"The Industrial Ca-operatives, are also proceeding satisfactorily and inlereasing rapidly, Covering as they ido a very wide range of industrial effort they should form the nucleus for a very much wider and more im~ portant "development in the West, Jeven after a peaceful solution of the present hostilities has been secured, For two years in succession it haz been necessary in making this report, to refer to the many restrictions and impediments to trade, and the hope was expressed two years ago "that it] might. be possible" to paint a more pleasing picture next' year." This} hope was not realized and this year. we again have to look to the future.
"Interested as we are in the commercial and trade position it is diMi-cult for us business men to see how prosperity can be achieved in China fas long as restrictions are imposed which prevent even the Chinese from carrying on their normal business life In confidence and security, which must, be the basis of all prosperity, and while "control" of a monopolistic character may secure temporary. pecuniary advantage it does not help In building a satisfactory economy oF encouraging industrial or -commercial effort. The results of harmal and natural flow of trade are: the richest and most, lasting, for all concerned.
"The war in which we are now engaged has been called 9 "Total war." It is a total war which em. braces every man and woman in the: Empire. for we are all called upon. todo our bit in the best way we can. We cannot all be in the fight-Tine, but we can all do. something. "Out here we do our best to carry on trade-with the Empire.
essential part of this "all out" War that we should keep trade going. 'The service we can give is not much comparison with those who are giving all, but whatever it is we must give' it freely.
"In addition to service, we can hive of our substance to' the War Funds. one or other or all. "1 make ho excuse for making this plea once again, as our country to which we owe all asks us to give all we can,
Text read from the printed page and cleaned; old type leaves the occasional error.