noon.
The China Mail.
八十二年
No. 17,886.
COMPANY MEETING.
the year.
under
review
ESTABLISHED
EXTRA.
HONGKONG, SATURDAY, FEBRUARY 28, 1920.
|
25 000.000-
snuall
!
日九初月正申與天平凡中
PRICE $3.00 Per Month
F
TRADE WITH INDIA
BRITAIN'S RIVALS,
the
aur
consequence of the world's inflation may continues to be a crushing to carry out her, three most urgent of war to be faced with equanimity, of prices. The effect upon silver. of burden upon the Government, under reforms, namely the reduction of and today especially the necessity this combination of shortage of which all attempts at financial reform the army, the improvement and for strengthening reserves is more supply and increased demand was appear hopeless. The high level of extension of internal communica- than emphasized it we wish to ensure and the reform of the the maintenance of the Corporation's concealed for time by the exchange has reduced China's annual tions action
high position among the great Bank- of the Government in foreign debt, in terms of silver...to in currency.
There is undoubtedly a great ing Institutions of the world. HONGKONG AND SHANGHAI BANKING CORPORATION.xing a maximum price for silver. extent whien has placed at her
The showing of the sterling
Mr. Thomas M, Ainscough's report During the first half of 1919 the price disposal huge surpluses from both amount of hoarded wealth in the
on the conditions and prospects of of silver was in fact treated in the the Customs and Salt revenues which, country, and, of patriotism and a equivalents against the various items same way as that of other controlled under happier conditions, would have real desire for better, things I am in the balance sheet is a natural British trade in India at the close of there is fack; sequence to the growth of the the 'war" is an attempt to add to commodities. Such action was gone far to re tore her to a position convinced
bur, even patriotism demands Bank's business to and in other our knowledge, and as he is our The ordinary yearly meeting of the pared for offices at Harbin and Dairen curse only possible by arrangement financial independence.
The Maritime and Native Customs good security, attractive terma countries, and we
the senior Trade Commissioner in Indiá recognise shareholders in the Hongkong and where we have acquired suitable pro- with the Government of the Unite
for the importance of showing the ue, and Ceylon it has authority Shanghai Banking Corporation was parties. We shall also have to ex States of Americs, the maximum collections under the I.G. of Customs and adequate guarantees
in a currency behind it. He takes a serious view, held at the City fall this morning at tend our building in Singapore by price of silver being fixed in amounted respectively to HK. Ts. proper expenditure of funds, and it value of resources.
Mr. J. A. Plummer presided utilising the adjoining property recent York at 101 cents per conce fire. 46,000,000 and HK, Tis. 4,500,000, rests with China herself to provide more widely and readily under he says; of Japanese competition in textiles, but feels that as 2 and in London at such price as and are the highest on record. From these for the successful flotation of stood. and there were presert Hon. Mr. E. 1 purchased.
In thanking our Chairman for his preliminary to such further action as Our balance sheet on this occasion equivalent at the current rate of the surpluses avaliable, after probans in her own country. V. D. Parr. Mr. J. W. C. Bonnar.
ving for all obligations including, With regard to currency reform very able and informing speech upon may be necessary we should have an Hor. M. S. 1. Budwell, Mr. C. S. appears in a slightly altered form as exchange to 95 cents per ounce
Regenisation Lain. The reported intention of the Chinese the condition of affairs in China and expert investigation of the position of Gubbay, Hon Mr. J. Johnstone. Mr. sterling equivalents, calculated at the Standard." The arrangement came the A. H. Campton and Mr. Ross Thump-rate of exchange at the end of the than abrupt end in May 1919. The 22.000.000 have been handed over to Government to act upon the recom- for his apt expression of our feelings the cotton Industry in Japan. He the different maximum price, first in New York the tree disposal of the Chinese Gendation of the recent conference upon the retirement of Sir John would have inquiry made, for instance, as to the precise number of spindles son (Directors, Mr. N. J. Subt your appear against
for the Establish tion of order in China may be nearer and looms the Japanese have. (Chief Manager) and Messrs. A. H. items. With so many of our offices and then in London, was removed, arment. The foreign ban and in-et British Chambers of Commerce Jordan, let us hope that the resicra-
tefidemnity servi ef-dependent on the in Shanghai,
there of 2 Government than the present position would ap- economies to be gained by working Barlow, W. R. P. Thursfield, He in gold countries. this simply meurs and silver uncontrolled was
for the irce coinage pear to indicate.
