1928-02-27 — Page 10

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THE HONG KONG DAILY PRESS, MONDAY, FEBRUARY 27th, 1928.

HONG KONG AND SHANGHAI BANK.

x

SHAREHOLDERS ANNUAL MEETING.

YEAR'S NET PROFIT OF $14,000,000 EMINENTLY SATISFACTORY."

CHAIRMAN'S REVIEW OF THE CHINESE POLITICAL

SITUATION.

MILITARY EXPLOITATION. PLAYS HAVOC WITH

SECURITY FOR FOREIGN LOANS.

'HEALTHY RECOVERY OF HONG KONG

TRADE."

Speaking at Saturday's annual meeting of the shareholders of the Hong Kong & Shanghai Banking Corporation the Chairman of Directors, the Hon."Mr. D. G. M. Bernard, gave an extensive review of the economic and political situation in Chion. The 'Anancial position of the Bank was caslysed and there were interesting references to the world position as regarda financo.

Except in the matter of the political situation in Chìn the Chairan was able to speak in a very optimistic vein.

THE BANK'S POSITION.......

The Bank's net profit was, in round figures, $14.000,000, making. with the amount brought forward, a total of $17,000,000, or $82,000 in excess of last year. The customary dividend and bonus were maintained and $3,411,430 carried to a new account.

THE SILVER MARKET.

..

The fluctuations in the price of silver had been less than in any years since 1a11, except 1023 and 1923. A big sale by the Government of India had not upset the market. The world's silver production was the same as in 1926 but the Indian Govern- ment, the Bapk of France and Japan had placed large quantities on the market. The Indian consumption had decreased but importations juta, China had gone up to 98 million ozs. as compared with 52 millions in 1990.

Mr. Bernard in considering world finance emphasised the advantages gained by the British return to the gold standard. especially in attrasting the floating balance of Europe's banks to London.

CHINA'S TRADE.

China's Customs revenue showed a fall of 12 per cent, from 75 to 68 million taels. Hong Kong had experienced a recovery aud commodities, notably wood oil, after being blocked on the Yangtaze were finding an exit South. Freightage coats had, how- ever, increased enormously "but the dogged pertinacity of the merchants found ways of getting eargo down to the treaty ports." British cotton goods wore suffering owing to disturbed conditions and severe 'competition but British goollen goods were holding their own

SIR ROBERT HO TUNG OPTIMISTIC.

Sir Robert Ho Tung emphasised that the present time was one of political transition. He could see hopeful signs in Kwangtung and trusted that the renewal of frienship between Hong Kong and Canton would be of great benefit on all sides. China...Sir Robert emphasised, would, as soon as her financial position admitted; meet her obligations. "Time will show that China's word is her bond."

...

China Customs Revenue Decline.

teze

The chief absorbing countries for gold standard-it attracted to Lon 1927 “Rich In 'Ineldent."! British trade on the middle Yong- silver continue to be India and don the doating balances of Euro- After this brief survey of Far Chins and any serious falling off pean central and other Banks which Eastern trade conditions, I pass on option as

Whatever may be the differences in their consumptive power would now run into very large figures to the general situation in our prin- nounced by the British Government to the poney an 2002, react on the price of the Sterling, in terms of United States cipal fold of operations. In the in December last in respect to metal.

In forming an opinion dollars advanced during the year political, as in the commercial," upon the futurer spend of the silver from 1853 185), and in December sphere-is-is-disappointing that the must be clear to all reasonable British Concessions in China, it market, an important factor to be there arrived in London the first course of affairs in Chins during Chinese that the British Govern borne in mind is the policy which shipment of gold from the United the last twelve months shows such is likely to be adopted by the In States since 1920.

small improvement and that there ment's refusal to reoccupy the Han- dian Government with regard to their holdings of silver in the form

is little progress to record towards been more than justified by, the Kow Concession, which would have a settlement of her domestic pro- of silver rupees and uncoined sil

