!
HONG KONG BANK MEETING
(Continued from front Page.)
desperate peasants organised more or less under communist leader- ship. In certain areas the Civil Government is said to have been Ruperseded by Soviet organs which have set up their own system and even established schools and barks on the communist pattern. Tho movement reached its height last summer when Changsha was seiz- ed and looted and Hankow scri- ously threatened. The cessation
of
good second to the Customs. De ficiencies in the quotas remitted by the Districts for the service foreign loans aecured on the Salt Revenue have been made up and the liquidation of, accumulated arrears has proceeded in punctual obser- vance of the Finance Minister's
plan.
Recognition is due to. Mr. Soong, whose concern for China's foreign credit-and. If one may venture to add, able tenure of his
THE CHINA MAIL.
Looking at things as a whole, if China can now maintain peace and political stability, she should soon be able, with international assis tapce, to tackle effectively her three major and interrelated problems: the consolidation of debt, the dia- bandment of excess eqldiery and the reconstruction of railways and other means of transport. The hinges not a little on the out come of the forthcoming People's Conference.
Extrality.
of
SATURDAY, FEBRUARY 28, 1931.
Prospect of China Traza, measure of value for some 2,000 $50,000 per annum, and when the WILLING TO FACE THE
I have deferred till the end years.
few remarka my speech a
A Dangerous Step. which I have to. make about
It was a dangerous step to legla. the prospects for China's trade development in the years immodi- late for the elimination of the ately ahead. The outlook depends white metal and- thereby help to so entirely on internal political con- cause ita debasement in price. The ditions that it seemed best to deal consequences of that polley are not with the latter first. If we agree, yet fully apparent, but the trade as I personally think we may, that balance of the world must be alter the record of last year etrengthenaed, and that not in favour of the the chances of peace and order in
I believe I am correct in stating China and of a stable government able to take in hand the work of that the price of silver, for many years, has fluctuated slightly in ad- vance of commodity prices—and, therefore, it seems in same meu
All theuc sure to be a trade harometer.
I must now pass on to the sub-reconstruction, the trade prospects jeet of the abolition of extrater are immense. No part of the world This vital subject compares, with China in the virgin. ritorial rights. has for several years past been fields which it offers for growth of faced fully and frankly in specchen trade. Szechuan province alone, from this Chair and I shall follow rich in natural resources and with
West I should say,
facts must lu: woll known lo those who control ORT mortal destinies
of civil war having freed the very dimouft offico-have earned the precedent set by my predeces-a population of at least 30 millions, and, for my own part, I can
Railway. Defaults.
hands of the Government, military high opinions in financial circles meatures are now on foot, the out-abrond. come of which we await with con- siderable anxiety. Early reports of the success of the operations have not been too encouraging..
The movement is largely a na- tural outcome of the misery wrought on the people, by mill- tariam and war. Insofar as this is the case, the only effective cure les in battering legal condition by the establishment of peace and good government. If there should not be forthcoming there is ground for the gravest fears as to what may eventually happen.
Slump in Prices.
With the fall in silver and the world slump, in prices, added to the Internal dissensions of which I have been speaking, any radical Improvement in the finances and nconomie state of the country has naturally been impossible.
In contrast to the Customs, and Suit obligations, the defaults on the railway loans continue to mount up, the amount overdue on three loans along issued wholly or partly in Great Britain amounting now to almes £6.3/4 milliona. Private foreign creditors for railway material are also stili awaiting the payments due to them, but we are glad to learn from a recent state- meat in the House of Commons In connection with the remission of the British Boxer Indemnity that our Governmont have received a promise from the Chinese Govern- ment that the outstanding debts due to British merchants for railway material will be settled at an early | date,
a whole is Debt settlement as coming to the fore. In November the Government invited representa tives of the foreign Governments concerned to a preliminary ference. I understand that little has yet been proposed. In the way of a cefinite plan, but the British Logation has taken
hand the col- tection of British atatements claims and it is samo satisfaction to know that the Chinese author- a start in a budgeting system is still being ties have at last made trust that nwalted, but; a step in the right tackling the problem. direction vas taken by the Minis- they will soon find the occasion to ter of Finance who published a prove the sincerity of their inten- general financial, statement, early tlone.
