COLONY AND THE TRADE
DEPRESSION
COMPARATIVELY PROSPEROUS, SAYS CHAIRMAN OF CHAMBER OF COMMERCE
NOTE OF WARNING: CAUTION COM- BINED WITH STRICTEST ECONOMY.
A complete surthy of the business of the Colony and the prospects of an early trade rovital was contained in the Chairman's- speech at the Annual Meeting of the Hong Kong General Chamber of Commerce yesterday,
The Chairman said that conditions were still too obscure for to venture on a prophecy While business in Hong Kong was Inn from good, compared with the rest of the world, the Colony was fortunate..
Touching on the question of ourrency, the Chairman said that supporters of stabilisation of Hong Kong currency in relation so gold had the ground cut. from under their fost when Britain. loft the Gold Standardi
The addition to touching on the far-reaching dispute in connection With the conduct of piece goods business in Hong Kong the Chair. man sounded a general note of warning when he said that caution combined with economy should be exercised by all including the Government.
FUTURE PROSPECTS OBSCURE.
The Chairman of the Chamber, the Hon. Mr. W. H. Beli, présided, supported by the following members d the General Committee The Hon. Mr. J. J. Paterson, Mr. P. Si
Cassidy, Mr. V. M. Grayburn, Mr. M. T. Johnson, Mr. Paul Lauder, Mr. J. Flummer, MJ. P. Warren, and the following co-opted meinbers-The Hon. Mr. W. E. L.
had at heart. He was for years valued member of your General Committee. His death is » grind loss to the Beak and to his many friends..
sign' F'have 548 million raviourulus
ment gives an "estimate that in barors the Conforanon.
Bore:
dollars, The Statistical Dopaat The work done in thi
any means boon satadi. reason to believe that 11 Hong Kong we shall be able very largely to shanks to the spade work already Fachieve legisistión by agre
put in
Your Committee ban saked the Government to reconsider its paltoy in regard to the position of duties on" parfumery and essenses." is reported to us by merchants shot higher price, consequent on the duties, have seriously curtailed the demand for imported toiles, ar bicles. Sales of raw materials to tha Jodal perfumery industry ars tories have removed from Hong much diminished, Soma looal dan
Chinese import duties, but it is Kong to Canton to avoid the likely that their decision has been also influenced by the position of taxation here. Spe
act of importe this represente a fall of a little over 20 per cent as compared with 1984, and in the bass of experts of approximately 30 por eant. This cam in the nature of things, be only a rough calculation bus if is is anything like correct wd have some osuse for satisfno tion As Hong Kong residents ro- turn: from furloughs apens in many different parts of the globe, and onch pours forth the depressing
in particular country visited, one story of conditions as he found them
cannot help entertaining foolings of thankfulness that Hong Kong peculiar position in world economy socis to protect it from the worst
fouts of the economie blizzard." Government has revised the method Following our representations, the As an entrepot at the doorway of of calculating the duties, but has South China, and as a place of so you seen is way to remove them altogether. The Chamber has prosa- security adjacent to a great countryed strongly for this on the ground in which, unhappily, insecurity is that any interferencer with the free all too prevalent, Hong Kong isdom of the Port of Hong Kong is
to be deprecated. Bound to-be, even in the worst times, the centre of a certain minimum of world qude. To those of us whene interests are here, that is a case for thankfulness.
Caution of Economy.
compensation
six
previous year, and asoratari
Chairman at the Annual Meeting heavier A was anticipated By the
a year, we general reserve has additional expenditure Unless the had to be drawn upon to mest this
its former value, it is possible that this reserve now shading dollar appreciates to something like
878,000 will have to be further drAWI RPORAL
There are a number of substantial Arms in the Colony who are not members of the Chamber. We should welcome their support ag an aid towards balancing the budget,
to be truly representative should and more partienlarly, for the rea son that a Chamber of Commerce
aros, include all the principal. Arma in
have now much pleasure in proposing that the Report and As counts as presostad be adopted, and conded I will endeavour to answer when this proposal has been 20 any questions to the best of my ability (Applause.)
SECONDER'S SPEECH.
Mr G Miskin said-Before secondin the adoption of the Ro- port, and Accounts, I should like to associate myself with the Chair one which the community has aus man's expression of regret at the tained by the deaths of Sir Newton Stabb. M Hannibal, Mr. Arthur and Mr. Manuk
Shenton and Captain G. E. Mire-meningitis. Mr. Hanaibal helbetot the world, and morely because the Chamber of Commerce toy. co possibly an even more important house.
Those Prasant..
