trade.
THE HONGKONG DAILY
latter up to £2,500,000. It is not pro- COMPANY MEETING.
posed to invest this additional amount starling for the purpose of Enancing HONGKONG AND SHANGHAI BANK-in securities, but to keep in liquid in
ING CORPORATION.
Full provision has been made for all bad and doubtful debts and contingen- REVIEW OF THE SILVER SITUATION.
cice, and I think I can safely say that ample provision has also been made for will be some TRADE IN CHINA: PROSPECTS AND DIFFICULTIES.
all war losses, though considerable time yet before outstandings are cleared off. An official of the Bank has been in Hamburg for the past few months, going into matters there, but a final statement of the position has not yet been reached.
The ordinary yearly meeting of the Hongkong and Shanghai Banking Cor- poration was held at the City Hall at Hoon on Saturday. Mr. J. A. Plummer, Chairman, presided, and there were also present the Hon. Mr. EV. D. Parr, the Hon. Mr. S.-H. Dodwell, the Hon. Mr. John Johnstone, Mr. Ross Thomson, Mr. J. C. Bonnar, Mr. C. S. Gubbay, Mr.
A. H. Compton (Court of Directors), Mr. N. J. Stabb (Chief Manager), Sir Ellis Kadoorio. the Hen, Mr. Ho Fook, Mr, G. M. Young Mr. R., Dyer, Mr. C.
Oar holdings of British Government. Indian Colonial and other Securities are either written down-to-well below current market prices or ample provision made for depreciation
MONDAY,
MARCH LT
1920
INTIMATIONS
FOR SALE ILLIARD TABLE foot 4 feet 6.
Bits accessories. Good condition, Can
Apply Ward Room Becretary be on Any time.
HMR
FOR SALE.
MODERATE PRICH.
ADOTIONS
PUBLIC AUCTION).
BY APPOINTMENT. HUGHES AND HOUGH, ANGEFORMERE POŠTER. GOVERNMENT. AND
PRIRALITVE, L General Auctioneers,
Hongkong and China worling ex-be hoped tha the widening of her political Nations and ber association with the changes have followed more or less irre cutlook, which must ensue to Japan London, while other Eastern exchanges Grey Fowers in the work of world recon- og London have risen with the declining gularly the upward course of silver in through her membership in the League of
attitude tate between New York and Londonstruction, will cause her to modify bur During the last six months of the year the Hongkong rate advanced from CHINA MUST DEPEND ON KER OWN RESOURCES. 3/5.3/4 to 5/2 T.T., and the Shanghai in the face of heavy demands for money rate from, 5/3 to 7/10 T.T., with ocoy all the Allied countries for reconstruc siccal sales as high as T.T. 8/6. The ton and the financing of trade, the degree Siamese tical advanced from 1/6.5/12 assistance which the consortium, will
In short, Chinä must to 2/1.1/32; the Philippine peso from in a position to scoord to Chins is sterling rate in the Straits Settlements.sarily makes borrowing in gold a most 2/1 to 2/6); the Japanese yen from 2/21 ikely to be far short of ber requirements; to 3/6. There has been no change in the whise the high rate of exchange noces Since the end of the year the following costly operation. rates have been touched-Hongkong mainly depend in the future on her own TT 6/9; Shanghai TT. 9/3: Manila resources for the means to carry out her leaving Cology, Puberantially TT 3/Japan TTS/01 while silversores most urgent reforms, namely the Large Veranda Central: Hosting (Oil in London reached set and the London reduction of the army, the improvement Fuel) making House dry and comfortablations
Good Basement, Cool in Summer, New York rate dropped to the low level and extension of internal communications timen of the year, Lawn, Gardens, of 319, but has recently improved to and the reform of the currency Hicksha house (fram a minute), Bog There is undoubtedly a great amount
or emaily convertikin into a patriotism and a real desire for better Bunny in Winter, Suitable for
the daring present share 3,373 and there has been a Aympathetic
Bor 459. Apply Basket Care of "Daily Fre" Office [498 decline in the price of silver in Lendon of boarded wealth in the country, and of
Hongkong, February 10th, and also in Eastern sterling exchanges.
