Page
2
HONG KONG AND SHANGHAI BANKING CORPORATION.
Roland Capital $50,000,00 Larued and Fully Paid-op $20,300.000 Reserva Funda
Sterling Ind
£6,000,000 $14,040,000
Herre Liability of Propristarn§22,000,000
HEAD OFFICE: HONGKONG.
COURT OF DIRECTORS—
M. H. Brown, Esq. Chairman.
W. H. Bell, Esq. Deputy Chairman.
Han. Mr. B. D, Y. Belth,
H. Compton, Eag
M. X. Joupsĝa; Eng.
5. Landar Lewis. Eng.
ΑΝΟΣ
BANGECK
BATAVIA
HOMBAY
JALUUTTA
JANTON
-CHEFOO
•COLOMBU DAIREN
PUCCIZO W
(LAFPHONO
GANDURO HANKOW MARUAN
ICAOKEW
ILOILO
JOH
JOMORE
KOBD
AUWLOUA
W. L. Paitandan. Eg
T. K. Pearce, Exy.
J. A. Plamour, E.
4. Р. Warren, Каф. Chlef Manager,
Hud. Mr. A. C. Hram
BRANCHED:-
KUALA LUMPUR
LONDON LYONE -MALACCA MANILA
MOUSDEN
NAGASAKI NEW YORK
PEKING PENAND
RANGOUS
SATOON
SAN FRANCISCO
SHANOHAL.
SINGAPORE
SUURABAYA
SURGE PATANI TIENTSIN
TOKYO
TSINGTAO YOKOHAMA
Durres Acante opened In Load Carreo:3
and Fixed Depolta alred for one your o
abortar parlode in La Croney and Urering
qa tarma wkiok wis te gusted on application. Hong Kong, April, Ms.
行銀商工法中,
BANQUE FRANCO - CHINOISE pour le
Commerce et l'Industrie (Incorporated in France).
Prince's Building, Chater Road,
Hong Kong.
HEAD OFFICE:
74, Rue St. Lazare, Paris. Capital fully paid up..Frs.50,000,000 Special working capital .Frs.50,000,000 ...Fra 22,319.000
Reserves
L
BRANCHES:
Faris, Lyons, Marseilles, Saigon, Haiphong, Hanoi, Tourane, Quinhon, Huế, Thanh hoa, Vinh, Pnom Penh.
Feking, Shanghai, Tientsin, Hong Kong.
BANKERS: FRANCE Societe Generale, Banque Nationale de Credit, Banque de Paris et des Pays Bas LONDON: Midland Bank, Ltd. NEW
COTTON DISPUTE
SETTLEMENT FOLLOWS A
CONFERENCE
OWNERS' PROMISES
THE CHINA MAIL,
COMMERCE
London, Saturday. The Lancashire cotton dispute hus been settled following a ceist confer-
ence,
The settlement was due to a special Trade Union delegate reeting accept ing the mill owners' proposal to con- sider the men's case if they return ed to work and revise the scale of if it found pay, with arrears due,
rates were unfaix.- YORK-American Exchange that the new Irving Trust Co., Banca Commer- Reuter. ciale Italiana.
EAN FRANCISCO:--Bank of Italy.
Cor-
---
Every description of Banking and NEW YORK'S STOCKS Exchange Business Transacted. respondents throughout the world.
L. BERNIS,
Manager Hong Kong, 3rd August, 1925.
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Chater, 1853. HEAD OFFICE: LONDON.
.£3,000,000 Paid-up Capital
£4,000,000 Reserve Fund
£3,000,000
BIGGEST MARKET DAY IN EXCHANGE'S HISTORY
FRENZIED DILEMMA
AND
FINANCE.
