THE CHINA MAIL.
BANKS
HONG KONG AND SHANGHAI BANKING CORPORATION.
$70,000) (
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Lacorporated by Royal Charter, 1853.
HEAD OFFICE: LONDON,
THE HO HONG BANK, LTD.
(Established 1017.)
HEAD OFFICE:-SINGAPORE. Hong Kong Branch: 13, Queen's Rd. C.
Authorini Capital....... Squad and Pully Paid-up Reserva Panda –
Sher...
$20,000,000
Paid-up Capital
.£3,000,000
Reserve Fundi
£4,000,000
Paid-up Capital.
Authorised Capital Straits $20,000,000 | Issued Capital
8,000,000
4,000,000
Reserve Liability of Pro-
prietors
Reservo Liabilities
.£3,000,000
agencies and Branchen:
of Shareholders Surplus
ALUK STAR
Maisy Bitsima)
AMMYSAD
KUALA LUMPUA KUCING
sterling ....... 4 1 200,000
Revers Liability of Proprietare. $8,0
HEAD OFFICE: HONG RUSIE
BOARD OF DIRECTORS :-- Han. Mr. G. A. 8. Machin. theran.
Mom. Mr J. J. Peteran..... Cy Chairman.
W. B 10, Exp.
A Pere. Eng
A. 1. Compton, Log, 3. Pinturer, Exq
H. Lander Lomby, Eng. T. B It bow an.
0. Miskin, Esq. - J. Wartek, Em
Chini Maungat,
V. M. Graybuen. Emi
BRANCHES:-
LONHOS
JANUKOK BATAVIA
HON MAY PALCUTTA CANTON CAWNFORE CEAU
COLOMBO
DAIREN (Ding
South Mantkurial
1
HAFROBOT
SEASONURO
PENANO
RASTOON
NAIGON
SEMARANG SEREM DAN
MILANO BAS
AMOT
BANOKOR
BATAVIA
HOMBAY
VALECITA
CANTOS
CUTFO
COLOMIS
DARREN
HAIPIJUNG
HEAY Al Ati
A
HARDEN
HUMOREW
LOKA
Iron
Papon
JOONLARIN
ATALA LE MP
J.
LYONS
MALACIA
MANILA
MUAR charet
MKDIN
NAGASARI
NEW YORK
PEITIKO
PENANG
BANON SATCHIN
SAN FRANCISO
HASOTA, SINGAPORE.
SOKOLADAYA
SINGER PATAN:
UEST 15
TOKYO
17 Au YOKOHAMA
Curren Arrent stand at Cserenez and Fed Depots traited for one year to tippi Local Correy and Stating Pete warh will be guntal in spiteaLINN, 24 4 2 d'abrones, 19092.
HONG KONG SAVINGS BANK.
The Seine et tlus minta Bank is rundumt. by the BNG, ROND AND SHANGHAI BANKING CORPORATION. Hnia may
har opf
FOR THE HONURUNG AND SANITIZAL BASEINA CORPORATION,
V. M. GRAYBURN,
Jing Kong. th July, 1950,
Chief Marsgen
BANQUE DE L'INDO-CHINE.
HEAD OFFICE:
96, Boulevard Haussmann, Paris,
Subscribed Capitni Frs, 72,000,000.00 Paid-Up Capital...Fre, 68,400,000.00 Reserve Funds ....Fra. 102,000.000.00 BRANCHES:
Bangkok Hong Kong Quinhon Hattambang te
Cautho Mengize
Canton
Nam-Din
Fort-Bayart
Papeete
Haiphong
Saigon Shanghai Singapore Thanher Tunisin Tourune
Djibouti Neume
Peking
Hankow Pnom Penh Châ
Tanui
Pondicherry Yunnanfu BANKERS:
IN FRANCE: Comptoir National d'Escompte de Paris, Credit Lyonnais; Banque de Paris et des Pays-Bas Credit Industriel et Commercial; So- ciete Generale.
IN LONDON: The National Provín. cial & Union Bank of England, Ltd.: Comptoir National d'Escompte
Paris; Credit Lyonnais.
de
IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor- poration: Cuaronty Trust Co. of New York.
