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A.
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Use only the best of Materials and best, Workmanship.
We shall be pleased to quote and offer suggestions.
Very moderate Prices charged.”“”.
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INTERNATIONAL FURNITURE CO.
Show Rooms, David House, No. 67A, Des Voeux Rd. C. Tel. 23546.
FOR
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DRINK ONLY
(GERMAN)
ELBSCHLOSS BEER
Sole Agents:
THE WING ON CO., LTD,
Telephone: 25994.
NOW ON SALE
The
CHINA YEAR BOOK
1931
EDITED BY
H. G. W. WOODHEAD, O.B.E.
"A Mentor Superb... It is not an exaggeration to say that the "China Year Book is one of the most remarkable produc- tions of its kind in the world... No-one who pretends to desire to discuss or study affairs in Chine can afford to do with. out this book."-North-China Daily News..
The "China Year Book" as it is presented to-day, is a volume. that no newspaper, commercial, government, in fact any office. can do without," China Press," -
There is no single work containing such a mass of varied and most useful information on things Chinese as the "China Year Book" Similar publications exist in many other countries, but fow can compare with, and none excels, the latest issus of this work."-Finance & Commerce,
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Austrian Crisis.
WEDNESDAY, JUNE 17, 1931.
by making foreign creditors re- SHIPPING TROUBLES ng paid to-day us were paid på far frain from any precipitate action!
IN CHINA...
brigh as 1919, and other concessions and allow the funds invested in
such as Home Leave Pay, Return Pussages for husbanda, wives and Austria to continue to work un-
two children up to the age of 17 molested. It is pointed out that
(Continued from Page 1).
yen1's, Subsistence Allowance. | the Credit Anstalt is not alone in
Married Mens Allowanco, Safe This neute depression was inten-Navigation Bonus and Pensions still the matter of reconstruction and sued by the strict enforcement, continie.
1928 in the
our
that the history, of finance knows from August 1 of the Chinese Im- a number of cases when banks migration Restriction, Ordinance of that, the reduction to 1/6d was 100
The Guilds, however, considered- after having to undertake a simi-States. I would here explain that the Campany should revert to the Federated Malay drastic a cut, and requested that lar thorough operation, entered owing to serious unemployment in basis of half at 1/9d and half at upon a new period of prosperity. the Straits the Government of!
current rate. This, however, did They refer to the French "Lan- Malaya found it necessary to re not effect the saving desired, the derbank which after the Bon-arrangement
strict immigration and under this currunt rate having fallen to as toux disaster had a new period gether with other engaged regular fonts are still in progress in con- Company, to low as 1/- and even less. Negotia. of success and in the same way by in the coolic passenger trade, neetion with this matter, and, in the the "Comptoir d'Escompte" and than a specified quota of male men themselves, I earnestly hope were not allowed to carry more interests of the Company and the the "Amsterdamsche' Bank" emigrants per month. These re that wise counsels will prevail and a nfter critical incidents again restrictions are still in force and as friendly conclusion be reached... gained their successful trend. the coolie passenger. trade to Sin-
Stern Necessity. Nevertheless the affairs of the portant part of our business to these more than the Directors and the gapore and Penang formis an im I need scarcey add that no-one Credit Anstalt are of import-ports the effect of the restrictions General ance far beyond the frontiers of has been a serious decline in our necessity for the reduction as they.
Managers, regrets the Austria. The Finance Minister, passenger earnings.
have a very real appreciation of the Dr. Juch, in a recent interview Increased Port Charges.
effect it has upon all concerned, When addressing you last year I with the Press, said that Austria referred to the tendency of Port which has beer on a 1/6d basis none better than the latter's staff had passed by the brink of a pre- Authorities to increase their sine last September. Present cipice and for the second time. charges without due consideration conditions of shipping and trade But the experiment must not be of the fact that Shipping was pass generally, however, are such, and ropeated. Evidently his advice ing through a period of great, de- the future so uncertain, that drastic
pression, and I indicated that such ceonomy is a vital necessity. has been disregarded, to-day efforts to increase Revenue might| Austria is in the throes of an-have the opposite effect by stifling creased outlay due to low exchange, To offset as far as possible the in-
other Cabinet crisis.
