the chief bane of the country and the main obstacle to therefore, it is eventually decided to allot trade. To whatever useful purposes, the increased revenue the matter of tive control prime importance is effective administra

European reconstruction made slow but upon the whole steady progress dur- bountiful harvests almost everywhere ing the year. It was greatly assisted by The beneficial effects of the Dawes, Plan may be inferred from the fact that, for the first time since the war, the repara tion crisis of ang sort occurred during 1995. The first year's payments, however, were made chiefly out of the proceeds of the international Loan, and it must not be forgotten that, even if we take a favourable view of the ability of Ger many to pay în marks the increaking amounts of the Dawes annuities, it is still left to the future to determine, to what extent it may be found possible, creditors, without upsetting the Clerman to transfer these amounts to foreign trade balance, or the economic position of other countries,

French trade is active, but the resti- fication of the Enancial position-a pali- is giving rise to increasing anxiety as to the future. German business has been hampered throughout the year by a of the Scandinavian countries by the shortage of floating capital, that of some rapid appreciation of their currencies, (with a corresponding fall in the internal price level), and that of the "new" states of Central Europe by a policy of high tarifs.

ULITTLE ON CREDIT SIDE.

It may be as our chairman has stated,

but it is most certainly largely fostered by Bolshevik emissaries who can only attain their own enda through otheri' misfortunes.

It has often beca stated that a nation

bra the Government which it deserves. This is certainly not the case in China. We know that the bulk of the Chinesa Deace loving, but the various Goverc people are cultured industrious, and ments foisted upon them are self-elected, and in no way representative of the pec- and self-imposed, totally self-interested ple whom they oppress, whilst professing

to govern.

spirit of nationalism will soon cease to It is to be hoped that this growing vent itself in antagonism to foreigners

P. S. Cassidy, C. E. Brown, Stewart ago, beyond moderate purchases of the tical rather than an economic problem tensions of the Manchurian system, but increase in the number of China's foreign who like ourselves are well diaposed to

Smith, Lo Mar Hing, Lo Cheung Jp, H. G. Hegarty, E A. Ram, Mrs. Hegarty,

Churn, Mak Kon Li, G. M. Dalgety, C. J. Cooke, C. A. da Rosa, J. Walker, D. H. Cooper, K. S. Morrison, Dr. J. M. Sanders, Blessrs. F. R. Marsh, Fung Kong Yuen, A. F. B. Silva Netto, J. M. Alves, H. B. I Dowbiggin, T. Austin, A. K.. Henderson, E. H. Summers, R. M. Smith, E. A. Mar. I. S. Dodwell,

Contrary to the expectations of a yea metal for Germany, totalling about 8,000,000 fine ounces, there was no Con.

Mrs. Well, Messrs. Lea Coon. D. Vincial demand for coinage purposes, Steavenson, WC. Van der Steer, Sing from that quarter are apparent. On S. and at prosent no signs of support com Stevenson, S. Greenhill, Croucher, J. W. C. Bonnar, F. A. Joseph,

the other hand, towards the end of the year the Spanish Government sold by tender about 1,100,000 ounces of silver resulting from the melting down of old coins. This in itself is not a very in Portant factor, but in view of the large stock of silver held by the Spanish tren- sury, there is a possibility of sales from that quarter being on a seale sufficient likely, however, that large quantities of to influence the price. It seems hardly the metal, will be disposed of at present, gradual to avoid unduly disturbing the

little to set, but mention should be made On the credit side there is painfully of the development work carried out Ly tier districts, including the roadbed for Feng Yu Hsiang in the north-west fron- the projected prolongation of the Sui One of the purposes put forward at the yuan line to Ninghsin. Actual railway Conference is the adjustment of the un construction has been limited to work secured obligations of the Chinese Govers in the Lunghai Railway and certain ex ment I have mentioned the alarming the building of roads for motor traffic loans which are falling into default. has advanced considerably in various There is, besidas, a very long list of debts parts of the country. The Customs Addue by the Government to foreign pur ed happily immune from the effects of goes without saying that China can only ministration has, as in the past, remain veyors of railway and other material. It civil disturbance, except to the extent retrieve her fast vanishing credit, and of a large diminution of revenue during regain the reputation for financial inte the summer months from the check to grity, which has been bers in the past, if trade caused by political strikes and she takes her debts in hand, and ceases

from the acglect of her foreign obliga tions, which has marked the last few

boycotta

years.