THE DISLOCATION OF FOREIGN EXCHANGES,
Amongst the ruang perplexing problems
things I am convinced there is no lack; bat even patriotism demands good soour- H. P. Hay, Mr G. Hillier, arising from the chaos into which the
PROSPEROUS YEAR FOR CHINA TRADE. 43 B. de Journe, Mr. F. Maitland, Reworld has been plunged by the late war, Father Robert, Dr. J. H. Sanders. Bet the least urgent and serious is the
Speaking generally, 1919 was a prosperity, attractive tarms and adequate guar Messra. T. F. Hough, H. J. Godgs, F. C.dislocation of the foreign exchanges to an Hai, D. M. Ross, M. S. Northcotte, Dextant which, in pre-war days, could
never have been conceived. These factur- rous year for China trade. The steady fantees for the proper expenditure of K. Mons, W. Dunbar, G. W. Barton, J. H. Wallace. E. J. Grist. H. Percy Smith, tiens, coupled with the difficulty of ob-appreciation of silver appeared to have funds and it rests with China herself to G. Hogg, G. M. Dodwell, A. H. Barlow, taining silver sufficient for the require.ttle effect on the export trade; in the provide these for the abcocssful fotation B. P. Thursfield, T. Arthur, R. H. Bments of the China trade, and of keeping principal markets of the world the keen af loans in her own country. Hancock. A. Denison, J. W. Taylor, Dit in circulation when obtained, have demand for China's production-silk, oil,
war.
WNEE
bonatu
11
SEAMEN'S INSTITUTE.
11, PRAYA EAST, HONGKONG.
A Marine and E. M. Navy, Reading and Writing Rooms, Billard CP.O.. Boom, Private Cabins and beds in Dormitories. the use of all Men of the Mercantile
78 Room, Offcor Room, Restaurant, Conones Hal, Church Motor Launch Dayspring."
it.
Share, Coal and General. Produce Brokera
The Undersigned have received instrue
to sell by Public Auction,
A
(For Account of the Concerned) TODAY (MONDAY), March 1st, 1920, commencing at 57.K., thoir Sales Rooms, No & Des Vaux Road, Corner of Ice House Street,
COLLECTION OF GINDINE POSTAGE STAMPS, only perfect specimens consisting of a dne selection of high values of a British Colonies including three cornered Cape mare: Canada, Hongkong, &c., Portuguese Colonie and all countries.
On view from Wednesday, Feb. 25th, 1920, Txxxz-Cash.
HUGHES & HOUGH, Auctioneers
The Undersigned have received in>true< tions to sell by Public Auction,
(For Account of the Concerned), On TUESDAY March 2nd, 1980, commencing at 230 7.34 at their Sales Hogras, No. », Des Year
House Sartel Road, Corner
ST TO HE
"
FAVORITE Turkish Towels Bath Towels Bath Sheate
Tax Panco MILLINERY SHor.
FRESH CONSIGNMENT
OF.
With regard to currency reform the
CURRENCY REFORM F. Clarke, H. Taggart, L. Berin added greatly to the ordinary complexi seeds, wool, hides, skins, etc., at advanc doague, D. V. Stevenson. A. E. Griffin. ties of exchange operations, and have ing price more than offset the effect of reported intention of the Chinese Govern A..W. Smith, P. J. Falconer, G. Grimble, taxed to the full the watchfulness and the high exchange which, on the other ment to act upon the recommendation of H. B. L. Dowbiggin. T. E. Poare. D. J. expacity of our Managers and Agents hand, enabled the Chinese to buy foreign the recent conference of British Chambers Lewis, T. H. G. Brayield, P. Tester, K. Their difficulties have been further necen- goods freely even at the unprecedented of Commerce in Shanghai, for the estab S. Morrison L Leefe, A Gubbay, tunted by the slowness and irregularities values they have now attained Shipping stiment there of a Government Mint for E. L. Sim, E. A. M. Williams, E. David of the telegraph service to the Far East, facilities were on the whole adequate and the free coinage of silver dollars, with importance indeed in the interests of trade son, O. 1. Ellis, J. Arnold, W. Carroll, both from Europe and America. These the volume of China's foreign trade, adequate guarantees for the maintenance R. A. Rodger, A. V. Apear, J. H. Nirregularities have been and still are, according to the Customs revenue collee of their peness and weight, marks an There is but little change to record in cannot be over-estimated. It will raise Mody, A. F. Samy. G. Misken, P. V most serious handicap to merchants nations, must have greatly exceeded all pre-important step in the right direction; its Botelho. I. M. B. Nemazee, R. Awell as to bankers, and therefore to cedents.
