HONG KONG DAILY
FUTURE OF EXCHANGE not appear desirable to comment
CONTINUANCE OF LOW RATES PROBABLE.
ANNUAL MEETING OF THE HONG KONG GENERAL CHAMBER OF COMMERCE.
Eeviewing the ovent of the past year at the annual meeting of the Hong Kong General Chamber of Commerce, which was held yesterday at the City Hall, the Chairman (the Hon. Mr. a. Gordon Macklo) indicated that a safe forecast of the Immediato future of exchange is that a continuance of low rates appoars koly and that it would seem unwise to build hopes on the dollar recovering, to the level of former years.
Commenting on the new taxes imposed on shipping, the Chair- man considered the imposition to be wrong in principle. He re- iterated that quite apart from the objections to Laxing shipping in order to augment focal revenue, It must be admitted by all that this particular trade was passing through a very hard time, and It was only by a most rigid economy that many companies were able to carry on,
The laman was supported by the following, marubers of the General (mmitter:-Mr. T. H. R. Shaw (Vice-Chairman), the Hon. Mr.J. Owen Hughes, the Hon. Mr. J. J. Paterson, Messrs. W. H, B, V. M. Grayburn, Paul Lauder, T. E. Pearce, M. St. J. Walsh and J. P. Warren, with the following co-opted members: The Hu Mr. W, E. L. Shenton and Lt.-Comdr. II. S. Squancé, R.N., with the Secretary (Mr. M. E, Key).
CHAIRMAN'S REVIEW OF THE YEAR.
CHAIRMAN'S SPEECH,'
The Chairman anid:---
Ja reviewing, the events of the year, the question which has un dochtedly caused the most concern hoth here and in China is the con- Eared fat in the price of silver and the consequent depreciation in silver currency.
further on the several recpnimerda. tions put forward until we are in possessing of the fall Report. We Lrest the report of the Mission will lead to definite action, on the part of all conegined with a view to canbling British manufactures to 'compete more, advantageously than at present in the China market.
A year ago a report was com pleted by the Technical Committee which had been advising on the adaptation to local conditions of Board of Trade Rules, concerting shipping surveys and life-saving as they equipment, particularly relate to the unherthed passenger tende. In the meantime, the alan- dard to be aimed at has been affect ed to some extent by, the publica. ]; Lion of the International Conven tion for the Safety of life at Sea, signed in Laindon on May 31, 1020.
B.O.T. Ruies.
PRESS, THURSDAY, APRIL 23, 1931.
MR. LANDER LEWIS. Mr. Länder Lewis suid:- -
Mr. Chairman and Gentlemen,— In rising to second the adoption of the report and accounts, 1 am sure I am expressing the wish of all membera in thanking you for your very interesting and able review of the Chamber's activities during
Wrong in Principis. The suggested inxes on ship- ping, in the form of increased light dues and hire of buoys are, 1 consider, wrong in principle. This form of taxation has beca the subject of several debates in this Chamber in the past, and if one can judge from the records of the meetings the official, at-† 1930, titude has been that shipping The year must have been a parti should only be taxed for specific cularly trying one, as difficulties purpoars from which a direct arising from the unprecedented bencht is oktained. In the pre-conditions through which we had sent instance this can scarcely be passed-and are stili passing- put forward as an argument in have, without doubt, erented a con- favour of the suggested levica. | siderobln amount of additional Hong Kong owes its very oxia-work, and I feel we owe a debt of tence to shipping, and its pres- | gratitude to the Comunittee for their perity has been largely built up unremitting labours on our behalf. from the benefits durived from the "advantages obtaining to a free
port. This great asset should
nintained as far as possible at all costs. Quite apart from the objections to taxing shipping in order to augment tocal ravenue, it must be admitted by all that this particular trade is passing through a very hard time, and it is only by the most rigid economy that many companies are able to Carry on."
You will find in the Committee's Annual Report reference to an old
in the areas to whose revenues they contribute. You will see that we have not been able to get very far, but we are now looking at the different angle question from a
The Chairman has referred to the recent visit of the British Economic Sub-Mission, a summary of which Mission and report of the Collon, was cabled by Reuter's last week. It is, perhaps, undesirable to com- ment until the full report has been received, but, it seems reasonable to presume that Renter's have tele. graphed out the main recommenda- ions of the Mission. The necessity for reducing production costs has bean strongly stressed: Importers both here and in Shanghai' have emphasised this necessity for some years past and have reluctently clining in the face of keen Japanese and Continental competition, against which. They have found themselves helpless to increase their turnover in British cotton goods.
