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TUESDAY, JULY 29, 1930,
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FOR SALE
FOR SALE Diser Set, Complete and in perfect condition. Test ganlity of china. Design very attractive. ; Telephone 24820.
FOR SALE-1930 Commander Stude- baker 7 Seater -Salmon. Only done 9,000 miles. Paint and condition perfect. Owner leaving Coleny. Any Irial. What offers Reply to Box No. €60, c/o "China Mail"
TO LET
TO LET--No. 3 & 4 Dragon Terrace, Causeway Bay, st, 2nd and 3rd floors. Ench fiat has three bed rooms, dining room, servants' quar. ters, kitchen, bath room, and water closets. Suitable for Енгередиа, Apply Clark & 13, 10, Des Voeux Road C./
TUITION GIVEN
HOME TUITION.
WESTOVER-STEVENAGE Within an hour from London. In healthy neighbourhood, SCHOOE for GIRLS and SMALL, BOYS. A few Boarders received in the House of the Principal. Individual care and attention. For Particulare-apply_tez
MISS RUTH CULLEY
(Camb. Higher Local), Camb. Teachers' Diploma). MISS GERTRUDE TURNER,
(National Frodel Higher.
Certificate).
MISCELLANEOUS
YOUR VISITING CARDS neatly and promptly printed. - "China
phone- 20022,
Hotel Strathcona
VICTORIA, BRITISH COLUMBIA
Make this Hotel your headquar ters while visiting Victoria, B.C. Ideally situated and within easy access to all the famous Beauty Spots in and arountl Canada's Island Resort.
The Hotel where personal servicċ makes your stay enjoyable.
RATES, MODERATE.
CLAREMONT
PRIVATE 'HOTEL. Austin Road, Kowloon.. (Facing the Kowloon Cricket Club. Four minutes from ferry
by bus.).
Suites of rooms (single and double), hot and cold water system, all modern sanftation, private bathrooins attached.
THE CHINA MAIL.
CURRENCY
COMMITTEE.
Publication of Full Report.
TEN WITNESSES HEARD.
As mentioned in the China Mail | Part II, and which explains fuilly] yesterday the Currency Committee have issued their final report which is as under
INTRODUCTORY.
General. 1-We were appointed or April 28, 1930, to make investigation with a view to supplying answers to the following questions, which repre- sented our terms of reference :---- (a) Is the present currency the
• most advantageous for the pur- poses of the trade of this Colony?
..
(b) In what respects, if any, is the present currency situation
in the Colony unsatisfactory? (2) If the situation is unsatisfac- tory in what way can it be re- medied? (d)" Is the premium on notes over silver detrimental to the pro- sperity of the Colony? If 80 can it be controlled and by what means?
EXCLUSIVE TABLE (e) is the linking of the currency,
:
entirely under European management.
I
Hotel has a splendid aspect in one of the finest locations in Kowloon, away from noise, yet easily accessible.
Terms very moderate. Reser- vations by letter or cable.
CLAREMONT Tels.: 57389 & 57385 (Private). Telegraphic Add: “Fern" H.K.. Our mutto is "SERVICE."
5.30 p.m.
with silver advantageous to the Colony? If so can it be more closely linked?
Is it desirable in the interesta of the Colony that the value of
the dollar be stabilised? I so can any effective stops be
taken to that end?
the nature of the legal tender coins. it is noteworthy that the Mexican dollar is made the standard, to which the British or any other dol- plar should conform if it is to be accorded equality of status. The as ordaining that, in the absence of Order-in-Council is, noteworthy also express agreement to the contrary. in all rontracts and transactions in- volving. liability to pay money, standard coin of the Colony, 'payment, should be made in the
9. There are. "practically no re- strictions on the minting of British dollars by any one who is willing to pay the seigniorage. It is estimat- ed that in all about 230,000,000 British dollars have from time to time been minted, many of which must by now have gone into the melting pot. Mexican dollars are not now minted, but are held as
deposits against the issue of notes, and China must have absorbed a
vast number of them. Of Mexican dollars also a large proportion must
by now have been melted down. When the British Silver dollar was
The careful housewife thought her home was quite free of
all insects, but to her great- dismay this Cockroach was right at her very table. **
Do YOU know how to rid your house of these pests the answer lies in three words:-
PETERMAN'S ROACH
FOOD.
