PACIFIC MAIL SS. 00.
seqan)
US. MAIL LINE
* EQUADOR” ** VENEZUELA & “COLOMBIA,” HONGKONG TO SAN FRANCISCO,
{"
VIA SHANGHAI, KOBE, YOKOHAMA & HONOLULU,
Faced
THE SUNSHINE BELT,
The most comfortable route to America and Europe.
SAILINGS FROM HỌNGHING AT NOON. U.S. SHIPPING BOARD VESSEL
For SAN FRANCISCO.
SHANGHAI-HONGKONG-CALCUTTA SERVICE
0
Cargo socepted on through Billa o Lading to all points in the United States and Canada, also through Billa, qf Lading, to Baltimore, Havens Central and Besih American ports."
·Electone 141
·Information apply
PACIFIC MAIL 8.8. 00.-
Hotel Mangional Cable Address "BOLANC
38
HONGKONG "DAILY
BORROWING TO PAY TA
MCKENNA ŠAND ~TH SPENDTHRIFTS,“ BANKRUPTCY OR LEAGUE OF NATIONS.
Mr. R. McKenna, chairman of the
London Joint City and Midland Bank Ltd, gave an address on November 17th, before the University of Manchester an the subject of international exchange
He said:The ratio of exchange be tween any two comeries is normally deter mined by the ratio of their general price modi hough this rule is subject to prest modification. In the first place, interna tional exchange may without any alteration of general price levels show wide fluctua tion dua to temporary trade conditions. There was one modification of the rule which to-day is important. It may be said. indeed, that the rule only applies to na tions which have substantial import and export trade, Whore, as is now the casă in many countries, there are little or ab exports the exchange will not be deter
mined by the price levels. Take for in stance, the exchange between the United Kingdom and Germany. The value of the mark, which formerly was 18, is about 1d. If the price levels in the two countries were in the same ratio, as the e chabge, prices in Germany would now be 19. times as high as in this country. But prices in Germany have risen nothing like as much as this
PRINCE LINE FAR EAST SERVICE for commodities of all kinds. There is not
Regular Sailings to Boston, and/or New York by fast foreign imports is in consequenes haar
freight steamers
(via Suez or Panama)
For, NEW YORK
"GAELIC PRINCE"
Tor Freight and fall particulars apply tome
Telephone 3145. Telegrams "Famprlaçe.****
2013: Juztikry (via Panama).
FURNESS, (FAR EAST) LIMITED,
Bt. George's Building.
THOS. COOK & SON
TOURIST, STEAMSHIP AND FORWARDING AGENTS, BANKERS, Bro. OFFCIAL PASSENGER AGENTS TO THE PHILIPPINE GOVERNMENT - TICKETS SUPPLIED to ALL PARTS of the WORLD si Tariff Baten. LETTERS & CREDIT and CIRCULAR NOTES ISSUED AND CASHED BAGGAGE onlected; forwarded and insured at lowest raten. Cool' FAR EASTERN TRAVELLERS GAZETTE” containing Sallings and from the Far East to all parts of the World will be forwarded free on application. Telegraphic address “ COUPON. *** Telephone No. 524.
In Germany there is an immense need only a serious shortage of raw materials, but the mears of production have been largely impaired, and the demand for mally great. At the same time, Germany has very few commodities available for export, and the power to pay for imports is comparatively small. As the seller of goods to Germany is obliged to take marks in payment, and is forced to hold the marks indent body else to hold them for an period until the German power
or
of production is restored, he only consents to take them at a greatly depreciated rate of exchange.
GOLD FACTUR
FRIDAY, JANUARY 718, 1941.
***WANTED ADVERTISEMENTS.
PREPAID
Letters are lying at this Offes for F"Boxin P, Q, AD, AP., AW, BF, BO,
ANTED. —Fost or Five-somed FUR- WNISHED HOUSE FLAT st the Peak, for about 6 months, beginning at the and of March. Plate and linen optional. Apply Box BP, care of Dally Press Office.
Caine Road or Middle Level. For WANTED FURNISHED HOUSS occupation in February, Beply Box EQ, care of Daily Press Office.
ย
TO LET... DUROPEAN OFFICES, lat föor (four in one block) 16 to 19, Connaught Rond Central (with use of lift),
*B* Apply to S
Care of Daily Press Office .... [134
TO LET.
