Page
DCL
AC
Tw Distillers Compor
EDIMBURON
"D. C. L."
MALT EXTRACT
WITH
COD. LIVER OIL
Is made from the finest selected Barley and malted with the greatest care on the Company's own pre- mises by the most scientific methods of manufacture. THE DISTILLERS COMPANY, LTD.
EDINBURGH.
PRICE Fer 1 lb. Jar...81.00
Per 2-lb. Jar...$1.80--
BOLE AGENTS:
GANDE, PRICE & CO., LTD.
ST. GEORGE'S BUILDING. 2. ICE HOUSE STREET.
Tel. Central No. 185.
1!
Hong Kong.
WOMAN CURED AFTER 25 YEARS' SUFFERING BY POO ON CHINESE HERBS.
FIVE IN ONE FAMILY RESTORED TO HEALTH.
I
My boy Edward, aged 17, was troubled with a pain in his side which caused collapse when he did hard work... We had to see that he was exempted from High School exercises because the pain caused him to drop out. The doctor said that he had appendicitis and that it would be necessary to operate if be expected to be well again. We decided to try Poo On Chinese Herbs and after a few treatments the boy became well and is now able to do all kinds of hard work without any more pain.
THE HONG KONG DAILY PRESS, MONDAY, FEBRUARY 25th, 1929.
HONG KONG AND SHANGHAI BANKING CORPORATION.
CHAIRMAN'S ANALYSIS OF EASTERN SITUATION AND
PROSPECTS.
SYMPATHETIC"VIEW OF NATIONALIST GOVERNMENT'S TASK.
AFFAIRS IN JAPAN AND F.M.S..
The shareholders' meeting of the Hong Kong & Shanghai Banking Corporation was held on Saturday at the City Hall when Mr. A. H. Compton, Chairmain of the Directors, gave a lengthy review of the Bank's activities during the year 1998, the Enancial position in China, India and Japan, and the political situation in China.
Mr. Compton was, on the whole, optimistic. The Nationalist Government, he declared, were damaging their reputation for good faith by holding themselves free to alter contracts by their own arbitrary decision, especially with regard to the foreign loans. The failure to introduce a budgetary system and the irregular pature of taxation, especially that levied by local authorities, were as prejudicial to the authorities as to the merchants, while the whole country suffers incal-ulable loss from the bold up of trade,
On the other hard they must take a broad view of the situation. The Nationalist party bad held the country together since their victory of last summer, the outlines of their programme would "form an admirable ground work for national reconstruction," and "there can be no doubt that the spirit of progress is abroad throughout the country."
*
The Chairman referred to the improved relations between Great Britain and China, adding a tribute to the wark of the British official representatives both at Feping and Hong Kong. As regards the Bank itself, their net profit had been $13,400,000 compared with 814,200,000 for 1997. They were able to declare the same dividend and bonus, but we have had to suspend our practice of making an annual addition to reserves." the result was by no means unsatisfactory considering events in Chino, Japan sod Malaya,
The Hon. Mr. J. Owen Hughes, who seconded the adoption of the report, on behalf of the shareholders, warmly congratulated the Chairman, Directors and staff en the resulta of the year, and fully endorsed à proposed 10 per cent, bonus for members of the Bank's staff.
1
SATISFACTORY RESULTS OF A DIFFICULT YEAR.
THE CHAIRMAN'S SPEECH.
“Our Earnings." Addressing the shareholders, the Chairman said:-The results of the year's working are, you will have noticed, somewhat less favour able than in recent times, the net Profit of $13,430,060.81 comparing Cur with 814,239,288.14 for 1997. earnings, I am glad to say, justify the Board in recommending the same dividend and bonus as before, but you will observe that we have had to suspend our practice of making an annual addition to re- serves.
During the past year the tread of the market has been quiet and steady with few very sharp move- ments in the price, ready prices and ranging between 28.1/16d 28.779d per ounce with an average price for the whole year of 26 d compared with 28.1/32d in 1927.
An estimate of the total amount of the world's production of mined silver in 1923 is 288 million stan- dard ounces.
