W
NEW
ADVERTISEMENTS
THE HONG KONG JOCKEY CLUB
THE FOURTE EXTRA RAGE
T MEETING will be held (Weather Permitting) at HAPPY VALLEY on SATURDAY, 15TH APRIL, 'nud an MONDAY, 17TH APRIL, 1938, com- mencing at 12.30 pm on both days.
The First Bell will bo Kung n 12 Noon.
MEMBERS ENCLOSURE, Mambers are notified that they and their Ladies must wear their Badgen prominently displayed.
No: One without a Balge will, bà admitted to the Members' Enclosure.
Badges admitting Non-Mombers to the Members Enclosure and Ulal Rooms at $5.00 per day for Gentleman ond $3.00 per day for Ladiva (Both includ ing Tar) are obtainable through the SECRETARY upon introduction by a Member, such Member to be responsible for payment of all Chits, etc.
The Secretary's Office, 3rd Floor, Gloucester Building, (Tal. 27794), will close at 10.30 am. on both days."
Badges admitting
to Morabers'
Enclosure will NOT be on sale at the Bace Course,
On No Prétert will Childres bo permitted in either Enclosure during the Meeting.
Tifins are obtainable at the Clue House provided they are ordered from the No. 1 Boy in advance Telephone 21920.
PUBLIC ENCLOSURE.
The Price of Admission to the Public Enclosure is $2.00 per dy including Tax, for all Persons, including Ladies, and is payable at the Gate.
Soldiers and Sailors in uniform are "admitted Half Price.
Bookmakers, Tic Tac Men, etc., will not be pmitted to operate with in the Precincts of Tum HONG KONG JOCERT OLEH during the Race Meeting.
Tiffine will be obtainable in the Restaurant in the Public Enclosure.
By Order,
C. B. BROWN,
Becretary
Hong Kong, 10th April, 1933.
DOUGLAS STEAMSHIP co., LIMITED.
Ordinary General Meeting of
Tthe Shareholders in the above Company will be held at the Company's Office, F. & O. Building on Wednes day, April 19th, at NOON, for the purpose of receiving the Report of the General Managers together with a Statement of Accounts to the 31st December, 1932.
.
The Transfer Books of the Company will be closed from 14th April to 19th April, both days inclusive.
DOUGLAS. LAPRAIK & CO,
General Managem
Hongkong, 8th April, 1933.
[649
HONG KONG DAILY PRESS, MONDAY, APRIL 10, 1933
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LAW AND COMMERCE
(Continued From Page 1.)
OBITUARY
"CHINA'S GOD OF WEALTH!'
EX-PREMIER LIANG SHIH YI
the purchasing power of gold con tinued to rise. The United States: is now having to face a most un pleasant situation, and however you of Professor Robertson's words.
much one must sympathise with the Enthusiasm for a cause or for an mass at her people one cannot but arguement is a natural and ad- feel that American monetary and mirable characteristic in young banking policy has been misguided. men and women, and one which From the War Years, America wa, who are young, respect in those emerged as a great creditor nation, who are a good deal older than with the right to demand gold at (THROUGH REUTER'S AGENCY ] ourselves. It is partly for this her debtors. She could have chocon oharacteristic that Mr. Shaw was
to take goods but preferred to
SHANGHAI, Apr. 0. rightly appreciated when he came
maintain a high tariff wall to pre to address our student body. There vent her debtors from discharging THE death occurred to-day from heart failure of China's "God is no danger in enthusiasm in their obligations in the way which of wealth," ex-Premier Liang Shih economies and polities the danger was easiest to them. She might Yi aged sixty-five. He is survived lies in not being enthusiastic about have embarked on serious long by seven wives and seven children. anything at all or in enthusing torm trading policy abroad, but He was regarded as the pioneer of without sufficient cause. And I elected not to so bo... She asked railway development in China and feel that to-day, the second danger for gold and got it. But having lender of the well-known Chinotung received it she refused or could not is very rear one against which studenta in economics particularly allow it to exercise its norma: clique in the old Peking regime must guard.