PROSPERITY MLSEWHERE IN THE "EAST.

important ueld of operations, we have

While China has always been our most

of course, very extensive and profitable

Wards China, but will be devoted to establishing a really representative stable and honest Chinese Government.

P. K. Kwok W. E. Van Epps, F. C. Carroll G. Grimble, WA. Eustace, G. B. Layton, E. R. B. Hancock, 4. Mur- doch, A. Denison, J. Fleming, H. S. Hill and in any case sales would probably be trial Speaking personally, I have little mark in this connection that the charges business interests throughout the East; the views of the Hon, Mr. A. O Lang

and G. Murray.

market.

4 CHAIRMAN'S SPEECH. The CHURMAN said: Gentlemen-The report and statement of accounts having been in your bands for some days. ehall, as usual, take them as read.

With regard to our own local condi- Lions we fully agree with the chairman's remark that Canton is no more entirely. independent of Hongkong than Hong kong is entirely dependent on Canton, and if the hot heads in Canton think CONDITIONS IN SOUTH CHINA, C

that they can ruin Hongkong they will THE ANTI-FOREIGN MOVEMENT. The conditions which have existed in.

I must now turn to the anti-foreign

soon find that they are badly mistaken. South China ace the middle of June, movement which has been so momentous

The idea of converting either Canton In this Colony we have been, and are refer to the events leading to the outburst

natural importance is no new one, and 1993, are well known to you all.

a feature of 1025 It is unnecessary to

or Whampoa into a deep sea port and thereby depriving. Hongkong of its passing through a period of stress and of June. I should like, however, to re-

in this connection I might remind you of doubt as to the outcome. Our Chinese of exploitation of Chinese labour by and, in contrast to China, I am able to friends and neighbours are rational peo foreign employers are thoroughly dealt paint brighter pictures of the other places when he said "no development of trade expressed at the manual meeting in 1923 The total production of silver through- plc, and sooner or later more reasonable with in the papers published by HM. where the Bank is established. out the world last year is estimated at counsels must surely prevail. I am con- Government, showing that foreign.com: The Straits Settlements and Federated facilities at Canton can in the long run 23 million standard ounces, 69 million vinced the vast majority would welcome trolled factories compare well with Malay States, after some years of debe detrimental to this Colony, and our standard ounces being shipped from an early termination to the present arti. Chinese, and that both our own authori pression, are enjoying great prosperity, British policy in this matter is bounded Chinese fricads can be assured that Europe, Australia and America, to China, ficial-it is nothing else attitude of ties and the municipal government of the the two chief industries, rubber and tia, I trust the day will soon come when and 100 million standard ounces to India: hostility towards Hongkong. Canton in Shanghai International Settlement had are both in a very flourishing condition. by no such narrow outlook as that at a successor of maine in the chair will included in the latter figure, however, are no more entirely, independent of Hong been keenly concerned for some time past The price of rubber, after ruling for a tributed to it." be able, in his opening remarks, to refer India to China, rings, the hipped from kong, the Hongkong, is entirely depen with practical steps for improving labour long time at the bare cost of production.able less has been inlisted that consider.

