A banquet was given by the Chinese Cotton Goods Exchange Ld., on Saturday evening, in their new premises 50 Avenue Edward VII, the occasion being a sort of housewarming and greeting to about 250 guests, Chinese and foreign. Tables were laid in the main exchange hall which is about 120 ft. by 90 ft., surrounded by a gallery with offices for brokers on each floor. Many invitations had been sent out, but owing to the lateness of despatch, many foreign guests were prevented from attending owing to prior engagements.
Mr. H. Y. Moh, chairman, in welcoming the guests said I wish to say in behalf of the Chinese Cotton Goods Exchange that we are very glad to have you here with us to-night and thank you for the kindness you show in giving us your company. I shall take this opportunity to make a. few- remarks with reference to the business of the Exchange and the situation of the Chinese trade at the present time.
The Chiacse Cotton Goods Exchange was inaugurated on July 1, 19al. Its shareholders and directors are managers of cotton mills and well-known merchants in the cotton-goods trade. The Exchange has for its main object the establishtient of confidence in the trade of cotton goods, and its business is carried on in perfect accordance with the principles of exchanges. It is only one year and a half old and during the period of its infancy was led through a hard time, through what we may call the exchange and trust storm, but owing to the security of its business it was safely conducted through and came out to be a better and stronger organization, We are glad to report to you that the Exchange has undergone rapid growth in its business and is now in a very safe and pleasant situation.
A PROMISING BEGINNING, Our industries are all at their beginning. It is in recent years they have shown some signs of growth. The cotton industry seems to be the most successful and _.to have developed most rapidly. The fifty-five Chinese cotton mills at present comprise a total of over 2,000,000 spindles capitalized at more than Tls. 100,000,000. We admit that these figures are far from being comparable: with those of the older cotton manufacturing countries of the world, but we daresay that the rapid development of this industry will play a very important role in the improvement of the financial condition of the nation.
I believe all of us here have known that the foreign trade of China hag increased by leaps and bounds in the past 20 years an that the commercial relations between China and other countries have proved to be more intimate
Text read from the printed page and cleaned; old type leaves the occasional error.