Presiding on Thursday, at the annual general meeting of the' American Chamber of Commerce, Mr. V. G. Lyman, the President, was hopeful for the future of American trade in China. With regard to the depression he felt that the worst had been passed, and there were possibilities for a slow but sure return to normal conditions. "In connexion with the volume of foreign trade, however," said Mr. Lyman, "it may be well to explain what, apparently, is an anomaly. The Customs' report for the year 1921 shows an increase in collection of duties over the preceding year of more than four and a half million taels and this, ordinarily, would be taken as re flecting satisfactory conditions. When it is considered, however, that the average value of silver in relation to gold, decreased by more than 40 per cent. in 1921, below that of 1920, it will be seen that, in volume imports which are necessarily purchased in gold, fell off enormously, so that the import trade for 1921 has been correctly described as much the worst in recent years, Notwithstanding this unsatisfactory condition it is most encouraging to note on the whole our merchants are successfully working their way through the long period of depression."
If there had been one question more than another which had had the continued interest of the Chamber it had been the China Trade Act. Their last word was
Text read from the printed page and cleaned; old type leaves the occasional error.