Underwear
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The vests have French necks and loose quarter sleeves, Trunk Drawers in
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CELLULAR
Shirts Underwear Pyjamas.
Mackintosh's
HONGAY SMOKELESS EGGS COAL
FOR
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KEEP THE HOUSE CLEAN AND NEATI
NOTE CHEAP PRICES-
In lots of not less than half-ton; delivered to:-
www
Peak District (above Bowen Road)- Bowen Road and Lower Levels Pokfulam Road Kowloon
PER TOX
$23.00
$21.00
$23.00
.... $19.00
Orders should be sent in writing, not by Telephone, at least 24 hours before the coal is required, and orders must be accom. panied by cash, cheque, or compradore order payable to BZE WAI & CO.
Please apply for prices of other descriptions offcol
for bunker, factory, and other purposes.
SZE
TELEPHONE No. C. 5009,
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Civil Service Salaries and
Reviews of Local Trade
•
conditions are topics of interest in
the Press."
Weekly
Other interesting features are resume of the fighting in the North and the question of the confiscation of French Mission Property in Canton.
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THE HONG KONG DAILY PRESS, TUESDAY, APRIL 1, 1930.
A Dual Factor
A Field for on operation,
ANNUAL MEETING OF THE CHAMBER Two factors stand out very clearly There is one aspect of this matter
OF COMMERCE.
CHAIRMAN DEALS EXHAUSTIVELY WITH VARIOUS PHASES OF HONG KONG'S TRADE AND FUTURE PROSPECTS.
MR. A. H. FERGUSON SPEAKS ON THE CURRENCY. PROBLEM.
MORE ABOUT THE SALARIES COMMISSION REPORT.
"Despite civil war and other internal troubles," said Hon. Mr. B. D. F. Beith yesterday, when he presided over the annual meeting of the Hong Kong General Chamber of Commerce, China's foreign trade shows little or no sign of diminishing, which is an indication of the great expansion that would occur under more. settled conditions?
The Chairman, in the course of his speech, touched on some very interesting subjects, among them being references to the Salaries Commission report, the vagaries of exchange, the new trade statistics department, piracy provention measures and the work which the Technical Committee of Shipping Survey Regulations has been doing...
Mr. A. H. Ferguson; in seconding, spoke on the currency question. He said that money conditions in the Colony were extremely easy and he sounded a note of warning to share specu lators, pointing out that investing in shares was a very different thing to speculating in shares, and drew attention to what happened in New York a few months ago. He also reminded his hearers of what happened in Hong Kong in 1925.
Shenton,
THE CHAIRMAN'S SPEECH.
The following individual members and firms were present: MrC Champkin, the Hon. Dr. E. H. Kotewall, C.M.G., the Hon. Sir H. E. Pollack, K.C., and Mr. B. M. Talati, Mosers. Anderson & Ashe results.
can be
If
as causing the recent collapse. The in which, I am hdvised, the Cham first is entirely domestic and may|ber of Commerce can usefully,con be traced back as far as 1925, when operate with the Government, and acute political disturbances called I am sure the Committee will be for prudent measures for steadying glad to do so. It has been pointed our exchange, that were heat car out that in regard to cotton piece ried out by counteracting the goods, for example; ene Chinese. downward tendency of silver by a character is generally used to re premium on our banknotes that present descriptions which, -in the werd - then, as they have always import headings, would appear been, the recognised medium for under half a dozen anmra." If there the settlement of contracts in this half a dozen items appear in the Colony,
export side of the statistics, an ODE The second factor is the recent item, under one Chinese name, that adoption of a gold · exchange particular commodity will errone- standard by the Government of ously appear to be sold more freely Indo-China and the incidence of than it is bought, and the other heavy, sales of silver by the Govern five articles will, also erroneously. ment of India..
appear to have been entirely con- As regards the first of these sumed in Hong Kong. I mention factors, public confidence in the this as an example of the way in wisdom of this policy was evidenced which the statistics may be vitiat- by a demand for our banknotes" ed. I hope it will be possible, with that, however gratifying it may have the help of certain of our members. who have special knowledge of the then appeared, became in time s
subject, both from the language serious embarrassment. Qur note and the technical points of view, issues are, of course, subject to to assist the Government in pre- legal limitations. These limitationi paring an explanatory guide to FULL REPORT OF CHAIRMAN'S AND SECONDER'S SPEECHES.
