SPECIAL CABLES.
THE OPIUM QUESTION, A PEKINO CONFERENCE.
THE HONGKONG, TELEGRAPH, SATURDAY, FEBRUARY 22, 1913.
instalment a/o the now building foundation, but our present in in Bombay, extension to our terest in not unduly large under. Yokohama Offices, cost of a site the circumstances and the ad- in Kuala Lumpur on which it is vances are to firms of good stan proposed to build our own offices-ding and show satisfactory mar and to the purchase, on favour- giaa on present.quotations. able terms, of the lot adjoining I shall not on this occasion re- [Our Own Corresponendt.]
our property in Hankow, which for in detail to all the countries Shanghai, February 22. it was considered advisable to where the Bank is established. Sir John Jordan, British Mini-scquire in view of probable ex- Reports show they have parti ister to Poking, attended a con- tension there in the near Gigare. joipated in the general trade ao- ference at the Wai-chis-pu last The new building in London has tivity and advices from all places svening on the subject of opium. yet to be paid for, and there in point to favourable conditions for
also expenditure in other places, the present year. Funds for CHINA.
"A SMALL LOAN,
[Our Own Correspondent.]
Shanghai, February 22.
It is reported from London that Loan Agreement with Chine for a small sum, bearing interest at ive and a half per cent. has teen signed.
COMPANY MEETING.
The Hongkong & Shanghai
Banking Corporation,
**
so our Bank Premises account I am pleased to say that in |will be still further increased; as Siam and Cochin China, where time goes on the policy of writ: [rice harvests have been very in- ing down this sccount should be different for the past few years, adhered to. I may mention that full oropa are practically assured very careful consideration is given this season. to all expenditure in connection with premises, but past experience As regards Hongkong and has shown us the wisdom of anti-South China," trade proved far cipating requirements and also better than the ontlook at the of possessing our own buildings beginning of the year led as to when expedient.
Trade Activity.
+
Local Trade Good.
expect. The Canton Bilk orop did not perhaps come quite up to anticipations and the trade was handicapped by the war in the Balkans, but I believe, taking it all round, merchants have not done badly.
ETS
Importera and Soul 3M APOGIMINEAT TO IRI ♬
Pimey Place, LONDON, K.C
ENGLA
cters and Sw
THE
FAMOUS
TOBACCOS
AVEN
OF
MESSRS CARRERAS LTD.,
LONDON.
OBTAINABLE IN FRESH CONDition from
KRUSE & CO.
to
a
DAIRY FARM NEWS.
Now then-Variety is the spice of life, and a change of diet is good for all of us. We provided you with Sausage the finest in the land, now we have im- ported for your consumption, DIRECT from LONDON.
KIPPERS, HADDOCKS, FILLETS.
Just landed and in prime Condition. We have received from the NORTH
1,000
BRACE of PHEASANTS, they are subject to your order.
WM. POWELL,
LTD.
TELEPHONĖ 346.
GENTLEMEN'S OUTFITTERS.
There has been an important TAILOR MADE transaction in connection with the Bank's Reserves, resulting in reinvestment of £270,000 to $285,000 of Bonds.
PYJAMA SUITS.
IN GOOD WEAR RESISTING MATERIALS.
$6.50 $8.50 $11.50
LIMITED.
favourable moment to an ex WM. POWELL, fonded date.
The Bank's Premises. We are told that the Bank's
business premises in various
(Continued on page 10.).
A
RACING DAYS.
Special Early Tiffins will be served from 11 a.m. Each Race Day,
Meals "a la Carte from 6.a.m. to iz p.m.. Oysters, Smoked Haddock, Kippers, Chops, Steaks, Etc., Etc,
LANE,
CO.
CRAWFORD & CO.
FOR THE RACES.
