2
$10,000,000
BANK S
HONG KONG AND SHANGHAI BANKING CORPORATION,
Authorised Capital ...............................
$60,000,000
Issued and Pully Puld-up $20,000,000 Barve Funde
Sterling..........£1.500.000
fill...............
Reserve Liability of Proprietore $30,000,00
HEAD OFFICE: HONG KONG,
BOARD OF DIRECTORS—
H. Mr. C. d. H. Machi. Chairman.
Isa. Mr. J. J. Patrone, Deputy Chairman,
W. Dail, E. T E. Fo. E2.
J,
A. it. Compla, Esq. A. Hurt F.
5. Lundur Eawls, Kay. T. T. 1. Shaw, Eng.
3. Mikio, Eng.
1. P. Warren, Eva,
Chind Manager.
7. M. flrayburn, Esq.
BRANCHES:-
1.GXBON
LYONS
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1853. HEAD OFFICE: LONDON.
Paid-up Capital
HANIXOK BATAVIA
BOMBAY CALOUTTA
CANTON CAWNPORE
ORDU
COLOMBO
DAIREN (Daley
Mouth Manchuria)
DELI
HAIPHONG
THE HO HONG BANK, LTD.
Established 1917)
་
AMOY
MALACCA
MANILA
NCAIL (Johor)
BANGKOK BATAVIA BOMBAY
CALCUTTA
CANTON
CHEFO
COLUMBO
MUKDEN
NAGABAKI
NEW YORK
PRIMINO
FENANO
BANON
NARODN
SHASURAT
DAINES
FOOCHOW
HAIPHONG
HASHUR
HANKOW
SAN PRANCISCO
BEXTLIN
BONOKEW
SLUBLA
I
JUNDRE
SINGEL PATANI
TESTSIS
KOHE
KOWLOON
HUALA LUMPUR
SEMI&TORE
SOL-HABAYA
2014
THENIAU
YOKOHAMA
Currant Around in Larral Currency and fired Denity received for one your of shorter is a cat Currency and Statio on te which will quite die willeation. Elog Kong. February, 11.
HONG KONG SAVINGS BANK.
The bif the axera bank is condunt. by BONG KONG AND SUANGHAI Habra may la BASKING CORPORATION,
outsized application.
FOR THE OSOROSO AND SHANDIAL BANKING CORPORATRÈN,
Y. M. GRAYBURN,
Blog Kong. In July, uno,
Chiel Manager.
BANQUE DE L'INDO-CHINE.
BEAD OFFICE:
96, Boulevard Haussmann, Paris.
Subscribed Capital Frs. 72,000,900.00 Pald-Up Capital...Prs. G8,400,000.00 Reserve Funds ...
.Fra,102,000,000.00
BRANCHES:
Bangkok Hong Kong Quinhon
Battambang flue
Cant.he
Cantun
Djibouti
Mongtze
Năm Đinh
Neumen
Fort-Bayard Papeete
Haiphong
Hankow
Hanoi
Peking
Saigon Shanghai Singapore Thanhen Tientsin Tourane
Phom-Penh Vinh Pondicherry Yuananfu BANKERS:
THE
CHINA MAIL.
Commerce and Finance
EMPIRE MINERALS. (15.8); sulphur, 2,400,000 tons
Reservo Fund
,£3,000,000 £4,000,000
Resorve Liability of Pro-
prietors
Reservo Liabilities
.£3,000,000
Agencies and Branches;
of Shareholders Surplus
HEAD OFFICE:-SINGAPORE. Hong Kong Branch: 19, Queen's Id. C. Authorised Capital Straits $20,000,000 8,000,000 Issued Capital *** Paid-up Capital
4,000,000
4,000,000 2,820,000
m
13
SURVEY BY THE IMPERIAL INSTITUTE.
ALON STAR
KUALA LUMPUR
(Malay Himina)
KUCHINO
AMNITHAB
MADRAS
MANILA
MEDAY
NEW YORK
PEKING
PENAND
HANDURG
HANKOW
HARBIN
HANDDON
MAIGION
SEMARANG
SRRENBAN
SHANGHAI
SINGAPORE
BOURABAYA
TAIPING (P.M.8.3
TAVOY
TONDRAH (bukai)
ХОКОНАМА
ZAMBOANGA
(Pikppine Jolanda)
(Perak P.M.) Foreign
Exchange
and
Generat
IN. Manebula)
HONG KONG
11.0110
TROS
KARACHI
KLANG
КОРЕ
XUALA RANOHAR
TIENTSIN
TOKYO
TSINGTAO
Banking bustness transacted.