the now antiquated sycre, and it will "Dastur, M., Manuk, J. M. Alves, AM trade generally, and it is hoped that Le Soares C. A. da Roza, J. M. de C. those concerned will realise this and use the internal condition of China during the dollar to its proper position at the Basto. M. W. Lo, F. X. d'Almada, B. H. their utmost efforts to restore the tele-the past year. North and South seem nati dal currency, superseding the use of LA Kotwall, P. M. N. da Silva, Ho Wing, graph services to the satisfactory state as far as ever from coming to an agree undoubtedly benefit all classes; but, one
crushing burden upon the Government,
recent years has driven the Chines to Chan Shui Ming, Chun Tong. Tong Chi of efficiency, they had reached before thement, and the army continues to be would like to see it go a step further. Ngong. Chan Ngan Ting, Fung Konz
As will be seen from recent reports and under which all attempts at Anancial he depreciation of native bank notes in: Yuen, Lo Cheus Shin, Lo Chuen Ip, Li
telegram which have appeared in the reform appear hopeless. The high level the habit of hoarding specie, to such an Koon Chun and Ho Leung.
Press, the depreciation of the pound sterl- of exchange has reduced China's annual extent as seriously to affect its circulation. THE CHAIRMAN'S SPEECH.
continued fall of the exchanges between extent which has placed at her disposal currener which will command to fullest After the Chief Manager bad read thengas distinct from the sovereign, and the foreign debt, in terms of silver, to an The only remedy is to provide a paper-
America and her. European Allies in the huge surpluses from both the Customs confidence, and unfortunately the govers NEW SUMMER "notice calling the meeting,
The CHAIRMAN said:-
h to a position of financial indepent issue, these notes are accepted at little more than half their face value; and to Gentlemen, Before proceeding with the Great war, to figures never before record and Salt revenues which, under happier ment bank issues fall far short of this bus ness of this meeting, I have to refer ed, have aroused the serious apprehension conditions, would have gone far to restore essential. In Peking, the place of largest The Maritime and Native Customs restore them to parity would necessitate with very deep regret to the sudden death of the Governments concerned, who see economic dangers for the countries in- of Mr. C. E. Ross in England in in this divergence from the gold parity ence November last. Mr. Rees served for some volved. They have called to their aid collections under the I.G. of Customs such a thorough reorganisation of the sys From the would involve the settlement of many Years on the Directorate of this Bank financiers and economists of the greatest amounted respectively to H.K. Ts tem on which the management of those ad a few months before his death joined knowledge and experience, and no doubt 46,000,000 and H.K. Tls 4,500,000, and banks has hitherto been conducted, as the London Committee, where his sound their counsel will wiggest remedies for are the highest on record.
would appear to present itself in the pro- judgment and wide experience were of mitigating the situation: so far is Great surpluses available, after providing for difficult questions, and demand the ex- great value. By his death we lose an able Britain is concerned, the effective cure all obligations including the reorgani- penditure of much time a simple and counsellor, and many of us; I am sure, would appear to lie in the enforcement, sation ioan. Tls. 2,600,000 have been practical alternative, if only provisional," of dednomy, both on the part of the State handed over to the free disposal of the posed establishment of a midt in Shanghai; ment department, might itself issue notes personal friend.
