"
HONGKONG DAILY PRESS
Finance and Commerce.
Germany's Barter System
H.K., CANTON
AND MACAO STEAMBOAT CO.
•11
The following is the report of the Board of Directors to be sub- mitted to the ordinary annual meeting of shareholders of the Hongkong.. Cantori and Macas Steamboat Co., Ltd. to be held at the office of the company on Fri- day, April 28, at noon:
Denounced
AN INJURIOUS BOOMERANG
Mr. Cordell Hull's
Statement:
WASHINGTON, APRIL 19 (REU- TER)-MR, CORDELJ. HULL, THE
SECRETARY
The profit for the year, after pro-U.S. viding for depreciation of steamers EMPHATICALLY
OF. STATE, DENOUNCED
Secondly, that it would be, in- Jurious to the very countries which utilized it.
at the usual rate, repairs, etc., ts Germany's barter system as an $480.122.28. From this balance the Injurious boomerang. În a state- special depreciation of wharves and|ment made yesterday evening. Canton"properties and the Reserve Mr. Hull declared that it was, for whart repairs have been de- firstly, a highly disruptive induence ducted, leaving a net profit of $971.-on world commerce, 239.69 which the Directors recom- mend should be apportioned out as follows:- To pay a dividend of $1.00
per share To pay a bonus to Shore and Floating Stafa"... To Carry forward to the Profit & Loss Account for 1939
CHINA'S MOVE TO STABILIZE CURRENCY
AN EIGHT - POINT
PROGRAMME
CHUNGKING. Apr. 19 (Cen- "tral) -- An eight-polat pro- gramme has been adopted by the Chinese Government to stablize the currency situa tion in the second period of resistance, Dr. H. H. Kung. President
the Executive
Yuan and concurrently Minis- ter of Finance, revealed la a speech delivered in Chungking recently. The eight points Bre:
network for the Southwest and (1) To complete a currency
the Northwest and to hasten the opening of more branches in the local districts by the "provincial banks:
Thirdly, that it would lead in- $80,000,00
(2) To encourage savings and evitably to the curtailment of to promote the institution of 8.484.00 world trade.
| "riational reconstruction savings Fourthly, that it would reduce accounts" in order to absorb idle the living standards of countries capital for productive purpose; pursuing such policies.
282,755.69
$371,239.69
(3) To Improve the facilities for overseas: remittances and to open a remittance network for the overseas Chinese;
(4) To permit the provincial and local
the bankin
war-
a
RECENT INVESTIGATION" Mr. Hull referred to the recent The usual overhauls arid repairs investigation by the Department were effected during the year to of Commerce, which showed that Company's feet of steamers which sixteen countries, with which the affected provinces to issue are all in good running order.
United States had trade agree-limited amount of one-dollar and. ments had increased their pur-subsidiary notes "In accordance with the Articles per cent. In the past three years tender and prevent the Japanese chases of American goods by forty restrict the issue of the legal of Association, Sr Robert Ho Tungand, at the same time. increased from absorbing the Chinese na-
DIRECTORS
K, and Mr. Li Tse Fong retire from their purchases of German goods tional currency the Board by rotation, but, being eligible, offer themselves for re- election.
On the October 19, 1938; Mr. D. F. Landale was invited to join the Board and his appointment »re-: quires the confirmation of Share- holders at this meeting.
AUDITORS
The Accounts have been auditeć by Messrs. Linstead & Davis and Messrs. Lowe, Bingham & Matthews
by 1.8 per cent.
Despite the reneral CORTM demnation of the system, Mr. Hall acknowledge that there may be circumstances under which special types of barter arrangements may be consi- dered necessary to supplement other methods of trade promo- 110T
order to
RAW MATERIALS
(5) To purchase raw materials in the war
areas through the provincial and local banks and foreign arms to prevent them from falling into Japanese hands. to increase China's foreign "exchangé fund, and to meet the public needs in the rear;
(6) To intensify the collection The latter qualification. accord of gold and silver and to vigorous
who retire and, being eligible, offering to ocials in Washingtonly carry out gold mining opera-
themselves for re-election.