.4
Pleas Goods Dispute: Questions now exeraising the minds of merchants interested in piece goods and sundries were dis cussed here so recently as not to require further detailed reference on this occasion. A conference husyon, the Chairman has just rotors Ta reviewing the past commercial I must digress for a moment to since taken place with representared to the Colony's comparativa im- We have also to deplors, the un tell you that some of my colleagues Guild, and their criticisms of the which still blows, in other tivos of the Chinese Piece Goods munity from the economie bliz timely deaths of Mr. W. A. Hanni consider that I am rather optimistic present standard contract Kave been parts of the world. He attributes Baly Mr. B. A. Arthur and Mr. as regards the position of the port handed in Acting under a resoluthia comparative immunity to Hong 8 Hong Kong. I would emphasize tiou passed by the General Meeting Kong's geographical and political M. Manuk, the last named victim of the present epidemic of of Hong Kong with that of the rest committee has been appointed by third factor, which has played that I am comparing the position of Importera on April 15, a special situation, There is. I think, a sider the question of revising the part in our protection. Owing to I say that we, have not been se greatly in matters connected badly off I do not mean to imply Chamber's Standard Form and, if the silver backing to our currency, with export trade Mr., Arthur also that business has been good for possible, bringing it more closely and the fact that silver has ductust. The following individual members served us well on the Export Com. from it. It has been very difficult to in with the Manchester and od more or less to the same extent and Brins were represented:-Mr.mittee, and Mr. Mannk's special have been quite so bad as the same time the Guild's views gold, we have experienced com indeed, but it does not appear to Bradford China Contrast. A as other commodities in terms of Austin; Mr. M PTalati; knowledge of trade between. Aus other places. As regards the will receive careful consideration, paratively even loyal of commodity Messrs. J. M. Alves & Co. (Mrtralin and Hong Kong was willing future, Hong Kong is equally de. and it is hoped that it may be values and have consequently large- B. Alvos); Azculli Bros. (Mesars. ly placed at our disposal.
pendent with the rest of the world found possible to make the Cham-ly escaped the disastrous fall in on a prompt adjustment of War bor's contract a standur for all prices which has dislocated trade in O el Arculli and A. H.. Machr);
Debts, to which I have alluded textiles.. Aruhold & Co., Ltd. Mesara. F.
carlion in my speech, and must feel Mesra W. Brackenridge, L., J. gold standard countries" Lobel &T. 4. Martin): The Asiatic
A year ago world-wide brade de, of the Economic Conference to goutlemen possessing the necessary the results, whether for good or Davies and K... Morrisons||| Petroleum Co: (South China); Ltd:pression was the topic of must be held at Lausanne before very knowledge and experience-have
speeches from the chair at annual long. (the Hon. Mr, W. H. Bell)
In the meantime caution kindly consented to form the Speel Bradley &Co., Ltd. (Mesars, and Banks, and, as you know, the should be exercised by all, inalud-success in their difficult task of re- meetings of Chambers of Commerce combined with the strictest economy
al Committee. We wish them every JA. Plummer and K. S Morri, downward movement has continueding the Government..
conciling divergent views without interruption, oulminating Last July your Committee care rolf of the Language School during son) The Central Agency, Ltd in a state of financial depronion farised members requesting their 1831 was 31, which is fairly satis The number of students on the (M: J. Rodger); The China and chaos which is almost unpre Provident Loan
accurate declarations of importa Deacons (the Hon. Mr. W. E. L
Future Obscure..
Question of Silver.
Mandarin or Cantonese?
a
Work of Committes.
which the General Committee of the The great amount of business
a year is made apparent by a Chamber transacts in the course of perum of the sanual report. I am thoroughly appreciate all the time and thought which the Committee sure members of the Chamber
wade
to have the records compressed (as twelve years ago. It is convenient they how are), rather than that members should her tha through reans of correspondence (as they had to do in the old days) and pick out the points for days) the Secretary for this reform also selver
We are much indebted to: for the work he has done in a particularly strenuous year. Koy asks me to add an acknowledg ment of the valuable assistance ha
aid up with diptheria. during the time he (Mr. Key) wash has had from Mr. Price, especially
4.
Mr.
OUT
thanka to, the Chairman, Committes I am sure you will support me..
and Secretariat for the good work Gentlemen. 213 expressing
which they have done on our behalf during the past year.
