THE HONG KONG
SHANGHAI BANK.
(Continued from Page (1)
HONG KONG DAILY PRESS MONDAY, FEBRUARY 29,
MOTOR SMASH.
ing the claims of British nurveyor SOLICITORS IN of railway material delivered and novou paid for. The premise in their behalf givan by the Chinese Minister for Foreign Affairs, LO H.D.M.. Minister on the occasion of the handing back to China.of the British Boxer Indemnity has, I am sorry to say, remained a dead le. ter..
tis tendencies are not a patural growth among the Chinese people and would, we may feel sure, censo to threaten the country if only the. Sir Arthur Salter's visit to China peasants could he relievod from the last spring to advise the Chiness burdens of militarism (in the Chin Government on financial matters (osɑ sense) and if the educated classes roused hopes of a possible reorgani could see in the present system azation of a general nature, but the subsequent deteriorasion of the better hope of stable and peaceable political situation put this out of government.
the question.
Flood Damage,
CAR COLLIDES WITH LAMP.
· STANDARD. ·
THE SILVER MARKET
4 HORNBY HEMELRYK'S
REVIEW OF 1931.
Mossra Pentreath & Co have kindly forwarded us the following review of the silver market in 1901, which they have received from Hornby, Hemelryk & Co of Liver
A matorcar accident in which two local solicitors were involved codurred in Queen's Road East,pool near the Amy Ordnance building on Saturday morning.
Production of now Silver during 1831 is estimated at about 190,000,000 The car was driven by Mr. M. M.
018,, av against some 948,000,000 OEM, Watson while Mr. H. SV. Mossop ately 23.4 per cont., stato Messrs.
in 1930, or decrease of approxim and Mr. N. J. Thayer, of Mosas.Pixigy and Abell, the bullion brok- Butterfield & Swire, were passon-678, London, in their annual review: With no prospect of reduction of 'gers. The car was proceeding to.
The amounts coming on the mor- the regional armed forces, the Gov,wards town and when Mr. Watson monetized aoin, were also smaller, ket from other sources, such as de- orament's military expenses The Yangtze foods of last supuner continue to drain the exchequer and attempted to pass another car he they point out. The only important contributions of this nature were were on Boxic appalling avaa fox to aid to the current deficit which collided with A lang standard, at prosent exceeds 12 million dol
30me 35,000,000 ozs. from India and China, where naturo is woul to
lars a month. Chitalanding domes Damage was done to the rear part 19,000,000 ozs, from Siam stage, disustora of vast proportions, tie bande have increased during the of the car and as a result of the Along the Yangtze alone the in-year by over 200 million dollara, impact the two passengers sustain undation covered a strip of nearly face value, bringing the total to ed injuries to the bad.
nearly 1000 millions. The Central thousand miles long, other bains Government's credis as reflected in of central China involving enormous the market price of these loans has aram. The loss of life was terrible fallen dienstrously and the alt
tion calls for speedy and drastic and a well-conducted investigation measures of roform which, to be of the material damage place the effective, must however atan on the latter at no loss than 2,000 million political plane, Som, encouragement dollars; as the coming spring crops the same and salutory influence of will, moreover, be greatly diminish the Chinese Bankers is apparently ed awing in water-logging and the steadily increasing in the duct
of the National Anuace. absence of seed grain, the full mag- uitude of the disaster will only show itself in the course of the pre-
sent year.
m's conditions existing last year, and particularly in the countries where our Bank operates, and feel there is not a great deal. I need add to what you have already sold
A slight temporary increase is Mexico output followed the reduc tion of the Foderal tax on silver pro- duction by 31 per cent, in February, but the fall in the Daited States production was nearly 38 per cent. for the year..
Movements.
UNIVERSITY LAW AND COMMERCE SOCIETY.
OFFICERS FOR QURRENT.
YEAR
ing of the Law and Commence Society held in the Commercial Departament, "of the University the following gentlemen were elected the bearers for the year (1032- 1033):~~-~-
At the Afth annual businena. micet.
