...
3. 4
la
2
HONG KONG
BANK
(Continued from front Page.)
was quelled on the Yangtsze before vides no opportunity for examina- the end of April, but fighting drag-tion by any other agency than the ged on in .the southern pra- | Contral Administration itself. In vinces, especially round Canton, the manner of their making the new into the month of June.
More Disturbing Factors
fundamental laws of China might appear, in fact, to approximate rather too much to departmental regulations.
National Finance
which are so
THE
CHINA MAIL.
SATURDAY, FEBRUARY 22, 1930.
cat reference are, firstly, the evacua- THE TUTANKHAMEN “SWITCHBOARD
Having made already considerable de mands on your patience in dealing with | the state of affairs in China, I must pass over much that would otherwise claim attention. Enough has, however, been sald to show that the year on which we are entering opens a more than usually anxious prospect to for eign banks and businesses whose terests are vested in that country.
Mr. Hynes Resigns
3.
"CURSE"
SUICIDE OF AN AGED
PEER
GRIEVED FOR HIS SON
OF
WORLD"
LONDON AND WIRELESS TELEPHONY
BIG DEVELOPMENTS
Rugby, Yesterday.
Rugby, Yesterday. Lord Westbury who was aged 78, Wireless telephony is developing to-day jumped from a 7th floor fat with remarkable rapidity, and Lou- in London, and was killed. At the don is fast becoming the switch- inquest a verdict of "Suicide white board of the world. The Australian of unsound mind" was returned. Experimental. Service, which has Evidence was given-that-Lord been conducted by the Post Office in-Westbury, who had suffered from ill from Rugby and Baldock Wireless health, had grieved very much overTelephone Stations to a spot near the loss of his son and heir, the Sydney, Australia, has met with Hon. Richard Bothell, who was great, auccess, and i and official
as fully as I should like and I shall confine myself to a few comprehensive lan of Shantung by the Japanesa remarks from the point of view partt- troops last May, resulting in a relaxa-" cularly of our own position in the mat-tion of the tonalon which had unfor. ter.
tunately existed between the two coun Let me begin by saying that China's tries for the previous year and, second. ambition to abolish the extrality ays-ly, the Sino-Russlan rupturo over the tem and to see herself placed on the Chineso Eastern Railway which still footing of other nations is one which awaita a final settlement although we understand and can feel for. In through traffic on the railway has now the past, however, as pointed out by been resumed. His Majesty's Government-the_sys- tem has been a recognised necessity in China, and it is upon it that institu- In the meantime at Nanking an
tions like our own were founded and Important political milestone had
built up. Its abrupt termination would, been passed, namely the holding of
I have no hesitation in saying, serious the Third National Congress of the Turning to national finance, they imperil their existence and be an Kuomintang The result of the position is frankly disappointing, act of the graveat injusties. What we Congress was to confirm the central. In spite of forcible pleadings by the therefore demand is, not that extrality power in the hands of Marshal Chinese bankers and merchants shall remain in its unmodified form, Chiang Kai-shek and his colleagues, and of clear and outspoken warning ual, the rate and method being such as but that its modification shall be grad- leaving the membership of the Con by the Minister of Finance himself, will at no stage leave foreign firma in ment whilst falludo to a personal mat found dead in bed. The Hon. announcement regarding the ser-
I would ask your patience for mo tral Executive Council, the supreme the Government have failed to China without common Legal safetor. T was 15 years in the service of authority in the country, substan- achieve any of the major reforms guards. As to how far China has al- the Bank. My first three and a half R. Bethell, who was only 46, was vice will be made in the near future. tially unchanged.
