Our bank has faced many difficult periods in the 78 years of its existence and has seen many vicissitudes in China, A few months ago our Shanghat Manager, Mr, A. S. Henchman, commented that he found it extremely difficult to see the wood for the trees, He was trying to take d long view and I think you will agree that it is not easy for us as the present moment to see clearly through ihe dense forest of gloom in which China and Japan stand. On both sides there are dangerous tendencies and pitfalls, We must move warily, keeping our eyes open, ready to welcome and take advantage of the first ray of light, It is helpful and cheering to fet that His Majesty's Government are keenly observing political events out here and are prepared to support British interests as and when necessary. Trade can flourish only when confidence and enterprise go hand in hand. If the policy of His Majesty's Government engenders confidence, then the Far Eastern merchant can be trusted to show enterprise.
As an instance I should like to draw attention to the initiative and enterprise displayed during these critical months by the two leading shipping firms on the China coast and Yangtze River—Messrs. Jardine Matheson Ca. and Butterfield & Swire—whose staffs, in gallantly keeping their services operating, have set a fine example, worthy of the best traditions of the British mercantile marine.
Text read from the printed page and cleaned; old type leaves the occasional error.