President.-Prof. R. Robertson,
M.A.
Vice President. Mr. M. A Cooper, B.Com.
Graduate Vice-President.-Mr. B. V. Gittens, B.A.
Hoa, Vice-Presidents.-The Chair. man of the British Chamber of Commerce; the Chairman of the Chinese Chamber of Commerce : Mr. Justice R. E. Lindsell and Mr. T. A. Martin, A.S.A.A.
Chairman, Mr. Lam Swee Chup, Hon. Seoretary. Mr. Soo Chong Hee.
Hon. Tronaucer.-Mr. Kwik Khik Tjhinug.
Hom, Auditor.-M. T. A. Martin, ASAA.
may be ghnned from the fact than us. I would say, however, that Britain from the Continent weryears:-Fourth year Group 3, Mr.
The Bank Staf
Imports 8 silver into Great very much smaller than in 1980, but, aliandos batates for a
On the other handt, arrivals from In-
Representativca of respective
think if the world is successfully
Mr. A. Nonmabhoy: Third year Chow Ping: Fourth year Group 3, to overcome its present economic troubles, the various nations must
Group 3, Mr. Chan Shu Fatt, Third be brought to realise that they aro
Year Choup 5, Mr. Soon Gronews more than ever dependent upon oneer, in the latter case being more Tilen Second year Group, 3, Mr.
and that isolation
than doubled. A large increase in Lake Kok Ming; Second year another,
exports to Germany and an unusuri
Group 5, Mr. D. Hunt: First year movement of over 3,000,000 oz. to Group 3, Mr. Richard Cheng: First Relief work was set on the Directors to express our great end not work out in the best the United States offset a decrease year Group 5, Mr. Wong Kwok
in shipments to India. Taking inFun. foot by the National Government appreciation of the good work done ple. Great Britain has during the ssrs. Pixley and Abell find that.
interests of its own. Peports and exports S who, on the recommendation of theby our Chief Manager, Branch pass year been forced to forsake, wherens in 1930, Great Britain im-
Managers and Staff. The past you League of Nations, has ontrusted its has been one of the most difficult in this action being largely necessitat Ported about 5,000,000 ozs. feas thau last that the Government of India much of her free grade mothods,"
600.
In conclusion, I wish bn behalf of
WOT-
a country without thought ite neighbours. will in
of
of
the
a whole,
1h
sipervision to the able and experi-the history of the Bank and enced hands of Sir John Hope Simp-particularly trying one for Med by the ever increasing tariff bar-she exported, in 1831 the position
riers that are being set up against exports by. about 20,000,000 976.
WB reversed and imoprts exceeded Grayburn, who, in addition, was
hor. On the subject of extraterritorial handicapped by illness for a
I hope however that the various ity I need only refer to the fansiderable period.
countries will by commdu agreement that the diploñmatic converantiona· The figures of the last year arg
remove a number of these obstacles between H.B.M. Minister and the not so good as we have been ac
to trude, for I believe that the
distress. A greater measure of free a long way to lesson the present trade the world over is perhaps an ideal which is a very long way from attainment, but in these hard times when the road to security think more than ever necessary to so diffcuts to Sind it is 1 keep ideals prominently in view.
sco:6
Chinese Minter for Foreign customed to, but they reflect greatfres and unrestricted exchange of Affairs, which took place in the arcredit on the management and the world's merchandise would go lior part of the year, have been concerned. It is therefore with all suspended and that the Chinese the more rogres that, on this ocen Government on January last. deion, the Directors are unable to ersed the postponement of the new recommend the usual bonus to staff regulations regarding foreigners I hope this is only a plensure de contained in a Mandate issue in forred. the previous May. The weakares I have now ao projjose adop of civil authority in China, coupled tion of the Report and Accounts with the experiences of the past and after this has been seconded year, have strongly reinforce the shall be pleased to answer to the arguments for avoiding all hasty best of my ability any « questaon! action and there is no question of shareholders may care to ask. the wisdom of both the governments concerned in "going slow" for thei prosent. An exceedingly valuabio leontribution to the study, and even qtual solution, of the problem of the future of Shanghai was afforded by
Maritime Customs...