20 or 22 hours per day on the shift Wing. C. H. P. Hay, R. M. Dyer, reconverting into sterling the amounts exposed to the contending forces Customs revonyše, requir an aonument demand The resul disbursement of £7000.000. At pre- Mint
In conclusion I would like to ex-system." the labour cost per pound of T. Arthur, H. R. B. Hancock, T. F. anklerred into dollars, and the ster supply and
vent rates of exchange rares of silver dollars, with adequate Hough, A. M. L. Soares, Chan Shu ing figures will convey better informa- was that, from 485 B, the con-
employed by Japanese Ming. Chun Tung Tang Chi. Ng Ong tien as to the bank's position in coun- trolled price at the beginning of controlled by the LG. Custoris guarantees for the maintenance of press particular pleasure in the anyarn or piece of cloth, and the Chau. Ngan Ting H. M. H. Rex tries where not much is known about May, silver continued to soar un produce about £20 000.000 annually their fineness and weight, marks announcement that the Staff have been methods
and and it will therefore be seen that, if important step in the right direc voted a bonus of 25% on the salaries shipping companies, barks, trade Under the wards until after frequent our local della currency. zez, R. Dastur, W. Darbar, W. Cur
do away with the violent fluctuations, the then recht silver maintains its present price, the tion; its importance indeed in the for the year. It has been, richly associations, and Government agents rol. A. P. Sany, J. Arnold, A. Deni new system we
position as compared with com son, J. W. Taylor. A. de Journel, nominal rate of 28. at which the Frice of 791 8d por curce standard margin on interced Customs re-interests of trade cannot be over deserved and I feel sure will meet to place their exporters in a privileged
was reached in the last month of vente a the dispual of the Chinese Estimated. It will raise the dellar to with your hearty approval D. E. Clark, J. H. Taggart. L. sterling reserve fund has appeared in
Government will continue to be very its proper position as the national Gentlemen, I have much pleasure petitors.
currency, superseding the use of the in seconding the adoption of the
He goes on to say that our facilities Berindouge H. J. Gudge. F. C. the accounts for so many years, and
The silver situation in China, which considerate.
The Salt revenue collection during now antiquated sycee, and it will: Report and Accounts as presented. for transport. finarice, and distribu... Hall. Fung Kong Yeen. E. J. Millier, in future the cultivalent will be show!!
was aggravated by excessive export)
The Chairman: Any questions. tion are unrivalled. provided the Le Cheung St, Lo Cheung Ip. In in the accounts at the current rate.
Curing the earlier peed of the war, the year 1919 is "eported by the Chief undoubtedly benefit all classes; but has now more then adjusted itself, specters to have shown remarkable one would like to see it a step gentlemen? The adoption of the re-fullest and most efficient use is made Fook, F. Maitland. D. M. Ross. D. It is purely a sturling reserve fund,
The depreciation of native pert and accounts has been proposed of them in the national interest, and V. Stevenson, M. Manuk, G. A. in the same way us the silver reserve with the removal of all restrictions vitality, notecirhstanding the disturb further. Young, A. E. Grifit, A. W. Smith, is purely a silver reserve fund: and upon the metal. The imports fed site of the country. The total bank notes in recent years has driven by myself and seconded by Mr. Hay. that the policy of preference for J. M. Abs. Dr. J. 11. Sardes, com equently the dollar equivalent insires.during the period 1911 1917 menue was $50672000, as com the Chinese to the habit of hoarding Will those in-favour please signify in British goods within the Empire is Messrs. C. A. d Nosa. J. M. du C. the emer, and the starling pasiva amounted in round fires to Tpared with $71.5-4.000 in the pre-specie, to such an extent as seriously the usual way? Against? Carried put into daily practice by our ship- bankers and merchants, unanimously. The next business is owners, Busto. P. I. Faulkuner. Rev. Father lent in the latter case. have no real 57.000.000 as against experts of Tis ding year; although it has to heto affect its circulation. The only
'whose Attitude in the past Robert Messes, G. Grimble, M.-S., sirither, but simply show the 110.500.000, or an extra of experts, cheereed that of this sum, over remedy is to provide a paper currency the re-election of Directors.
has been cosmopolitan rather Mr. R. M. Dyer; I beg to propose
We are than imperial
further Northcote, 11. . L. Dewbiggin. 1. respective valties in the alternative | over imports of Tis. 61,303,pro Tae: $26.000.000 were retained by the which will command the fullest con Barton, T. . currency at the current rate at the end imperts during the period 1913 to provincial au horities for their ovnfidence, and unfortunately the govera.
