U
NOTICE.
AMERICAN EXPRESS COMPANY.
America 1841
Established
Europe 1991.
HEAD OFFICE: NEW YORK CITY.
WORLD WIDE SERVICE.
Jusive Offices maintained at all principal cities la America.
Foreign Offices.
ANTWERP BARCELONA
BERLIN
BORDEAUX
BREMEN
BRUSSELS
BUENOS AIRES
CHRISTIANIA COBLENZ
HAMBURG HAVRE KORE
LIVERPOOL LONDON
MANCHESTER
OSTEND PARIS PETROGRAD
RIO DE JANEIRO ROTTERDAM ROME
SOUTHAMPTON SHANGHAI STOCKHOLM
LUCERNE
MANILA MARSEILLES
MONTIVIDSO
TORONTO
MONTREAL
NAPLES
COPENHAGEN
EDINBURGH
GENOA
"GLASGOW.
NICE.
GOTHENBURG
VALPARAISO
WINNIPEG
YOKOHAMA
7
In Process of Organization.
ALEXANDRIA CAIRO ATHENS
HAVANA
WARSAW
SHIPPING AND BANKING CORRESPONDENTS AT ALL PRINCIPAL CITIES AND PORTS OF THE COMMERCIAL WORLD.
OUR FACILITIES INCLUDE:-
Financial, Transportation and Travel Service.
Advice on Packing. Shipping Routes, Foreign Custom
Requirements.
Credit Information, Market and Trade Reports.
Financing of Imports and Exports
Issuance of Drafts. Money Orders. Travelers Cheques, and
Letters of Credit.
Bills of Exchange negotiated and collected Mail and Cable Payments effected.
.L
Commercial, Time and Sayings Deposits received in local
currency. Pounds Sterling. United States Francs. Pesa, Tael and Yen currencies.
YOUR ACCOUNT IS INVITED,
Dollars.
C. H. BENSON,
MANAGER.
Hongkong.
LITTLE FOLKS' CORNER.
ADVENTURES OF THE TWINS.
MR. TINGALING GETS A REST.
THE HONGKONG TELEGRAPH.
"But what shall I do whits you are repaiting my suit askell Tingaling, the fairy landlord, of Oliver Oriole, who had offered to put in gusseis, as Tingaling was getting so round and fat his clothes no longer fitted.
Oliver thought a minute, then suddenly he had a bright idea "Ein to bed," he suggested. "I'll call Mrš, Oriole to turn down the covers, and you can crawl in until your suit is finished. Vick and Nancy can wait hers with me, and I'll tell them a story while you're
resting.
"Oh," yawred Tingaling slipping off his coat, it sounds good -lo nie. Chitdream corean tell Oliveratious your monkey and per- haps he may be able to help you find him. Now, Oliver, where shall
{EO "
DECLINE IN STEEL
Independent Mills reduce Prices.
To the close observer it has bean perfectly plain in the past faw months that the American independent steal producers had no settled or uniform policy as to prices or the general conduct of thair business. They lacked the influence of their guide, counsel ler, and friend, the United States Steel Corporation, for nearly a year ago independent produzɔrs | bad begun to make a market of thair own, and by the first of this year the dissociation of the "inde- pendent steel marker" from the Steel Corporation's price schedul was complete.
FRIDAY, DECEMBËR 3. 1930.
ion of considerable length and remain in very strong financial. position.
As to the Steel Corporation, there is no prospect that its earnings will declina. The cor- poration has not had occasion to curtail its output, and is not likely to have occasion ovan should the present slackness in demsod last for several months. Some of the independents began curtailing production in September. At the beginning of the present quarter] some of the Steel Corporation | subsidiaries still had considerable stocks of finished products made on order, but
not shipped on; account of car scarcity. This material was carried on books ai cost and as it is shipped earnings will accrue apart from the earn- ings involved in the current out- put. It is conceivable, though not necessarily probable, that the Steel Corporation will show larger) earnings in the present quarter than in the third quarter.