FOOD CONTROL
IN WARTIME
Carrier Pigeons Will
nation's
Play Their Part
"LONDON, April 19. (AWS)— Wartime plans for rationing. and controlling the food supplies by the Ministry of Food, which would' work through 19 regiona; ofices and 1,400 local committees, practically complete. plans are based on the Gov- ernment's proposal to becabie sole purchaser of all triports and Home supplies event of war.
are The
would apply to Benator Byrne's tions:. gigantic exchange plan,
IN
$600,000,000 CHINA LOAN
(7) To establish an organisa- tion to co-ordinate and push the economic and currency measures in the war areas .fni order to resist the Japanese economic aggression; and
(8) To take diplomatic steps to prevent the circulation of the Japanese and bogus currency and
For Reconstruction the Japanese attempt to seize
Purposes
CHUNGKING, April 19 (Cen- tra-The issuance of a $600,- 100,000 Reconstruction Loan with the profits of state enter- prises and the Reconstruction Surtax on salt as security was announced in a mandate of the National Government The fund thus, raised will all go for reconstruction purpose. Bearing an interest of six per cunt. per annum, the loan will be Prices of all food, except luxulasued in two instalments of $300,-
17 the
China's foreign exchange.
FINANCE
China's Strength Unaffected By Fall Of Nanchang
These measures: Dr. Kung re- vealed, have been gradually' put into execution, and to further ensure their success a local cur- rency
conference was called in the early part of this month during which, specific instructions were personally conveyed by Dr. Kung to the local bankers.
BRITISH OVERSEAS
TRADE
LONDON," April 19 (BWS)-MI.
a
ries, would be controlled. Whole-000,000 each. The first instalment Oliver Stanley, the President of sale dealers would purchase sup-was issued on April 1 and the the Board of Trade announced fr plies from the Government and second on August 1, 1939. Payment the House of Commons before the would operate strictly in accor of interest and repayment of recess that Sir Frederick. Leith- dance with the Food Minister's | principal on the loan, will be Ross, Chief Economic Adviser to orders. Retail trades would be made every six months from the the Government, would lead registered' and Ecensed by local date of issue. Payment on the mission which would consult with committees purchasing from whole-honds issued on April 1 will be the Rumanian authorities for the sale dealers, at prescribed prices.mada on September 30 and March purpose of devising means to pro- regular weekly supplies to meet 31 every year while that on those mote Anglo-Rumanian trade. their customers' remanda.
issued on August 1 will be made on January 31 and July 31 every Immediately
year.
OR
CARRIER PIGEONS
:
A register of carrier pigeons
Arrangements had been made for the Mission to arrive a Rumanis next Monday.
Bir Frederick Leith-Ross' will be
HEAVY PRICE PAID BY JAPAN
the outbreak of war, five staple commodities would be rationed, namely, but- The loan will be fully redeemed cher's meat, butter and margarine, in 25 years, that is, March 31, 1966, accompanied by officials of the bacon and ham, lard, dripping for the bends issued in the first Board of Trade, the Export Credita and other cooking fate and sugar. instalment and July 31, 1966, for Guarantee Department, the Trea
those issued in the second" instal-;
sury, the Anglo-Rumanian Clear- | ment:
ing Omice and the Department for Payment of interest and reim-Overseas Trade. for use in wartime is being com-bursement of capital will be made Mr. Stanley told the House of Com- plied by the Air, Ministry. The by the Central Bank of China and mons that while it was still too pigeons would be carried in banks acting as agents for the early to draw definite conclusions A F. machines and used to con- said bank. The loan will be secured regarding the effects of the Anglo- vey messages, if an aeroplane's on the profits of state owned American Trade Agreement, there wireless apparatus were put out enterprises and the Reconstruction were already signs of considerable of action.
