BANKS
HONG KONG AND SHANGHAI BANKING CORPORATION.
Amberland Cupita!
Tassed and Pully Pold-up in Seserve Funda :--
******* (20,000.00)
800,000,000
Bocorro Clubility of Propriakees i 196,000,000
HIMAD OPPION: HONG KONG, -
BLED OF DIRECTORS 1-
Mon. Mr. J. 4. Patapon.
Uhairman,
· T. X. Pouzco, „Eng. Deputy Dhalian.
Hot. Mr. W. H. Ball, 3. A. Ramonet, Bag.
4. I. Campion, Baq,
T. H. L. Raw, Zag
M.TSJohnson, Keq. 1. P. Warren, Esq.
a. Miskia, Esq.
·
V. M. Grazbura, Bog
Oklet Maangar.
FRANCHERS |--
LONDON
LIONG
MALACOA
MANILA
MUAR (Johor)
AMOT
PRAROKOK
MAPAVIA BOMBAY
SALCUTTA
MUKDEN
NEW YORK
JANTON
CHEPOO
DOLAMBO
PLIPINO
DAIREN POGCHOW
HAIPHONG
"RAZBUNA
BALAIX HONGXEW
РЕНАХО
BANGOON
Artoom
SAN FRANCISCO
BANKOW
ILOILO
JOHORE
1063
FOWLOON
KUALA LUMPUR
BINDAPORE
BHANGHAI
BOURABYA
BUNGRY PATANI
TIENTSIN
TOKYO
TSINGTAO
YUTORAMA
Gurri nooral opened in Local Ontronay and Pized Deposite received for ma zone of abarter perioda in Local Currency and eerling on dorme which will be quoted on sggilantiam-
Hong Kong, 6th April, 1932.
HONG KONG SAVINGS BANK.
The Business of the abere Baak la conducted by HONG KONG AND BHANGHAI BANK- LKO OGRPORATION. Bales may be orielo an apelimákon.
FOR THE MONGKONG AND BHANGHAI BANKING CORPORATION.
V. M. GRAYHURN,
Chief Manage.
Hong Kong, 17th February, 1932.
THE BANK OF CANTON, LTD.
Established 1912:
Head Office:-Hong Kong,
Authorloof Capital (H.K. Ourensoy) #11,000,000 wald-Up Caplin
1,100,000
BRANCHES :-
Canton, Shanghai, Haskow, _Buslow, Bangkok, Now Tock and Ben Franciaco,
LONDON BANKERS ----
The Lloyd's Bank, Idralind.
CORRESPONDENTS
Én all peinaląsi stima of the Worl
Pulp Tuinige sad jerking bustaan of sway damsciption inasscled.
Depot Boxan (pazioca slaan) ná a poseły
LOOK POONG SHAN,
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.
Incorporated by Royal Charter, 1853.
HEAD OFFICE: LONDON,
Paid-up Capital
Reserve Fund
Reserve Liability of Pro-
prietors
£3,000,000 £3,000,000
..£8,000,000
Agencies and Branches:
KUCHING
ALOE BIAR
AMBITHAR
BANGICK BATAVIA BOMBAY
CALZETTA DANTON CAWNPORN
U BU
COLOMBO DELITI
HALPHONG
KADRAS MANILA
MEDAN
NEW TORI
PEPING (Psking) PENANG HANDOON BAIGON
BEMARANO
REREMBAN
BHANGHAI
RINOPORE
SITIAWAN
HAMBURG
KANIOW
HARBIN
TỔNG CÔNG
ILOILO
TAIPING
IPO1
MARADHT
КОБЕ
BOMBADAYA
TIENTBIN
THE CHINA MAIL.
THE HO HONG BANK, LTD.
(Established 1917.)
HEAD OFFICE-SINGAPORK. Hong Kong Branch: 18, Quson's Ed C
Authorised Capital Straits $20,000,000 Issued Capital...... Paid-up Capital
8,000,000
4,000,000
Reserve Liabilities
of Shareholders. Surplus.........
4,000,000
#
#7
£,687,000
Branches, Agencies and Correspon dents in the principal cities of" the work..
Brary description of Banking and Exchange business transacted.