urgently needed in ready progressed towards herself pro-years in the East were spent in Pen-accretary to Mr. Howard Carter, Yesterday, a new service to the Before the country had had time order to put the country on a sound viding these safeguards, opinions may are, and when I was transferred to who carried out the work of exVatican State via Rome was opened to settle down from the Wuhan re- financial footing.. The balancing vary. I can only say that the report Shanghai the man who came out from cavating the tomb of Tutankhamen by the Post Office. Recently the volt, a fresh breach of the peace of revenue and expenditure appears of the 1928 Commission abundantly Home to relieve me was Mr. Hynes, in the Valley of Kings in Egypt, Isle of Man was linked to the main occurred. In the middle of May no nearer and the spending of the proved their inadequacy at that date. You will understand, therefore, that I and his tragic and early death re-land, and it is expected that a Marshal Feng Yu-hsiang, at the major part of the national income and that it is obvious that the four have followed his career in the Bank vived the superstition of a curse similar development will take place head of the Kuaminchun, chal- on military expenditure continues intervening years, filled a they have with much interest. I have now to in- been by warfare and political turmoil, form you that Mr. Hynes has tender-
on those who disturb the tombs of with regard to the Channel Islands. lenged the -Nanking Government, as before. There is little or no have wrought no radical improvement: ed his resignation, which the Directors the ancient Pharoahs.
It is now possible to telephone withdrawing his army into the abatement of the crippling local
Essential Safeguards
have accepted but with the very great-
Since the excavation of Tutank-from Great Britain to ships at sea, *western provinces and des- taxation. The reorganisation of Now the essential safeguards which est regret. He has had over 35 years' hamen's tomb ten people who were and within a short time a service troying railways along his line the Central Government's revenues we need for the carrying on of our service-of which over 12 have been in concerned in the work have died, will be in operation between any of retreat.
He was officially de-under Mr. T. V. Soong has undoubt business may be grouped under three Hong Kong itself--and during the past including Lord Carnarvon-Bri-fixed telephone station and passen- clared a rebel and by the end of the edly made advance, but the ensuing heads, reasonable laws, their impartial three years has been our Chief Mana tish Wireless Service.
gers on main line express trains. month war was again raging in Increase, Including the additional application by independent judges and, ger. These three years, as you all China. The state funeral of Dr. yield from the Customs, has been lastly, effective protection against Ille know, have been exceptionally difficult, As regards, rex," and the results attained in 'face' Sun Yat-sen--which took place with swallowed up almost entirely by gal administrative acts.
the first, the Government, as stated, is ¦ of those difficulties speak more for Mr. great ceremony on June 1-came at military needs. Future income,
busily enacting, a body of modern law. | 'nc's zeal and ability in the service an opportune moment and caused meanwhile, has been pledged ever There may, as I have mentioned beef the Bank than anything I could pos- Alull in the fighting. There-deeper for unproductive loans issued fore, be room for improvement in the liv zay. I feel sure that you would after Marshal Fong, weakened by to the total nominal value of some method of compilation, but there is no wish to join mo in offering a warm the defection of two of his leading $250 millions in the course of the reason to doubt that China will soon forewell to Mr. Hynes and in wishing generals, withdrew from active re- paat year. I must mention in this possess an acceptable Instrument of him enjoyment of a well-merited rent volt but his attitude to the Govern respect the great improvement justice insofar as the actual codes are after his long and successful career in ment continued to be such as to effected by the creation of inde concerned. When we come to administhe Bank, leave the situation precarious. Alpendent commissions for the cus-tration we have, however, before us the. Mr. Grayburn Appointed bold effort to reunite the leaders tolly and service of the funds pledg- Provisional Court which have drawn V. M. Grayburn, has been appointed to cases in the Shanghai Another old colleague of mine, Mr. was made by Chiang Kai-shek iri theed for these loans, the result forth pretest from the Consular De-be Acting Chief Manager when Mr. first week of July when he shewing in the fact that their price puties and in the foreign Press be-Hynes, leaves in two or three weeks' called a conference at Peking. The on the market has remained resides incurring the united strictures of time. Hers again. I feel sure that you attempt was partially successful; latively unaffected by political fluc- the Diplomatie body.
will join me in offering him a hearty Marabal Feng again pledged his tuations.