WO LARGE ROOMS to let for Office. 14 Des Your Road Central, Top Floor.
ROOM No. 1. Apply to
Care of Daily Press Office.
[131.
TO LET NIX-BOOMED HOUSE Furnished, in Kowloon, for 8 or months from Middle March
Box No. 1991, Cars of Daily Press Offic
(141
TO LET
>-BOOMED FLATHTAVRI BUILDINGS 3.0
in Nathan Road, just completed, with Electric light, and bella installed, Gas points må Flash Closets, etc.
Apply to KAYAMALLY & CO.
5 D'Aguilar StreetTM
WANTED:
150
DESIGN AND CONSTRUCTION OF YELLOW RIVER BRIDGE FOR FERING HANKOW RAILWAY,
In pre-war times, when in most countries the internal currency had an exchange value at or about its gold parity, gold bad a particular use which no longer has now. Small trade balances between any two countries could be settled by payment in gold But to-day the wide variations of exchange have lod most Governments to proaihit the export of gold and it is little used now for settling internationalealed balances.
PEKING-HANROW LINE of the povernment Railways invites proposals of BRIDGE CONTRAC TURS for Designing ad Building & New Steel Bridge about 1800metery in length across the Yellow River (Hwang-Ho). Proposals will
the One of Peking Hankow Railway, Peking, Chin Plans, rules and specifications can be obtained from the following Cuffs =
Peking
Peking Hankew Railway, Améri» can British, Belgian French, Italian and Japanese Legations. Foreign-Chinese Legations, Washington, London, Brussels, Paris, Rome and Tokyo
Coming back to the question of the reta. tion between exchange and the general price levels, Mr. McKenan said: It is urdd ap to Noos of Jun 3077, 1971, at commonly held that the level of prices is determined roughly by the relation between the purchasing power of the public on the one hand and the amount of things avail able for the public to purchase on he other. But though there is very high Authority for this opinion I venture to doubt its accuracy. In the 12 months from Juno, 1919, to June, 1920, prices rose by purchasing power, also increased, but cer tainly by not more than 6 per cent. If this theory of prices were correct, it would follow that during this period production must have declined. But production was greater at the end than at the beginning of the 12 months.
THO8:: 000K #:SON, about 37 per cent. During the same period
Hongkong Hotel Buildings, corner of Pedder Strest and Des Voeux Road, HONGKONG. Also SHANGHAL PEKING, YOKOHAMA, MANILA. Chief- Office :-LUDGATE CIRCUS, LONDON, EO
SHIPBUILDERS,
SHIP REPAIRERS, BOILER MAKERS, EORGE MASTERS. OXY-ACETYLENE &
ELECTRIC WELDERS.
..
MECHANICAL &
10:0
ELECTRIC ENGINEERS.
บุษ
00.7
U
—DRY DOCK.
TAIKOO DOCKYARD & ENGINEERING COMPANY
OF HONGKONG,
LIMITED.
Length 787 Feet. Length on Blocks 750 Ft. Depth on Centre of Bill (H.W.O.S.T.) 34 ft. 8 ins. -THREE SLIPWAYS- Capable of Handling Ships Up to 8,000 Tons Displacement. Electric Crane at Sea Wall, Capable of Lifting 100 Tong at 70 Feet Radius
BUTTERFIELD & SWIRE,
TIL. ADDRESS: “TAILGODOCK," HONGKONG.
“IKE PHONE NO. 412.
CALL FLAG: 40" ØYER Am, PEIXANT,
AGENTS
HONGKONG, CHINA & JAPAN.
* WHAT EVERY ONE NEEDS
la a little ceractive medicine from time to time. Bodily aliments sad the common - Kul of the majority of mankind. Zortunately, most of these alimente kry not, in the beginsing-sazienda: modelli duken in time are stality ameuame Kodima trement * Among them'urs derangements of the iiigestive system. - Ás' SOUR'AN yes fesë thatar Wyshare l anything wrong with the stomach the bass course you can adapt la te taka a
dose of Beecham's PINK, I kik prisbability relief will be experienced even ritar.th Brzdizer done to this grcalens-preparation and parmeverence with the remedy will induce a sense of freshness: 67 energy--of buoyancy-all the result of the improved Workday of the dreams of digbation. i knære seu few forms of ordinary dyspepás, dzekliyorum,– headache of constipation that willnet ylaid to the curasiya inkasnoe of
BEEGHAM'S PILLS
The micsilent remifts obtained by the tee of BERZHAM'S' PILLS have prerse them wartby fos/the, confidence they enjoya Grecially unliable · He the alluvais peculiar.