CHINA'S TAXATION
PER CAPITA TAXATION 18 $1.55
INTERESTING COMPARISONS China's per capita taxation to-day is only $1.55 approximately 108 times less than that of England, 70 times less than that of France, 36 timos less than that of the U.S.A., and 43 times less than that of Germany,
China's per capita national debt to- of England, day is about five dollars equivalent
1/364th of 1/205th of that of France, 1/87th of that of the U.S.A., and 1/13th of that of Germany.
that
that
In 1923, M. Padoux, formerly ad-
of their brokers who, they vainly Imagine, were in some strange man- for their losses. ner responsible Difficulties were added to by the fact that the tickets fell far behind. I noticed at one time, about three to o'clock in the afternoon, that they were about an hour and a half late. Confusion was indescribable. Prices on the floor were at times from 5 to
10
the current 10 points away from quotation on the tickets, and all that to throw do was speculators could their stocks on the market and get what they could for them. For ex- Common--a popular ample. Radia share was selling on the floor-of-the Exchange when the price by ticker
at. 95. was currently quoted
past two.
from
tax 1
visor to the Chinese Government, #BM. timated that the total annual taxa- tien in China at that time did not. exceed 500 million dollars Max. Cal- extating on the basis of 400 million inhabitants, the per capita China was $1.20. The total national estimuled by M. debi in China, not including the rail way loans, was Padoux in 1923 to be under 1,900 or $4.5 per A Marvellons Rally What was more remarkable, how-million dollars Mex. ever, was the rally, as spectacular as capita. Padoux's estimates need to by it was sudden. It started about half revised now. There have been, un
doubtedly, increases both in our taxa- Complete demoralisation could well tion and our national debts since 1923. describe the condition of the market According to the statistics presented at the generally, with a 20 per cent. money by the Ministry of Finance call. First came many buying orders Conference for the Reduction of Ar- in large volume for five pivotal stocks maments held in Nanking, sometime by one of the largest financial insti-ago, the amount of taxation of the Then came central and local governments in tutions in Wall-street. purchases by trusts, corporation off 1928 was 620 million dollars showing an increase of over a million dollars cials and individual buyers, who were New York, Marca 28.
taking stocks on a scale. Then came as compared with M. Padbuse's estim- Calculating on the The independent observer of acti-
those who had. sold for the decline ate for 1923. New York Stock Ex-
stocks to to rebuy the r
basis of 620 million dollars of texa- and bad vitles of the change yesterday, the biggest market
gather in their profits. These faction and 400 million inhabitants, the day in its history, when call money
tors provided what one writer calls per capita taxation in China at pre- rose in 20 per cent, could have but
a resilient cushion
which sent is approximately $1.55 decline questionin mind Where will
stocks rebounded when the
Per capita taxation in China and in and?" This writer was an onlooker,"
There were, of other countries in 1928. and confesses that he has never wit had run its course."
course, some sharp losses. Such re- nessed such scenes. Nervous and ap-
issues as U.S. Steel, over lost
profits and presentative prehensive
Anaconda, Bethlehem Steel, General quickly ascending losses, speculators,
from the "shoestring" trader with Electric, Johns Manville, Kennecott an old lot of shares to the harden Copper and Allied Chemical and Dye
aped led in the astounding recovery. ed plunger with thousands, dumped them into the masistrom as the rate for use of call funds
an securities at the mounted from 12 per cent. opening, to 15, then 17 before noon, and finally to 20. Stocks of all kinds
flopped, frantically
and when phenomenal rally took place later in the day, thousands of stockholders and speculators who had thrown away their shares found themselves bank rupt, and paper losses ran into many
The millions of dollars. stupendous turnover of the day rose to nearly eight and a quarter million shares, General exceeding the largest previous day's record by some 1,202,720, Advance in Banking business transacted.
the Current Accounts opened and Fixed the call money rate was the highest 5. 1920, and "Street since February Deposits received for 1 year or thortons ran up to as high as 22 por er periods at rates which will be quot-foun
cent. The accompanying weakness in ed on application.
the bond market brought sales to a A. H. FERGUSON,
with dras-
HONG KONG SAVINGS BANK. Reserve Liability of Proprie.
The wine of the abori Bank la vozduok 403 the HONGKONG AND BHANDⱭAI SANKING CORPORATION, Rolas may be abroad applicaton.
FOR TES
HONGKONG BANKING CORPORATION
&
SHANGHAI
A. C. BYNES
Chist Manzgar.
Hong Kong 18th Exptember, 1927,
NEDERLANDSCHE HANDEL
MAATSCHAPPIJ.
(NSTHEHLANDS TRADING BOCIETY)
BANKERS.
Established 18.
Mong Kong O-11 Quan' Hood Central.
Aukkortet Capital
Pald-Up Capital
Beer Fund
Head
Quilders 160,300,000. 1212,500,000.) Guilder 80,000,000
Quilders 40,000,000
(£6,881,8
(ANSTERDAM').