effect on prices. A large part of I grant that most students must the gold remained to all intentsity and public opinion tends to feel intense disappointment and purposes buried. Her own ac with toxt-books which seem to give tion has contributed to forcing little help in interpreting existing some of her debtors off the gold conditions and may feel strongly standard and her position has be tempted to neglect them for the come worse, partly because those nteresting and apparently debtors benefited vis a vis America more useful popular pamphlet or by departing from gold, partly be article or book specifically written cause America has not yet dis- covered the secret of managing her own gold currency properly.
more
on
871
A. S. WATSON & CO., LTD. || policy in the last few
Est. 1841.
Editorial and Business Office: 11,
12
namo
Banks Affected,
the economist of the National City branch banks. Ice Houso Street. Tel. 30251.
Night Editor (Wanchai Office);
Tel. 24511.
London Office: 53, Fleet Street
E.C. 4
The Daily Press.
ty to sixty per coat, and lateral ly by about twenty per cent. This overlap enables that part of the area common to two photographs to be examined in a stereoscope, which shows the ground standing out in perspective and affords the observer & most excellent means of. viewing details of ground forma- tion.
Flight from Gold,
Was
N
Was
SUMMARY OF NEWS
on
The commercial history of the past year, one is obliged to admit, has been almost as disappointing as that of the year before. It has been a history of difficulties which bankruptcies, foreclosures or saersion on British commercial banks way
fice sales of collateral."
Local.
from the files.
Government expenditure in 1038) amounted to 832,000,000 compared with 831,100,000 in 1931. Estimate Levenue was $33,991,000 and actual revenue, 833,549,000.
Page & Senor Fernando Bein y Loring the Spanish aviator, who left Madrid on March 18 on a trip to Manila arrived her on Saturday and hopes to leave for Manila, this Pago 8. morning.
The annual dinner of the Law and Commerce Society of the Hong- kong University was held at Lane! Crawfords on Saturday night. A report of the speeches appears.
Page 7 P.W.D. Water returns for April 1 show that the Colony's Reservoirs oppose its 'extension.
Just a few years ago there were hold a three months supply at pre in England nearly 8,000 branches, sent rate of erasumption not count the vast majority of which belonged ing supplies still coming from the Page 2. to the Big Five commercial Banks. Shing Mun...
Hong Kong Stock Exchange Re- In the United States about the same time there were some 28,000 port for Monday appears on
Page 131 banks. 890 of which had 1,200
Yachting Results appear on some current topic. But to
branches. Compared with the post-
Page 10 beginners, I think this course
tion in England, the amount of branch banking in America
In Saturday's cricket matches the wrong. In spite of the doubts cast by some modern writers on the
insignificant. There were far too Rest beat the University, cham- banks pions of the League, and Craigen- validity of the principles enunciat-
With a currency that has been many amall independent ed in text-books on economics, I still believe them to be broadly steadily depreciating in value the whose welfare was closely bound up gower II, champions of the Junior true, our economic organisation or Federal Government has found the with the welfare of trade, agricul League, drew with a team draw Page 6. disorganisation, whichever word we real value of its Budget charges ture or industry in a comparative from the rest of the 2nd League.
also steadily increasing, yet the ly small area. In 17 States, branch
Training times for Saturday ap care to choose, being what it is
Fage 10. And for this reason I believe that unfortunate taxpayer is finding in banking was positively prohibited
The Hongkong, Ladies' Horker they constitute an essential weapon increasingly difficult to yield more by State law and in various pear on for attacking any economic problem in taxes. The Banks, like the Gov- others it was so restricted as to ne
The opposition and should be studied before any-ernment, have, we know, been seri- useless from the main economic Club, Champions of the Caer Clark to Cup League, were benton by the ously affected. To hear of one com- viewpoint, thing else.
