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HONGKONG PRESS, DAILY FRIDAY, APRIL
THE YOKOHAMA SPECIE BANK. PRESIDENT'S SPEECH AT MEET.
ING OF B
SHAREHOLDERS. The following translated and abridged report has been published officially :--
Our exchange sold on abroad, amount ing to Y.178,000,000 and exchange bought on-abroad, Y.060,000,000, show decreases of 1.187,000,000 and Y.154,000,000 respoo. tively, while exchange sold abroad on Japan, totalling Y.391,000,000, and CX- change bought. abroad on Japan, The eightieth ordinary general meet-853,000,000, vahow. .increases of ing of the shareholders of the Yokohama.Y.83,000,000 and ¥.168.000.000 respectively Specie Bank, Limited, was held at the compared with the corresponding period Head Office, Tokohama, on the 10th day of the previous year. of March, 1990.
. Mr. NARAJ KAJIWARA, President, in
moving the adoption of the report, said Gentlemen,fa submitting for your approval the statement of the liabilities and assets of the Bank, the profit and lose account for the half-year ending 31st. December, 1919, and the proposals for the distribution of the profits, shall have pleasure in briefly reviewing the general aspect of economic affairs at home and abroad during the period man tioned, and will also give you a rough resume of the Bank's operations.
GENERAL SURVEY OF ECONOMIC AFFALES AT
HOM
The uncertainty in the economic world orcated after the Armistice having been gradually eliminated, the general aspect of economic affairs at home during the last half year showed great improvement. The volume of our foreign trade became greater each month, the total amount of importa and exports reaching 1,2,400,000,000, 2 suhetantial growth of Y.300,000,000 compared with the corres ponding six months of the previous year This was especially due to the prosperous condition of the United States, to which country the export of raw silk has shown a remarkable development, while the price of that commodity rose to Y.3,400 towards the end of the year, the highest figure ever attained. "With the expansion of industries the share market was very active, and a mania for new.enterprises und for increases in capital and dividend prevailed throughout the country, the capital actually paid up during the Inat half-year amounting to a monthly average of Y-145,000,000. Business as a whole. was remarkably lively, the returns of the Bankers clearing bouse showing the passage through their hands of Y.43,000,000,000, όμ ад increase of Y.12,300,000,000 compared with the corres ponding period of the previous year. As a consequence, the general state of the money market was tight and continuously threatened to become still more so. Ap- preciating the
ECONOMIC CONDITIONS ABROAD.
THE SHANGHAI CHINESE AND
EXTRA-TERRITORIALITY. MR. B. P. WILKINSON HECKLES
INTIMATIONS
RUSSIAN VOLUNTEER
FLEET.
and in con-
The had nothing to do with the introduction | seg sont pecree No. 167).
MR. E. S. LITTLE. The tedium of the Shanghai Ratepayers meeting was relieved for a moment on
Y virtue of Russian National Laws B. promulgated by the former Imporial the occasion of Mr. E. S. Little's second Government and not abrogated by any of speech (in reply to Mr. Pearce's remarks) the necessive Russian Provisional Govern on the subject of Chiness Councillors is bound to have its Head Office or Board of ments, every Russian enterprise or company Mr. E.,S. Little's Arst speech was exccp" | Un the in the boundaries of the State.
Directore
ed, but his second effort was not so suc Government - PRIMORSKAYA tionally well received and loudly applaud-formity with the constitution of the
these of Laws an
cessful, says the Shanghai Gazette.
ussian Volunteer Fleet, the Provisional KAYA UPRAVA The Zemstvo of the ZEMS
that the abolition of extraterritoriality 1880 established the Board of Directors of Mr. LITTLE emphasizing his submission Littoral Provinces) on the 18th day of March
cho Russian
Fleet with a tempor A. V. PRIGAMIN, the known Promotor OPERATIVE ASSOCIATIONS, has been of the All-RUSSIAN ZEMSTVO 00. *ppointed Chairman of the Board of Direc
of Chinese Councillors, put his words into such form as to bring forth Ha! Ha'a" ironical laughter and cries of Vote!
Vota !?!!!
1
tors of the Russian Volunteer Fleet and Captain D. A. Lakhmaoof,
Bassian being that of Mr. H. P. Wilkinson's nominated General Manager of the Russian
"A voice whom Mr. Little recognized as
Velinioer Meet Agent at Nagamki, has been cried out Nonsense."