Enter Head OB:-BATAVIA. DANCHES-Bandarmin Bandow') Bombay. Calcutta, Cheriboa, Djomber, Djok Jakarta' The gue), Jiddali, Kobe, Kota Badia, Makasar, Meden, Padang Pekalongan Fanag Palembang, Pentak Banghai
Boitam
Bibelgu Sang), (Sumaire), Singapore, Socra and Weltevreden.")
Agencies and Branches:
KUALA LUMPUR
tors
ALON STAP
(Malay State)
AMRITSAR
HANDBUK
HATAVIA
CALCUTTA CANION CAWNFORB
CEAU COLOMBO DAIEN alny,
Soul Membutla DELKI
HAITEONG
LA MEJO
HANKOW
HÙNG XONG
HARBIN
(N. Moncharia)
ILOILO
POR
KAHACH!
KLANG
BUBR
KUALA KANGSA
Parax (P..8)
LUCHING MADRAS
MANILA MEDAN NEW YORK PEKING PENANG PESHAWAR RANGOON SAIGON SEMARANG SELEMBAN SHANGHAI SINGAPORE BOURABAYA
TAIPING
IV.M B..
TAVOI
TLENTBIN TOKYO
TONGKAH (Boukei} TSINO TAO ТОКОНАНА ZAMBOANGS
Foreign Exchange
(Philippine Islands)
and
high level of $13,874, bonds par-
Manager. Hong Kong, 8th January, 1920.
tic
Boerakaris (Solo). Tegal, THE BANK OF TAIWAN, LTD.
"The Dices hará quis dupont boxes te lei. Landon Bankers National Provinsi
Bank Ltd. Correspondents all over the world Banklar busions of every description sected.
P. M ELBERG,
Maneger
Hong Kong. 6th May. 172.
BANQUE DE L'INDO-CHINE.
HEAD OFFICE:
90, Boulevard Haussman, Paris. Sobscribed Capital ..Frs 72,000,000.00 Paid-Up Capital....Fra. 68,400,000.00 ...Frs.102,000,000,00 Reserve Funds
BRANCHES: Bangkok Hong Kong Quinhon
Battambang Hue
Caatho
Canton
Dijbouti Noumes
Fort-Bayard Papeete
Saigon Mengtze Shanghai Nam-Dinh Singapore
Thanhoa Tientsin Peking Tourane Pnum-Peth Vinh
Pondicherry Yunnanfu
BANKERS:
Haiphong
Hankow Hanoi
|-+
(TAIWAN GINKO)
also commu-
declines in cany ticularly. Lower prices were recorded in practically all dities, with cotton, wheat and corn must seriously affected.
HEAD OFFICE:-Taipeh, Formosa.which one could not even imagine in
Incorporated by Special Imperial Charter, 1899,
Parr's Bank.
Kobe,
Anroy,
Interest allows on Current Accounts, and Fixed
Manager.
ched
England France U.S.A. Germany China
Mex. $
168.00
110,00
50.00
67.00
1.55
M. Padoux's estimate of the Na- In spite of the rally, however, it is freely believed in Wall-street that tional debt in China in 1923 was the only thing that can prevent a re-probably too low. According to sta- currence of such scenes as yesterday tistics presented by the Ministry of is a more intelligent system of loans. Finance at the National Economic The banks do not believe that the Conference in July, 1928, the national market has been sufficiently liquidat- debt in China, not including the rail- ed, and whether or not the resulting way, loans amounted approximately in brokers' Joans, now im- to 2,210 million dollars was based on contraction
the official estimate of the Peking
in 1926,
of which 233 minent, will have sufficiently eased a critical financial situation is regard Government in
as highly problematical.
million dollars have been redeemed. the Nationalist Govern- Seeing that the New York mone- Since 1926
30 try situation affects the whole world, ment has issued loans amounting to it will be interesting to quota a or about 280 million dollars, of
million dollars have been redeemed. mixent financial writer, who says:
On the basis of the preceding avail- "One must go back to the post.
total na- of 1921 to find a able statistical data, our war deflation
On tional debt at the end of 1928 was comparable
market.
dollars Mex." or 30, 1921, the call rate about 2,127 million January reached 20 per cent, as it did on $5 per capita. February 6, but corcitions obtain- in 1921 and in 1929 are entire ing ly dissimilar. Commodity inflation was then apparent; corporations generally were overloaded with in- ventories; security Inflation acete. The present situation finds conditions almost entirely reversed, with a high level of business acti-
money
Was
Per capita National debt in China and other countries, 1999.