Esh
Interest allowed Current Ac counts and Fixed Deposits according to arrangements,
Every description of Banking and Exchange Business transarted.
Safe Deposit Boxes to let.
A. LECOT,
HANKOW
HARBIS
2. Manebu
HONG KONG
11.00
TTST
KARACIKE
BLAND
KORE
KOALA KANGHAR
(Park P.M.9.)
MADRAS
MANILA
MEDAN
NEW YORK
PEXINO
SINGAPORE
BOURABAYA
TAIPING (P.M.B.)
TAVOY
TIENTRIN
TOKYO
TONGKAH (Bhakti
T-ENOTAO
YOKOHAMA
TAMBOANGA
Phi Jalanda)
Foreign Exchange and General Banking business transacted.
Current Accounts opened and Fix- 4 Fraposits received for 1 year or shorter periots at rates which will be qunted on application.
A. H FERGUSON,
Manager. Teme Kong. 9th January, 1929.
THE NATIONAL CITY BANK
OF NEW YORK.
HEAD OFFICE: 55. Wall Street, New York.
Capital, Surplus and
Undivided Profits..U.S.$224,554,208,
Branches in:-
ARGENTINE LONDON
BELGIUM
BRAZIL
MEXICO
PHILIPPINE
ISLANDS
PANAMA
CHILE
PERU
CHINA
COLOMBIA
PORTO RICO
HOMINICAN
STRAITS
REPUBLIC
CUBA
INDIA ITALY
JAPAN
SETTLEMENTS LRUGUAY
VENEZUELA
Commercial and Travellers' Letters
of Credit, Travellers' Cheques, Bills of Exchange and Cable Transfers bought and soldi. Current accounts 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 Bank.
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 aleo of The National City Bank of New York (Franco), SA, in Paris and Nice.
F. MED. COURTNEY,
Manager. Hong Kong, 20th February, 1931.
THE
AMERICAN EXPRESS COMPANY,
INC.
Head Office: 65, Broadway. New York.
Manager.
Hong Kung, 1st May, 1929.
Capital Surplus Reserves
THE YOKOHAMA SPECIE BANK,
LIMITED.
Established 1880.
Capital Cully paid-up) Yen 100,000,000 Reserve Fund ........Yen 115,000,000
Head Office:—YOKOHAMA,
Branches and Agencies at:
Alexandria
Batavia
Berlin
Bombay Calcutta
Canton Changchun
Manila Nagasaki Nagoya
Newchwang
New York Osaka
Peiping
Dairen (Dalny) Rangoon Fengtion (Mukden) Rio de Janeiro
Hamburg Hankow Harbin
tang Kong Honolulu
Kai Yuen Karachi
San Francisco
Seattle
Semarang Shanghai Shimonosekl Singapore Soerabaya Sydney Tientsin Tokyo Tsingtau Interest allowed on Current Ac- counts.
Kobe
Sondon
Los Angeles Lyons
Deposita received for fixed periods at rates to be obtained on application.
H. MORI,
Manager.
Hong Kong, 11th April, 1931.
THE BANK OF
Autardes Antsorg Ashour
Ul
11'arrita Bombay
Fruto IKUMANA Imade Arse
Cuir Calcutta
Crane Colombo Courientinople Copenhagen Edinburgh Homesta Экорга
,U.S.26,600.000
4,000,000 2,526,000
Branches, Agencies and Correspon- denta in the principal cities of the world.
Every description of Banking and Exchange business transacted.
TAN ENG HOOL,
Manager,
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
(NETHERLANDS TRADING SOCIETY:
BANKERS
T
Established 1854.
Hong Kong (Mos:−1), Quesa's Bond Cesaral.
Authorland Capital
Pald-Up Capital
So Fund
(Human),
Chulider 150,000,000- (413,800,000.) Child 80,080,006 (28,689,170) Gildar 10,016,000 (£3,234,383)
HOME TRADE REVIEW.
and
Commerce
Finance.
