10
SCALING THE WORLD'S HIGHEST PEAK.
Mount Everest Expedition Starts on the Big Climb.
MT EVEREST 29.002 FT
MT BLANC 15,781 FT
Capt. Geo. Finch, famous as an Alpine climber, is here seen ascending Mont Blanc. Europe's leading eminence, as
"trial spin."
and the
THE HONGKONG TELEGRAPH.
Col. Bury spoke appreciatively tang were the path is cut out of
rock overtaking the
and Lachen rivers.
of the Government of India's solid interest in the project. They were Teests helping the expedition in many there is hardly width sufficient ways and had lent the services of for pack transport, and the loads! Mr. Marshead and Mr. Wheeler would have to be taken off males of the Indian Survey Department. and carried across these places. The political obstacles which Whereas by going over the Jelep stood in the way of the expedition Sa zone of the leeches, heavy The Tibetan rainfall is soon crossed and once had been removed. Gorerament had promised every in the Chambi valley the climate is excellent and there are no Help through Dr. Bell.
dificulties for pack transport. This is at present the main tradr
CONFIDENCE IN THE UNDERTAKING.
THE US. AMBASSADOR TO THE W
FRANCE.
Return of Mr. Myron Herrick,
SATURDAY MAY
OF THE LONDON SILVER MARKET.
In the Kanda af Four Firms.
Mr. Myron T. Herriak who The London silver market is between the buyer and the sallar hald the office when the great the greatest in the world, observes, for whom the brokers soi. was broke out, is President Hard- Mr. Robert P. Skinner, · US. "Án a volo, two prices K70 Ing's choice as Ambassador to Consol-General in London.} agreed upon at “fixing," one for a Its importance is so firmly cash delivery, which implies
France.
At a dinner given to the established na to bave given rise dalivary within seven days--at eminent diplomatist by the to the impression that the brokers the option of the seller--and the American Committee for Deva- by whom the daily changes are other for delivery in two montha' stated France, M. Viviani, the recorded operate under a patent time; that is to say, exactly after ex-Premter of France, described from the Crown, all others being two calendar months" interval. the anxiety of the Germans, in prohibited from participating A period of two months is selected Paris at the outbreak of the World these transactions.
because it is found the most-Bon-
War and, in particular, the Ger The suggestion is made that|venient interval as which smelters man Ambassador's appeal to Mr. there is no actual open market can undertake to deliver the Herrick, then American Ambassa-either in London or in New York silver which they have purchased dor, far permission to raise the for trading in silvar; that is to in the form of ore." American flag over the German say, there is no competitivo THE INFLUENCE OF CHINA”AND Embassy alongside the German bidding among brokers and no
INDIA.
ensign. The request met with marketplace open to all interested, } From "very high authority instant refusal. But the Germans and. further, there
had to
later
are 110
brok-
king developed into the firm of on to $18,000,000. The Sharpe & Wilkins. At a later ers. The banks know what rates
transactions
2
of
ESTABLISH 100 TRANS.
1814 FOR 1914
JOHN
HADDON
AND CO.
Export and Import Agents
For ONE HUNDRED YEARS in the CITY OF LONDON we have acted as Buying and Selling Agents for Traders,Storekeepers, Growers of Colonial Produce. Are you requiring the services. of London Agents to promote We shall be your interests? pleased to enter into correspond ence with a view to arranging. terms to mutual advantage.
BANK CREDITS ARRANGED. CASH ADVANCED AQAINST AHIFMENTS,
JOHN
HADDON
AND CO.
Colonial Merchants and Produce Agents, SALISBURY SQUARE, LONDON, EC.
RIMLESS
EYEWEAR
means a
GOOD
APPEARANCE
sad Austrians in Paris were glad opening and closing quotations in the London financial world" some further interesting details to have a man of Mr. Harrick's The main enggestion that the about the technique of the busi- fibro to take over their affairs, as London silver market is in the neas have been obtained: then became our duty, on the hands of four particular concarna "The statement that the brokers severance of relations between is undoubtedly true, but it is not meet daily to fix between them- Germany and France.
a fact that this practical mono-ssives the price for which they Mr. Herrick already had a poly has been legalized by the will buy and sell for that day, great burden to bear in the task Government in any manner, and is not quite accurate. The fact of caring for the 8,000 Americans there is no season in law why is that the brokers do not buy then in Paris. A man of previs op, anyone who wishes to do so should and sell; the brokers 'broke on he bad, the month before the out-not set up as a broker in silver in commission; their clients bay break of war, communicated with London if he can find clients and sell. Their clients ar: chiefs excbange banks interested in bis Government regarding the willing to employ his service. transportation of the many Am-
FIRMS OF OLD STANDINU. many parts of the world, but so ericans who, be foresaw, would
For several generations four far as silver is concerned chiefly be unable to escape from the firms have formed the London in India and China.