The state of China's trade in 1997 blems or of her foreign relations.concepicuous fajjure of the Nation. ver of 19460 fineness, which at the is reflected in the Customs revenus But though poor in result, the year O'Malley agreement, is a striking alists to implement the Chen- equivalent of about standard ozs. end of the year represented the

returns which show a fall of 19 per has been unusually rich in incident. cent from 19 to ca) millions of The arrival of the British Defence declarations. To resist the wide- testimony to the sincerity of British 307 millions.

trels the first serious decline since | Fores and the conclusion of the

at the beginning of the year were regard to Hankew mach-debated Hankow Agreement spread and well-founded demands by British subjects for action in followed-within a few weeks of our been an last meeting-by the Nanking affair' which with its lamentable tale of murder and outrage marked the cul- minating point of the fierce anti foreign movement along the Yang taze. This led to the evacuation, as a measure of safety, of British subjects from all unprotected areas

Change In Chief Managership. Secondly, I have to refer to the change which has taken place in the Chief Managership of the Bank since we list met. As you know, Mr. A. H. Barlow, at the end of his six months leave in September last, desired to retire from the East and your Directors accepted his resignation with very much re-

The world's silver production for 1927 is put at about standard oas. gret. Mr. Barlow during his 93 millions, which is roughly the thirty-six years service on the same as the revised figures for 1926. Eastern stuff did very valuable To arrive at the total amount of work for the Bank. The three ilver available during 1927, there years of his tenure of the Chief should be added to the production fanagership were troublesome and figures about ozs. 20 millions repre- arduous ores and the thanks of all genting silver sold by the Indian shareholders are due to Mr. Bar. Government, sales by the Bank of low for the able manner in which France and silver shipped from he conducted the affairs of the Japan to Shanghai. Bank and looked after their in- terests. The results accomplished during that period speak for them-

result of civil disorders, party war, 1014. This setback is the natural labour and agrarian unrest, military oppression and the absence of public security having combined to place every sort of obstruction in the way of foreign and domestic commerce, It is a depressing picture which I have to give ned I regret that I that clearing of our horizon which can perceive little sign as yet of

we are all so anxious to see..

cannot bave easy matter for His having the means at hand, have Majesty's Government who, though strictis abided by their expressed Shanghai solely for the protection that city. Although evidence of of foreign lives and property in

intention to use the troops at

in Nationalist territory. Shanghai reciprocity is still painfully, absent. Estimates of the importation of

it is imposible to believe that the Here in the South, we have was, meanwhile, experiencing silver into India during the past year place the figure at about again suffered fram the depreda terrorist regime, instituted and sacrifices we have made can TE- main without effect on our mutual standard o, 110 millions, in additions of pirates, while a series of

organised by Communist agents.

relations and, indeed. I am glad selves and are evidence of his capiton to which the silver sold by the political changes at Canton has also which but for the presence of the able handling of affairs. At the

to say that the anti-foreign, and Indian Goverment viz: ots.

British troops would almost eer- had a hampering effect on merent- request of your Directora, Mr. Bar 200,000 was delivered in India. tile enterprise. In spite of this, the tainly have ended in the overrus.

particularly anti-British, agitation bas visibly and considerably lesson- low agreed to make a short visit Allowing for shipments from Boin: trade of this Colony has shown aning of the International Settle to one or two of the important bar to China of about ozs. 13 mil. steady and healthy recovery from ment with serious loss of life and

ed. With the decline of .Com- munist influence we may hope for still further improvement.

At

Branches of the Bank and also to Peking where we suffered a heavy less owing to the complicated and dishonest transactions of an old and trusted Chinese servant of the Bank who had been our Com- pradore there for many yearż. the conclusion of th's visit, it is the intention of your Directors to invite Mr. Barlow to accept a seat on the Landon Consulative Com- nitter of the Bank where his up-to- date knowledge of Far Eastern banking conditions will be of value to our Management in London.