Current Accounts opened and Fix el Deposits received for 1 year ori
which will shorter periods at rates
be quoted on application,
A. II. FERGUSON,
Manager. Hong Kong, 8th January, 1929.
THE NATIONAL CITY BANK
OF NEW YORK.
HEAD OFFICE: 55, Wall Street, New York.
Capital, Surplus and
Undivided Profits.U.S.$224,554,203
Branches in:- ARGENTINE LONDON
BELGIUM
BRAZIL
CHILE
CHINA
LIPPINE ISLANDS
MEXICO
PANAMA
PERU
PORTO RICO
DOMINICAN
STRAITS
REPUBLIC
COLOMBIA
CUBA
INDIA
ITALY
JAPAN
SETTLEMENTS
URUGUAY
VENEZUELA
Commercial and Travellers' Letters
af Credit, Travellers Cheques, Bills af Exchange and Cable Transfers Current accounts bought and sold. and Savings Bank accounts opened and Fixed Deposits in local and for- eign currencies taken at rates that may be ascertained on application to the Hank
Напк.
We are also able to offer our Cus tomers the services of the Branches of the International Banking Corpora tion in San Francisco and Spain and also of The National City Bank
and Nice.
TAN ENG HOOI,
Manager.
(7.3),
4
WEDNESDAY, APRIL 22, 1931.
CANADA'S OVERSEAS and Tobago. Of course, Great
BUSINESS.
Britain continues to buy mora Canadian goods than she sells to Canada. The disturbing factor, and one, offsetting her favourable
Preponderance of U.S. Empire trade balance, is the con-
Imports.
The depression in world trade has affected every country, and Canada's latest trade returns, for
tinued preponderance States imports.
of United
In its recent "Review of Bual- ness Conditions," the Canadian Bank of Commerco states that dur-
the calendar year 1930, reflect the ing the past year the United States dollar commanded a premium in universal downward trend, a re-
Canada at the beginning of the duction of $598,281,000 in total Importe and exports being indicat- year, but moved at par under the York by the Dominion Government municipalities, and by Canadian anch
ments the Financial Times. Imports Amounted in value to $1,008,479,000 and exports
remittances of trade
account.
from
Empire's Favourable Position. Although no particular part of the Empire can claim to be in position of relative independence A valuable survey of the mineral in the matter of mineral supplies, ed, as compared with 1929, com- influence of heavy financing in New Branches, Agencies and Correspon- donts in the principal cities of the position of the British Empire, to- it is worthy of note that the sup
gether with a most interesting complies available in the different parts world.
Every description of Banking andparison of output, as compared with of the Empire are so complementary Exchange business transacted. that of the world, has been prepared to one another that the Empire as
by the Mineral Resources Depart a whole is distinctly well placed in $905,870,000, against the previous abroad to New York on Canadian nient of the Imperial Institute, and this respect, and compares favour-year's figure of $1,298,392,000 and
$1,208,338,000 respectively. published by 11.M. Stationery ably as regards independence with Office. The publication is valu- other parts of the world. In this the Information connection, it is interesting to note able, not only for it gives about the general position that minerala which the rest of the of the Empire's mineral resources į world imports largely from the Em- china clay, are asbestos, as at present developed, but for the pire detailed, particulars in relation to chromite. diamonds, gold, mica, the mineral outputs and descrip- nickel and tin; while minerals for the supply of which the Empire de- pends almost entirely on foreign countries
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
INETHERLANDS TRADING BOCIETY)
BANKERS
Established 1824.
Hong Kong : -11, Queen's Road Centen).
Auto Capital
Gulidera 180,000,000- (13,500,000) Paid-up Capital Gulidere 6,000,0
(£59.179) Beret Bud ............ Quilders 40,023,000 (23,884,199) Aload Uten: AMSTERDAM Eastern Bond Ores--BATAVIA. -- --- BRANCHEN:- Baudeln. Bandeng". Bom
Calmitta, Cherthon, ember. Bo jakaria, The Hague, Jeddah, Babe, Kota Italja, Makassar, Medan, Padang
Palembang. Pekalongas. P Pontianak anon, Botterdam”. Hams
Shanghai.