goes without saying to a past year trade bringing latter coun dent on Canton. I think experience will In early move- advanced rapidly, owing peaceful activity throughout China. It trys imports of silver in 1995 to an esti convince the Canton Government that ment threatened the safety of foreign consumptive demand and absorption of the boycott, which has flagrantly is a long time now since each a happy mated total of 88 million standard ounces, their present policy is economically un- lives and property at various points in stocks. Producing companies are in the violated all treaty rights, but the greatest state of affairs could be recorded, and I as compared with approximately G11 sound, and quite as detrimental to their China. From an agitation set on foot by happy position of being able to dispose injury has been done to Chinese them imagine the year recently ended, will long milion Standard ounces in the previous own prosperity as to that of this Colony, students, it rapidly developed into riots of their output for some years ahead, on

selves I am confident that the good be remembered as one of the most unaatis your.. factory and difficult that merchants in

It is estimated that gold to the amount have suffered and hardship has been in and boycott, attacks on foreign institu imagine that most of them are taking will in due time prevail and that normal While, without question, many interests in foreign concessions, organized strikes terms, which show a handsome profit. I sense of the bulk of the Chinese people China bave experienced. Trade has been of 40 million was imported into India ficted on numbers of innocent people, astions, hostile mob demonstrations and advantage of the position to, at any rate, friendly relations between Hongkong, and hampered in every direction; civil wars, in 1995, as compared with 228 million in a result of the present state of affairs, virulent press abuse combined with a cover their working costs for the nest Canton will be restored.

I do not think the Colony has sustained strong propaganda in favour of the few years, and, so to speak, stand then speedily be made good and pros strikes and boycotts being the order of 1994.

Prosperity in the Straits Settlements any permanent injury, and, given a turn sholition of the so-called unequal trea- velvetin has and a series of good man the day, all as detrimental to trade and the welfare of the country, as disturbing and Java has led to a moderate bus of the tide, I confidently anticipate aties. The British were the chief object to the peaceful life of the industrious steady demand for gold in the form of return to more or less prosperous of attack, owing, no doubt, to our lead.soons, but her surplus products, instead population.

both sovereigns and bars, and, so far as conditions. T

ing position in Shanghai where the of being exchanged for productive goods,fore it we can estimate, importations by those I would take this opportunity of re- trouble had taken its start, and to Great continue to be expended on gold, which, America amounted to £3,000,000, in addi-accorded the community under the Gov origin of foreigu privilege in China. On chasing power of the people. countries from Lordon, South Africa and cording my appreciation of the assistance Britain's historical connection with the being hoarded, does not add to the pur In this London to Holland on Java account.

on to which £2,250,000 was shipped from ernment Trade Loan scheme. I might the part of the officials very little was respect, therefore, the prosperity of India

mention that the Bank has contributed done in most places to hold the extremists is more superficial than real. The sub with me that the balance sheet placed ho very considerably to the funds raised in The hopes with which the year opened London for the purpose.

TEL BANK'S EARNING POWER,

In the circumstances your directors think it is a master for congratulation, that the earning power of the bank has been so little afféeted, and "they are in a position to lay before you ̧À ̈ balance sheet, which they feel assured you will consider eminently satisfactory.

The result of the year's working, includ, ing $3,300,305.91 brought forward from 1994, shows a net profit of $15,848,978.01 as compared with the net profit of $18,383,88201 for its.

HOME CLOUD OF DEPRESSION.

"

NORTEL CINKA“ TRADE.,

at Home, gave way to an exaggerated pessimism, as it was realised that, neither. A combination of adverse circumstances the return to power of a stable "last year rendered the import trade of government, nor the reduction of the in- come tax from 4/6 to 4/-in the £, nor the successful initiation of the Dawes The interim dividend paid in August Scheme, were in themselves sufficient to last of $150,000 at exchange 2/3, ab- lift the cloud of depression which lay on sorbed $4,132,735.43. After deducting the industries especially the heavy in that amount and 850.000 remuneration dustries of Great Britain. The signing to directors, there remains a balance of of the Locarno Pact helped to restore $11,604,24268, which, as you have seen businesa confidence, however, and the from the accounts, it is proposed to ap year closed with better prospects than at propriate as follows:-

one time seemed likely.