Volunteer Fleet for the Far East and Mr. LITTLE: I hear some one say Non-Executive Director of the above-mentioned Board. (Ordinances of the -Provisional Mr. H. P. WILKINSON: I said it. I Government No. 157 and 7 dated March know what I am talking about.
1810)
sobh,
The work of reconstruction in Europe has shown gradual, progress, but the enormous waste of productive power and wealth makes the recovery to normal cop ditions appear still very remote.. huge expansion in the expenditure of each Government, with the resultant con tinuous augmentation of national debts and increase in individual extravagance, has led to a considerable rise in the price in the purchasing power of the varions of commodities and a corresponding fall currencies, hich state of affairs, together with the prevalence everywhere of social unrest and labour troubles, has greatly increased the difficulty of recovery. Con-sense ditions being a stated, more especially on the Continent, the obtaining of credits abroad was confronted with great difficul ties, and commerce and industry may be described se inactive money markets, England abandoned her As regards the war-time measures, such as the payment by the Bank of England of interest, on deposits at notice and a foreign money, the Government embargo on foreign in vestments, etc, but this must not be market has returned to its normal con- taken meaning that the English money dition, but merely that advantage was taken of the low rate of exchange, which, preventing the transfer of funds from England except at loss, made such action the inflation of the currency and excessive possible. For the purpose of preventing speculation on the stock axchange, the Bank of England official rate, which had stood unaltered at & per cent. since the November, 1910, to 8 per cent. Following 5th April, 1917, was raised on the 6th this, the deposit rate was raised to 4 por gent and the discount rate on Treasury foreign trade has, by her united efforts, Bills to 4 per cent, Great Britain's made good progress. The exports amounted to £464,000,000 and the importa to 2914,000,000 during the last. half-year, giving an excess of imports over exports year into account, the total exports of £450,000,000. Taking the whole
1,632,000,000,- making an excess of in announced at a tea party given by Gen RUSSIAN VOLUNTEER were £798,000,000 and the importe ports of £834,000,000, a greater balance eral Ting Kina, director of the Depart against her than any during the war
aware that in 1909 the Governments of of Directors withit. Jussia, the former Beard,
Mr. Larne (with feeling): Are we all
With the establishment of the legal Board Japan had contemplated the abolition of Constantinople and since acted arbitrarily Great Britain, the United States and hich expatriated themselves taking seat in extraterritoriality. Is that nonsense!
at their own discretion and with unjustifiable Mr. WILKINSON: Pious expressions irresponsibility before the State is declared Mere hopes and promises for abolition invalid by the Provisional Governinode at some future time."
The
right and capacity of all Russia Mr. LITTLE went on to say that he was acting on behalf of the above depatriated Volunteer Fleet Representatives abroad extraterritoriality as anyone in the room, sent legal Board at Vladivostok and the just as much opposed to the abolition of Board would not be recognized by the pre- but what he had suggested had nothing Russian Volunteer Fleet, to do with the matter. Pearce's statement that the inclusion of sibility for their acts after this declaration.
As regards Mr Establishment, would not hold any respon three Chinese Councillors would lead to the Settlement, he thought the this lovy Volunteer Fleet are bereby carnestly warned the loss of Chinese official exactions in ing in business connection with the Russian All banks, concerns, and individuals stand- could no more be made to-day than before, not to pay any amounts owed by them to the Settlement controlled and administered by tives not furnished with the authorization of as this was and always would be a foreign Russian Yolunteer Fleet, to the Representa
foreigners,
AERIAL
MAIL BETWEEN SHANGHAI AND PEKING. SERVICE TO. BE INAUGURATED NEXT SPRING.
commercial aeronautics in China were Elaborate plans for the development of
The fact is that although her export trade ment of Aeronautica, Peking. Two main
as a National
the Board of Directors at Vladivostok.
All particulars concerning the legality of the Russian Volunteer Fleet Representatives abroad can be obtained from the Board of Directors at Vladivostok on application
Capt. D. A. LUKHMANOFF, Executive Director of the Board,
[747
FLEET.
has made a distinct improvement as re-routes between Feking and Urga will be TO ALL WHOM IT MAY CONCERN gards the continent, it is still greatly established. outbalanced by the huge importa from
Chined aviators will be America The adverse state of her trade trained both abroad and in China, and MEN, D. FEDOROFF, Russian Volun teer Fleet Agent at Tsuruga, acting
by the Bank of tion, the banks, headed led to a surprising fall in the sterling foreign technical experts will be employed Agent for Central Japan, by virtue of Art. 66
ficially International financial condi tions" remaining is favourable as over to Japan, the Government availed itself of them by issuing 5 per cent exchequer bonds to the extent of Y-80,000,000 in July and Y.50,000,000 in December. while they also successfully renewed Y-100,000,000 in September. Further more, the method recently adopted by the Bank of Japan of discounting foreign bills accepted by banks has been taken 9,350,000,000. advantage of to a great extent by this Bank, and the fonds so obtained used to promote our foreign trade, Towards the end of the year the amount of notes in circulation reached Y-1,554,000,000 on one occasion, but, neverthless, the half-year passed smoothly and without disturbance, owing to the strong cash position of the banks and to their cautious attitude in view of a possible future emergency.