Sold by leading stores -and-dispensaries.
Punch in the holes in the top of the tin and scatter the complete- contents, as much as possible, qut of sight in order that it will remain longer. This powder kills Cockroaches but not before they have taken some back on their legs to their nests and thus destroyed far more than are ever seen.
Auctuations in the price of silver had in making it difficult to estimate sterting costs in his business, or to keep a firin offer open for the length
and acceptance, and also to finance of time required between tendering
ships after construction; be ad- vocated therefore some measure of stabilization, though he would not go so far as to say we should depart from the silver basis before China
for the did an.
Are as follows:
AMUSEMENT
NEWS
QUEEN'S present "Romance of Rio Grande," a film of Mexico - the land of the senoritas. Warner Baxter as the young seeker of romance gives a really" good performance of courage. gratitude and love. Antonio Moreno as the villain of the piece prefera loyalty to love and sacri- fices-his-lover in his attempt to regain the seat of his ancestors The singing of Mona Maris as Manuelita is delightful and adds greatly to the success of this spectacular picture.' A talkie
re-admitted into free circulation to wards the end of 1929, its minting and importation into
the Colony has been a requrrent. attribute of were resumed, and it is estimated Hong Kong currency in a greater er that 24,000,000 of these have come less degree for at least thirty years; In since that time; as
well as but the percentage of this premium 2-We issued in the newspapers It is estimated that another 10,000 1008 when og it rising to 3% per $6,000,000 Mexican from Shanghai. caused no serious inconvenience till a general invitation to the public to 600-15,000,000 British dollars may cent. a move put forward their views and sup-
Was suggested to port them, if required, by oral evi- arrive in the near future. The total remedy it by an unlimited Govern dence; we regret, however, to have
amount of coined dollars of various ment note issue, as had been at- |to_record_our_disappointment that
kinds deposited in the custody of tempted in the Straits some years this advertisement evoked only the note-issue by the three issuing the Secretary of State
the Hong Kong Government against previously. At the suggestion of most meagre response, and the op- portunity thus offered was not avail banks was $57,600,000 at the end of Colonies this project for a Govern- Hong Konga Transit Centre. ed of at all by advocates of a
April, 1930. There are also sub-ment note issue was abandoned, 16-It may be apposite here to stabilised currency. We also issued sidiary coins issued by the Hong and the difficulties were solved for recapitulate very briefly the argu- GENERAL NOTICES
individual invitations to persons Kong Government in circulation the time being by granting in 1911 ments upon which traders, both past who, we considered, were specially sufficient in amount for the pur the Mercantile Bank the privilege of and present-(sea especially the poses required. The nominal amount note issue. During the war and memoranda of Messrs. Mackie and HONG KONG FOOTBALL CLUB qualified to shed light. on various
aspects of the subject, and who of these in circulation at the end post-war periods, when the price of Russell Nos. 34 and 35 in Part III), of the year 1929 was $17,914,870 siiver was high, the problem uld-rely to show how any attempt to HTHE 43RD ANNUAL GENERAL were representative of all interested
the community. We and their market value stood prac-not arise; but, after 1926, when base the currency on any other Office. No. 34, Wyndham St. Tele- MEETING of Members will received the written views of many tically at par; the amount of sub-sites declined in tale, the dron metalle standard of value than that be held in the Board Room of of the principal merchants and sidiary colfis in stock at the same gence became marked, until in used in China would be harmful to Messrs. Jardine, Matheson & Co. bankers' associations both Chinese date was about $1,800,000. September, 1929, it represented a the trade and thus indirectly to the film.. Ltd. (by kind permission) on and European in the Colony-We-Bank-Notes Issued in Hong Kong difference of 20 per cent. The general welfare of the Colony. They ALEXANDER'S INSTITUT DE FRIDAY, 8th, August, 1930, at have also had before us the report
10. He have reprinted in Part 1 course of the premium is traced by
CENTRAL features William of the Straits Currency Committee- the Hong Kong Ordinances govern Professor Robertson, Mr. Ferguson BEAUTE
() Hong Kong is not a pro-Powell and Louise Brooks in "The of 1903, of the Royal Commissioning the ordinary and excess issue and Mr. Breen in their memorandadacing but a transit centre; its Canary Murder Case," a detective Hon. Secretary,
on Indian Currency and Finance of of notes by the Hong Kong and in Part III: Mr. Breen also gives exports and Imports are almost story with an ingenious plot. 1926, and of the recent. Kemmerer Shanghai Banking Corporation and an account of the attempts made to enirely on China's account; the Powell, as the detective, is splen-
altuation, which was remedy a PEAK TRAMWAYS COMPANY, Commission in China.
