Distress among the less affluent classes of the community, asthe the exult of the failure of the American Oriental Banking Corporation Wis allied concerns, has revealed poignant tales of "loss and misfortune. This has. naturally evoked considerable sympathy which cannot Be. blamed "for" being impatient. Urgent. demand. is made for. statements by the Corporation's official for the intervention of soe, influential institution, for speedy action by the American Judicial authorities. Suage' Milton J. Helmick has been Placed in m position of considerable Gimeulty. "Flest of all there has been the physical elreumstance of his Absence" from. Shanghai. He has been prompt to indicate the inten-lon. to take appropriate action, to ensure" an.-efficient' and impartial handling of the exceedingly dificult tasse of liquidation. The propriety of his attitude in itself imposes the need for careful consideration, The appointment of a man with the reuisite qualifications cannot be made in @ hurry. The judge must. led for his feannot be accused of a lack of prompttude, Whether any action can be taken to mitigate the distress which mist accrue "from the losses in-normal of the liquidation curred by. depositors pening the
really a matter for private philanthropy. It is not fair to expect other banking institutions to take any resmonsibnity in such a case, except in so far as, in the normal course of business, they can offer. facilities to ease temporary inconvenience, As for the process of liquidation," here again it may be well to point out that the "success of a liquidation depends on the extent to which the Liquidator can have plenty of scope for realizing the assets on, the best possible terms. and in the most favourable condition of the market. This may sound like cold comfort in rebuke of a natural impatience, but the fact remains that, if too Ready fan eat be given to importunity by the liguldator, by so much the more the auldaiion linble to fall short of Bie ideal of serving the best inferesis of the Bank's creditors. On {the causes of the fature there is stil little to add to what has already been said. The official inquiry is necessary for fuller enlightenment. In the meantime the public interest demands a steadfast' refusal to apportion blame on the basis of inadequate data and, above all, to be led astray by unrestrained pessimism into a conviction that this bank failure is more than a symptom of the current depression. That depression is not necessarily getting worse, although would be folly to indulge in airy expectations. Shanghai can keep steady head and an alert eye on the future which, whether the depression bbe long oF short, can hardly fall to hold prosperity and further progress for this great city. Upsets have Joccurred before. They have brought their lessons-and inculcated valuable experience. "If Shanghai looks tupan the present difficulties in that Night, much may be done to fortify the community asa whole against further disaster and to equip it for eventual recovery.
Text read from the printed page and cleaned; old type leaves the occasional error.