The report and statement of accountant individual, in the encouragement Chinese Government. The foreign lonn having been in your bands for some day of production, and in the removal, as soon and indemnity services dependent on the ately, that the mint as a Chinese Govern bursement of £7,000,000. At present rates which reserve, under due sale guards con of exchange the revenues controlled by trolled by the mint authorities, might in Customis revenues, require an annual, die against coined dollars beld in reserve, the Inspector General of Customs pro time be reduced, so as to free & cortes- dues about £20,000,000 annually and it pending amount of specie for the use of will, therefore, be seen that if silver the market Not the least advantage of
of the two government banks, maintains its present price, the margin such a step would also be that it would of unpledged Customs revenue at the dis-teate a precedent for the reorganisation, continue to be very considerable. posal of the Chinese Government will on a sound basis, of the note sirculation
I shall, with your permission, take them
A final dividend of £2 56. per share, and a bonus of £3 10s. per share, subject to deduction of income tax, together amounting to £600,000 and payable at 4/10) absorb
The Salt revenue collection during the year 1918 is reported by the Chief In-
OF
HATS
LATESTE DESIGN AND COLOUR.
LA FAVORITE, Beaconsfield Arcade.
Telephone 3312,
FOR
SALE
Fine Collcation ef 12:500
Hemstitched and Plain Double Bed sheets, Hattenberg Bedaprescia and Table Cere Crochet and Drawn work Doilies."
Two Bellow Yes, Buis Cases, bc., (Full Børtionizes from Catalogus). „Termna :-Usah
"HUGHES & HOUGH,
Auctioneers.
The Undersigned bare received innkruge tions to pa by Public Auchan,
(For Account of inf Concerned). On TUESDAY, March End, 192 st. 3.20 r.3, at ihaiṛ Bales Rooms, Yo, e, Des Voeux Road, Corner of Ice Eaule Street,
Perambulator One White Enamelled 435
and White Enamelled Cat (Good as new Owner leaving the Colony.
Trans Coah.
POSTAGE STAMPS all different, Guaranteed Genuine and all .clean
Nice
for
$750 net GBACA & Dealers in Fhilatelic
Coples
00
Boods, Toys, etc. No. 10, WYNDHAM STREET, HONGKONG.
PO Box eno
DAIRY
FARM
FISH
FINNAN FILLET
60
HUGHES & HOUGĖ, Angtioneers.
The Undersigned, have received insk tons to sell by Public Auction.
(For Account of the Concerned), On TUESDAY,
March 2nd, 1050, 12:30 PM, at their Sales Booms, No. 6 Des Voeux Road, Corner of Los House Street, TEAKWOOD
AND BLACKWOOD FURNITURE, BRASS, AND BRASS=" MOUNTED BEDSTRADS, TEAK- WOOD TWIN BEDSTEADS,
CARPETS, L., &... Chesterfield Sofas, Arm-chairs (new) Folding Card and Occasional Tables, Ones Upholstered Suite, Bedroom Furniture come prising Teakwood Twin Bedsteads, large and mall Wardrobes, Dressing Tabks and Chairs, Washstands, &c, (fumed Teakwood)
boards, Dinner Waggons, Extention Din Ing Tables and Chairs & Dinner Ber NEWSvices, Crockery, and Glass Ware, Cooking
FISH HADDOCK HADDOCK
KIPPERS
and
SIBERIAN SALMON
Stoves, Cutlery, o, Bath Room Utensils, Electro-Plated Ware, ett
Electric Reading Lamps, Blackwood and Teakwood Screens, & quantity of Blackwood Furniture, Blackwood Fire Screens, Side Tables, Chairs, Cabinets, Pictures, Carpets
now and second-hand
ALSO
.
Fiano (good tone), One Enamelled Bath, One No. 4 Cartridge Kudak Camera with Stand and Case...
(Fail Particulars from Catalogue)
HUGHES & HOUGH,
Auctioneers
as rend. The result, including 3,279,611,43 it raay be easible, af restrictions upon
the export of gold.
