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THE HONGKONG DAILY
COMPANY MEETING.
j
PRESS,
TUESDAY,
MAY
OTII.
1924
There was as improvement in trade in Siain during 1993 as compared with the previous year.. and the prospects of the new rice erop are considered to be good. The shareholders will be pleased to hear that, in conjunétion with the National o April 2nd, on the Bank's premises at Provincial Bank, Ltd., we successfully
CHARTERED BANK: "The 10th ordinary general meeting of the shareholders of the Chartered Bank of India, Australia and Chins was held
38, Bishopsgate, London, E.C., Sir Mon-issued last week the Royal Siamese Gov- tag Cornish Turner (the chairman) presiding,
1
erament's per cent, Loan for £3,000,000" The amount was applied for over ten times, and this was due to the eminently satisfactory financial position of Siam, as evidenced by the table furnished in the prospectus of the revenue and expendi ture of the country.
As regards the Straits, the position has much improved owing to the world wide demand for tin, and the comparatively
The it improved position of rubber. provement is doubtless due to restrictions in the output, but it is clearly ouly 2 matter of time when the rubber industry will come into its own
▸
INDIA'S IMPROVED FINANCES.
The CHAMAN Baid Gentlemen,-! should like to explain, in regard to the conehuling part of the auditors' certi. ficate, that the reason why the full details of the Yokohama Agency have not been received is that nearly all our accounts and books were destroyed at the time of
The earth the earthquake in Japan. |quake òrcurred in the middle of the day, when business was in full swing, and in the space of six seconds the bank's pre mises were destroyed. It is hardly to be wondered at that the books and papers As regards ladin, too much importance! which were then being used were destroy-should not be attached to the political ed by the earthquake and by the firm troubles which at present exist, and must which followed it; but, thanks to the cause some anxiety to the Viceroy and energy of our stuff out there, we are those responsible for the gooil and peace- India is pretty well prepared with all details and ful government of the country. statements, so that there is no trouble sound at heart, and loyal, despite the arising from the destruction of our re occasional blasts of hot air which at times cause an overheated atmosphere in the Referring to the report and balaner Council Chambers of our great Depen- shert now submitted for your approval, deney. The financial position has much I trust you will agree that, in view of all improved, and practically the deficit in that happened in 1923, and all that did her Budget no longer exists. The ten in- not happen in the way of revival of trade.dustry is very prosperous, and jute holds and in spite of keen competition, the re- its own. There have been good crops of sults shown are not unsatisfactory, Thru wheat, cereals and oil seeds, but prices ing to our balance-sheet, our total figures require adjustment, quotations Frota the at £55.765,547 114. 1od., showing a rede East being above the level of those ruling in Western markets, and business is tion of £137,815 d., as compared with chose for 1922, merely reflect the gener therby restricted. It is interesting to ally slacker state of trade during the past uote that the local consumption of cer YO21. It is pleasing, however, to note tain seeds is on the increase, especially that one current accounts and fixed de- edible oil seeds, and the quantity avail able for export is therefore not so large posits at 11,300,027 18. 28. compare so
as final favourably with the £12.406,280 108, 118, of the preceding year. Our cash in 'hand and at rikers at 24,673,001–168. is 5157,109, 19%. 3d. "higher than the same item for 102, namely; £4,513.5B 1. d., whilst bullion on hand and in transit at £1,030,190 68. Psereded our 1942 figure by 2001,199 9, 5d. Our holdings of Govern ment" and other securities totalled £14,085,280 Is. kl.. ILIY excess uf 54,246,975 138, 4d, over our closing figures for 1992 due to the fact that we took advantage of a change from Treasury Bills to somewhat hunger dated securities, giving a better return, which counts for part of the decline of £3,067,812 68. 3d. in our Bills Exahange, including Trea- sury Bills from E17.932.445 in 1922 to £1,514,602 135, 9d. nt the end of last year. Our bank premises at £71,050 (118. 9. show a wall increase over oar 109 figures, at this year's, allocation will bring that down.
The net profit is just about the same; as in 1929, and enables us to pay the same dividend and bonus to shareholders, and to take the same allocations to reserve, mises neebant.
'The cotton crop of India, at 5,000,000 bales, was about the normal, and it is that the rather interesting to note total cotton erop of the world is about Of that America sup- 17,000,000 bales. plies 10,500,000° to 11,000.000; India comes next with 5,000,000: China supplies about 1,750,000; and Egypt 1,950,000: and now we have, as mentioned in the speech of Sintharles McLeod at the meeting of the National Bank of India, East African cht- to coming into the market to the extent of about 100,000 bales: that is most pro- mising
Out of the 5,000,000 bales grown in India, Europe takes about 050.000, and China and Japan 1,700,000 bales. Taking the ordinary current price of to-day for 2,700,000 balex, it analout 485,000,000, and that sum has to be found chiefly by the exchange banks for Sinaue- ing the export. In fact, owing to the of cotton, the extra additional price accommodation, which the banks have had! to provide this year has been about 35 crores of rupees.
