BURNETT'S
FINEST LONDON
DRY GIN
unique in character and flavour.
Gives that distinctive excellence to a Cocktail.
Sole Importers:
4. S. WATSON & CO., LTD.
WINE AND SPIRIT MERCHANTS,
ESTABLISHED $1 YEARS.
THE CHINA MAIL.
Fra cand Italy (being largely covered
in this way) have not resulted in such
increase in the circulation of notes as
SPECIAL CABLES.
[China Mail SPECIAL.]
mast have recurred therwise. Bat WIRELES› MÅN DIS UPPLARS, when confidence revives the money temporarily employed is Treasury bills will be required in trade, and the exchanges will tend to suffer from whst may be described as a deferred in- fiation."
TUESDAY, MAY 23, 1922.
INDO-CHINA FLEET. has been very little, if at all lighter- EX-ACTIVE SERVICEMEN.
LAST YEAR'S ́ WORKING.
"A SATISFACTORY RETURN."
-
SINGAPORE, May 22.
IN SPITE OF DEPRESSION.
- Hugh Reznedy, wireless operatori
ashore bere.
BNK SUSPENDS PAYMENT.
[China Mail SPECIAL.)
The year 1921 will long be te
He would fret (at Genos" for on the ss. Clan Mathesonmembered as one of unprecedented instance) establish there principles:
1) Those countries of which the steriously disappeared daring a visit world-wide shipping depression de Jegal tender money has a gold value depreciated by more than 20 per cent below its value in 1914 are advised not to attempt a restoration of their carrencies to the pre-war gold value. all (2) It is desirable that earrencies should become exchange- able against gold at a fixed rate as 500g as possible. And with this object in view the rates at which their new goll values are fixed should be chosen the basis of what it appeare practicable to maintain with reason- able certainty in the near future.
SINGAPORE, May 22 The local branch of the Bank of Communications has again suspended pirment.
STAR FERRY MEETING."
REFERENCES TO STRIKE.
and Co., Ltd.
ed, although there has been a sub- stantial saving in the price of bunker coal. Recent Chinese Isbour troubles entailing a substantial increase in wages have also resulted in placing an additional and unexpected tax upon the Company,
NEW, STEAMERS.
www
ANOTHER WINDFALL FROM SIR PAUL
$5,000 TO FURNISH CLITE,
ABTENT JUROR.
AN ACCEPTED EXPLANATION.
Turning to the Company's building Following generous gift of $50,000, steamers "Kutsang" and "Hosang" programme, cur new Calcutta to be divided equally between the ex
active servicemen's association and 500 tons and $700 tons deadweight clared the Chairman at the forty-first respectively already referred to, took the British Legion, Sir Paul Chater tordinary general meeting of the Indo ap their running on the Calcutta Line has to-day handed a cheque for Chins Steam Navigation Co., Ltd., this month. The latter steamer was $5,000 to the former organisation to which was held to-day at noon at the purchased, when partially built, from offices of Messrs. Jardine Matheson the North of Ireland Shipbuilding provide the necessary furnishing of s Company, she was finished to ap-cab which is to be oper ed in premises Mr. D. G. M. Bercard presided and proximately the same specification as in Queen's Road Central early nexs there were present Sir Paul Chater, the "Kutsang" and her very moderate month for the Ese of ex-active CMG., Sir Robert Ho Trag, Hon. purchase price. allows of servicemen. Mr. A. 0. Lang, Mr. H. P. White satisfactory average value per ton. (Directors) Mr. R. Sutherland for our two latest additions to the (manager), Mr. W. E. L. Shenton Calezita Line. The two Coaster (solicitor), Hon. Mr. A. R. Lowe, built at home via the Fagtabs Messrs. Ha Fock, Ho Leong and Tingsang" have receady! E Abraham, H. Birkett, arrived and have been found in every (3) The next general point to con- der is the use of gold in actual
Ho Kwong, P. Tod, E. F. Aucott, way suitable for the service for which X. L. H. Railton, Ho Ki, Ho It. Lo they were designed. circulation. It is essential to prohibit
Man Hin, Ho Chai Kit, Lo Cheung Oat new Lower Yangtze steamer Before the Criminal Sessions mome this, since Europe will need all her gold as a reserve against exchange
Shin, A. M. da Silva, E. B. C. Hornell, Kurgwo"left for Shanghai to take up | marced this morning Ur. Justice Wood dactuations, and cannot afford to se
G. M. Shaw, and C. C. Boyd. hez River employment läst February bad AW.da Rots, who was ab-ent ! The notice convening the meeting and has proved a credit to her builders, when his name was called yesterday any of it uselessly dissipated in the
(having been read, the Chainman the Hongkong and Whampoa Dock for jury service, brought before him. pockets or hoards of the public. This should for the subject of a third Only brief reference to the launch said:-Gentlemen, The report and Company. I may my she represents The dalinquent put forward the grneral resolution, to the effect men's strike was made in the chair- statement of accounts having been in the last word in utility and comfort excase that he thought the summons that the Fowers agree that, while their man's speech at the twenty-fourth your hands for some days, I will with on the Yangtze. banks will issue legal tender money.