Sumatre), Somakarin Biolo). Weltevredan".
•Tum ofa kavo safe deposit bases to hel London Bankers:—Natinos! Provincial Bank 153, Crespondents all over the world Banking business of every description transected.
A. STORKINK,
Acting 55anager.
dougou, 19th August, 1880.
THE BANK OF CHINA. 行 鋇鯻巾
Reorganised October 26, 1928, under special charter of The National Gov- crnment as na
INTERNATIONAL EXCHANGE
BANK.
Subscribed Capital Paid-Up Capital Reserve Funds
HEAD OFFICE. SHANGHAI.
tion
of mining activities in the United Kingdom and more thun thirty countries of the Empire.
Importance of Coal, Petroleum
are
other
a
were
Of the total imports into Canada last year, $162,614,000 came from Great Britain and $653,707,000 from the United States. The cor- responding figures in 1929 $197,777,000 and $893,585,000. In exports the volume of goods sent to Great Britain were valued at $236,- 527,000, compared with $291,881,
1920.
Canadian mer-
some
Course of Exchange. After luctuating about par for States months the United dollar went in July to A discount, which made pro- fitable the first gold ship. ments of the year from New York to Canada, and during the succeed-
in gold crossed the border. ing four months about $36,500,000 United States dollar continued to
The
hover at or near the gold shipment point until the end of November, reverting to a small premium by the end of the year and causing a
York. Sterling exchanga In value of Canadian products export- turn movement of gold to New ed during the ten months (to Canada fell in accordance with the January 31 last) of the current} fiscal year, as compared with the same period a year ago, is revealed in figures issued through the De- partment or National Revenue. The total value of exports of Canad- ian commodities during the ten months was $700,796,788, compar- ed with $963,973,168.
Wheat was
Less Empire Purchases. Wheat exports show a marked decline in value but an increase in quantity when the two periods are compared.
exported during the ten months to the extent valued at of 194,050,867 bushels,
During the corres- $163,185,862. ponding period a year ago the quantity exported was 158,681,071 bushels, valued at $194,490,652.
which entered Total importe
Dominion dur- consumption in the
for
rise of the Canadian dollar in terms of United States funds.
The review also states that the domestic wholesale decline in the and retail trade during 1930 ranged from 10 to 60 per cent, according to locality and line of goods, the average being .10 to 15 per cent. Wholesale prices averaged 26 per cent. and retail prices G per cent. below 1929.
Tourist traffic, which is now an important factor in Canada's trade return as ven heavler in 1929 in
Columbia, Quebe British Manitoba and New Brunswick, but individual expenditures were less. Elsewhere both traffle and trade were less.
is estimated that
It
tourists, mainly American, brought Canada about $250,000,000, as com-
In 000 are antimony, blarmuth, horates, petroleum, potash, pyrites,chandise sold to the United States $412,126,000, against and Iron Ore.
quicksilver, sulphur and radium. amounted to $545,329,000. Dealing with the relative import- The Empire however, has great re-
A decrease of $263,176,389 in the unce of the different minerals or sources of certain minerals which mineral groups
throughout the are at present supplied to it by world, the survey points out that foreign countries, such as bauxite, the annual value of the world's coal barium minerals, copper, felapar, output is about equal to that of all iron ore, magnesite, molybdenum, Bin Tiltefop and
Rear other minerals put together, petro-phosphater, platinum, talc, tung- team and iron ore coming next in sten, and vanadium; and minerals order of importance. These three of which the Empire has ample sup- minerals together account for about plies and an exportable surplus are cadmium, cobalt, coal, 80 per cent. of the annual value of arsenic. the world's output of minerals, and fluorspar, fuller's earth, graphite, the addition of raw materials of the gypsum, lend, manganese, monazite, precious and base metals, together sall, silver, strontium and zinc. Future Outlook Promising. with those of the ordinary iron-1
Coal and iron ore are the two alloy metals, will probably bring the
of industrini proportion to not less than about 95 chief mineral needs per cent. of the total, the remainder civilisations, and in these two very being accounted for chiefly by important items the Empire has diamonds, sulphur, salt, potash, enormous reserves, the enterprising a few utilization of which should secure phosphates, asbestos and
Building stones, for it for some centuries to come a other minerals.
in etc..
not included this high place in the world's industries; are while, from a comparative point of estimate, as statistical data
During the period of view. the future outlook as regards lacking. fifteen years between 1913 and 1928 supplies of copper and the
The total value of building con- $25,000,008.00 the mineral production of the world base metals, as well as the iron- ing the ten months ended January Pared with $299,000,000 in 1929.