Taking everything into consideration, the goveral position of Amusiness in the East is far healthier than it was 12 months The old stocks of or 1 mths ago. goods have bech gradually worked off and, when prices of comorities have been levelled between the producer, the exporter, and the consumer, there should How be an improvement in business. far we may look for an improvement in business in this country is really rather problematical, in view of the incessant industrial unrest
th" incunt.
YOXÒHÁMA LOSS ** PRIVIDKU FOR." As far as this bank is concerneil. 1) heart to say that although the material Joss in Yokahaba, resulting from the earthquake, was no more than might ren Sonally have been expectes, and which has been fully prided for, we mustained a grievous loss in the most regretta death of our manager. "Mr. A. H. Tw unfortunately killed when a short distance Tema the bank building. 3. Tait had done excellent service in the bank. He was a mou, of great promise, is indefati strikes, which are really the heaviest able worker, and a nest faithful servant.cloud overhanging the horizon of our His death is a distinct loss to the bank present and future trade. This increased and to aff who knew him as a friend. The cost of production, with no increase in hoard of directors and management have the output of manufactured articles, already expressed their sympathy with makes it extremely doubtful whether wa Mrs. Tait, but I would take his opportu- as a nation can hold our own with other nity of doing so publicly, and also of ex- competing countries especially Germany; pressing, very great sympathy with Mr. France and Belgium, Nicoll, one of cer assistants, in the dis aster which befell him in the death of Mes and Miss, Nicoll We would also yupthise with the relatives of those Dembers of our local staff, teu in num. her, who lost their lives when at their pt of duty in the bank building.
Mr. THOMAS CUTHBERTSEN seconded the resolution for the adoption of the report and accounts, which were carried.
The CHAIRMAN next proposed “That a dividend at the rate of 13 per cent, per annum, for the half-year ended December aist last, together with a bonus of ts, 3d. per share, free of income "tax, he now declared payable on and alter the 9th inst.
Ja spite of the disaster and all the cob. soptrices resulting therefrom. the bank's business, which had been transferred temporarily from Yokohama to Kobe, has This was unanimously adopted. heen again transferred to Yokohama, "Os the motion of the CHAIRMAN, where we have a temporary office, and an seconded by Mr. L. A. Wallack, the agency has also been opened at Tokyo to election of Mr. Colin F. Campbell to the meet the requirements of our friends and hard was confirmed, and on the motion customers. Our staff, hath at Yokohama of the CHAIRMAN, seconded by Mr. J. M. and Kobe, deserve the highest praise for. PROPHIT, the retiring directors, Mr. the maurer in which they carried on Colin F. Campbell, Sir. William "Henry under circumstances of the greatest diffi-Xeville Goschen, X.RE.. and the Rt. 'culty and danger. (Ifear, hear.)
Hou Lord George Hamilton, G.GSL. were re-elected.
As might be expected, the balance of trade is at the moment against Japan, partly due to national causes, such as the import of material necessary to "recon- struct the cities of Tokyo and Yokohama, but also to the importation of sundry goods which would seem to have been due
CINEMA HOTES,
QUEEN'S TREATLY.
to speculation and not to the legitimate Claimed by the distributors to be a requirements of trade. This undoubtedly sequel to Rich Men's Wives and has caused the fall of the yen to a levél į Poor Men's Wives,” that Gasnier pro- below 2., and is only of a temporary duction" Daughters of the Rich," which will have a run of three days at the
character.
CHINA AND STRAITS TRADE.
As regards other new branches, I may Queer's Theatre from today, will be mention that we have recently opened at worth seeing if for no other reason than Semarang in Java, and Zamboanga in the that a similar theme the doings of Philippines.
young society is adopted. Gaston Glass, hero in The Hero gets the leading male role and he is supported by Miriam The position in China, I regret to ity Cooper as the right thinking society girl, shows no sign of improvement Civil war ia rife, and huge sums are taken from the Buth Clifford as the daughter of the tin- revenues of the country to maintain vist plate-king who is hetrothed to a Russizn bodies of troops, who are a danger to all dute, and Ethel, Shannon as a daring praceable citizens, and who consume the French dancer. In one of the opening revenues which are required for the scenes. the audience in given an object: economic development of the country after lesson in making a complete dress for $1. due payment has been made of interest As the reels progress the other extreme: on furcign and domestic loans. Both imis reached by the wonderful dresses ports and exports are suffering from the worn by Parisian demi-monde society. want of security in the transit of goods For the story, romance is again the key- inland, and business both in North China note, but the plot is so cleverly woven and in Longkong la deplorably dull. This that five destinies get mixed up Very state of things, I fear, will continue until clever sets are shown the best of which China is blessed with a really powerful is probably the Duke's farewell dinner government determined to rule, and to to bachelordom in which ten charming put an end to the disturbed state of the dancers tako the place of horses in an
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