THE BANK MEETING.
TELEGRAP
THE CHUBER QUIRONS,
LAY, FEBRUARY 28, 1918.
work y in a mornment his executive ability with
his name will ever be con acted. He won the regard and confidanos of all, Chinese and
THE RACES
SOME FANCIES
Granted fine weath
The Chinese Maritime Contamat Revenue for 1918 abawi a This prohibition of exports of over Haikwan Tala 1,850,000, from the United States was very the total collection being ahortly followed by a similar prohibition in Canada, and then and numbers Haitwas foreigners alike, with whom he amounts secured by the Allies for Taals 38,334,000 (at average came in contact; and it is Races, Mr. Barkill, who exchange 5/3.7/16 equal to £9,- sincerely to be hoped that, Jof the most experienced jou coinage purposes has consequat 603 908) as compared with Hai- after he has enjoyed his well-China, and Mr. Johnstone, ly very much increased. Owing Kwan Tsels 33,189,000 (at average earned rest, he may be induced prowess is also well-known however, to the insatiable demand for rupees in India, the require exchange #3.13/16, equal to to return to China and to place mounts that should enam £8,241,448) in 1917. The coll- his ripe experience again at the to get past, the post ahead, ments for coinage still seen factions at all the principal ports disposal of the Chinese Govern Hill, who holds a very high from satisfied. This is all the show a decrease except that of ment in other much-needed in racing circles în Shanghat mare remarkable in view of the Dairen, which is a record and directions.
not very promising materi anormous amounts that were shows an increase of Haikwan
halp him, so authorities will
had
nor
CHINA'S ONLY HOPE
Cham
purchased during the past Tsels 473,000 over the revenue The figures of the Customs be surprised if he does not g for India and also for the Home collected at that part in 1917. and Salt Revenue collections for mount home. Mr. Vida Mint. The signing of the
After all foreign obligations sethe year 1918, although they assist Mr. Burkill with Armistice on November 11th has cured upon the Customs Revenues show some falling-off in the case Chater stable and Mr. Dalg
immediate effect
had been fully met, a balance of the former, cannot on the has some good mounts on the silver market,
remained at the end of the whole be considered unsatis should win a few races.” is it likely to ia the near
Of the old ponies, Night H future; it appears probable that year of Shanghai Tasa 8,600,000, factory, especially when taken
which was released to the Chinese in conjunction with the high Triumph, Standard Dahlia, a fixed maximum price will
Government on the 25th of level of exchange. But it must Goose, Sandy and Spotted continue for some time.
January last, the funds being be frankly confessed that a review are much favoured and ab I need scarcely tell you, gentlemen, how important it is assigned, amongst other purposes of the past 12 months reveals a qualify for the
to the payment of the 1st very serious deterioration in Prophets place the for all of us, for merchanta as
this event is N much as bankers that the drawing of the 4th Year Internal China's general financial position, price of silver should be reasonab./ Loan, payment of Chinese Legat. the reason for which is not far to Hawk, first ; Triumph second ions and Consulates abroad, seak. The exaotions of a futile Standard Dahlia third. Of ly stable, because on that
financial assistance
civil war which would seem to be Derby candidates, Mr. Mo necessarily depends the rates of filatures in Shanghai and kept up chiefly for the benefit of runner is in high favour, exchange with gold-using Canton River Conservancy.rapacions and despotic Tachans Footlight is expected to win, countries. We consider a low The 1918 revenue of the and the maintenance of a huge the Jarline selection second rate of exchange is on the whole ative Customs Houses under army which it is unable to Mr. Potts' starter third. more beneficial to trade out here, the Inspector General's control control and has not tha
Of the subscription gri especially so in the case of cer-shows sa increase of over Hai-means to disband, have tain industries where Inbour kwan Taels 196,000, the total imposed upon the Central Gov- there does not appear to be figures largely in the cost of pro- collection reported being in round ernment a monthly burden of doubt as to the superiority am bersisikwan Tsels 2,972,000 something like twelve or fifteen Baret Length, for he is a l I feel I cannot pass over the million dollars, to meet which way ahead of the others. T subject of the Maritime Customs practically the only resource are good ponies in the Jarc without a reference to the highly available (for the provincial stable and Mr. Mody's black regrettable public attack recently revenues all impound-also should wie. made against the Head of the ed by the Tuchuns) is the month- Service by one of its late mem-ly releases of Salt Revenne averag-
duction; but whether the rate be high or low, what is of paramount importance, and what we do, above all, desire, is a steady exchange trade and prices of commodities adjust themselves in time to any
rate.