trade which it handles is in did, whilst Louiae Brooks, as the have heard ten representative wit portions of the Charter and Supple becoming more and more difficult reality China's trade. In spite of star of a revue, acts her part in
the fact that all countries from nesses orally and held nine meet-mental Charters of the Chartered
-to-handle,-ab-the-continued-fall-in-
very pleasing inge."
Bank, which govern the note issues the value of silver tended to aggra-
which imports come and to which Romance, excitement, and in- 3.--All written evidence we have of that institution and the security vate the premium in so far as the exports go are now on a gold terest can be found in this Para-
up to received, and all memoranda pre- therefor. The latest date
basis, and that there is a great mount film. A talkie film. viously written on the subject, to which these banks are at present rate of exchange in the Colony
fimprovement nowadays In the which we have had occasion to refer empowered to issue notes in the lagged in following allver on the
speeding up of communications in this report, are printed as an Colony is July 12, 1939. We would downward course. Subsequent ac-
between the Colony and China, it nexures in Part III. The minutes, invite farticular attention to the ion by Government to assist in
still is of the utmost importance of those meetings at which oral requirement in the case of the Hong
that the Colony's currency should evidence was heard form Part IV. Kong & Shanghai Banking Corpora
conform as closely as possible to To complete the data before us; and tion of the deposit of an amount of
that of China, and that unneces- 1 per cent. per annum on. $15,000,- coin never less, than one-third of 000 of the aggregate bank note- for ense of reference we have -ap-
sary exchange transactions he eliminated. pended In Part II all relevant Hong the total issue in circulation, á Issues of the Hong Kong and Kong ordinances and extracts from practice also followed by the Char Shanghai Banking Corporation is the supplemental Charters of the tered and Mercantile Banke in re evidenced by the correspondence Chartered Bank, as well as a copy gard to their Hong Kong, lasues, and with the associated non-issuing of the Order-in-Council by which also to the fact that the Hong Kong banka, (printed in Part III), which the present currency system of the and Shanghal Banking Corporation culminted in Government Notifica- Colony is established.
and the Chartered Bank have the tion No. 625 of 1929; (also printed option of securing a part of their In Part II). The premium still- issues by a deposit of bullion. A persists however to quite an appre other significant feature of the ayclable degree as gilver keepa tem of note-issue in Hong Kong 18
dropping.
For the best Permanent Finger & Marcel Waven. - Hair Cutting and Manicura for Ladles & Gentlemen. Pedder Bldg. 1st floor. Koom 5 Tel, 25169, Opposite entrance H.K. Hotel.
PHOTO-SUPPLIES
Kodaks and Cameras. Flims, Plates and Papers, etc. Developing, Printing and Enlarging. ZIESS and BUSCH FIELD GLASSES
Price Moderate.
A Trial Order is Solicited.
A. SEK & CO.
Tel. Na 23459. 26A, Des Voeux Road C. Hong Kong’
FOR SALE.
COLLECTIONS OF POSTAGE STAMPS
MOUNTED IN BOOKS,
"All" "Différent,”. “Without Duplicate.
500 Stamps # 4 3,500 Stabipe $ 60 1.000
do .8 4,000 do.
1.800. do.
2,000 Jo. 12.000 2-də,
3,000
+18
5,000
30. 6,000
40:10,000
do. 50
TC
do. 100
do,
do." 150
GOO
GRACA & CO.,
Dealers in Postage Stamps, Religioua Goods, Garden Beeds, Toys, ofc.
10, WYNDHAM - STREET,
HONG KONG
2.O. Box No. 620.
FOR QUICK REPAIRS
FIAT GARAGE 67A, 67B, De Võeur. Ed. G. Tel. 24821
W. PRYDE.
LIMITED.