*

Pay a final dividend of £ per share

TEX- RETURN TO GOLD STÄNDARD. "and a bonus of £2 per share (subject to deduction of income tax), amounting

The year 1825 will always be memorable together to 2800,000; this, being payable for the return to the gold standard on at the rate of 2/4 will absorb April 28th, when Mr. Winston Churchill, $8,760,519.62.

the Chancellor of the Exchequer, an Transfer to silver reserve fund $500,000, bounced that it was the intention of the Write off

premises account Government to allow the embarge on gold $1,000,000,

exports to lapee at the end of 1995, and in the meantime to grant a general licence

of gold.

bank

ཆ

in check, and the agitation was laft instantial interests of the country must for the main to run its own course. The a long time to come be sought in the economic effects of the moverment were orderly development of her enormous felt most scutely at Shanghai and the agricultural resources, and agy artifcial South China ports.

attempt to force the pace industrialy is to be deprecated. The textile industry severe crisis, but the step taken to re in Bombay is no doubt passing through move the excise duty-however necessary on political grounds-must be regarded point of view as of doubtful wisdom from an economic

THE NATIONAL HÖYPHENT IN CHINA.

The set, back at present suffered will

perity will return to this Colony which has unquestionably a great future be In view of the fact that the Corpora tion's most important field of operations is China, and bearing-in mind the abnormally troublous year through which we have passed I think you will agree fore us is eminently satisfactory and that our heartiest congratulations on the splendid year's working are due to the directors, the chief manager and his staff.

The stability of the Bank should give Pause to those who think that they can ruin British commerce and the fortunes of this Colony, and give heart to all of us, who whatever troubles may be in front of us are prepared and determined to face them.

around us that we am somewhat apt to We are so close to the events happening be obsessed by them.

And carry forward to the current year to the Bank of England for the export the cotton mill'industry were fairly good in time prevail. The partisans of the London Market willAny offerings on the share of good fortune

the balance of $3,397,792.76.

"NOT WITHOUT LÖSSES.”.

GENERAL CONDITIONS IN CHINA

Teceive

But the wisdom and foresight of those

North China exceedingly difficult and disappointing. The slight recovery in The events of the summer have proved the movement of goods during the late the growing political power of the spring was detrimentally affected by the national movement in China In spite unfortunate Nanking road incident last of the lamentable record of the last few May. A distinct revival of trade was months, one cannot but feel that his apparent during the months of Septent movement, if the patriotism which its ber and October, but the outbreak of supporters profess is genuine, should from the disastrous effects of the great Japan appears to be gradually emerging civil war in the North caused a fresh have in it: the seeds of what the country earthquake of 1823. The balance of trade setback. To add to their difficulties, im-urgently needs, namely, an organised has been moving more in the country'a It is therefore very pleasing to learn porters of Lancashire cotton piecegoods public opinion among the educated favour of late, and this is reffected in the from our chairman of the substantial have had to face steadily increasing com classes, which would break the back of the improvement in Japanese exchange, which prosperity now being enjoyed in the petition from Japan

present system of militarism. For the has appreciated from the low point of Straits Settlements after a period of While the silk trade bad a satisfactory moment the excitement, engendered by 7.3-16, touched last year, to the present great depression; that our Japances year, other export business was on the the unfortunate Shanghai Affairs," and level of 1/10 and it seems safe to pre- friend are recovering from the dis whole dull, although it was not as much the instigation of Bolshevik agents, diet a sure, if gradual, return of Japanese satrous effects of the earthquake; and affected as the import trade by political backed by Bolshevik money, have shaped currency to gold paints. disturbances or boycost. On the other the movement into a

that the Philippine Islands are enjoy. blind crusade hand, competition has been very keen and against the foreigner and foreign rights able in the near future, for the purpose not too much to hope that ere long Further borrowings abroad are probing increased prosperity. I think it is profits cut to a minimum.

in China. It is reasonable, however, Lo of the reconstruction of the City of Tokyo, Hongkong will again be enjoying its fair. The prospects for an improvement in hope that a sober view of the facts will and there is no doubt

favourable Ladies and gentlemen, we are all very It is no mean feat for Great Britain, troubles intervened, which led to an en- their legitimate aspirations for bettering

when the year opened, but labour movement have now tangible proof that reception.

proud of the Hongkong and Shanghai We have not come through the year in face of the much more serious financial tire stoppage of all mills in Shanghai the international status of their country that the Lalands enjoyed a prosperous some sixty years ago by the foresight of...