One firm says "The gutput allow e under the Act, so far as We personally are concerned, has been seriously reduced, and whereas wo have been working in the past
Politicians Ignore the five-day week, we have now no alter-
Experts.
[By A. W. Stu)
native but to work two days a week for the remainder of the month." This may be an exceptional case, but there is undoubtedly anxiety, London, Mar. 11. accentuated by the abnormally There is still a feeling of sur severe weather which is being ex- prised uneasiness here in regard to perienced. the financial situation in Australia. | One coal factor's agent is quoted it arises from a feeling that the by The Times as reporting that in
than a week scores political leaders there are ignoring less
of mer the counsels of expert financiers, chants will be without stocks and including the leading Australian many Yorkshire pits will either be bankers, and are attempting to do working two days per week or the impossible,
closed down altogether. Many The Federal Treasurer does not people who buy coal in small quan- realise thut tities will be faced with an empty Issue of £18,000,000, fire-grate in what is proving the it may
campu-severest weather we have had this flaged, is form of inflation, year. and Mr. Lang, the Premier of New South Wales, is oredited with pro- posals to bring about "an all-round reduction of Interest." "
вест
fiduciary however
to
be
Hasenas", Heanghai. "Andes (ut any rate in the absence of powers
Ringapore, Houtebela Somrakarta halut Tegal. Trump to compel lending, depend entirely good repute of the bor
Industrial Economies.
¦
WEDNESDAY, APRIL 29, 1931.
buying from abroad and lending abroad more than we can finance by our exports, and we are unable to finance our imports of commodities and our exports of capital because our costs are too high relatively to the level of prices in the work as a whole and to the costs of our competitors. The only cure for this disequilibrium is to get our costs
down."
Mr. Snowden, is a very sick man just now and it is becoming very doubtful whether he will be auff- clently recovered to present his Budget in person. Usually Budget Day in the House of Commons falls about the middle of April, and even if he is able to resume his place, Mr. Snowden will be a frail mau for so heavy a task.
At the moment hopes are being expressed that the adverse balance will be less than generally ex- pected, but Treasury receipts dur- ing March are being taken at last year's level to warrant this fore- cast. One forecast places total ex- penditure in the financial year 1931-2 nt £803,000,000, which is £16,000,000 more than last year.
If it is no worse there will be a feeling af relief, but I cannot shake off an impression that it will be worse.
He says our export prices are still 151 per cent. ubové pre-War level while the average price we pay for imports is only 119 per cost. above, and our cost of living is 50 per cent. above pre-War, and wage rates are 70 per cent. above. There is enough in these figures to explaie the gravity of the national position. The fact that depression is world- wide, and that every country is trying as hard, or even harder than ourselves to win back prosperity
Mr. Snowden did not give leads one to fear that our own re
his recent sensational warning covery will be slow, and that wo without good reasons. He knows may have to sacrifice some of our his fellow Socialists, and how hard most cherished social and economic they will urge him to show no views in order to share in it fully,
mercy to what they are pleased to Part of what Professor Clay call "the idle rich." — Straits speaks of as the world's "disequili-Times. brium" is undoubtedly due to the War debts. The Midland Bank Review points out that "a declining price level exercises. Its depressing
vad
–AMSTERDAM*
Of course scarcity means higher effects largely through the increas Easter Head QGos:~~BATAVIA.
price, and concurrently lower wages,ingly heavy burden it imposes upon BRANCHES ;- Buodjarmasin, Bandoing", Bombay.
Caloutta, Cheribon, Djember, Djo.
The Act passed last year was, no debtors, whether individual trading jakarta, The Fagua”, Jeddah, Kobe,
These gentlemen do not seem to doubt, well intentioned, but its ad- | undertakings or entire communi Kota Badia, Makassar, Medan, Padanx | Palembang, Pakalongan. Panana understand that rates of interest, ministration seems to be open to ties. Ponlinna, Bangoon, Rotterdam",
much criticism. Too little atten tion has been paid to the views of the coal-owners, who, after all, are best able to forecast demand. Some authorities say that the decision of the arbitrators will be fully justified as soon as we have milder weather and longer days.