NOTICE
SUSPENSION OF SERVICE.
Ο
WING to necessary renewals, in the Engine House, the Public are hereby notified that no CARS will run after Midnight on SATURDAY, the 2nd August until MONDAY, 4th August, at 7 a.m. By Order, JOHN D. HUMPHREYS & SOX,
+
General Managers. Hong Kong, 28th July. 1930)
KASHMIR SILK STORE
for.
EXCLUSIVE: STOCKS
of_
and
SILK.
SILK GOODS
Oppoalle 'Queen's Theatre.
AN INTRODUCTORY. HISTORY by
A. II, CROOK, OBEŋ, `MA.
'W. KAY, MA..
Historical.
In all we
the Mercantile Bank as well as those
remedying the situation by reducing the stamp duty on bank notes to the extent of requiring not more than
4. Whilst Hong Kong was still a settlement under Her Majesty's Plenipotentiary and Chief Superin- tendent of the Trade of British that the Hong Kong & Shanghai Reply to the questionnaire Forming Subjects In China, a heterogeneous Banking Corporation enjoys, an the Terms of Reference: collection of coins consisting of authority, not shared by the other
(a) Is the present currency the Spanish, Mexican and other banks of issue, whereby it may most advantageous for the purpose |lars, East India Company's rupe i exceed its statutory, limit to any of the trade of the Colony?"
transactions.
!
a
**
manner.
MAJESTIC presents George Sidney and Charlie Murray in "The Life of Riley," the story of which was written especially for these, two comediand., Murray is
small town fire chief, inventor of a fire extinguisher, and u store- keeper. Sidney is Chief of Police
(i) The ill-effects of any diver- and an iceman as a side-line. A fascinating widow gains the at- gence are amply shown when a high premium exists on Hong tention of both and then comedy Kong exchange and drives busi-runs unchecked. A silent film. ness past the Colony to Shanghal.
STAR features Pola Negri in It naturally follows that these ill
effects would he accentuated by making a clean Break between the two currencies.
(i) if Hong Kong had 4 cur- rency based on gold with China's currency still remaining on - a ̈ silver basis, merchants fear that the financing of trade would
* *
*
"Good and Naughty," a comedy- vivacious, romantic and charm- drama revealing Miss Negri as
ing. The success of the picture is further assured by the capable acting of Tom Moore and the droll A comedy of Ford Sterling.
silent film.
*
tend to gravitate towards Chin WORLD presents Camilla Horn where a direct exchange trans-and Victor Varconi in "Eternal action could be affected and bar Love," a film faultlessly acted and gains struck readily to the exclu-directed, and which at times rises alon of Hong Kong as an inter- mediary. Trade might thus pasa in its sweep of story against to proportions of epical grandeur the Colony, and a centrifugal heroic backgrounds. It will give movement might set in, which in motion picture audiences a new the long run would adversely
affect the prestige and prosperity appreciation of screen drama. A
silent film.
of the Colony..........
(iv) We do not attach much Weight to certain other objections which were mentioned to us. For 18-Some witnesses have', also instance, some feared that Chin- expressed dissatisfaction with those ese merchants, being traditionally provisions of the currency system accustomed to handle allver, by which the privilege of note issue continue is delegated to the somewhat might prefer to
80, * and * move arbitrary control of private banking their businesses. elsewhere institutions.
to
rather than adjust their methods ***・ Suggested Remedies.
