Sleeping Suits
for present wear
The extremely soft finish of the fine Ceylon Flannel makes them feel warm when you put them on
and keeps you warm.
Fancy stripes in new designs.
$8.50 per Suit, 3 for $24,00
Less 10% discount for cash
WARM BATH ROBES, DRESSING GOWNS, SLIPPERS
Mackintosh's
THE HONG KONG DAILY PRESS FRIDAY, JANUARY 10, 1930.
ANOTHER SLUMP IN THE DOLLAR.
"EXPERT SAYS TRADE REVIVAL IS
REMEDY.
PROSPEROUS CHINA WOULD NEED SILVER.
Yesterday the T.T. rate of the Hong Kong dollar was 1/6jd., which touches the low-water mark of its value, recorded at the end of the year, 1902,
Very bitter comment is being made in all business circles on the action of the banks in forcing local currency down to the silver basis.
"No one
benefits except the banks," said a recognised local ex- pert in the current question, to our representative. It would have been very much better to leave thinga as they were and keep the silver dollar out of the place. No one wants silver. No European country has any quantity in circulation as we all prefer notes with a gold basis, and there is practically no demand for the metal in any question. Indian silversmiths require a certain ameant, but the Government of India volunteers very little about what it is doing on the silver market. I certainly won't buy more to help us out!
May... 25) June.. 24.0-16 94 July... 24.13-16 23.15-16 51% 31% Aug.... 24.7-18 Sept. 24.3-16 Oct.... 23.3-16. Nov.... 3 Ded... 24:11-15 21.8-13
sa
The Quarterly Averages for the last two years have been:-)
1099
331
301
301-
33.11-18 30
36.1-18 31
33.7-18 31.1.18
KAIPING COAL
FOR ALL PURPOSES
1918 1917
,"372
45
231 35.11-16
1013
49.
1910
To
47.7-16
10:20
801
JJ
1021
434
373
1023
- 1024
1025
10:20
31.13-16 24
1097
2$ 1
1929
293
20.1-10
1029
20.7-16 21.5-36
EXCHANGE IN HONG KONG (WIRE).
HOME,
FACTORY
SOME RECORDS OF THE DOLLAR'S
Higbeat. Lowest.
185-1
3/62 3/01
AND BUNKERS
PAST.
1855
3/7
3/32
1850
342
9/11
1667
3/42
3/0)
1898
3/11
2/11
LONDON.
1850
3/23
2/11
1800
3/101
3/0
Bar Silver
(ready) High- Low.
Bank Rate
1801
3/6
3/01
of Discount.
1892
3/08
2/B1
High-Low:
1893
2/82
9/21
est.
Jan.... 20.7-10
est.
est. est.
1994
2/34
1/11
Feb. 20.5-16 March 201 April. 23.15-16 25-5-18
06 95#
43% 43%
1805
1/11
53% 43%
1800
2/21
1897
2/13
1/01
510 51%
1898
1/11
1/91
241
5% 5%
1800
1/11
1/102.-
KİM BİN
1900
2/17
1/11
1901
2/1
1/04
24.3-18 53% 51%
1002
-1/102 1/0
93.5-16 ·01% 81%
10:03
1/10.11-18 1/6)
221
80%
1004
0% BIN
1905
8/11
53% 3%
190G
12:07
1908
1/112 1/8
1009
1/91
1/84
1929.
1010
1008.
1/101
1911
1st quarter....1/11.29.32 9/0.3-16 2nd quarter......1/11.7-32 3rd quarter....1/11.1-18 4th quarter.....1/8.0-16
1/103
1912
2/0.13-32
1913
9/0.3-32
1914
1/11
1/78.
2/0.7-32
1013
1/118
1/9
Half Year Averages.
1010
2/42
1/11.1-18-
1017
3/21
2/04
1st half.. 2nd half.
1029.
...1/11.0-16
1999.
1018
3/8
2/114
2/0.9-39
1019
5/2
3/01
.....1/0.13/18 2/0.5-32
1990
8/2
.2/11
1921
3/12
2/21
Year's Average.
1990
2/14
-2/21
.1923
9/41
9/21
1929 1028
1/10.11-10 2/0.7-32
1924
2/58
2/27
1993
2/53
2/27
1996
T.T. Eates.
བྷ་༣་
1/9
1927
2/02
1/11
The average T.T. rate for the years 1801 to 1928 are as follows:-
1001
1928
2/11
1920
8/01
1/114 1/71
1/11.0.16
1902
1/82
1003
1/83
1004
1/10
on order and will be coming into
1905
3/118
the Colony shortly."
1008
2/12
Pressed on this point our infor- mant, entirely as a personal opinion, agreed that 1/6d. was the probable minimum.
