HONGKONG, SATURDAY, FEBRUARY 27, 1926.
Foreign Powers". Sympathy.. The events of the summer have proved the growing political power of the national movement in China
China's Vanishing Credit.
I now beg to propose the adop
One of the purposes put forward tion of the report and statement of the Conferencends thendust accounts After the proposal has ment of the unscoured obligations been seconded and before placing of the Chinese Government. I have the motion before the meeting mentioned the alarming increase in shall be pleased to answer to the the number of China's foreign loans best of my ability any questions which are falling into default which shareholders may have to Thieno is, besides, a very long, at nak or debts due by the Gourmentata foreign purveyors of wallway and On rising to second, ra other material It goes without.
DJ Lowis said Mr. Chair- haying that China can only roman ladies and gentlemen- trieve her fast vanishing credit, we have already observed
Seconder's Address
and regain the reputation for from the telegrame which have financial Integrity, which has been
BOLSHIE PLANS.
"HOPES" OF OUTBREAK IN BALKANS.
FAMURES ELSEWHERE..
(Reuter'a Servics.):
Rign Feb. 26,
H.K. BANK
WHEREINAGE The trouble had taken its tart
and to Great Britain's historical connection, with the origin of for (Continued from Front Page.) eign privilege in China On the part of the offaisla vew little was The Tuchun System::
done in most places to hold the extremists in chack, and the agits In the sphere of domestic pallion was left the main to run tics the year's record, like that of its own dourse. The ponomic several years past, is one of was effects of the movement aware feit and rumours of wars. The pr most aately at Shanghai and the gramme of constitutional reforms, South China ports. which Marshal Tuan took in hand:
The Bolshevists are apparently in on becoming head of the Govern-
no way discouraged by the failure ment, gave ground for some: hopes:
of their attempts to provoke revolu at the beginning of the year, but
Bathonia according to Mr. these vanished when the first of
hers in the past, if she takes her appeared in the local presa of the one in Germany, Bulgaria, and
Zinovie the national conferences, convened in spite of the lamentable record debts in hand, and ceases from the deep interest taken by financial circles in London in the prelimin-
In adirossing the sixth Dongress In accordance with his scheme, of the last few months, one un-neglect of her foreign obligations,
[bf the Communist "International at proved a complete fallure. It soon hot but reel that this movement, which has marked the last fewry announcement which was made
by our directors before the balance Moscow, he said that although the became obvious that the "tuchun if the patriotism which its sup-years.
sheet itself was published and situation in the Balkans was ap system" (to use a popular phrase) porters profess is genuine, should
While China has always been our venture to think that our chair- was too strong to admit of nation have in it the seeds of what the most important field of operations, punn's speech to-day will evokeparently stabilised, he still hope al reconstruction except by force country urgently needs, namely, an of arms, and that, so long as the organised pubile opinion among have, of course, very extensive greater world-wide interest than fully regarded them as a source of which might be fatal to capitalism.. Central Government remained de- the educated classes, which would and profitable business Interests ever before in the history of the pregnant and sudden happenings, Europe heldñfrati place in the In- pendent for its military backing on break the back of the present sys-throughout the East, and in concorporation.
trast to China, I am able to paint For the
For many years past it has unternational's plans for a world re- the tuchung themselves, it could tem of militarism. only rule as their controlled agent.moment the excitement, engender. brighter pictures of the other fortunately been necessary for thevolution, the East second, The dominant military chiefsed by the unfortunate "Shanghai Places where the Bank is estab-time boing to refer to the political America third..
funrest, to the wars and rumours of Rubber and Tire Prosperity. war, China, and to the exploita- tion of the provinces by successive The Straita Settlements and
warlords. The past year has pro-
Marshals Chang Tsc-lin and Feng affair and the Instigation of shed..
agents backed by Yu-hslang, ha after the defeat Bolshevist of the Chili party, reverted al-Balshevist money, have shaped the most at once to a state of mutual movement into blind, crusade hostility, The
"
AT AMSTERDAM.
(Reuter's Servios.) *
and
FIRE ON A SHIP. country thus against the foreigner and foreign Federated Malay States, after some bably been the worst within the slipped back into the vicious circle rights in China. It is reasonable years of depression, are enjoying experience of any of us here pre-
however, to hope that a sober view,great prosperity; the two chief in-sent: All the usual troubles pre- STEAMER "BOETON" ARRIVES af inter-party struggle, from of the facts will in time prevail dustries, rubber and ein, are both vall and in addition the outbreak very flourishing condition of anti-foreign and particularly which no escape seems possible, The partisans of the movement a while each successful party per- have now tangible proof that, their The price of rubber, after ruling anti-British feeling has added to
our dimeultios.. for its own advantage, and in the international status of their production, has advanced rapid It may be as our chairman has sists in exploiting its power solely legitimate aspirations for bettering for a long time at the bare cost of treating the provinces: as spoils of country have the sympathy of the owing to the large consumptive de war to be divided among its sup-foreign Powers, and that the latter mand and absorption of stocks. porters and to serve as little else are ready to take practical steps in Producing companies are in the than a means of support for their the direction, so far as conditions happy position of being able to It cannot, then, but be dispose of their output for some admit. ever-increasing troops.