Wefievreden.
• The fire bava salu dapraft hypes z lak. London Hanker: National Provincial Back Tatd. Correspondante all over the world Banking brains of ar devription trapunched.
A. STORRINK.
Arting Manager
Bong Kong, Irlik August, 1980.
THE BANK OF CHINA.
行星國小
upon the rowers.
Every art savouring even remote ly of inflation, which incans lower ing of interest by a trick or by repudiation of contract, which is
a more brazen way of accomplish They point out that industrial -ing the same end, simply means that consumption, in view of the gen capital will seek employment clse-eral trade depression, is abnormally where.
low and shows little tendency to If the Australian legislators re increase. When doctors differ, lay alise thuas very simple facts. they men must hold their peace, and be are placing themselves in a position content to wait and see, but, at the Reorganize1 October 25, 1925, under in which they may be compelled to moment of writing, snow is falling special charter of The National Gov-resort to the extreme expedient of heavily even in London and coal forcing people in Australia to lend
shortage cannot be viewed with philosophical equanimity.
ernment as an
INTERNATIONAL EXCHANGE
BANK. Subscribed Capital Paid-Up Capital Reserve Funds
HEAD OFFICE: SHANGHAL
money.
50:
their
form
A Painful Subject.
I am not always content to sit, They cannot force people living humbly at the feet of university .$25,000,000,00
$24,710,200.00 elsewhere to do
they have professors when they talk about in over only .$ 3,820,503.82 power
fellow dustrial economics, but 1 think Pro colonists, and it is the opinion of fessor Clay, of Manchester, is right every man qualified to
3 in tracing present conditions sound judgment on the matter that throughout the world as due mainly If Australia shuts out new capital to the War. "It produced," he says, It dooms a vast country to pitiful
temporary shortage of such stagnation net for a year or two things as wheat and rubber and only but possibly for generations. stimulated enormoue expansion of
the power to produce."
HONG KONG BRANCH: 4. Queen's Road Central
Owing to our numerous branches in China and large connections in the im-7 portant commercial centres of the world, we are able to extend to our clients special facilities for domestic and foreign banking and exchanges.
It is a rather painful subject "White Australia" has been an in- Rubber, I think, is a bad example, apiration and a dres which a mere
to quote, because the commodity handful of men seer bent upon de-has, relatively speaking, no pre We also handle the issue of Bonds stroying. I doubt we can say War history. in 1914 the
whole and other Public Funds of the Chin- "they know not what they do"; their world supply was ese Government both at home
very little over action seems more like sinning 120,000 tons, and the War did not abroad.
SHOU J. CHEN,
against the light, for they have had create scarcity-on the contrary, Manager. able and unquestionably honest towards the end of the War, in Hong Kong, 5th March, 1931.
advisers.
1918, there was over-supply, because there was retardation, of geners), consumption.
and
THE BANK OF CANTON, LTD. Established 1912.
Hend (ce-Hong Kong.
Authorised Capital (fi.K. 'Currency) $17.290.000
Paid-up Capital
Flexorse Fund
‚ U.S.$1,572,454
BRANCHED
Chat, Shanghai.
, U.S.$1,908.209
BRANCHES:-
Genze Glasgow HATENA Hamburg Mavro Interlak Jerusalam
Lido
Londoa
Liverpool
• негов
Lugan
Inacz Marlen Monte Carlo Manila
Muntob
Mobireux
ديانا
แฟ Sapla
Pirague
Parla
I'
beking Palermo Tollerdam
K
Kambosl Bhaolin Southampton Singapore St. Marite Titula Viazza Frie Tokobaran Zurich
Branches of American Express Company in Principal cities of Unit- ed States of America and Canada.
Some of the loan quotations here are significant. Five per cent. louns are quoted at 73 to 75, four at 59 to 61. and a half per cent. There has been talk of the Govern
Grave National Position.
I think Professor Clay is closer ment buying in at these and similar to fact when he says that "we are rates, but there are doubts as to
whether it can find the money to do
8.585,000 1,100,000
30.
