HONGKONG DAILY PRESS
BANKS
HONGKONG & SHANGHAI THE CHARTERED BANK OF
BANKING CORPORATION
حمدي
Authorised Capital.......... $50,000,000 Faued & Fully Paid-Up $20,000,000 Heserve Funds:.
Sterling
INDIA, AUSTRALIA
AND CHINA Incorporated by Royal Charter, 1855 Paid-Up Capital ...... .£3,000,000 £6,500,000 Reserve Fund
..£3,000,000 H.K. Currency Reserve $10,000,000 Reserve Liability of Pro. Reserve Liability of
£3,000,000 prietors Propristorsion
$20,000,000
HEAD OFFICE: LONDON: 38, Bishopsgate E.C.2. Sub-Agencies In London: 117/129, Leadenhall Street, E.CX West End Branch: 14/16, Cockapur Street, S.W.L." Manchester Branch:
Head Office:-HONG KONG
Board of Directors: A. L. Shields, Es...
W. H. Lock, Esq.,
Chairman.
Deputy Chairman.
Hon. Mr. J. K. Bousfield,
A. H. Compton, Esq.,
Hon. Mr. S. H. Dodwell,'
D. F. Landale, Esq.,
G. Miskip, Esq.,
"K. S. Morrison, Esq.,
Hon. Mr. T. E. Pearce,
H. V. Wilkinson, Esq.
Sir Vandeleur M. Grayburn,
Amoy Ipoh
Chief Manager.
32, Mosley Street, Manchester, 2.
AGENCIES AND BEANCHES:
ALOE STAR AKEITRAR.
BANGIOK
BATAVIA
BOMBAY
CALCUTTA
AGENCIES: CLAVE TEET FAIRLIK PLACE CANTON CAWNPORN
HARBIN
PINANG
HONG KONG MANGOON ILOILO. SAIGON
IPOR
KARACHI
KEANG KOM
KUALA
· LUMPUH
KUCHING MADRAS
NEW TORK PEIFING
Aranches:
M
Penang
COLOMBO
-MANILA
Bangkok
Johore
Rangoon
-DELHI
MEDAN
Batavia
Kobe
Saigon
Bombay
Kowloon
SAD
Calcutta
Koali
Francisco
HAIPHONG
HAMBURG HANKOW
Canton
Lumpur Shanghai
Chefoo
London.
Colombo
Lyons
Dairen
Malacen
Singapore Sourabaya Sungei
Patani Haiphong Muar • Swntow Bamburg (Johore) Tientsin Bankow Mukden Tokyo Harbin New York Tsingtao Hongkow Peiping Yokohama Iloil
Foochow Manila
CURRENT Accounts opened in LOCAL CURRENCY and Fixed Deposits received for one year or shorter periods in Local and other Cur rencies on terms which will be quoted on application.
ALSO up to date SA DEPOSIT Boxes in various sizes To LET
Hong Kong, 5th June, 1830.
HONGKONG SAVINGS
BANK
ARRIMAAN
SHANGHAI
SINGAPORE SITLAWAN BOURABAYA TAIPING TIENTBIN
TONGKAR
FINANCIAL PROBLEMS
OF JAPAN
NEW CURRENCY
MOTIVES
LONDON, July 24 ̈(By Air Mall) --Str Frederick Whyte, formerly political adviser to the Chinese Government; presided this evening at the English-Speaking Union over, a panel discussion on Great Britain, the United States, and the Far East.
position. Japan Wh3 not 40
FINANCE
Chinese Government Banks Have Issued Two Million Notes
CHUNGKING, August 7 (Central) Legal-tender notes issued by the four Chinese government banks.- the Central Bank of China, the Bank of China, the Bank of Communications and the Farmers Bank of China-up the end of June, 1939, reached a total of ́$2,826,929,300, according to the Currency Reserve
Board.
