"China is nó longer the. disunited, disorderly China of the war lord Dr. Kung asserted and attri-the nation's progress largely to ow national psychology.
here is now among both the Government and the people" Dr. Kung said, "a disposition to face the realities of the world and a readiness to and discipline them-
Kung referred. to Madame Chiang Kai-shek's New Life Movement which he said was conducive to a "national renaissance."
He also mentioned China's financial unification by which, because of he modernization of- provincial nances under the National Administration, "more than 5,100 items of miscellaneous exorbitant local taxes" had been abolished during 1934.
Pointing out the fact that China's current ordinary budget was balanced, Dr. Kung added that ordinary revenue would also provide for "necessary sinking fund loans which may be floated to finance some extraordinary expenditures, mainly reconstruction expenses of a capital nature."
As the result of currency reforms. Dr. Kung said that-exchange stability bad been maintained "to a degree previously unknown in China." All types of business transactions consequently have been facilitated As an evidence of the rehabilitatien of China's credit abroad, Dr. Kung pointed out that during the past two years service payments had been resumed on, loans defaulted by the old Peking Government. He also cited the recent arrangement for the settlement of the Pacific Development Loan. and resulting in increasing loans on Chinese railways." Dr. Kung sáid.
The President of the Chinese Chamber of Commerce, Mr. K. C. Li, introduced Dr. Kung. Mr. William Chadbourne, President of the China Society, presided, Mr. Cameron Forbes, in a closing address: praised China's economic progress and Dr. Kung achievements. Mr. Forbes i: an honorary president of.the China Society.
Text read from the printed page and cleaned; old type leaves the occasional error.