MR. PAUL LAUDER,
Shanghai Settlements.
$10,000,000, which has enabled the I have now great pleasure in ae- Bank "to maintain a dividend of conding the adoption of the Report £6 per share and to carry forward and Sintergent of Accounts as pre approximately the same amount in sented
wor
sources
were
China
The immorta of silver into China from ali
about 124,000,000 025, in 1990. Shipments $7,000,000 OZS. AgalSt about
inst. 1,303,349 in 1930, as, al from Loudon totaled £572,720, hough more bars were exported, there were no shipments of coin to Tong Kong.
a heavy decrease in Syeee with an Stocks of silver in Shanghai show
increase in dollars, no doubt owing to the operations of the Hangchow Mint, the total decrease being about 26,000,000 odb, during the year; as shown below:-
December 27, 1930: Taels of Bycer, 95,000,000; 8133,000,000; Barr 2,100.
December 20, 1931: Taels of Syces 31,000,000; $165,000,000; Bars 6,560.
Indis.
Turning to India, Messrs. Pixley and Abeil state that the total im ports of silver into the Dependency dating 1931 are estimated at about 02,000,000 028., considerably below the average the previons fve years of 108,000,000 028.
try during the second half of the year, largely in fulfilment of for. ward sales.
Sales by the Indian Government Arú estimated at about 35,000,000 oz. during the year, of which about 27,000,000 oz. came to London un- refined, while some 7,000,000 oz. were. shipped to China. Of, the 27,000,000 ozs. to London, about 10,500,000. were sent through to Ger- many.
We are all very, much concerned about the distressing situation that has arisen in Shanghai and with you, Mr. Chairman, we earnestly rust that a speedy solution of the Mr. Justice Feetham's roport pub- In seconding, Mr. Paul Lander pressit differences will be found. fished last spring. Its general con- said :-
In this connection we hope that 'clusions are too well known to call "Before seconding the adoption of everything will be done to preserve for repetition and I would only the Report and Accounts I would the grent International Settlement emphasize that the report is unlike to associate myself with what of Shanghai which has played such essentially constructive documen our Chairman has said in regard so an active and dominant part in containing the mcat carefuly consi- the death of Sir Newton, Stabb. Si the development and trade of Chinn. dered suggestions and recommenda- Newton was well known in this I have every confidence that those tions which I truss will duly bear Colony and in London as an emia responsible for these grant interests fruit when translated into action.
ent banker and an able business will bring the Bethlement through man. It was with real feelings of its present difficulties with undi- Rupees bald in the paper currency pleasure that many of us used to minished prestige and that its fine reserve on December 31, 1931, show visit him when we proceeded to traditions will be upheld and the ed an increase at 12,000 lakhs (one The Chinese Maritime Customs London on leave and where his kind safety and wellbeing of its inlaki equals 100,000), as against revenue for 1931 was 248 million ly and helpful advice was always habitants preserved.
11,009 lakhs on December 31, 1030, Haikwan tanls. The increase of 68 at our disposal. We regret his! The year under review has been but a remarkable decrease took place millions is due, of course, not to death very much indeed,
an extremely difficult one and it from September 30 onward, when larger trado, but to higher tariffs. Gentlemen," the Report and Ac was very unfortunate that our Chief the movement of gold from India Shanghai revetrue again showe counts of the Bank have been await. Manager was handicapped by ill resulted in a large demand for sil disproportionate inérens, "rising ed this year with possibly more than ness: Wo. are all very glad to ver pupees, which during December this year to a full one-half of the ordinary interest for it was felt by know that he is in much better alone amounted to nearly 630 lakhs. Customs revenue of China. The many that after the trying and health today I feel that the The export of bar silver to India discrepancy between Shanghai's reta | troublesome year we have paard Shareholders are much indebted to from London was £3,132,388, against of development and thing of the rest through we could not expect equally the Chief Manager Branch Man 28,501,200 in 1930, while there was of Chuna can hardly be looked on an excellent results to theun disclosed 4gors and Staff, who notwithstand-a movement of £34,068 to this coun- entirely healthy and desirable from in the Balance Sheet for the yearing the great trade difficulties that the Chinese national point of view, onded December 31, 1950. Never existed throughout the year have but it should serve to bring home in heless after making full provision achieved excellent results. I hearii all quartors the magnitude of the, for lowes and costingencies the nêu ly wish tho Bank continued pros- stake which "Shanghai now repre profis for the year amounts to over perity. Bents and the immensurable impo. tance of assuring its safety and or- derly government.