may hɛva' Seĺpat› Thousands, and recommend "theida või vast
Assuming then that the tutal national income is either spent on goods or is saved, price will vary with production, purchas ing power, and the velocity of expenditure, meaning by velocity of expenditure the rate at which the national income is spent. In the present state of the world, in almost every country excessive Govern ment expenditure is the main factor in forcing up prices. When Governments meet their expenditure, however, greet it way be, by taxation, there is current belief that the whole duty of man has been fulfilled. This belief is a profound delp- sion. Very heavy taxation will, afidet pro- duction injuriously, increase purchasing power, and raise the velocity of expendi bure, and for all three reasons will tend to drive up prices.
PENSIVE TAXATION
All applications for same must be accom panied with 24 at th
PEKING-HANKOW RAILWAY ! ADMINISTRATION. «
·₤130
Mobiloils
A grade for each type of motor
Other things being equal-Lubri- cating oils are best that change the least in their properties under the varying conditions to which they are subjected in practical use. This is 50, because having once established. that a particular lubricating oil, of certain properties, is the best for a given machine, it is manifest that if these properties change, it is equiva- lent to using another oil and this As to purchasing power, most traders may not, and indeed is not, likely carry on business not merely with their to be the correct oil for the purpose. own capital, but with the assistance of
First, as to production, heavy taxation restricts enterprise Again in a progres sive undertaking, a considerable part of the profits every year is kept in the busi The savings of one year become capital in the next. Heavy taxation which impounds these savings deprives our com merce and industry of an essential com
Desa,
tion of growth,
and are essential to its maintenance,
money, borrowed from banks Their loan And this change of oil will take requirements rise and fall in accordance place as often as the conditions with the seasonal demands of their trade,change. One of the most change- heavy demands are made upon traders for able conditions found in machinery taxation, they are forced either to borrow is temperature. This is constantly. volume of their business. It is a very com. changing from day to night, from mon and, in many cases, inevitable prac winter to summer, and under varying tice in prosent circumstances for trailers to borrow from their banks in order to meet stresses of working conditions,
more from their banks or else to reduce the
the demands of the tax collector, and these Why not buy the correct grade of loons, which increase, purchasing power
without any corresponding increase in Gargoyle Mobiloits the oil that commodities, have precisely the same effect, lubricates most for the lubrication. on prices as if the Government were itself of your motor car? When the
the borrower.
Heavy taxation has a no less powerful correct grade of Gargoyle Mobiloils fafuence on the velocity of expenditure is used, you are insured against Our practice as a nation before the war was
to save about one-fourth of the whole undue wear and consequent repairs tional income. Apart from any taxes regardless of climatic conditions or have to pay, we can neither spend dor Save as we did formerly When now we changing temperature, have to meet the much higher demands of
Fill your crank case with the the State and local authoritice, we are driven to restrict our savings still further correct grade of Gargoyle Mobiloils There is a great incredse is the velocity at the Hongkong Hotel Garage ef expenditure. This increased velocity has been the cause of the phenomenon which and watch the remarkable effect we have seen since the Armistice, that on upon the operation of your car- increase of production has been accompani
especially on hills.
ed by rapidly rising, prices. --
THE LEAGUE OF NATION
If concluded Mr McKenna, we wikhi to
-F180
check the rise in prices and being about terror at foreign mensor. We must look a condition of stable exchanges, Govers either to constant meetings between all ment expenditure in all countries must be the Pottie the inevitable and in reduced. All over the world, Governante numerable dispute, which arise on every are spending millions on protecting their side, or wo must live in a mate of perpetusl country from what they believe to be the war. The instrument of the one alternative real dangers which threaten them. It may is the League of Nations; the instrument be impossible to dars inefficiency, wart of of the other is the huge machinery of arab method, and weak and foolish policy, but ments, the expenditure on which to no Governments can be relieved from the longer marely echinating the world, boj
(Continued as fant of neat golumn.) actually destroying it.
INDO-CHINA
STEAM NAVIGATION COMPANY LIMITED.
MANILA.....