Mex. $
1,822
1,023
377
67
5
England France U.S.A.
Germany China [Nankai weekly Statistical Service.
vity moderate corporate inven- Compiled by Nankai University Com-
ELECTRIFICATION SCHEME
tories, low commodity prices-and mittee on Social and Economic Re-
but a single search, Tientsin.] Inflation evident in
the dircation that in
securities market. From outward appearance, at least, yesterday's drastic declina and that of the previous day have the money change in caused no situation. The supply of call funds is exceptionally light and outside
drawing liberally
от оп some
and on
The
MONDAY, MAY 20, 1929.
Camelia
The
New Era
∙in
Feminine
Hygiene
"CAMELIA" solves a problem which has always been a cause of distress to womankind. No wonder that wherever "CAMELIA" is introduced it is permanently adopted!. "CAMELIA" is a new idea which entirely supersedes all other forms of sanitary pads. A
=
Your Doctor will Endorse this! Doctors and Nurses recommend "CAMELIA" for its many hygienic advantages:--
1. "CAMELIA" supersedes makeshift methods with great -
advantage to health and comfort,
2. "CAMELIA" is aseptic. It is made of sterilised materials, under absolutely hygienic conditions, and is packed in a dustproof, sealed box.
3. "CAMELIA" absorbs all surface moisture-a frequent
source of bacterial infection.
-it absorbs odour. 4. "CAMELIA" is deodorising 5. "CAMELIA" gives security, confidence, freedom from
auxiety.
6. "CAMELIA" is cheap enough to throw away and can be instantly disposed of in the simplest and most hygienic manner possible. No laundering. “CAMELIA" is, in fact,
most easily disposed of
-
STOCKED IN THREE SIZES
SIMPLY ASK FOR
Camelia
REFUSE IMITATIONS!
Obtainable at all drug and general stores.
“AS LONG AS THAT”
FISH AS BIG AS COWS IN BANGKOK
"PLA BUK"
Bangkok, April 1.
DISCOUNT RATE
INCREASE IN 'FRISCO FEDERAL BANK
NOW FIVE PER CENT.
San Francisco, Saturday. The San Francisco branch of the A tale of catching fresh-water
Federal Reserve Bank has increas fish as big as cows is related by a Chiengrai correspondent of theed its discount rate to 5 per cent. "Bangkok Daily Mail," an Ameri-
news-
Increase Vetoed
The electrie atmosphere throughout, the day on Change was something London, and with every person, in this city fast becoming an operator on the Exchange, from the man in the speakeasy to the stenographer in the Central Bank in Formosa. back-room Jewish tailor shop, every- that Bank Notes issued
one entertaining the belief Average amount...Yen, 45,000,000 playing the market will make them
On the occasion of an Indian Raler rick, it is but natural that consider-
succeeding to the "Gadi" (throne) it BRANCHES AND AGENCIES:
able
concern exists in financial circles.
is usual for the State to launch out The Yokohama,
scheme. useful Curb on Credit Responsible JAPAN:-Tokyo,
centres are
Pahadur Deo of Oaska.
Restricted credit is the principal
New York for their needs." Maharajah Protap FORMOSA:-Giran, Kagi, Karenko,
Mayurbhanj State, in the province of Federal Reserve Action Necessary. Keelung, Makong Kanto, Shin-factor in such scenes as one-witness- The Federal Reserve ed yesterday. Tainan,
not the by carrying Takao, Board has long seen that it is neces chiku, Taichu,
That something drastic is necessary Behar and Orissa, decided to mark of his chief town, Tamsui, Teen, Heito, Taito.