Of course the settlersent in the year.. A series of reports of their overdue obligations on by the Kemmerer Mission has been terms acceptable to the creditore published, containing schemes must depend on peace in Chins and inter alia for, the adoption of a on the degree of the Government's gold standard, for. China's, curs. success in reordering the national rency. An inital move in this finances, a task in dealing with direction was made in the month which Mr. Soeng, and his colleagues of January when the collections of: have cur sincerest good wishes, import duties was placed on a gold
Boxer Indemnity. basis. This arrangement fur- The rehabilitation of too railways, nishes, the Government with sub which the Chinese Government have stantial gold credils of great value in present conditions for meeting rightly put in the forefront of their. programme of national reconstruc-
AR regards the national ex- ehequer, the current needs of the Government required the issue during the year of new loans-on the security chiefly of the Customs amounting to $174 millions and making, a net increasing in the national debt of slightly over $90,000,000. The Introduction of
of
It
only hope that what I should call the silver catastrophe may yet be ameliorated by prompt and wise international action.
MUSIC.
motion for such further increase was passed it was pointed out that the capital of the Bank had been Increased nearly four fold, and doubled and that its liabilities had sined that date there has, in spite Woman's Alleged Crime of the dimeult times through which
in California. we have passed, been a further sub- stantial substantial increase in the Bank's Activities, as we
Aware.
aro all
BAIL REFUSED.
Fall in Currency.
Jang Shee, a married Chinese Undoubtedly when the last in- woman, formerly of California, who was arrested on warrant on a steam- cronse of the Directors' fees was
voted no-one anticipated such a deer on Monday, for the alleged em- preciation in the dollar ne we have bezzlement of G325,000 in the Unit- en, but the recent disastrous fall ed States of America, appeared for in our local currency has upset all
a third time before Mr. W. Schofield calculations, and in consequence
at the Central Magistracy this! thereof the amount paid in Direc morning. tous fees ts out of all proportion. to the amount distributed in divi- ends whethe: looked at from a
sora; to burke: discussion of thehas hardly begun to tráda with the! Restoration of the question on account of its manifold outside world. difficulties is, I think, a mistake. railways and some few hundred Our general attitute towards miles of new, railway construction abolition was defined by your Chair-would have enormous results. man last year and I need not repeat is true that Chine may quickly The past twelve develop industries to supply much his remarks. months have brought ne, however, that she, now imports from abroad, much closer to the issue. Negotia-but other examples show that this tions between China and the prin-process has the effect of expanding most heartily congratulate Mr conditions but also as an ackng with the American Consul in regard overseas trade, though naturally Grayburn and his staff on the extedgment of the work. done and
13
is
That it is possible to rise superior to circumstance evidenced by the Report now before you. and I would
cellent achievement of his first year
Tribute to OMelals.
gold or silver point of view. It is only reasonable, therefore that the remuneration of our Directora should be reconsidered and should gatisfactory he placed on a more Imsis, not only in view of present
!
.Chief Detective-Inspector T Murphy said that the fugitive had extradition proceedings and tęże expressed her willingness to waive
furn to America of her own accord“ He would ask for a week's remand and if by then she was still in the same state of mind; he would ask for her discharge. He got in touch
to booking a passage for her.
He asked his Worship to note in the depositions the woman's willing. noas to return.
His Worship asked if there was any objection to ball, and Mr. Murni y replied that there was as
The woman:--I want a second the sum involved was Gold $25,000
class passage on a Japanese steam- The Dollar Line steamer? have no second class.
et.
cipal foreign Governments are pro-
of office-a most difficult and try-ability displayed by them in their conduct of the business of the ceeding, the Chinese Government altering its character... have declared their intention of
The Foreign Trader. fing year it must have been.
Bank. It is with grant regret we learn dividend in paid in sterling and a As the greater part our settling, the question in the early
A roady adaptability to the of his present indisposition and we part of this year and there is not a
that the changes of the. times to expect
must all hope for his speedy and large proportion of our earnings is of little reason
in gold, I think it is. only proper the .greatest nceds
completa restoration to health. matter may come to a head before one the date of the People's Conference for the foreign trader with China.
So many of us "old China hands" that our Directors' fees should be The need for revision of Meantime among the threatened depend in a large measure for our paid in sterling also. I beg there- in May.
one which, I
Incomes on the the treaties and the determination changes there is
success of this fore to move the following resolu
tion:- see it think, deserves special mention. great British Institution that I am of the Chinese people to effected are facts which we re- The China markets are not exempt
sure you will allow me to make the
"That the annual fee of the Mr. Murphy, replying to his cognize, and the problem from our from a danger which is looming up following remarks which will cer Directors of the Hong Kong and | Worship, anid that that might pos point of view is one of securing in many parts of the world-name thinly be endorsed by all share- Shanghai Banking Corporation sibly be arranged, but added that tair and reasonable safeguards toly, Soviet dumping. (I use the
hulders,
be the sum of £5,000-instead of there might be a compromise be the existing fee of $50,000." tween the first 'class and steerage carry foreign firms and nationals word in its loose sense of landing over the dangers of the transitional goods to be, sold at under-cut
I would like to express our thanks
passengers of the Dollar steamers to the many Branch officers and
The woman:-I want to gel period when jurisdiction and ad- prices). The process has started ministrative control are passing already and I fear we must be pre staffs of this Bank. From Arctic There are parod for a possible rapid develop Ha-bin to Sunny Singapore they into Chinese hands.