A NEW STOCK OF
Before dealing with other matters, I would mention that your directors felt justified in recognising the able manner in which the Bank's affairs have The ninety-fifth Ordinary Half-been conducted, by voting Yearly General Meeting of the bonus of 10 per cent, to the staff Import business, assisted by a Shareholders of the Hongkong & on their salaries for the past year. favourable exchange, has been Shanghai Banking Corporation You are well served by a loyal and fairly prosperous notwithstand was held to-day in the City Hall, capable staff, and your directore ing the disturbed state of the security and expenditure which when the ninety-fifth Report of feel assured their action will neighbouring Provinces. Local have the full approval of the the Court of Directors was sub-received your unanimous ap-industries appear to be in a Governments concerned. mitted. Mr. E. Shellim (Chair-proval (Applause).
healthy condition and have been I may mention that the British man), presided and there was
attracting money from bons de representation in the Sextuple present Messrs. J. H. Arm- Daring the past year trade investors always a welcome sign Group has recently been extended It appears that commendable strong, Hon. O. H. Ross, S. chroughout the world has been of confidence in the future... by the association with ourselves foresight has here been employed H Dodwell, G. Friesland, C. S. very active, with a consequent In the Yangtze Valley and of the great issuing houses of in anticipating the falling in of Gubbay, E. R. Inuter, F. Lieb, good demand for money, and we the Northern Provinces, excellent Mesars. Biring Bros. & Co. & securities and replacing them at W. L. Pattendon, J. A. Plummer, have found ample opportunity for crops, and favourable conditions Messrs. J. Henry Schroder and and H. A. Biebs, directore, N. J. the employment of our resources. in the foreign markets, made Co; our London Bankers; The Stabb, general manager, Chan Indian trade continues in a the peried under review a very London County and Westminie Kai Ming, G. T. M. Edkins, highly flourishing condition and satisfactory one, in spite of the ter Bank; and Parra Bank, with Young Bin Pong, Chun Tong, the country is attracting such political unrest and consequent whom we have been closely allied Tang Chi Ngon, T. F. Hough, G. large quantities of gold that it is monetary difficulties The ac in the issue of Japanese Loans. parts of the world have now For the Convenience of Those Attending Races Siemsson, Ho Tung, A. Findley evident India is becoming a factor cumulations of imports at the Confidence in China. mounted up to over 5 millions Smith, S. R. Carlill, Ho Wing, of ever increasing importance in Treaty ports, which necessarily In conclusion, Gentlemen, I of dollars in value and that this Ellia Kadoorie, A. Rodger, Lo the Gold markets of the world. took place during the serious dis should like to endorse the con-
will be further increased. Cheung Shin, Ho Fook, Ho Kom India was also an important factor turbances in 1911, have, owing fidence expressad by ray Pro large sum but we are assured that This involves placing out a very Tong, W. Dunbar, A. C. Hynes, in the Silver market, the heavy to the rise in exchange and ad-decessor in the chair a year ago careful consideration is given to J. W. C. Bonnar, C. Pemberton, withdrawals of rupeos from the vance in the price of Cotton and with regard to the future of all expenditure, and I have no W. A. Parcell, J. Barton, M. Fer-Treasuries making it necessary other foreign commodities gone Obina. nandez, J. M. da C. Basto, Chiu for the Government to become into
I think we may safely doubt that the policy the Banks ALEXANDRA - CAFE consumption freely. on trust Chan Sam, Wong Leung Him, W. purchasers of silver, and during profitable term, and I think population and great natural will be thoroughly justified.
China's industrious
has adopted in this connection H. Potts, R. M. Joseph, J. H. N the year they bought some the the position as regards resources as a sufficient gusran- With steady writing down of the Mody, A. H. Barlow, H. J Gedge, £6,000,000 of that metal for coin-importe
may bo considered tes of prosperity. Troubles PO. Potta, Sang Foo, Tong Lai age purposes, being the equivalent sound. With regard to exports and difficulties inevitably fol- Premises as recommended, the Chuen, D. H. Silas. W. O. D. of about Re. 134 erores of the enquiry for most of the staple law great political
item Premises afo is a sound changes Turner, G. E. Towns, A. J. P. coined rupees. The total reserves artioles continued, notwithstand and it may be sometime yet be asset and, Itake it, practically a Pamfrett, F. Maitland, J. Joha of silver coin at the end of the ing the higher exchange, so it is fore the machinery of Government revenue producing investment stone, F. Smylli, G. C. Moxan, Ayear, including silver in the gold evident that there is a steadily in-is in proper working order, but inasmuch as rent is saved.
