Mr. P, W. Massey presided at the annual meeting of the China Asso-lation which followed the Chamber The ery to-day is: ce-operation with JChina, But let us not forget that as far as we are concerned ce-operation with China is no new development—no suddenly adopted _policy—no abrupt switch over from a policy of pushing the sales of goods, to a policy Jot investing money in China, That }would be contrary to our traditions and habits; we don't change our minds and policies overnight; and in this ease there is In fact no question of a "new" policy. The polley of, [collaboration with China, of pariner-ship with Chinese interests, is an old "It is many years since we first started to help China develop her railway communications. her' coal mines; it is many years since we commenced to put our money into shipping, banking, real estate, and factories in China.' These funds were tied up without any Intention of ready and easy withdrawal, without even any hope of profitable use unless we gained and keep the good will of China, They were and continue to be clear evidence of our belief and faith in China. do not claim that we have: made immense profits out of our vestments in China, Bluntly, we have not, If we are to compare the advantages derived by China and by ourselves from these investments, 1 think it is clear that China has been the chief gainer. But that is not how we must judge our actions, "We have been bold and enterprising: we have rendered great service to China; but irrespective of the tem~ porary ups and downs of particular ventures, Tam convinced that we have been on the right road when we ]set out to invest funds in appropriate enterprise and industry in this country, and that that fs the road should continue to follow, over hills and valleys, in the firm hope of benefit not' only, to China, but to ourselves as well:
Text read from the printed page and cleaned; old type leaves the occasional error.