The China Mail.
LISRTD
BANK EXTRA
HONGKONG, SATURDAY, FEBRUARY 24 1025....
TRADE
AND
FINANCE
IMPORTANT SURVEY.
HO GKUNG BANK' MEETING.
MILITARY LANDS. FOLLY.
Yunnan, -Chengtu and Anhui, we more to come, and to depression in precarious fortunes of an have heard very little during the trada generally..
career, is to be seen in the numerous year, they have probably been con- Owing to high cost of production and mills and tastories which are spring- fining their operations to the mamin some cases to inferior quality, the ing up throughout the country. The facture of copper coins of ever-markets captured by Japanese goods other encouraging feature to which I lessening waldo. The most inter during the war have to a large extent zefer, is the increasing interest taken esting one may say amusing beea Ipet, competitive, articles of the in politics and the affairs of the item of news was, however that the same nature offered by foreign government by the Chinese Chamber Anhui Mint had produced large manufacturers were better and ches of Commerce, and their marked quantities of forgeries of the Canton Mint's 20-cent pieces. These were tion is increased, operating costs and heard. We hardly take up a papar per so, until the standard of produs determination to make their voloss seized by the Maritime Customs,
OHIÑA'S CHAOS: SILVER PROSPECTS: WHAMPOA'S FUTURE. run for profit by whoever happens tent is a development of the export government. So long as he can trade
:
which is now prohibiting the cir-prices lowered, Japan will not be able without reading reports of resolutions cuiation of debased coinage from to meet her competitors on even terme urging disbandment of troops, or one port to the otho a very ralu- in the oversea markets of the world. condemning the extortions of the tary measure. All these mints are What is meet urgently needed at pre: Taohuns and the extravagancs of the to have secured control of them.trade, for however welcome the ex- peacefully, the Chinese merchant. The coinago is debased in finenéns pansion of the rilk industry may be, takes little interest in politics or and reduced in weight as opportuni- it is as a manufacturing nation Japan changes of government. When, how fit is made in the period of the lag ties present themselves. The pro must hope to thrive.
ever, ar would now seem, he realises between the debasement of the
STRAITS CONDITIONS BRIGHTER, that the country, and with it bla own. In the Straits, conditions, although prospects of increased profitable coinage, and the corresponding de-
World trade conditions, Far Eastera commerce, the chaos in China, reparations, and the future of silver were some of the the important subjecte discussed in the Chairman's speech at the 10th annual meeting of the Hong kong and Shanghai Banking Corporation held in the City Hall to-day at noon, The Quairman also bad something to say about official procrastination increase in the market values. The still leaving much to be desired, are trading, are in danger of being only wifeguard left in the syces of certainly brighter than they were a brought to rain by the folly of bis connection with the traqsfer of military establishments to sites which do not Shanghai. The manufacture of this year agn: The two principal products iulera, he is moved to atter a proteab, bamper the Colony's expansion'so greatly.
is under the supervision of the of the Peninsula-rubber and tin--for the expression of which the native guilds and has hitherto prov-, which were largely under the influenon facilities of the modern Chinese prose ed to be absolutely reliable. It is of general world wide depression are offer him a chandel not formerly Mr. A. O. Lang presided and was has been the policy of your Directhe touchstone of the various cur now commanding better prices. Rubber available. It in this great body of supported by Mr. D. G. M. Bernard tore for many years past.
rencies that are manufactured by re triction has been a mach debated Chinese commercial opinion and (Deputy Chairman). Hon. Mr. P.H.
the minta their quated prices in subject, and while efforts failed to get vested interests, aided by modern Turning to the other items of the the market are always based on all producing countries to arrive at a facilities for publicity, which will, I Holyoak, Hon. Mr. E, V. D. Parr, Mr.
. Compton Mr. G. T. M. Edkins, Balance Sheet, we are -confronted Shanghai syre, and when, debase common conclusion in favour t errol, believe, prove to be the force of the Mr. W. Is Pattanden, Mr. H. P. White with the usual difficulty in ranking ment takes place these prices will compulsory restriction, on an export immediate future. I hope it will, by (Directors) and Hen. Mr. A. G. Comparisons with the previous year ultimately, reflect it.
owing to the rate of exchange being I Shanghai svece were to dis- concerred, came into force in the clos
basis, so far as Ceylon and Malays are Stephen (Chief Manager).
about 16 per cent, higher at the end appear, chaos would come, each of 1921 than it was last December. mint would vio with the other in ber) and the price of the commodity 'g months of last year (lah Novem Severnl encouraging features may turning out debased dollars and we however be noticed.Our cash and might in course of time see a coin has risen very substantially. Let us
Mok
Mok
|
ENCOURAGING FEATURES.