classification in both English and are sufficiently wide to provide for Chinese. all conceivable currency needs I gladly acknowledge that the In addition to the Chairman, the
The Committee has been consult not designed to encourage, or to
within the Colony, but they were to overcome the drawbacks which Government have done all they can
following members of the General
ed by some of ita members as to
many people complained of in re- In moving the adoption of the Committee of the Chamber were
what increase of salary should be sociated from ear genuine trading statistics; Mr., Lloyd, the cope with, outside demands dis- yard to the former avstem of collect present: Mr. W. H. Bell (Vice been in your hands for some days, report and accounts, which have
given to employees generally to requirements. It is no part of the Exports Department, has been most Superintendent of the Imports and Chairman), the Hon. Mr. J. Owen I shall necessarily be brief. As living consequent upon a depreciate the hoarding of money, and when Ender the new, system, it will no compensate for the higher cost of functions of banking to facilitate helpful in all our discussions. Hughes, Mr. A. P. Bungey, Mr. V. Į M4. Grayburn, Mr. Paul Lauder, Mr.portant questions, to which the
stated in the report, several im-i
ed currency.
Sterling exchange the premium on our notes became messenger to the Import and Ex- longer be necessary to send a Gordon Mackie, Mr. Committee has devoted a great deal already made by some firma and unwieldy, a reversion to the strictly port Office with a declaration form
compensation arrangements Pearce, Mr. T. H. B. Shaw, Mr. J. of time and thought during the past P: Warren, and the following co twelve months, have not yet reach differ so greatly in each case.
it is a matter which must be left to silver standard established by law to be chopped before the cargo can individual action, as circumstances became imperative. The declared furthermore, documents may be in be received or delivered, and, opted member:-Hon. Mr. W. E. Led a stage at which they present exchange levels continue,
policy of the banks to rehabilitate either English or Chinese. This will portant of these subjects is the draft publicly discussed. The most im corresponding increase in the cost the silver dollar resulted in a heavy obviate the necessity for re-estab of living for some will result and fall in exchange, or what was permit writers," and queueing up lishing the special occupation of commercial treaty between Great do what they can to help their essentially the same thing, a heavy at the Import and Export Office
firms and companies will doubtless Britain and China, to which you staffs, though it must be remember decline in the premium on the paper with the attendant evil of aqueeze, We hope to be able to announce have seen references in the Press.
ed that both employers (whose | dollar.
as to which complaints have been. later that our efforts have had good
profits are greatly reduced) as well
made in the past. Merchants will as employees are affected. Before
Now, with regard to the second be free to maintain a running log Despite civil war and other in-couning to a decision, one might well factor, so long as sterling exchange of their imports and exports, with- (Mr. T. G. Paterson), Mesternal troubles, China's foreign ordinary standard of living in Hong the silver dollar ranked equally commodity or steamer, rendering take into consideration whether the
was over silver dollar parity and out any necessity to group them by Arculli Bros. (Mr. M. P. Madar), trade shows little or no sign of Kong is not unnecessarily high a The Asiatic Petroleum Co. (S.C.) diminishing, which is an indication
with the paper dollar, it was obthe combined results, say, once à the present time, whether, in fact, viously profitable to mint silverweck. If this work is done as part Ltd. (Mr. W. H. Bell),. The Bank of of the great expansion that would occur under more settled conditions.