This was supple
|
to be coming nearer to rectifying the disordered state of her our rency which has been for several years past the chief bar to pres- perity.
The 1929 returns of the Chiness
By
to
Special Appointment
Maritime Customs show a total of HM. King George V.
Haikwan Taels 82,339,000—a rise of 13 million over the previous year. Though the increase is satisfactory, the figures have little real value is a criterion of progress since the excess is almost entirely referable to the last few months when goods were being hurried into the coun try in anticipation of the new Customs rates which came into. force on the 1st of this month.
India.
In India the record of 1928 Was nat unlike that of the previous year, a good monsoon" coinciding with rather disappointing trade results. Imports were dull, especi ally Manchester piece goods which continue to suffer from the popu-- larity of Japanese manufacturea. There was a large and good cotton crop, but the price of raw cotton Auctuated unduly owing to specu- lation, while a strike of mill opera tives lasting for six months seriously affected the situation. The jute crop was smaller but sold at a better price, and gunny ship- ments were well up to the 1997 figure. Exchange followed a nor- mal course and a favourable trade balance at the end of the year en- courages a hopeful outlook.
Japan's Adverse Trade Balance, Japan; on the contrary, has had to face an accentuated adverse
causes,
RESERVE COVER -
CHAMPAGNE
BRUT
CONNOISSEUR PERRIER
trade balance, exports having de The Choice of the clined by 20 million yen against. an increase of 18 million yen in importa. This result must be at-
fluctuations in the exchange value of the yen, and the boycott of Japanese goods in China and in other markets controlled by Chinese traders. Trade development is hampered also by an unduly high retail price level, the index figure being no less than 20 points above. that ruling in the United King dom and the United States of America. Fortunately the country as a whole enjoyed an excellent rice crop and a sustained market
essentials as taxation, transporttributed mainly to two and public security, not to men tion the disturbing effects of s radical alteration of the Customs tarif - Taking the picture as a whole, nevertheless, the year mark ed a welcome return towards nor mal. The consumption of British cotton piece, goods has compared well with previous years and hopes 870 fixed on the
co-operative schemes of the Lancashire manufaë- turera
mented by some 95 million ounces sold by the Government of India from their Currency Reserve and by over 30 million from the melting down of British, French and Beling. That the banking year in the Far
gian silver coins. The total addi- | Manchuria alone has afforded Esat should have proved less prosition to world stocks thus amounts percus can cause no surprise when to about 323 million standard we consider the unpropitious con- ounces, against 305 million in the ditions in three of our fields of previous year. operations the commercial depres-
Mrs. F. Meinhart, who resided at 15. H. Street, Modesto Cal, U.S.A., says For 25 long years I suffered with severe pain in my left side that at times confined me to bed for days. I was unable to do my work or move about. Along with these came dropsy and stomach trouble. I was unable to eat very much without causing gas, pain and distress. Words cannot express my sufering during these years. My husband spent thousands of dollars seeking relief for me. have been to scores of doctors, many of whom were rated as Another of my boys, Fred, aged specialists of high standing, but 21, had suffered many years with none was able to tell me what was catarrh and became worse a time the trouble and relieve me, Almost went on. He tried many treat every time I went to a doctor Iments and remedies without resultsion in China, the legacy of civil as advised to have my side operat but we can say that after taking wars and successive political up some Poo On Chinese Herbs he was heavals, unsettled economic ed upon or a change of climate for my dropsy and stomach trouble, completely cured and has never situation in Japan, the causes of which I propose to analyse later, Fortunately I was not operated been troubled since. upon but my family and I have
and, in the case of the Straits and "spent years seeking a climate or
Malaya, a drastic curtailing of medicine that would help me. We left
price of rubber.
My daughter Blanch a few years ago, fell and hurt her side vary
the
1
China's Demand for Sliver. On the consumption side, China
handled no less than 141 million
ounces as compared with 98 million in 1997 and this constitutes a re- cord.
