The twentieth annual general] ation, was held in London on July 17, Mr, Herbert Edwards (the chai man) presided.
The. Chairman the annual general meeting" held last year I expressed on behalf of my Colleagues on the board, as well as on my own behalf, the gratification we felt at the prospects of our new policy leading to that practical sult we all so ardently desire. Al though I am not permitted, for re-ascus that you will readily appreciate, to describe even the nature of the negotiations we have in hand, can say that our confidence in the success of our efforts is certainly as well justified to-day as it was a year ago. In fact, some important events have taken place in the interim, some only within the past month two, which should have a directly favourable influence upon our: affairs.
I warned you that although there would probably be times when you would hear nothing of our doings for considerable periods, you should not assume that nothing was being done, for at that very moment something might be on the tapis the effect of which would entirely' change our financial status anil outlook. I do not wish to be un derstood to say. that such a exciting stage of ovr journey has actually been reached to-day, but I think T may say that conditions affecting our progress in the immediate future have recently siderably improved, In this eon nexion I have pleasure in reporting the prolongation for a further term of years of the contract under which the administration of our affairs in China is undertaken by: the Pek Syndicate. It may be news to you that Major W. 8. Nathan, who for upwards of 20 years so' ably administered in China the the Kailan Mining Administration, Whowe successful record Anglo-Chinese Corporation carrying fon operations in China can hardly be equalled, has, on the transference, of his activities to London, joined the directorate of that company's head office administration—the Chinese Engineering and Mining Company, Lalas well as taking the directorial leadership of the British and Chi ese Corporation, the Peh dicate, and other prom Chinese enterprises. I have Major; Nathan's authority for saying that, realizing as he "does the great, benet that would result for both British and Chinese commerce from generous and comprehensive adoption of some at least of the trading. rights granted by our concession, he has promised to give our interests his most cordial and active support. T am satisfied that with his assistance, and with the influential help he is able to secure for us in China, the journey to our desired goal will be considerably shortened, Situation in China, director of the company of Major-meeting of the Yangtze Corpor-general Sir Courtney Manifold, whose record of unusually active and distinguished service includes special experience in China, and particularly in Szechuan, that should be of the very greatest value to us. Sir Courtney, who physician to his commanded a Bri Central and Western China, and also commanded a special British Blission to. Szechuan, receiving the thanks of H. M. Minister of State for Foreign Affairs for his services; papers on these and other ex-editions of which he was a member were published by the Royal Geographical Society. From personal knowledge of Szechuan and its people, its industries, and mercial possi fold is convinced of its great future and is enthusiastic in his desire to assist in its inevitable development, Teannot conclude my remarks without expressing our regret at the death of Mr. Pritchard Morgan and Mr. Rudolph Jaeger—both of whom, by a rather remarkable coincidence, passed away within 24 hours of each other—sinee the report and accounts were am sure you will all unite directors in expressing sympathy with th relatives, for, although they were both 80 years of age, they retained to the last, and to a remarkable degree, the strong individuality and mental force which had characterized them during life. Mr. Jaeger had been associated with the Yangtze Corporation since its inception 26 years ago.
Even before that time, Mr. Pritchard Morgan, who was then taking an active' part in polities, saw in the visit to this country of Li Hung-chang—perhaps the greatest of all Chinese statesmen—an opportunity of doing something to secure permanent British interests in China which would be beneficial to euch of the great Empires con cerned. From that idea arose the close personal relationship and years of work resulted in what became Known as the Pritchard Morgan Concession. Whilst expressing the very greatest admiration for the enterprise, zeal, and foresight which resulted in the securing of such a remarkable charter, one cannot help feeling that, had the concessionaire possessed a little less masterful individuality, or had he been blessed with just a little of the leaven of compromise, we should never have found ourselves in the position of controlling the destiny of what wa believe will one day be a very i portant Anglo-Chinese commercial undertaking, for it was his determination' to carry through this gigantic enterprise unaided, so far as leadership was concerned, and his intolerance of anything like cooper tion, no matter how great the financial assistance that cooperation would have ensured, that resulted in his having to relinquish such Herculean efforts and to leave to In other directions relationships have been, and are being, established that should in the future tend to, ensure the active cooperation of the Best financial groups in the launching of such industrial oF mining enterprises as we may later be, called upon to establish in Szechuan. From all one can learn from actual observers, affairs do not seem to be quite so desperately bad in China, a3 one might be led to suppose.
We have been invited to interes ourselves in public utility undertakings already established to a small extent in certain thickly populated areas in Szechuan, but. although they are receiving our very serious consideration, we feel others the realization of a project] which in its conception possessed potentialities as great as any of the initial efforts that laid the foundation of our vast Empire oversea:
Text read from the printed page and cleaned; old type leaves the occasional error.