TAN ENG HOOL
Manager.
THE NATIONAL CITY BANK OF NEW YORK.
HEAD OFFICE: 55, Wall Street, NEW YORK.
Capital, Surplus and
Undivided Froûte U.S.$225,847,466.11
and
Commerce
Finance
WORLD CRISIS
LESSON
FOR BANKERS
COPY-BOOK MAXIMS IN NEED OF REVISION.
Gold For Use, Not For Worship.
'PROF. GREGORY'S CRITICISMS,
WEDNESDAY, APRIL 20, 1932.
ECONOMIC LAWS
NOT OPERATING
AS ANTICIPATED,
I told you hope they will find a way to over-
Presiding at the annual meeting | tinued-to-decrease with the result of Orient Trust, Limited, in London that the world's stock of rubber has on February 24, Mr. E. (L. Hamil-been increased by roundabout ton said: The Trust's interests are 130,000 tons.
We are
therefore mainly confined to Rubber and Tea. forced to the conclusion that Both these industries have had economie laws are alow to take their ups and downs in 'the past but effect unless stimulated by artificial frequently a depression In the means. We know that the applica- one has been offset ·by thejtion of such means in the form of prosperity of the other. To-day restriction is under consideration both industries are passing through by the Government of the Dutch worse times than have yet been East Indies but so far no announce- known and there is only a melan- ment has been made as to the out- choly satisfaction to be gained by come of their deliberations. Our the knowledge that practically every Dutch friends have a more difficult, other produca is in the same de-problem to tackle in the control of pressed condition.
native output than we have, but I As regards rubber Dr. T. E. Gregory, Professor' of, Price Levels and Cheap Money. Social Economy in Manchester Uni-
when we last met that if the adjust-come these difficulties and will be The lecturer next demolished the ment of the balance between pro- able to join with British growers versity, addressed the members of two monetary reform theories that duction and consumption were left in a sound scheme of restriction. the Manchester and District Bank the level of prices was a safe index to the operation of economic laws ers' institute on March 16 on some of the conduct which a central bank the process would be long and cost-possible to evolve a workable scheme If the Dutch should find it Im- of the things to be learned by them ought to encourage at any particularly. That was a year ago and since it would be far better to make
Mr. Angus time, and that the proper way to then stocks of rubber have continu-definite announcement to that effect from the world criats. A. G. Tulloch presided.
handle the machinery of a central ed to increase notwithstanding the than to maintain the present-state Professor Gregory acknowledged bank in a perid of depression was to fact that the price realised has of certainty which leads, growers at the outset that he was once a start an era of cheap money. Cheap SETTLEMENTS bank clerk, and that he imbibed money was no longer a psychological The expected curtailment of pro- their estates to go on using up their shown ■ loss to most producers. who, therwise would close down VENEZUELA |those copy-book maxims inherited stimulus, That brought the production
from a comfortable Victorian age, fessor to the very point that in a prices has not materialized to any largest possible crops of rubber in consequence of low financial resources in producing the Commercial and Travellers' Letters which he was about to attack be- world that was in such a terrible thing like the extent predicted by the hope that restriction will sooner of Crodits, Travellers' Cheques, Billa cause they were not suitable for the economic mess the removal of bar those who pin their faith to of Exchange and Cable Transfers world as it is or as it is likely to riers and the restoration of faith working of economic laws and at cision either way would be prefer-
the or later be brought about. bought and sold. Current accounts be for a considerable time. and Savings Bank accounts opened
most needed. There
the same time consumption has con-able to the present suspense. and Fixed Deposits in local and for time that all of us, bankers and undue political interference eign currencies taken at rates that economists," the lecturer said, the trade forces which might make may be ascertained on application to "should seriously examine those for readjustment, and there were all the Bank,
we in-sorts of rigidities and controls pre-|
· Branches In-
ARGENTINE
BELGIUM
BRAZIL
Foreign Exchange and General | COLOMBIA Banking business transacted.