India absorbed some 110
million ounces net: The aggregate up-take of the two great silver con-
The trade in woollens appears to have felt the beneficial effect of the growing use of foreign-style cloth- For engineering products, fair demand and even there British goods have cat but a small figure in the market; good promise of re- covery in this important branch of trade attaches, however, to the many schemes of railway improve rapid extension of roads for motor mect, not to mention the present traffic and the projects of air transport.
our home at Kansas and severely and since that time she Grade consequent on the fall in the suming countries esa thus be Colony, I need only say that the
As I shall show presently, there is reasonable ground for looking to an improvement in each of these Cases and I think that we may be fairly hopeful of seeing during the next twelve months that re
vival in the business of the Bank without which it will not be pos sible to assure to shareholders & continuation of a return on the
placed at near 250 million, an in- case of about 15 million over the preceding year.
If the output of the mines bad not been amply augmented from the special sources of supply which I have already mentioned, China's unusually large requirements could hardly have been met without a substantial advance in price.
|
for its output of raw silk
The financial crisis of 1997 has been repaired to the point where only seven of the thirty banks in rolved now remain closed and we may fairly look for more pros perous developments if the coun- try is freed from the retarding effects of the boycott by Chinese on of the uncertainty caused by the the one hand and, on the other, lack of a fixed policy in dealing with the foreign exchange problem.
JOUET CHAMPAGNE
Sold in three sizes.
Quarts, Pints and Baby
When feeling in need
of a tonic
DROP INTO.
BESSIE'S BAR
T.
for a BABY P.J.
Sole Agents:
[A.P.B.2]
Philippines and F.MLS. The Philippine Islands suffered from a drop in the prices for their
E. GRIFFITH, Ltd. principal articles of export, especi- ally sugar, though in view of the 6, Queen's Ed. CHL. " Tel. 0.8517. general overproduction of this lat ter commodity they were fortunate in being able to market a erop of half a million tons in the U.S.A at a reasonable profit. Taking trade as a whole the year wAB Bome- what less favourable than its pre- decessor,
Hong Kong. Turning to the trade of this year's experience justifies the re- strained optimism of my predeces- Bor's remarks. There has been im- provement but on a very restricted scale, showing that the-damage of many years of civil war and chaos had sunk too deep to be quickly repaired on the return of peace. Excessive, taxation in China fur-
As regards the Straits Settle ther impedes recovery, so much so at Swatow that it has practically the mitude which hous ments and Malaya, I need not re-
travelled to Alabama, Oregon and was troubled with pain in her side and was unable to and anyone or California and there. consulted anything that would help her. The many specialists of these States,
I have never poor girl suffered so much that she but without avail.
had to quit work A few treat golden any better during thesments with the Poo On Chinese years of travelling and doctoring; Herbs and the girl has been feeling but became worse and more dis normal ever since. couraged as everything failed Thinking a dry climate would help, decided to try San Joaquin ley and came to Modesto to re They have brought health ga liigh-lover #bich has bearnainLooking forward the Chinese closed the port as a dietributing befallen the rubber industry dur- side. It was here after a time that I heard of the great benefit of the Pod On Chinese Herbs and the great cures accredited to them." At first I was sceptical and doubtful and thought that they were another But I decided to go, thinking in my distress, that there was a possible chance left. At the
радасса,
My whole family cannot ex- press in words its gratitude towards Poo On Chinese Herbs
home and
happiness into
our
have stopped the seemingly endless doctors' bills. We all heartily re commend Poo On Chinese Herbs and have sent many friends to the Herbalist and in every case they have been benefited by Poo On Chinese Herbs.
£480,000 at
centre.
tained for these several years past. Including $3,411,430.90 brought forward and after deducting the interim dividend of £3 paid in August last (viz 2/0.3/8-84,728,153.88) and 850,000 remuneration to Directors, the balance available for distribution (During this interview regarding is 812,063,338.68. The allocation of time I went. I weighed 125 pounds this story taken by a special repre-
this balance recommended by the must say that the result of taking/sentative of the newspaper, Mr. F. Directors, which I hope will meet tion of which among China's vast which it derived in the previous fort to be found in the expecta- and to-day I weigh 175 pounds. I
with your approval, is as follows: Poo On Chinese Herbs must have Meinhart, Sr., was present and been miraculous to me. After tak- aid: "We are glad to tell anyone-A final dividend of £3 per share to deduction of Income Tax), ab- ing the Herbs I was first entirely what Poo On Chinese Herba have with bonus of £2 per share (subject cured of dropsy and stomach done for my family.")