The notes are supported by stood during the period under $1,156,088,974.33 worth of gold, survey was 44 to 56 per cent. silver and foreign exchange, MONTHLY INSPECTION " and by another $1,470,840,- The Currency Reserve Board 325.67 in the form of bonds makes periodical inspections, usual- and notes issued or guaran-ly once a month, of the total teed by the government, other amount of notes issued as well as assets acceptable to the Minis- the kinds and amounts of reserve short-term commercial parency conditions in the country. try of Finance, and acceptable therefor. Its reports serve as a reliable index to business and cur-
materials abroad
well aspers. The ratio between the materials for her manufactures to cash and security reserves be- pay for the purchases from hind the Chinese notes as it abroad.
Mr. E. M. Gull; Secretary of the China Association set out the superior in military power, but she possessed' enpinous advantages in. the buying of this she had to buy the way of equipment. To finance
2.5
She had a big adverse balance which she was helping by using gold, but this would not last. Therefore she had invented a new (Bhuket) currency which ultimately should enable her to secure China's ex- port trade.
TSINGTAO YOKOHAMA
(Peking)
FOREIGN EXCHANGE and General Banking Business transacted.
CURRENT ACCOUNTS opened and FIXED DEPOSITS received for One Year or shorter periods in Local or Other Currencies at rates which will be quoted on application.
SAVINGS ACCOUNTs also opened in Local Currency and Sterling with interest allowed at rates obtainable. on application.
The Bank's Head Office in London undertakes Executor and Trustee business, and claims recovery of British Income Tax overpaid, on terms which may be ascertained at any of the Agencies and Branches.
R. A CAMIDGE,"
Manager.
THE CHASE BANK
The Business of the above Bank 15, QUEEN'S ROAD, CENTRAL
is conducted by the HONGKONG |
& SHANGHAI BANKING COR- PORATION.. Rules may be obtain- ed on application.
For the HONGKONG & SHANGHAI
-BANKING CORPORATION.
V. M. GRAYBURN,
Chief Manager. Hong Kong, 25th Feb., 1939.
BANK OF EAST "ASIA, LIMITED
3
Authorised Capital...... $10,000,000.00 Paid-Up Capital 5,358,600.00 Reserve and Undivided.
Profits
2,683,938.01
Head Office:-HONG KONG
No. 10 Des Voeux Road, Centrál.
Board of Directors:
Bir Ehonson Chow, Chairman
Li Koon Chun, Esq. Li Lan Sang, Req.
P. K. Kwok, Esq., Wong Chu Son, Esq.
Wong Yan Tong, Esq. Kan Ting Po. Fag.
' Chan Ching Shok, Esq.`Fung Flag Wah Baq.
'HEAD OFFICE:
18, PINE STREET,
NEW YORK. AD American Bank offering.com plete Foreign Banking Service in the principal Markets of the
world. Interest Rates on Application.
SAFE. DEPOSIT BOXES
This Bank is entirely owned by
CHABE NATIONAL THE
BANK, NEW YORK, with Resources over U.S.$2,600,000,000.
D. M. BIGGAR,
Second Vice Pres,
4
LIABILITIES OF
OVER $90,000
At Tientsin British banks were Examination Of I. A.
".
Elias
. ነ
Of the four banks, the Cen- tral Bank of China topped the Hist with $1.048.883,145 worth of notes. The Bank of China was a close second with $703,570,740 in bank notes. Those inued by the Bank of Communications and the Farmers' Bank of China amounted to $548,456,070 and 5326,019,345, respectively.
CASH RESERVE Prior to the war, the cash re- under an obligation, to recognise
serve behind China's currency Chinese national currency. For
stood at 60 per cent. with the re- Britain to acquiesce in Japan's
mainder made up of securities demand that she should recognise
Admitting liabilities of over $90,- Although it has since dropped to her new currency would be to ac-000. Mr. Isaac Aaron Elias, in the 44 per cent, it is still higher than quiesce in the complete domina course of his public examination the currency reserves in tion of Chinese trade by Japan.”
meny before the Chief Justice, Sir Percy other countries.