FOREIGN TRADE?
of
who are now abroad will be requested to Foreign-trained aviators and engineers come back to serve their own country. Mail, passenger, freight and topographi enl services will be maintained between the principal cities. General Ting
history of aeronautics in China and ex- General Ting spoke at length of the pressed satisfaction at the adaptability of Chinese aviators. He referred to the application of aeronautics in the sup pression of bandita in China, which is costing the nation & considerable number of lives and sum of money every year.
General Ting has left Shanghai for Hangehow to discuss further plans with General Lu Yunghsiang, Tuchun of Che kiang...
Board of Directors of the Ramian Volunteer Fleet, is discharged from his Office by the Fleet.
The dismissal of Mr. N. D. FEDOROFF has industry of the provisional Government (This legalized by the Minister of Trade and
In consequence of this Ts individuals against Mr. N. D. FEDOROFF'a acts
Russian Volum
for which acts the Russian Volunteer Fleet tear Fleet warns all banks, concerns and the Russian Volunteer Fleet, would not bear any responsibility after this
on behalf of
sanouncement.
Fleet.
748
JUST ARRIVED
A CONSIGNMENT OF
service by carefully regulating loans with toward the end, and the downward at the beginning of the period. to 3.77 a view to prevent over speculation, and to tendency, was still noticeable of late. keep the market sound, The Bank of Japan raised the official rates twice dur
As regards France, her economic con- ing the period (in October and Nove covery from her war injuries,
ditions were very unfavourable to re- ber) by 2-3 rin, and this acted very bene suffered from an adverse balance of trade pects that mail service between Shanghai Zemstvo of the Littoral
DA abe due to very large imports of foodstuffs and Peking will begin next Spring. and manufactured goods, while materiala for reconstruction purposes were not by the Government will be utilised available in anything like sufficient quan. Forty of these have already been deliver The 100 Vickers machines contracted for tities. Her exports during the five ed, but the remainder may be exchanged months from May to September last year for smaller machines. amounted to Frs.3,650,000,000 as against China is determined to take advant Fra.13,000,000,000, the excess of imports treaty which she signed on October 13th, by Mr. N. D. FEDOROFF, as the Representative imports during the same period of age of all the air rights secured by the agreements, obligations, etc., already signed Un all questions arising from the contracts, reaching the enormous amount of 1919, said General Ting. termal dents amount to £430,000,000 to in modern warfare, but what prompted duly authorized Executive Director of the Besides this. her ex- aware of the importance of aeronautics interested are invited to apply at once to the *We are of the Bussing Volunteer Fleet, the parties Fngland and $2,800,000,000 to the United the government to emphasise this branch Board of Directors of the Husaisa Voluntera States, while interest on these debta renches a large amount yearly, Such an
of work in the fact that it is a civilising Floot, Capt. D. A. LUEHMANOFF, care or adverso trade balance, and the fact that globe into coser relationship."
device bringing the remote corners of the Nagasaki Agency of the Bagian Volunteef her foreign investments are mostly locked up, brought the franc exchange to a very
Fleet (Address: Qura Bund No. 4, Nagasaki)r unpleasant point, that on New York fall
Board of Directors of the Russian Volunteer
CAPT. D. A. LUKEMANOFF, ing to 11.37 and that on London to 40,
Executive Director, these rates comparing very unfavourably with those prevailing at the beginning of the period, which were 4.50 and 3.30 Our foreign trade for the fast half-year respectively. Our exchange rates on Lop- Abows an excess of exporta Y.148,000,000, imports amounting to
don and Paris were correspondingly affected and rose towards the end of the Y.1,123,000,000 against exports .1,271,- 000,000, thus giving a total trade in all year to 8/81 and 1.83 respectively, bgures of Y.2,394,000,000. This excess of exporte
we have never experienced before... not being sufficient to offset the excess
In the United States, a general return of importa during the previous half-ear, industry was practically attained by the As regards the price of silver, the re MESSRS. SHANKS & CO., LTD.