sorbing 87,917,523.77; transfer to trouble and, after more treatment,
Baak Premises Account 8750,000; the pain in my side left sad has
balance carried forward to the new never returned.I have never felt better all my life-thao-I-do-to-day
Account 83,397,812.80 and I own nothing but thanks and gratitude towards Poo On Chinese Herbs and Yee Foo Lan, the Her "balist.
The Balance Sheet,
While The figures of the balance sheet
accumulation largo
The political situation in China shows a marked improvement and although experience warns us against a too facile optimism, the outlook as a whole may be con- sidered more promising than for good reason to hope that the vie a "long time past, since there is tory of the Nationalists means the end of the dismal cycle of inter-
mand for silver, un likely to be the dominating factor in price, invites
ing the year, with such serious Hong Kong itself is suffering effect upon the economic situation in particular "interest. The bulk of
from the diversion of the rice general. The drop in rubber prices the silver taken by that country last year was minted into dollars trade to direct channels. The and a fall in tin in the early. and it remains to be seen whether Canton sales of silk have been part of the year curtailed purchas the hoped for recovery of trade re fairly satisfactory with low prices ing power and the import and ex- sulting from more peaceful condi- but a good demand, while the ex-
port, figures show a sensational tions will mean a sustained de-port of wood-oil has reacted some falling away from the returns of mand for these coins, the circula- what from the artificial stimulus the previous years. There is com- population has an enormous poten- year from the stoppage of Ÿangteze tion that the readjustments which
shipping.
are now taking place in both of tial scope.
Money Market of the World.
The Yangtze.
the major industries will leave them in the .end on a more stable The money markets of the world On the Yangtsze itself the ex- Thousands suffering from catarrh,
are dealt with so fully from time
footing, to the ultimate benefit of port trade, which in 1927 was bronchial and throat
trouble,
to time in the various financial brought almost to a standstill by all the interests concerned. asthma, hay fever, malaria, stomach
papers that a reference to them war, banditry and taxation, unde here seems unnecessary, but it may partial recovery in the absence trouble, indigestion, constipation,
be of interest to enumerate bertain of civil fighting but continues to gastritis, piles, hitala, heart and
outstanding events of the year struggle with heavy odds. skin disease, eczema, scrofula, ner- vousness, insomnie, obesity, kidney do not require much comment: affecting the London Market, which river navigation-thanks partly to and bladder trouble, diabetes rheu- Honey being easier in most of the holds its pride of place as the naval guarda-has been less inter- fered with by piracy, the move After years of suffering and after matism, neuralgia, dropsy, porr principal centres of our activities, world's chief financial centre.
hea, epileptic fits, paralysis, fille discounted, loans, and, credits (1) The stabilization of the ment of goods has been increasing- the enormous expense of travelling tumours, ulcers, pimples, family have declined about 816 million French Exchange at 124.21 in Junely hampered by means of local and the endless doctors' bills, there trouble, dizziness, beadaches, and which is compensated by an in- last, a prelude to which was the taxation, Fresh imposts being con- is nothing that I can do but speak many other chronic diseases, have crease in our cash and bullion in
of foreign tinually applied by the various re- party warfare from which the good for the Poo On Chinese Herbs been restored to health and happi- band and in transit of about balances by the Bank of France gional authorities without method country has suffered for more than and heartily recommend them.
reas, without poisonous drugs, or 350.3/4 million.
and the importation of gold from or warning, to the great disloca Four other members of my family the knife by the Poo On Chinese
tion of trade
(Continued on page 4). The only other considerable dif- America, have also been cured by the Poo On Herbs.
ference is in our holding of securi-
Trade on the Upper River has Chinese Herbs, which causes me to
ties which is lower by about
been fitful and somewhat pre- endorse them more strongly. My! THE POO ON HERBS CO.