obvious that seal obstacle les years ahead, on terms, which show
stated, that this outburst is partly us to a growing spirit of national- ism amongst certain sections the Chinese nation, but. it is most certainly largely fostered
of
by
It has often been stated that m
It deserves. This is certainly not
has
Amsterdam, Feb, 26. The steamer "Boeten arrived here. The fire has been" definitely extinguished. The ex- tent of the damage to the ncargo, has not yet been ascertained. The
damaged
TENNIS
rule in the provinces has had then the interntato of Ching, handsome profit. I imagine that Bolshevic emissaries who can only vessel does not appear to be badly
"Another year of military min Inevitable effect of further dis-which at prent fails to provide most of them are taking advantaged attain their own ends through organising, the economic machinery the most ordinary guarantees off the position to at any rate, cover others" misfortunes.
their working, costa for the next This especially order, justice and safety of person few years, and, so to speak, stand nation has the Government which of the country.. applies to the railways and the salt and property. Realising this, may administration. ·In the case of they find the courage to attack the on velvet. Several of the former, continued root of the evil and attempt to rid India has had a series of good the case in China. We know that China of the military despotism. monsoons; but her surplus products, the bulk of the Chinese people: have which is blocking all progress and instead of being exchanged for pro-are cultured, industrious, and peace
ductive goods, .continue to be ex-loving, but the various". Govern--| steadily ruining the country.
on gold, which, being ments foisted upon them are self- pended hoarded, does not add to the pur elected, and self-imposed, totally chasing power of the people. In self-interested and in no way thie respect, therefore, the pros presentative of the people whom perity of India is more superficial they oppress whilst professing to than real.. The substantial in govern. taresta of the country must for a
Tariff Questions...
21
Spirit of Nationaler.
Te
TILDEN AND RICHARDS WIN.
(Reuter's American Service,))
New York: Feb 26... In the doubles indoor toumma- ment Tilden and Richards defeated Lacoste and Brugnom by 4-6; 6-2; 8-108-17-5.
42
us are prepared and determined to
face them...
We are
miaude of the lines and
the up- propriationa of revenue proved the last straw, and at the end of the year three of the in- Ofthe Tariff Conference, which ternationall railway loans had assembled in Feking at the end of fallen into default. Depreciation last October, it is yet too early to of rolfing stock, through reckless say very much. and ignorant usage, is also becom Ing a very serious matter: In the case of the salt, the seizure of re- The delay of three years in the venue by provincial governors and final ratifications, of the Washing-long time to come be sought in the
the orderly development of her enor- It is to be hoped that this grow forcible interference by localton Treaties has resulted in military authorities have reached a conference being held at a time,mous agricultural resources, anding spirit of nationalism will soon point where they no longer merely and in conditions, particularly anany artificial attempt to force the cease to vent itself in antagonism reduce the foreign bondholders favourable for international nego-pace industrially is to be depreto foreigners who like ourselves the fortunes of this Colony, and The textile industry in are well disposed towards China, give heart to all of us who what- security, but seriously threaten the tiations requiring calm and reason-cated:
18: no doubt prasing but will be devoted to establishing ever troubles may be in front of organisation so, capefully built up able discussion. The Conference Bombay with foreign assistance since 1918 nevertheless has succeeded in makthrough a severe crisis, but the the excise ing some headway. The Powers step taken to remove Motor Traffic Advanced.
gave early proof of their readiness duty however necessary on politi On the credit side there is pain- fio deal with the tariff question on cal grounds-must be regarded as
wiadom from fully little to set, but mention a fresh and broad basis, the Chin- of doubtful should be made of the development ese claim to be released from the economic point of view. work carried out by Feng Yu- conventional firt rate tariff, and to
Japan appears to be gradually haiang in the North-West frontier be free to determine their own rates emerging from the disastrous effects. districts, including the roadbed of duty, being received with sym of the great earthquake of 1923. for the projected prolongation of pathy and taken as the ground-The balance of trade has been move the Suiyuan line to Ninghsia. work of discussion.. It can onlying more in the country's favour of Actual railway construction has be hoped that the Chinese repre- late, and this is reflected in the been limited to work in the Lunghai sentatives will respond to the improvement in Japanese exchange, railway and certain extensions of liberal spirit shown by the Treaty which has appreciated from the Canton or Whampoa into a deep an the Manchurian system, but the Powers, by enabling the negotia low point of 1/7/3/18, touched building of roads for motor traffictions to proceed on fair and reason-last year, to the present level of has advanced considerably in table lines, with equal regard to 1/10% and it seems safe to pra various parts of the country. The the rights and, interests of both diet a sure if gradual return of Customs administration has, as in parties, and by making a genuine Japanese currency to gold points. -the past, romained happily immune effort to lay the foundation of an
Japan May Borrow. from the effects of civil diatur-improved facal and financial sys- bance, except to the extent of atem in China..
