From thy "Money Market Review"
of October 20h, 1909.
The half-yearly general meeting of this bank was held on Wed nesday Fast at the Cumon Hotel, Mr. J. Howard ting, Tie Chairman stid—In accordance with the usual ents ie-yearly me ings, T have merely t propose for your approval an ad interim dividend. met in April the outlook in distinctly gloomy. Famine of a very tense character was claiming its victims despite the heroic efforts of the Government to preserve life; but now we can regard with satisfaction the altered condition of affairs, Nature has once more assumed a aspect, and sufficient rain has fallen to ensure nounal crops. 'The Indian currency problem is still unsolved, although the desired stea lines in exchange has beer fairly maintained, much to the advantage of Manchester, the supply' of rupees, in the alssence of an internal demand for gold, has proved insufficient, and the authorities have een compelled to" purchase nearly £4,000,000 worth of har silver during the current year to increase the circulation, Phe profit on these operations will yield a surplus of one million and a-half sterling no doubt a "bonne bouche" for the Governsut—but whether such an adventitious addition to the revenue is desirable feom economic point of view is debateable, Of course, such an important change in the standard of x country must not be judged ly a brief trial, especially in view of the disturbance of intermul circulation caused by the recent famine, We must seo the result spread over a series of years before we can dogmatise; and when' we criticise the action of the Tudian Government we must bear in mind that they were driven to their present position by England's refusal to join in an age ement for international bimetallism. As you are aware, we have important interests in the Philippi The bank was always trented with consideration by the Spanish authorities, but jewel with equanimity the United Stites, as we trusted Saxon ment, determined to evash rebel li faster commeres, Cnfortunately at Washington isernal' polities five' a porent fucnes upon external policy, and the expected progress has not yeh assumed the dimensions looked for, "We must hope, once the Presidential election is over, that the country will resive due attention from the Americans, and flourish to a degree unknown in its past history. As shure. holders in an institution closely connected with China, y re, no doubt, watched keenly the recent course of events in that country. 1 once told sab the mane agement of an Easter no bet of sunt thab state been fully verified recently. We have an ex'ensive business at Shanghai, and until that settiement was sufficiently' safeguarded by n: and military forees we had many an anxious At the outset of the tionbles an the rabble of the adjacent native quite within the bounds of yor Fortunately at Tientsin our interests are on quite a minor ing the size of the settlement we were zreuly perturbed concerning the of one Knropean stof' (Messe Gilmour, and Adamson)
stuck to their posts during storm and stress, despite shot and shell, Nabsrally "the China import jade has been greatly hampered; ste have accumulated to an unpleasant exicnt, and the bank has had to exercise great
Text read from the printed page and cleaned; old type leaves the occasional error.