ment. How to deal with this-dan-guard our interests in fair weather sections in China Impatient for an
of all special ger of having the markets of the and foul, both political and atmos- abrupt termination privileges and rights. The demand world flooded by Soviet goods pro-pheric.
was answered by the duced and markoted under condi- spokesman of H.M. Government at tions utterly alien from the stand- the last annual dinner of the China ards of other countries. Association and I cannot do better question which I cannot undertake than quote the words then used. to discuss, but it is one which, the Far East. Foreign jurisdiction, the speaker feel, deserves close study and said, was always an anomaly but anthought by all those affected, and there are few indeed to whom this anomaly corresponding to anomalous state of affairs and its does not apply. sudden removal would be a worse
for this
on
iz
arc
Many of them
personal friends of minc and much kindness and hospitality have I received
during a long business career in
Our gratitude la due to them all and our appreciation should be marked by such liberality as may be justified by the financial position of the Bank.
In conclusion I have to ask your
In these days of foundering and more dangerous anomaly still confirmation of the grant to our both for the Chinese and for Briataff; as voted by the Directors, of Banks and dwindling share values
in China. The
a 5 per cent. bonus on their salaries, all over the world, it is some com- tish subjects ultimate goal, he remarked, is com being at the same rate as last year. fort to feel that Shareholders in plete reciprocity-China protecting
I: now beg to propose the adop-the Hong Kong and Shanghal Bank our nationals and assuring them tion of the Report and Statement of have comparative security and justice equally full and complete as Accounts, and after this has been peace of mind--they can leave the that given by the British Govern- peconded 1. shall be pleaded to worrying to the able executive that ment to Chinese citizens under
answer to the best of my ability any guides its operations. that jurisdiction. But, he added.
questions which shareholders may this can only come by a process of
have to ask. tion, advanced little under the coevolution and the immediate task is Customs Duties.
New.
the problem which can be embark- The Maritime Customs duties, ditions prevailing last year.
to the construction was confined
to discover a progressive solution of now greatly augmented under the
ed on without delay with mutua! new tariff, continue to provide the pioneer lines in Manchuria which are being slowly but steadily push-
parties. The Interests alike of the Governed forward. As regards the deplet-goodwill and satisfaction to both
their overseas debts.
malu source of national revenue.
ment and of commerca and ship-
ed. rolling-stock, replacements have probably, at most kept pare with the.
MR. G. G. MOXON Mr. Moxon, seconding the motion said:-
I would commend to the atten. tion of Shareholders the following ramarkable comparison of figures connected with the Balance Sheets of this Bank.
year
In 1881. the net profit for the half
cading December 31
was $485,646.48.
$200,000 of this sum was placed
Use $8,580.59 was carried forward to
credit of a new Profit and Loss Ac
Fifty years later, in 1981, the net count.
208.68-and $3,420,093.88 are car- ried forward.
A Good Record. After making due allowance for Increased capital and depreciation 'n the value of the dollar. I think
AMOK ON
EMPRESS back quickly.
LINER.
Allegations Against a Filipino.
FOREIGNER ATTACKED.
Martin Gonzale Correa was this morning charged at the Kowinon Magistracy with the murder of John Harrison on board the s.9. Empress of Russia, who died as the result of shot wounds on the evening of February 24.
Harrison was the ship's plumber, and is alleged to have received the
wounds when Correa went amok He was buried in Manila.
As the incident, took place on board a British ship on the high seas, Correa was not handed over, to the authorities in Manila, but brought back to Hong Kong, the nearest British port.
Correa is stated to be a student, and a native of the Fhilipines..
MERCHANT SHIPPING ORDINANCE
Master
The following notice Is Issued by
Attendant, S.S., and Mr. J. I. Miller, Ag. Registrar-General of Statistica, S.S. and FM.S., and toe previous notice dated November 1930 is can- celled.
Mr. Schofield: The Police are equally anxious to get you awi.
FIJI HURRICANE,
34 INCHES OF RAIN IN A WEEK.
Rugby, Yesterday. The Governor of Fiji, in a tele- gram to the Secretary of State for the Colonies, reports that a hurri- cane struck Vitllevu at the week- end with extremely heavy rain. Record floods occurred in several districts.