́and Mortgage cedented. The piling up in one or co-operation in making prompt and factory, although a smaller number devote to the general interest. I Co., Ltd. (Mr DL Kingourds of gold, by refusal to accept
two. creditor countries of vast and experts to the Statistical De-than in the previous year. A now remember that the last time I was Shenton); Dodwell & Co., Ltd. (Me payment in goods, has gravely diapartment of the Hong Kong Gov-text-book, written by the Rev. E. invited to second the adoption of J. P. Warren), F. Fold & Co., Ltd. f of the results: has been that Great local trade might be 'mado reason-agö, and is found to facilitate more and in verifying this fact I was organised international trade. One ernment in order that records of B. Wells, was adopted about a year the report and accounts was in 1920,
rapid acquirement of the language: Fung Kong Un); Gibb, Livingaton Standard, and this has been follow. in consequence of a report by the This is important, because trans which the report, is presented to un &Co., Ltd. (Mr. L. J. Davienot by many other countries going Superintendent of Imports and Ex.ers to other parts make it difficult nowadays as compared with that of Gilman & Co., Ltd. (Mr. a. off the Gold Standard voluntarily ports that, since the re-establish for students to "stay the souras Miskin); A. Doeke & Co. (Mr. A. Conditions are still too obscure formant of the Department, a monthly if it is a long, oue. In fact, our Goeku); T. M. Gregory & Co. Mr. me to feel justified in risking any average of 4,000 reminders and chief difficulty is the withdrawal of H. M. Gregory); The Hong Kong Electric Co., Ltd. (M. J. Dropy as regards the future. It is was necessitated by incur students, for various ressous, before is obvious, however, that the burden rect returns, or failure to make any they have obtained a certificate of Butcher) The Hong Kong "and of debts arising out of the Euro returns at all. The year 1931 is the proficiency. The Rev. H. B. Wells, Shanghai Banking
Corporation pean War has become Intolerable fret since 1924, in respect of which Director of the School, will return Kong Tramways, Ltd. (Mesars. Lrevolution and consequent ruin is from now onwards, records will be that under his charge a high and Grayburn); The Hong and must be adjusted speadily i complete figures are available, and, in the Autumn, and I am sure CT. Bellamy and V. R. Gordon); J. D. Hutchison & Co. (Mr. P...S.
to be avoided. It has still to be correspondingly more valuable and of instruction will continue to Cassidy); G. E. Huygon (Mr. W.
seon how long it will be before aternam glad to learn that the mimibe maintained. Veit): Jardine. Matheson & Co.
necessity compels the nations to face of queries dealt with by the Statis Ltd. (the Hon. Mr. J. J. Paterson): operation.
their difficulties in a spirit of, co.tical Department has been considın- ably reduced of late, and trust that Jobsen & Co. (Mr. 1 H. Jesse):
this indication of a general desire Mandarin Section should be formed
It has been ruggested that WR Loxley & Co. (Mr T. AE. Mitchell); Mckinnon, Mackenzio &
to co-operate will be maintained; la
in connection with the School, and Co. (Mesara, M. T. Johnson and A. We in Hong Kong are too far to shipping in the Far East has form the basis for Civateness of Work of considerable importance that instruction in Mandarin should. E. Martin): The Marconi Inter- removed from the great centres of been accomplished in connection other dialects. The great majority national Marine Communication government to be able to winld with the Simla Conference. The Co., Ltd. Mr. J. E. Auvache); much, if any, influence towards the problem was the modication of
of the students attending the School Maxim & Co. (Mr. J. Ribeiro); settlement of these urgent inter Board of Trade Bulas to suit local in Hong Kong, Kwangtung or are required by their firms for work The Mitsui Bussan Kaisha Ltd.national problems, though your requirements. As stated in the Kwangs (Mr. R. Inouye); A. B. Moulder & Committee supported the British Chairman's speech last year, the Cantonese is the only dialect in, which districts Co., Ltd. (Messrs. M. A. Williams Chamber of Commerce in Shang Chamber of Commerce has, had the which is universally used by the and Wong O. Kit); Reiss, Massey hai in requesting the China Asso invaluable assistance of a Technical Chinese business community The &Co., Ltd. (Mr. J. Ormiston) ciation to make representations to Committes which examined in great Committee takes the view that the Reuter Brockelmann & Co., Ltd. the British Government in favour detail, two voluminous bocks of period of tuition would be too long Mr. W. G. Fischer); J. M. da of international action on the whole rules and proposed a number of if students had first to qualify in Accounts for: 1931 was then pat to Rocha & Co. (Mr. J. M. da Rocha) question of silver, particularly na atdektment. Early in 1881 the Mandarin before taking up the the meeting and was carried unani- The adoption of the Report and Alex Ross & Co. (China), Ltd. affecting Chias trade and the Committee sat in almost daily con study of Cantones I am afraid monsly (Mr. J. K. Rosa); The Royal In-country's ability surance Co., Ltd. (Mr. F. G. Her obligations.