Annual Meeting of the your permission take them as read Ltd. held From the accounts it will be seen that not min: actual gold coins or allow the offices, Mesers Jardine whilst the actual running of the Fleet has shown unfavourable results, we them to circulate as a legal tender.
Matheson and Company, Ltd. at
are enabled, thanks to our conserva Whilst gold should be available on
11 o'clock this morning. demand in exchange for notes at a
tive policy during recent years, to fixed ratio, sach gold should be intended for export only and for the
make a satisfactory return to Share settlement of international debts; and, to encourage this, notes might be made exchangeable for gold (in the form of bars or foreign coin) only in amounts of, say, £50,000 or more.
"EVERYTHING POSSIBLE IS
BEING DONE."
Ltd. against the delivery of gold, they will ordinary Col
F-r
-Powell
TELEPHONE 3146
JUST RECEIVED
LADIES' FOOTWEAR
IN
WHITE CANVAS
PRICES FROM
LOCAL AND GENERAL.
Meners. A. S. Wat on and Co's holiday arrangements for to-morrow are advertised,
A granite lintel having cracked
4t Beaconsfield Arcade the verandah
has been stored up in order that steel beam may be inserted.
a
"Star"
Mr. D. G. M. Bernard (Chairman) presided and there were present: The Hon. Sir C.P. Chater CMG and the Hon. Mr. A. O. Lang (Chairman), F. H. Chappell (acting secretary) and the following shareholders: Vesers M. S. Northcote, J. Hooper, Ifo Lenas
and R. Dastur.
The Chairman said. Gentlemen-I propose, with your approval, to follow the customary procedure 'and- take the Report and Aeruacts as read.
bolders.
When I had the pleasure of address ing you last Jane the prospects for the year now under review were com- merted upon. In some quarters the views than expressed might have been thought to be unnecessarily gloomy,
of the Anditor, depreciation of the Ice only
was for 2,15. When he discovered his mistake he went and saw the Registrar.
625
the
His Lordship: Toa Reistrar and he has inforthed me that for waited for a considerable
Mr.da Rama: Yes, I waited bere
from 2.15 until 4.
His Lordship accepted the explana- in and dismised the juror.
An
Investment Fluctuation
We still have ander construction firstly, the "Fulwo," the "Ichang"
Changing steamer referred toat our last annual meeting. This vessel was bailt by Messra. Yarrow and Company at home, and brought out in sections tize. by the new Coaster "Fasiang." At present the Faho," is being as sembled at Shanghai and should be ready very shortly to take her place on the Changking run. Secondly the Finwo," a specially designed cargo. carrier, has been contracted for with the New Engineering and Shipbuild- bur experience has proved that the ing Works Ltd.. at Shanghai and The Underwriting Account you year 1921 will long be remembered as will shortly be available for service will note is increased by £17,789.3.1. Fleet being one of unprecedented world-wide ship on the lower and or middle Yang due to Premium on ping depresion. The general con- taze, where the continual expan-credited, while fortunately the ex- ditions of shipping trade in the Farsion of trade is engaging out amnest penses of accidents falling to this Increased passenger trafic bas East did not reach the low cbb in attention. The peculiarities of the account have been bow the average, resulted in an increase of $20,630.35 evidence in home waters; and owing Yangtze river with its widely chang The Contingency Account has been in the nett earnings of the Ferries, to the fact that a portion of our ing conditions during summer and redazed by 10 915.--being amount account of Corporation and I think you will agree that this carrying trade is of what may be winter seasons when extreme ranges paid en
$ domestic nature, and in depth of navigable water are Profits Tax. is very satisfactory. At the request called
indirectly affected
by experienced, call for the utmost catt House S reet Pier and the Boats has outside influences, we are able to and forethought in the design of ves Account has been opened and to this been written off through Profit and present a balance sheet which taking sels to be employed. In order to has been credited the increase in Lass A c, instead of being dealt with everything into consideration may, I cope with the increasing volume of valce of investments which were still at the Annual Meeting, as has bera hope, be regarded as satisfactory.
cargo available in the middle held at the end of the year. the practice hitherto.