Further borrowings abroad are large diminution of revenue during
really representative stable and honest Chinese Government..
With regard to our own local
so close to the events: conditions we fully agree with the happening around us that we are. anchairman's remark that "Canton is somewhat apt to be obsessed. by
no more entirely independent of them.
It is therefore very pleasing to Hongkong than Hongkong is en- tirely dependent on Canton," and learn from our chairman of the If the hot heade in Canton think substantial prosperity now being will soon find that they are badly after a period of great depression, that they can ruin Hongkong they enjoyed in the Straits Settlementa
mistaken.
that our Japanese friends are re- The idea of converting either covering from the disastrous effects of the earthquaker and that part and thereby depriving Hong the Philippine Islands are enjoy- kang of its natural importance is ing increased prosperity I think no new one, and in this connection is not too much to hope that I might remind you of the viswa ofere ong Hongkong will again be the Hon. Mr. A. O. Lang expressed enjoying itp fair share of good at the annual meeting in 1928 when fortune.. he said "no development of trade Ladies and gentlemen, we are facilities at Canton can in the long all very proud of the Hongkong the summer months from the check Tariff autonomy-that is, free-probable in the near future, far run be detrimental to this Colony, and Shanghat Banking Corporation. dom in fixing tariffs has already the purpose of the reconstruction of and our Chinese friends can be Incorporated here some sixty years to trade caused by political strikes been in principle conceded after the the City of Tokyo, and there is no assured that British policy in this ago by the foresight of our pre- and boycotta
lapse of three years, during which doubt any offerings on the London matter is bounded by no such nar decessors, bailt up under the wise I must now turn to the antiperiod the Chinese Government is Market will receive a favourable row outlook as that attributed to guidence of its directors, by the genlüs of successive chief- man- "foreign movement which has been to effect the abolition of likin. reception.
UD momentous a feature of 1926. The questions before the Confer Reports from the Philippines in- It goes without saying that congers, the Bank has grown to its
present commanding position. It is unnecessary to refer to the ence are, therefore, the measures dicate that the Islands enjoyed a siderable loss has been inflicted on events leading to the outburst off for abolishing Ilkin, the levy of prosperous year in 1926 The the Colony by the boycott, which But the wisdom and foresight of June. I should like, however, te temporary surtaxes to provide addi- large sugar crop was sold at re, has flagrantly violated all treaty those who have guided its fortunes remark in this connection that the tional revenue during the interim munerative prices, while hemp rights, but the greatest injury has could not have led it to the posi charges of expipitation of Chinese period, and the disposal under ade tobacco, copra and other staples been done to Chinese themselves. tion that it holds to-day had it not labour, by foreign employers are quate safeguarde of that additional were profitably marketed. The I am confident that the good sense been for the whole-headed service of an abley loyal and devoted stail. - thoroughly dealt with in the papers revenue. In the present state of prosperity arising from the access of the bulk of the Chinese people
published by H.M. Government the country, the practicability of ful export trade of the country in will in due time prevail and that we owe a great deal to the presen showing that
foreign-controlled making effective and lasting ar duced a corresponding increase in normal friendly relations between staff and adore you wRI fully factories compare well with Chin-rangements with the de facto the demand for Importa,
Hongkong and Canton will be reconcur in all that the chairman S sald of them and will heartily:Mote sss, and that both our own au- rulers of provinces for the aboll-
Fatored thorities and the municipal govtion of likin and other obstractive
then dhe suggestedễ bontac, whi Trade conditions in the Islands The set back at present suffered ornment of the Shanghai inter axation, must be regarded as may be said to be mood and the national settlement had been keenly doubtful, one can only hope that prospects for 1926 promising and prosperity will return to this second the adoption of the new concerned for some time past with the offer of compensation from the Before concluding, I desire your Colony which has unquestionably and account which havent been practical steps for improving new Customs revenue will supply approval of the notion of the direct a great future before it.
placed before.US... jabour conditions.
the necessary inducement. As relors in voting a well-deserved bones In its early phases the movement gards the disposal of, surtax proof 10 per cent, to the Staff on their
Offer Business. threatened the safety of foreign coeds, the feat and most vital need salaries. It is largely owing to lives and property at various points in the national Interests of Chine, their loyal support, and hard work, poration's in China. From an agitation set and in those of foreign trade, fe at the head office and all branches, foot by students, it capidly to prevent, their finding their way, that our which manager has bean developed into riots in foreign con- as under the present, stem, intable to carry out his policy, whi cessions,» organised strikes and the hands of the dominant mili. during a per
precedented boycotts attacks - all foreign in-1 tarists to be used, in supporting, difficulties, stitutions, hostile mob demonstra"; "those very armies, which ard the East, haa tions and virulent press abuse.com chief bane of the country and the you suc bined with a strong propaganda in 1 main obstacle to trade Lavour of thể
ever useful purpo
decided
the,
To our
will then speedily be mande good they so well deserve
[ Me// Chairman I now" begin
Eminently Satisfactory.
In view of the lat
put before fore
the year and tha
chief manager.
The tability
The
of