the mercial bank after another having branch banking seems to arise from Rest by three clear goals, while in What is of importance to student of economics is that in the to put up its shutters during the the fear of money, trusts, the fear the Marak Tournament, the In- Page 10, welter of chaos, attempts have been early part of this year must have of a system of "absentee propret cognitoes beat the 20th Battery by The finals at both the Senior and made and are being made particu- sounded to our maiden aunts very torship" which does not take local three goals to one. larly in the field of currency much as though the end of the conditions aufficiently into cons-
too deration, and naturally from vest Junior Shield competitions were decided on Saturday. The Border- management to bring about im world was at hand. It was
ers which took part in both' were provement. The lack of relatively awful to think of. I would prefer ed interests.
National Legislation...". quick decision which has charac. to feel that the end of the world
is approaching them America de- The future of branch banking in defeated, the Senior team losing to financial terised United States
cides to allow branch banking on America will be determined pri- South China and the Junior to the. Other football 'mat- weeks it
a similar scale to Great Britain marily by the way the present Royal Navy.
Page 10. some indication of the dount of the and compels the adherance of these conflict between the existing laws ches are also found on value of alternative policies among banks to the Federal Reserve Sys- of the 48 States and of the Federal men (who suffer from the
tem. Many American Banks, like Government will culminate. When "experts" They feel that they are banks in practically every country, the Federal Govomment becomes. experimenting, as the British Gov ernment must also feel, and I con have found that falling prosperity more strongly intent on economic sider it to and investment values have left, a progress it may try to remedy the
wider opportunities t adequate security. According to offering student, of greater valuted, the large volume of old loans without eituation by national legislation follow the history of these expert ments in the data available than Bank of N.Y.; even where banks
With regard to the strength of
LOOKING BACK 75 YEARS to spend his time reading up plans have abstained from making exces central banking in America we
Report of the Earl of Mar and for economic salvation which nave
equate porcentage of well-secured Federal Reserve System is only 20 Kellie (Robert Matheson) from too often a flimsy connexion with sive long-term loans and an ad must bear in mind first that the practise:
loans of short maturity was held years old, and second, that only the Singapore to Macao, on 24th March many borrowers have been unable minority of commercial banka are in 34 days; fine-weather till the The Bank of last 8 days, when there was a. to make thair payments promptly, compelled to join.
operating before strong N.E. monsoon with thick leaving no choice other than to ex England Vertical mapping is employed
tend their loans or to collect the America won her Independence, and fog and strong 6.W..current; loat with the inevitable consequences of though there is no legal copula topsail yard, and driven a long tolesward. Spoke the when the scale sought is up to one in 20,000; and it is essential in-
to patronise or work in harmony Queen of Ava, from Foochaw to many kinds of aerial work, such as experiments have partly met but
with the Bank of England, that Cowes, Off Cite de Mer, on the 8th Panic Born of Mistrust.
