HONGKONG BANK MEETING.
The skilful manner in which the affairs of the Hongkong and Shanghai Banking Corporation have been conducted through a period of abnormal dillficultya difficulty occasioned both by adverse local conditions and by world depression— lends additional value to the views expressed at the recent annual meeting by the presiding Chairman, Mr. C. G. S. Mackie, concerning the general international financial situa- tion. After commenting upon the collapse in world 'prices during the last two years and also upon the great shrinkage in Great Britain's volume of trade, Mr. Mackie said very truly that all attempts to solve the resulting problems have until now been baffled. With equal truth he affirmed that the very roots of international economic relations were being attacked and the world was threatened with the destruction of its credit system. Needless to say, in this connexion he emphasized the intolerable burden of inter-Allied debts and reparation payments. In particular he pointed out the bad effect upon the debtor countries of being faced with the poSition of being unable to pay in gold and having the channel of payment, through exports of goods and services, blocked either by tariffs or by world depression.
A. 1V. K.
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