31 Inst were of the value of $780,- tracte awarded in Canada during $24,710,200.00 has, on the whole, increased large- alloy metals, must be regarded as
283,269, a falling off of $274,042, 1936 was $456,999,000, a recession 626. .$ 3,820,503.92 ly, in spite of the comparative promising for the Empire as
Of these, free goods repre- of 20 per cent, from the previous
datiable stagnation shown by the outputs of whole.
$289.611,909 and
year, which was the highest on re- Other data given in the survey sented coal and iron ore, the latter actual-
cord, but only one of 3 per cent. be- ly showing decrease, more shows that the value of the mineral gooda $490,671,360.
Canada's Empire trade, both in low 1928, the second higheat. The the Empire output of the United Kingdom for especially as regards
exporta, 1928 amounted to 45.6 per cent. of Imports and
naturally greatest declines were registered in output.
in the general decline residential and industrial building, World's Petroleum Output Affects the total for the Empire, and that suffered
the values of the outputs for
the During the calendar year 1930 the in both cases the lowest for several Empire's Position..
Dominions and India accounted for Dominion's total purchase of Em- years. The production of petroleum has 45.4 per cent. of the Empire total. pire goods fell from $257,098,000 in A substantial, increase in issues increased to a remarkable extent, an The percentage share of British 1929 to $227,825,000, while her ex-
of Dominion, and Provincial Gov- countries erament bonds last year offset the We also handle the issue of Bends being more than three times the Africa, Nigeria, the Gold Coast. dwindled from $395,388,000 in 1929 decline in Railway issues and the and other Public Funds of the Chin-output of 1913. This is by far the Trinidad and British North Borneo to $316,375,000.
insignificant change in the totals of cao Government both at home and most important increase in the together was 7.8, and the values for
Nevertheless, many encouraging Municipal and Industrial issues, world's mineral output during the the rest of the Empire amounted to factors have entered into Canada's with the result that the grand total SHOU J. CHEN,
Gold shows a substantial only 1,2 per cent. of the total, the Empire trade altuation. In 1980 for the year was 17 per cent, high- Manager. period.
world's total, but chief contributors in this
Canadian bond decrease on the Hong Kong, 6th March, 1931.
being the Dominion enjoyed a favourable the Empire total remains about the Northern Rhodesla, British Gulana, balance of trade with Bermuda, sales totalled in value to $763,022,- same. The base metals and silver Nauru and Ocean Islands (phos- Australia, British Honduras, 807, compared with $653,388,556 in show, on the whole, a substantial in-phate), Ceylon Cyprus and the British South Africa, Bri- 1929. Of this amount $392,206,- crease, especially copper, but, ex- Irish Free State, which together ac- tish West Indies. Hong Kong, 307 was placed in Canada, $364,- cept for lead and zine the Empire counted for
United States and 1 per cent.-Chamber Irish
Nowfound 521,500 in the percentage of the total has fallen. of Commerce Journal.
Trinidad $6,295,000 in Great Britain. The world totals for manganese and nickel have both increased largely. and chrome ore is a nutable in- stance of a large increase, showing a nearly threefold advance for the world as a whole, with a large in- crease in the Empire percentage. Asbestos shows a large increase with an improved Empire percent- age, and bauxite production has) LOOK POONG SHAN, gone up nearly fourfold, the Empire
Chief Manager. being
longer A negligible contributor to the output as it was in 1913,
HONG KONG BRANCH: 4, Queen's Rond Central.
Owing to our numerous branches in China and large connections in the im- of tho portant commercial centros world, we are able to extend to our and foreign banking and exchanges.