Mr. Barlow is succeeded by the Hon. Mr. A. C. Hynes as "Chief Manager of the Bank. Mr. Hynes is well known to all of you and in appointing him to the important post of Chief, Manager your Direc- tors did so full confidence that your interests would be in sound and safe haitis, and we all wish Mr. Hyres a long and successful teanre of his responsible position.

The Accounts.

Turning now to the statement of accounts. "you will ere "that the net

profit for the year, after making

ADE

to

the

hans, we get the Indian consump tion for the year cas, 106 millions, as against os 113 millions in 1926. Importation into China WeTe about ozs 08 millions, as compared with 82 millions in 1028...

incalculable damage to property. Nationalists Control Two-thirds Of China.

the low point reached in the pre- vious year, though by no means equal in volume with that, of three or four years ago. A distinct im- The advance of the Southern provement has occurred in piece armies continued during the spring goods, though the trade is now feel and brought the Nationalists as far ing the effect of increased manu as the Yellow River. In May the London's Discount Market.

facturing costs, and there has been situation was so prevarious that The discount market in London a noticeable activity in the export Japan found it necessary to send ruled very steady throughout the wood pit which, blocked on the troops to protect her nationals in year and, with the exception of a Yangtaze, is fading an exit in the the interior of Shantung. Peking few weeks in April and May, when South. Taking all into "account, the quotation for 3 m/s. Bills. drop Hong Kong's record for the year breach in the Nationalist party

was already threatened when ped a little below 4 per cent, the is not unsatisfactory and there are paralysed their military movements rate was more or less stabilised at fair indications that the improse- and put a stop to further progress. 4.5/16 per cent The only alterament is likely to continue." tion in the Bank of England rate

Since then the tide of war between was reduction. on April 21st to

In the Yangtsze Valley, the anti. North and South has abbed and 4.1/2 per cent. from the 5 per cent.

British boycott has died down ex. flowed, but the Yellow River has level at which it had stood since benefit of this has been counter-Nationalist thrust northword. The cept at isolated points, but the remained the highwatermark of the December 3rd, 1925. Day to day balanced by the hindrance to trans re-emergence of Marshal Feng, Yu money: did not pursue quite the portation arising from wir

and Hsiang in the autumn, supported by same even course and while the brigandage, and by the crippling the Shansi forces, placed Peking average rate over the whole year effect of depreciated currency. To again in danger-this time from the waa alittle under 4 per cent, there illustrate the extent of the former West and the Northern military. were frequent variations in the of these evils, I may instance the allies, though they successfully re- daily rate between 3.1 per cent rise in the cost of freight between pulsed the attack, find themselves and 5 per cent, owing to the con- Shanghai and the province of at the end of the year in control of stant changes from a plethora to

amach reduced territory. At a a stringency in the floating supply Honan which has reached as much

as nine times the normal figure, rough estimate, two-thirds of Chinn while in regard to the latter I need now flies the Natonalist flag. and compulsory, use of currency only refer to the embargo on silver notes at a heavy market discount.

In the North, the situation has been lesa acute, military interfer- ence, though severe, having been within relatively narrower bounds: but there too merchants have been heavily handicapped by irregular taxation and the disorganisation of

of credit.

The total amount of Treasury

Dogged Partiancity Of Chinese Merchants.

Business throughout the country has tbus necessarily been of a

|

Nationalist movement is, however. The superficial expansion of the

|

The Chinese should, however, realise that they cannot expect a continuance of unless they respond in a similar such magnanimity spirit. Nor must they drift towards the conviction that torbearance on the part of the foreign Powers means a short cut, through out- to equal international status. We rages and, the violation of treaties, nay hope too, that His Majesty's Government, while firm in the policy reform in the country, will not of helping onwards all constructive suffer bancst" friendliness to be mistaken for mere weakness of pur. pose but will strictly abide by their adjustment can result only from dictum that concessions and treaty their fair and amicsble agreement and are not to be wrung from Great Britain, by lawlessness, and force.

