Another reason for the increased earnings is that as an indirect result of the Sino-Japanese hostilities there is still a shortage of berthing and storage facilities.
Abnormal conditions of trading have tended to increase the import of commodities like coal, cotton, rice and tobacco.
Conditions in Hongkew are by no means back to normal but they are better than they were and we hope the improvement will continue. I would like to take this opportunity of paying a tribute to the S.M.C. organizations which have been functioning in that area under a severe handicap. The Police and Fire Departments particularly, as usual, have been very helpful.
Taxation is heavy, but the benefits which accrue from the stable government of this International Settlement are of inestimable value and it ill behoves concerns like ourselves to grudge the contribution to the cost which we are called upon to make.
I regret that the berthing of coast and river steamers which at one time was one of our major activities, shows no signs of being resumed. Until the Yangtze is opened to trade and the area North of the Soochow Creek gets back to its former status there is little hope of vessels of these types making use of our wharves.
Text read from the printed page and cleaned; old type leaves the occasional error.