New York, Jan 8 – The formation of two great development companies for China was announced last night by ex-premier Chow Tse-chi. He stated that the Universal Textile Company, capitalized at G.$9,000,000 and the Dragon Film Corporation G.$5,000,000 had been organized and incorporated in the State of Delaware. Associated with Mr. Chow in the enterprise is a large group of American financiers headed by Alexander J. Drexel Biddle Jr., and F. P. Graves, former United States Alien Property Custodian. Besides, Mr. A. J. Thomas, the former head of the British American Tobacco Company, and a director of the Chinese American Bank, will assist Mr. Chow in the organization of these enterprises, as will also Dr. C. T. Wang and Mr. Chang Chen. The Dragon Film company, which is essentially educational in its scope, will be headed by Mr. Frank Chamberlin, and will engage in the distribution of industrial cinema films showing the business, political and industrial side of American life. These pictures will be released and exhibited not only to all the motion picture houses throughout China, but in addition will be shown in various government schools and smaller cities and towns to acquaint the population regarding the manners and customs of Americans.