TONGKAH (Phuket)
ELANO
TSINGTAO
YOKOHAMA Y
KUALA KANGSAR
ZAMBOANGA
CHILE
KUALA LUMPUR
CHINA
CUBA DOMINICAN REPUBLIC
INDIA ITALY. JAPAN
Current Accounts opened and Fix- ed. Deposits received for one year or aborter periods at rates which will be quoted on application.
J. STUART,
Manager.
Hong Kong, 11th April, 1932.
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
(NETHERLANDS TRADING SOCIETY)
BANKERS.
Kelablished 1894,
Hong Lowe Odos:—11, Queen's Road Central,
Authorised Capital sommer, Ouilders 160,000,000- Paid-Up Capital » Chelldara 30.080,000, Besarra Fund
Guilder 40.015,000-
Head Offon 1-MSTERDAM",
Easters Hand D800:--BATAVIA.
Braccher-Baadjarmasin,' Bandowng*, Bombay Uslovila, Cherikum, – Bjezaber, Djok Jaitaria", The Hague", "Jidiak, Kode,
Kadao, Palambanga Pak longas, Pond, Bangoon, Rotterdam", Bemarang, Shanghel, Binaspor, Bora Mla, Bosskarta (Bala), Tagil, Platjoy
• These ollos kara Bela Deposli Bossa io Lek.
LONDON BANKERS —
NATIONAL PROVINCIAL BANK LTD.
· Corempinduate all over the world. Banking Bual- soos ol avary description transacted.
STOKKINK,
Manager.
Hong Lang, 1st December, 1081.
THB
Chief Manager AMERICAN EXPRESS COMPANY.
.U.B.$6,000,000 U.9.31,572,656 .U,S.$1,908,209
LONDON
MEXICO
PANAMA PERU
PHILIPPINE ISLANDS PORTO RICO STRAITS
URUGUAY
Hanager. what we do.
HEAD OFFICE:-Taipeh, Formoss.
Incorporated by Special Imperial.
Charter, 1899.
"It is were
WAK with
in
BRITAIN'S EXAMPLE,
1.I.D. CERTIFICATES.
a
A de-
Paris, March 4. Messrs. A. Goeke & Co., local "How is it possible that England, agents for the Societe Internation
YESTERDAY'S SOLUTION.
AD
YORK
SARA
ME96 ALB RIL
CRAMPS ANN
EAGL
EE
by
SATE
RE
SAN
We are also able to offer our Cuscraps of philosophy that tomers the services of the Brancheherited with our grandfathers' bad venting price shifts from taking of the International Banking Cor-debts.. I don't suggest that we place freely, "We are all infected poration in Spain and also of The should alter our practice, but we with the philosophy of safety first | National City Back of New York should alter our attitude (France), S.A., in Paris and Nice.
to and with the philosophy of es- who in almost dramatic circum-ale de Placements, Basic, adviso R. M. MCLAY,
the seasons why we practise tablished rights. Nobody is willing, stances has just shown that the first us that the latest official quotation
He suggest-except at the price of a fight, to see care of a great people should be to in Basle is $2-12-3 Hong Kong, March 1, 1932.
ed, дз
constructive place his position worsened relatively to pay what they owe, can yet display of work which the banking the other person's position."
so much indulgence towards people THE BANK OF TAIWAN, LTD. system should carry out immediate As to the other main cause, the whose primary care would seem to (TAIWAN GINKO.). ly, a much more intensive investiga whole framework of capitalistic ao-be the evasion of their just obliga- tion into and knowledge of the ciety had been weakened by the in-tions?" asks M. Stephanne economic forces which were govern- ability of the statesmen of the Lauzanne in the course of ing the world and this country at world to settle the outstanding article which he contributes to the the present time.
Internatinoal political issues of the Matin day. The “Sacred Pillars.”
If the banks would developed One, would love to see
the re xample Those
Just set inherited copy-book a new philosophy, he suggested that uitam
to Great Britain followed by the whole maxims
of English commercial they should become politicians
the extent of setting their faces like world," he adds, "and one would banking, which Professor Cregory Makang. Naoto Bhinshiku, Talibu, Talnas, described as entirely inapplicable to it against any extension of the also like to see Great Britain herself to the whole world, 'Go and CHINA Bhangal, Hankow, Amer. Foosbow, present conditions were, first, that kinds of controls and interferences say
which made economic society more da likewise," and then both con-! the only type of securities for a
fidence and morality would once New bank to hold was gilt-edged invest rigid than it already was.