the individual's ideas on necessary dollars and import them into the of the regular routine, I am sure East Asia, Ltd. (Mr. Li Tse Fong), Too much stress cannot be laid upon living have not exceeded the growth process of supply and demand procedure has been decentralised eomforta and his general mede of Colony. Ordinarily this natural it will be of very little trouble. The The Bank Line, Ltd. (Mr. W. G the urgent necessity for abolishing and rate of progress of the Colony should have speedily restored us to to the extent that shipping com Goggin), Mesars. Bradley & Co., which so severely restricts the free the excessive internal taxation
If such should prove to be the case, silver parity. but unfortunately, our panies before signing bills of lading Ltd. (Mr. J. A. Plummer and Mr. movement of goods, the volume of
to increase salaries at the present demand coincided with the currency or other documents of title will be K. S. Morrison), The British trade, and the purchasing power of
time would be tantamount to en- adjustment of Indo-China that re-required to, ascertain the name and American Tobacco Co. (China), majority of the Chinese people, and, the peasantry who form the vast
couraging a continuation of this sulted in abnormally large supplies address of the consignor, and to state of affairs. There is a point of silver being placed on the market, render, as they do at present, copies. Ltd. (Mr. A. P. Bungey), Messrs. who are themselves seriously affect which it is not economically sound and the Government of India, very of their manifests to the Import Butterfield & Swire (Mr. T. H. R. ed, for, to quote a well-known
to raise salaries which, in the long inopportuney for us, also came out and Export Office, but with this run, must be considered in relation as a heavy seller. Our demand, additional information. Shipping. Shaw), The Central Agency, Ltd. authority on this subject (Sir H. H.
Fox) who said
to trade nod this should be borne therefore, was more than met by companies have agreed to give a (Mr. Chas. Wallace), The Chartered)
in mind just as much by the Gov. | theso adventitious supplies, and the trial to this systen-known in the In this matter of irregularernment as it has to be by com- Bank of India, Australia and China
'net result is that although we are post-declaration system-which we taxation the Chinese authorities mercial concerns. After all, it is much nearer parity now than we trust will facilitate the compilation (Mr. A. EL Ferguson), Messrs.
cannot be charged with dis- the commercial interests who, in Char Yue Teng (Mr. Chau Yuo
were six months ago, we are still of trade statistica so necessary in crimination against foreign goods. the main; pay the taxation which very inconveniently over it. If we these days. It will be appreciated Teng), Messra, Davio Bong & Co., because reports from all parts of provides the wherewithal for such are to get back to silver parity we that considerable additional work. Ltd. (Mr. N. M. Currie), Mesars. the country go to show that payments.; Deacons (Mr. W. E. L. Shenton),
must look for it further fall in and responsibility has been thrown Chinese produce coming down Messrs. Dodwell & Co., Ltd. (Mr.) from the interior to be shipped
Vagaries of Exchango.
exchange, unless by a fortuitous upon the shipping companies in circumstance the price of silver this connection, and we trust that. J. P. Warren). The Douglas Steam-
abroad is taxed in many cases Fluctuations in the price of silver materially risca
importera and exporters will render ship Co., Ltd. (Mr. A. H. White), even more heavily than imports, and in the exchange value of the Messrs. Fung Tang (Mr. Wong Tak
These two factors have brought them every essistance to ensure the chiefly for the benefit of military Hong Kong dollar during the years about a condition of extraordinary success of the new system. Kwong), The General Electric Co. chieftains..
1000-1920 are shown in the griph complexity. Silver dollars are still of China, Ltd. (Mr., A. B, Raworth),
which forms an interesting enclosure being imported because the opera Mesars. Gibb, Livingston & Co., Ltd.
to the Chamber's report for 1920. tion shows an immediate paper (Mr. C. G. Mackie and Mr. J.
The depreciation, within six months, profit, but there is Davies), Messrs. Gilman & Co.,
no apparent of more than twenty per cent, in outlet for them. They are not really Ltd. (Mr. G.. Miskin), Mesars. A.
the sterling value of our currency needed to supplement our currency Gocke & Co. (Mr. A. Gocke).
is a fall without precedent in recent aad, sooner or later, their dead Messrs. T. M. Gregory & Co. (Mr.
years and calls for something more weight will become a burden. only. H. M. Gregory), Messrn. W. A.
With regard to the proposed than a general reference to this to be relieved by their export as Hannibal & Co. (Mr. H.T. Buxton), abolition of extra-territorial rights, factor of exchange that, in the past bullion.