and copper Chinese cash was pro-amount by the deposit of an amount
18.We have found it difficult to claimed the circulating medium. of coin or bullion equivalent to the)
5-Shortly after the island was value of the excess notes issued. keep our treatment of this question. constituted a. Colday, Mexican and The effect of this is that when the separate from that of questions (e). other Republican dollars were on limits of the other two issuing and (f); and our answers to these April 27, 1842, proclaimed the banks have been reached any large questions must be read as, comple- standard-currency-of the Colony in emergency demand may only be met mentary, one to another. We have all Government and Mercantile by the Hong Kong & Shanghai assumed that by "present currency" is meant generally the currency Banking Corporation. → 6-On May 1, 1845, by proclama-··11.—The privilege of issuing etablished on a silver baala by the tion the gold, silver and copper notes In the Colony was granted to Order-in-Council of 1895, and that. conia of the United Kingdom, as
the Chartered Bank in 1868, to the there la' no immediate reference in well as Company's coins, were ad-Hong Kong and Shanghai Banking the question to the tangible shapes. mitted to circulate side by side with Corporation in 1866, and to the which this currency has taken, the disadvantages and unsatisfactory silver dollars." - This system per- Mercantile Bank in 1911. The features of which are dealt with in sisted for some years, but as Gov understanding or convention, by our reply to question (b). We note ernment accounts were kept in ster which notes became accepted in all also that the scope of the question ling and revenue was, received in banking, mercantile and revenue coins of all kinds, its Inconvenience transactions almost as the sole 16 limited to trade, a term which we understand as connoting the led first of all in 1858 to an abortive medium of exchange apart from business of Ananeing, manufactur proposal to oust dollars in favour subsidiary coins, la said to date ing, buying and selling, goods, and of a sterling currency, and finally from about 1890 onwards; it subse does not extend except Indirectly to in 1868, to a proclamation, whereby quently became in fact a tacit agree Mexican dollars and other silver ment not to observe too strictly the dollars of equivalent value that terms of the Order-in-Counell of might from time to time be su- 1896. The acceptance of this con- The Newspaper Enterprise Ltd. thorised became the only legal vention was almost universal and from the evidence received, to reply
tender of payment.
any attempt to depart from it by to the first question in the affirms- It is Interesting to note that meeting obligations with coin tend- tive, so long as China, uses a cur-
rency based on slivers About this time the coining of a new ed to be suppressed by reciprocating 16. Our view in this respect has Hong Kong dollar was undertaken in kind. The total daily average the support of all the evidence taken in Hong Kong, but lapsed after amount of notes of the three issuing by us except that of two witnessen about $2,000,000 had been minted, banks in circulation during the One of these, who Is Professor of This type of dollar is now obsolete month of April 1880 was over 81% Economics at Hong Kong Univer LAMMERT BROS. and so rare as to be considered million dollars,
curio. A new type, the British History of the so-called Premium Sity, favoured a change to a gold basis even if China remained on a Trade dollar, afterwards came into no Notesilver basis, being inclined to dis(). There is in fact a fluctuat popularlly and its coinage was undertaken Ju India and London,
&The present currency of the Colony was established by an Order
fidila proclaimed * In 1895,
W. L. HANDYSIDE, MA, B.Sc.
PRICE $2.00,
NOW ON SALE AT THE PUBLISHERS
China Mail Offices.
AUCTIONKERS, APPRAISERŐ" AND SURVEYORS,
Public Auctions
the individual or collective interests
of any other persons 'than traders.........
14-Prefacing so much, we have
12 The phenomenon of the local count the disabilities to trade which bank note or promise to pay becom a change to gold, would involve the ing capable of purchasing a greater uther, who is Chief Manager of a quantity of another currency than shipbuilding firm, in the Colony the number of silver dollars which considered the present currency and we have reprinted in full. In it promises to pay could purchase satisfactory because of the effect the
19-As regards remedies for the premium we deal with these fully- in our reply to question (d).
20-As regarda remedies for the inconvenience attending the use of the silver dollar wo con-- sider that this inconvenience might
to the new currency. Again It {(c) If the situation la unsatisfac- has been stated that there is" the
tory in what way" can it be remedled? possibility in the event of a mark- ed appreciation of the price of allver that the Colony would for felt a great portion of its allver token coinage to the melting pot.
Faults in Currency System. (b) In what respects if any is the present currency situation in the
A be lessened to some extent, and at Colony unsatisfactory!
17 We have concluded and are the same time the further minting supported-in eur conclusion by all of British dollars stopped, if more the evidence before us, that the advantage were taken of the means currency system of the Colony that already, exist of issuing notes: suffers from the following faults against deposits, of bar-sfiver In Hong Kong or in London. In gên- eral the practice of Issuing notes sgáinct bar-silver seems to us pre- ferable to issuing them against, allver dollars. We realise however that many coins may still be needed
(Continued on Page 10.
dag promium on the bank note: over the silver dollar in exchange. (II) The sliver dollar is itself most Inconvenient medium, being difficult to baddle; carry and store.