Shanghai, Mar. 6.
Corporation, held in Hongkong on-February 26, the Hon. Mr.
the annual meeting of the Hongkong and Shanghai Banking J, J. Paterson, chairman of the Board of Directors, in the course of his speech said that, despite the abnormal conditions ruling throughout the world, the profit for last year was seven lakhs snore than that of the previous year.
Mr, Paterson reviewed the financial, and commercial, conditions in both Free and Occupied China, states the "Hongkong Daily Press."
Referring, to Hongkong, the Chatrman said, "I am satisfied that the new budget has been Kept down 10 reasonable proportions considering. the onerous but necessary expenditure fon defence measures and the services unavoidably incurred through the influx' of Chinese." "But," went on Mr, Paterson, "we must' continually remember that Hongkong is very susceptible to outside influences such ras the situation vis-a-vis China, Japan, Indo-China, the shortage of tonnake,"-movements "of popiation and $0 '0n, "It is therefore of importance that fresh commitments should be serutinzed with great care and that econ-amy should be the watchword on all sides."
Text read from the printed page and cleaned; old type leaves the occasional error.