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THE HONGKONG DAILY PRESS, TUESDAY. MARCH 107, 1925
THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.
Tal, Central 236.
SOLE AGENTS FOR
PUDLO"
Makes Cement Waterproof
FEUSOL"
The Immovable Fire Cement
2, Queen's Building.
QUEEN'S THEATRE.
Tuesday to Friday, March 10th to 13th, at 2.30 p.m., 5.15 p.m., 7.45 pm. & 9.15 p.ui.
MASTODON FILMS, INC.
PRESENTS
JOHNNY HINES
SUPPORTED BY »
DORIS KENYON
EDMUND BREESE ROBERT EDESON EFFIE SHANNON
J. BARNEY SHERBY
IN
"SURE FIRE FLINT"
A clean comedy in seven reels filled with pep, thrill. and actium. It will keep you in high spirits and bring à thousand laughs
PRICES OF ADMISSION:
At 5:15 p.m.-80 Cts, 50 Ct. & 30 Cts. At 9.15 p.m.-$1.20, 80 Cts. & 40 Cts. Soldiers and Sailors Half Price to 1st and 2nd Claases.
THEATRE
ROYAL.
HONGKONG A.D. C.
|
CHARITY PERFORMANCE
"FRENCH LEAVE
IN AID OF "
THE LADIES' BENEVOLENT FUND
WEDNESDAY, 11th MARCH, 9.30 p.m.
Under the Distinguished Patronage of—
H.E. The Governor, Sir R. E. STUBBS, K.C.M.G. H.E. The General Officer Commanding the Troops,
Major-General C. C. LUARD, C.B., C.M.G.. Commodore A. J. B. STIRLING, C.B:
"
Tickets can be exchanged for vouchers for seats in the Circle or Stalls and can be obtained at ANDERSON's on Friday, Saturday and Monday, the 6th, 7th and 9th inst. General Booking Opens Tuesday, 10th inst.
Usual Prices-$3, $2 & $1.
FOUNDATIONS
FROMPT AND EFFICIENT SERVICE ENSULED BY ADOPTING
THE "FRANKI" PILING SYSTÉM
EXAMPLES--.
•
CONTRACT No, 40 GODOWN (5 Storeys High) for THE CHINA PROVIDENT LOAN & MOET-
GAGE CO., LTD., at. WEST POINT. TOTAL WEIGHT ON FOUNDATIONS..12,000 Tom Foundations Sránted... ....15th Oct, 1924 FOUNDATIONS COMPLETED ...15th Dec, 1224
(Time—52 Actual Working Days.)
i:
CONTRACT No. 44' GODOWN (4 Storys High) for THE WING ON CO., LTD., at WEST POINT.
TOTAL WEIGHT ON FOUNDATIONS,11,054 Tons CONTRAUT BIGNED แซ
....17th Dec, 1924 | FOUNDATIONS ŠTARTED ...5th Dec., 1921 FOUNDATIONS COMPLÈTED ...23rd Feb, 1925 (Time 53 Actual Working Days.)
Ask for illustrated Booklet and full information from the
HONGKONG ENGINEERING & CONSTRUCTION CO., LTD.
ST. GEORGE'S BUILDING, CHATER ROAD.
Tolophona Central 4581 (Two Linos).
COMMERCIAL CRISIS IN JAPAN.
CAUSES OF THE TAKATA” COLLAPSE.
Much space in the Japanese Press has recently been devoted to the difficulties of the great ärm of Takata Shokai, in Japan. Minute details are given of how the m failed to secure co-operation from the bankers in execution of the adjust- ment plan evolved by the firm
The following translation is frond the Japan L'hronicle:-
On the 21st February the firm invited the representatives of the Yokohama Specie, Industrial, Korea, Mitsui, and Mitsubishi Banks, which are reported to be largely involved, as well as Kashima, Sumitomo, Kawasaki, the lat, 100th, 2nd, Tith. Jyugo, Yamida. Hayakawa, Char- tered. Hongkong and Shanghai, Later- national, Formosa, Eiraku. Nakai, Hibiya and other banks Mr." Takata, Kamakichi, President. made a full re- port on the situation. He said the com- paoy had liabilities to the extent of X.48,900.000. set of by .32,400,000 in assets, leaving a descit of Y. 11,400,000. The company represented many large foreign Arms, faeluding the Westing house Electric Company, and had realis. ed an average sale of Y.73,000,000 a yeat for the past several years. If the credi tors would consent to give the Board time to recover, the Board was confident of meeting its engagements in full and enus- ing no loss to them. They assured the Board of their sympathy and help as far as they deemed justiñed, but must defer uny promise of defnite co-operation' be- fore they were satisfied as to the financial position of the company. Accordingly it was decided that a committee be appoint ed to examine the company's position, and the Mitsui, Mitsubishi. Specie, Industrial and Korea banks were asked to investigate, on behalf of those who had claims on the business. The prospects of adjustment do not seem to be very bright- in the opinion of the Press. The com pany gives its assets at 1.32.100,000, but creditors may not be so optimistic in
Obtainable or LANE - CRAWFORD-LTD Tabaqueria Filipina, Grieco Egyptian Tobacco Store, azal all high-class Tobacconists, At 95 cents per tin of 50
MAUDE BRENNAN
Has Just Received A Large Consignment of Very Stylish Spring and Summer Hats, Call Early and make your Choice.
