The Chairman praised the enters prise and initiative of Messrs. Jardine, Matheson & Ca, and Messrs. Butterfield and Swire in keeping their Yangtze "services. in operation.
"Foreign trade in the Far East more than anywhere else," be de~ clared, "is put up by to face, with courage, obscure ahd unknown situations. I am confident that the British will lead the way in tackling the new problems and changed conditions likely to be seen in the next two years.
"At present the outlook is cheerless, and it is easy to become depressed at the prospect of a long series of difficulties in China, but there are no reasons for regarding the future with too much pessimism."
Text read from the printed page and cleaned; old type leaves the occasional error.