THE BILVER SITUATION, brought down from the preceding year,, shows a net proft of $10,886.473.57. After deducting the interim dividend of £25BThe effect of the China demand for paid in August last, vir: £270,000 at 3/6 silver has been intensified by a marked $1.543,857.14, and $20,000 remuneration decrease in its supply, the world produc to Directors, there remains for distribution having declines from oz. 232,000,000
TRIBUTE TO RETIRING BRITISH MINISTER. agrently extended demand for silver tion 84,093,616.43, which it is proposed to in 1013 to oz. 175,000,000 in 1917, and by
I feel I cannot conclude this brief sam- deal with as follows:-
for coinage throughout the British Em pire and on the Continent of Europe, as a consegence of the world's inflation of spectors to have shown remarkable vita mary without a reference to the approach. prices. The effect upon silver of this comfity, notwithstanding the disturbed state ing departure and retirement of the Bri bination of shortage of supply and in of the country. The total revenue was tish Minister, Sir John Jordan. Daring. ctensed demand was concealed for a time *60.672,000, as comparel with $71,864,000 his long term of office, which has exceed by the action of the Government in 'fixing in the preceding year; although it bas toed that of any of his predecessors, he bas maximum price for silver. During the be observed that, of this sum, over laboured unceasingly to protect and fur $2,800,769-rst half of 1919 the price of silver was 328.000.000 were retained by the provia-ther British interests. By his wine coun Transfer to silver reserve
,000,000.00 in fact treated in the some way as that cial authorities for their own use, a not sel, fairness and integrity be bas earned fund....
of other controlled bommodities Such very encouraging evidence of the barely the lasting respect and gratitude, not Write oft bank premises
1,000,000.00 action was, of course, only possible by nomiesl control, retained over them by only. of Britons, but of the Chinese, and account
arrangement with the Government of the the Central Government. The obligations all others with whom he has been brought And carry" forward to the
United States of America, the maximum and charges met from the Salt Revenue in contact; and be leaves behind him a current year the balance
John Jordan a pleasant voyage, and the off...,262,817.20 price of silver being fixed in New York during the year amounted to the com- name which will ever hold a foremost and. The total return to shareholders for the at 1011 cents per ounce fine, and in paratively small sum of $11,500,000, and honoured place in the history of foreign enjoyment for many years to come of the to the Chinese Government
rest and leisure which he has so fully- yoar amcunts to £900,000 or £5 per share, London at "auch price as is equivalent
HOW GREAT OPPORTUNITIES ARE WASTED. as against £708,000 or 3.18/- per share at the current rate of exchange to 05 surplus of about 355,000,000 was released intercourse with Chine. In wishing. Bir But all these immense suma, aggregateamed. I feel sure that I express the the previous year, which, I may say, com-cents per ounce standard." The arrange- pares very favourably with the profits ment came to an abrupt end in May, 1919. distributed by the great Homo banks. The maximum price, frat in New York Your Directors trust that you will he and then in London, was removed, and ing at present rates of exchange a total desire of every one bere in adding the hope gratified by a result which they cannot silver uncontrolled was left exposed to of considerably more than £25,000,000 (the hit his ripe experience and intimate The result was that, from 1913) and so sorely needed for the work still be at the service of His Majesty's but regard as very satisfactory, and that the contending forces of supply and de amount of the reorganisation loan of knowledge of affairs in the Far East may the proposed allocation of profits will mand.
Mr. CH. P. HAY-Mr. Chairman and meet with your approval. They also hope 45.5/8d., the controlled price at the be of seconstruction and reform, have been overnment in its decisions on the ques- that you will endorse their action in ginning of May, silver continued to soar poured out, lika water upon sand, in tions which the future may have in store on saaries for the year, it has been well fluctuations, the then record of price an army over which the Central Correntimen. It is with very great plea voting a bonus to the Staff of 25 per cent.owards until, after frequent and violent meeting so far as may be the demands of or us
of 79.1/8d. per ounce standard was reachment has ceased to have control, and of earned in all cases.
