Warm and sunny.
China Foundation 【中華教育文化基金董事會] Executive Committee meeting at the Farmer’s Trust Company. Smith of the bank made a long report on stocks. Oils, motors, copper, steel were all over-supplied. Many stocks have been grossly over-priced. Tight money has also squeezed stocks. Europe, with economic recovery and common market, is offering the U.S.A. strong competition.
Had a few word with K. C. Li 【李國欽]. He advised me not to accept the vice-presidency of the Executive Yuan.
Practiced on the back lawn, carefully, so as not to injure the back.