its ference for five hours a day with we should foss the support which. On the proposal of Mr. T. C. You will seo from two representatives of the Govern has been built up with great diffioul Bellamy seconded by Mr. V. M. tidge); David Sassoon & Co., Ltd. the (Mr. Stock): Thoresen & Co have also given consideration to bert and Mr. Swan), of whose help to obtain qualified teachers ed to the General Committee for
Annual Report
wement Marine Surveyors (Mr. Lamty. Further, it is almost impossible Grayburn, the following wora elect Measts, R. O. Anderson and the recommendations of the Hong fat oollaboration acknowledgement Mandarin and students would have the ensuing year:-The Hon. Mr. Kristoferson); The Union Insurance Kong Currency Commission: Sup is certainly due. Society of Canton, Ltd. (Mr. Paul porters of stabilization of the Hong
no opportunity for daily practice W. H. Bell The Hon. Mr. J Lauder); Harry Wicking & Co. (Mr.Kong earroney in relation to gold work, and of further conferences ponse to a circular to members only. M. Grayburn, Mr. M. T John- As a result of this preliminary in the use of the dialect. In re Paterson, Mr. P. 8. Cassidy, Mr. J. Owen Hughes): Wilkinson & had the ground out from under held in Singapore, the Oficial and one firm favoured the formation of Gris (Mr. G. 6. Eugh-Jones),
their feet when Great Britain left Unofficial members of the Hong a Mandarin class, and no further on, Mr. CC. Knight, Mr. Paul the standard to which they desired Kong Delegation to the Simla Con steps were taken in the matter.A L. Shields, Mr. M, St. J. Walsh Lauder Mr.JA. Plummer, Mr. SPEECH. CHAIRMAN RACHA no doubt have read the Committee's body. Further, they had lose scribe to Reuters service of com-
to attach our currency. You will ference went there ne a united The Chamber continues to aub and Mr. J. P. Warran, After the Secretary had read the views on this subject, and I will understanding with the Straits marcial telegrams on behalf of Fleming were appointed Auditors Mage Perey Smith, Beth ano notice convering the meeting, thy not take up your time by going Settlements and F.8. delegates, nearly thirty members, amongst for the ensuing year, on the pro Ohairman said The Report and into theed Adoounts of the Chamber have been matters in any detail. Our main of Bio Netherlands East Indies. The charge per sabscriber is reasonable. Ormiston, y
somewhat technical as well as with the representatives whom the cost it distributed. The posal of the Chairman, seconded by in your hands for some days, and conclusion, with which I feat sure advantage of this was that the Far and a reduction could be made if I rise to move their adoption, the whole mercantile community Eastern point of view was more additions! subscribers were enrollseconded by Mr. A. Mitchell, Before touching upon some of the will be in agreement, was to sup effectively presented. Although weed. The Secretary will be glad to the election of the following mem On the proposal of the Chairman, nort the Commission's view that did not get all we wanted, we help supply particulars to members who bere by the General Committee Hong Kong is economically parted to see that the Rulos sob a fair are interested,
to.
meet
that
The Accounta
important questions which have been considered by your Committee during the past year I am sure you of China and must remain on a and reasonable standard for the would wish me to express, on your silver standard so long as China deck passenger or pilgrim trades bahalf, the regrat, which we feel at does; that while stabilization would with which the Conference was the losses the Hong Kong business facilitate the conduct of pertain specially concerned. You will per community hes austained by deathclasses of business within the mit me to repeat the thanks already Chamber für the past year, it will As regards the accounts of the sinod our last annual meeting. Colony, it would gravely prejudics expressed in our Report to the be noted that income from the twa Sir Newton Stabb had not resided the large import and export trade Chamber of Commerce delegates, principal sources of revenue-mem in the Colony for some years, but of South Chinn conducted or Mr. F. W. James and Mr. A. Mas-bership subscriptions. And rien mur he was well-known to most of inancad through Hong Kong, which Indos, and I am sure they will voy certificate fonds approximate and through the London Offer of is the sheet anchor of the Colony's wish me to acknowledge the silly the same, as in the previous Year the Hong Kong and Shanghai Bank prosperity, and would affect injuri with which the Hodourable the Expenses were incurred durin continued in clone touch with the ously many other branches of busi Harbour Master led the Hong Kong your in connection with the Colony, whose interests: he always noms.
delegation.
of the offices of the Cham
I have much pleasure in second- Accounts as presented. (Applause.) ing the adoption of the Report and
M
Election of Ofles-bearers,
since the last Annual Meeting was confirmed:-Mamers Arnhold and Co., Ltd, Brandt and Co., H, Con- hell and Co, and F. Fold and Co.,
The New Chairman.
mittes hald after the Annual Mast At a meeting of the General Com
Mr. J. A Plummer was elected airman of the Chamber for the
And 12
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