think we can truly claim that this Eenk has upheld our best traditions and really has shown China, by example as well as by precept, what ts the way. We are glad to hear that the staff in Hamburg got home safely. We are proud that some forty of the London ggtaff are with the fighting forces, "The greater burden which will fall on those who are left will, 1 am sure, be gladly borne.
Courage is a characteristic of the Bank, and I am glad that the chairman's review leaves it to me to voice however inadequately, our apprecia tion of the staff who have worked with energy and loyalty to give us not only the tangible result of their work of the year but also confidence in the future, which future can scarcely be expected to be more dificult than the times in which we in China have lived.
Text read from the printed page and cleaned; old type leaves the occasional error.