Yangtsza districts during the low. With regard to the prospects for An application from the crews for
From time to time daring recent water season, tugs and lighters have this year there is very little I can tell an increasse in wages was received at years our revenue has been "Seriously had to be acquired to act as you; at the present time there are in- the end of February, and an increase impaired by the effects of hostilities fecriers to steamers of the main lines cations of revival, but the reasons - was granted as from 1st of that connected with the unfortunate con- and it is possible a further expansion for want of confidence amongst native Wisman Ltd. (in Equidation)mooth, and I am glad to say the men plex conditicas of Chinese politics. of this means of transport may soun shippers prevalent last year, still Las declared a final bonus of 80 cents stood to;ally by the Company during During the last half of 1921 the state become necessary.
exiit. Ita also hardly necessary for per share. Warrants may be had on the general strike. I regret, however, of affaire existing on the Yangtze be- From the foregoing it must not be me to remind you that during the application to Messrs. Percy Smith, they went on strike in conjunction tween Hankow and Ichang was almost thought that the Company is engaged first few months of this year our or- Seth and Firming.
with the Launchmen on the 19th incomprehensible,. in as much as in an extensive building programme.ganisation in the South was at a instant. Since then, an improvised steamers under all flags were, for a The seagoing fannage referred to, standstill owing to the Chinute Sea Englars entend No. 157, Wasang service has been maintained with the certain period. frequently fired apos represents in a large measure, replacemen's Strike, which lasted from 13th Street, last night and stole money, kind assistance of Naval ratings. I by Chinese troops on both sides of the meat of losses and sales during recent January til 5th Marci
There is a possiblity of readjust- clothing and jewellery worth $147. trust users of the Feny who have river. As can well be imagined, tran-years; the vessels in question being A Chinese detective arrested one suffered inconvenience through the sport under sech disturbing conditions S. 8. "Katsang" torpedoed in the ments of tariffs on some of our lines S. 3. Onsang" now operating at competitive rates and recovered $21 worth of irregularity of the service will realise was almost impossible, and a consi- Mediterranean,
that everything possible is being done derable period elapsed before business foundered on the way home with food and if this is effected, a substantia property.
to organize a regular service.
resumed a normal state. Unfortux-studs, S. S. "Fausang" a total loss increase of earnings should result.
Ia concision it is disimble to The balance at credit of Profit and ately this long spell of inactivity of Hainan", S. S. "Suisang" and Loss Account to be dealt with at this seriously affected our earnings not S. 8. Macsang" told. We have recard our appreciation of the good in the United States are raising mont for a scheme, the aim of which Meeting is $154,619.41. It is pro- only on the Middle Yangtze but also still before us the necessity of replac work performed by the Company's is to build in the leading cities of posed to pay a dividend of $2.00 per on the Lower River and Coast Lines, ing with modern carriers some of the Hosting staff and employees in shore
share and a bonus of $1.00 per share, which suffered by reduced shipments older steamers of the fleet now appointments during the past year. America dormitory homes for
Particular mention must be made mistaken. In any case the need for Chinese temporarily resident in the and to carry forward, the balance, of through cargo. You will realise running in regular services, while
riz., $34,619.41. stabilizing exchange is more apparent country. The first buildings will be
that so long as the present chaotic arrangements have been made to of the valuable services rendered by It is urgent
I beg to propose that the Report rate of affair exists in China, the reboiler on improved lines severs! our employees during the strike. in Europe than here.
$7.50 up to $14.50.
We Specialise in
Social and Business Stationery, Loose Leaf Binders and Books, Novelties for the Home and Office, Dennison's Xmas Decorations,
BIRTHS
INSPECTION SOLICITED
DER A WING & CO.
60. Der Vœux Road, CENTRAL..
TONKIN-Or. May 11, at Shanghai.
daughter. (Still börz).
INGSLEY-On May 13, at Nan- king, to Mr. and Mre. Over Kingale, a soa.
S.