Reports from the Philippines indicate Banking Corporation. Incorporated here without losses, but, as full provision has disorganisation, which prevailed in many for about four months; the new cotton have the sympathy of the foreign Fowers year in 1923. The large sugar crop was our predecessors, built up under the wise been made for all bad and donbtful debts countries after the late war, to accom crop is, however, a very good one sad, and that the latter are ready to take sold at remunerative prices, while-hemp, guidance of its directors, by the genius and contingencies, and in view of our plish the return to gold in a shorter given peaceful conditions, this industy practical steps in this direction, so far tobacco, copra and other staples were of successive chief managers, the Bark large referves, your directors feel fully period than was found possible, after the should quickly revive. justified in recommending on this aces Napoleonic Wars a hundred years ago.

es conditions admit. It cannot, then, profitably marketed. The prosperity aris has grown to its praient commanding sion, a smaller allocation to the silver The ancertainty in financial circles as to

but be obvious that the real obstacle liesing from the successful export trade of position. reserve than has been customary, rather the immediate effect of the return to gold. The political events in China of the in the internal state of China, which at the country induced a corresponding in- than a reduction in the amount of the on the monetary position has been dis past year have so deeply engaged public present fails to provide the most ordi- crease in the demand for imports usual bonus. It should be borns in mind, persed. There were doubts, too, no doubt attention, not only here but also in Eng safety of person and property. Realis said to be good, and the prospects for nary guarantees of ordez, justice and Trade conditions in the Islands may be however, that a bonus is dependent upon better founded, as to the effect on indus land and elsewhere, that there is no needing this, may they find the courage to 1923 promising. prosperity..

trial costs, but with the industrial im

to insist on their magitude or the serious attack the root of the evil and attempt provement, which began in the anturan, it was recognised that many of these In dealing with developments which which is blocking all progress and proval of the action of the directors in effects they have had on foreign interests to rid Chins of the military despotism,

THANKS AND BONUS TO STAZT Before concluding, I desire your cover so wide and varied a fald, onts Not. that all was plain sailing.

voting a well-deserved bonus of 10 per necessary adjustment of British prices to therefore confue my remarks to a few THE TARIFF ZOSTERENCE gold prices, implied in the return to the generalisations

cent to the Staff on their salaries t gold standard, could not fall to be a pala. year i record, like that of several years October, it is yet too early to say very branches, that our thief manager has white have been placed before us.

Of the Tariff Conference, which is is largely owing to their loyal support, Chairman, I now beg to second the In the sphere of domestic politics the sembled in Peking at the end of last and hard work, at the head once and all adoption of the reports and accounts ful process but upon the whole it ap pears to have been achieved with com past, is one of wars and rumours of much. The incrisse in the total assets and Paratively little disturbance to trade or reforms, which Marshal Tuan took in ratifications of the Washington Treaties ties, especially in the Far East, has ined by Mr. D. J. Lewis the motion now wars. The programme of constitutions, The delay of three years in the final daring a period of unprecedented difficultions, as proposed by myself and second- been able to carry out his policy, which The CHAMMA There being no ques liabilities from 8881) millions in 1921 to of gold from Great Britain has been re hand on becoming head of the Govern has resulted in the conference being held abled us to put before you such fine before the meeting is the adoption of the