In Chinese official circles, it was McElwaine, in the High Court ascribed his insolvency to neglect pointed out that the decrease in of his rubber options
the cash reserve percentage was speculation business which he had due to the increase of note-issue carried on in conjunction with Mr.from $1,400.000.000 tri the present M. J. Nassim.
Captain Kennedy, who was for three years attached to the Japanese Army, thought that If Japan, could continue to humiliate Britons, not only British prestige would suffer, but that of the white man in Asta generally.
and to
Mr. Elias said that he allowed
$2,626,929,300.
Mr. Nassim to use his name in the U.S. WARPLANES
business, 00 the Miss Utley, the only English-speculation woman to have visited the Yang-understanding that all profits and lossen were to be borne by Mr. Nassim.
tze, fronts, said that China, knew that any co-operation with, Japan was impossible.
Two Motives
Chief Justice: Did anything out of it?
you get
Mr. Ellas: No, my lord. Mr.
BILL
President Roosevelt recently signed a bill giving the United States War Department' $293,- 895,547
cash contract authorizations, to spend pri- Mr. G. F. Hudson, author of Nassim asked me to give him a marly on new fighting planes. The Far East in World Politics," | helping hand, and I agreed.
The measure completes a $559,- said Japan had two motives for Continuing, Mr. Elias denied a000,000 emergency defence pro- Her attitude to Great Britain. One statement made by Mr. Nassim that gramme
which Mr. Roosevelt
was that the war had lasted much
too long. She could not have a grievance against China, and so she had to work up one against Britain for a diversion.
.
Also, she wanted to please Gér-
$10,000 between 1838 being part of session, and raises the outlay for he had received between $5,000 and outlined to Congress early in the the profits of the speculation defence, in the fiscal year which business.
commenced July 1. to the unpre- cedented
peacetime total of
kne.
"Bit Hard Pressed".
| $1,783,187,847. many, get more arms, and pos-plained Mr. Elias in his public airplanes for the Regular Army "I was a bit hard pressed," ex
For the purchase of 2,290 sibly a full alliance-she had a
examination, "and I asked Mr. and 177 for the National Guard, partial one already. Not. all
Nassim for a loan. He gave it to the bill includes an appropriation Japanese wanted this. Germany was sending arms to the Chinese
of $188,885,547 and authority to to keep Japan in her place. - If "After selling a property, I called enter into contracts up to $84,560.- Japan could stop this, and get Mr. Nassim and asked him what|000, more arms herself she would pro- my indebtedness to him was. He
5,500 Planes bably have to have the full al- replied. Aren't you ashamed of Addition of the new craft to the liance.
asking me this
question? You US Army Air Corps will give it helped me considerably on various about 5,500 serviceable planes by occasions and this is a present July 1, 1941. The bill also carries from me.
$14,250,000 for educational orders "Mr. Nassim refused toto train industry in the production accept any payment of the amount of munitions and $27,000,000, par I owed him."
tally in a contract authorization, From 1937, Mr. Elias said that he for strengthening the garrison at Was in partnership with Mr. Nassim. That partnership, which lasted about a year, was arranged on a 50-50 basis as to proats and
CHINESE CO-OPERATIVES'
SUCCESS: ASTOUNDING
可
Kan Tong Po, Eag., Chief Manage REPORTS AT CONFERENCE
Li Tas Fong, Esq., Manager.
kowy
Babaria
Bombay Calostín Hephony Hantow Honolulu Tabe
Branches and Agencias :----
Landin
Manila
Kowloon Penang Ringspers Rangoon Bourabaya Balgos Melbourne Bari Fran- Sydney
disco Tiantain New York Bauttia Vancouver Paris Pitplug
Shanghai
Every description of Banking and Exchange business transacted. Loans granted on. approved securities.