.". Plight Of The Railways.

country, which now equally prevail

The military, exploitation of the in North and South, continues to play havoc with the "security for China's foreign loana,

Interference with administration

Government railways to a state of reduced nearly all the Chinese and sequestration of revenue has

more than outweighed by the ruia our cleavage in its ranks. The soli. partial or complete default on their darity which marked the initial ad-

loan services and other obligations. vance from Canton has been re-

An even more serious matter, how- placed by dissensions which throat-

ever, is the deterioration of the en 10 wreck the party and render railways themselves, which goes fat impossible # united Nationalist to destroy the hope, so fong cherish Government. The Kuomintanged by the holders of railway kan (the party on which the Nationalist bonds, that with a return to normal Government is based and the conditions the railways would soon theoretical source of its power)

recover their earning power and Arst split into two, with rival Gov. clear off these accumulated debts. ernments established at Nanking and Hankow, and now tends to

factions. Thus at the end of an. other twelve months, so far from unification being nearer in sight, the political map of China shows more divisions and sub-divisions than ever.

It is well known that the main- tenance in a state of efficiency of any railway necessitates the cur reat expenditure of a considerable portion of the earned revenue for the upkeep of the permanent way and rolling stock and a hundred and, one other essentials, but the Chinese military and civil authori ties into whose bands the control Communism The Paison,

of railways has, paesed-have so far Nationalism has split. Fostered by principle. Intent only on extract- Communism is the rock on which entirely ignored this fundamental Bolshevist agents, the Communis: ag as much money as possible, they movement spread over Nationals have starved the railways of even China and plunged both cities and and horrors of embittered class terioration rapidly gathers pace, the most urgent requirements. In country-side into all the miseries euch circumstances the rate of de

terrorism & ita weapons, it has settlement of China's political dis centrated the economic life of the putes is not shortly reached and country, not even shunning the the revenues restored to the rail- wholesale massacre of defenceless way administrations, some of the. merchants and farmers as we have lines will before long become un- lately seen in the regions around workable and will need, the expen-. Swatow.

diture of many, millions of dollars before they can again be rendered fit for regular trafic.

Halt Ravenue Receipts Negligible.

As regards the salt revenue, I will not burden you by repeating the wearisome tale of illegal seizures and disorganisation. Receipts are now reduced to a negligible figure,

full provision for all bad and doubtful debits, amounts $14,200,255.14 which together with

Bills outstanding was at its highest 83,308,085.84 brought forward from in January at £575 million. The 1926 makes a total of $17,838,334.08, Sgure fell to £389 million in April ar 882,563.74 in excess of the cor-

but at the end of the year had in- responding figures for the procedercased to £681 million. With a ing twelve months. You will, Idiminished supply of mercantile know, agree with your Directors paper Treasury Bills play a very that the result is eminently satis important part in the London dia factory. After deducting the in-count market.but it is the mercan- tezim dividend of £3 paid in tile bills, representing as they do August last (viz: £450,000 at 2. actual trade; which make the Lon.transport.

$1,500,000), and $30,000. remunera. dor market the clearing house for tion to Directors, the halanes re the finance of international trade maining for distribution ia and it is to be regretted that $12,783.333.99 which we recommend financing by means of loans and being dealt with as follows:-A overdrafts, without any definite Anal dividend of £3 per share plus maturity date, is to some extent re- hand-to-mouth nature, but an endiselve into a number of separate a bonus of £2 per share (subject placing the old-established and ad-couraging feature is the rapid in to deduction of Income Tax) mirable system of bills being drawn provement which everywhere takes amounting to £800,000 at exchange under banker's credits.

place as soon as local conditions be. of 9/-3/8, 87,876,923.08; Transfer to The control exercised by the Bank come in the least tolerable. With "Silver Reserve Fund, 2300,000; of England over the London dis. the exception of silk, which has had The Hool Mr. D. G. M. Bernard | Colony, the domicile' of our bank, write off Bank Premises Account count market during 1927 is no to contend with a very depressed