During the year the Customs once again saw its intagrity challanged | daftars as is did the previous year. The report and nocourt by local governments and for some It is true that no amount is being
unanimously adopted. months Canton actually retained | passed to the Reserve Fund and the part of the revenue. The position sum transferred to Bank Premises; is now restored. That in times of Account is less than at the end of such stress and confusion the Cus-the preceding year, but the causes Mr. C. F. Wright proposed, and toms held together and did not fail which have accounted for these dif.;
Mr. Lo Chan-Wang seconded, the inite obligations, whether foreign ferenota have been stated and the re-election of Messrs. J. P. War or Chineso, is a remarkable tribute inference is that these are not like ren, W. H. Bell and T.HR. Shaw to the Inspector General, Sir Fro-ly to reour,
to the Board of Directors, this be derick Mazo, to whose loyal as I think therefore we can look for.ling carried unanimously,!" sistance and able championship of ward to the future with reasonable On the proposition of Mr. FFC. duly recognized rights both the Con- confidence. Some of us may be Hall, seconded by Mr. Li Cheuk
Three Periods. tral Government and the bondhold somewhat disappointed that the yuon, Mr. John Fleming, C.A., and ørs have reason to be indebted, · Bonus dividend of £1 per share has Mr. R. H. Forsyth, CA., were 19
been discontinued, but for my own appointed auditors for the ensuing Messro, Pixley and Abell remark Reviewing the course of the metal,
Belt Revenue. ́
pant I think that even if the figures Year, this concluding the business. had been as favourable as those dis Hon, Mr. Gordon Mackie, who three periods. The Srst was from that the year may be divided into The Bolt Revenue also has exceed- closed in the previous Balance presided was supported by the January 1 to Esbruary 17, when od previous totale and from the heat in view of general world can. Hon. Mr. J. Paterson, Mr. T. quotations were still falling in spite portion available to the Central ditions it would not have been the Pearce, Mr. J. F. Warren, MA Government regular payments have time to pay a Bonus dividend and H. Compton, Mr. C. Miskin, Mr been made on the alt-secured in keeping with great Banks in A Plummer (Directors) and foreign loans, though the liquid other parts of the world I think the Mr. V. M. Grayburn (Chief Man tion of arrears undertaken by the Bank is wise in discontinuing the ager), Minister of Financs in 1020 has une payment of a Bonus distribution. fortunately falica slightly short of the programme. A fact which, per- haps, is apt to escape notice is that, in origin, the Salt Inspectorate, by The magnitude and strength of R. 8. Dastur, L. Kadoorie fon beant level of about 13d., while the means of which between 150 and 200 our Bank is a matter of great pride half of Bir Elly Kadoorie), F. A third was from September 21 to the million dollars of revenue is now to this Colony. Unlike many simi- Josaph, W. J. Carroll, Fang Kong and of the year. During the last annually collected owes its organi-lar Institutions I believe I am right un, S. A. Seth, Hon Mr. W. E. L. period, the abandonment of the gold xation to the scheme elaborated by in saying that its present position Shenton, P. S. Cassidy, D. Vatandard by Great Britain caused a risë in terms of sterling of múarly the foreign banks in 1912 and 1913 has been schieved by means of its Stevenson, JW. C. Bonnar, A 30 per cent, and the highest price in conuention with the Reorganiza own resources and initiative and B. Stewart, J. L. McPherson, E. Lion Loan and to the work of Sir not by amalgamation with other Aucott, A. Stevenson, A. G. Co Richard Dane and his foreign and Banks. This fact bears aloquent pin, G. G. N. Tinson, J. M. de C. Chinese staff engaged by the Gov testimony to the akill and ability Basto, Chung Wing-kou, C. A de erament de put the scheme in effect, with which its affairs have always Roma, H. Dixon, J. Owen Hughes J. D. Danby, J. M. Alves, D. H. For holders of Chinese Railway been conducted. Ioan bonds the position has not You have, Mr. Chairman, very Cooper, J. Dalziel. F. H. Kew. abanged and I am bound to record l'ably reviewed the trade and econo Ce that the authorities persunt in ignor (Oontinued on neat column)
יי
Strength of the Bank?
