Summanisep rom "Tux Money Ker Revie 21st April, 1906.
The fifty-second meeting of the sh Chartered Bank of In China was hold at the Cannon Street Hotel, E.C., on 18th April, Sir Montagu Cornish Turner presiding.
The Manager (Mr. Caleb Lewis) having read the notice convening the meoting, The Chairman said: Before moving of the report I would Li to make a fow and expansion of commerce throughout many parts of the civilised world. The United States and Canada enjoyed a year of unrivalled—I would say unequalled—prosperity. Germany witnessed a distinct spurt in her export and import trade, due no doubt to some extent to the anti tariff But the expansion of Germany still continues, the matter of ted the trade of France had a quietly ar, and in this country ry gratifying indications that the period of depression and gloom in trade and our money market, due to the exhausting effects of the South African war, had passed ai once again able to part issue of foreign loans. For the first time for many years our exports showed & very gratifying increase, the ratio of increase being groater than the ratio of increase in the matter has continued up to ended. Lancashire year of prosperity. Shi cloth to Indi complications on the Continent, now happily at an and, caused in the early part of the autumn distinct stringency in the money market. This naturally led to high discount rates, which prejudiced to some extent successful operations of institutions like this bank. Great caro and caution and therefore it is that I consider the greatest credit is due to the mauagement and staff of this bank for the very satisfactory results attained in the working of the year 1905. In the East, [udis continues to pass through period of prosperity, judging from the recent Budget estimates for the year 1906-7. A substantial surplus is shown, after allowing for the increased cost of civil administration and also for the also had s prosperous matter of her jute Tute has been very high cent higher in value thi and the cotton mills, after passing through a cycle of very loan years, have had an exceedingly prosperous twelve months, I mentioned just now the stringency of the money market in London during the autumn, and I had than intended to add how vital there should be a gold aupply sufficient to meet modern requirements of commerce, and also the requirements build up reserves for war are apt to countries, especially h istomed to currency, now adopted a gold standard.
for example, gold standa the Straits might Tuhiok, be said to ha adopted gold standard; Mexico and Japan have done x0, and possibly Siam will do so, Without good wupplien of gold we cannot build up those gold supplies in Ube groat banking centres of the World which are necessary, and without which bankers are unable to fully scoommodate their customers, aod the stimu' to trade arising from cheap money is want riy, It is, therefore, not out of place to say how necessary itis to encour: 4:0 the gold mining industry of South Africa T do not speak in the nto position of a shareholder from a public point of view. teresting article which appeared in the "Statist" in the early part of the year it was shown that the whole gold pro duction of the world in 1905 amount valu+ to 76 millions sterling. Swuth Afri headed the list with w production equal in value to 22 millions sterling, beating the whole of Australs od the United It is, therefore, to my mind, not westion of considering the inter-the so-called mining magnates, shareholders, question which practically prosperity of the whole world. Ttrust that this view may commend itself to thone who have charge of the interests of South Africa To return to the East, in Singapore, I think, the mort noticeable fea'uro of the year has been the flucti tion in exchange. Th atening value of the dollar lis fixed as n temporary na to the future price obtained. Tu Siam the Government has Gxed the sterling value of the tical at 1s, 31, oF 16 ticals to the £1 ater!
uld not be if they fixed 8. 4d., and so make the Siamese tical of business between Siam and Burmal In China there is apparently a very serious effort being made to fulfil the oft-repeated promise of " uniform liver currency. In November last an Imperial Edict was issued authorising the coinage of @ coin, to be called tael, equal in value and weight to the Kupivg ad. A specimen coin has been sent from the Central Mint to the subsidiary mints at elsewhere with orders to hi coins issued as soon as possible,
Text read from the printed page and cleaned; old type leaves the occasional error.