Turning to shipping questions, The Hong Kong and China, Gas Co.. I cannot do better than refer mem-year, has no gravely affected us as I would refer here to a statement during the year the prevention.of Ltd. (Mr. L.. T. Blackburn), The bers to the remarks made from the a trading community. Hong Kong Electric Co., Ltd. (Mchair at the recent annual meeting
made by the Chairman of the Hong piracy on Eritish vessels has been. Let me state frstly, that the ques Kong and Shanghai- Banking Coprominently-before the Committee D. Butcher), The Hong Kong of the Hong Kong and Shanghai tion as to whether high exchange poration at the recent annual meet and it is satisfactory to note that Fire Insurance Co., Ltd. (Mr. F. Banking Corporation, as to be or low exchange is, in the long run, ing of shareholders,, "It is obvious its efforts, together with those of C. Hall), The Hong Kong and essential safeguards which will have beneficial to the Colony, is a doc that a small Colony.. like our own the shipping companies concerned, Shanghai Banking Corporation (Mr. to be provided in order to protect trinaire point that I prefer not to cannot absorb unlimited silver to secure the provision of properly T. M. Grayburn), The Hong Kong and develop trade to and from deal with lire. Those whose in- dollars, and further imports of these disciplined and controlled military Tramways, Ltd. (Mr. L. C. E. Chind
terests are definitely linked to silver are much to be deprecated."! guards have resulted in freedom of Bellamy, Messrs. J. D. Hutchison
Salaries Commission Report.
cannot be expected to regard with & Co. (Mr. T. E. Pearce and Mr...
Your Committe concurs entirely attack for all vessels so provided. complacency a shrinkage in the in this view and regards with con- Those of us who travel from time P. S. Cassidy), The Indo-Chinia, You will note from the report that comparative value of their invest cern the continued importation of to time up and down the China Steam Navigation Co., Ltd. (Mr. the Committee was asked by the ments. There is, however, a wider silver dollars, not only because the Coast have been impressed by the P. Tod), Mears, Jardine, Matheson Government for its views on the view than that afforded from the difficulties of handling them are efficient service rendered by the & Co., Ltd. (Mr. J. J. Paterson), report of the Salaries Commission, personal standpoint. The commer becoming increasingly burdensome military guarda, and realise that if The Kailan Mining Administration 1929. We are greatly indebted to ciat prosperity of this Colony hould to the banks; but also because the anti-piracy guards are to be effec- (Mr. A. C. L Bowker), Messrs. the Hon. Mr. W. EL. Shenton, not have been achieved, nor is it problem of their ultimate disposal tive in the future, this discipline Keller, Kern & Co., Ltd. (Mr. S. Mr. M. T. Johnson, and Me. A likely to be maintained, without fall may very conceivably involve the and control must be maintained. Kern), Messrs. Lowe. Bingham & Ritchie for serving as a Special consideration being given to the Colony in even greater difficulties When His Majesty's Government Matthews (Mr. John Fleming), Committee to examine the report economie policy of our neighbours. in the future,
advised their intention to withdraw Messrs Mackinnon, Mackenzie & in dotail. The drop in exchange
Certain it that the difficulties In this connection we are gratified these guards on April 1, earnest re- Co. (Mr. C. G. Mackie and Mr. A. occurred after the Balaries Commis- we have had to face in exchange to know that the Government has presentations were made that they E. Martin), Messrs. Maxim & Co. mon reported and I think the mem- during the past year are not due appointed a local Committee of should reconsider the situation so (Mr. Julio Ribeiro), Messrs. Mitsui bers of that Commission will agree to any feeling of insecurity, in our Enquiry into cur currency and other as to maintain these essentials. Bussan Kaisha, Ltd. (Mr. T. Take with me when I say that a situation currency. So long as we function cognate matters, with terms of re- The Government have, however, hashi), Messrs A. B. Moulder & with regard to sterling salaries on a silver standard, we have neces- ference sufficiently comprehensive to decided that for the future guards Co., Cid. (Mr. Wong Oi Kut), The which they ruturally did not en sarily to accept the disabilities include all points that have bearing will be provided through the Hoog National City Bank of New York visage has since developed. When attaching to that standard, but it on our present difficulties. We Kong Police, but that until this (Mr. F. Mel). Courtney), The our Special Committed was first bhs never been urged against us cannot anticipate the findings of force is available the present system Netherlands. Belling Organisation appointed to consider the subject, that our metallic reserves are, in that Committee and I will, thereof military guards will continue at (Mr. Alex. W. Van Andel), Messrs, an exchange in the neighbourhood adequate, that our note issues have fore, only add that we are justified the expense of the steamship com Reiss, Mastey & Co., Ltd. (Mr. B. of 18, 9d. appeared to be n, likely been in excess of the public demand, in hoping that its deliberations on panies. It is an extraordinary Lander Lexis), Messrs. Reuter, prospect, but the further drop to or that any strengthening of our these vital questions will be pro- position that in a matter which Brockelmann & Co. (Mr. W. G.1. Od. or thereabouts, places the fiduciary obligations could replace ductive of good result.