told that Japanese distribut- K Moss G. W.
ing houses' possess an important Pearce, D. J. Lewis, T. H. G. Bray of the year. I would mention that it 1919 were Ts, 82,000 600, and expertse, a nut vor encouraging evidentement bank issues fall far short of that the appointment of the Hon. Mr. fields. P. X. d'Almade. Li Keen is the intendon of your Directors to Tls 13,000,000, or an excess of imports of the barely nomiral control this essential. In Pelting, the place John Johnstone, Mr. Ress Thomson Chun. P. Tester, F. B. Wallsce, transfer from the silver to the sterling over experts of 216; whis, retained over them be the Cent if of largest issue. these nores are and Mr. J. W. G. Bonar as Direct advantage in the fact that their assistants and clerks are ül-paid and live under conditions which the G. M. Dedwell, Ho Leung. R. S. reserve during the current year, a actual imports, to the 25th January of Government. The obligatiors and accepted at little more than half their tors be confirmed and that the Hon. Merrison, L. N. Leute, A. S. Gub- sum sufficies to bring the latter up the rresent year amount to ever Tscharges met from the Salt Reven in face value; and to restore them to Mr. Stanley H. Dodwell. Mr. W. L..
afthorough sum
reorganisation of the re-elected Discctors."
telerate," and that, in order to meet · bay. F. L. Sin. E. Davidson, R. H. to 2.500.000). It is not proposed 16.000.000, not including consider during the year amounted to the parity would necessitate such a Patrenden and Mr. J. A. Flammer besual British assistant would not
which on.
Sir Ellis Kadoorie; I beg to second their competition "British employers 1. BU tovus: this additional amount in alle further quantity on the ware complectively
the manager. Korewall. E. J. Grist. 0.
of those banks has that.
and operatives will be obliged to J. H. N. Mady; H. Percy Smith, M. securities. ber to keep it liquid in The figures, giver are in Babuan $11.500.000, and a surplus of abst system
hitherto been conducted, as would The Chairman: It has been pre-combine to secure the maximum Chinese Government. W. Lo, E. A. M. Williams, R. A, sterling for the purpose of financing Taels, which may be raken as appra $5.000.000 was released to, the ment
ximately equal to 1 1/4 ounces pre Rodger. A. V. Apcar. P. M. N. da trade.
But all these immense sums.acge involve the settlement of any posed by Mr. R. M. Dyer and possible output, both from our silver. Silva, G. Hogg. P. V. Borelho and Fall provision has been made for
"The highest priw ruched by gating a prosentrates of exchance difficult questions, and demand the seconded by Sir Ellis Kadoorie that workpeople and also from all had and doubtful debts and con- G. Miskin.
The Chairman; I being past the urgencies; and I think I can safehe silver in Americ during the your ja total of considerably more than expenditure of much time. A simple the appointment of the Hon. Mr. John machinery."
of and practical alternative, if only pro Johnstone, Mr. Ross Thomson and the amount was $1.30
THE OTHER SIDE OF THE CASE. Re-organisation Loan of visional, would appear to present Mr. J. W. C. Bonnar as Directors be
We must always be prepared," of hour for which this meeting is called say that ample provision has also been
gold parity between New York and 1913) and spsorely nedat for itself in the proposed establishment confirmed and that the Hon. Mr.
course. to face the facts, but the ex- I will ask the Chief Manager to read made for all war losses, though it fine, which, on the basis of tho, the notice convening the meeting. will be some considerable time yet|ondon, namely 4.8066, would make the work of reconstruction and of a mint in Shanghai: namely, that Stanley H. Docwell, Mr. W. L. tracts, quoted above make one doubt poured out. the mint as a Chinese Government Pattenden and Mr. J. A. Plummer be whether Mr. Aisscought himself is The notice having been read, the befpre outstandings are cleared off. The Lerden equivalent about 6, form, have been Chairman said: Gentlemen-Beicre An official of the bank has been in irstead of 79.1/8. as already stated. like water upon sand, in meeting as department, might itself issue notes re-elected Directors. Those in favour sufficiently well informed to be a
ccined cellars held in proceeding with the business of this Hamburg for the past few months. The high price in London is there for as may be the demands of an against meeting. I have to refer: with very going into maters there, but a final fere due to the law cross-rate bo- army over which the Central Govern reserve, which reserve, under due kind signify in the usual way sound adviser. He may not be aware next business is the re-election of tives are mainly women, and there is deep regret the sudden death of Statement of the position has not yer reeen the two countries, and cannorment has ceased to have control, and safeguards controlled by the mint Against? Carried uranimously. The of it, but Lancashire cotton opera-
might in time be be taken as representing the actual of an administrative machinery. x authorities,
auditors.
ao likelihood of that state of things Ross in England in been reached. Mr. C. H.
as to
3 free Our holdings of British Govern price of silver in terms of gold. The ploited by political factions, demands reduced.