The Chima Mail TRITE, JOŠTICE, PUPLIC SPEVIEL"
Zoraxoxo, Treasar, May 23, 1900
STABİLIZING EXCHANGE.
is more important to fix the exchanges
than to improve them. To postpone stabilization in the hope of improve ments he considers a hopeless policy **If the franc is worth more wages. it is argued, which are paid in francs will surely buy more, and French imports which are paid for in franes
much .00
cheaper." "No," says Keynes, "If franes
worth
they more
will be
sre
The Canton Times says that the rice will labourers in Hongkong have demanded wages increases ranging from 20 to 40 per cent. A strike is predicted.
Chinese students and merchante
to s
la
on
the
motion of
POLITICAL USREST.
COMPETITION.
connection
with
FISANCES,
Investments have been shown at the market rate on 31st December last. The decrease in the amount standing
tance in meeting the many and ever- changing difficulties confronting a, enabled arrangemente to be made which greatly helped to minimise the serións financial loss occasioned by the unforterate hold ap.
The Report and Statement of Accounts now in your bands explain our recommendations with regard to: transfers in accounts, and dividend proposed in respect of last year's working
I therefore propose the following at the credit of the Investment Ac-resolution" That the Report end coast is due to the realization of certain Etatement of Accounts, as presented securities to meet payments on account "be adopted and that £25,000 be of new steamers which have been transferred from Equalization of
to Capt. and Mrs. 1. Tankis, a politics there, and only an academin exerted in San Francisco and Chicago and Accounts as presented be adopted.] business of the Company, so far as coasters, the halls and general condi-Their co operation and willing assis
subject herz. Keynes, looking at the So seriets has the depreciation and passed, including the payment of the Chins carrying trade is concerned, tion of which web justify, the outlay.
Turning to the report and statement present conditions in Europe. says it of Chiesa copper coinage become a dividend of $2.00 per share and a is bound to be affected by the
that the exchange shop men of Shang- bonus of $1.00 per share, and that the general feeling of insecurity and of accounts, you will observe that hai have taken to holding meetings sum of $34,619.41 be carried forward uncertainty. It is worthy of note owing to steamers acquired, the value to consider the position. All edicta
new account. When this has however that the long rcffering native of the Fleet has increased by prohibiting the importation of these been duly seconded, I shall be pleased shippers, notwithstanding the disabi- £1,181,223.2.4. There have been's contend with, thew a noteworthy of new tonnage which will appear in coins into the province have proved to answer any questions shareholders lities they have had and stil have to few more payments in 1922 on account reactive, so that now a dollar is may wish to ask. worth 170 coppers.
The Chairman's resolution-for the spirit of enterprise during troublesome the accounts for that year.. adoption of the accounts was seconded times, and it is to be hoped that they by Mr. M. S. Northcote and carried may soop enjoy an undisturbed period The growing popularity of pro- unanimously.
of commercial activity to the benefit will miscuous dancing, especially in Kobe, The re-election of the Hon. Mr. of both their own and Foreign bay more labour as well as more Osaka and other large cities, has be-A. O. Lang sa director was interests. goods that is to say, wages will fall;gen to worry the Japanese police. In agreed to,
Flo Leung, 'secorded by! Severe competition was still in and the French exports, which pay their view very few people really un-M There has been auch talk of for the imports, will, measured inderstand the Western art of dancing, Mr. R. Daster and, on the motion of evidence on the Calcutta Line and the stabilizing exchange, but the political francs, fall in value just as much and the craze, they fear, will have ill Mr. M. S. Northcote, reconded by Mr. Shanghai, Canton Line and this was built or acquired during the yearDividend Account to Revenue Account; that payment of a As the imports." If gold standards effects morally. Dancers, it is said, J. Hooper, Mr. C. Bernard Brown was greatly responsible for poor returns. under review. The same remarks ap experiments reported aimed at im
"dividend of 8/- on the Preferred be re-introduced throughout are very apt to behave themselves in re-elected auditor at a remuneration Our
regular ply to the Deposit Account, proving ratios rather than at etability. can
‣ supporters as well maintained and Turning to the liability side of the "Ordinary Shares and £1. 10s. on the Exchange ficctuation, flect interns- Europe, be says, trade and productions manner subversive of police regula of $300 per annum.
closing the meeting the you will, I trust, agree that we have Balance Sheer, you will notice that "Deferred Ordinary Shares be made tional trade, not because they are up most revive, international credit will Sons.