shipping enterprise and industry tariff rates of freight, as well as I regret that in spite of combined passage rate, were, in conjunction efforts to avoid such increased with other Conference Lines, rais charges the year under review has ed whenever and wherever possible. brought further financial burdens Strict attention has been paid to... in the shape of drastic surveys and rigid economy and higher scales of charges for buoy effort made to reduce expenditure every possible hire. light dues, Sunday and holiday to an absolute minimum. permits, etc.
The serious decline in the value for the Company's present day re- Due to her general unsuitability
News in Brief.
it is advertised that there will be no dluner dance at the Repulse Bay Hotel to-day.
of Silver has had a disastrous effect
E
in 1929.
upon the results of last year's work-quirements, and the prohibitive cost Credit Anstalt, like the "Boden-
of reconditioning, the s.s. Mingsang, Mr. Allan Cameron and Mr. C. ing, the average rate of exchange kreditanstalt," whose tragedy we Gordon Mackia returned yesterday for the year 1930 being 14/ 11/324. vesse! 24 years old, was sold in witnessed two years and a half by the ss. President Johnson,
compared with 1/10 11/16d. August—unfortunately, at a loss on her book value. To retain her ago, is asserted by Aus-
The lowest open air temperature
So that the position may be clear-would have entailed a heavier loss, trian statesmen to
have yesterday was 82. At 10 am. they understood I would explain that and with no prospect of employing become
her to advantage your directors con- a victim of
the humidity was 76 and at 4 p.m. 80. the Company's earnings are mainly gidered it advisable to dispose of Peace Treaties which,
in depreciated silver, whereas a
her at the best price, obtainable. Members of the Jockey Club, are large proportion of its expenses, regarding all economic presump-ieminded of the general meeting such as Home Leave Pay, Passages,
New River Steamer. tions, established a new Central to be held at the Clab House, Pensions, European Floating Staff built by the Shanghai Dock & En- The now river steamer Prowe, Europe whose vitality, was under-Happy Valley, to-day, at 5.15 p.nu. Wages, Insurance of the Flect, etc.. mined. One robbed the old time-
dis.
launched at
are in sterling or based on sterling. gineering Co., wag Silk forwarded from here by the It can, therefore, be seen that the Shanghai in August and since com- honoured industries of their Empress of Japan on May 23 arrive effect of a fall in exchange is to in- mening her employment on the "markets, and an act of economic ed In New York (St. John's Park) crease expenses without benefitting valuable acquisition to the Com- Shanghai-Ichang Line has proved a destruction on a scale unknown and Hokoken on June 15, having earnings which depend on the state
Apart from her pany's Flect. of the freight market. hitherto was perpetrated. This been 20 days in transit.
most satisfactory cargo-carrying peculiar situation of Austria was A bathing picnic organised by the With regard to the salaries of the facilities she has excellent first- class and intermediate accommoda- further enhanced by the univer-Buropean Branch of the Y.M.C.A. European Floating staff, I must ex-tlon which should appen to the eal economic. crisis. Before the is arranged to take place this after-plain that these were paid up to travelling public.
merging of the "Bodenkreditan stalt" the Credit Anstalt carried
a number of failing undertakings
European Salaries.