various owing to cases of local in- husband was suffering from a sore Y Foo LUN, Chinese Herbalist 29. million, this being to a great
terference and to the disturbed on his lip that was painful and Managing Directors, Main Office, extent accounted for by an increas
ed holding of bille receivable (3) The high rates for call money political condition of the province troublesome, and as he was a heavy Modesto, Calif, U.S.A
Hong
of Szechuen, which still virtually smoker we believed that it was Kong Office: 88; Queen's Road which are some 810 million higher in New York and advance in the
.and 庭
New York Federal Reserve Bank maintains its traditional indepen- reduction in current ac He Central, Office Hours daily:9 am.. turning to smoking cancer.
counts of about 811 million. Irate from 3.1/2 per cent. in Janu-dence of the rest of China. consulted the herbalist and was to 12.30 p.m., 2 p.m. to 8 pm. would mention that our investary to 5 per cent. in July. ***** given some remedies and be was Evening Hours: 8.30 p.m. to 8. ments stand in our books at well (4) The final transfer of the cur entirely cured and the sore has pm by special appointment only below current market prices. rency note issue to the Bank of
Europeaa Lady in Attendance.
Although the event falls actually England This operation com- gone
within the current year and so is pleted our transitional steps from outside the period under review, I the war currency non-gold basis to should like to refer to the opening the Gold Bullion Standard. on January 2nd of our Kowloon It is satisfactory to note that the sub-agency, In establishing this endeavours towards the stabiliza new office on the mainland we are tion of world prices are being con- teeping in step with the rapid tinued and that the central banks growth of the Colony in that direc-of Europe maintain their policy to fion and are, I feel sure, provid this end. Gold has now been ing the increasing body of reuniversally adopted in Europe as
idents with a much appreciated the monetary standard, while convenience. The sub-agency serves Japan, though the Government re- also to relieve the pressure of work mains non-committal, public opini- which falls on our Head Office. on appears to be favourable to its
early adoption...
WHO HANDLES THAT BUSINESS?
Look at the Directory of the Far East and you can g find out. 1929 Edition (67th Annual Issue) now in pre- paration. Send your Order now to Hongkong. Dally Press, 11. Ice House Street
The Silver Market.
(2) Heavy borrowings of foreign capital by Germany and conse- quent importation of gold into that country.
In the North ********* In the North, business has had further obstacles to contend with, firstly the dearth of railway trans- port, due to the wholesale removal of rolling stock by the Manchurian authorities, and, secondly, the crippling charges imposed on rail- way trafic by the military authori ties controlling the lines. Since the middle of the year, through traffic. has been suspended both on the Tientsin-Pukov and Tientsin- Mukden lines, on the former by reason of the blowing-up of the Yellow River bridge and subse quent misunderstandings, between the Chinese and Japanese authori- ties; on the latter on account of I will now briefly pass in review the failure of Mukden and Nan conditions of trade and finance king to come to a working arrange- throughout the Far East, beginment. The port of Tientsin has
Trade Conditions in China.
Among the subjects dealt with by. the Chairman at our annual meet- ings, "the silver market holds an Always important place. inasmuch As, by its effect on the Chias exning with Chinn. change,"
the price of silver over The cessation of civil war cines a probably greater influence brought, I need not say, great re than any other single factor overlief to the trading community in the operation of foreign Banks the country. This was largely dis and commercial houses in the Far counted, however, by a dimppoint East!
ing lack of improvement in such
also been cruelly handicapped by the silting up of its waterway-a state of affairs which is, I trust, being seriously taken in hand.
Manchuria has given proof of slow but steady development, com- mercial and economic, and seems
a decade.
For the THROAT the BRONCHIAL TUBES and the LUNGS
VALDA
PASTILLES
are excellent.
On Sale at all Chemists & Druggists INSIST on the boxes bearing » **; the name VALDA:
SOLE AGENTS:
L. RONDON & CO.. SHANGHẢI.
LTD.
ASAHI BEER
Invigorating & refreshing.
ASAH!
Sole Agents MITSUI BUSSAN KAISHA LTD.
HONG KONG