inst. On the 10th, lat 10.40 N.. tradition has developed, and in one for oil pipe-line construction. The have not solved. By far the most alternative method, by oblique important device operating to stop
A "Frozen" condition of bank sense is made easier by the small long 109.40 E the barque H territory is relatively flat and gold by countries imitating Great credit cxists in many localities the number of commercial banks exist Oscar, from Hong Kong for Siam. photography, is feasible when the the rot has been the fight from
Britain's example of September term signifying that an undue pro- ing. But in view of the weaker co 22nd, 40 miles 8. by W.; Grand Ball Beale maps are sufficient
1931. A comparison of trade position of the assets of the banks operation between the Federal Re- Ladrone, a British barque Water The oblique photograph is easy to
turns for 1932 shows definitely that cannot be converted into cash with serve Banks and commercial banks Which. 23rd, about 4 miles. E.S.E. read, as it provides a view similar to that obtained from a high hill. while, generally speaking, the rate out forced sale and savere losses. in normal times, I think that the of the centre of Tyloo Island, saw In addition to much of the Cana of trade decline has been stemmed If banks in such a condition are Federal Reserve Banks and the the mast heads of a sunken vessel' dian survey, several other large among countries, departing from subject to the impact of a panicky Government, which has assisted very much in the way of vessels. countries has become worse, To ment of their funds, to panic born derable praise for courageous efforts Hong Kong Daily Press, April areas have been mapped in this gold, the position of gold standard demand by depositors for re-pay them by legislation deserve consi-working towards the Canton River. may notably an area of 86,000 square borrow & phrase from the Board of of mistrust in the solvency of the to mest the recent banking diffeul 10, 1958. miles in Northern Rhodesia, which
Trade analysis "the countries no banks, shutters may, have to go up. ties. By the end of January last, longer on the gold standard in. The extent to which commercial for example, the new Reconstruc- LOOKING BACK 50 YEARS
The Shanghai Courier says creased their share of the import banks will actually have to close tion Finance Corporation had loan. Accurate flying is absolutely ca-
ed 8000,000,000 to banks in difficulThe works at Port, Arthur, the ties, Since that time the strain new Chinese naval depot, appear comparably speedier. This latter sential. The aeroplane must be and export trade of the world their doors naturally depends on this increase applying to exports the strength of commercial bank. is of the greatest importance, for maintained in flight at constant to a greater degree than imports." ing organisation and the speed and became so great that banking more to be rapidly advancing towards height and speed and kept in per- More particularly the decline in extent to which the Federal Retoria were imperative. What does completion, and thousands of coo- it means that territory
fect trim. The course must be for the value of imports into
serve Banks the central banks of strike one as being so deplorable lies are engaged carrying mud to commercial enter lowed without any deviation-and United Kingdom in 1992 by the America corresponding to our own is the seeming lack of genera from the dock which is being built. opened up prise at an earlier date, with on- here gyroscopic control of the kind best available measure was 18 per Bank of England are able to lend policy which would avoid auch dif. Several guns are at present at That serious legislation Shanghai waiting transhipment to Requent advantage both to the im. afforded by a remarkable British cont, compared with an average de-assistance. I believe that large-ficulties.
device known as the "automatic migrant and to the inhabitants of pilot" has given excellent results, cline for all countries of 25 per scale branch banking as is practis on the question of branch banking Port Arthur. One steamer has been The weather plays a most import cent. As regards exports of domes-ed in Great Britain lends tremen- is long overdue I do not think offered Tis: 8,000 for the purpose, but has declined, as she has other. the region concerned.
tic produce, the United Kingdom dots strength to any commercial there is much doubt. Neither can The bulk of the aerial survey tial if good, clear pictures are to ant part, for clear skies are essen-
showed a decline of 6 per cent banking system. It brings about I see any serious reason for adher engagements The Yung Ching
the gold standard. But took a number of coolies acros as compared with an average de compounding of lending risks ing to work done in the British Empire be obtained. Given good weather line for all countries, of 25 per and a mobility of credit which are whatever happens in either of these from Tientsin in her last trip to with the exception of Canada, and good organisation, few cent. Comparing the position of invaluable. But the general at directions, it will be interesting to be employed on the work."-Hong
Government serial hours flying may provide enough the United Kingdom with that of titude towards branch banking in trace what happens to the Amers Kong Daily Press, April 10, 1883
material for several months of the United States, we find a decline the United States is one of hostil can price lavel if the relationsste
(Continued on next Column),
have their way.. (Applatím). R. SIGURD KNAGENHJELM | Urvey organisation-is carried out mapping, work on the ground. The in United States imports of 37 per
Rhodesian
cont. as against our own 18 per HEIBERG, M.IN.A., M.LES, by two British companies,-"The Northern has been admitted as a Partner in our Aircraft Operating Company" and photographed in fifty flying hours, cent, and a dedline in their ex- leaving the aeroplane free for other ports of domestic produce of 34 per Fiem as from the First day of April, The Air Survey Company." Up work, but the rest of the work on
cant, as against pur own 6 per
The Colonial Secretary's Depart One thousand nine hundred and thirty
ment announce the following names. three
cent. to the present time, these two com- the ground took fifteen months to
of successful tenderem In national finances there is a panies have made photographic complete.