Griffin, J. F. Wright and T. standard reserve, in the mint and orensing demand for Chinese that will come, and with it tho W. Hornby.
on the way, were about Rs. 20 produce in foreign markets, and, development and reform for Satisfactory Figures. The Chief Manager read the the 31st Decembar 1911. A.con- further development of China's genuine desire.
crores against Rs. 25 crores on given settled conditions, the which there seems to be a really The presen! notice convening the meeting. tinuance of withdrawals on any trade can be confidently looked Chinese Government has already The Chairman said:-Gentlemen. thing like the scale of last year for.
given reassuring indications of The report and statement of will probably lead to further pur-
In this connection I cannot do its determination to intro- accounts for the half year having chases of silver by the Indian better than quote the following duce thorough reforms into ite been in your hands for some days, Government;
from a recent market report of financial administration, and I I shall with your permission, take
The Oplum Question, Mesore Ilbert & Co., Shanghai, feel sure all will unite with me in them as read. I think the figures In connection with India you which I think aptly describes the the sincere hope that the wise spook for themselves and will be will doubtless expect me to make situation:-"This extraordinary application of all money obtained regarded by you as satisfactory. a brief reference to the Opium vitality of trade which the Coun-will result in a restoration of The net profit for the six months, Question, as it is one of great try can show after a period of so credit and confidence and an including $1,960,288.64 brought importance to that country and great political and forward from the previous half equally so to all connected with stress as that through which it dustrial activity to the benfit of monetary increase of commercial" and in- year, amounts to: $5,031,435 48 the trade. The agreement of has passed sugars well for the China and all nations interested in which it is proposed to dis-1911 between Great Britain and future development of commerce Far Eastern trade,(Applause); tribute as follows:Dividend China and the manner in in China, even if only a moiety of Before moving the adoption of ongkong, 22nd Feb, 1913. 62.per share; Bonus in which it has been carried the principles of reform and pro- the Report and Accounts as addition to the dividend out by the latter have been no gress which are mooted, ever be presented, I shall be pleased 5/-per share; $200,000 added to generally discussed that I need come genuinely established." to the Silver Reserve Fund and no enlarge on the matter, more
to answer any questions you may $200,000 written off Bank especially as the whole position
put to the chair.. Fremises Account. After making is, wo understand, the subject of last, I referred to the loan.negotia propose the adoption of the report These being no questions, I these appropriations there is a diplomatic negotitations. The tions between the Sextuple Group and statement of accounts, as balance of $2,011.410.35 to be Indian Government, however, and the Chinese Government, presented. carried forward to the New Profit have realised the seriousness of which were at that time suspend- & Loss alu, being some $50,000 the situation by their notion in ed owing to the difficulty found more than than the amount giving notice of their intention to by the latter in agreeing to con- Mr. G.T.M. Edking second and at the Officer of the Public Works brought in from the last account discontinue, after three months, ditions of security and expendi-said: Gentlemen, I rise with much Department, by Order of His Ex- Letrust this distribution, which the sale of certificated opium for tore considered indispensable by pleasure in support of the report celleney the Governor, of One Lot of your Directors recommend, will the Ohine market, and by impos- the Groups and their Govern- and accounts as presented to us. Crown Land at the Conduit Road meet with your approval,
ing a high upset price on opium ments but opposed by the senti-I feel that I shall be voicing your Extensiia, la the Colony of Hongkong, There are only two items in the before sales conse,
to be sold at the three auctions ment of an influential section of opinion when I say that these for terms of 75 years, with the option the Chinese public. Shortly after-Breeminently satisfactory and of renewal at Crown Rents to be fixed accounts to which I shall refer,
wards the Chinese Government that we congratulate all concern the Surveyor of His Majesty the The first, sterling Reserve Fand While fully sympathising with concluded a loan with other ed on
King, for one farther terms of 75 years. the excellent results Investments, has undergone a China in her elferta to suppress parties, under conditions which achieved. I think there is special PARTICULARS OF THE LOT. slight change, Advantage was opium smoking, the foot should dispensed with the guarantees cause, for congratulation that the taken of a favourable opportunity not be lost sight of that a demanded by the Groars and in Bank's progress is steadily main- to sell our 1915 Exchequer certain period was arranged circumstances with which the tained in view of the abnormal Bonds and purchase those of a by China in which to attain discussions in the Press have conditions prevailing in the Far new issue maturing in 1930. that object, therefore those who made you familiar.
