Adolph Zukor presents China the picture appears brighter. There we see development progressing rapidly and a calm quiet confidence in place of the gloomy fears expressed in the North. There is no doubt that the development of the South-west will continue and that when China emerges from this struggle it will be as a greatly strengthened nation.
In order that a true picture of conditions ruling 1938 and now may be presented it has unfortunately been necessary to refer to the many impediments which have been placed in the way of trade and a return to normal and sane conditions, and it is sincerely to be hoped that next year a different and more pleasing picture may be presented.
It has been said by the Japanese that we do not understand her intentions, but if those intentions were directed to good neighbourliness I think there would be no ground for claiming lack of understanding on the part of others.
I will now as usual give you a brief review of the Chamber's work during last year.
Text read from the printed page and cleaned; old type leaves the occasional error.