Obviously the larger the area similar distinction. The countries
Tender for Boundary Wall Fat and reconnaissance surveys of re- surveyed the ices, relatively.
St. John Embulance Brigade re-Belilios Reformatory: Messrs Kin [667gions in Africa, India, Burma, is the cost likely to be. The North still using gold at the beginning
port that the Number of persons Lee & Co. of the year were all facing budget ern Rhodesian aurvey, which took deficits. In the United States the Iraq and Latin America, covering only eighteen months to complete, Government was struggling against
vaccinated-free of charge by The extraordinary meeting of Members of the Ambulanos Brigade, total ayes of 200,000 square cost only one pound a square mile,
a deficit of more than 1,100 mil the Hong Kong Telephono Co., up to and including Thursday, the miles. All this work has been done though the company had to do all lion dollars, while France was at Ltd. will be hold at Exchange April 6, 1939, totals 376,232.
the work, including the making of tempting to cover a shortage of Building at noon to-day. without any official financial sup- the mape, A comparative figure 10 million francs. Holland,
Bor. E. C. E. Tribbeck, will On and after the 8th April, 1973 port in the way of subsidies. In for the region cannot be given; but Switzerland, Italy and Belgium
P. will take
The Hong Kong Philharmonic give a talk on Ibsen's "Pear charge of this Company's Local Ounada, where exceptionally quick such a region cannot be given, but were all up against difficulties of Sobisty will hold its annual meet-Synt in St. Andrew's Church
and simple methods of air photo methods would have rendered any find a certain amount of cold com-
a similar nature. Britishers may ing at the St John's Cathedral Hall, Kowloon at 9 o'clock to graphy may be employed because estimato prohibitive, both in time fort in the relatively favourable Hall at 5.30 pm. today.
night. The talk will be accom of the flatness of most of the terri- and cost. It is reported that nego position of their own country dur. At the meeting next Tuesday of from Greig's Peer Gynt Suite,
panied by gramophone selections tory aurveyed, approximately tiations are taking place with a ing the past year, but there can.
view to the adoption of a comprobe less satisfaction with one, cause the Hong Kong Rotary Club, the 400,000 square miles have been rap-hensive scheme for the aerial map of that position the continued ad speaker will be Mr. R. T. Barrett, Mrs. W. T. Southorn will open ped. from the air.
ping of the whole British Empire herance of certain countries to the "Courts and Councils in Great an exhibition of gounches and oil
who will address members four-fifths of which are at pre-gold standard. The most informative method sent inadequately charted-and en- OTICE IS HEREBY GIVEN and indeed the most essential in thusiaste declare that the survey
Britain."
sketches of South China, Angkor, Blast of Depression,
Bali, Java, Egypt, Jerusalem, Do The rise in commodity prices is The annual general meeting of vonshire and portraits by Miss No. 57/195 dated Hong Kong 20th all but fint country is that by aeroplane is the only practical February, 1922 for Four shares of this which all photographs are taken as and engineor
vehicle for surveyor, cartographer, still to come in every country the Hong Kong Fire Insurance Hilda Trefusis on Wednesday, April Bank numbered 127041/127044 inclusive near the vertical as possible, thus Many different types of British and non-gold standard countries offices of the managera, Mesars ing Room,
prosperity for both gold standard Co., Ltd. will take place at the 12, at the Gloucester Building Read- registered in the name of LU A SU has been Lost or Stolen, and should providing a true vertical map of seroplane are employed on aerial has not yet perped from around its Jardine, Matheson and Co, at noon this certificate not be produced to the the ground flown over. According single-engined light craft to big of the present situation is that the
survey, ranging from modified corner. Yet the interesting feature to-day." Bank before 16th April, 1933, a new
We regret to announce the death sertificate for the shares will be issued, to the scale required and the lens 1,000 horas o-power ized than infprezad. Brazizional Certifedida, the crusts, photographs In this sphäre
rise in commodity prices is now At Tuesday's meeting of the froro meningitis of Dr. Hoffman, for countries on the Sanitary Board members will die peinetral of Tackett Medicat Vol sold shaldaran since it is they cuss the report of the Committes lege, Canton, who passed away at blast of de- appointed to consider the proposed the hospital on Friday. He had During 1989, changes in the Estimates of the for some time, past been treating
Sanitary Department and the pro-
GREEN ISLAND CEMENT
NOTICE
CO., LTD.