"China and India have each of scene of war. He secured transilver market, namely. Mocatta portation and, what is more. and Goldamid Sharpe and them a rate of exchange on Eng- faancial accomodation for inwilkins, Pixley and Abell, and land. These rates of exchange. vary almost daily, and each rate The Mount Everest expedition, terrific winds and blinding snow the crisis the banks were able to Samuel Montagu and Co.
Mocatta and Goldsmid started of exchange has an equivalent in which is expected to occupy two storms are among the dangers to pay but a fraction of the letters of years, started this week. Colonel be considered. It is Colonel Bury's credit and travellers cheques.
on behalf of the Bank of England, the rate of exchange in Shanghai Howard Bury and Captain George belief that after a fortnight's re- Long a banker, Mr. Herrick business in 1695 as ballion brokers silver ballion. For example, if Finch, the famous Alpine climber, sidence at an altitude of 15,000 or secured this accommodation by a
sent Bank of England. They bullion is worth a very high are leading the party. Not long 1600 feet, European explorers simple banking proposition. The and bad thair office in the preia 98. par Chinese taal, silver
a would be able to work success-French Government
bullion figure per ounce; if exchange is were practically the ago the latter indulged in
He also believes that make immediate war purchases department of the bank, and 43. 6d. the price that they will trainingclimb" up Moat Blanc. fully. Asked about the plans on his acclimatization is possible up to in America. The US Ambassa bulhon in those days represented pay for silver bullion is only half dor induced the Government to
coin, bars being seldom seen the former price. Both these arrival in India, Col. Bury said that 16,000 feet.
for deposit $6,000.000
such DIFFICULTIES OF THE ROUTE.
After about 125 years of this rates of exchange bave been cur- the expedition party expected to
with 00 account
the wide fluctuation go up from Darjeeling and begin Writing recently in the Geo-purchases
the firm started one of the firm's hence
the price of silver with. the work of reconnaisance in May.graphical Journal, Col Bury American bankers in Paris. The monopoly a large constituent of rent within the last 12 months, The country leading, up to Mount discussed the route to be followed. Government did so, at the rate clerks in business outside the in Everest is practically unexplored. He stated-The direct road to of five francs to the dollar Bank of England; this under-out the slightest manipulation
the part of the reconnaisance alone Kampa Dzong via Ganktok and the Government increased the would occupy some time. But Teesta valley, though it may be amount
bankers in Paris, date Pizley & Abell appeared in for silver will pay them and what they expected to achieve a good a day or two shorter, has many American
It is very little alarmed, put their safes in the the same business, and more will not pay them, and they give deal this season. The exploration disadvantages would take two seasons. During used by pack transport and the Embassy cellar. The result of recently, somewhere about 30 or their orders accordingly; that is, Dext winter, when it would be path for several days follows the Mr. Herricks transaction was 33 years ago, Samuel Montagu usually with limitay: Buy impossible to do much in the hot and feverish Teesta valley. that American letters and cheques & Co. began to include bullion for sell ou our account 100,000. along with the ounces to-day at 42d. or perhaps mountains, Col. Bory would pay where rainfall is always heavy were paid not only in France a short visit Home retoroing next and where leeches abound. Inf but also in Switzerland. Italy details of their banking business, a traction higher, but not above
places, below and above Chang-and Spain.
which they had carried on for a 43 jd. spring.
The fact is that the Chink long time.
It is said on behalf of these and Indian rates of exchange on four firms that their position is Loudon dominate the silver due to their own high standing market, hence the fact that the and the confidence arising from Lancon market dominates the methods sad practices adopted to American price of silver. Now, protect the interests of buyer and if the London price is 50d. and the rate of exchange on New seller alike.
the is $4.86, York
marke: "FIXING" THE PRICE OF SILVER.
is price
TOXF different What is called "ring" the figure
rate if the price of silver is a London opera-xchange moves to $2.50 per tion which controls the price of English pound. This provides the material in several important two variables-first, the Cainese financial centres throughout the or Indian rate on England and world. The official quotation then the Loodan rate on New! are cabled abroad by each of the York; and all the mysteries of four firms named to their foreign variations in the price of silver clients. The great bulk of the come down to these two factors, daily business transacted is based so that the mysteries are simpli- upon the price, which is deter-city itself. They are simply mined by 1.45 p.m. every day in buying and selling by responsible the week (on Saturday the hour banks through responsible is 11.45 a..), when the represent-brokers. Silver is a commodity | atives of the respective firms and travels up and down meet at the office of one of their response to supply and demand number,
and cannot be made to follow Each of the four brokers is per- the wishes of producers any more mitted to disclose the excess of than wheat or cotton can be kept.
