Page
"DECOLITE"
THE HONGKONG DAILY PRESS, WEDNESDAY, SEPTEMBER 19TH,
FIRE-RESISTING FLOORING
" (Awarded Gold Medal Franco-British Exhibition.)
JOINTLESS. HYGIENIC & NON-SLIPPING Laid by Our Own Workmen on
STEEL, WOOD OR, CONCRETE.
THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.
Tel Central 238.
3, Quoon' Buildings,
TOILET & MEDICATED
SOAPS
You will find in Greatly. Variety in Stock at
THE CHINA DISPENSARY
82, QUEEN'S ROAD C.
SALE NOW ON
Come Now!
A FRESH STOCK OF
MANILA HEMP HATS
FOR LADIES. Latest Styles, Various Colours and Shapes
AT LOWEST PRICES.
Come Early!!
"Don't Miss the Opportunity!!!
SWATOW DRAWN WORK CO.,
18. Des Vœux Road Central, Hongkong.
P. O. Box 445.
SHIPBUILDERS,
SHIP REPAIRERS,
BOILER MAKERS.
*FORGE. MASTERS,
ELECTRIC WELDERS,
·MECHANICAE AND ELECTRICAL
ENGINEERS.
OXY-ACETYLENE
Telephone No. 2860
TAIKOO
DOCKYARD & ENGINEERING COMPANY OF HONGKONG, LIMITED.
-DRY DOCKS. Length 787 Feet.
Length on Blocks 750 Fest
Dept. on Centre of
Sill (H.W.0.S.T.) 34 ft. 6 ins.
THREE SLIPWAYS.
Capable of Handling Ships Up to 3,000 Tons Displacement. Electric Crane at Sex Wall, Capable of Lifting 100 Tons at 70 Feet Badius.
BUTTERFIELD & SWIRE
(Joan Swins & Boms, Lan.),
TTI, ADDRESS: "TAIZOODOOK, Hoxarora." AGENTS.
HONGKONG, CHINA & JAPAN.
THE PHONE NO. 212.
CALL FLAG : “0” ¿THE ANE. PHIWANT.
MICHELIN
CUSHIONING CAPACITY
ENSURES
COMFORT
Solo Agents:
LEPACK CO., LTD., 50-52, Queen's Rd. C.
THE MARK AND THE ̈ ROUBLE.
GERMANY AND A NEW CURRENCY. The City Correspondent of the hitrety Writes in the latest issue to hasdı-
NEW BRITISH HEAD OF THE
B.A. T.
SIR H. CUNLIFFE-OWEN'S APPOINTMENT,
The new Tobacco King is Sir Hugo
The mark has surpassed all previous records in violent, fluctuations during the past week. Although it has not yet Cunliffe-Owen, who has succeeded Mr. approached the depth reachel by the RuJ. B. Duke, an American, as chairman of Sinn rouble-which at the end of 1, the British-American Tobacco Company. fore its disappearance from the list of
quoted currencies, was as low as 220,000,000 It has ben suggested that the appoint. to the £--it has become for all practicalment of Sir Hugo represents a valuable purposes just as valueless as a meilium of
British point at the expense of America, exchange.
The original Russian currency was made and that British interests are still fur- exchangeable in 1929 into a new rouble ther strengthened by the alleged control- at the rate of 970,000 to the £. At the ling power of the Imperial Tobacco Co. [ beginning of 1923 another currency was in over the British-American C1 Sir Hugo 1,000,000 of the old roubles be Chaliffe-Owen, however, has explained in ing made equivalent to ole new rouble, an interview that wrong conclusions had The last lue of roubles having suffered. been drawn from purely accidental -ċire like its predecessors, from continuous cumstances. depreciation, the State banks a few months
age issued notes based on gold, the unit
*There has beun no fight for control at
being one gold. Tehervonetz, auivalent to all," he said, Mr. Puks has been a 1.273 of the 1923 roubles. It may be men-great, friend of us all for many years. tioned that this is a State bank note issue and we are all sorry he has retired. But and not a Government currency, but in for some years he has been expressing a trading circles it is naturally preferred to desire to retire in order to enjoy a little the rouble because of its 50 per cent, gold leisure. We have always asked him to backing.
stay on but now be prefers to get the leisure to which he is so thoroughly entitled after his busy career.
There is no question whatever of any fight for control. Our whole "organi
The vicisitudes of the rouble afford some indication of what may happen to the mark During the past week the quotation has been at low as 30.000.000 to the . but a remarkable rally on Friday to 9,000,000 to the £ gave rise to the view that tier.ation consists of Americans and English- many still has the mark to some extent men, who work side by side on terms of under control, though the further relapse the greatest friendship and goodwill. Our yesterday to 17,000,000 to the £, do not three vice-chairmen are all Americans. and my succession to the office held by seem to support this view,
Mr. Duke is the natural result of my work for 15 or 16 years as vice-chairman. I deprecate the drawing of wrong infer ences from a quite simple change that has Do significanco whatever, and certainly annot disturb the harmony that exists. Whatever feud may have been in exist. eneo 20 years ago, consequent on enterprise of Mr. Duke and the reply of the British companies, is dead and buried. We are all firm friends now."