to be done is evident from the most his accession a diversion of to bring about sary CHINA-Shanghai, Hankow,
the country's available eredit supply cursory examination of financial con- electrification
Baripada. The present to the ditions in this country. Foothow, Swatow, Canton,
(India), The General Electric Co. Singapore, from the securities markets OTHERS: Hong Kong,
normal channels of business, but, condition of affairs has not come out. Batavia, SEU Semarang, Soerabaya,
ranged from equipping Bombay, Calcutta, London, New though bankers have increasingly of a clear sky, but is the result of Lt, was entrusted with the scheme,
concurred in this view, nothing was several yea
was several years of slow gravitation to which York, Dairen,
power station installation consisted seriously undertaken until a few days wards the financial danger point. power station to house wiring. The LONDON BANKERS: The London County Westminster and ago. Pools had continued steadily to New York banking institutions, now 70 w, oil engine-driven gen- aserating plant, in addition to pumping push up their stocks, and cry of halt co-operating closely with the Federal
effected with the Reserve Board, in their capacity assets, and over eleven miles of over- in prices was only
clients in call
money. ending agents The Bank has Correspondents to the Commercial staggering advance
account, made no effort head line work were erected. Centres in the Eumpaan Contin Badia, Bech day for the past
bast week, when their own
to alleviate the Governor of Behar and Orissa start- whatever yesterday 10: churia, Taingo, Japan, Indo-fisins
of Frokera expansion
loans экста
ed up the plant early in January. IN FRANCE: Comptoir National Spins hands, daya, Atrica, USA, Aurirali, the
no less than $166,000,000, money stringency or to lend aid 4'Escompte de Paris; Credit Lyonnaise
the stock market. Most bankers take Banque de Faris et des Pays-Bas; Deposity na antes which will be quoted on split (Says the financial writer of
has been getting tighter, and
the the view, which seems to be the only Credit Industriel et Commercial; c. Deposits 4 You can be soupled
sensible view if business is not to be New York Times) it culminated in K. NAGURA, Societe Generate.
the smash on Monday, when call made to suffer tremendously, that the almost indifferent), there is a pite-can-style English language
ously human factor in the picture paper which, desiring to show that funds reached 14 per cent, and in only way by which funds now specu- affecting those who can least afford its news enterprise was not founded the drastic decline yesterday (Tues-latively employed can be brought
on fictions, subsequently obtained has refused to permit several of the day), the 20 рет cent. figure
ure back into their normal channels of to be affected. In the United States at the present time, as indicated was reached
of business is through general stack withdrawals OD
"Pla Buk" is the Siamese New York and Chicago, to in- a compara- deflation. Thus brokers loans must above, there is a wave of speenlation and published photographs of the Federal Reserve Banks, including
stocks on the only about $10,000,000,
Exchange that fish.
crease their re-discount rates to be reduced to a reasonable figure. tively small sum in consideration of be red the size of the credits speculatively it appears certain, too, that this re eclipses all other forms of financial name of the creature, which is de-
available supply act
activity. For legitimate business en- scribed as much like a dolphin six per cent. distribution of the
on Following
the raising employed.
States is terprises it is extremely difficult to scaleless, and having a hide an inch of credit in the United
The eggs of the San Francisco rate Stock Exchanges arcand the world, under way and that appreciable re- Ett loans in cell estate speculation, thick and edible flesh.
or who specialised in a sort of pri- are a rare delicacy in Bangkok, but twelve institutions will have a rate and would say that, compared with sults are being gained, in spite of interested in real yesterday's happenings, London might the fact that artificial methods of
the Reuter's American Service. or who advanced their money ing the fish is declared by $60,000,000.00 be regarded as possessing a compara- credit control anst be employed in vate banking to encourage legitimate invitations often are served. Catch of five per cent, from May 20,
trading. 18,278,600.00 tively rustic appearance, for
when the emergency.
on bille for
foreign commerce, are "Mail's" writer to be "almost as
tes of inter- 0,629,425,24 the smaller
saw no hope operators
It may be remarked that corpora- now not interested in
big an affair as the fish itself, accommodation. place large est current for such selling came in such wilds gusts that tions, which usually
call loan There are tens literally overwhelmed. amounts of funds in the
of thousands of involving practically the entire gives the welcome signal. brokers were The market, ordered to "sell with no market when rates stiffen, were con people in the United States engaged population of Chiengsean, which is are coming: they usually travel in pairs. The next moment, every- limit," soon
in long distance operations on the on the bank of the Mekong." became flooded--stocks spicuously absent yesterday. 4, Queen's Road Central.
fell from 5 to 17 points with no This is because of the forthcoming Stock
and they Exchange,
Two by two, the great creatures thing is alive. The course the fish Branches and Sub-branches all over visible sign of support thousands of distribution of large amounts
strain dividends
sirong financially that they are able
their way
up-stream in are following is determined. Nets, THE YOKOHAMA SPECIE BANK, China and Correspondente in Europe, are
setbacks fight were wiped out in
and interest on ta withstand money accounts
temporary the world.