ад
noon.. Similar picnics are to be held June 30 lust on a beels of half at
With the exception of the regret- an alternate Wednesdays and Satur-1/9d. and half at current rate. Ia table stranding of the 38. Kutsang. days until the end of July. the early part of June last year the outside Hong Kong on December 17 China Conal Officers Guild and the last, the Company was free from. in its wake, partly enterprises posed on Chan Kee, at the Kowloon approached the China
Nine months hard labour was im- Marine Engineers' Guild of China serious accideris, and although I Navigation have already made special reference on a large scale which under the Police Court this morning, for re- Co., and the Indo-China Steam to the company's employees serving old conditions had had favour-turning to the Colony before, the Navigation Co., Ltd., requesting on the Yangtese. I desire also to able conditions of production and expiry of his banishment term. He that the sterling rates of pay should thank all members of the company's sale, but who, when they lost the was sent was for ten years in be converted in full, from the staff, both ashore and afloat, for
December last. Hong Kong, Wednesday, June 17, 1931. greatest part of their markets,
Beginning of June, at the exchange their loyal co-operation during an rate current on the last day of each admittedly difficult year. got into difficulties necessarily. Pleading "guilty" to breaking and month. As silver was still de-
Accounts.. The trend of development with entering 69, Temple Street, during clining in value this request, which Turning to the Accounts, it will the night of June 16, and stealing a would have entailed very heavy be seen from the Revenue Account the Credit Anstalt was hastened quantity of clothing, the property additional expenditure, wae one that in addition to the loss on A Cabinet orisis has been pre-recently by the collapse of a num- of a shopkeeper, Hui Wan-on was which your directors, after due coi Working of ateamers, amounting to cipitated in Austria owing to op- ber of well-known firms, 'so that at the Kowloon Magistracy to-day sideration, felt could not be grant- £16,157. 18. 3d. Floating Staff position to the Finance Maister's the losses totalled. 140 million sent to jail for three months. ed, and lengthy negotiations ensued Pensions, and Interest show
with the result that it was ultimate- increase in 1930 of £1,288 0. Gd. proposal to guarantee £16,000,- schillinga.
Cheung Shum, aged 39 years, who ly agreed by the two companies to and £5,881. 7. 9d. respectively over 000 for the foreign debts of the The relief granted by the Gov- has been a patient in the Tung pay the salaries of thoir: European the 1929 figures. After allowing Credit Anstalt. It may be re-erament to the Credit Anstalt Wal Hospital Eastern Branch for Floating Staffs on a hasis of half at for Depreciation and Liabilities, called that the Credit Anstalt was not an affair of financial nearly two weeks, committed aui- 1/6d and half at current rate, com-etc., It has been found necessary to cide at 2.30 o'clock this morning, mencing from July 1 for a period of transfer the sum of £138,000-from (Austrian Credit Institute for technicalities, or a relief action by hanging himself in a lavatory on six months ie., until December 81, Contingency Reserve to cover the Commerce and Trade), the most for shareholders, but it was the first floor..
1980, at the end of which period the less on Revenue Account, leaving important bank of Austria, from rather a matter of far-reaching
question was to be reconsidered. the sum of £497, 18, 2d, to be ear-
Reductions General..
ried forward to the year 1931. whole of Austrian industries de- Austria. But it should be era- ment Civil Hospital yesterday by for an extension of this arranggwritten off for the year 1930, the
On December 4 the Guild asked
With regard to Depreciation pend, was forced to declare to phasised that it was not irre- his wife, suffering from scalds to ment for a further period of six company's auditors have drawn the the Government that when draw-sponsibility or unlucky specula. He was carrying two tins of boll- however, by this time seriously con- Book Value of the Fleet, which is hle loft hand, body and left leg. months. Your Directors were, attention of your directors to the ing up the balance-sheet for tions which caused the upheaval ing soup, when a pole snapped. ∙1980' an exceptional loss of 140 of the Credit Anstalt,
cerned on account of the further fall considerably above present day, In exchange as well as the absence values and they are of the opinion million schillings resulted. These image the situation reflects is It is understood that the local of any sign of improvement in that part of the Reserves should be losses were the consequence of rather that of thousands of other arranging an "At Home to be realising that not only the mem-preciation of the Fleet which is branch of the Overseas League is trade conditions, and whilst fully allocated in further. Capital De the merging with the "Boden bigger and smaller Austriar en-held early in August. The object bers of our Floating Staff, but valued at cost, less Depreciation kreditanstalt" which had been terprises, which, have become is to get together more candidates practically everyone in the East based on the life' of the various imposed on them. In order to victims of the economic crisis, for membership, Mrs. Hallifax is was affected by the declining dollar, Unita.A nvoid incalculable consequences The Credit Anstalt itself recent and it is hoped that Sir William I trust you will agree that so far to be the hostess for the occasion, they felt and with their decision and a financial catastrophe forly emphasised the fact, in a com- and Lady Peel will be present.