1907
2/12
1008
1/09
---1900
3/9
1910
1/9.5-16
1011
1/9.11-16
1012
1/11.15-16
1913
1/11
PAUL ROBESON
state
Discussing the question of a gold basis it was pointed out that Hong Kong could not move ahead of China in that måtter—" and as for Nanking talking of a“gold basis, the thing is ridiculous. The cost has been worked out. It is a colossal figure, and in the present!
of China's finances, and general chaos, the thing simply could not be done."
1014
1/10
7015
1/0.11-16
1016
2/18
1017
2/7.7-10
1918
1919
3/0.7-10
1920
4/3.11-18
1921
2/7.7-16
1022
2/8.1-16
10:23
2/3.11.32
1924
2/4.7-18
1025
2/3)
2023
2/2
1927
1/11.29.32
· 1923
.2/0.7-32
1923
1/10.11-16
JUST RECEIVED
TWO NEW RECORDS
by
GRACIE FIELDS
B-3176-
B-3202-
That's How I feel about You Thoughts of
you
Oh Maggio, what have you been up to? I've got a man
Also a number of other interesting
H.M.V." records by
WALTER GLYNNE
PETER DAWSON
WISH WYNNE
REGINALD FOORT
ARTHUR MEALE
etc, etc, ete
S. Moutrie & Co., Ltd.
(Victor Distributors)
Chater Road.
The ideal rate for Hong Kong isi between 1/03 and 1/10, in my opinion. One needs that small. fluctuation and the disadvantages of; inflected value are of course obvious when you consider that we live on But the trade with the interior. present alump is hitting the Colony
every direction, and no knows where the fall will end, especially as a lot. more silver is
GOLD BASIS IMPOSSIBLE.
DISAGREEMENT. WITH
MR. HYNES.
Our informart disagreed with the opinion of the Hon. Mr. A. C. Hynes, given in our columns on Wednesday, that China was glutted with silver, and that political and economic revival would not see the dollar recover.
ין ,
POWER
HOUSE,
TUGS &
**LOCOS
5/2.13-16
1/11.0-18 1/8)
1/0.13-16
9/3.11-16 2/01
2/3.5-181/03
1/8.0-13 1/0.1-15 2/11-18 1/103-16 2/0.15-16 1/11
ADVICE FOR INVESTORS."
READERS
Aro reminded that inquiries relating to" the share market are answer- ed on page. 11 every Tuesday "by. "Kufan." Letters should be sent to this office, and must be accompanied by writer's and address, not for publication, Letters should be addressed to "Kufan," care of the Editor.
name
THE KAILAN MINING ADMINISTRATION,
Head Offles-TIENTSIN...
DODWELL & CO., LTD., Agents, Hong Kong.
SMUGGLING OF CIGARETTES.
DEFENDANTS DISCHARGED
YESTERDAY.
PROSECUTION FAILS.
At Central Magistracy yesterday, Mr. A. W. G. H. Grantham dis charged the two men who were being prosecuted by the Superintendent of the Import and Export Depart ment for the alleged smuggling of cigarettes into the Colony.
'ALLEGED ASSAULT AT
HAPPY VALLEY.
CASE TO BE HEARD NEXT THURSDAY.
At Central Magistracy yesterday, Mr. A. W. GH, Grantham fixed Thursday next at 2.15 p.m. for hearing of summonses brought by Mr. G. H. Blok, a member of the Daily Press staff, against a number of persons residing at Happy Valley.
Charges of assault were alleged against Mr. H. A. Botelho, and Mr. N. B. Maher, while Mr. A. O. Botelho, Mrs. A. C. Botelho and Mise Cissie Botelho were summoned for using threatening and abusiva language. There were four cross summonses against the complainant.
The details of the case for the prosecution were outlined by Mr. J. D. Lloyd on Wednesday. Evidence was then given in support of the opening. Yesterday when the Court sst, the Magistrate, de-
In suggesting Thursday next for clared that he found that the pro-bearing of the case, Mr. Leo secution had produced no evidence d'Almada, sen., for the original against the second defendant which defendants, said that the matter would connect him with the smug
was likely to be settled. gling.
As regards the first defendant, it appeared that the only evidence against him was that he had paid the rent of the premises and that he opened the door to Revenue Cfficers when the latter called. There was no evidence, however, to show that he was connected with the consignment which was seized, or with any previous consignment.
Mr. Lloyd mentioned that he was going to argue that the premises were those of the Wang Cheong Company who were engaged in smuggling and that it was up to the defendants to produce some evidence to show that they were not connected with the business.
Hia Warship in discharging the two men stated that the onus was not on the defendants to prove that they were not connected with the onsiness but it was up to the pro- secution to show that they were.