The loss of life is reported to exccod 100, mainly Indians, but in- eluling five Europeans.
There was extensive damage property and crops.
Nadarivatu reports 34 inches of rain in seven days. Relief work is in progress.British Wireless Service.
WOMEN, WANT. FREEDOM!
"Still Strongholds To Be Captured."
In rising to second the adoption Protection of Foreigners,
Dartmouth, Dec. 30. ping, are closely bound up with the wastage due to military, usage. The The need of the moment is, as 1 of the Report and Statement of Acto Reserve Fund and a balance of
Mias G. I. Cottell, in her pre- integrity of the Customs service British Boxer Indemnity settle the time while the Chinese Govern- the time honoured formula employ-
these words imply, to bridge over counts: I feel: fempted to
sidential address at the annual and the gravest misgivings were ment promises, however, substan
conference of the National Union of Teachers, delivered a remark- Caused by the seizure last summer tion, Lenefits, to, China's railways. ment is still engaged in consolidated by many of my predecessors by of the Northern faction in whose According to the terms of the Billing its control throughout the pro- saying that in view of the very fuli
able speech on the position of wa- hands it remained for four mouth some £7, millions-half of it readyvinces of China and of establishing and interesting. speech we have profit for the whole year ending i
en in world affairs. Happily Harshal "Chang" on ob.. taalag control in. Tientaln restored money-will be spent in the United an unquestioned authority which just heard there is nothing 1 can December 31 is an you see $24,114,- Capt. Geoffrey Freyberg,
After dealing with the feats of However, it is so rarely that the
year, women during the Kingdom for the purchase mualy will justify it in assuming the full usefully add.
che the central Customs authority,
of railway material, while most of responsibilities of a sovereign Gov-
said:-
"We who know how often 40- The Customs collection for 1930 the balance of £4. million, wil beernment towards foreigners living ordinary man in the street has the It will grantly opportunity of airing his views be- of Halkwan Thele 180,000,000
minimum the fore such an audience as this,
elent prejudice and injustice éX- shows an increase of 28 milions free, to be used for, railways and its territories. other public works, though the help to reduce to
risks of International friction--a that I trust you will bear with me
The followit sections of Ordin-cuse themeclves on the score of ovor. 1929. This represents an 18 whole amount is regarded, as an in-matter surely of equal interest to for a few minutes. per cent. increase, though translat-
vestment. eventually. recoverable
In the world to-day and particu-you will all agree that the Bank anco No. 125 Merchant Shipping) the inferior physique of women ed into terms of gold; the value of from profits to be used as a fund both parties if Nanking will take the collections was 12 per cent less for, education and, similar purposes and will shape their demands ac
a.similar view to that quoted abovearly in Chinn there is one topic has a record to be proud of and that are reprinted for the information of hall with Jay every sign which that a sorbs and interests all think it progress during the last half the mercantile and shipping com proves the theory of their inherent incapacity to be an exploded than in the previous year, To the This solution-providing, as
ing men and women, and that century is a fine monument to its Imunities:
"395. The Slaster of every vessel fallacy," cordingly. the port of
Miss Cottell then explained that The rendition of Wei-bal-wet on la the debacle in the value of silver. management and a happy augury
anchoring in any of the port of the Shanghai contributed 17 millon does for China's most urgent needs
the Hera in the Far East It affects taela and Canton S.1/2 millions, both, the physical and late! October 1 of last year and
With these few remarks, Sir, I Colony of the Straits Settlements there were "barrier unsur- lectual planes, while at the sumo
agreement for handing back the everything we do, or buy, or sell, a decrease of 2 millions, while.
Icad dealing with unemployment-de-
a farther. stage in China's recovery from the poorest coolie to the Groat the adoption of the Report and port, shall-fa) forthwith report pant," but the new spirit of free- Hankow and Dairen also registered
serves to be warmly welcomet in of foreign-controlled territories Taipan It is the subject of much Statement of Accounts now before, or "cause to be reported the arrival dom and of power would
this meeting.
of his vessel at the Port Office; (b) women on with confidence to the a decline.
both the countries concerned. I New Tariff
deposit or cause to Le deposited "remaining strongholds." A demand·la reported to be already speculation, much argument, and will only add a word of congratula: on feet for the rendition of the re- much worry.
there() his clearance from his Although falling outside the tion to our Hong Kong University
I rather think I voice the poular period under review, I must make on receiving a grant of £205,000 | maining foreign concessions at
Hankow. As regards the supreme conclusion when I say that most of -mention of the introduction on the from that part of the accumulated question of the status of Shanghai,us feel that the Leaders and Rulera first day of the current year of B fund which is being, applied forth, the only event to recard in the add! of this Modern World of ours have resolution with regard to Directors' transhipped in the port; and (if)..