Danger of Restrictions. menta; secondly, that a bank's cash
again prosper in the world." reserve was intended to meet the "I don't want to say anything day-to-day needs of its customers, about Free Trade or Protection.": but was really there against Professor Gregory said, "because, moments of emergency; and, third-although it is very wicked for any- ly, the theory as to what was a good one else to put on a tariff it is quite security for a bank to require of å right for us to do so, (Laughter.) customer. It had been shown But I do venture to insist that it is that in a time of rapidly rising the first duty of bankers, in so far prices fixed-interest-bearing securi- as they can influence public opinion at all, to bring all the weight they
Corical Back to Formos. Bark-Notes insaad Average amount ...Yea. £5,000,000 BRANCHES AND 4DENCIES: JAPAN:--Toyko, Yokohama, Kabi, Osake. FORMOSA :-Oiran,
Xarenko,
Takas, Tamsi, Town, Heito, Tallo.
Bestow, Canton.
OTHERS Kong Singapore,
Samarans Batavia, Bombay, to
York, stran,
LONDON BANKERS Barclays Bank. Lid.. Lloyds Bank. Ltd., Midland Bank, Ltd., Westminster Bank, Ltd.
The Bank has Correspondents in all, the principal Commercial Centies throughout the world. E. NAGURA,
HONG KONG BRANCH:
1, De Voux Head Castral. Hong Kong, December 9, 1951.
Manage
|
THE MERCANTILE BANK OF ties fell so quickly that they became
INDIA, LTD.
www.
BEAD OFFICE
25, Gracechurch Street, London, E.,8.-
INC.
THE BANK OF CHINA.
行銀國中
Head Office-65, Broadway, New York.
Reorganised October 26, 1929, under
Capital
special charter of The National Gov-
Surplus
erament as an
Reserves
INTERNATIONAL EXCHANGE
BANK.
BRANCHES :...
Authorised Capitai
Pald-Up Capital
Arriwelam Akwary Athen
Reserve Fundı ....
Check Glasgow Детьов Hamburg
B Napl
Subscribed Capital
Flisova
Paid-up Capital
Beelia
Barzila
HEAD OFFICE: SHANGHAL
Bombay
Ничковай
Brussels
HAYTH Interlaken
Lido Loade
Pacla Реди Folding Falariat, Botterdam
Bunton Alres Cairo
Klvarposi Laiderna
Bamod
Bangkok Fatavia
Bhangbal
Bombay
Kwachi
Qalouits
Lugano
Southamplos
Calcutta
Kota Bharu
Luxor
Bingapore
Colombo
Kuala Lipis
Marseilles
St. Morit
Theate
Dell Galle
Subscribed Capital...$25,000,000.00
Besis ...$ 8,820,508.82
.$24,710,200.00
HONG KONG BRANCH:
4. Queen's Road Central.
Owing to our numerous' branches in China and large connections in the Emportant commercial centres of the world, we are able to extend to our clianta special facilities for domestic
and foreign banking and exchanges.
Colombo
Deriantinople Mania Carlo Copenhagen Masila Edinburgh Munich Pistach
Kooga Decem +
Vianna
Vapio
Tokohama
Branches of American Express Com-
We also handle the lane of Bonds pany in Principal cities of United and other Public Fands of the Chin-
Government both at home and States of America and Canada.
abroad.
.£3,000,000
Reserve Fund & Rest. 1,217,027
BANKERS
Kandy
The Bank of England & Midland Back, Lez BRANCHES : Ipob
Penang Port Louis.
Dangoon Bhanghal Kuala Lumpur Bila
Kussian (Pahang) Singapore Bourabaya New York
Hoog Foo Made Bowrah
HONG KONG BRANCH.
asion of Banking and Exchange bal
mase transacted.
Travalleen Cheques fasand.
SHOU J. CHEN,
All classes of Commercial Banking Applimien Manager. Transactions undertakaz. Hong Kong, 6th March, 1981,
THE YOKOHAMA SPECIE BANK, LIMITED.
