In his opening speech, the Chait man of the Association, Mr. N: Yuan-py, gave a historical sketch of the Association and the necessity for its existence, "With a view,"
said, "to studying Chinese bank-1 Practice and economical conditions in China, to develop the banking business along modern lines, to do away with evil and underhand practices, and with a view to establishing a clearance house for Shanghai, we have established Association and experience shows that its formation was indispensible 1d not in vain, The Association was started on the proposal of Mr. Chang Kung-chuang, an expert in Chinese banking methods, early in 1916, and, in the following year, the site where this building now stands was purchased for this purpose. The formal. inauguration of the association took place on July 8 that year with a membership of 12 under the presidency of Mr. Sung Han-chang, manager of the Bank of China, who was first President. There were seven bank members then but now there are 26. Under the auspices of this Association, a conference was held in 1920 with representatives of the leading banks all the important cities of China, for the purpose of encouraging ce-operative spirit and establishing x solid union of the bankers throughout the country. "It is our sincere hope," concluded Mr. Nyi, "that this Association will achieve even a greater amount of success in Promoting banking business in
Text read from the printed page and cleaned; old type leaves the occasional error.