Increased revenue
it.
4
for the future.
Tientsin, on the other hand, shewed time helping our own country in British Concession at Amoy marked for eat, or wear-small wonder that have great pleasure in, seconding (or going alongside any whart in any mounted" and "prejudices yet ram.
with to educational objects.
Canton, Railway..
new Customs tariff replacing the provisional' schedule which itself; had succeeded to the flat 5 per cent. The new tariff which, I may then: tion is calculated to produce an in- The portion investable in rail- crease of revenue of come 100 milway is likely to be devoted we are llon, trels has been on the whole given to understand-to the linking not unfavourably received, by mer up of the Canton-Hankow railway, cantile interests. Simultaneously: The completion of this trunk line with the change of tariff the Gov of great benefit ernment has ordered the abolition
of likin and other irregular taxes The new substitute taxes should at least have the advantage: for mor chants of beings, fixed and deter
„minable charge) -
The Salt, Revenue has now in the main returned to the control of the Contral Authorities from whose bands it had almost entirely escaped a few years ago Last year it ap- proacked - $150,000,000, making /*.
DIRECTORS' FEES
Mr. C. E. N. Beavis, proposing a
last port: (i) a copy of the man' fest of cargo to be discharged or
CURE OF LEPROSY,
Washington, D.C., Feb. 11. fces, Bald.
a list of passengers on board; and
Dr. Hugh Cumming, surgeon- tion of two more Chinese members made a great mess of their respon-
Gentlemen: In view of the fa-(e) in the case of British vessels to the Municipal. Council of the sibilities.
of the past and vessels belonging to a nation general of the United States public vourable report International Settlement, bringing Inept politicians plus greedy year's working of the Bank which not having a Consular Officer at the health service, to-day ordered, the their numbers from 3 to 5. The national finance have together has been presented to us to-day I port, shall produce to the Fort release of twelve cured patients report under preparation by Mr brought this hyper civilised globe Icel convinced that the resolution Officer the certificate of registry from the Federal Leprosarium at Justics Feotham, who has devoted to the very edge of an abyss I now rise to make, in regard to the and shall deposit with him the Carvile, Alabama. the past year to a study of the and it will require super skill and payment of the Directors" fees, will ship's articles. conditions, will no doubt greatly intelligence to arrest farther crash. meet with our approval. to China on assist, the Council in attacking the Perhaps silver may afford a clue- The resolution which I am now political, no less than ecomonte serious problems which the rapid of to the restoration of the world's proposing is that the fees of the Directors of this Bank shall be the rounds, will bring to fruition the growth of Shanghai and the happiness and prosperity.
Half the population of the world sum of £5,000 sterling or its equiva plans taken in hand more than political developments of the last twenty years ago by our Bank and few years have brought into being still uses silver as its money tent in Hong Kong currency at the its associates in the Hukuang Rall and will also, we may hope, help in metala metal which "neither date of payment instead of the eist ware Loan. Unfortunately the bringing into accord Chinese and moth nor rust can corrupt and ing fees of $60,000... part of the country through which foreign views. I think that I suitable in every way for metallic In moving this resolution I may the live must run is in the heart of should not be wrong in saying that tokens, the communist trouble and little can, during the last year or so, the state In India, the sayings of a life Directors were originally $20,000 be accomplished until the latter had of feeling has become increasingly time frequently take the form of per annum and in the year 1894 been dealt with and the districts propitious for an amicable agree articles made of silver. In China, these fees were raised to $30,000, restored to order.
China, silver has been used as a la 1921 the fees were increasd to
mont:
remind you that the fees of the
"401-(1). No port clearance shall to granted to any ship whose owner, agent or master has not cam plled with Ordinance No. 83. (Imports and Exports), or, any other Ordinance relating to the im- port or export of goods from any port or place in the Colony,”
Within one week, four steamers laden with 218,000 bushels of potatoes have sailed from Prince Edward Island for Cuba, followed by three more with 159,500 bushels,
Never before in the history of the treatment of fapers in the United States have an many been released at one time. Dr. Cumming, declared that the release of the cured lepers from Carville is an indication of the great progress, being made, in the treatment, of the dread malady.
United Press.
Canada will produče 45,202,001,' cit. of potatoes this season, accord ing. ta a forecast of the Dominion Bureau of Statistics. Last year the crop was 89,980,000 swt.