The silver situation in China, which political factions: demands which have the report and accounts now before us, After writing 10 lacs off Bank Pred od in the last month of the year, an administrative machinery exploited by are that I rise to accend the adoption of SALT mists Account, the balance will stand at $3,048,288.26, perhaps not a large figure was aggravated by excessive exports no finality, and which the resources of the and I feel confident that I am" voicing For Bank like ours, but we are com- during the earlier period of the war, has Government even ander the peculiarly your wishes in congratulating the Court New shipment just received,
daring the year under review are, I Leel mitted to heavy expenditure ahead. Plane now more than adjusted itself with the favourable conditions resulting from high of Directors, the Chief Manager, the have been approved for a large up-to-date the removal of all restrictions upon the exchange and improved collection, Ara Various Managers, Agente and Staff upon building in Shanghai, work on which will metal. The imports of silver during the anite inadequate to satisfy in full. The the excellent result of their labours. be commenced this year. The offices here period 1914 to 1917 amounted in round disbandment of superfluous troops, is Gormous yet which have a as being extended by building next door figures to Tis. 57,000,000 as against ex- talked of, but no serious steps have been sure, fully realised by all of us, add we new buildings are in course of construc ports of Tis. :119,500.000, or an excess of taken effect it: and indeed it is difficult have listened with no inconsiderable in To find & practical solution which will had to be faced. Gentlemen, it is indeed tion at Manila, Colombo and Canton, exports over imports of Tis 82,500,000. to see where the necessary funds for the terest to the Chairman's concise resume and plans are being prepared for offices The importa during the period 1918 to purpose are to come from, por of the exchange complexities which have at Harbin and Dairen, where we have 1919 were Tis. 2,000,000, and exports The acquired suitable properties. We shall 13,000,000, or an excess of imports over bring unity and order into this compler gratifying that, in spite of all, we are Also have to extend our building in exports of Tis 69,000,000; while actual situation, may well baffle the wisdom and presented with figures showing increasing Singapore by utilising the adjoining imports to the 28th January of the present ingenuity of the greatest statesmen; and prosperity, which allow for the payment vor amount to over Tis. 10,000,000, not China has not yet produced the master of an enhanced dividend without depart property recently purchased.
themselves and the most honeful fanture which enabled the outbreak of war to be Our "be ance sheet on this occasion including a considerable further quantity, mind which can accomplish it. Nevertheng from the eminently successful policy appears in a slightly altered form, is on the water. The figures given are in the remedy must lie with the Chinese of building up reserves. It is this policy sterling equivalents, calculated at the rate Haikuan Taels, which may be taken of the moment is the growing politien faced with equanimity, and today of China, upon whose practical common reserves is more than emphasized if we of exchange at the end of the year, approximately equal to 1.1/4 ounces pare consciousness of the great middle clan especially the necessity for strengthening pear against the different items. With silver.
The highest price touched by silver in sense and moderation I believe the cour-wish to ensure the maintenance of the many of our offices in gold countries, this simply means reconverting into sterl America during the year under review try may rely, in the end, to bring anity Corporation's high position among the
was carried unanimously. ing the amounts transferred into dollars, was G.81.39 per oz are, which, on the and order out of the present cham great banking institutions of the world.
For many months past negotiations against the various items in the balance adoption of the Report and Accounts as
The motion was and the starling figures will convey basis of gold parity between New York
the Bank's business to and in other
Mr. B. H. DYKE, proposed that the ap better information as to the Bank's poet and London, namely 4.8886, would make PROPOSED NEW CONSORTIUM-JAPAN'S CLAIM The showing of the sterling equivalette I have much pleasure in seconding "the tion in countries where, not much is the London equivalent about 53d, instead
p.currency more widely and readily stone, Mr. Ross Thomson and Mr known about our local dollar currency of 79.118d as already stated. The high have been in progress for the formation scoia a natural sequence to the growth presented. Under the new system we do away with brice in London is, therefore, due to the of a new consortium, composed of British countries and we recognise the import
inancial-navistance to Ching, with the the nominal rate of 27, at which the low croes-rate between the two countries, French, Japanese and American financia! sterling reserve fund has appeared in the and cannot be taken as representing the groups, with the object of furnishingce of showing the true value of resources pointment of the How Mr. John John delayed by the claim offpon the condition of affairs in China and Mr. W. L. Pattenden and Mr. J. A. Plum
expression of our feelings upon mer be re-elected Directors, gan Sacks, Firewood, Waste Paednesday, the
Bir ELIB KADOGEIR seconded and the accounts for so many years, and in future actual price of silver in terms of gold, an the equivalent will be shown in the The fact is that the American quotation pport of their respective government under tood. In thanking our Chairman C. Bonnar as Directors be confirmed, and Bowen, Coir Hawsers, Cordage Paperst asterline reserve fund, in the same waytime past ind the fictuations in the tunately beau Government to exclides retirement of Sir John Jordan, let us accounts ab the current rate. It is purely for silver has been fairly steady for some The realisation of this object has under his very able and informing speech that the Hon. Mr. Stanley H. Dodwell, the silver remove is purely silver Lendon price have been chiefly due to Southern Manchuria and Enstorp Inner hope that the restoration of order in Chins motion was carried unanimously reserve fund, and consequently the dollar anges in the New York/London rate Mongolia from the scope of the cons may be nearer than the present position Mr T ATHUE proposed that Mr.