$1,000,000; and carry forward to (Chairman of the Court of Direc-

doubt justified by the necessity of market, exports have been surpris- as described so graphically by His the tors) presided, and there were Excellency the Governor in his Our investments show a very satia-

Account, 83,411,430.80 placing a guard against any weakeningly good, thanks largely to the ing of the Bank's gold position in dogged pertinacity of the native also present Mr. A. H. Compton apeech to the Legislative Council factory mugin on current market view, especially, of the possibility merchants who have found ways and (Deputy Chairma) Mr. W. H.inst September when he recorded

prices.

of the Treasury, note issue being means of getting cargo down to the Boll, Mr. N. 5... Brown, Mr. A. the achievements of the past thirty

Decrease In Assets Explained.

taken over by the Bank in the near treaty porta in the face of the future. It is probably a temporary greatest obstacles and have, one is MacGowan, Mr. C. G. 8. Mackie, years. We see from the illuminat figures for 1920 and 1927 shows a

A comparison of the balance sheet expedient and there is, certainly, glad to add, found remunerative Mr. T. G. Well, and Mr. H. P. ng figures then given that, com- decrease in, total assets of 862 mil. good reason to hope so for it is un. prices on the whole to compensate warfare. With mob-violence and and it is to be feared that if some White (Directors), Hon. Mr. A. C.

paring 1028 with thirty years ago, lions. The decrease occurs princi- questionable that to retain its pre- them for the risk and expense. the revenue of the Colony had been pally under the headings

mier position as the centre for in- good harvest in Central China and Hynes (Chief Manager), and the multiplied by over eight, the civil and Bins Receivable as of Cast ternational trade, the London dis- a steady level of exchange have following shareholders:-Sir Robert population (now mounting toward an offset in securities which stand

count market must be a free one been helpful factors, and Lady Ho Tung. Hon. Sir million) had more than trebled millions higher than in the pre-

so as to attract an ample supply of Other Eastern Countries. Henry Pollock, Mrs. D: G. M. Ber-

and there had been a fee of over vious year. Reference to

mercantile bills. Such bills are the nard, Mrs. Beckie, Mrs. Wileen 100 per cent, in the volume of for- Liabilities side will reveal a cor- true index of trade besides afford-

In India, a good monsoon his Smythe, Messrs. E. J. Osborne und eigu shipping. The gure for this responding drop in deposits which, ing the simplest possible instru- he stunded by one E. H. Matthews (National Bank of last, amely 27 millions of tons, taken in all, are less by just upon credit The measures adopted have Importa have been generally dull,

ment for regulating the volume of what disappointing trade conditions. The appalling excesses of the Australasia, Ltd.), the Hon, Mr, J. excluding Junk's, increased last 60 millions. It will interest you to

Communist faction brought about a. re-action which terminated in the Gwen Hughes, Dr. J. H. Sanders year by seven millions to the im- know that the fall in deposits is met with success, as instanced by while the expert trade in cotton Messrs. H. Humphreys, E. David posing total of 34 millions of which traceable almost entirely to the

the upward movement in the Lon has suffered by the reduced capa. expulsion last December of all 602 F. C. Hall, H. G. Hegarty, almost exactly one-half was diminished balances held with us

don-New York exchange, but it will city of two principal markets, China Soviet representatives in. Nation F. H. Pentycross, C. J. Cooke, D. British.