Other Business.
Shareholders.
The only demand for coinage of who purchased silver both in Lon- note during 1931 was for Germany, don and New York for this purpose. Over 7,500,000 102. in rafined hars were shipped from London in this connection, the bulk of this being shown in November
I
of a good demand, and the lowest prices ever recorded-12d. for spot and 11.13/16d. fox forward--were touched on February,
The next period was from Febru- present were-
Ary 18 to September 19 when the Mesra P: Lauder, C. Fr market was settling down, with Lo Chang-wan, F. C. Hall. Li
minor Buctuations, to a fairly con Cheuk-yuon, E. W. Singg. A. Morse,
of the year-21.9/10d. was reached November 10 and 14. The aver age for the year was 14.19/320- while the extent of fuctuation was 9.3/10d. per one day
Referring to the statement made 3. Lawis, W. Allen, N. V. A. Crowy Sir George Schuster in March cher, Professor C. A Middle.. (((Continued on west column.)-
would not agree to any one-sided agreement which would leave the producers of new silver unrestrict- id while Governments holding stocks
from ware to refrain
selling, Messrs. Pixley and Abell ramark that it would seem that unless the United States silver producing in- equitable scheme, the Indian Gov terests can bring forward more.
laid dow by the Currency Com ernment will continue the policy mittes.
Special Round Trip Fares to
Europe Weekly Trans-Pacific Service
To San Francisco, Los Angeles & 2.0
New York via Panama Z'he Sunshine Balt via- Homalilan
Partalightly saltings on Tuendaya Pres. Lincoln Mar. 1, 4 p.m. Pres. Coolidge ...Mar. 16 Pros. Wilson...Mar. 29,.
To Seattle and Victoria
The Short, Straight Romis
to dimerica Fortnightly wailings on Saturdays- Prox, Tals....Mar. 0.4mm Pros, Jefferson...Mar. 19 Prea, Madison -Apr, 2.
via United States. Direct ook.. neotions with all Atlantao linos: Choice of rail lines acrosn: United States and Canada, Iberal stop-over privileges for night-seeing..
'ROUND TRIP FARE TO EUROPE From Hong Kong to NAPLES...
MARSELLES***
£79, 112, $120 Special through rates to Europs
Lownow
£159. 5. Odi
B1810. Od.
£169. 15. Od;
Full particulars upon application.
Europe ånd New York Direct
"ROUND THE WORLD.
Fornightly selling on Bunday via Manila, Strafta, Colombo, Bombay, Swaz Chnel. Alexandria Napĵon, Genoa, Marsailles, New York and Boston.
82.m. Pres. Polk ...Mar. 8 Pres: Harrison Apr. Pree, Adams ...Mar. 20
Pros: Bayes
Apr. 17 To Manila
www
Pres. Palk...Mar. 8, 9am. Pres. Wilson...Mar, 22; 8-p.mi Pres. Coolidgo...Mar. 8,0p.m. Pres. Madison Mar. 26, 8 p.m. Pres. Jefferson.Mar. 14, 8p.m. Pres. Harrison...Apr. 9,8 m. Prem Adams Mar:20,8m Prom. Hoover Apr. 8,8 μm.. CANTON BRANCH:4, SHA KEE STREET,
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1932
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