HONG KONG, ÁPRIL 10, 1933.
AERIAL SURVEY
OTICE is hereby givan that the
44th ORDINARY ANNUAL YEARS of experience now provide MEETING of SHAREHOLDERS will be held at the Ufices of the evidence of the superiority of the Company, Exchange Building, Des air-borne camera over all methods Voeux Road Central, Victoris, Hong of ground survey. It is far less
Kong, on Tuesday, the 25th day c April, 1933, at 11.30 am. for the purpose of receiving a statement of socounts.and the report of t'e' Direc to's for the year ended 31st December,
1832.
THE TRANSFER BOOKS of the from CLOSED ompany will be Thursday, the 13th April, 1933, to Tuesday, the 25th April, 1983, both days inclusive.
By Order of the Board of Directors,
ALLAN KEITH,
Secretary.
LG
Hong Kong 4th April 1833.
NOTICE.
Dated this 8th day of April, 1933.
GODDARD & DOUGLAS
COMPAGNIE DES MESSA. GERIES MARITIMES.
Agency.
t
R. OHL,
Agent
[678
HONG KONG & SHANGHAI BANKING CORPORATION."
Nom
that the Provisional Cerlifeate
expensive than is the employmant were charted by, one survey areo- of ground expeditions, and it is in-plane in less than three months.
&
which has
can be
I there is
Brea WOB
doubt that ground
acti
cats No 57/495 will be thereafter are taken from a height of from British designers again lead the which res treated by this Corporation as Null
ten to fifteen thousand fest. Suc first real surrey adroplane in the and Void."
world was built in a British fac cessive photographs are arranged tory and was employed successful by so as to overlap each other "forely on the big Northern Rhodesian and aft" to the extent of from fif survey.
By Order of the Court of Directors,.
7. M. GRAYBURN,
Chief Manager.
mod
elin.
те
thr
Local and General
Five cases of smallpox were re. ported on Friday.
جيب
..
apped Public Works Extraordinary people for meningitis, and unforta he Sanitare: Department for nately contracted the diseses-him-
aclf in its worst forit.
..
SUCCESSFUL TENDERS
Tender for New Drill Hall and Class Room, Kowloon Junior School: Mesara. Chung Lee & Co... Tender for removing the Existing Kerosine Moters from Motor Bonte H.D. 3 and HD. 6, and replacing came with a suitable type: The Kwong Hip Lung Co. (1992), Ltd.
Tender for Repairs to No. 1 Fire Float Mestre The Hong Kong & Whampoa Dock Co., Ltd.
IN HONG KONG TO-DAY
PROBABLY SOME RAIN; CLOUDY
YESTERDAY'S WEATHER REPORT, FORECAST AND REMARKS, 188UID BY THE ROYAL OBSERVATORY AT 1.35 7.37" STATED PAREN
PILURE 16 AIGNED OVER SOUTH MANCHURIAT SHALLOW - DE
·PRESSION REMAIN OVER TUNGKING AND: JAPAK, PRO
Locat. FormET 4-f
· MODERATE -*- CLOUDY WITH FOG.