at the end of the year by other be a relief when the situation per and Japan. In stabilising the rupee,alist terriory and the official repres Lewis, W. G. Van Epps, Ho British and Chinese Co-operation. banks. This is partly owing to the mits of the withdrawal of any India has reached a goal to which sion of Communist activities. But Wing, Ho Kom Tong, J. H. Tag-

we have long been looking and from the Nationalist cause had already His Excellency showed on that fact that in lees China New Year control and the money market re- Ming, J. M. McHutchon. John occasion what ean be accomplished when the demand for cash reaches gains its former freedom of action, which we may hope for beneficial suffered irreparable damage and the the reserve of funds held by the gart, Lo Cheung Yip, Chan Bhu

eradiction of Communism is, I fear, Arnold, R. M. Dyer, K. S. Mor- by British and Chinese co-opera ceptionally early date in our own

its maximum poft-fell at an ex- British Textiles And Competition. The year bas been uneventful in very far from complete. Sach is Group Banks is practically exhaust rison, J. D. Kimaird, J. E Joseph, F. W. Stapleton, W: E. the needless and senseless boycotts calendar. There was also, copecial that the Lancashire textile trade is trade being on the whole easy: The bought with the price, of open dependent on Salt Revenue Bre It is a matter of grave concern the Straits. Settlements and Malaya, the harvest of Bolshevist friendshiped and unless a marked improve and the internal strife throughout in Malaya, a great improvement suffering so severely from the con- American demand for rubber fell city towards ourselves and the doomed to fall into default. I Shenton, M. Manuk, R. A. Dastur, A. O. Brawn, E. S. Gubbay, G

in trade towards the end of 1927 traction of their China market. The short of expectations and restric. other Power and of an undermin. may have checked the Murray, Lo Cheung Ship, M. K. Colony's growth even given it a posited with the Bank found ac sulting from the troubles in Chine raised to keep prices atcady.

and more or less dir funds de inevitable-damage to the trade retion on export had to be slightly ing of the Chinese social system,

understand that a heavy reduction Lo, E. M. Raymond N. V. A temporary set-back-yet once peace tive employment. Another reason

a process of which the end is not the supersession of foreign em- of local revenues has resulted from Croucher, Lo Man Him C. Ber and order are restored I feel ver

The Philippine Islands suffered a reaped the whirlwind.

yet in sight. Truly China has

ployees of the Chinese, Government nard Brown, Ho Ka, Fung Kong tain that its vitality will be abun for the decrease in the dollar is accentunted by Japanese competi- Par Los Dodwell, B. dantly demonstrated in renewed of branches of crating in gold a steady improvement at Great death of General Leonard Wood, aliet movement in the ane territory and I sincerely hope that

figures is that the assets and liabili-

serious loss last summier in the The development of the Nation Salt Administration in Nationalist Baith, Ho Leung, Ho Wing, W. S.

currencies have been calculated on Britain's expense and by the in under whose wise and able adminis- not materially changed the situa. the latter authorities are correctly Bailey, Chan Lim Pak, D. H.

the basis of exchange at 2/3/3 18

ercasing proportion in which mills tration so much advance had been tion in the North. The Northern reported to be inclining towards the Goodall, C. E. H. Beavis, D. Tem

in China are supplying the local de made towards-stability and promilitarists have drawn somewhat the re-establishment of the legal compared with 1/11.1/2. pleton Scott Harston A

mand. With any return to normal

resinstatement of the inspectors and Stevenson, D. V. Stevenson, E. R.,

conditions in China, the cotton, in: Improvement in the date of the closer together and, with their ap- the re-est Sturt, H. S. Hills, G. C. Moxon, Perhaps it's not out of place to During the past year, the fucdustry is bound to make rapid improvement in the state of the po-proval, Marshal Chang Tso Lin has Davenport Browne, M. Churn, A. | quote a remark made by the late tuation in the price of silver was,growth and it will need closer co-

pulation, the finances of the islands

Customs Service Darrian On A. R. Botelho, A. B. Raworth, Lo Dr. Sun Yat Sen in nu address to with the exception of 1023 and operation and cheaper. Production are getting on to an increasingly lined, the position of dictator at Peking. The Government nomin. firm footing.