CHUNGKING, “August 6 (Central)—Dawn from each of five regional headquarters throughout Free China, over 40 delegates of the Chinese Industrial Co-operatives Society, gathered ka Chungking for a week's conference, are astounding the nation's capital with reports of the incredible progress achieved in the tea-month period since the inception of the movement. Almost 1,100 co-operatives, fractioning spd producing, were reported to headquarters by the regional representatives; 462 in the tech- wan area; 264 in the Northwest; 190 in the Southwest; 148: In the Southeast; and 17 in Yannan. Over 20,000 people are now employed by the C. I C.
year 3,000,000 of the
losses.
the Panama Canal,
Funds have been provided for
major air bases in Alaska, Puerto beginning the construction of five Rico, the Canal Zone and in the Northeastern and · Boutheastern. The partnership yielded a pront United States. New air depots will of $33,000, a sum which Mr. Nassim also be built in the Southeast and brought in in two cheques. Out of in the state of Utah, this sum of $33,000, Mr. Nassim took $22,000.
His Share 01 Losses Losses in the business were paid by Current Accounts opened in Local
Mr. Nassim direct, to the brokers Currency and Fixed Deposits re- Optimism and ambition coloured, the next caived for one year or shorter
Mr. Elias recalled an occasion in periods in Local and Foreign Carvery discussion and decision at 18,000,000 bolts of cloth that Free 1837 when he paid $9.000 to AZ, rencies on terms which.. will be the conference in Chungking. The China normally consumes. The Nassim representing his share of quoted on application.
budget, it was decided, is to be co-operatives are also directing certain losses. He borrowed this BATE DEPOSIT Boxes To LE. tripled in the course of the next their ingenuity to the supply of sum from his brother,
KANTONG PO,
Chief Manager
BANK OF CHINA
Specially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN INTERNATIONAL EXCHANGE
NA BANK
CONSIGNEES NOTICES
DODWELL--CASTLE - LINE.
NOTICE. TO CONSIGNEES,
M.V. THURLAND CASTLE
From U.S.A. via MANILA.
VONSIGNEES of Cargo are hereby
12 months; the number of co-all the light industrial products By October 1937, Mr. Elas said, operatives to be established in which China, formerly bought from he had lost all the $11,000 he the second year of the movement's Japan. They plan to invade Ja-made out of the speculation. existence was axed at 10,000, and pan's export market by the sale business. He was then mostly out informed that all Goods are each region to have its own mar-on foreign marts of the finest of town, visiting estate-owners up-being landed at their risk into the keting co-operative and its own Chinese hand embroidery in com-country and trying to get options Godowns of the Hongkong and How collective purchasing agency, petition with the more experisive | on behalf of London firms.
loon Wharf & Godown Company, Lid. Even behind the menacing nash'
Japanese, product.
It was during the period he at Kowloon, whence and/or from the Interested himself on of Japanese... bayoneta, Chinese
his own wharyes delivery may be obtained. The future financing of the co-account in getting options on hore, unless notice has been given to reconstruction goes on. The plans operatives seems assured, Private behalf of London firms that Mr. hours prior to vessel's arrival, but car Optional cargo will not be landed of the C.J.C. call for the establish capital is being marshalled in pilas was informed of further ried on from port to port to the Anal ment within the next year of support of the movement. Govern losses to PAID-UP CAPITAL $40,000,000.00 three more regional headquarters ment support. has already been incurred his partnership with claims will be admitted after the the tune of $75,000 port of call to which the option (BRANCHES ALL OVER CHINA) Of these, one is to be set up forthcoming. In England, friends Mr. Nassim Owing to our numerous Branches behind the Japanese lines, in the of the movement have formed the
No Goods have left the Godown, and all "When this shock came. I had to Goods remaining undelivered after in China and connections in the principal Commercial Centres of heart of one of the country's Anglo-Chinese Industrial Develop neglect everything." he said the 13th instill be subject to rent. the World, we are able to extend major guerilla areas. The other ment Society. The president is
Mr. Ellas went on to say that All claims against the vessel mat to our Cliente special facilities for two regional headquarters are to Mr. Alfred Barnes, and among the his brother paid $30,000 toward his be presented to the undersigned on or Domestic and Foreign Banking and be set up in the Cheklang-Anhwel directors is Bir Stafford Cripps. share of this enormous loss. For before the 18th inst or they will Exchange.