1
sign matter than silver. So, until before supply and demand adjust there are seriously administered themselves on a satisfactory reonomic raints in China, it is absolutely basis and artificial measures dissp essential to hold on Shanghai sycee.
to honest pear. The tin industry is regard ed as healthy and through reductions effected in mining costs, mining on present value of the metal is again on
remunerative level.
DRIGANDAGE AND PIRACY..
I will refer later on to political conditions in China. It is gratify ing that the collections of the Mari-
a
CHINA'S CHAOS,
which it is our earnest desire to 65", its insistence, secure the reforme
assisted from without, must be urged and which, although they may be and created from within.
RIVAL HONGKONG PORT,
;'יין
In the foregoing remarks I have only made a passing reference to the Consortium; but I would like to take this opportunity of speaking more particularly on a question whichicon- cerns both the polloy of the. Consor tiam and the future interests of this Colony. Allegations have been made in a responsible American quarter?** and orged with an insistence which
The following shareholders were present: Mrs Pollock, Mrs. Claud Severn, Mrs. D. G. M. Bernard, Hon. Mr. H. E. Pollock, and Messrs. V. M. bullion is considerably lower and that had in it more copper and for- hope however that it may not be long Grayburn, F. H. Pentycross, Ho our bills discounted and loans are Wing Ho Kom tong, Lo Cheong shit, considerably higher than the pre- Chau Sin ki, Lo Chang-won, Les Good, vious year, as are our acceptancer Kon-sang, Tool Kunz po, on account of constituents. All Shu these are indications of more activity Chan Man-chee, ming, Ho Fook, Lo Maa hin, Ho in trade. Our silver deposits have Leang, A. 8. Ellis, J. W. C. Bonner, shown a normal expansion, while, W. Andarion, W. E. Van Epps, F. on the other hand, our holdings of Barrington Deacon, H. Birkett, British Government treasury bills F. R. J. Adame F. Smyth, D. V. show a substantial decrease-I hope Stevenson, R. M. Dyer, P. K. Kwok, it will not be long before we are conis in spite of the very serious ing the past year has again been one of would seem to give them the. Jde Castro Basto, Chan that method of employing, our evidence last year. In Hongkong condition of the country, so far from propaganda, that a treaty or agres- relieved of the necessity, of using obstacles to trade which were in deep disappointment; and the general character of a deliberate anti-British Tung-eang, F. C. Hall, J. M. Alves, F. R. Marsh, C. O. Boyd,
All losses made or ascertained our industries are prospering-land G. W. Baston, R Hancock, during the year have been fully B. Dunnett, R. Bruce, G. M Dalgety provided for out of current profits, F. M. Crawford, O. 1. Ellin, Chan and the margin between the market Ngan-ting. Sydney Michael,JR. King value of our-gold securities and the horn, H.B.L. Dowbiggin, D. E. Blair, prices at which they stand in our A. R. Lowe, W. L Leask, Leung Yan-hooks has materially increased in po, F. S. Harrison, K. S. Morrison, C. the same period. Thorne, L. Dunbar, A. Desieon, H. W: Bird, N.O. Wilson, G. B., Leighton,
read:
CHAIRMAN'S SPEECH.
TRYING YEAR REVIEWED.
cult to find.
funds.
SILVER MARKET QUERY.
ነ
fimo Customs have, exceeded all re-
The political history of China dur
values have risen to, undreamt of realising the fair expectations raised mont with the British exists whereby heights owing to the steady influx by its delegates at the Washington the Chin se may be debarred from of Chinese from the neighbouring Conference, has become areadily worse. creating railway facilities necessary provinces and to a situation to The standing army is larger than ever, for the development of 6-deep water which I shall presently refer. Un- and continues not only to be a crab port for ocean-going vessels at or near fortunately brigandage and piracy ing Gnancial burden upon the country, Canton; and that, although such continue to prevail in the neighbour but its ill-disciplined units have be-development would be the natural ing provinces of Kwangtung and come a serious menace to both foreign accompaniment of any rabeme for the wangsi, hampering the free inove-and Chinen life and property every complation of railway communication ment of imports and exports. Our where outside the protection of treaty from Hankow to Canton, it is the external trade is suffering greatly in porte. Bands of brigands, consisting fixed policy of the British to oppose deserting or unpaid soldiery, maraud consequence.