Mr. T. Arthur: I beg to propose being altered. Why, then, toy with November last. Mr. Ross served for
Indian Colonial and other fact is that the American quotation which have no finality, and which the corresponding amount of specie for some years on the Directorate of this ment Bank, and a few months before his securities are either written down to for silver has been fairly steady for resources of the Government, even the use of the market. Not the least that Mr. F. Maitland and Mr. E. A. the question of running the mills 20 ticable thing here? is no new thing death joined the London committer, well below current market prices or sime time past, and the fluctuations under the peculiarly favourable condi- advantage of such a step would also M. Williams be re-elected auditors or 22 hours a day, as if it were a prac- Mr. H. R. B. Hancock: I beg to even in Japan, and Lancashire has com where his sound judgment and wide-ample provision made for depreciation. in the London price have been chiefly thans resulting from high exchange be that it would create a precedent for the year.
peted successfully against it in the By Amongst the many perplexing produe to changes in the New York and and improved collection, are quite for the reorganisation, on a sound
Ladequate experience were of great value.
satisfy in full basis, of the note circulation of the second.
The Chairman: It has been pro- past, when her hands were not tied his death we lose an able counsellor, blems arising from the chaos into London rate.
During the year value of the rune The disbandment of, superfluous two government ba ks, and many of us, I am sure, a per- which the world has been plunged by
I feel I cannot conclude this brief posed by Mr. Arthur and seconded by the war. Japan herself has pro- the late war. not the least urgent and rose from 1 fd in April to 2/4 troops is talked of, but no serious sonel friend.
The report and statemen: of a serious is the dislocation of the for- December, and since the turn of the steps have been, raken to effect it¦¦ summary without a reference to the by Mr. Hancock that Mr. F. Maitland [mised to put an end to the system in counts having been in your hands for eign exchanges to, an extent which, year Indian Exchange has been fixed and indeed it is difficult to see where approaching departure and retire- and Mr. E. A. M. Williams be re. the course of a few years, and she
Against? Carried un John Jordan. During his long term in favour? some" days, 1 shall, with your per- in pre-wer days could never have on a gold basis of Rs. 10 per ad the necessary funds for the purpose ment of the British Minister, Sir elected audimors for the year. Those would probably have to do so now if
These fuctuations.sverein; consequently the rate of are to cume from. mission, take thein as read. The re been conceived.
exchange in India on London vill
To End a practical solution which jof office, which has exceeded that animously. That is all the business, liberty as our own women workers. sult, including $3,279.611.48 brought, coupled with the difficulty of obtain-factuate with the premium on old
complex situation, may well baie the has laboured unceasingly to protect attendance. down from the preceding year, shows ir silver suficient for the require in England. The last quotation will bring unity and order in this of any of his predecessors, he gentlemen. I thank you for your a net profit of 80,666,473.57. After ments of the Chins trade, and of keep hard is T.T. 27
wisdom and ingenuity of the greatest and further British interests, By his be ready on Monday. deducting the interim dividend of ing it in circulation when obtained.
Hongkong and Chin sterling stairsman: and China has not yet wise counsel, falmess and integrity, viz have added greatly to the ordinary exchanges have followed more produced the master mind which he has earned the lasting respect and £23. paid in August last. £270.000 at 3/8-81.542.857,14. complexities of exchange operations irregularly the upward course can accomplish it. Nevertheless, gratitude, not only of Britons, but of REIMBURSING THE. WINE that that is an indication that they
MEN. ard $30,000 remuneration to Direc- and have taxed to the full the watch-
of silver in London, while other the remedy must lie with the Chinese the Chinese, and all others with: tors. there remains for distribution fulness and capacity of our managers Eastern exchanges on London have themselves; and the most hopeful whom he has been brought in con-
Their difficulties have S9.093,616.43, which it is proposed' and wegnts,
i been further accentuated, by the slow. isen with the declining rate betwers feature of the moment is the growtact; and he leaves behind him a ft. arpears that the right of strength of the Lancashire cotton New York and London. During the political consciousness of the name which will ever hold a fore vineyardists and wine-makers to trade when he wrote his report, ness and irregularities of the telegraph last six months of the year prear middle classes of China, upon most and honoured place in the his reimbursement for all losses resulting which is dated Calcutta, July 23, service to the Far East. both from Hongkong rate advanced from 33.whose practical common sense and tory of foreign intercourse with from national prohibition is to be 1919, but we take it he knows now These fr-3/4 to 5/2 T., and the Shanghondrition I believe the country China. In wishing Sir John Jordan recognized by all. There can, in that the demand for Lancashire cot. Europe and America. regularities have been and sufli ere, rare from 5.3. to 7:10 TT with rely, in the end, to bring unity a pleasant voyage, and the enjoyment fact, be no objection to it, for both ton yarns and clut a greatly in a most serious handicap to merchants occasional sales as high as T.T. 8 and urder out of the present chaos, for many years to come of the rest State and Nation encouraged that excess of the output, desuite the fact as well as to bankers, and therefore The Siamese tical advanced from 1,5.