ASIATIC BUILDING.
valuation and may take off 33 per cent., PLUMBING & HEATING which reduces the amount to by Y.21.600,000 and runs up the deficit to
Y.95,800.000. This is for the business, of HOT & COLD WATER Messrs. Takata & Co. alone, and, when Tiabilities of the other businesses affliat
ed and worked with the support of the сотраду
are added, it will swell the
SERVICES
TANKS,
etc.
deficit greatly. Nor is it very easy to DRAINAGE & SEPTIC. secure harmony in action among the creditors, who have different interests. The Specie aad. Industrial Banks, for example, mag safely be firm in their at titude. their advances being pretty well covered, while the Bank of Koren, which Has invested largely in unsecured bills
drawn by the arm, has good reason to ESTIMATES FREE ON APPLICATION- desire a compromise. Another difficulty to be overcome is with regard to the co-
operation of Japanese and foreign banks. B. WARREN & CO., LTD.
in the mattor. Hence it is extremely difficult. if not impossible. for the firm to be allowed to continua in business and make good the seyere losses, under which. it is staggering.
ABROKEN PROMISE.
The immediate cause of the failure, says the Chronicle, seems to have been the refusal by the Government to ad- vance the sum of 1.5,000,000 to the arm out of the Deposits Department funda→ an advanen for which arrangements had been made by Mr. Shoda, the Finance Minister io the Kiyoura Ministry. Similar promises appear to have been made to the Orienta) Development Co. (Y.8,000,000) and the Korean Develop- ment Bank (Y,5,000,000), but all these: promises were repudiated by the present Government, which makes it one of its planks to readjust the affairs of the Deposits Department. The task of giving, relief to the Takata Shokai then dovolved on fire great Japanese banks interested in the firm, Mitsui, Mitsubishi, Specie, Japan Industrial, and Bank of Koren but it would appear that the Specie Bank refused to co-operate in the work unleas the foreign banks involved also lent helping hand to the concern in difficulties but as the foreign banks did not enter heartily into the plan, it was impossible for the Takata Shokai to have the benefit of concerted banking relief. Hence the sudden precipitation of, the catastrophe. This last information is taken from the Quika Mainichi,
the
THE FALL IN EXCHANGE. In the "course of a leading article, the Chronicle says:-
&
CHINA BUILDING
OFFICES SHOWROOM
TIL 0.269.
(GROUND FLOOR), QUEEN'S BOLD OZYRAT HONGKONG
[1495
HONGKONG SHARE MARKET.
CLOSING QUOTATIONS.
MARCH 9TH, 1995, Hongkong and Shanghai
Banka
Cantam InsurwaDEN ·
„31,240) ca.... &
Hongkong Fire Insurances....$710 nom.
Inruranded
8266 sa. d. t.
Union
Douglas Steamships...... $58b.
KK., G. & M. Steamboats...$354 6.
Star**
*Ferries....**
Waterboats
China
17) dom. ....................$624 b.
(combined) Kowloon Wharves...
***
Docks S. Hotels Hongkong Lands..... Eumpareys Eslatan ...
T. 224 ba
121.
*193 b.
$19; b.
..Tis. 22.30 b.
Cements (combined) 328 s. Chins Lighta... (combined) $25 nom. Provident (combined) $38) b. Dairy Farms mem Blectrica
Hongkong Ropes (combined) $50 s. Tramways
Watsons Peak Trama... China Buses
$533b
...$22 nom. (old) 28 nom.
Tls. 12 b ......Tha. 9b b-buyers, sellers; sa—zāleṛ.
New Engineering
VICKERS & MARCONI ISSUES.
A HOPE THAT PAYMENT WILL BE RESUMED SOON."
"There are varying stories about the part the Hongkong and Shanghai. Bauk plays, among others. According to one." the old fabic about the bank being pes ponsible for the depression of the yen or at least assisting in the depression by gambling in exchange was resurrected
Appropriate indignation at A letter from Dr. W. C. Chen," of the creditors meeting. According to an
Chinese Legation in London, to Mr. Geo. other, the Bank was required to go into Carsons, P., of Herne Bay, expresses the rescuing" business." soraething as the hope that services on the Chinese the foreign insurance companies were ex- per cent. Treasury Notes (Vickers and pected to do something! after the Marconi isaues) will be resumed soon.
Mr. Cleo. Cursons wrote on January earthquake, and gave, ambrage because it refused. It appears to have been an 20th, recalling that Dr. Chen, on Sep. example of that delicate pressure by teniber 4th lust, in reply to previous which the foreigner in Japan is so often communication, wrote:-As soon as the persuaded that he must give something | financial arrangements are completed, for nothing in order to conform to the provisions will be made for the resump custom of the country and make a good tion of services on these two issues." Mr. impression-at least that is how the Cursons pointed out that the reputation stories in the Japanese papers impress result of default, as in the past Eng-
of China had suffered enormously as the reader.
There
can be no doubt that it is chiefly the 38-cent yen let alone the bond, of your countrymen.
lishmen had always relied upon
the word, that has brought Messa. Takata to grief.
It may be that they were foolish not tot is inconceivable that China, with all take the Finance Minister's war en imita vast resources, should see fit to cause perts more seriously. But the firm im-uch grave anxiety to thousands of Eng. ported chiefly goods that are essentiallish inycators who hold either or both of for reconstruction, and its failure will these securities' hinder that necessary process, for the sales of which, we are told, the policy that has broken Täkata's was instituted. It raay be that the firm was raah and speculative but it is practically certain that it would not have gone under a this time had it not acted in faith in the stability of the currency. It is im possible to endorse the idea that the Government should come to the rescue (Continued at foot of next Column:).
when a commercial concern gets in a hole; but it is equally obvious that there can be no sound and independent busi ness when the Government plays tricks with the exchange. Takata's appear to have been victims to the bureaucratic be lief that miracles can be worked by embargoes and trade stimulated by obstaclea
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