to pre-war.conditions of commerce and a balance of Y.74,000,000 is left as an beginning of the period, and with great cent startling rise is due to the previously execes of imports for the whole year, and demands coming from Europe tor raw mentioned large excess of exports in thus our foreign trade has reverted to ite materials and other commodities, her China's foreign trade; to the shortage pre-war condition. Exports of specie and foreign trade reached 83 867,000,000 in in the production of the metal in Mexico. bullion amounted to Y5,000,000 and im ports to Y:: ments of gold to Japan in settlement of during the last half-year. Her industry These factors became more in evidence 325,000,000, American ship or an excess of $1,074,000,000 in exports perous condition of India's export trade. exports against $2,293,000,000 in imports, and, the United States, and to the pros the excess of our exports to the U.B.A. during the War being to a great extent flourishing state, notwithstanding that don quotation of silver, which was 6340. and commerce were in a very active and towards the end of the year, and the Lon responsible for this large preponderance labour troubles were constantly prevalent at the commencement of the period, had of imports over exportë.
were floated on her market by the British to show an upward tendency. It is to be Money being abundant, various loans risen to 70ld, at the end and continued and other Governments to the extent of noted that London has practically ceased Yen. 8424,000,000, while funds were supplied 214,000,000
for new enterprises to the amount of over 37,000,000 $2,363,000,000. In order to prevent gen 8,000,000 oral speculation under the tempting con
·6,000,000 £ ditions prevailing, The Federal Reserve 6,000,000
Bank effectively raised its official rate at 5,000,000
the beginning of October and tightened 4,000,000
the market. The call rate ranged from 3,000,000 25 per cent to 30 per cent, at one time, $3,000,000 but never bele, no disturbance was 35000,000%
orested thereby, owing to the cautious At Harbin and Vladivostock, the gen
changed situation in the world markete C E. WARREN & Co., Ltd, attitude of the banks o
Ic China, notwithstanding the rise in tunately, very confused, oving to the fall eral economic conditions were, unfor the price of silver, imports remained very in the value of Russian money and to the inactive, more especially in the of political disturbarices in Biberia, and, Japanese goods due to the use of the consequently, foreign trade, both in ex- boycott for political purposes. Expor porte and imports, was very dull/Dur Papor
4,000,000 on the contrary, were in a very flourishing the period under review imports of 3,000,000
Jing, condition,large demands coming sugar, wheat, flour, machine oil and Increase in imports are principally from Europe for commodities such as boots
row Bilk, flour, peanut oil, furs, etc. these ceased eventually: as, the result of ts were made on a small scale, but Consequently, the general condition of the general confusion in the political the money market was very tight. This was especially so in Shanghai, to which The aforsaid is a brief survey
situation place liver to the amount of about state of the economic world and of the T60,000,000 was shipped from the Bank's operations during the last half. United States during the period, but as year, and notwithstanding the boydon of most of this was re-exported to the in Japanese goods in China, the unsettled terior and Manchuria it had little appre state of foreign exchanges and other diff While all other items show increases, clable effect on the market which requlties, I am glad to be able to place except for decreasca in:
mained short of money, the stock of silver before you better report, than was ex- showing an increase of only Tis. 5,000,000pected, and hope that the Bank will make during the half-year subtir further progress in the expansion of its
(Continued at fect of next column) Business
The principal increases in exports
Raw Silk Habutas Stra Braid Matches Timber
Coal Cotton Un Porcelain Glass Ware Toys Decreases occur Cotton Taras
Copper Beans
Tea
in:-
Raw Cotton.
Bean Cake
Bugars Machinery Petroleum
Beans
Rice
Iron and Bles) Hemp
Love As 31,000,000
12,000,000
6,000,00
Yen 87,000,000. 24,000,000 13,000,000 $20,000,000 9,000,000 8,000,000 8,000,000
11,000,000. 13,000,000)
SHIPS CLOSET BALTIC PACIFIC
MEDITERRANEAN
LINE:
to be the great free market for silver, ABOVE AND BELOW WATER the supply of that metalnow.coming chiefy from America, and the London quotation is consequently based on that Shanghai exchange on abroad is now of New York. For the same reason, the based on the price of silver in New York instead of on that prevalling in London, step adopted in compliance with the
coming" years..
#0 & 32, Des Voux Road, Central, Establisbod 1900.
RALF A CENTURY REPUTATIONS
LECLERC'S
TILLS FOR TER ・LIYEL & KIDEKI
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