Finally as regards Hongkong. In spite of the continued depressed state of trade the Government has not had to face any serious loss Fevenue. On June 18 the Hongkong dollar "Ordinance was approved granting authority for the issue of a Joan up to a total amount of 25 mil-Yon dollars, and shortly afterwards, you know, the first issue of 14 million dollars was successfully placed. Trade conditions here are unfortunately merely a reflection of the conditions existing in China. 'The Economic Commission will shortly be issuing its report which will no doubt contain some useful suggestions, but we cannot do a very rear deal' to hasten recovery China lags behind. Considering the vast possibilities of that country, cannot be really pessimistic about the future. The deplorable situation now existing in Shanghai is of course serving as. an additional drag on trade, however I feel that some way out will soon be found and 1 think you will agree that we owe a great Gebt "of thanks to our Chict Manager for the successful way in which hho has managed to keep Hongkong from being involved in similar cur-conclusion T wish to convey to our principal executive officers and members of the staff our great appreciation of the excellent service they have rendered to the Bank, over a most diffeult period
Text read from the printed page and cleaned; old type leaves the occasional error.