The facility with which inde pendents individually elected to disregard the stabilizing influence of the steel Corporation was am- phasized, for since the war the independents have not confined their divergences to one side of the market. The Industrial Board pride schedule of March 21, 1919. THE CHINA SPECIE BANK LTD. was generally adopted by the trade
but in April and May following there were few, if any, indepen- dents that did not eat the Indus-St. trial Board prices, while the Steel Corporation adhered Ia those prices strictly and punctiliously.
HEAD OFFICE:-
George's Building. Hongkong Chairman of Board of Directors Mr. Wong Shiu Ham Chief Manager... Mr. L. S. Holum
BANKS.
'ASIA BANKING CORPORATION
· CAPITAL
(AN AMERICAN BANK)
SURPLUS & UNDIVIDED PROFITS:
TIENTSIN CANTON
BANKS.
HONGKONG AND SHANSHAF
BANKING CORPORATION.
Paid-up Capital
V.B. $4,000,000.
| Reserve, Funda
U.S. $1,439,000.
Sterling...
-Silvar
HEAD OFFICE: NEW YORK, USA
HEAD OFFICE FOR THE ORIENT:
SHANGHAI,
BRANCHES:
MANILA CHANGSHA..
HANKOW PEKING
All Descriptions of nanking business transacted. Interest allowed on Current Accounts Savings Accounts and Fixed Deposits in Local Currency, U.S. Dollars, Sterling or Francs
American Bankers Association and Quaranty Trust Company of New York Travellers Cheques sold by us, Payable throughout the world.
THE BANK OF CHINA.
(Specially authorized by -Pre- sidential Mandate of the Republic of Chins on the 22nd of Norem. ber, 1917.)
4.116,772,00.
In the summer of 1919 the last | Asst Manager... Mr. K. T. Wang of the independents had scarvely Foreign exchange and general | Authorized Capital.$80,000,000.00 reased cutting the Steel Corpora.banking business transacted. Paid up Capital. 12.279.800.00 tion prices.before other indepen- Current, Savings, and Riset | Reserve Funda dents began to talk of the desir-deposits bear interests at rates ability of prices being advanced 4 and 5%, respectively. and math after month it was hoped the Steel Corporation would act In view of the facility
I. P. ALLES. Hongkong Manager
TIME TABLE.
WEEK DAYS.
£ 13 ma
3
רות כן
with which independents have PEAK IKAMWAYS CO., LTD. changed their prices in the past year and half there are not a few observers who now maintain that if the independent steel market declines to the Steel Cor paration lece! it will not stop there, but that independents will cut the Ste Corporation prices in their effort to build up a clien- tele. Some observers erea mark that the Steel Corporation price is the one price at which an independen: will not sell, that either a higher price will be ex- arted or a lower price arcepte!
TWEI YP YEARS APQ There are not the elements for coherench among steel pre lurers- in the matter of prices that have existed at netures ike this i i the past when demand for steel fell of. In the "Gary dianer" period of 1908, for instance, the major part of the producers were sold approximately the same dia- tance ahead, and those who hat lean seder books had the opport- unity to pick up orders, so as to equalize their operations with the producers better situated Con- ditions at the present me are altogether different Roughly
speaking, the Steel Corporation is sold up for abou: nine months, some of the large independents are moderately well sold up for three or four months, a few of the large independents have little business ahead, and some of the small producers have parcels any business on books.
durers in such various positions y With the independentsteel pro general leveiling of the independ ent marker on a basis higher than that of the Steel Corporation, seems altogether improbable. Fet' a uniform market on the Steel Corporation basis. probable, also. If demand really seems im-
Mrs. Oriole had appeared by this time, so she took Tingling of to her spare room, where he was soon snoring loudly. The bore stays slack for several months, as swayed the branch up and down, and who, I should like to know,
ERVICELINE
用
Mrs. Oriole look Tingaling off to her spare-room, where
he was soon snoring loudly.