Chinese 'Tribunals
welcome and every success.' loyalty and was reinstated and It
One has only to look at the record
In conclusion I would ask you to con- was agreed to hold another Dis- bandment. Conference.
... Disbandment Conference This second: Disbandment Con- ference, held at Nanking early in August, ended in fresh plans for
Debts "Snowbull"
of
progress
many recent
men--In rising to second the adoption
CAR AND TRAM
Mishaps at Kennedy
Town
Since the single speech channel between-Britain" and "America was opened just over a year ago, traffic has greatly increased; and now four speech channels are in use. Even these are not sufficient for the de mand. Stock brokers and other business people 'have accepted the Mr. W. E. Hollands, Land Bailiff Trans-Atlantic telephone as a neces- in the office of the Building Au-sary aid to business, and use it for thority, gured in a motor accident long calle daily, present traffic being yesterday.
somewhere around one thou- sand calis daily. Work has been started on a new Trans-Atlantic cable, which is to be available for telephony, and it is expected to be complete by 1932.
He was driving his car along the Kennedy Town Praya, when he had to swerve sharply to avoid a coolfe, who was crossing the road with a sack of rice on his shoulder.
The sudden swerving caused the car to collide with a tramcar which was proceeding in the opposite direction.
The impact caused con- siderable damage to the front of Mr. Hollanda's car, but, fortunately,
no one was injured.
The British Post Office is leading Europe, if not the world, in tele- phony, and is most anxious to fil! the existing gaps. Linking up with other countries like Turkey de- pends to a great extent on the efficiency of the machinery and ad- ministration abroad.-British Wire- leas Service.
NEW FRENCH CABINET FORMED
PACIFIC TRAGEDY Superintendent's Made
Crime
Townsville (Queensland), Feb. 4... In response to a message of dis
MONSIEUR CHAUTEMPS AS
- PREMIER
Though a special Government of this court to see the need of a fur-firm the Directors' vote of a bonus to Committee has been appointed for thor period of development before for the staff of 6 per cent. on their salaries. debt consolidation, we still await eigners can look with confidence to the The reduction from 10 per cent the tangible evidence
Chinese tribunals na a guarantee of figure of several years past—has been and in the meantime the debts con- justice. It is above all the lack of made to correspond with the halving tinue to "snowball" in alarming Commissioners in their 1928 Report as
judicial independence-stressed by the of the Shareholders' bonus,
I now be to propose the adoption of an all-round reduction of troops fashion. The Minister of Finance's the outstanding defect of the courts-the Report and Statement of Accounts. and in the issue by Nanking of a arangements for dealing with the which causes mistrust since it has After the proposal has been seconde-i further disbandment loan. The re-arrears of the "Salt" loans has help-shown itself all too clearly in the fro-and before placing the motion before sults were, unfortunately, negative, ed to revive confidence among quent removal of fudres and in avowed the Meeting, I shall be pleased to an- for after barely three months of holders of this class of security. submission by the judiciary to political swer to the best of my ability any gges peace war broke out for the third Nothing however has been done authority. While gladly recognising tions that Shareholders may have to time towards the end of September. for a very important category of credi-he progress already made, I cannot, ask. On this occasion Nanking was faced tors, namely the parveyors of rail-therefore, but echo the British Govern Sir Henry Pollock Speaks
Mr. Chairman, Ladies and Gentle- by: a revolt from the so-called "Re-way material, some of whom have been ment's statement in their note of Aug- ly consisting of the political leaders This is a very serious matter and I the need of a far greater advance to of the Report and the Statement of Ac trdas brought by two aborigines organisationista", a group mala waiting for payment for over ten years. at last. They there pointed to of the left who had been excluded consider it indefensible that a govern-wards making a living reality of re- counts. I do not propose to occupy from Palm Island, a native settle. ment which disposes of the carnings forms, especially in regad to fecuing many minutes of your time, especially from office, supported by certain of railways should withhold payment the courts from outside interference in view of the very full and interest-ment twenty miles off the Queens military. commanders including for the materials used in their working and dictation. Till this takes place, any ing unceels which has just been made and coast, a doctor, police and pra several of the Kuominchun gen (which, let me add, include in this transfer to the Chinese courts of pow. from the Chair.