Hakow,
In any case it is gravely pre.
Bengkak New York End San Francisco judicing Australian credit, for who
CORRESPONDENTS
LONDON, BAKKERA:-
The Lloyd's Bank, Liralted
In all principal cílist of the World,
mange plekkage and banking burlaust of avers description traducelad.
data Deposit Boxas verlose sires) at a yously rental of from 25 to $18.
LOOK POONG SHAN,
Chief Manager.
THE BANK OF TAIWAN, LTD.
(TAIWAN GINKO.)
HEAD OFFICE:-Taipeh, Formoss. Incorporated by Special Imperial Charter, 1898.
All classes of Commercial Banking Bank-Note sed Avara X 12,000,000 Transactions undertaken.
Personal
handled.
investinant
accounts
Central Bank Lo Formos.
BRANCHES AND AGENCIES JAPAN Tokya, Yokohama, Kobe, Duke. FORMOSA
Yagi, Karanko, Makong Nanto, Bharkitu, Talchu, Tain Takso. Tumnul, Town. Halto, Talla CHINA: Bhanchal, Hankow, Amoy, Poncham,
Swatow, Casion,
Bemarang, Tatarie, Bombay, Calcutta, London, New York, Dairen.
LONDON BANKERS |
.:
will invest on the promises of a Government which may resort to threats of repudiation or inflation In order to move the market in its own favour? .......
Sound National Enterprise. Imperial Chemicals is оцт greatest, and orie of our soundest national enterprises, but it has not the effects of depressed |escaped
interest trade conditions and the paid on ordinary shares is reduced from 8 per cent. to six, while the deferred shares; which only parti- cipate when the ordinary have drawn 7 per cant., get nothing.
Gross profits for the 'year were £5,129,757, a contraction of £1,306, 816 compared with 1929, and of about £700,000 compared with 1928 It is as good na could have been ex pected in the circumstances, but it
The Company offers to intending OTHERS-Ho Bong Bingapore, Borbar serves to demonstrate how widely Travellers 'the use of its "Travelers Cheques" and Letters of Credit and, In addition, the world-wide services of ita thoroughly equipped, Travel De partment
Affliated with
THE CHASE NATIONAL BANK Resources Over G$2,500,000,000
| GUE' BENSON,
General Manager.
EAST ASIA, LTD.
Established 1918.” HEAD OFFICE:
10, Des Voeux Road, Central HONG KONG
Capital and Surplus
· Total Resources
... over H.$ 8,000,000.00 monial over · HL.$30,000,000.00
Every description of Banking and Exchange business transacted.
Current and Fixed Deposit Accounts In-local and for eign currencias opened for cilenta. Wh
Bavings Account and Safe Deposit Boxes.. Branches and Agencies all over the worlde, up
KAN TONG PO
The London County Weliminater And Parr's. Bank. The Beak has Correspondente la all the princioal Commercial Centre throughout the world.
K. NAGURA
HONG KONG BRANCH:
Das Vax Hoad Control, Hong Kong January, 1929.
Мапарат.
THE MERCANTILE BANK OF INDIA, LTD.
* HEAD OFFICE: 15, Ornonchurah „Birwal, Leapton, TQM · Authorised Capital £3,000,000 Subscribed Capital.... 1,800,000 Paid-up Capital..... 1,050,000 Reserve Fund and Heat 1,646,608
BANKERS The Bank of England à Midland Bank, Ltd. FRANCHIEST Bangko Bombay
Karachi Calcatter. Kota Bharu,' Colorabo
"
Kuala Ami-
New York Penung
Port Ou
T · (ALKINS(110) ·
Teamwor Shangha Essie-Lompur :30 BlkIN WES
depression is distributed and how Varied the interests are which have been adversely affected,
Broadly the conclusions of the National Wages Board for Railways Is that all earnings are to be sub- jected to a deduction of 2% per cent."with a further deduction of 22 per cent in respect of earnings above 403. per week.