fund equivalent in the former, and the sterlinguring the year the value of the ruper tiam; a claim to which it is clearly not would appear to indicate In conclusion Maitland and Mr. E. A. M. Williama be equivalent in the latter onse liave no real rose from 1/8d. in April to 3/4d. in Dere only beyond the power of the groups to would like to express particular plea re-elected auditors for the year, significance, but simply show the raspecher, and since the turn of the year Indian agrar unt is in conflict with the tive values in the Alternative currency Exchange has been fixed on a gold basin mental principle of the consortium, which sure is the announcement that the Staff Mr. H. B. B. HANCOCK Beconded and
on Monday. at the current rate it the end of the year of Rs 10 per sold sovereign: conscquently is the establishment of complete equality have been voted a bonus of 25 percent the motion was carried unanimously.
(Confirmica al foot of scat column.) I would mention that it is the intention the rate of exchange in India on London in naucial and industrial enterprise, on the salaries for the year. It has been The CHAIRMAN-That is all the business,
It is sincerely to spheres of influence." of your Directors to transfer from the will fluctuate with the premium on gold with due regard to the sovereign rights richly deserved and 1-feel-sure will meet gentlemen. I thank you for your attend ilver to the sterling reserve during the in England. The latest quotation to of China and the abolition of political with your hearty approval. Gentlemen, ance Dividend warrants will be rondy
year sura sufficient to bring the hand is TT. 9/7.
the Japanese
or his apte
We now have for sale
CREAM. COULOMMIER CHEESE DEVONSHIRE
THE NEW FRENCH REMEDY THERAPION NO THERAPΙΟΝ ΝΟ THERAPION NO
55
EN GLanka Stan, Co. Elerations. Maling I«W» by London,
PUBLIC AUCTION
The Undersigned have received instra Lions to sell by Public Auction,
an
On THURSDAY AND FRIDAY, March 4th and 5th, 1990,
at HM. NATAL YARD, Hongkong and Ków LOOK NAVAL DEPOT respectivaly, com mencing each day at 9.30 sp with an interval from 15 Noor to 180 ra Old and Burplus NAVAL STORES, &c.,
* "choca. Enpzelled fron Telephones, Anchors, Itrine, Porcelain Water Closet
Hawers, Carpets, Rugs, Blanket Counterpages Electric Cables, Canva
Bags Old India Rabber, id Leather Hatches Wood Ladders, Steel Wire,
Old Iron Braes, Gun Metal and Steel, Coal
Lots may be inspected
and Surplus and arch, 1920.
Also Bale of Old Stores at Kowloon on Monday 8th Marc commencing 8.50 M and, comprising Beds, Blankets and Hammocks,
Comprising Lalo Boat (wood and stoel), Dingin Whalers. Cabooses, Rice Boilers, Hot Water Boilers Cooking Stores, Ships Fitti fron Bed Mattresses and Fittings, W
Bideboards Chairs, Tablea
Propellers, Steam Pumps Life Rafia Electric
hous, bool Tanks
on
*Thess of Bale As detailed on Catal
PAZ HUGHES & HOUGH. By Appointment Auctioneers te
Admiralty.