All that can safely be anid of the Convention and shall frame special and are making representations to have not been reduced in the same
immediate future of exchange is that a continuance of low rates ap-direatly increased in pears likely and that it would seem unwise to build hopes on the dollar recovering to the level of former years. I join with Mr. Plummer in his speech delivered at the last annual meeting of the Hong Kong
the. Government to the effect that when it does invite tenders from local firins, it shall at least put them on terms as favourabje na
Decline in Cotton Trade. Unquestionably the decline of Lancashire's trade is due to the fact that prices are too high, and 'while the cost of cotton has declined to a very low level, export prices
share the opinion that the British proportion. Personally, I cannot cotton trade is lost for ever, bo cause I am convinced that Lancas shire will find the means eventual- ly to produce on n competitive basis and regain, to some extent, her lost China trade.
It is disappointing to note that the Mission hus not made any re- commendations as to how prices for export can be reduced, but if the various scelions of the trade can Come ander central control, it should the possible to reduce or ex- clude several intermediate profits,
The Government Marine Surveyors are now discussing with the Tech- nient Committee further modifien and familiar question-the purwatched their trade gradually de- tions af Board of Trade Rules, tak | chase of Government stores through ing into consideration the articles the Crown Agents, and the deair of the International Convention.ability of ensuring a greater share Article 12 of the Convention pro- of Government, orders to merchants vides that, in the case of passenger shipa employed in the earringe of large numbers of unberthed passen. gers, a Government may exempt I ships from full compliance with the rules in concert with such other contracting governments as may be the carriage of unberthed passengers. A Con- ference of Eastern and Far Eastern Governments has been convened for this purpose and will be held next those offered for purchases made
I am glad to through the Crown Agents. mouth at Simla. state that opportunity has been
Rice Survey, afforded for full representation of
Members will note with satis ping companies, concerned are shar-faction that arrangements for the shipping interests, and local ship & Shanghai Banking Corporation iuing the cost of sending two repre welcoming the prospect of restored sentatives. Preliminary discussions survey of cice exported under The dilties, under which we
pence in China, which, if it con- which have taken place here with Chamber of Commerce certificate labour are no less, acute now than tinues, will tend to increase the the Harbour Master and the Gor have been re-organised, and that a
ernment. Maring Surveyors enable when they were examined at some value of silver.
ine to state that the official and special rice Sub-Committed, to upoffeinl representatives of Hong whose merabers we are auch in length by the Chairman at the
Period of Depression,
Kong hope to arrive at a practical dehted, supervises this department annual meeting of the, Chamber in
While conditions remain as at agreement on all important points. March last year. If they are to be
There will be discussions en rente of our activities.
The Chamber has continued to judged entirely by the level of ex-present, the import of foreign goods with the Singapore representatives change, they are, in fact, of greater into China trust inevitably be and, we hope with the Dutch East subscribe, on behalf of a limited
UnfortuIndies shipping interests. perplexity. The downward trend severely handicapped.
silver refered to last year deve-uately world depression has siarul-ject, of course, is to co-ordinate number of members, to Renter's the requirements of Port Authori, service of Commercial Telegrams;
Marketing System. taneously checked the demand for ties throughout the East so that the cost per member is reasonable there is, as far as possible, one
the service весля Lo be The Sub-Mission have, however, Chinese exports so that we, in
standard of requirement for all and Hong Kong, who are mainly depen vessels of similar class, with special thoroughly appreciated by those emphasised some definite alterna
tives it respect" of methods of dant upon the trade of the great provision for ships plying in parti who receive it. If other members marketing out here. Admittedly, country at our doors, are neces-cular trade in comparatively eir wish to subscribe, all that is neces there is scope for improving our
During the year the provision ofsary is to get in touch with the anti-piracy protection on steamers plying in the Far East has been office of the Chamber, where details re-organised. You will remember are available. that the British Authorities decided that the guards, provided by the Military, which had been satis factory and effective, must be with
oped much as was anticipated; and the exchange rate of the dollar which at the end of March, 1030,
stand at 1/6, now stands at under one shilling
The conclusions of the Currency Committee appointed by the local Government have been made pub-
Be and accord in general with the opinion of your Committee on the points submitted. I will refer only
|
sarily passing through a period of depression, Thanks to there establishment of the Statistical Department, for which we are in debted to the Hong Kong Govern- ment, we can at least take stock of
cumscribed areas.