The decision seems to be a very fair one In all the circumstances, for the cut is considerably less than the fall in commodity prices, and in the gross carnings of the railways would have justifled. So far, the award seems to have been generally accepted, but it is too soon to take that for granted.
to
Coal Trade Troubles. Curious trouble has arisen in the Yorkshire, coal trade and serves to indicate how difficult attempts regulata by persons outside an in- dustry may be. The Midland coal jarea made an application for an in- creased standard tonnage in March, Berry description of Backing and EmphangbelThe arbitrators, under the Coal Trevaliers Chequee Karangal,
Daiki
Bownk
MAN Madona V
Kuantan (Fabag) Bisgapore
› Bogtsbays.
HONG KONG BRAKOIL-
Mines, Act, 1980, refused to grant Trasten, and Executorships under this application and the consequence laken, whether he was that leading colllery owner had „INTEREST “Moana” 櫥 Durrat Asomande sal Fized. Deposit (as Rates Blank may be serial
L SANDES Povstall: ? Manager,
576 Chlat Manager, de
4. Osama's Bond Content; fus 7N
to announce to their salo agents that they would be unable to supply them with their fub quantity of coal for March
/
World Out of Joint. When the War debts were fixed the test applied was not damage done, for that was beyond the power of any nation to cover, so the basis of reparation was capacity to pay. And as the bank review says "All the factors in capacity to pay which were then considered · have been falsified by subsequent events, for in most cases the real burden of the payments, then fixed for more than half a century ahead in terms of money, has been heavily increased. just within the debtors' capacity, then they are beyond that capacity to-day." The whole world, in fact, is out of joint. "International debts become more burdensome and more disturbing
If the aums fixed at the time were
An Increase of approximately 20 per cent. in passenger rates be- tween Shanghai and Hankow is being contemplated by the China National Aviation Corporation. This will not apply to the Han- kow-lchang service.
UNCLAIMED TELEGRAMS.
THE GREAT NORTHERN TELEGRAPH CO., LTD,
OF DENMARK.
The following unclaimed tele- grams are lying at the office of the Great Northern Telegraph Company murk:-
(Limited) of Den-
Furlean. from Shanghai. Vendor, from Shanghai. Murataso Ichiro Fukudakan Nihonsokai, froni Tokyo.
Ellis Bennett, Kowloon, from Yokohama.
Scanlon, Peninsula Hotel, from Shanghai.
to the economic Wyllie, Hong Kong Hotel, from
Tientsin.
Juster, Peninsula Hotel, from
Chien Yu-ming, Kowloon Hotel, •
organism of the world with every downward step of the price level."
Debtors are the greatest but not | Shanghai. the only sufferers. It is possible, indeed, that a nation like our own from Tientsin. with investments in every part of the world may suffer as severely as8 any, but at least in a direct sense we have nothing to gain by rigid enforcement of payments no longer strictly equitable..
All our international arrange- ments have been made on the basis of the Balfour Note, which declared that we would ask for no more than we had to pay on behalf of others for whom we had given a guar antee. America, as the greatest creditor nation, seems to be natur ally marked out as the one from whom suggestions for equitable readjustment should originate.
|
Mr. Snowden's Difficult Task.. Our Chancellor of the Exchequer,
F. V. JENSEN,
Superintendent. Hong Kong, April 22, 1931.
THE EASTERN EXTENSION AUSTRALASIA & CHINA TELEGRAPH CO., LTD.
The following unclaimed tele- grams are lying at the E.E, Tele- graph Co. Office, Hong Kong:-
Carmichael, Kremlin, from Glas-
Kow.
Kong Pol, Hotel Cecil, from
Macao.
Yardarm, from Birmingham Po.
T. H. WILLIAMS,
Ag. Superinterident. Hong Kong, April 10, 1931.
may rush from a dinner to a Talkie"
and later on to a dance. But-
NEVER CHANGE FROM "Gold Flake
WILLS'S
As mild as a sun-kissed day
in June-ás mellow as a rare old port-as sweet as a rich, ripé Honey Dew melon-Gold Flake for mine anywhere. anytime.always?",
GOLD FLAKE
AS
CIGARETTES
GOOD AS
GOLD