Surtax on salt,
expansion of United Kingdom ex- Since the war, the R.A.F..., has
The bonds, which will be of the ports to the United States. The maintained a pigeon service and $10,000, $5,000, $1.000 and $100 increase in the first two months as a result of offers, of pigeons denominations, will be bearer of this year, as compared with from private fanciers, it is ex honds. They may be bought, sold, the same period of 1918, exceeded pected that about 500,000 of their mortgaged or used as security in £1,000,000. birds will be available to play public transactions whenever such their part in national defence.
security or guaranty is required or |1g reserve of banks,
*
The Chinese Government is now planning the establishment of a big sugar refinery in Ezechnen. the exact site for the refinery,
* CHUNGKING, April 19 (Cen- tral)-Describing the Japanese capture of Nanchang and their much heralded drive on Chang- sha as an attempt to hide the degenerate state of their fight- ing forces and defer a gather- Lag crisis of domestic discon- tent, a spokesman of the Mill- tary Affairs Commission de- clared that militarily, political- ly and economically. China Is **not weaker because of the loss of the Klangs provincial capital.
imitations and nursed a crop of anti-war sentiments and misgivings among the people” against their government. The harm thas done to Japan's politica) solidarity can- not be computed in Agures.
THURSDAY, APRIL 20, 1939 -PAGE 11'
PUBLIC AUCTION.
HE Undersigned, have received
instructions
to sell by
PUBLIC AUCTION
Căn
FINANCIAL TASK Economically, it is well-known that Japan's aggressive war oth China has forced her to adopt a THURSDAY, the 20th APRIL, 1939 band-to-mouth policy with her financial system thrown out of all gear by the tremendous strain it, milltary expenses.
China, the spokesman said, would not be greatly affected even if communication between Cheklang and Klängal or Klangsi and Hunan were entirely cut. He pointed out that the centre of China's imports and exports is not on the south- eastern coast, through which only a part of luxury imports enter.
The closure of the southeastern
The spokesman allayed the ap-coast to the interior, in fact, would prehension of some observers that
would be in a controlling position if Japan occupied Changsha, he put a brake on the import of luxuries and so turn the nation's over the western provinces and able resources to more urgent needs." to exploit Chinese resources to Anance a part of her expeditionary force.
Deeming it impossible under present circumstances to resume the various local exchange mar-tions. Unless the two ministries. however, is stilj being sought. kets in accordance with Chinese which are understood to be dis-The enterprise will be capital- Government regulations, the exe cussing the matter, could see their ized at $3,000,000: // two-thirds of cutive, and supervisory commit-way to comply with certain re- the amount will be disbursed by tees of the Shanghai Stock Ex-quests, it is generally held that a the Bank of China, while the re- change and other exchanges, nave resumption of the local stock ex- maining $100,000 will be contri- wired the Ministry of Finance and change and other exchange, would buted by the Szachden Provincial the Ministry of Economics seek-only be taken advantage of by Government jointly with the size- ing for a revision of the regula certain parties.""
chuen sugar "merchants.
The spokesman admitted that. from a superficial view, the Japen- ese capture of Nanchang and the cutting of the Cheklang-Klangsi railway seem to cause greater hardships for milltary transporta- tion. The truth is, however, that the Chinese forces withdrew from Nanchang only after their objective of wearing out the enemy's man- power and material strength had been fully attained.
HEAVY COST
The spokesman estimated that the Japanese capture of Nanchang had cost them the terrific price of over 30,000 casualties. If they were to make an attempt on Changsha, he was sure the cost would be even greater.
Politically, the spokesman said. the Japanese drove on Wuhan to enter a Chinese trap from 'which they have since never been able to extricate.
All the swashbuckling oravado of the Japanese military could not hide the fact that the campaign on Wuhan cost them manpower. and financial resources beyond their
Mr Howard Harding.
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THURSDAY, the 20th APRIL, 1939 Commencing at 10.30 am.
"At No. 10, Alton Terrace," Kowloon Dock.
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