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Mr. Lee Tsung-ching was born at Ningpo, Chekiang province, in 1878. He was graduated from the Anglo-Chinese College, Shanghai, specializing in a commerical line. In 1892 he began his business career as a shipping clerk in a native business firm at Shanghai. In 1895, when the commerical navigation between Soochow and Hangchow had just been started, he was employed as customs clerk of the Soochow-Hangchow Inland Navigation Company. A year later he joined the Shanghai office of Carlowitz & Co. as cashier. In 1897 Mr. Lee went to Tientsin and joined the firm of Gipperich & Co. His position being a general clerk. In 1903 he started his first independent business as compradore of the Siemessen & Co., Tientsin. This position he held until 1905 when he was invited to join the Shanghai office of Gipperich & Co., becoming the principal assistant of E. Gipperich, the general manager of that firm. Mr. Lee returned to Tientsin in 1908, and accepted the compradoreship of Rousseau & Co., then a leading French firm. In 1910 in partnership with L. O. McGowan promoted the China