In spite of a denial from Germany, the belief is strongly held in some quarters in the City that a new currency will be oven. tually established side by side and ex changeable with the old A stable measur of values is urgently required by the German population, and the proposal to isang
a geld loan of a nominal amount of 300,000,000 gold marke (£5,000,000) is therefore interesting.
the
French Government is raising
the issue of any such loan, but it is obvious that if it should be possible to issue only a proportion of the nominal amount the en tire paper currency of Germany at the present rate of exchange would be absorbed. Such an outcome is hardly conceivable, but even a measure of succes would result in the replacing of the mark to some extent by the end of the loan, which would be used as a temporary currency.
However, this is pure speculation, and it is dificult to see that anything really effective can be done until the political Stuntion has been cleared up.,
The tremendous deficits on the German budgets have so far been adjustril by the output of Treasury bills, which, when dis- counted, have necessitated the printing of qually large quantities of paper marks. The support of passive resistance on the Rubrakes further large calls on the Treasury, so that matters are going from imd to wars.
WASTING. MONEY.
the
What is the relation of the Imperial Tobacco Company to the British-Ameri- can?" Sir Hugo was asked.,
The Imperial," he replied, own a large block of shares in the British- American."
Would it be correct to call it a con- trolling interest!"
"Well, it all depends on the meaning of the terar controlling interest. The Imperial simply has a large block of shares in the British-American."
"Which will always speak for itself?" "Exactly."
ti
READING A BALANCE SHEET.
Ther
the
928.
THINK
Isn't it Far Choper to koop Clothes Cloan than to keep paying for Now Clothen
You want to be wall dressed of course; but dressing well does not alwayE moan buying Now Olothes. Rather does it mean wearing Clothes that always look New.
Under European Supervision.
Try Our
DYEING (AND
DRY CLEANING
SERVICE
STEA M LAUNDRY
HEAD OFFICE and WORKS, YAUMÁTI, Tel. 32 HONGKONG DEPOT: 16, Stanley Street, Tal. C 1879.
63. Praya East. KOWLOON DEPOT: 19, Canton Road CANTON: 19, Sharki Central, East.
Write or Phone for completo PRICE-LIST.
PIANOS FOR SALE OR HIRE.
TSANG FOOK PIANO CO.,
TEL. 9127.
9iA, WANCHA ROAD.
SOME DISTANCES IN THE SOUTH CHINA SEA "AND PHILIPPINE ISLANDS
On Sale at-
BY CAFT. G. H. PENNEFATHER
BREWER & Co., Pedder Strast
YE OLDE PRINTERIE, LTD., Queen's Road,
SOMETHING YOU NEED.
DRAWN WORK and EMBROIDERIES
of EVERY DESCRIPTION:
Shawls, Rand-made Laces, Drawn and Embroidered Handkerchiefs, Beaded Articles and Necklaces. Suitable for Xmas Presents to send Home,
CHINA SILK & EMBROIDERY CO., LTD., Wholesale and Retail Merchants,
37, "QUEEN'S ROAD CENTRAL (NEXT MADAM FLINT'S).
MANCHURIA
RAILWAY
OPERATING ALL LINES IN SOUTH MANCHURIA AND CHOSEN (KORIA, EAST OF MURDEN.
Can you read a balancahret ? (nake an Accountant, writing in the Pall full Gazette). The way in which the assets and liabilities of a company are set out conveys little to the layman unless he views it with the right "slant.". Would y, therefore, be able to tell, from a balance sheet ant to you with a view to Truth says:In their repart the investment, whether the present "condi- Committe an Public Accounts tell the tion, and the future prospects of the con- Beard of Trade, in effect, that it oughtcern wers in a healthy state! The total to lie ashamed of itself for devoting the of "the assets side of a balance sheet taxpayers money to paying a pension or not necessarily, entirely represent of £250 a year to a clerk dismissed the ralisable assets which the company could service and sentenced to three months' turn into cash at short notice. imprisonment for vimbezzlement. Private may be included, for instance, the value. citizens would not so reward servants who of the good will, or an item called "Pro steal their money. The Office of Works liminary expenses of the formation of the is criticised for its defective co-ordination company." hoth of which are Sctitious between its different branches, as shown assets in the widest possible sense.
amounts at which by the payment of rent for a building at Again, the Pontypridd for eleven years after it had various assets are valued represent what been give up, and for the payment of those assets are worth to the business as over 1,000 for additional work on a going concern. No balance-sheet could tender which was originally only £030.