visions were rushed to the Island. erals. At first the rebels were
of Jurisdiction over foreigners The first point which strikes one as It appears that the Superintendent, case a large amount of rolling-stockers sucessful. For many weeks fight-in everyday use on the lines), thereby needs to be strictly conditoned, and satisfactory is the fact that, in spite. Mr. R. M. Curry, ran amok, shot Befandi Ing' proceeded in the contral and involving private merchants in alniost
of dimeult trade and banking condi- and seriously injured Dr. Patterson- southern provinces, and the war intolerable losses. We are given to un-
tfons during the past year, our carn- and his wife, set fire to several was at one moment carried almost derstand that the Ministry of Railways
ings in silver for 1929 exceeded by some to the gates of Nanking. The tide has the matter of debt settlement in turned, however, in favour of Mar- hand and we must hope that it will not shal Chiang, who by the end of the be long before action is taken to re- year had the situation again in hand
move the stigma which attaches to the present state of affairs. and averted the threat to the Goy. :. ernment.
Records Not Impressive
limited.
It is very difficult to say. A year nilies, there has been, it is true, China, and one can fairly hope that a
War throughout the provinces of years.
few years of peaco and orderly gov
...
17
f
**** Paris, Yesterday.
The new Cabinet now formed is as
follows:
1
Premier and Minister of the Interior, M. Chautemps.
Secretary for Foreign Affairs, M. Minister of Justice, M. Steeg.
Minister of Budget, M. Palmede. Minister of Finance, M. Damont, Secretary for War, M. Rene Besnard. Minister of Navy, H. Albert Sarraut. Minister of Pubile Education, M. Jean Durand.
Minister of Commerce, M. Bonnet. Minister of Agricultura, M. Quauille. Minister of Labour, M. Loucheur. Minister of Public Works, M. Daladier,
Sacratary for tho Colonies, M.
:
Lamoureux.
Minister of Air, M. Eynac.
Minister of Pensions, M. Gallet,
Danielon Reuter,
Minister of Posta, M. Julien Durand. Minister of Mercantile Marine, M.
INSPECTOR COTTON
דו .
1
Serious Illness in Hospital
A Warning Note I come now to the third, and in my opinion hy for the most important, of lacs of dollars our earnings in silver bulldings, including his own house our requisite safeguards. A glance for the year: 1928.
departed to an adjacent island and at current conditions in China is enough! Yet another point for congratulation returned to Palm Island, where. he. to show how absolutely necessary it is that our Directors, by transferring was shot dead by an aborigine. le that protection should exist against E million dollars from our silver re-immediately he landed. The bodies lawless impositions by the "powers-serve at the very favourable rate of of Mr. Curry's daughter, aged 20, As regards the railways themselves, that-be." Individuals and companies 28. to the dollar, have raised our start and his son, aged 10, were found China's Domestic Ills
are notoriously subject to illegal, and ing reserve to six and a half mil-among the ruins of his house. an extension programme of almost stag often extortionary treatment, against, Hons' sterling, and when we call to One can thus congratulate the gering magnitude, requiring an expen which the courts of law provide no do- mind: that only 10 years ago, at the Patterson and his wife, who is The police have brought back 'Dr. Government on surviving three most diture of some $800,000,000 was adopt fence. serious crisis during the course ofed by the Third National Congress, been revealed in the public Press that stood at one and a half million pounds wounded, and also Mr. Curry's body.