area, and the Hupeh-Honan- This society hopes to raise £500, the balance of $45,000, the creditors All broken, chafed, and damaged
not be recognized. Shansi area. The three new head-000 for the GLO
asked him to take cut a life Goods are to be left in the Godowns quarters win bring the total to
The movement is ananced by insurance policy and make a where they will be examined on the eight
the sale of preferred stock and promissory note redeemable with 11th inst, st 10 sm, by our surveyors debenture certificates; all the a year. The promissory note was SPECIALIZED PRODUCTION common stock of a co-operative made out on Jan 1, 1938.
In the case of dutiable cargo, con- is held by members themselves, He was unable to redeem that signera aze requested to Soform, the Simultaneously, the CLC, are ensuring the co-operative mem
Imports & Exports Office that they note because he had by the begin bave such goods for examinations planning to specialize in those bera full control of their
ning of the following year not No Fire Insurance has been effected. forms of production for which enterprise. The rigid accounting received payment from Mr Nassiro, Bill of Lading will be countersigned.
hey have found themselves best and centralized bank accounts of and Mr Ellas seld that his by itted. Tezules are especially it the societies assure the investors, creditors, then oblaided judgment DODWELL & CO, UTD. for co-operative production, and full safety and protection for their against him for a dttle over $45, Hong Kong, 8th Aug 1039 the society plans to produce within funds,
Head Office:-SHANGHAI
Hong Kong Branch
4, QUEEN'S ROAD, C. South China Offices:
CANTON SWATOW BETUCHOW
KONGMOON TOISHAN KINGOHOW
We also handle the issue of Bonda and other Public Funds of the Chinese Government both at Home and Abroad.
BTOU J. CHEN,
Manager's
400020
Mesars Goddani & Douglas
TUESDAY, AUGUST 8, 1999 PAGE 13
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FOR SAN FRANCISCO & LOS ANGELES
vis SHANGHAI, KOBE, YOKOHAMA and HONOLULU
8S. PRESIDENT TAFT"
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Ang: 12th at 8:00 AM.
31
Aug. 26th at 800 AM. Sept. 9th at 4.00 PM. Sept 23rd at 9.00 AM.
SA" PRESIDENT CLEVELANIY B.S." PRESIDENT PIERCE “ BAY PRESIDENT COOLIDGE"
"PRESIDENT TAFT" 3.8
Oct. 7th at 8,00 AM. S.S." PRESIDENT CLEVELAND " Oct. ist ab 80% AM ̈
AND FORTNIGHTLY THEREAFTER
19
FOR NEW YORK & BOSTON
VÍA SUBI
9 8. " PRESIDENT VAN BUREN” Sails Aug. 17th at 19 Noos 8.8. PRESIDENT HARRISON "
Septat at 12 Noox
It
AND FORTNIGHTLY THERMAPIER
Sails Aug. 19th at 2.00 A.M.
FOR MANILA S.S. PRESIDENT CLEVELAND" SS PRESIDENT HARRISON” $.3 "PRESIDENT PIERCE”. 8.3. "PRESIDENT COOLIDGE"
++
Sept. 1st at 12 Noor Sept. 3rd at 2.00 AM." "Sept. 16th at 1.00 A.M.
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"ROUND-WORLD SERVICE
12, PEDDER ST.
Priest
Lloyd
TEL. 28171.
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TO MANILA, SINGAPORE, COLOMBO,BOMBAY, EGYPT
4. ITALY
m.v. "VICTORIA”
19th Aug.
*
TO SHANGHAI
"GIULIO CESARE" 25th Aug.
** “GIULIO CESARE” 1st Sept. 18. "C. BIANCAMANO” 10th Sept. La “C. BIANCAMANO' 10th Sept. La “CONTE VERDE" 22nd Sept. ** "CONTE VERDE", 29th Sept. | m.v. “VICTORIA” 7th Oct m.v. "VICTORIA"
14th Oct.
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...29th Aug.
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