East.
* ་
www Two Items.
ן་י
Reasonable Complaint,
The Loan Question.
When addressing you in August
Mr. Edklas' Speech,
To-day's Advertisements
QUEEN'S COLLEGE.
TER begins Monday 3rd March
"next at 9am. mina and lavi ed on Friday & Sa
Applicants £»r Admission will be ex-
spectively, bizinning such day as rday, 28 February & 1st March
[8.11.
By Order.
(202
G. B.
PUBLIC AUCTION.
PARTICULARS AND CONDI- STIONS of the letting by Public Auc tion Bale, to be held on Monday, the 3rd day of March, 1918, at 8 pm,
Boundary
Measurements.
Contents ins
Алова
Upser Price.
(190) 392 420 - 120 80,000 1443,13.
about
HONGKONG & BHANGHAI BANKING CORPORATION.
GENTLEMEN'S
NECKWEAR.
THE VERY LATEST IN
TIES.
LANE, CRAWFORD & CO.
THERE IS ONLY ONE
KING GEORGE IV.
Goor
Scotch
Speciali
SCOTCH WHISKY
AND
There is Only One Quality
OF
"K. G. IV."
WHISKY,
There are no cheaper or more!
expenslye grades,
ONE STANDARD QUALITY
AT
ONE STANDARD PRICE
CAPITAL £8,000,000
In place of the £270,000 of the entered into commitments on the The subsequent resumption, of Although the Chairman makes former, which stood in the books good faith of the agreement being negotiations between the Groups no definite statement ou the point, at 88, we now hold £285,000 effective have reasonable cause and China and a frank dis- I surmise the management, and 1030 Exchequers standing at for complaint at the percent cussion of mutual difficulties staff have had complicated con 03. This exchange was effected situation. I cannot but feel that have, I am happy to believe, led ditions to contend with in the st a smak proff so the trans an equitable arrangement will be to the removal of much misunder conduct of the six months work- notion vás very suitable in every arrived at whereby an outlet may standing on both sides. The ing instance commercial and way. We did not consider there be found for present stooks, which, terme of a final Agreement have monetary conditions in China and wen any 000ssion to write down which, on the basis of past years, now been satisfactorily arranged the delicate and important loan THE DIVIDEND DECLARED Consola at the end of the year. only represent about nine months and its conclusion awaits only negotiations,
and I,welcome the
for the Half Year ending 8: Although the price has since onmaumption in China. It would the decision of the question, to be announcement of the board, as I December, 1019, at the mate' of Ino dropped to 74.7-18 I hope the de- hardly seem just that those who settled between China and the am sure you will, that they have Feunde Sterling together with Bonus cline is only temporary and thit purchased opium from the Indian Governments concerned, of the voted a bonus to the staff in five Shillings Sterling per share of fliere will be no necessity to Government on the strength of engagement of foreigners for the appreciation of their services. $125 is Payable on and the MON- write this stook down below our the agreement should suffer advisory and executive posts con(Applause) prosent book value of 75. through that agreement being templated under the loan. Agree The chairman has placed be- rent, at the Offices of the Corporation,
The other, account is bank pro ineflective, RANI VOORSI ment. When this matter has been fore us clearly and in a very ply for Warianta, mises, off which we recommend So far as this Bank is con- finally settled, as I trust it will interesting specah, the ontstand By Order of the Court of Dires-GANDE, PRICE & CO., LTD.
DAY the 24th day of February, Cur-
where Shareholders are requested to ap-
writing $2. Jansz l'hé secount, cerned it, in comt:ion with other be, a sum of about £25,000,000 ing features of the past six lors, Chan-laat $5,360,000, the in- Eastern Exchange Banke, is in will be placed at the disposal of months, and has predicated en- Grease being dne"
terested in the financing of the China for the reorganisation, of couraging prospects for the our- pant for our Landen eile, an business, on it has been aingo ile her finantes under guarantees
rout your
STERLING.
SOLE AGENTS
HONGKONG & SHANGHAI,
TEL NO 185.
N. J. STABB,
Chial Manager
deb, 1910
(804 Hongkong 87th January 1018
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