It was
said springtime, coming from the fresh-sewn together, are cast across the April 14.
estimated that when they come. violent swing-every brokerage house
It may be LIMITED.
America, and other parts
London Bankers: The Nationalen
in New York was jammed to the these disbursements will amount to that their business is solely stock ex-water lakes in Cambodia in order river. Barges, holding the net lines, Provincial and Union Bank of England, doors-thousands of speculators, on no less than $500,000,000 and the
With all the to spawn. speculation. change
At the proper season, stand ready a little way from the As the fish approach, the Ltd
⚫ state banke, as well as industrial corpora mergers that have taken place during The Guaranty Trust Company of their own volition and in
borderling a wild panie, lost their
tions, are holding down their loans the last year or two, the previously every household mends nets, pre-nets. New York.
heads York Bankers-The Irving Many were women
and bankrupted themselves. as a result. Chicago, as well as sev- uninitiated public has been hypnotis pares barges and otherwise makes fishermen move toward them so as Many were in eral other large centros, have recent-ed into the belief that there is much ready. "A high solitary pole," to be in a proper position to follow National Bank,
ly called upon New York for the pur-more money to be made by those continues the correspondent, "is set the movement of their quarry.
"The enormous fish there may The Equitable Trust Company of tears, and were wild in their abuse
pose of relieving their own credit who supposedly "do not work" than up on one of the islands in the mid- New York.
situation--the 'estimate for the last by those who do. Consequently every Interest allowed on Current Aca counts and Fixed Deposita. Terms on application..
IN LONDON: The National Provin- cial & Union Bank of England, Ltd.; HONG KONG BRANCH: Comptoir National d'Escompte de
Paris; Credit Lyonnais.
IN NEW YORK: J. P. Morgan & Co. French American Banking Cor- poration; Guaranty Trust Co. of New York.
3. Des Voeux Road Central
Hong Kong, 19th January, 1929.
THE BANK OF CHINA. 行銀國中
Interest allowed on Current Ac-(Specially Authorised by Presidential counts and Fixed Deposits according
to arrangements.
Every description of Banking and
Exchange Business transacted.
Safe Deposit Boxes to let.
Mandate of the Republic of China
Authorised Capital
on the 22nd of November, 1917).
Paid-up Capital
Reserve Fund
Manager.
HEAD OFFICE: PEKING.
Hong Kong, 1st May, 1929.
HONG KONG BRANCH:
A. LECOT,
Established 1889.
Capital (fully paid-up) Yen 100,000,000 Reserve fund
.Yen 105,500,000
Head OfficeYOKOHAMA. Branches and Agencies at: Alexandria
Batavia
Bombay
Buenos Ayros
Calcutta
Canton
Changchan
Dairen (Dalny)
1
Newchwang
New York
Osaka
Peking Rangoon
Rio de Janeiro Saigon Sun Francisco
Fengtien (Mukden) Seattle
Hamburg
Hankow
Harbin
Hong Kong
Honolulu
-Kai Yuen
Semarang Shanghai Shiroonorali Singapore Seerabaya Sydney Tientsin Tokyo
Tetuanfa
Lynne
Manila
Nagasaki Nagoya
Tsingtao Vladivostok
(Temporarily
closed)
Karachi Kobe London Los Angeles
Interest allowed on Current As tounts.
Depoalts received for fixed periods at rates to be obtained on application.
FL. MOBI
Manager, Hong Kong, 11th March, 1989.
Every description of Banking Busi ness traneneted.
Loans granted on approved secur ities..
Special facilities for Home Ex- change.
SHOU J. CHEN,
Manager
This writer
!
has been into many
the
the
few
THE BANK OF EAST ASIA, LTD,
HEAD OFFICE: HONG KONG.