SAILINGS SUBJECT TO ALTERATION
BHANGHAI KORK
SHANGHAI via SWATOW :: ine HAIPHONG vì FOIFON AINGAPORE & Parano'o SHANGHAI & THROTAU STRAITA --- JALCU ETA
SHANGHAI
*LOUNGIN
Frip 7th Jan. 3 pm,
"FOJKSANG" Sat 8th Jan Dlight
WAISHING
„Sua, 9th Jan, Dilight
TANJANG
Wed, 19th Jan (19 min)
KUMSANJA WA
HANGSANGR
19th Jacu
13th Jan, Dlight,
“LAISENA 3. Taos, 18th Jan, *pu
QALUUTTA LINE-This Line afforda regulae sailinge to Calca Panang and
Singapore; reburning from Calentos aboamore proceedria Strait and Hangkung to Japan, ooosalonully calling in Shanghaiy}- All teamers have excellent parsiget a commodation," are fitted with Electric Light and Fans mad carry a fully-analid d Burgeon. LINE:-Sailings approximately every five days between Canbod, and
Shanghal, sometimes calling at Bwatów. Through blakebi be obtained and through Bill of Ewing, sta lasued i to all Norhisern and Yangtae Porte eis Bhanga.lv de LINE --A weekly servios is maintained with Manila by vomimis with good passenger accominciation: waliings for both pocte Avery Fridays Saffing spproximately wholly a few pantigers and cargo, calling at Holbow when inducement ofera o desenho -One salling per month, theiwson - Hanglang, and Sandakan by
steamer having up-to-date ancolimodailon for passengerne. Cargo taken on through. Bills of Lading, for Kundan Jomalton TIENT IN LINEmbuail Tawao and Iand Dainining
wah to November between regular servloe te ran from Hongkong and Tientsin, calling so Welhalwel and Chatoo.
MANILA
HAIPHONGLINE
BORNEO
LINK
·
CALOUTTA
LINE
5.5. KUMSANG" will be despatched on or about Wednesday, Jan. 12th, for SINGAPORE and PENANG, 's
Through Bills of Lading issued to RANGOON, PORT SWET. TENHAM; MADRAS, and DUTCH EAST INDIES.
5.3.
1 #gmca TO ON A BLA
“LAISANG” will be despatched on or about Tuesday, 18th, Jualog SINGAPORE, PENANG & CALCUTTA.
Through Bills of Lading issued to RANGOON, PORT SWET- TENHAM, MADRAS and DUTCH EAST INDIES.
For Freight or Paisago apply to-
apply
Jardine. Matheson & Co., Ltd.,
GLEN
AND
GENERAL MANAGERS'
SHIRE
EDUNG Joint Service of Steamers.
UK-STRAITS CHINA & JAPAN SERVICE.
MY GLENADE". M.V. GLENTARA *GLENA.
GLESLUCH GLENADE
OUTWARI
HOMEWARDS: Leaves Hongkong.
about" 20th Jan. about 13th Feb.
***
"Dae Hongkong 19th Jan 22nd Jan, 96th Jan.
Dacharyst
Guzoa, Lorbes & BettzzzAK. LONDON, ANTWIXT & BOTTERDAM.
Movements are subject to change wfihona bosios, For Ersight on further particular please apply
Jardine, Matheson The Glen Line, Ltd.“
Tal. No Arab 5 e 29 and 3896.
Cable Addremi
Kawakisen, Kobe,
and Scott's Codes.
KAWASAKI
KISEN
Co., Ltd..
14
Telephone i Banzonly 8844, 8933,
(KAWASAKI STEAMSHIP Co.)
KAISHA
CAPITAL PAID-UP * 120,000,000
Fremdent: Mr. Y. KAWABAKL," Vice-President 1 | Me":
GE. MASHUKARAG
Hanaging Director1. Mr. Mazaya Ax.
The Company his in hand a Large Number-of-
NEW CARGO
STEAMERS
ALWAYS READY FOR CHARTERS of all descriptions,
The following are comprised in the Company's Meet
Eleven steamers of 9,100 tons each deadweight. And under the Company's management 1
Twenty, steamers of about 9,100 tons deadweight each. Two steamers of about 8,400 tons deadweight eson- (Belonging to the Favsenki Dookyard Ckx Idd)
For Chart Holes and all other particulaen opply to Ela
KAWASAKI KISEN KAISHA,
He & Bun, Kira,