Business in the North, thought rough the provinces, burning, loot of Hongkong. I am in a position to rally in need by unsettler con- ing and kidnapping with impunity state categorically that no such treaty itions in not alter without while the whole country. continues to or agreement exista. Article 15 of encouraging features. There was a
стране.
provenient
of
it, as being detrimental to the trade
The silver market, in which we . Weail, D. Templetion, Lee are all so much intercated, did not Coon Chan, F. P. de V. Soures, present any very startling features Furg Tacg, P. 8. Cassidy, T. E. during the year.
The range of Pearce, H. Gerardet, D. H. Cooper, prices in Loudon was only 7d-the Per Botelho, D. J. Lewis, highest point being 37.3/6 and the Hancock, B. L. Sim, George Grimble, lowest 30.3/8-The variations in J. McArthur,, A. Murdoch, O. W. the actual gold values were less, the vinces, was not altogether without be rent by aver-shifting political die, the Canton-Kowloon railway loan Berwick, E. F. Aucott, P. C. Potts, highest price in New York being E. J. Chapman, A. Piercy, O.E. 1.74.3/4 and the lowest 63. There fair demand in the markets of the Berrions and military intrigues. The agreement contains an undertaking, world for China's varied products. Peking, Government, central only in usual in railway agreements where the Beavis, M. S. Nurthcote, G. M. was a net decline of 3d. in London and the situation of imports in the name. 18 a puppet in the hands ofline constitatea the security for the Bourg, W. B. L. Shenton, A. B. during the year which was entirely Northern ports is quite healthy contending tuchuns. The railway loam, that the Chiness Government due to the appreciation of the pound Statistics of China's foreign trade are over ron, their traffic disorganised will not allow another line to be built Stewart, and Captain R. Swain.
sterling, the price of the metal in New York at the beginning and the are not yet available but there must and their equipment damaged by competing with that railway to its end of the year being almost exact have been a moderate all-round in-bordes at disorderly troops. The detriment; but this clearly refers to reveunes which should go to maintain competing parallel lines, and could ly the site.
It is hoped the close of 1923 has the railways and to pay the service of not possibly be held to preclude the Purchases of domestic silver by the U.S. Government under the ten the liquidation of most of the the forei n loans secured on them, are Chinese Government from coostrac- Pitman Act have proceeded steadily these markets once again taking military authorities. Over shadowing choose for
old stocks in the Far East, and with appropriated at their source by the ting whatever terminat facilities they The Chuirnian said :---Ladies and and should be finished towards the fresh goods suitable to the present this chaotic endition of affairs like. Hankow-Canton Railway. Whether the long projected gentlemen, the report and state- ond of this year. There in much demand, it is hoped that the out-dark cloud is the load of unsecured river improvement and the construe ment of accounts have been in your speculation as to what will happen look for 1923 may reasonably be indebtelness foreign and internal; tion of a deep-water harbour at Can- unds for some time so, with your when such an important quantity expected to show considerable in indebtedness with which the ton ate practicable or not at an permission, I will consider them ne of silver has to be placed on the
open market. Optimists believe, t is a great satisfaction to us that that its appearance will coincide Shanghai cónting to expand;
The cotton will industry conmetances has shown itself entirn by the advantages to be gained, is a Peking Government, in its present ( expenditure which would be justified we are able to present to you such with the disappearance of the sup there are now about 3 million na-ly unable to deal unaided; but which question for experts to decide; 1 um a favourable balance sheet after a plies, from the various countries, tive spindles in operation compared mured by the area, wealth and told that they are not. However, year of continuous uncertainties and which are reducing the fineness or with 1,000,000 in 1921 and 1,300,000 population of the country, would if this may be, I am persuaded that no disorganisation in all the exchange, demonetising their silver coinage so in 1920. Indian yarn has been the properly consolidated, entitle China development of trade facilities at markets of the world, a year too in that the situation will be balanced; principal sufferer by the growth of to be placed almost at the head of the Canton can, in the long run, be which profitable channels for invost- others think that the latter factor this, local enterprise. Several-in. world. So long as present conditions detrimental to this Colony, and our ment of gold funds have been diffi- will continue for some years yet deed, most of the native milla persist, bowever, and until the people Chinese friends may be assured that The cheapness of There is no reliable data available have started with inadequate capital of Chios show their determination to British policy in this matter is bound- money in London has been reflected, to enable us to form an opinion, 80 and it is feared that troubious times issist upon effective measures beiged by no such narrow out look as that by a further rise in the price of we shall keep an open mind on the are ahead of some of them. Taken by the Government for the-disattributed to it. (Applause). gilt-edged securities and by a sub- subject, and no doubt we shall all
.... PHILIPPINES AND JAPAN stantial decline in, the earnings of be wiser on this point when we
bandment of troops the ecnsolidation In- the Philippines the wise and of the unsecured debt, and the
CHINESE REVENUE," nearly all of the great London meet in this room next year. Banks.
