was then read by Mr. Loh Feng-loh. The terms of it were as follows The theory of political economy which trent of the circulation of wealth, or the banking system, the pivot on which the international commerce of the civilised nations turn, though a modern science in Europe, has been originated, we. presume, from the principles of the law of admiuistration of the Chow dynasty.
The subsequent writings of the two most celebrated Chinese historians Tze Ma-chien (a) AGE) wna Panka GEAR) on the Balance of Trade (EVOE) and commoditios (CE PLAT) may be compared to those of Adam Smith on "Phe Wealth of Nations." In addition to my vari duties, ae Superintendent of Trade in North Chinn T take a great interest in studying the state of commerce between our country and foreign nations, and, ay the banks are nort of gulf-registering barometer of the trade, they cannot fail to attract my attention, The most sympathetic instrument of the kind is naturally that bank which its headquarters in China, as it is therefore inv position to decide questions without unnecessary loss of time. Ever since the Hongkong and Shanghai Bank established itself wb lia port it has justibed way expect tion that it would facilitate the financial busi and promote and the agents representing the Bank' have uniformly inspired me with confidence.
With much interest. I have watched the growth of the business done by the Tientsin Branch of the Bank, and. with pleasure I accepted the invitation of Mr. Maitland to come and inspect this handsome and commodious building in which the Bunk has now settled down, I trust, for many years to come.
I take the opportunity to express my appreciation of the services rendered by the Bank to the Imperial Government, and the commerce of China at large; and to express the hope that it will continue its good work and that the Tientsin Agency may prosper under the iron roof and within the colid walls of this house.
Let us drink prosperity to the Hongkong and Shanghai Banking Corporation.
Mr. Maitland, on behalf of the Bank's Directors and the Chief Manager heartily thnuked the Viceroy for the friendly terms in which he had alluded to the Corpora tion, Shortly before nine H.E, who seemed in excellent health and good spirits, took his leave—the foreigners giving him "three The entertainment was held in the: times three," as he rose from the table, to his evident amusement and gratification, The consequent informal proceedings soon after terminated.
Text read from the printed page and cleaned; old type leaves the occasional error.