Established 1880,
Capital (fully paid-up) Yen 100,000,000 .......... Yen 117,300,000
Reserve Fund
Head Offer:-YOKOHAMA.
Branches and Ázsucios at:
Alexandria
Batavia Barlin
Bombay
Celestia
Cauton
Nagmaak!
NAKOYA
Newchwang New York Orica Paris
Palping
(Dalny) (Hien (Mukden) Rio
Hangoon
Вап
de Janeiro Francisco
Baatila
Shangh
Ballone
Personal investment accounta handled
The Company offers to intending Travellers the use of its "Travellers Chequer and Letters of Credit and, in addition, the world-wide pervices of its thoroughly equipped Travel Department.
E. W. DUGGAN,
Manager.
were
DAILY
BRCAST ANNE SIP
OTTO
CROSS-WORD PUZZLE.
(This crossword pusste has been made by an expert bus our readers are warned to look out for occasional phonetic spellings, such as harbor, ploso, and altho.J
15
17
21
26
16
18 12
12 13 14
16
19
138
40 H
42
145
47
448
his
52
56
a frightful source of danger to the can to bear against the extension banks holding them. As to holding of the rigidities and animosities
that reserve against an emergency run,
are destroying civilisation.] Professor Gregory
(Applause.) said
And the immediate that
lesson to be learned is that the way! there experience showed that 1,800,000 1,050,000
to stop a depression is to prevent a no such things as runs.
The banks should regard if the banks took the public boom." into their confidence and themselves as doing their job best!
the public kept Its head; and, further, when they were most unpopular- that no cash reserve was large en- namely, when they refused perfect- (Mauritius)ough to meet the emergency once ly good, customers an overdraft be- the public lost its head. "The real cause they thought that an optimis- safeguard of the entire bank-tie feeling in business should be cur- Ing system,” Professor Gregory bed and were determined to curb it. Mr. Tulloch and other representa- said on this point, "is not the 10 per cent. reserve that the banks tive bankers suggested that the keep, but the power that the central lecturer was not altogether unaware bank possesses to turn any asset that those principles of commercial Trustee and Executorships ander into money at a moment's notice by banking he remembered from taken.
INTEREST allowed on Current Accounts the Instrumentality of the print-clerkly days had been modified, Fixed Deposite at Bates that may be scertained ing press.”
while Professor Daniels supportedĮ J. B. ROSS, Upon the third fetish of the hold-him strongly in the plea for greater Manage. Ing of "good security," the lecturer economic elasticity and fluidity. So pointed out that it was obvious long as the nations went on doing Hong Kong, 7th April, 1982,
from local experience that any all they could to intensify the rigidi- series of catastrophes which in-ties he could see no way out of the volved the customers of all banks present situation. simultaneously rendered such securities unsaleable, and that attempt to liquidate them would drive customers and banks together into the bankruptcy court. So the "three sacred pillata" were not the real marble that they had ap
As events develop in the turbulent peared, but merely lath and plaster, stream of economic affairs It be- Professor Gregory next declared comes easier to see more clearly the that the situation with regard to line of monetary polley that Britain the principles of the central bank should pursue, states the current was nearly as bad. They also were issue of the Midland Bank Monthly three that in a period of pressure Review. It is no exaggeration to it was the duty of the Bank of Eng say, it continues, that Britain now land to resist it by the vigorous use has the opportunity to lead the of the Bank rate that English world back to prosperity, central banking had distinguished Fortunately, one important sign itself by recognising that
has been given, recently of a more
7. Queen's Hood Central,
RELIABLE PRINTING
no quale You small
THE NEWSPAPER. INTERNETIK LTB. TOLIKA BALL MEG.
THE BANK OF EAST ASIA, LTD.
Established 1918.
HEAD OFFICIE Des Voeux Road,
HONGSKONE.
Ап
PATH TO PROSPERITY.
Britain's Opportunity To Lend World.
reserve was for use and not for wor-liber ship; and that it was the duty of foreign central banks to assist“ prosesa ni gold
166
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VERTICAL
Commissions Refer to “Before Cirriet
(abbr)
168
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