Chairman announced that dividend followed the correct policy in placing Special Repairs and Renewals Ac-and that the sum of £3,038, 5s, be, down but because they fnctuate. rise, and capital fow again, to
has been reduced by "carried forward to next year." Says Ension Engineering.-United warrants might be obtained on ap-our old and regular clients on the count It would be of no real consequence to where it is most needed. Improvident
The Dividend on Skates on the same favourable Basis as Lew comers £10,668.13.4 which is due to ex- merchants what the rate were, provič national finance would also be States Vice-Consul Hugh Miller plication on and after to-morrow.
Over and in the trade who may endeavour to praditure.
above Hongkong Register to be paid at the ed the rate were permanent, that is to checkad. Here is an explanation potes that the increased use of trucks may, known beforeband, at the time which seems clear enough: The Hongkong is due to better roads.
take advantage of the unnecessarily the ordinary running repairs of rate of exchange-2/61. low rates offered by subsidised lines of the feet. Exchange Fluctuation). As soon as this has been seconded i they close their transactions. The countnes of Western Europe, being The first motor road to the Peak is
other nationality. The continued Eeserve Account has been depleted shall be glad to reply to the beet of Straits Sitlements stabilized their mainly manufacturing countries, are now in course of building, at consider-
unrest in India, and commercial owing to the Dollar Asseta and my ability to szy questions which exchange when they "fixed" their apt to import before they export; in able labour and expense.
How a man was saved by saurages depression in the Straits and Japan Lisb.lities having been taken into thareholders may wish to ask. dollar at 28. 48. Great Bitain did not booming trade they accumulate large road is being built across the hills to stabilize hers when she bolstered up stocks of imported commodities in the other side of the island. These is related in an American paper which are well known to you; this is naturally account at a rate of 217 against Mr. Birkett seconded and the
reflected in our income from the Sit. These were the rates of ex-motion was carried. sterling as against the dollar-she readiness for the great trade they see roads not only will open up many stater:"
Mr. Lo Cheung Shin proposed the Sausage as a shock absorber saved ports affected.. We have now the change on the 31st December in 1921
re-election of the Hon. Mr, B. ŐL- only temporarily arrested at tabead; in the depression, their new building sites bat will pervit favourable ratio. J. M. Keynes, the manufacturing industries live on those teck delivery of freight to portions of the life of E. R. Craddock, track advantage of two large and economical and 1920 respectively.
Figating Staff Pension Fund ass Lang as Director. great authorit du such economic stocks and refrain from replenishing the island that are now inaccesible driver, in Los Angeles to-day, accord-carriers, in the shape of the "Kutsang"
ME Hornell seconded. Carried. questions, claims that a world wide them, with the result that their except by coolie cazier. There are ing to his opinion, expreared in his and "Hosang" which are specially been slightly increased by the smount gold standard is the only way of imports fall more heavily below about 470 passenger came in the report to the police. Craddock was adapted for Eastern trades and should o interest added during 1921 less the stabilizing exchanges. Our Hong the normal than do their ex-Colony, the great majority of them driving a track belonging to a packing prove vainable acquisitions to the amount paid for Pension. A scheme
is still under consideration to placa R. Love and EAM Williams 25- kong dollar is not fixed, though parts. When the revival of trade American. In the case of tracks, compasy and filled with mest pro- Company. many bacinesmen would like it to becomes their Langer for imports may has been found that American ducts, when a Pacife Electric locomo- It was at one time hoped that, as this Fund on a satisfactory and auditors at a remuneration of $3.000 Some say the apposition of the back drive ter vzelinages down again machines are cheaper than other five struck it at a Crossing By-toon as the war was over, our running permanent Laziz.
The Building Reserve Fund has prevents it, they make most of B-sides this, the depression of trade makes, end, at the same time, are standers raid Craddock railed twenty expenses and overhead charges would
Furthermore, spate feet, but slighted on a shipment of be materially reduced, regret to my bearsed to write down the Cost of 1heir refits from exchange." Assound scilitated the sale of Treasury Billsatialactory. Banka do not speculate in exchange and other section by the Entopesa parts can be obtained much more saniage that bad saile 1 a little faster however, that this has not been the the new steamers, thus bringing them *hat "cover" each transaction, this Governments, with the resultt. At the quickly than in the case of tracker than in did. He was unbart, but care. We find that the borden borns man into line with market prices
badly tangled in. link sausage. by the Company in this connection ruling. polar criticism is quite probably budgetary defuite of, for example, from other countries.
Another
SAVED BY SAUSAGES.
"
The re-election of the Hon. Mr. A
was proposed Mr. Ho Fock... seconded by Mr. Tod and carried.
This concluded the business, the Chairman announcing that dividend. warrante were ready and could be i
had on application to morrow.