Now that the embargo on the export: $704 millions in 1955 indicates that, în spite of difficult times, our business conmoved, and sterling ze established on its rent, gave ground for some hopes at the at a time, and in conditions, particularly results for the year 1996. report and statement of accounts as tinues to expand

pre-war basis, with a free market for beginning of the year, but thesa vanished unfavourable for. international negata To our chief martager we owe our presented th Deposits Are 897 milions, and cash gold in London, the London money mar when the first of the national conferences. tions requiring calm and reasonable dis deepest thanks for so ably maintaining

The motion was carried unanimously. Mr. T E. PEARCE proposed and Mr., than on December 31st, 1924, movements, a factor and a very import proved a complete failure. It soon he succeeded in making zoo headway The and business world (Applause,) *Bank premises stand at a slightlyant one that has been absent for over came obvions that the Tachun system Powers gave early proof of their readiness lower figure Expenditure under this ten years. There now comes into force (to uss a popular phrase) was too strong to deal with the tariff question on a fresh the report and statement of accounts Bernard an director and the re-election

I now beg to propose the adoption of of the appointment of Mr. D. G beading during the current year will be the automatic check to an excessive into admit of national reconstruction ex- and broad basis, the Chinese claim to After the proposal has been seconded and of the Hon. Mr. P. E. Holyoak Mr. inconsiderable, and I anticipate that, aux or efflux of gold, vis the lowering cept by force of arms, and that, so long he released from the conventions fiat rate before placing the motion before the meet-M Young and Mr L. G. Weall as allowing for the provision we have made or raising of the Bank of England rate, as the central government remained de tariff, and to be free to determine their ing. I shall be pleased to answer to the directors from the proâts of 1995, this account will as the case may be. We are, therefore, pendant for its military backing on the own rates of duty, being received with best of my ability any questions which show an appreciable reduction at the end likely to experience a more uncertain dis. Tuchuna, themselves, it could only rule as sympathy and taken as the ground-work shareholders, may have to ask of 1928. take count market in London, than we have their controlled agent. The dominant of discussion. It can only be hoped that

I would add that our investments stand been accustomed to during the past few military chiefs, Marshals Chang Ts the Chinese representatives will respond SECONDER'S SPEECH in our books at well below current market years, as the London money market now Lin and Feng Yu Huang, had sfter the to the liberal spirit shown by the Treaty prices. I trust, gentlemen, that the pro- comes under the direct infidence of the defeat of the Chihli party, reverted al Powers by enabling the negotiations to posed distribution of profits will receive world-value of money whereas during the most at once to a state of mutual boat proceed on fair and reasonable lines, with your approval

time the embargo on the export of gold lity. The country, thus slipped back into equal regard to the rights and interests

So long as our bank premises account stands at a high figure, the policy sbonid be to write it down each year out of pro- doubts had been emggerated. The the broadest survey is possible. I shall steadily ruining the country."

fits, and it is our intention to continue to advocate that procedures Res

As regards the balance sheet, I do not think there are many important chinus

to comment on

AA BUSINESS CONTINUES TO EXPAND,” “

who have guided its fortunes could st day had it not been for the whole-hearted have led it to the position that it holds to service of an able, loyal and devoted staff. We owe a great deal to the present staff all that the chairman has said of them and I am sure you will fully concur in

bonus which they so well deserve. and will heartily vote them the suggested

and bullion in hand 85 millions higher ket is subject to the influence of gold convened in accordance with his scheme cussion, The Conference nevertheles has the Bank's tigh position in the financa Ho Kox Tora seconded the confirmation

Mr. D. J. Lewis, ascending, said: Mr. Chairman, ladies and gentlemen, We have already observed from the telegrams which have appeared in the local-Press

This motion was carried unanimously The election of Mr. C. Bernard Brown and Mr. J. Fleming seauditors was pro-- posed by Capt.. TROMA ARTHUR seconded by Mr. WRIGHT, sad carried.

The OnAIRMAN: That is all the business of the meeting gentlemen, Dividend warrants will be ready on Monday.