which about 60 per cent. of the importance and significance for hawker, was taken to the Govern- Chan Chak (42), stated to be a
The
A Difficult Problem.
as the Indo-China S.N. ́.Co., was
Now, gentlemen, to reduce Bookc concerned, the utmost that could be Values with a view to bringing
the conomic life of the whole of munication to the Press, that in an attempt to end. her fe, granted was an extension for three them down to the level of present Austria, the Government was the bank, once its reconstruction chan Tai-tai (32) a woman living mohins only, Le, until March 31, market, or realisable values pre- forced to start a relief action for has taken place, foresees a fav-ab 24. Shantung Street, first floor, 1981, of the arrangement then fasents a very difficult problem for this institute. While the share ourable further development of Jumped into the harbour from the force.
This very point was. aptly covered by one of our learned
(Continued on "Page 9.)
the simple reason that the latter capital was simultaneously re- the undertaking confidently, besteam launch Man Tak at about On February 28 last, the Com- are practically non-existent due to duced by 25 per cent. the Bank cause the results of its financial rescued by two seamen, Cheung and the "Gullds' that on and afternage in the world; and such values-
11.30 o'clock last night. She was pany accordingly noted the staff the enormous amount of idle ton- was granted new means to such administration, in the last few and Ng Chuet, and taken to April 1, 1981, or as Articles ex would, therefore, onlyone estim an extent that the Jusses incur years, apart from the exceptional the Government Civil Hospital bat pired, anlaries would be paid in upon unreliable or fictitious estim- red were. wholly covered and the financial losses occurred, has was not detained. She was later full in Hong Kong, dollars on the cover previous assets of 165 million been perfectly Batisfactory and taken to the Central Police Station, basis of 1/6d exchange, schillings
were not only re because far-reaching measures to-day for enquiries.
and she will be sent to the S.C.A.
Revision Asked, established, but even increased, of economy in the administration
It was the earnest hope of your This sum was raised by the of the bank which were being Wong, King-ng, a salesman, and preciate the existing difficulties and at directors that the staff would ap- Federation which contributed carried out allowed one to expect fore Mr. E. H. Williams in the months a concession had been great- Lal Kam, shop foki, appeared be realise that for a period of nine one hundred million schillings, considerable economies. the National Bank and the House
Central Second Police Court yester-ed them which bad entalled a very The general public, which was day afternoon charged with the considerable additional expenso upon completely taken by surprise by larceny by balles of 865 worth of the Company during a time of acute this event, accepted it without from 120 Bonham Strand must not be overlooked that other bookbinding and -printing-requia; trade "depression. Moreover, It any show of panic, nor is there First defendant was also charged Shipping Companies in various The funeral takes place at Happy any reason for alarm abroad. It with alleged embezzlement of parts of the world had boon, comValley at 5. pane to-day, of Mr. lagtrue that the. Austrian Press $12.59. The Magistrate decided pelled to reduce the salaries, of Peter Saundera, chlof officer of the
there was no case; against the their staffs, and this.
* without the a...) Hwahping, of which Mesars.
of Rothschild, who gave 80 mil lion schillings, each.
However these official declare 'tions, may sound;; they
they throw searchlight on the situation of
Ten Years Ago.
From the “China. Mali" of
June 17, 1921.1.
day's dollar is worth, 2/6%.
Austrian economics and the Aus mphasises that foreign cosecond accused, and discharged added handicap of depreciated Nemares, & Co are the charterers, trian credit system, due to the tries, now more than ever, have him. The case against the first Silver; In the case of the Indo- who died at the Government Civil dismemberment of the old uni the moral and political duty to accused was adjourne bail-being: Ching Steam Nav. Co. however, Hospital yesterday
onomic territorThe
tris in the frat place reduced to:
the same sterling salaries are be- heat stroke.
morning from