seems generally to be expected. there is the definite prospect that the independents will be operating at very considerably lower rates than the Steel Corporation. That, however, would be no new experi eces. The same thing occurred in the early months of 1919. decline, though if con. servative accounting, methods have been followed,
རྟབ has probably been the case, the quarterly reports may make a moderately fair showing. There
will be some reductions in casts. which have been mounting almost up to date, as some sup- plies decline in price and as labour becomea still more efficient. The independents have mide so much mony on account of their bigh prices that they should be able to pass through a period of depress
NIGHT CARS.
SATURDAYS. KAINA VAR 10 favent
SUNDAYS.
NIGHT CARS.
And Men fan
SPECIAL CARS.
BEARINGANEVE AT THE COMPANIE VORASLAY AMAZINGY. +24 TJEL
"For the Blood is the Life."
Sufferers
from Bad, Abscesses, Ulcer, Pen, Glandular Swaltungs, Ezema. Bois, Prupies and Eruptious, Gout. Abeumatisms, must trader that the sole saam way to complete and lasting rene! 2s to free the blood of be, per unos Wate manes, the one pave of sarā topbara, Cake's Giant Stefan puntelus "ingrubenis which 100 cues.
come and erzei The TIRAN that's who to mana PALAK PARK ADANA predat
Pleasant to take.
Cfa Chem?
Zate Sabertmanne
Clarke's Blood Mixture
VERNE CLAIR,
Acting Manager.
BANQUE INDUSTRIELLE DE CHINE. (FRENCH BANK) Authorized Capital F. 250,000,000 Subscribed Capital F. 150,000,000 Paid-Up.....
$13,000,000
ELADODUOS
$23,000 DE OF
Renette Lindility or Pomar'sters £3',
-A
COURT OF DIRECTORS:
Ban MVR PARR-CALTO AD Campkan Ing.-Deasti Czarna
Q Duschreil. But G.T.M. King.
A. Gussar, Kış. Hon Mr. P.
Bom, Mr. J. Jokasäge
AD Gear Tog
W. 2 Portrozen Bug?
3. A Ptpor, DG.
Colt Masur Hong-K. J. STARK R
Khongbai–✪ 8, #TITS, Bea
LONDON BANKERS: LONDOR COUNTY WESTMINSTER
A FARK'S BANK, LIMITED. Carrat pogonala oğazed in land surreangs sad Pizmd Departed to me YAKE M iberiar periodi in keal entrvany and Kantug sa tarmi whiab witi be quoted in application)
N. J. STABB. Chief Manage:. Hongkong, March 1st. 1920
HONGKONG SAVINGS BANK.
TRE Be of the above Past is wonde hy the HONGKONG AND SHANGHAI BANKINS F. 75,000,000 CORPORATION.
Rales Day bar 302arked sa kyyllandian INTEREST es deposita la allowed the Kiai poachty balanosa at kig per ARULM
For 32 Rozier and Shaagual Baatia) Corporbitan
N. J. STABB.
་
Reserve Funds......F. 30,000,000 | Subscribed by the Govern-
meat of the Chinese Republic Chairman of the 1 Andre
Board of Directors) Berthelo: General ManagerA.J. Pernotte
.F. 30,000,000
"
HEAD OFFICE: PEKING
HONGKONG BRANCH: 20/21 Connaught Road Central Bran- ches and Sub-branches all over Chias and Correspondents in San Francisco. Singapore and Tokyo.
London Bankers The National Provincial and Union Bank of England, Ltd. New
Bankers-Irving Canton York
Trizanfu Jhunkerque Moukilen Fukebox
New York Vladivostock Pekin Yokohama
Trust Company.
