THE CHINA MAIL, APRIL 22, 1937.
NO CHANGE IN CHINA'S
SILVER
POLICY
BANKS
THE CHARTERED ́ BANK OF INDIA, AUSTRALIA & CHINA
Incorporated by Royal Charter, 1858. HEAD OFFICE: LONDON
Paid-up Capital Reserve Fund Reserve Liability of Pro-
prietors
£3,000,000- £3,000,000
£3,000,000
Bangoon
Saigon
Samarang
Agencies and Branches:
Alor Star
Madras
Seremban
Бірдарого
BANKS.
HONG KONG AND SHANGHAI
BANKING CORPORATION
Authorised Capital
$50,000,000
Issued and Fully-Paid-up.. 20,000,000 Reserve Funds:
Sterling
£2,500,000
Hong Kong Currency
Reserve **** .....$10,000,000. Reserve. Liability of Pro-
prietors
.$20,000,000
HEAD OFFICE: HONG KONG.
BOARD OF DIRECTORS.
G. Miskin, Esq.,
Boito
Amritsar
Ipob
Bangkok
Karsebi
Batavia
Kiang
Bombay
Kobe
Shanghai
Calcutta
Kuala Lumpur
-
Canton Cawnpore
Kuching
Sitiawan
Manila
Medan
New York
Tongkal
Haiphong Hamburg
Peiping
(Bhuket)
(Poking)
Tringtao
A. H. Compton, Esq., 8. H. Dodwell, Esq. J. B. Manson, Esq.,
Penang
Yokohama
Zamboanga
Cebu Colombo Delhi
Hankow Harbin Hong Kong
Nor is silver neces- The 21st annual review of the Silver of the note issue. Market for 1936, always a useful and sary as a circulating medium for pay- We are told informative document published by ments within the country. Handy & Harman, London, traces the that the public in China has acquired course of silver through its various so much confidence in the legal tender notes of the Government banks that eventful phases.
"Needless to say, the United States they are no longer metallic-minded.
"If the proposed new token silverį Government has been the main support of the market, and the arrangements coins should be minted, which has not made by it this year to absorb Cana-been done as yet, the public will be dian and South American newly-mined fully prepared to accept them, not as silver and to acquire stocks from the silver coins but as coins whose value Chinese Government produced a good is largely fiduciary.
"As to the old silver coins which have Second in psychological effect as well.
the importance as a buyer has been India, so far not been surrendered to and the level of the London market Government since the nationalisation has unquestionably been determined by order was proclaimed, their circulation | orders from this source. From time to is impossible because they cannot now time purchases have also been made in be freely transferred either by indivi- London to satisfy American trade reduals or through the agency of banks. from Shanghai, China and Hong Kong According to advices quirements. have proved to be the main sources of the chances of silver again becoming standard are supply, as selling by the Continent was the Chinese monetary
and will depend upon limited, but offerings have been aug-very remote,
Current Accounts opened and Fixed Deposits mented occasionally by re-sales.
what arrangements the United States Spe-
received for one year or shorter periods at rates which will be quoted on application. culative operations, chiefly for Chinese may desire to make with China.
The Bank's Head Office in London undertakes "As the possibility of competitive de- and Indian account, have alternately
and Trustee business, and claims of Britlub Income Tax overpaid, an strengthened and depressed the mar-valuation of world currencies is not yet
entirely removed, it is inconceivable terms which may be ascertained at any of its that China will again commit herself Agencies and Branches. Supplies From Hong Kong
R. W. ROBERTS, Referring to the situation in China, to a silver standard without some de-
Manager. the report relates that supplies of silver finite understanding with the United
Hong Kong, 1st January, 1985. from China and Hong Kong exceeded States, which is the only other impor the total of newly mined metal, a re-tant country still using silver as a part petition of the situation which occurred of its reserve."
THE BANK OF EAST ASIA, LTD. in 1934. Handy and Harman estimate the amount at 320 million ounces, and this figure includes not only exports from China and Hong Kong, but also shipments from Japan, in excess of this country's production and deliveries made in the London market from stocks on hand there prior to 1936.
ket."
Foreign Exchange and General Banking business transacted.
Executor
Profits
No Change In Policy Handy and Harman are not able to
Authorised Capital $10,000,000.00 $ 5,598,600.00 state the quantity of silver still re- maining in China but understand that Paid-up Capital the 25 per cent. reserve will be rigidly Reserve and Undivided
$ 2,776,726.76 maintained. "Unquestionably a huge.
HEAD OFFICE:-HONG KONG. amount of silver is still hoarded by the people in the interior provinces such as į
10, Des Vœux. Hoad. Contral. Szechuen, Shansi, Shensi, and so forth,
BOARD OF DIRECTORS:- but any estimate would be
The firm does not see any de- Chun, Esq., P. K. Kwok E. Lon work."
Hon. Sir Shou-son Chow, Chairman; Li Koon Wong Yun parture by the Chinese Government Tong. Esq., Chan Ching Shok, highest estimate received by Handy and from the present currency programme. Sang, Esq.. Wong Chu Son, Esq. and Kan Ying
Po, Esq., Fug Ping Wah; Esq.
Silver, smuggling from China during the past year, the report goes on, has been comparatively unimportant, the
Harman being some 30 million ounces during the first eight months.
