Though we are meeting to-day in the shadow of what undoubtedly Is a very serious depression, I do not think there Is any need to be unduly pessimistic. What Shanghai is exerlencing to-day has been experi-fenced in most other countries, notably in England. 1 was interested to read na recent issue of the London "Times" the report of the 17th annual meeting of one of the leading English Investment trusts. In the course of his remarks, the Chairman sald:—"The depreciation at September 30, 1931, worked out at about £224,000 on the {otal at which our investments appear Im the balance sheet, To have wit-nested the recovery in values of the Whole of this sum in the last four years Is very gratifying and a matter great satiataction both to the shareholders and directors", "1 will not venture to prophesy, but only to express the hope, not necessarily bosed undue optimism, that within a few years I, or my successor os your chairman, may have the pleasant task of making a similar announcement to the then shareholders.
'No questions being asked, the fol lowing resolutions were put to the meeting and carried unanimously:—"That the directors' report and audited statement of accounts for the year ended Merch 31, 1936, as presented, be adopted."—Proposed by the Chairman and seconded by Mr. Li Ming.
"That the amount standing to the credit of profit and loss account be dealt, with as recommended by the directors in their report."—Proposed by Mr. Pei Teuyee and second by Mr.
Text read from the printed page and cleaned; old type leaves the occasional error.