Shipments. were:
$100,000 to Wusih.
50,000 Tungchow. {50,000}, Chefoo.
We depend on the prosperity of \world trade, and world trade would be immensely' benefited if we could return to something like the monc-
[tury conditions of 1914.
Unfortunately' the removal of the rruhibition on old exports would by mo means restore the monetary Jconditions of 1914.
First, the monetary conditions of the United Kingdom are altered by the heavy payments necessitated by ts external war debt and also by the reduction in the amount of interest formerly due on the British holding of American investments. Secondly, British internal trade handicapped by a far heavier burden of taxation, Thirdly, the employees many British industries quite reasonably expect and demand 2 Inigher standard of living than that which obtained in pre-war times. In the fourth place monetary conditions Jabroad would remain very difficult, and for many years to come, are hot Likely to adjust themselves to Fifthly, world trade 9 flourishing as then. Material wealth as well as countless producers and earners have been!
of existence, and, Tet us hope by tarily, many channels) of trade have dried up. Further lowing to the rise in prices sines) din gold, a larger! amount of sold required as a asia of a free currency. old stand The expansion of foreign trade, not. were removal of the restrictions The Directors hav with regret the retirement of their woomed colleague, Sir Alfred KEN, who for 37 Tendgred valued service to the bank us a member of the Board; and also have to record their sense of the great lose the bank has sustained by the death of Mr. J. M. G. Prophi who wax elected a director in 1919.
Mr, Henry Bateson, of Messrs, Ogilvy, Gillanders & Ca., London, Jand Messrs. Gillanders, Arbuthnot] Ca., Calcutta, and Mr. Archibald Auldjo Jamieson, of the Borneo Company Ld., have been elected directors, and the shareholders are invited to confirm their election.
The Rt Hon. Sir John Newell Jordan, Williem Foot "Mitchell, Sir Montaga Cornish Turner, the: directors who now retire by rotation, preset themselves for re-election
Text read from the printed page and cleaned; old type leaves the occasional error.