HEAD OFFICE: 74. Rue Saint-Lazare, Paris. BRANCHES: Hongkong Shanghai London Singapore Lyon
Marseille
Antwerp
Bistaris Bordeaux
Interest allowed on Current Ac-Haiphong
counts and Fixed Deposits. Hakow Terms on application.
Every description of Banking
Business transacted. Loans Kranted 02 approved
securities.
Hansi
Swathw
Tientsin
Pom Penh Yuncanfe Saigon
BANKERS:
IS FRANCE: Societe Gederale.
pour favoriser le Developpe ment da Commerce er de
Industrie en France.
Special facilities for Home Iy LoxDOX: London Joint City
Exchange.
Interest on Fixed Deposits at the following rates:—
Fer 3 montha 32% per annum For 6 months 4% peranzum For 12 months 5% per annuma
and Midland Bank Limited.
Chief Manaz07.
THE CHARTERED BANK OF INDIA, AUSTRALIA AND CHINA
tamarparated by Raval ("darler 135J.
PAIDES CAPITAL
RESERVE FUND
RESERTE LIABILITY De
PROPRIET S
£2,000 p
13, 100, 200
FOREIGN EXONANOR and Dayment Bas tag aziz 17kɔrdotaci
CURRENT ACCOUNTS
DEPOSITS set is, MS FIXED
· year of baths period a raniow which will be quotat ca ap
J. L. CROCKATT:
MADRZE Hongkong, 11th April, 1914.
BANK OF CANTON -LIMITED.--
IN SAN FRANCISCO: Crocker HEAD OFFICE HONGKONG
National Bank.
Cortespor dents in the Chief Cou- Lercial Centres of the World.
FOREIGN EXCHANGE and General
Telegraphic Address: CHIBANKIND.Transacted.
TSUYER PEI
Interest on Current Accounts Manager. { and Fixed Deposits in Local Currency and in Gold: Terms on application.
THE BANK OF EAST ASIA,
LIMITED.
HEAD OFFICE:-
No. 2 meer' Bead Cratral, Hongkeng Established 1910.
PAIT TO CAPITAL. REEF PUSD.
DIRECTORS:
"Everybody's Food Pariner."
NO ANG Sheng Sen,
Fort Ping Shan. 3R -->,
SAVARESSES
SANTAL CAPSULES:
PHYSICIANS RECOVOKED THEM, Of all Chenn
Marke in London.
MARTIN'S PIO & STEEL
for ham. PILLS
APreach Remeds the all ferngularitie Thousandest Larğını almaga keep a sze of Barus'e Palie in the Soumy, in cha to the Aze waga of mom frengularity st the Szetem a timely dose may be st ministered. Thom Ybo ya "hein recom- beat them, hence their easymous calP. All Camera and Stoess well there 125shnet the World, ne sont free 5.0. MARTIN, Cbrist, Southampton. Eac
MARTIN'S
PIOL & STEEL
$250Me SC PTO DO
Me Ka Yang Di NA MALEROg Kong My Wong Yar Tanz. My Chan Ching shek.
Mz Netbare tax
Wanizer. Mr Ken T-s
Are Manager L: The Fong
BRANCHES & AGENCIES:-
LONDON
SHANGHAI
KUSE
NAGASAKI
SINGAPORE
TIENTSIN
MANILA SAMARANG
NEW YORK
Every description of Banking and Exchange business trans- acted.
Special facilities for French Exchange.
M. MONTARGIS.
Manager. Hongkong. 151b October 1920.
BANQUE DE L'INDO.CHINE
(FRENCH BANK
Hand (fee: 15 Joe Rae Ludite, Para
Capital
Renstro
FRANCars AND AGENCIES.
Banking Business
INTEREST ON FIXEI DEPOSITS.
For 3 Months 3% per anne
For 6 Months 4% per annum. For 12 Months 4% per annum.
LOOK POON SHAN,
Chief Manager.
THE YOKOHAMA SPECIE BANK LTE.
Estorieaed 1980.