The ob
to China's idens of values. The thereby bringing Lancashire closer worker is not the only participant to be called upon to make a seri fice in the interests of trade, re- vival: the sacrifice has to be shared by all and wo can feel assured that, although Lancashire hins been slow to meet the present situation, she will not be found wanting in this crisis of her history.
..
marketing system, but, provided we are given competitive prices, even with our existing organisations 1 feel sure that Lancashire will ob- tain a full measure of support from European importers in China and Hong Kong
Needless to say, we are all look- ing. forward with the greatest in-
which should be in our hands very
to two of the points considered the position. For the nine months drawn after April 1, 1930. After has often been urged by my pre-terest to receiving the full report,
consolation from the fact that our dollar, though it be poor, is at any rate honest.
Premium on Notes.
The second point considered by the Currenty Committee was the alarming influx of silver dollars ne a result of the premium on notes.
Economic Mission.
1
Anti-Piracy Guards.
Turning to the report, it is noted with regret that the representations made by the Committee to the Colonial Government have met with On so little response. Apparently there have been few instances in which the Government has acceded to the considered judgment of the Cham- ber. It is to be hoped that the representations concerning tenders for Government requirements will meet with greater sympathy, and that local merchants will be given an occasional opportunity of parti cipating on terms equal to those afforded ly the Crown Agents to firms at Homa
The value of a working know- edge of the Chinese language to employees of local commercial firms that Cemanities. The first was the of 1930 for which statistics are urgent representations these guards decessors in this chair, and I an premium on the paper dollar. This available, it appears that the im. were continued for a period, but pleased to say that, as regards shortly. I trust we merchants will was generally' condemned as harm.ports of the Colony, expressed in only on condition that the in- umbers on the roll, the records of do our part in making the recom dividual companies availing them the Chamber's Language School mendations effective, and that the ful to the trude of the Colmy, and sterling, were valued at (in round selves of this protection agninet continue to die satisfactory. Fifty Sub-Committees of the Chamber in- although no immediately practic-figures) £30 millions as compared piracy undertook in writing to students attended the school dur-terested in the various sections of accept guards_provided by the ing 1930. It has to be admitted, trade reported upon, will give the with £53 millions in the correspond. Hong Kong Police Department, however, lut difficulty is often report their most careful and sym- able means of abolishing it were
ing period of 1924. The share of when they become available, and experienced in maintaining classes pathetic consideration. apparent, the opinion was express. ed that under the prudent policy the United Kingdon fell from seven that in the meantime the military at full strength owing to the heing pursued by the note-issuing and a half million to two and three-funds were paid for in full by transfer of students from Hong the companies using them. There Kong is connection with their Exports being no alternative protection, employment; also to the fact that banks, the premium would disap-quarter million pounds.
as these conditions had to bé accepted, others "fall by the wayside were valued at £23 millions pear in time. As a fact it has now
under protest.
realising that the serious study disappeared, and although same of compared with 245 millions in the
of Cantonese Colloquial involves sacrificing some other interests. the evils rather freely attributed to carlier period. It should be men-
tioned that the foregoing figures The new organisation consists of regular attendance in some cases it still remain with us, we may, I
Russians and Chinese, sworn in as adds to the difficulty of maintain think, now derive some modified can only be taken to convey
members of the Hong Kong Police ing standards and completing the general idea of the situation, as in Force, with Indians in addition; various courses in the prescribed certain respects the statistics for the whole under the supervision of period. I am glad to say that the two periods are not strictly British Police sergeants and con- during the year we were able to comparable.