£
Paris et des Pays-Bas; New York (Franco), 3.A., in Paris clients special facilities for domestic output of 180,000,000 tuns in 1928 Malaya, Southern Rhodesia, Westports to other Empire
IN FRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnuis; Banque de Credit Industriel et Commercial; So-
Generale.
cies LONDON: The National Provin
cial & Union Bank of England, Lid.; Comptoir National d'Escompte de Paris; Credit Lyonnais.
IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor- paration; Guaranty Trust Co. of New York.
of
F. McD. COURTNEY,
Hong Kong, 20th February, 1931,
THE
Manager.
Current Ac AMERICAN EXPRESS COMPANY,
Interest allowed on counts and Fixed Deposits according
to arrangements.
Every description of Banking and Exchange Business transnated.
Safe Deposit Boxes to let
A. LECOT,
Hong Kong, 1st May, 1929.
INC.
Head Office: 65, Broadway, New York.
Capital
Manager.
Surplus Reserves
THE YOKOHAMA SPECIE BANK,
LIMITED.
Established 1880.
.U.S.$8,000.000 .U.S.$1,672,454 U.S.$1,908,209
BRANCHES:-
Ammakerdan Antwerp
Athade Backe
Barlin
Barrie
Braman
Brassi
Gazc
Jangow flaviza Hamburg Havre Interlaken Jerusalem Lido London
Nias Naples
Picsoun Perls
keling
Tetang
Pelerina
Botlarda
Home
Bu Are
Cum
Calcutta
Liverpool Luceros Lugano
Bamboul
ť
Carame
Colombo
Capital (fully paid-up) Yen 100,000,000 Reserve Fund.....Yon 115,000,000
Head Office:YOKOHAMA,
Branches and Agencies at:
Manila
Alexandria
Batavia
Berlin
Bombay
Calcutta
Canton
Changchun
Dairen (Dalny)
Nagasaki
Nagoya
Newchwang
New York
Osaka Peiping
Rangoon
Fengtien (Mukden) Rio de Janeiro
Hamburg
Hankow
Harbin Hong Kong
Honolulu
και Τυση
Kal
London
San Francisco Seattle
S
Shimoneseki Singapore Soerabaya Sydney Tientsin
Los Angeles Tokyo Lyons
Tsingtau Interest allowed on Current Ac-
counts.
Deposits recolved for fixed periods at rates to be obtained an application.
II. MORI,
Manager,
Hong Kong, 11th April, 1981.
tambay
LALKO Macallion Oportantisopla Monte Cactu
Сорковарка Edinburgh
Porno
GKEITE
Manila
Munich
Montreal Kiian
Shaa shal Southampton Воварот St. Mori Thotain
VAGA
Venice
Yckobama Zurich
Branches of American Express Company in Principal cities of Unit- ed States of America and Canada.
All classes of Commercial Banking Transactions undertaken.
Personal investment handled.
accounta
The Company offers to intending Travellers the use of its "Travelers Cheques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped, Travel De- partment.
Affiliated with
THE CHASE NATIONAL BANK
Besources...Over. G$2,500,000,000.
C. H. BENSON,
General Manager.
THE BANK OF EAST ASIA, LTD.
Established 1918.
HEAD OFFICE:"
10, Des Voeux Road, Central, TONG KONG
Capital and Burplus
over £§ 8,000,000.00 over H.$20,000,000.00 Every description of Banking and Exchange business
Total Resources
· transacted.
Current and Fixed Deposit Accounts in local and for elga currencies opened for clients.
5 ?Ravings Account: and Bafs' Deposit Bäxes,
Branches and Agencies all over the world.
KAN TONG PO
M7) - Chier Manager,
abroad.
4
THE BANK OF CANTON, LTD. Established 1912.
Head Office: Hong Kong.
Authorised Capital (ILK. Carvency) #11,000,000 Paid-ip Capisal
1,555,000 Best Fund
1,100,000 BRANCHES- Canson, doghal, Bantow, Swalow, Bangkok, New York and San Fra00.
CURRYSPONDENTS
LONDON BANKERB 1--
The Lloyd's Bank, Limited.
Is si principal titlan of the World.
Poesign azchange and banking buainme of overy description transacted.
Bale Depali Bose (varias sismu) at a yearly renal of fruta 35 to 440.