The Customs revenue, although Ceton Wanton, P. C. Fotte, E. L. Hong Kong in 1993. Dr. Sun said range being between a maximum of facturers to meet the keen competed a severe check last April in the to pursue any administrative policy tions ne well as the interest charges Chung Wan, Frank Austin, B. L the students of the University of 1925, the narrowest since 1811, the on the part of the Lancashire manu-

ated by him is, however, in constant Japan's economic progress receiv-financial stringency and is unable to meet in full its foreign obliga

so seriously diminished, has sufficed Sim, J. T. Bagram, H. 1. B. Han he wondered howEnglishmen 23d. in February and a minimum tion. cock, D. H. Cooper, T. E. Pearce, could do such things as they had of 24.3/4 in January The averIn contrast to cotton, British financial crisis which followed the beyond the raising of funds to op- of the Consolidated Domestic Chus Sen Chu, P. K. Kwok, G. K. done, for example, with the barren age for the year was a fraction woollen goods seem to be holding failure of the important are of pose the advance of the Nation Loars, the shortage of funds which Hall Brutton, K. Stewart Smith, reck of Hong Kong within seventy over 20 The sale by the Govern- their own in the China market.

Suzuki and caused some thirty banks alist armies. to close their doors. The crisis

ied to a temporary suspension of J. M. Alves, R. K. Valentine, or eighty years, while China in meat of India of Standard Ozs

The Hankow Agreement. four thousand years had no place 9,200,000 from their holdings in the

was, on the whole, met with the

payment on the 1896; Anglo-Gerinan Like Hong Kong." It is unneces silver reserve in July was quietly The European economic situation courage and perseverance which we

Turning to Bino-British relations, loan in the early part of the yes. mry to point out that, with an ad- and cleverly effected without in has improved in complexion during have learnt to expect from the the principal facts to record are, being nothing more than a legacy THE CHAIRMAN'S SPEECH.ministration of law and order and mediate dieturbance of the market, the past year, helped by the pro-Japanese in their national adver firstly, the British Government's from the time of China's rupture consideration for her industrious News of the transactions becoming [gressive stabißantion of nationalsities, and the work of reconstruc. abandonment of direct diplomatic war and having nothing directly to with Germany during the Great with the Nationalist population, China could accom-known after the sales were concurrencies and the smooth transfer tion which, though far from com relations Addressing the meeting, the plish equally wonderful changes plete caused the market to take of reparations payments from Ger- plete, has continued unabated, will, authorities owing to the latter's do with the current state of affaire. Chairman' said :--

throughout the country and the fright and produced a sharp de-many.

it is hoped, bear fruit in the near refusal to make reparation for the The continued integrity of the Belpre we proceed as usual with would receive the whole-hearted co-cline in price from level of 288. The margin between discount fature. A substantial increase in outragee at Nanking and failure to Maritime Customs service and its the adoption of the report and ac operation of all foreigners in tu 24.15/16d. As the fear of fur rates in London and New York, the export of raw silk, although at make good their claim to act up to relative immunity from the political counts, and a general survey of the China, as well as that of their Gov- ther sales by the Indian Govern where the level was appreciably, low prices, set off the loss on cotton the standards of a civilised govern und military interference which has past year, there are two matters ernments, in bringing about euch ment. subsided, there was lower, induced, on the one Hand, & goods due to conditions in China, ment; secondly, the debacle of the befallen other national services (in upon which I should like to touch conditions as would make. China gradual; though hestitating, re greater financing of cotton bills, and the year closed with an adverse Hankow Agreement and the concluding now the Posts) with ruch First I wish to invite attention to one of the most prosperous cous covery in the price and cd was etc, in America, while on the other trade balance lower by 145.million sequent deterioration of the disastrous effects, must be reckoned.

again reñcked in October, the card of program in this trics in the world:

hand-assisted by our return to the yen than that of 199

Brush concrasion and paralysis of (Confinued in Page 11.)

B. L Dowbiggin, and John Fiem

ing

tion in normal times, and although

China

prosperity and progress and that Hong Kong, acting is mutual co- operation with her great neighbour, will show an increasingly time re- cord in the years to come.

The Silver Market.

tion, the statistics of which show

The Gold Standard.

results in the future.

ment occurs the whole of the loans