One of the features of the official speeches at yesterday's annual general meeting of ratepayers was the very sane and sensible manner in. which the Chairman of the Municipal Council dealt with the effects of the hostilities around Shanghai last year and the quiet note of optimism which he sounded concerning its future prospects. It was obvious that he could not discuss the many grave and complicated questions which arise out of that crisis and the existing state of affairs, but, speaking with that inner knowledge, which in his position Mr. Franklin must of necessity Possess, it may be assumed that his expression of confidence in the future arises out of no parental relationship of the wish to the thought. One of the important things to remember is that, after the experiences of 1932, endeavours were made to protect this great city from a recurrence of the deplorable events witnessed on that occasion. All manner of plans were investigated for the securing of the neutrality of Shanghai, and though much earnest consideration was given to the matter, the Council and other groups interested failed to make any headway. It may readily be believed that the main obstacle to any plan that might have been put forward was the natural disinclination of the Chinese government to agree to any scheme which would have diminished its sovereignty over the immediate environs of Shanghai. It was a perfectly natural objection, and though its effects have been almost disastrous there can be no real criticism of the Chinese in that matter. dress for Easter, too..."
Text read from the printed page and cleaned; old type leaves the occasional error.