affects all trading interests the Fischer)... Messrs. Rudolf, Wolff & situation in a new light. The Com the natural corrective of exchange Merchant members of the Cham-steamship companies should have to Kew, Ltd. (Mr. C. H. W. Kew and mitteo thinks it best, therefore, to fluctuation which is adjustment of ber particularly will be glad to incur this exceedingly heavy tax Mr. A. E. Kew), Messrs. David withhold from publication, for the local prices.
know that the department for the on their enterprise. · Recruitment, Sassoon & Co. Ltd. (Mr. R. Stock), present, the comments which were The difficulty is that the process compilation of trade statistics is discipline and contral is obvionny Messrs. H. Skoté & Co. (Mr: G. E forwarded to the Government on of adjustment lugs behind the move about to resume its operations, and, beyond the scene of the companies Wetton): The Swedish-Chinese Ex- the Salaries: Commission Reportment of exchange. When, as in the wo hope, more effectively than themselves and your Committee is port and Import Co. (Mr. IL A Obviously something will have to present instance, we are faced with formerly. Whether this proves to of opinion that to be really efficient, Pearson), The Union, Insurance Lo be done to help Government officials an abnormal fall in the price of be the case, or not, will depend these should be maintained by the ciety of Canton, Ltd (Mr. Paul on sterling iries through the silver, due to circumstances out of largely upon merchants themselves. Naval and Military Authorities. Lauder), The Union Trading Co., present exchange situation but if our control, there must of neces I take this opportunity of appealing We understand, however, that there Lid (Mr, 8. Jex), The Union is by no means evident that the sity he a serious disturbance in to All business firmá to see that will be considerable improvement on : Waterboat Co., Ltd. (Mr. F. Syme method of increasing sterling the state of gold commitments in their staffs fill in the forms prompt the conditions existing prior, to the Thomson), Mcasin, Harry Wicking salaries (already in most cases qui curréd· în - the over-confident ex-{ly und. I would add, intelligently, provision of the tailitary: guards, & Co. (Mr. J. Owen Hughes), The full standardy is the right one, pectation that exchange would fun so that the totals of imports and and that the how force will be Yokohama Specie Bank Ltd. (Mr. and I imagine that if silver con- tion normally within these limits exports, at the end of the month, under regular discipline, with proper T.Namiki), Stewart Bron (Mr. finnes at the present very low level, to which we had been accustomed or at the end of the year, as the N.0.0,'s, and that the whole force H. B. L. Dowbiggin), and Mr. E. R. the whole subject may have to be and that we had regarded as cover case may be, are at least approxim- will be effectively controlled. Price (acting Secrétáry,
reconsidered from a different angle. ing ordinary business risks.
ately correct.
(Continued on Pape
Eggs seem to be singled out for severe treatment: A new laid egg, for instance, on its way from the farm to the port has, in addition to likia, to pay customs duty, produce and exam nation tax, an educational and a charitable tax, t
A fine of $250 is provided in the Ordinance for non-compliance with the requirement to render statistical information, but I hope few of our members will have to be haled to the Police Court to receive a course of memory training!
Anti-Piracy Guards,