For Shanghai the year was one In which depression deepened to oxtreme' acuteness. The uncertainty over silver and, above all, the cen~ eral_world position caused a miark~ ed falling off in trade. This was not mitigated by marked activity in certain local industries—mainly miscel-Taneous textiles. Nor was the turther erection of large apartment houses, hotels and other considerable dwellings taken to reflect Indeed toward the end rents was expected, owing to the een competition among the owners of apartment houses and the like.
The exchange position was another unfavourable factor. Reference made to it elsewhere, January 9 the native Interest vote stood at Tis, 07 per Ts 1,000. On July 10 the native in~ terests rate was Tis, 95
Shanghai Power Company Debentures stood at 100% on January 5, at 102% on July 6, at 93 on December 14 The native interest rate December 14—atter having undergone extraordinary—fluetuations—stood at Tls. 30, These figures show that for Shanghai the depression really began to set in the Autumn and at the close of the year was serious. Apart from the Govern ment's currency difficulties to which reference is made elsewhere, Shi hal was feeling the effect of inflated and values and the apparently impending process of reconciling values to the new and lower rates of income was viewed with some apprehension.
Mr. A. D. Bell, the Chairman of the Shanghai Municipal Council, re~ tired at the end of the Municipal year, owing to his intention of tak Ing home leave. Mr. Bell returned to Shanghai in October. Mfr. H.E, Arnhold and Brigadier-General E. B! Macnaghten were Chairman and Vice-Chairman of the new Council elect ed by the annual election of rote payers. Mr. J. H. Liddell was elect ed to be a member of the Council to fill the vacancy created by Mr. Bell's retirement. Mr. J. W. Carey was elected in place of Mr. ¥. J. Raven who also was taking home leave. Mr. Carney had formerly sat Council. The Chinese representatives were the same as in the previous year. except that Mr. Eugene Kiang was returned in the place of Me. TT. D. Woo.
Text read from the printed page and cleaned; old type leaves the occasional error.