So many flagrant cases have beginning of 1020, our sterling reserve But when we turn from plans to the year. Whether in consequence achievements, the record is hardly in examples need not be quoted. This only, it will be readily appreciated how its position has been strengthened pressive. Thanks in ensiderable part connected with the persistence of civil sterling position during the last 10 the desirability for proceeding slowly
state of affairs is, of course, closely much the Bank has strengthened Ita throughout the country as a whole to the use of remitted Boxer Indem- ago it was at least possible to hope greater replacement of rolling-stock
and gradually, so long as Chinese that the nationalist victory had than for a good many years past and crament will remove the worst of the pur silver reserve and $760,000 to Bank office, and so long as such Judges are We are also transferring $500,000 to Judges have no security of tenure of done away with the old disruptive the benefit of this will inevitably make evil. But I wish to say with all the Premises Account; and it is pleasing liable to dictation and interference by forces which kept China in turmoil. Itself felt if the lines can be kept free emphasis I can that unless and until, to hear from you, Sir, that our in-political and military officials. The events of the last twelve from the plague of military interfer-this Improvement takes place it would vestments stand at well under market indorse the bonus of 5 per cent to the All shareholders will most cordially months have proved this hope to be ence. The "," however, is a big one. be certainly premature, and not im- quotations.
The past year saw little improvement probably disastrous in the fullest sense A Matter To Be Deplored. vain and we must, I fear, now re-taking the railwayn as a whole in re of the word, to place foreign businesses Whilst we, as shareholders, must:roe, very much regret the necessity for. Bank staff on their salaries, and will concile aarselves to a slower, and gard to military occupation or to the under the sovereign control of local gret that the sterling bonus for the year In Conclusion, Mr. Chairman, I de Hong Kong Police, is lying seriously His many friends will regret to learn less-dramatic, eure of China's excessive taxation which goes with Chinese officials. If we are presently has been
redneing the same,
that Sub-Inspector: E. Colton, of the ...... domestic ills.
reduced from $2 to military control, transportation taxes to be called upon to come under Chinese por The sequence of wars has left of an almost prohibitive nature being law, it is here more than in any other to
share, wo feel bound
ire, on behalf of the shareholders, to ill at the Government Civil. Hospital, little room for constructive work levied as before on many of the, prin-direction that we look to our Govern sien of the Board when we reflect that, rendered to the Bank by our retiring some days with what he dismissed as a
acquiesce In tho deels echo your words of appreciation of the suffering from pneumonia.
very valuable services which have been and the many excellent programme cipal lines Conditions have been ment to assure us the protection so
Mr. Cotton had been indisposed for at the low excliange of 18/7 to the salt of reform-sponsored by the National more hopeful on the Shanghal-Nanking vitally needed.
daliar, the final payment to us of $4 per Girt, Manager, Mr. Hynes, during the simple cold which was accompanied Kerr Government, have made but small and Shanghai-Hangehow railways, în
aharo costa only about $46,000 Past three extremely difficult years, and by hoarseness, progress. Such as they are, I will relation to which lines our associate, the
less In doliars than the
wo join a wishing him, and Mrs. On Saturday last he became fever- British and Chinese corporation, has attempty however, to review the been actively engaged on schemes of
tore status of the Shanghel Interna- cost us for the year 1928 at the to come.
The momentous question of the fu- ment of the final of £5 per shareynes also, many years of happiness ish and had to be taken to the hos Wachievements of the year and co-operation with the Ministry of Rail-tional Settlement is receiving official then exthonge of 25/04d, to the dols words of welcome to the incoming dition gradually became worse, and re- pital where pneumonia was diagnosed. Value at Independent Scrutiny
We likewise desire to indorse your In spite of careful attention, his con- Attention. The system of municipal lar. Moreover, those, shareholders, who pr' sInitha'sphere, first, of politics, the Disbandment remaina the most Im-envernment under which the Settlement think in dollars, can derive comfort Chief Manager, Mr. Grayburn, and to ports on his condition have been issued
entral Executive Council announced, portant issue in China's domestic affairs, has attained to its present size and from the fact that for the year 1020 him every success in his arduous dally since. Thursday ha in June the Kuomintang programme and if I mention it last this is only credit. Allered conditions of which bonus combined, 180.37, per chore as Other Business ported as carious, and although his prosperity lids à splendid record to its they are receiving, in dividend and for the continued government of the because there is, unhappily, nothing the rapid expanalon of "Greater compared with $79.02 per share for the statement of the sccounts were pro was toxic.
