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 contin gencies, which certainly is a man ficent 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 closely 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 It is Obvious: edly 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 Cus toms, Salt Administration and Rai way' Administrations, which are 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 inter national in character. With you, we! do realize the heavy responsibilities placed on the shoulders of Sir Fre-Gerick Maze, and we sincerely hope that he will be able safely {o pilot all the international interests involved to a successful issue.
Tam particularly pleased to note your reference to those who down to the sea in ships;* there at also many others serving on this coast besides those mentioned by you. and one and all have faced their arduous duties ina manner which certainly upholds the highest traditions of the Mercantile Marine and deserve the greatest appreciation of al 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 too 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
Text read from the printed page and cleaned; old type leaves the occasional error.