"Instead of such illegal supplies con- stituting the chief source of Chinese sales, as was the case during the last quarter of 1934 and most of 1935, the Government itself has been the prin- cipal seller in 1936, and official exports of silver, largely coined from the port of Shanghai, totalled nearly 192 mil lion ounces between January 1 and November 30," the report states.
Chinese Currency
A tribute is said to the stability of the currency system of the Chinese National Government.
"Under the present currency system of China, silver is no longer necessary as a reserve, although the Government has agreed to maintain in silver a suf- ficient proportion of the total reserves to equal in value at least 25 per cent.
guess
THE WING ON BANK, LTD.
Head Office: Hong Kong. 26, Des Voeux Road, Central. Authorised Capital $10,000,000 LONDON BANKERS:- Westminster Bank, Ltd. Foreign Exchange and every des- cription of banking business transact- ed.
Current Accounts and Savings Ac- counts opened. Mixed Deposits re- ceived at rates which will be quoted on application.
Trusteeship & Executorship under- taken. Safe Deposit Boxes for hire.
PHILIP GOCKCHIN, Chief Manager.
Amǝy
Kan Tung Po, Esq., Chief Manager. Li Teo Fong, Esq., Manager.
BRANCHES AND AGENCIES :---
Batavia Bombay Calcutta Canton
Haiphong Hankow Bonolulu Kobe
Kowloon London
Manila
Melbourne Nagasaki New York Osaka
Paris Peiping Fenang
Seattle
Semarang
Shanghai
Singapore Bourabaya
Sydney Taiboku Tientsin
Rugcon
Saizon
Tckyo
Bar Francisco
Vancouver
Yokohama
Every description of Banking and Exchange business transacted. Loans granted on approved securities.
Current Accounts opened in Local Currency and Fixed Deposite received for one year or shorter periods in Local and Foreign Currencies on terms which will be quoted an application.
Safe Deposit Boxes To Lot.
PAN AMERICAN
AIRWAYS SERVICE
FIRST FLIGHT
AIRMAIL ENVELOPES
On
Sale
Now
15 CENTS EACH
KAN TUNG PO,
THE NEWSPAPER ENTERPRISE LTD.
Tel. 20022
Chial Manager.
3A, Wyndham St.
Chairman.
Hon. Mr. M. T. Johnson,
Deputy Chairman.
J. K. Bousfield, Esq.,
K. 8. Morrison, Esq.,
Hon. Mr. J. J. Paterson, T. E. Pearce, Esq., A. E. Bhields, Esq.,
V. M. Grayburn, Esq., Chial Manager.
AMOY BANGKOK
BATAVIA BOMBAY CALCUTTA
CANTON CHEFOO COLOMBO DAIREN FOOCHOW HAIPHONG HAMBURG HANKOW HARBIN HONGKEW ILOILO
ІРОН JOHORE
KOBE
KOWLOON
BRANCHEB :~-~~-
KUALA LUMPUR
LONDON LYONS MALACCA MANILA MUAR (Johore)
MUKDEN NEW YORK FEIFING PENANG RANGOON SAIGON
SAN FRANCISCO
SHANGHAI SINGAPORE SOURABAYA SUNGEI PATANI TIENTSIN
TOKYO
TSINGTAO
YOKOHAMA -
shorter terma
Current Accounts opened in Local Currency and Fixed Deposita received for one year OF perioda in Local Currency and: Starling on which will be quoted on spplication.
ALSO up to date SAFE DEPOSIT BOXES in various sizes TO LET.
Hong Kong, lat March, 1987.
HONG KONG SAVINGS BANK
The Business of the above Bank is conducted by the HONG KONG AND BHANGHAI BANK- ING CORFORATION, Bules may be obtained on application.
FOR THE HONG KONG AND SHANGHAI BANKING CORPORATION.
V. M. GRAYBURN,
Chief Manager."- Hong Kong, 1st March, 1997.
THE YOKOHAMA SPECIE BANK
LIMITED
Established 1880-
Capital (fully paid-up) Yen.100,000,000 Reserve Fund
Yen.132,650,000
Head Office: YOKOHAMA
Branches and "Agencies at
Alexandria
Bangkok Batavia Berlin' Bombay..
Calcutta
Canton
Dairen (Dainy)
Fengtien (Mukden)
Hamburg
Hankow
Harbin
Hong Kong Honolulu
Hsinking Karachi
Kobe London Manila
Los Angeles”
Moji.
Nagasaki
Nagoya
New York Osaka Otarn
Paris
Peiping
Rangoon
Fio de Jeneiro
San Francisco
Seattle
Semarang
Shanghai
Singapore
Sourabaya
Sydney
Tientsin
Tokyo Tsingtau
Yingkow
Interest allowed for Current Ac- counts.
Deposits received for fixed periods at rates to be^obtained "on applica- tions.
Y. KANO,
Manager.
Hong Kong, 10th March, 1937.
THE
SHANGHAI COMMERCIAL &
SAVINGS BANK LIMITED
(Incorporated in China)
Capital paid up
Reserves
$5,000,000.
$7,500,000.
Capital Savings Dept. $500,000. Reserve Savings Dept. $600,000. Head-Office-Shangbai
оп
A Bank having as its mission the industrial development China and the fostering of her commercial relations, abroad. Hong Kong-Office... ́.
6, Queen's Road, Central, Phone 31116.