Dealing with the Bank's operations in 1035, Mr. Soong recalled the method taken for establishing closer ce-ordination in the operation of the principal Chinese banks. andi referred briefly to the increase of the capital of the Bank of China from §25,000,000 to $40,000,000 by an addition of Government capital, the Government sharcholding in." the Bank being thus increased to 60 por cent., the number of directors raised from fifteen to 21, of whom nine were Government nominees, and the umber of supervisors from five to seven, of whom three were Government nominees.
Long holding a loading position as fa Bank of Issue, the standing of the Bank of China's note circulation was recognized when the Government of China gave iis notes the status of full Legal tender. The increase of fever $80,000,000 in the Bank's out-Standing note circulation during the past year was. the result of the Government's decision to nationalize silver, but at thesame time indicated the important position that the Bank occupies in the financial ganization of China, Since 1928, when the Bunk received Lits charter as an international exchange bank, it kas been engaged in the promotion of foreign tade and rendering assistance to Chinese merchants overseas, A new. branch Is to be opened in Singapore, and in addition an office will be established in New York to provide business and remittance facilities between the United States and China and also to enable the Bank to assist the Gov-
Text read from the printed page and cleaned; old type leaves the occasional error.