The evidence did not point that
wiv
Mr. FC. E. Rendall, for the complainant, replied that it was the first time he had heard about it.
Mr. d'Almada: Perhaps fr. Rendall does not know, but there is a third party who is intervening in the matter.
In reply to the Magistrate, Mr. d'Almeda" said that there would be no further cross-summonses.
Referring to the cross-summonses, Mr. Rendall told the Magistrate that three of them were received on Tuesday afternoon for appear- ance on Wednesday morning, but when his client, on his directions, attended Court, he found the "com-. plainants were absent. Had it been the other way about, a warrant might have been issued against his client for not obeying the order. As it was, his client had wasted time for nothing.
Mr. d'Almanda suggested that there had been a mistake in the date and the Magistrate was prepared to
leave it at that.
CATHAY HOTEL
THE BUND – SHANGHAI
214 ROOMS " AND SUITES, EACH WITH... PRIVATE BATHROOM.
Rates ruling on, December 31 of the following years:--
WHITEAWAYS
DO NOT FAIL
TO VISIT
WHITEAWAYS
GREAT
WINTER SALE.
ON
MONDAY NEXT
ENTIRE STOCK INCLUDED
ᎪᎢ
GENEROUS
REDUCTIONS
WHITEAWAY, LAIDLAW & CO., LTD.
1008
1/8
1909
1/91
1310
1/10
· 1911
Political Chaos the Cause. The whole, trouble is the chaos in China. Of course, Shanghai is Hooded with dollars; recent letter from there puts at 200 million dollars, half sycee or bars, and half in minted dollars (Mr. Hynes' figures-also an estimate were a total of 230 millions). But I do believe there is a shortage of silver up country. It has not been safe to ship it for years, and Manchuria in particular is crying out for silver. When you get famine and war de. wastation, of course people will buy necessities with what they have. If you are really hungry you'll give A handful of silver for its weight in rice or beans-and silver still has some value.
1/10/
THE MOST MODERN
3012
2/01
1013
1/11.3-15
HOTEL IN CHINA -
1014
1/01
1015
1/11
1016
2/41
7017
3/-
(1918
3/42..
.1919
4/10%
1020
3/11
1921
2/7
1022
2/21
1023
2/31
1024
2/32
1925
2/43
1920
1/114
1927
2/08
1028
**2/01
.....1/71
NOTES WITHOUT BACKING.
"The reason why the bottom is out of native notes, and has been for years, is that all the silver is in Shanghai, or some Concession, and. the paper has no backing. But if we could get peace and security, then the country would need all the silver it could get. The thing would come, slowly, but that is the back of it, the fall in the country's pro- ductive power and the lack of security."
1929
Silver and Exchange Rates From
1884 to 1929.
BAR SILVER IN LONDON.
Highest. Lowest.
31.5-18 27.3-15.
311 27
31.9-16 292
20.13-10 238
وار
1894
511 404
1985
50
48
1960
47
42
1887
471
43)
,1888
44.0-10
419
1880
442
41.15.16
1800
549
434
1801
483
43
1802
431
371
1833
38.13-18 301
1804
THE DOLLAR'S HISTORY.
1895
1800
Metara. Stewart Brothers have kindly supplied us with the follow- ing records of the fluctuations of the dollar and of bar silver.
1807
1808
281
24
1839
20
209
1000
30
1801
20.9-16
#5
1002
24
21.11-16
1003
28.
21.11-10
Months. Highest, Lowest. Average. January 2/0 2/0 2/01 February... 2/0 1/11 1/13.13-10 March 1/11 1/12 1/112, April 1/12 1/11 1/11
-1904
48.0-10
24.7-10
1005
30.5-10
25.7-10
1000
33
20
1007
J008
32.7-10 27.1-10
24.3-10 INO
May
1/11 1/11 1/11.7-32
1009
24%
Junc
1910
1/11 1/10 1/10.31-32
201
July...
1/11 1/11/11.3.18
1911
201
23.11-10.
August 1/114 1/11 1/11
1012
2011-10 234
September 1/11 1/10 1/10.20-30
1013
201
25.15-16
October..... 1/10 1/81
1/9,9-32
1914
27.
CATHAY HOTEL
SHANGHAI:
November
December.. 1/8 1/7 1/7.15-10.
(Continued on next Column.)
1929 Movements. HONG KONG T.T.
23.1-10
23:3-10
HOTEL
RESTAURANT with Spring Dance Floor opening on to the Roof Terraces.
"TOWER" a la Carte. RESTAURANT on the Ninth Floor.
BANQUETING and PRIVATE DINING ROOMS on the Tenth and Eleventh Floors.
E. CARRARD, Manager.
it
CABLE ADDRESS:—
CATHOTEL."
SHANGHAL
"