The result of the year's working must be considered to be highly satisfactory, especially when it is noted that a profit of over fifteen million dollars is shown after paying all charges and making provision for bad and doubtful accounts and contingencies, which certainly is a magnificent showing under existing conditions. Heavy clouds still make their appearance on the financial horizon owing to the unfortunate clash between the two great Powers with whom we are so ¢losely associated in Eastern Trade—there has already been an appalling loss of life and much misery, to say nothing of the huge expenditures and the heavy loss of trade. It is obvious that wars or incidents will undoubtedly have their serious repercussions and complications, and it is to be hoped that those controlling the destiny of these ancient Empires will be able to arrive at an early solution of their differences.
Your remarks, covering the Customs, Salt Administration and Railway Administrations, which are so deeply woven into the financial fabric of China, are especially interesting, and it is pleasing to note that assurances have been given regarding these interests which are so international in character. With you. we do realize the heavy responsibilities placed on the shoulders of Sir Frederick Maze, and we sincerely hope that he will be able safely to pilot all the international interests involved io a successful issue.
I am particularly pleased to note your reference to those who "go down to the sea in ships;" there are also many others serving on- this coast besides those mentioned by you. and one and all have faced their arduous duties in a manner which certainly upholds the highest traditions of the Mercantile Marine and deserve the greatest appreciation of us all.
I well remember our chief manager stating at the. opening' ceremony of this building over two years ago that the bank up to that time had found nothing tgo small or too large to deal with; subsequent events have proved with a vengeance that there was a great deal more than the ordinary banking facilities necessary to to meet "the abnormal conditions
Text read from the printed page and cleaned; old type leaves the occasional error.