THE BANK OF TAIWAN, LTD.
(TAIWAN GINKO.)
no
Diamonds show an increase, bat the Empire percentage has fallen largely, foreign countries being re-
HEAD OFFICE: Taipeh, Formosa.sponsible for a quarter of the total
Incorporated by Special Imperial
Charter, 1899.
Central Bank
Formos
output in 1928. Graphite has in- creased for the world as a whole, but the Empire output is about | Bank-Notes sound Average amount on Xan, 15,000,000 halved. Potash and sulphur show
BRANCHES AND AGENCIES:
remarkable increases in the world JAPAN-Tokyo, Yokohama, Kobe, Oaks. FORMOSA 1
Karl Karenko Kle, total, but the Empire production of Hakong, Nanto, Gelnchika, Talcks, Tainen, these minerals, as also that of Takao, Tammul, Toua.. alio, Telto CHINA: Changhai, Rankow, Amery, Fooshow, phosphates and pyrites, continues to Aur Blue Borsbars, be comparatively unimportant. The OTHERS-Kong
Semarang Batavia,
Bombay. Calmette, mineral production of 1928, -as com- London, New York, Dalna.
LONDON DANKRES;
pared with that of 1913, shows that Landon Conaty Waliminer and Parr's Back the Empire has fallen back in com- The Bank has Carspondense in all the principal parison with the world as a whole.
Commercial Osaleme throughout the world.
L. MAGURA.
HONG KONG BRAKOM:
De Vaux Road Cars, Hong Kong. 1964 January,' 1890,
THE MERCANTILE BANK OF INDIA, LTD.
HRAD ́ÖFFIORI
„15, Ormonchurch Street, London, K.01.
BANKERS,
"Authorised" Capital ........£3,000,000 Bobscribed Capital ... 1,800,000 Paid-up Capital. :. 1,050,000 Reserve Fund and Best 1,645,500
[r, The Hands, of Kajlund 4 Midland ·Bank, 144,-
BRANCHES
Ka Tark
***(Maurition);
It should be pointed out, however, that the chief cause of this is the large increase of the world's petro- leum production, to which the Em- pire countributes only a very small percentage..
Empire Share of World Production,
The following is the world's total: production of the chief minerals and metals in 1928, the figures in paren. theses denoting the Empire percent- age share:-Coal; 1,440,000,000 tons (21.8); petroleum; 180,800,000 tons (1.8); iron ore, 173,000,000 tons (9.4); gold, 19,800,000 oz. (72.5); silver, 261,000,000 oz. (16.8); "cops per in ore, 1728,000 tons (8); tin in ore 177,000 tons (47); lead in. ore, 1.630,000 tong (291); zine le ore, 1,010,000 tons (21.8); mangan- eso ore, 2,900,000 tons (44.8) [nickel in ore, 49,000 tons (89,8); chrome ore, 430,000 tons (68,5)'; clipart dandelion of Banking and Mishapjen basbestos, 379,000 tons (90.2); Travalves Garçons Incée au Mabauxite, 2,000,000 tons (10.8); Trustee and. Executorships under-diamonds, 7,678,000 carats (74,7); taken HUNTERBOP šović on Durrent Ascolta in graphite, 144,000 foni (10.7); mica, Prod Deposisi:83) Balsa-that may be socketained 22,000 tons (58.6), phosphates, 10,- CL SANDES 000,000: tabs (8.7); -- potich, 2,170,- Manager, |000" "fon (0:1);:/ pyritas, 7,000,000 tonn (4:57) Balt, 20,000,000, tons
Poubey
Ockemba
Kota Bharu
Kurla Xrsi.
Dell
Koala Lépla
Kong: Kussian (Fpland). Mogapore
HONG KONŐ RÉANOIL.
iand,
Free State, New
Zealand,
er than for 1929.
I may rush from a dinner to a "Talkie”. and later on to a dance. But-
I NEVER CHANGE FROM Gold Flake
WILLS'S
As mild as a sun-kissed day in June-as mellow as a rare old port as sweet as a rich, ripe Honey Dew melon-Gold Flake for mine anywhere. anytime, always!
GOLD FLAKE
CIGARETTES
GOOD AS GOLD
}
=