GROWING DEMAND, FOR SILVER,
not
10
are
terms
will receive attention in the of the Japanese Government that the
programme desert grastest sacrif
accounts,
-presented
judicial to efficiency and can be own intereat it is sa sery to tions in this respect.
I now "beg to propose remedied, I have no doubt they note the recent announ. ?ment adoption of the report proper quarter; and so far the further advances to China will and
and after they have suggestions in the pamphlet be subjected to strict scrating been seconded I shall be pleased
band confined to approved indas- may welcomed, however one may retrial objects. But the stoppage of holders may put, to the best of
referral to
to answer any question shara-
gret the method of their pre-improper remedies alone will my ability.
the cause of MR. ROSS THOMPSON'S:
OHINA'S SALT REVENUES.
SPEECH.
members of the staff of the Bank
bera and which is apt to create ing from four to five million being throughout the Emp Notwithstanding the legislaan erroneous impression amongst dollars. The result has been what It is a tion of the last fifty years, silver those
with was to be expected; the deficiency of the conversant is still a power in the world, and the great value of could only be met by borrowing, but it is likewise one that legi has to be reckoned with. But it the work done for China by the and for the past twelve months tion alone cannot achieve;
steadily that is doomed to failure umi is in no sense the rival of gold. Customs Service. In an admin or more China has
Labour recognises and acce On the contrary, it is a most istration which is the growth of borrowed from the only source.
her responsibility to place a friendly assistant and shares with sixty years of compromise, it is open to her, and on
keep the nation in a position gold in no inconsiderable degree hardly possible that anomalies corresponding to the extremity compete and increase its trade i the burden of carrying the com- should not survive, which cannot of her need. Such a policy, if the markets of the world. I at merce of the world. If by legis always be remedied by a stroke continued, can clearly lead to optimistio enough to believe tha lation silver were entirely dis of the pen. Where these are pre-only one result, and in China's Labour will carry out her obliga carded as a medium of exchange in the present silver-using coun- tries, the whole burdan would be thrown on gold. The volume of the metallic medium of exchange in the world would be diminished, and prices in terms of gold must fall all round. This would be particularly undesirable at the sentation." But the salient fact not remove present moment when the gold remains that the Maritime Casthe disease; and until China is
Mr. Ross Thompson said. in sapply shows signs of slackening, toms has been the financial sheet relieved from this military ty and when, as we hope, the com-anchor of China for the past thirtyranny all her efforts at financial rising to support the motion the merce of the world is about to years and the foundation of her and administrative reform must Chairman had proposed, he wish- enter on a period of great expan-credit abroad; and the honourable clearly be fruitless. Nothing is ed to associate himself with what sion. No such fears, however, record of its administration has more true than the old proverb had been said in memory of those need be entertained; on the become a tradition which all of us "Heaven helps those that help who hai fallen on the field of China cannot go honour, while serving with H. M. contrary, the demand for silver would be sorry to see disturbed themselves." for currency purposes is likely to by attacks of this nature. ba borrowing for ever, and a Forces in the war, and he was sure grow. Though excluded from the
time when all the world's resour that in saying so, he was woicing- currencies of Western nations, The Salt Revennes have shown ces are wanted for the urgeat the desire of all shareholders except for subsidiary coin remarkable vitality in spite of the needs of reconstruction, she can present. They had all the deepest 3ge, there zre still large disorders in the country. The expect little assistance from out-sense of reverence for the memory areas of the world where silver total amount credited in the side. Assistance, it would seem, of those men who have fallen. is required and where it is the year by the Group
Banks she must have to rid her of the He understood that a number of only acceptable and satisfactory was $71,864,000, Of this military parasite which is drain-those men who had been serving and had come through the ordeal medium of exchange. The oper- sum, however, about 15 ing the vitality of the country unscathed, were now on their ations of our armies in Palestine million dollars fware retained by and paralysing every effort at way back to resume their places "and Mesopotamis, and in what local authorities, including those reform, and it is earnestly to be in the service of the Bank. Their was German East Africa, have in Kwangtung, Szechuen and hoped that in this and other return would relieve, to some already created a new demand Yunnan, and certain minor respects, the claims of China, extent, the severe strain that had for silver, and as these regions amounts were lost owing to which cannot be ignored in any fallen on the skeleton staff that become settled the demand is military operations or attendant scheme of world-reconstruction, had remained to carry on the bound to continue. With security, causes. A reserve of $10,000,000 will be accorded the consideration, work. The bonus of 20 per cent. the production of foodstuffs was maintained throughout the which is their due by the Can-which the Board had voted on and raw materials will rapidly year.