trolled by a senior British Police repair the loss to the school caused Officer. The cost to the shipping by the retirement of Dr. Pearce, companies is less than the cost of the founder of the school, who
Our thanks are due to the the anti-piracy guards provided by left the Colony a few years ago. Now that the revised Statistical the Military Authorities during The Rev. H. f. Wells, still full of Government for re-establishing the Department has been in existence the period they were paid for, but energy after 45 years in Hong Statistical Departament, which is of for more than twelve months, the British shipping companies con- Kong, has kindly undertaken the the greatest value and fills a long information accumulated becomes of sider that they are entitled to look direction of the school and the felt want. I understand that somo increased value, and I take this to the Naval and Military Authori-revision of text books. After a Srts are remiss in making returns The problem of their ultimate dis-opportunity of emphasising the apties for protection, against piraty holiday at Home he is returning but I trust that these omissions will posal appears now somewhat less peal made by my predecessor in when carrying out their legitimate to the Colony in 1932, and hopes to be rectified so that the figures can complex, and as it would seem very see to it that their staffs Ell in the payment for such defence is an four years. I trust he may rainy curate. Otherwise, the Statistic
this chair that business firms will trade, and they maintain that continue in charge for the next be regarded as more or less ac unikely that further imports will be forms promptly and intelligently, expense which they cannot rightly that measure of health and strength pot serve the purpose for which made, we may hope with more con.. sont returns, when totalled at be called upon to boar,
which will enable this expectation they are required and the cost of In order to provide, for increased to be fufilled:
the Department becomes a waste of fidence that this disturbing factor the end of a period, are at least
approximately correct and compar expenditure due to larger sterling
public funds. Climber's Accounts, will be gradually eliminated,
able with earlier figures,
commitmonts as a result of the fall Although business dealings here in exchange, the Hong Kong Gov- Turning to the accounts of the
It is gratifying to learn that so are international in scope, in aernment introduced in the last Chamber for the past year, it will British Colony we naturally take Budget now taxation of shippingle noted that the income from rice many students are taking adran- discussed, and your Committee a special interest in the promotion of consisting of an increase in the certifiento fees in roughly half what tage of the facilities provided for recorded its opinion that the chango British trade Your Committee, light dues ou atean going vessels was in 1920, an index of reduced learning Chinese, and I understand is inadvisable while China remains therefore, welcomed the opportu from
cents Le 4 cents per ton, export trade. Secretarial expenses that the Chamber'a organisation is on a silver standard: You will not. nity of doing all in its power to and on river steamers from hye are increased on account of ex-working to capacity. It is a matter espect me here to enter at length assist the Economic Mission which sixths of a cent to It cents per ton, change compensation voted to the of satisfaction that Mr. Wells has into the considerations that have recently visited the Far East, and double fees for the use of staff as from July 1 last. For undertaken to direct the school on influenced that opinion. I will only Reuter's have called out a sun-Government buoys. The decision tunately the Chamber put a sum of his return to the Colony next year.
I should like to endorse the Any that the Chamber welcomes mary of the Report which the Cat was defended by the Government $38,000 to reserve between the years with much catisfaction the Cur-ton Mission have presented to the on the ground, that shipping com- 1024 and 1999: the general reserve Chairman's hopeful remarks con- rency Mission that has recently Authorities at Hone. Apparently panies, in the majority of cases, now stands at 850,000 and will erning the return of peace in arrived from Home to examine the the members realise that if Lanea either operate on a gold basis of probably have to be drawn upon China. We all have commercial in- whole quertion, following the re-shire is to continue to participate hava increased their dollar charges.in the next few years, unless the forests in China nad we are watch- commendation of the Currency in the China trade her prices will The dues then in force were im dollar appreciates to something like 10g, not without anxiety, the extra- territoriality negotiations now tak Committee The result of its de- have to come into line with her posed when the dollar was worth its former value. liberations will be awaited with competitors. That necessity has not double ate present value and beg to move the adoption ing place in Nanking. Notwith- great interest, and its members been pressed from this side very the Government therefore defended of the raport and accounts, and standing our strong rapathy rith may be assured of the full co-opera- forcibly over a long period. Other the proposed: increases as fair and when this has been seconded I shall Chinese national aspirations we tion of this Chamber in all mat points, principally with reference equitable. I venture to repeat be glad to answer, to the best of hope and must assume that what- tors concerning which it may be of to distribution, have also beea what I said in Council at the my ability, any question which any ever agreement is reached, tha
member may desire to ask.
(Continued on Page. 10) raised by the Mission, but it does times-
The question of this Colony going
on a gold standard has been much
assistanco,
..
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