Full and frank explanation _was made by Mr. M. Spelman, _chalrman. of the' International ' Savings' Society, at the annual general meeting on' April 6 in the head office, 7 Avenue Edward VII, why the pro-fils for the year 1935 would not be distributed except in part, the reason being the great difficulties experi-need by the Society in view of the altitude of the Chinese Government Jand restrictions, passed as law, and press propaganda and other activi ties the chairman alleged had been Ingtigated against the Society's busl-
Eightoen shareholders were present or represented holding 9,365 Taels shares and 9,641 Franc shares while Mr. S. Braley was secretary and Messrs,.M. Chapeaux "and Sigaut were scrutineers. All resolu: tions presented were passed and no new directors elected, the former board being all re-elected.
The following is a modified transla tion of Mr. Speciman's review of the. past year's difculties -and the present condition of the Society's Accounts.
'An agreement, said Mr. Speelman,' was drawn up in English and signed with the Ministry of Finance on. March 14, 1929, and authorized _the Society to operate throughout China with the protection of the Chinese Government, against payment various taxes and stamp duties. 'This agreement permitted the extension fof the field of operations to non treaty ports, where, had they kept fo the strict eter of the treaties between-France and China, it would have been difficult to work. A copy' of this agreement was officially sent by the Ministry of Finance of the Republic of China to the Minister for. France.
They accordingly extended the setivities of different branch offices, established in Concessions and different treaty pots, by opening numerous agencies and sub-agencies in the interior of China.
Everything went more or less smoothly during the five years which followed, when in May 1934, while a Financial Conference convened in Nanking by the Chinese Government] and presided over by the Minister of Finance was being held, a violent] press campaign was launched against the International Savings Society.
in June 1934, the Legislative Yuan, which was then drafting a new bank-Ing law, embodied in this law the two following articles:
Axt, 1X-—Savings banks shall buy government bonds, treasury notes. oF fny- other well secured property to the amount equalling 100%" of its aafal favings deposits and shall deposit th with the Central Bank of China security for savings deposits, mount of savings depose Immediately stop the collection of pre. miums,'The Ministry of Finance shal raw up measures for the winding UP savings gocleties and submit same 10 the Executive Yuan for Its dees This law was officially passed on July 4, 1934, but nearly two months went by before we could obtain an. absolutely accurate text.
Text read from the printed page and cleaned; old type leaves the occasional error.