ever be drawn in such a way as to por SOUTH Three departments were concerned in a tray, the result of putting the basincas transaction by which a factory was hand on the market at the slate at which it is rd ever to the Ministry of Labour. There prepared. Assets are ally marshalled in a balance sheet in the order in which were stores worth £17,000 in the building they could be converted into liquid cash. but none of the departments concerned The common practice is for companies to had those stores entered up in their ledgers. The Air Ministry comes in for place their "fixed" (or working) assets A good deal of criticism. It apparently first, and their floating (or more liquid) inade a pregont of £10,000 to a Dominion assets last, while private basinesses, tend without Treasury authority, and it is re to reverse this order and start off with
"cash." proved for cancelling an old contract and Liabilities, strictly speaking, should be ninking a new one on a higher basis. The stated in the order in which payment Air Force administration, or lack of it, could be enforced. The capital of the is illustrated also by an interesting tale concern, would on these lines come last, of two typewriters hired for £2. 10. but it is the almost universal practice to month, for which rent was paid for one place this at the head of the column. year and two years respectively after the
Where there is a bank overdraft one necessity for hiring bad ceased, the
or more of the assets which appear on amount of public meney frittered away the other side will, ustially have been pledged as arcurity. And note to this That, however, is a mere Beabite. The effect should normally appear on the face tale of the tug which could have been pur of the balance sheet, There are still a chased for 20.000, for which £15,000 was few proprietors of business who cannot paid in hire and which had to be pur- the which they chased in the end for £0,000 in order to own"in the concern should appear among save the cost of refitting has been told be the liabilities. They overlook the fact fore. The las of £237.000 bu the coal that the balance sheet is that of the bus purchas by the Mines Department of news, and that the business owes the the Board of Trade is another old story namount of the capital to themselves, Then there is the debt of over £1,000,000 to the Government over its deal in finx. What the loss will be is not yet known,
being £120.
but it is bound to be considerable, and HONGKONG SHARE MARKET
this result is attributed to the failure of the Board of Trade to convey in writing an important decision to the Advisory Committee. Again, there is the matter of the subsidy under which £233.418 has been paid to the British-Italian Corpora tion for which the British Government, las got nothing. The Committee's busi ness is merely to criticise and elucidate, and it is left for Parliament to call the parties responsible to account, 80, of course, nothing will be done.
According to Mr. Heary Morgenthau, former, United States Arabassador to Turkey, British, and not American, in terests have control of the so-called Chester concession in Mesopotamin. As he understood it, he declared at the In- stitute of Politics, Admiral Chester naver had American capital behind him. Ho had been used as a figure head in the negoizations.
CLOSING QUOTATIONS
SEPTEMBER 18th, 1923, Union Insurances
8123 a. Douglas Steamships. 3541 b "Star" Ferrien NMLS 3} Langkats (Combined) Tla., 334 b., 33,70 sa Kowloon Wharves 156-bi &am Hongkong Lande...
285 L
Ewo Cottons Tia 3,40 b, 12/15/13] Shanghai Cottom
Tha. 80 80 Coments
„917 a, ex dív ...$10 b. 3:4 b.
Hongkong Ropes Chins Jrovidente Water boa's Watson's
#
$17 1
..121] b
Hongkony. Flectric calf bích thi
→buyers; -sellers; na
SUMMER HOLIDAY İ
RESORTS
SOUTH MANCHURIA AND CHOSE
HOSHIGAURA-Finest Seaside Summer Holiday Resort in North Chins. Five mis from Dairen, but connected with the city by special motor and carriage road and electne tramway. Tamasto Hotel (35 rooms) and 13 furnished bungalows fa charming cliff garder. Bathing, Boating, Fishing, Golf, Tennis, Billiards, Orchestra twice a week. Capital place for children
Two tailafrom
Pors 9GONDAI-Yost beautiful and select, Seaside Resort in the Far East.
Arthur. Furmarly the Summer Resort of the high Rassian officers and officials, Yamato -Excellent Botal and 20 villas and "bungalows, mostly with detached servants' quaererm. “ Bathing, Wonderful Scenery, Historio Baillefelds, Ruined and Dismantled Forts Miles lo sharming Walks and Drives Abundant Pionicing Facilities. Orchestra, twice a work. Best place for high-class families... PORT, ARTHUR.-Famous for its two memorable Bierse and it beentiful
landlocke Harbour, Exactly one hour's journey Dairen by express train, Yamato lusel (16 rooms): Suficient place of historical and scents interest to fill a month with fresh walk or drive
Bay Avery
Most healthy and salubrious spot in the Far East. KONGOS AM The frus Digoni Jenstain, af forest free time lowest for climate and scenery. Beautiful peaks charming cascades. Grand recuperative qualities Kongosan Hotel (10 nm) at Vairi and Choengi hotel (11 room) Cho enti
all ander the dre management of the Cours VA TOHURIA RAILWAY 00.
Olgustauad Bookinke and n
4
Applicet nas w's by enny nosze Home Mkung ryk the verfus eras of t
THE SUPERINTENDENT OF HOTELS Trafic Department
BOOTH HAYOHURIA RAILWAV, Dairen. Lubborn
10 : A B.O sum. Ed. At à
Thos.
Cook & Son.
-BANKING AND EXCHANGE DEPT. COOK'S CIRCULAR NOTES combine MAXIMUM SAFETY with CONVENIENCE. A special feature is the precautions Taken to ensure
the maximum safety possible.
Ask for descriptive booklet at any of our offices.
Local Address- Head Office
LUDGATE CIRGUS, LONDON EC. HONGKONG BUTEL BUILDING
Telephone: Centán) Nam: 527's Telegraphio AddreasCOUPON,