At the present moment the outlook is cheerless, and it is easy to become depressed at the prospect of a long series of difficulties in China, but I have tried to show you reasons for not regarding the future with too much pessimism. Foreign trade in the Far East has more than anywhere been built up by enterprise and by a readiness tó face with courage obscure and unknown situations. I ám confident that the British will lead the way in tackling the new problems and the changed conditions which we are likely'to see out here during the next few years. As for the bank, it can be counted on to do its rightful share.
One last word; I think you will all agree that we owe our appreciation and thanks to the members of the staffs who have worked. in China throughout the past year. In each China port where we have branches, there have been critical moments and difficult occasions which have in every case been faced with courage and ability. I feel you can rest assured that your interests are in good hands.
With these remarks, ladies and gentlemen, I beg to -propose the adoption of the report and accounts
Text read from the printed page and cleaned; old type leaves the occasional error.