ference now sitting at Versailles. the salaries of the staff, had been richly deserved and he was sure increase, trade will expand, and The collection of duty in the But in
main,China would be gladly endorsed by all Out work money in the shape of silver will Swatow area of Kwangtung was
own present. He further wished to be required to carry it. The voluntarily discontinued for the salvation. There is no royal road; emphasise all the Chairman had same may be said of other large time being on the 4th January, and experience has abundant said in memory of their late parts of Africa. Here in China, 1919, as a protest against the inly proved that the only path for general manager, Mr. J.R.M. when the political turmoil is over troduction of objectionable mono- China lines in the economy and Smith, whose loss was greatly and railway construction can be polies of sale under the auspices patient development of her own deplored by all who resumed, and when exports long of the Canton Military Govern- resources, the employment of him. The Chairman's review held up are again free to flow, it ment. In the adjoining areas of capable, and sympathetic for- of the present financial and gen- is certain that, the balance of Fukien control is at the moment eigners, not as advisers, but as eral situation of the Bank as it affected commerce, in the Far trade will call for considerable rendered impossible owing to the executive oficials with power to East had been so complete, and imports of silver. In Shanghai prevailing disorder and to the carry out necessary reforms, and exhaustive that he did not need and the North there is likely to actions of the Yuananese troops, above all by the sinking of party to detain them on that subject. be a serious shortage of rar bat the revenue derived from differences for the common good. The admirable report and state- THE FUTURE OUTLOOK, ment of accounts which had been rency unless fresh and substantial these areas has in any case been
Gentlemen, I have, not dealt made must, he felt sure, have supplies of silver are forthcoming comparatively small.
with trade because it is difficult given the greatest satisfaction and from America, and it is to be Owing to the high exchange to know where to begin and he had great pleasure in second- hoped that China's needs in that and the surplus collections by where to end. The artificial ing the motion that they be respect will receive the sympathe the Maritime Customs, the Salt conditions
restrictions passed sa presented, and tic consideration of the American Revenue has only been called under which it has been The motion was then put to the and British Governmenta in upon to pay about 4 million carried on during the past meeting and carried unanimously.
mportant supplies dollars during the year in respect year and view of the
the volume of Mr. I. F Hough proposed, and
"them
must
the
and
her
know
of necessary products which all of the obligations charged upon trade that has been done notwith Mr.C. W. Berwick seconded, the Governments draw from China, it. On the other hand, nearly standing, inspire one to boliqve confirmation of the appointment and of the considerable disburse-2 million dollars were refunds that when once the transitory of Mr. JA Plummer to the Board ments
stage from war to peace is passed, and the re-election to the Board have led to the Salt Revenue by the the fature will hold even greater of the Hon. Mr.PH/Holyoak, still to make
account Customs in respect of payments possibilities of trade than hereto Mr. C. S.Gubbay and Mr. E.V.D. of the Chinese labour im-made for the Boxer Indemnity in fore. That Britain will main Fart, and the motion was carried, ported into Europe for service 1916.
tain her foremost position in Mr. Beattie proposed and Mr. the War
we can surely. In November last, Sir Richard this trade. I have the fullest A. O. Lang seconded the re expect
*tha relatively Dane retired from the post of confidence. We cannot but view appointment of Mr. E. Masland moderste supplier of silver which Associate Chief Inspector of Salt with apprehension the general and Mr. E. A. M. Williams; as may be necessary to make a Revenue and was succeeded by labour unrest prevailing the world auditors for the ensuing year, and normal money market in North Sir Reginald Gamble, late of the over. As far as our own country the motion was carried.
The Chairman then announced China will be made available by Indian Civil Service; the admin-is concerned, legislation and re- the Governments which have at istration which Sir Richard Dane unemployment, stamp out evils, ready on Monday, and the meet- form are foreshadowed to diminish that dividend warrants would be present the control of the metal built ap daring five years of land raise the standard of well-ing terminated.