1 do not propose to-day to deal with polities or business prospects. T will only say that, if other coun: tries will attend to their own urgent Business of ameliorating' conditions within their own boundaries, and give up projects of doubtful altruism for improving the purchasing power of what are popularly known #8 the teeming millions of IChina, we may possibly look forward a steady improvement in both internal and external trade. Silver may fluctuate, but, if it is lett to fluctuate normally with other com-Jmodities, those who have silver investments will be sure of a certain Jmeasure, with little variation, of [purchasing power of commodities and service. I do not know of any other Purposes for which currency can eventually be used, although its intermediate uses for saving, charity, etc, jate many. While silver is allowed to. march with other commodities, [being imperishable and not a parently in any real danger of replacement by substitutes, it will al ways have its exchangeable value for the real use to which any currency ican be put.
There are indications that the Government of China clearly realises that the safe moorings which have secured China to a larger degree of stability and prosperity than has been enjoyed latterly by the rest of the world should not be forsaken for ithe spurious attractiveness of a fdujclary or managed currency, the di tinction between which in some is more apparent than real. quite impracticable at the present lime, and is likely to be so for as Jong' ahead as we need attempt to foresee, for China to adopt gold either as currency or basis of cur~ rency. Granted that such is the case, there can be no better policy than sticking to silver and sticking to the standard of silver purity which has Jbeen established and which experi Jence has shown begets confidence. It that course is steered, China, T think, will emerge in due course from the world depression sooner and more em pletely than most other coun:
The Resolutions No questions being asked, the following resolutions were put to the meeting and carried unanimously:—"That the directors' report and statement of accounts for the year Jended March 31, 1934, as presented, [be adopted."—Proposed by the chair ]Weait. J man and seconded by Mr, T.
"That the amount standing to, the Jcredit of profit and loss account be distributed as recommended by the directors in their report."—-Proposed Joy Mr, Li Ming and seconded by Mr, IE. J, Meager.
"That Messrs, W. R. McBain, Weall, C. J. Meager, M. Benjamin, land Li Ming be re-elected directors Jof the company."—Proposed by Mr. 1H. E. Arnhold and seconded by Mr. Poi Tsuyoe.
"That Messrs. Thomson & Ca, be re-elected auditors to the company for the ensuing year at a remuneration of CSS$1,400." Proposed by Mr. A. MeLure and seconded by Mr. A. K, MacEwan, Regarding the resolution for the Jeicction of directors, the Chairman sato:
Mr. Maurice Benjamin, who was lone of our original directors, has just been re-appointed a director of our company, but I regret to say T have Inow been informed that, for reasons lof health and other pressing interests, Ihe feels that he will be compelled to resign in the immediate future. We should ike to place on record our appreciation of Mr. Benjamin's work for the company during the time he has served as a director. We found his: advice always valuable, and, though we are sorry to be losing his services, T have no doubt the opporttunity "will occur, while he is in Shanghai, of consulting him from time. to time on those matters upon which he is so. well-known an authority.
I thought 1 would explain that we Jare going through the technicality of lelecting Mr. Benjamin, because we must have a majority of British directors, but he will resign shortly Jand when he does it will be necessary
place.
cent another director in his YANGTSZE FINANCE CE., The above meeting was followed by the fourth annual general meeting of shareholders in the Yangtze Finance Ico. Ltd, Mr. FR. Davey again presiding. supported by Messrs.
JArnhold, Hsu Singloh, Li Ming, P. W. [Massey. C. J. Meager, V. Meyer, and IT. G. Weal (directors), A. MeLure (general manager), and other share~ holders, a total holding of 174,056 shares being represented.
'The notice convening the meeting Jand the auditors' report having been read, the Chairman sald:—
The report and accounts having been circulated, T trust you will per= Jmit me to take them as read. At the meeting of our associated company, the International Investment. Tree Ca. of China, Ltd. which has just concluded, T have dealt with certain points of' interest common to both Jeompanies, and 1 do not propose. at this meeting, to do more than briefly review the accounts before you. You will see that the profit for the year iwas $682,866. This is considerably fin excess of the profits made in Jeither of the previous two years of the company's existence. A substantial part of the amount has been derived from taking advantage of market conditions 0 effect changes in investments and to deal generally and from day to day in securities. but T would point out that the dividend recom-Imended of 60 cents per share Is payable wholly out of nett earnings from interest and dividends after meeting out of the income from that source
Text read from the printed page and cleaned; old type leaves the occasional error.