For many months past negotiations and leisure which he has so fully
Calcutta itself cannot now buy as to trade generally, and it is hoped 5.32 to 2/1, 11/32; the Philippine have been in progress for the forma earned, I feel sure that I express the industry by acrual appropriations up that prices are very high, and that But we emphatically protest against much as it wants from ts for early that those concerned will realise this peso, from 2/1 to 2/6 1 2: the t
tion of a new consortium, composed desire of every one here in adding $2.830,769.23 and use their utmost efforts to restore prese yen from 2/2, 1210 2 6.3 of British, French, Japanese and Ameri- the hope that his ripe experience and this burden or any part of it being delivery. Why, then, try to make the telegraph services to the satis-There has been no charge in the can financial inoups, with the object of intimate knowledge of affairs in the assumed by the State of California our fresh creep by writing as if our 2,000,000.00 factory state of efficiency they had sterling rate in the Straits Settlement. Cucisting financial assistance to Far East may still be at the service of by its people except as citizens of women would have to work harder the United States The people of than ever and in the night and our Since the end of the year the follow China,, with the support of their of His Majesty's Government in its Write off bar pre-
California Dever assented to the salesmen live under intolerable con* As will be seen from recent reports ing rates have been touched: respective covernments. The realiss decisions on the questions which the mises account
destruction of their wine industry.ditions in order to get a livelihood and telegrams which have appeared Hongkong T. T. 6/2; Shanghai
Gentlemen, I now beg to propose And carry forward to
ately been delayed by the claim in the press, the depreciation of the TT. 9/3: Manila T. T. 3: Japan tion of this object has unfortun future may have in store for us." the current year the 3.262.847.20 Pound sterling as distinct from the T. T. 2/9 while silver in Land of the Japanese Government to ex- the adeption of the report and state All know that had the ratification of against Japanese competition? balance of
Southern Mancheria and ments of accounts and after this has the amendment been submitted to The total return to shareholders for overcice, and the continued fall of reached 894 and the London/Nev
the exchanges between America York rate dropped to the low levi Eastern fener Mongolia from the beer seconded and before placing the the vote of the people it would have the year amounts to £900,000 and her European Allies in the of 2.19, but has recently moved to score of the consortium; a claim to motien before the meeting. I shall he been buried beyond hope of resur And the people of California must per share, as against £108.000 or Great War, to frures never before 337 and there has been a smpathetic which it is, clearly not only beyond pleased to answer to the best of my £5 185. per share the previous year, recorded, have aroused the serious decline in the price of silver the power of the other groups "to ability any questions which share not pay the damage caused by the action, of the people of the United which may say compares very apprehension of the Governments Landen and also in Eastern Sterling agree, but in conflict with the funda. holders may wish to ask.
Exchanges.
Mr. C. H. P. Hay Mr. Chairman States. It would much more than mental pinciple of the consortium, favourably with the profits distributed, concerned, who see in the diver
the gold parity Speaking generaliz, 1919 was a which is the establishment of complete and Gentlemen. It is with very double our State debt, which is bla ing some 370, agreed to suspend by the great home banks. Directors trust that you will be grati economic dangers for the countries prosperous year for China. Trade.equality in financial and industrial great pleasure that I rise to second enough now.