THE BANK OF CANTON, LTD. Batavia
Established 1912.
are so
Chicago, Yesterday. According to the "Chicago Tribune" the Federal Reserve Board
all
The fish
5,000,000 the effect of which will be felt to shoes at street corners a year necessary equipment are. being suddenly entangled in the meshes,
Dr
alone Chicago days for
is vo
worker in the country has eitherdle of the swiftly whirling current. be one or two-strike against the "gone into the stock market ar has On top of the pole is stationed anets, the barges holding the line $100,000.
wished to, do so. With the large man, the signaller, who is to watch yielding to the force of the impact. Brokers Loans Must Be Reduced It seems to this writer that one all mergers all around, men have made for the coming of the game. The head fisherman then twists
almost overnight.
There At the
is the uet around the fish, after which same time. there important fact stands out that there fortunes 10, Des Voeux Read Central,
heavy reduction in brokers are men in New York to-day worth must be Hong Eung.
who were shining bustle of activity and excitement all the barges will be in tow of the Authorised Capital -$10,000,000 loans, a simple enough statemest, but a million dollare
barges loaded with nets and other great fish, which, at finding itself Paid-Up Capital
Bone similar menial work. Reserve
1,600,000 the advantage of American business
dictation both at home and overseas.
from tationed along both banks in pro dashes wildly upstream. The bar- Some Stenographers, taking BRANCHES AND AGENCIES:-
bosses who themselves are per order, and their crews are ges follow for some kilometres, that the Federal Reserve, state their say
wildly plunging
until the fish shows signs of being Melbourne San Francisco ment shortly expected may show a dabbling lightly
tired. Then the fishermen start to Bombay
Nagasaki Seattle
reduction of much as $200,000,000 an the Exchange, take a Biez with watchers on the pole.
£9
Slightly Disturbed Cale, tta New York Semarang It is, moreover, considered that the a hundred dollars or two, and many
"The enormous bulk of the fish row back and unceremoniously drag Canton
Osaka Singapore
objective of the Federal Reserve has of them are head and ears in debt. Haiphong
Sourabaya
been attained, and that the threat of Bell-boys in hotels, telegram messen- coming up against the current is the catch ashore."
Ah the village shares. If the and so forth all of Honolulu
Sydney
a rediscount rate advance is no long-gers, walters
easily detected by an experienced Kobe
Taipeli
necessary, particularly as the them have their eyes on the ticker.
The action of the fish fight-fish are sold, the money is divided, halt man. It is high time, then, that Kowloon
banks have not been tempted back London
into the call money market by the should be called. Money has been too ing energetically against the cur while if the fish is cut up every- high rates, and have continued to easy to borrow, and the only thing rent leaves the surface slightly body gets a portion. hold their rediscount at the Federal that can freeze out from the stock disturbed, not unlike the cleavage
Members of the Shanghai Chin market those who can least afford to of the water by the bow of a motor Reserve Bank to a minimum.
Apart from the larger financial ng be in it, is higher call
money pects of such
on the New panie a
Perhaps yesterday's demoralisation boat. After a tedious wait-andese Navigation Association are pro- York Stock Exchange, indirectly may prove to be a blessing in dis- the wait may be long-the watch posing the formation of a marine He insurance company with a capital affecting the whole financial structure guise, for when call money is high man is seen to straighten up. of the world (though throughout in New York its effect is reflected stares down the current and then of $200,000. alf London remained so calm as to be almost to the ends of the eartli
Head Office-Hong Kong.
Autherland Capital (H.E. Currenty)...@21,000,000 Paid Up Capital 54300
Paris
Peking
Penang
Rangoon
Tientsin
Saigon Tokyo
Shanghai
Correspondents in all principal cities of the world.
530,000 RRANOKES := Orokom, Shanchal, Healow, Swatow, Manila Bangkok; New York and San Francisco.
LONDON BANKEES :—
The Leyd's Bank Limited. CORRESPONDENTS
Is al principal cities of the World.
Forlaghange and banking busin
Tory maripilon- trar marted
Balo Depot Beans (various nizam) að á yearly pausal of From $5 $40.
LOOK POONG SHAN,
Chief Manager. Hong Kong, 19th February, 1927.
Every description of Banking and Exchange business transacted. Loans granted on approved securities.
SAFE DEPOSIT BOXES to let
KÁN TONG PO,
Chief Manager. Hong Kong, 21st March, 1927.
er
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