On Thursday his condition-was re- country in accordance with this more to record than the holding of the programme the system of political two barrea conferences already men boundaries is perhaps the most In In regard to the disturbed state of by the Hon. Sir Henry Follock and was advisable to send a cable to Mrs. The adoption of the report and heart was standing the strain well, ho Shanghal outside the Settlement year 1926. Daca tutelage into last tilfr1985, thus tioned. The President himself has dos portant call, however, for an impare affairs, in China, shareholders can only unanimously carried.
posed by the Chairman and secondled
In view of this report it was consider. prolonging the government of cribed dabandon class miltus stone tial examination and, it may be, to join with our Directors In deploring the Proposed by Mr. R. M. Dyer and China by the Kuomin Party for six of patriotism for China's military equizoma": changes?"The Shanghai Mun continued persistence of civil war in seconded by: Mr. 131/J, Lewis, the foletion's condition was rather worse,
Cotton) who is at Home. years to come. Fi
mandars; the definition is exact and cipal Council have taken a wise step
Yesterday's report stated that Mr. there fa.nothing which would do more In the matter of legislation many to restore, the world confident which by inbtaining as their adviser, in the China with its accompaniment of Inwing gentlemen were: elected to the his pulse not being so good. He was new laws and sections of codes have China so greatly needs than an effec. Person of Judge Feelham, a man prcasion of the Chinese merchants and Warren, T. H. R. Shaw, M. T. Johnson Mail learned that Mr. Cotton's condi famino and brigandege and of the up- Board of Directors: Messrs. Jon Inquiry this morning the China cư been promulgated. The texte tive agreement among those same lead practical handling of problems of an intozierence with the arteries of trade Mr, W. E. Pattenden, Mr. A. H. tion had remained much the same over also stated to be toxler and delirious. experience and high reputation in the appear to be based in general, oners for the mutual reduction of troops. i
master by irregular taxation and of and TE Pearce good and-up-to-date models. Our Passing on to China's diplomatic resolution will be found which will pro Piráty Silll Prevails analogous nature. Let us hope that in many Provinces of Ching. experience in legislature has lations in 1929, I come to a question of vide the desired extent of Chinese co- Also the molestation of shipping by for re-election, were re-elected to the RELIGIOUS
importance for all con- eperation, and also froly guarantes
PERSECUTION Compion and Mr. B. D. F. Beith who ight, you cant wa retired in rotation but being eligible pattern independent acrutiny and critic ritoriality Having proved my mastery which the administration of the Settle and we trust that: the proventive Mr. Dyer, and, seconded by Mr.
corn rimely the abolition of extrater the standards of efficiency, and Integrity Ism of draft laws in order that they of that abessively polysyllabic word, 1 mont has enjoyed up to the present initiated by the Government of Kwang-1 The auditors, Mr. C. Bernard Brow the Archbschap of Canterbury for a
before acceptance, be mould propose by the way to save my ed into thy form best adapted to tongue, and your time by using it in Sino-Rusalan Rupture (local condh.ons and It fa perhaps a future in its telescoped form and toe little unfortunate that the present call it extrality." The subject is so with foreign Powers to which time for Other matters in China's relations system of legislatura in China pro immense that I cannot deal with it bids me to make more than the brief
ways.
•.
Shanghai's Fate.
pay-
tack
meñourca, which have recently been D, J. Lewis.
fung," will shortly bear fruit, A.C.A., and Mr. John Fleming, CA one can only express the hope that the F. C. Hall and seconded by Mr. J. W. C. As regards the abolition of extrality, were re-elected on the proposal, of Mr. Powers-that-be in Nanking will realise Bonnar.
་:་ཐཱ་
The arrangements being made by special intercessory service in con- be held on March 18, will not apply Hection with the Russian Church, to to HM. ships and establishments.
A