Capital Mallv pait up).... Rye Fu
1,150,000. ---— Y. 59,00 BEAD OFFICH. TOKOHAMA,
Brooches and Aganelen k Kal Tuen
Fraben
*,200,360 50.000
Kombat
file*
Canhus
- Pe'nt).
FT++
-naly
SAN FRANCISCO
TOKOHAMA
Bangkok Bronz PROS
SAICON
PENANG
HANLOW
Hos
WEATHER
Pages
From-Yoke
H
HE Tiratha Tutana TISANA
ROT
24SKERS
BATAVIA
SOURABATA
Unto Bankara —The Leptodate moth Misal Bank, Jod
Every desertion of Banting and Exchangy business transacted. Loana granted ɔn approved securities.
fatet alimwel na Pustas Zenit Areonat the match Two per cent per manteng Say Ink Account Four per cent. per and im, and na Fixed Legomate at the following maten.
Fr
For the wine rate of 3% AT HANUM
5 month wo tom endring $t per acasa. For 12 montbest theree of 5% beru
KAS TUNG pry,
Cine Manager
Honing. Desobne 147 5925.
THE INDUSTRIAL AND COMMERCIAL BANK, LIMITED.
Head Office: 6, Der Voraz Road, Central. Hankow Branch; Essias Concession.
IS FRASET: Tomatest Gangal 4Ex-
4
de Paris; Credit Lyalau sin; PA2700
Au Payza et dee Pays Ban; | induerent Commercial - Gezerain
IN LONDON: The National Prolacia vod Talent England L:.. Cam. Air Ratiomat d'Ebermaer de Paria;
IN NEW YORK: 1. P. Moresa fa
Interest low na Current Aconmase and1 Fixed Depoarta acer eding to arrangemeni,
Every defeription of banking sad exchange Speinem SEND KATTED.
Lo BERISDOAGTE.
Mazz
Hortrag. October 21et, 1833.
THE MERCANTILE BANK OF
INDIA, LIMITED.
flead mes 15. Graerah Beer, Londen, C. 1.
could stay awake under such circumstances. It was better than YOU CANNOT AFFORD TO BE WITHOUT THEMosits bear Interest at Rates Fat Catal
being swung in a bammock, or riding over billowy waves, or ever sailing in an aeroplane, although I'm not so sure about that, as I never was in one.
bestiazs.
Oliver cut out the gussets just the right shape, then set to work Nancy threaded needles and Nick snipped threads and pulled out
"Bz-z-z-z-anored Tingaling in the spare room, the sounds com ing down the ball.
"Snip, snip, snip," want the scissors.
"Punch, puach, punch," went Oliver's needle.
But there were other sounds! Much talking! Because, after{ the twins bad asked about Jocko (but Oliver declared he didn't know
JUST received a large Consignment of (1) LACTOGEN the most digestive food for Infants which keeps good in quality during Hot Weather; (2) LACTOSE (Milk Sugar) for sweetening the foods of Infants and Dyspeptics; (3) MILFORD-McGRATH FLUID INSECTICIDE the Best Fluid for destroying Fleas. Mosquitoes, Bugs, Flies and all other Insect Pests in Summer days; and (4) JOHN CAHILL'S GOLDEN FLEECE, MAGIC and CINDERELLA SOAPS for keeping everything clean in House
PRICES are Very Moderate. Inspection and Enquiries are cordially invited,
代糖粉奶牛蓛紧孖 SHIU FUNG TAI & CO.
a thing about him), the bird-tailor said he knew a poem and, if the,
Can you wait till to-morrow to hear it?
children would like to hear it, he would start right in.
(To be continued to-morrow.)
泰豐理
Sole Agents for Hongkong and South Chine
47 and 48 Connaught Road Central Hongkong.
Telephone No. 1239. '.