On level lands the damage will be their business on Jan. 19. This fied by a result which they cannot but involved. They have called to their The steady appreciation of silver enterprise, with te regard to the the adoption of the report and ac
prearranged demonstration against regard as very satisfactory, and that aid financiers and economists of the appeared to have little effect on the sovereign rights of China and the counts now before ns, and I feel the loss of the vineyards, which stoppage in their transactions is a the principal abolition of political spheres of in- confident that I am voicing your required years to grow. On hill lands, the Government authorities who the proposed allocation of profits will greatest knowledge and experience, export trade: in meet your your approval. They also and no doubt their counsel will sug markets of the world the kren fluence. It is sincerely to be hoped wishes in congratulating the Court in addition to that loss, there is the have recently revised the old pawn hope that you will endorse their action gest remedies for mitigating the d-manier China's productions that the widening of her political of Directors, the Chief Manager, the difference in the value of the lands brokers' regulations in a manner dis in voting a bonus to the staff of 25 situation; so far as Great Britain is silk, oil, seeds, wool, hides, skins &c, outlook, which must ensue to Japan various Managers, Agents and Staff up producing a valuable crop and, the per cent, on salaries for the year concerned, the effective cure would advancing prices more than offset through her membership in the on the excellent result of their labours value of the same Lands. for pasture advantageous to them. At present it has been well earned in all case. appear to lie in the enforcement of the elect of the high exchange League of Nations and her associa. The enormous difficulties, which For the winemakers, there will it is not yer known whether the economy. noth m the part of the which on the other hand, enabled on wit the Great Powers in the have arisen during the year under doubtless be some salvage in and petition previously presented for the Alter, writing $10 lacs of bank premises account the balance wij State and the individual in the ethe Chinese, to buy foreign goods work of world reconstruction, will review are. I feel sure, full realised and structures, but the good will of reconsideration of the authorities will
be admitted. courzgement of production, and in freely éven at the unprecedented cause her to modify her attitude, by all of ph, and we have listened a business built up at great expense stand at $5.948.288.26: perhaps nor the removal, as soon as it may be values they have now attained. In the face of heavy demands for with no inconsiderable interer to the through many years is a total loss,
It is morally certain that the The Akashi pawnbrokers appear a large figure for a bark like ours, possible, of restrictions upon the Shipping facilities were on the whole money by all the Alled countries for Chairman's concise resume of the but we are committed in heavy ex-export of gold.
adequare and the volume of Chine streamstruction and the financing of exching complexities which here Eighteenth Amendment in the last to be also participating in the step pendilure ahead. Plans have been The effect of the Chloe demand foreign trade, according to the trade the degree of assistance which had to be faced Gentlemen it is important amendment to the Constitu taken by the Kobe pawnbrokers, and approved for a large up-to-date build- for liver had been intensified by a Customs revenue collections, max the consortium will be in a position indeed gratifying that in spite of all tion of the United States which will ing in Shanghai, work on which will marked decrease in its supply the have greatly exceeded all prece to accord to China is likely to be far we are presented with figures showe adopted without a direct vote of they are reported by the Osaka art of her requiremento: while the jug, increasing prosperity, which the people And it is by no means Mainichi as planning a similar de- be commenced this year. The offices world production having declined dents. N ENG
from oz. 232,000,000 in 1913, 10 oz. There is but little change to record high rate of exchange necessarily allow for the payment of an certain that that amendment will not monstration. here are being extended by building 175,000,000 in 1917, and by a greatly in the internal condition of Chira males borrowing in gold a most enhanced dividend without departing in the end be repealed by such a vote. The chief danger they incur is that next door; sew buildings are in course, extended demand for silver for coin- during the past year. North and costly operation: In short China from the eminently successful policy as not a matter for national action of construction ar Manila; Colombo age throughout the British Empire South seem as far as ever from must mainly depend in the future on of building up reserves, It is this at all. The fight has but just begun. the public may discover that it can and Canton, and plans are being pre- and on the Continent of Europe, as a coming to an agreement, and, the her own resources for the means policy which enabled the outbreaks. Chronicle,
to deal with us follows:-
A final dividend of 42
5s. per share, and a
bonus of £3 10s.
per share, subject to
deduction of income tax, together amount-
ing to £690,000
and payable at 4/104 "absorb
Transfer to silver re-
serve, fund
1,000,000.00
reached before the war.
Your
xence from
clude
10.
ני
Dividend warrants will
to the last moment..
rec'ion.
*
the women is the mills had the same
that our shipowners, bankers, and is beating the air, too, to complain merchants are too cosmopolitan. Does it not strike Mr. Ainscough that they led the world before the war, and
know their business better than a Gov. ernment official can reach them?. He may not have known the actual
KORE PAWNBROKERS. ON STRIKE.
All the Kobe pawnbrokers, number«;
do without them.. -
B