The report of the Maritime Cuntans The quantity of silver absorbed by firm. administration of General unification of the country, every Fortunately we are not altogether Chis was, as nearly as we can eat. Wood is reducing the finances of attempt to assist her from outside revenue collection for the year 1922 dependent on the same sources of mate, Standard Ounces 86,700,000. the Islands to order and has already must be regarded as futile. The Con has already appeared in the news. income as they are, though, of In 1921 it was 69 millions and in brought the Philippine peso to ite sortium, which was formed to give such papers, out I will not take your course, in view of our substantial 1922 Ounces 98.1/2 millions. par value. The high prices obtain-assistance, must continue to stand time by repeating the figures here. gold assets, a higher rate of inter- More than half of the imported able for products of the Islands, by, a patient and passive spectator of The total nat collection HK Th. est in London, which would be the silver was used by the Canton Mint particularly engar, thanks to the events. No financial assistance, which 58,000,000; this, as lydfeady stated, result of more trade demand for which it is estimated produced the United States, should soon pro-while at the same time securing pro- Th. 4.100,000 in exess of the collec
free market available for them in would serve the real interests of Chipa, beats all previous Aucorde, being money, would suit us better thin about $733 millions "lace Value of the extremely modest rates that 20-cent pieces. These coins are duce renewed prosperity betion of bondholders is possible in tion of 1921, itasif record year. were obtained during 1929 700 fine and, following the well. In Japan the year's imports showing circumstances.
Thore has been a moderate he known Gresham law, they have an increase of Yen 245 million over TWO BRIGHT SPOTS.
The total cal revenue paid into vital of trade in the Fast and our driven into the melting pot the those of last year but the increase in
the Group Bas, after dedusting operations generally have been, for former. Kwangtang coinage of sports is greater viz: Yen. 342 otherwise gloomy picture. The first 633,000 which is an
There are two bright spots in this administrativo expenses, was 1185, tunate, so our total earnings for the higher intrinsic value. Their fine- million, of which Yen. 300, milljon year were satisfactory, They nesa was maintained at 700 but the was contributed by raw silk and silk is that the Maritime Customs collec $5,000,000 as compar amounted to $12,982 408.99 which more recent issues were clipped in textiles thanks to the bn demandtion for 1822 hae beaten all previous previons be record is an increase of more than $2 mil-weight to the extent of about 2 per in America for these article. This recorde, thue showing once more increase of $7,600,000 on lions over the total of 1931. We cent. Here it may not be inapproproved special boon otherwise the vitality of trade which seems to be realised in 1821 Be are therefore table, to propose the priate to mention a few detalle balance of trade would have been Proof against all the forces of starchy various local authoriting mediondeby increased about China's present car to
nd And” misgorázamerta. No doubt the 281,688.400—an increase of toupáteli vize £6 per Khare for the t CHINA'S COBRENCY?"
*1964) business has changed in character ?. Das compared with the emo
-much-of-1-that-formerly-passed- retained in--19/19-rip-addition to through the lands of foreigners is now the retentions made in formir transnoted by the Chinese themselves. years in the Provinces of But de to the steady incresin in the Kwangtung. Brechuan, Yunnan 'and Courte Reneral volume of foreign trade Hanau, revenge was retained during the customs Agures leave, no room | 1922 in the "provinose" of "Shansi, tion of these
abt, Proof of the gro Hush, Klangai and Manchuria, while,
Fokiem no revenus kád
to Silve
to write off
Tion. The
$8,881,768:69,
o to schThe mints, which have been million and ally active do those Promises $1 mit Hangchow and Cantanto
forward, former have been busy.com
more Yuan do
fairly satisfactory ning, regårds wai and finer
than we brought in at the
of 19221
unfavi
figures that trade
flourishing, but
of both mann
cles—the fort
24
the