'Our bank has faced many difficult periods in the 73 years of its exist-fence and has seen many vicissitudes China, A few months ago ° our Shanghat Manager, Mr, A. S, Henchman, commented' that he found it extremely. difficult {0 see the wood for the trees, He was trying to take a long view and I think you will agree that It is not easy for us Jas the present. moment to see clearly through the 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 fof the first ray of light, It is helpful and cheering to feel 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 con-
Text read from the printed page and cleaned; old type leaves the occasional error.