DOMESTIC & FOREIGN BANKING. SERVICE PROMPT. Current. Savings, and Fixed Autores Capital
Bubscribed Costa 2% 4%.5%, respectively.
J. USING LY, Manager. Hongkong, 7th July, 1919.
THE CHINESE MERCHANTS
BANK. LTD.
Reserse Fund
SANKERS.
£3.000,002
100.000 20.000 1.150.com
The Bask of England. The Loods Flat Chy à Midland Bas, Lid BRANCHES:-
Bombay
Cheuti
Colomb
Pul
GAR
Hongkong
•
司公限有行簸健身
HAD OFFICE
Alezzodra Buildings. Chaier Road,
Orvers Banking and Esɑbsage businers izan mated
Losas rracted on spproved securities.
Current Accounté apened and Fixed Deposits reerivad 11 rater which may be securitized 03 application.
The Bank alag + mate Barings Depart-
ment.
Hawk
Landt
Karachi Ente Bhara Isaia Loput Matra
New York
Penset RIDING
Shanghai
Port Lezle (Eetrisfzez Singapore
HONGKONG BRANCH
#very description of Banking sad fachange
buklaston (unusacted.
Interesi card on Curreas Adouble at 7 per dent ger anabm on Daily Balance, and Fixed Deposita et petes vblüb may be ascertained on application.
N C. WILSON,
Acting Manager
7, Queen's Road Central, RC LAT
Chief Kazages.” Hangtong. 12th December. 1813
Tik**
Losing
Ly
iza Angeīsa Was!
Newsw.g CUSTA
Kew Juck
PARIGE
POSTAJAJA Maigns
Jan Franc}++
-
Monchai
Bingapore Simon] }
Setary n
T
Tessalo
Y:scorte Tringlan
Tatermes allowed on Cartes: Ascani
Tapete premtend the axed period as rata
Sanktarget no application.
1.
O. RASHIDEUNA.
Kanser.
Braavong, 12m, September, 1729
INTERNATIONAL BANKINO
CORPORATION.
CAPITAL AND SURPLUS: E. . $13,000,00 USDIVIDED PROFITS:
R 13.299.000, Owned by the National City Band of Now Tos HLAD OFFICE: SA, Wall Street, NEW TORNJ BRANCHES :
LONDON: 34 Biebopmerase, 2. C.
LYONS: 27 Place Inla SAN FRANCISCO: 22 Montgomery Bi CHINA: Casto, Han, Herdig. F Hobiko Peking, Shangher. Fiestein, Tr DOMINICAN REPUBLIC: Poaria Plate, Sea
Pedro de Xscoria, Espabes Azating Sacto Domizzo, KasabonS. INDIA: Bobag, Cairasia, dangnos JAPAN: Inde, Yozokaza. JAVA: Batavia, Sourabaya PASAYA Coloo. Panama.
PHILIPPINE ISLANDS: Ceba, Magila. TRAITS SETTLEMENTS FIRzapore.
BRANCHES OF THE NATIONAL CITY BANK UT SEW YORK. CARGENTINA: Buenos Airer.
BELGIUM: Axi-urp, Brossels. BRAZIL: Baf, fernambuca. Part Alegre
Rio de Janeiro, Banton, San Patri CHILE: Bingo, Valparai COLOMBIA: Barranquilla, Bogota, Medzila CUBA – Havada and 22 altine La Gubu. | ITALY: SIROM PERG; LIN
PORTO RICO: Ponas, Han Juan) RUSHIA: Macow, Petrograd. SOUTH AFRICA: Espe Town, SPAIN: Barcelona, Madri TRINIDAD: Parent Apala. URUGUAY: Konten
(Monseridoo). VENEZUELA! Mar
Dala
Bondeas Condit BobYRI
acted
All descriptions of banking Vaino, zán Interest slowed on forent secounts and 1xed deposita in local or foreips onsstugice sa rases to be ascertained un applicati
6. MARSHALE
Hongkong, 17th May, L