As already stated, there are no his own position as a buyer or within certain bounds."
on selling indefinitely, largely seller at a given price while
COMPETITION FROM OTHER owing to the fact that Continental governmental measures of special preserving the anonymity of his
MARKETS.
rates of exchange are so high here character which apply to this client. It will thus be seen that
Answering & question on the as to give the sellers a wonderful business. However, a bill is now while use of the firms may do an
that ឃ shs!! enormous business on any one abject of competition from other return for their currencies. For pending in Parliament which
for silver markets this same authority instance, at 260 marks per pound provides
Any the day,
difference between
on Berlin, Berlin is resping in unlawful purchases and sales may be said:
"Outside competition would paper, 13 times its normal retara except under Treasury licence extremely smail; and carrying this idea through the four firms hardly stand a chance within the on silver. In addition, Chins and to melt down, break up, or use
First of and India have absorbed such otherwise than it will be seen that while the total next 50 years, if that. volume of trade may be very all a broker requires a clientele abnormally large quantities of any gold or silver coin which 19 enormous the amount changing both sides of the ledger; for silver whilst the prices of produce for the time being current in the hands between the four concerns instance, at present the large were high that it looks hardly United Kingdom or any foreign supplies of Continental silver re-possible for either of them to con-country, and which likewise in- may be trifling.
suiting from the melting down of tinus absorbing at anything like clades silver coin and gold or DETAILS OF THE METHODS
Continental currencies come to the same pace; in fact there silver bullion among the articles the brokers through their old is quite a possibility, it not a which the customs authorities In a very interesting work en-Continental customers, collected probability, that with trade in its may prohibit from exportation. In America 2. Democratic titled "Silver. its history and together into their books through present languishing condition the Administration bad already come romance," by Benjamin White, the experince of years and world over large disgorgements During the last nine of silver from those quarters into power, but fortunately, the the following paragraphs on the years. Republican Ambassador, appoint-pricefixing method appear: months these supplies of Con-might take place.
A Dairen dispatch to the Jij You will appreciate that ed by President Taft, WEA "The method of fixing thestinental silver have been very allowed to remain at Paris price is very simple. The first much larger than supplies of bullion brokers have to be aware states that since the proclamation the Excbangės for the time being. Mr. Herrick step is usually to ascertain if American silver in fact, the of, and in daily Touch with, all of the adoption of a gold standard, bad exactly the ability and ex-there is occasion to alter the market has been, to a large these factors, and also that it is operations on perience needed to cope with the price of the day before. If sop-extent, independent of American not a business which can be taken have been suspended. They have situation. Not only had he known plies prove insufficient to satisfy supplies and we believe that hold of at five minutes notice and now been reopened. The attitude fias been condemned by many" how to manage the American baying orders higher prices are there were times when America proceed with in the absence o' taken by the Chinese merchanta colony and German colony, he suggested until the offerings sold nothing bere, bu, lastead, long and inherited experience." knew how to manage the French; balance the demand. Should sold it for delivery in San NO MANIPULATION OF MARKET. people, while those Japanese Undoubtedly the four firms in merchants who bave taken côn- ex-President Poincare's welcome offerings at the preceding day's Francisco to exchange backs (re- back to Mr. Herrick is a notable price exceed the amount of bus-presentatives of the exchange charge of the London market certed action with them were power bitterly, attacked. The Chiness However, they exercise an enormons token of French appreciation. ing orders, the price is lowered banks here).
equipoise is obtained. have been able to sell there only which extends to every part of merchants, considering that the A month or so after the war until
& number of at the equivalent of the tate the world and particularly to the closure of the Exchange will broke out some of the diplomats Usually
unanimously decided to reopen in the French capital hastened to orders at different hmits bave arranged in London on the day United States, India, and China; cause misunderstandings, have
left jo hand by of their sales in San Francisco or but inquiry fails to disclose a make preparations for moving to been Bordeaux. Mr. Herrick, who bad clients, to buy or sell; with the New York, or close thereto, so single definite complaint that them in deference to the advice
market, already established bimself in the assistance of these orders the that London has still dominated they artificially manipulate the by Japanese merchants. The although numerous same message adis, however affections of the French remain-price can be adjusted to a nicety. the American marketi,
"At present it looks as though observers recognize that they are that "future" transactions, will, be suspended for the time being. ed'in Paris, thus emulating Elihu By, this method of fixing the Washborne's Eng cxemple în 1871. quotation the scale is evenly held the Continent of Europe can go potentially able to do so,
On the whole the leader of the route into Tibet. expedition is supremely confid- ent of its success.
Col. Bury is of opinion that! yaks would probably be the chief That the expedition will have means of transport in the moun- to face grave risks in attemptingitains. They are hardy animals. to climb up the world's highest and he thinks it would be possible peak goes without saying. Even to use them for transport up to at the approaches to Mount Everest least 20,000 feet.
are
Еигорела
There is no fear of communi- "unknown to explorers, but Col. Bury recently ication with the expedition being stated that the mountain could cut off, at any rate during the most easily be approached from period of reconnaissance. It is excepted that communications the western side.
It is impossible for the average could be kept up with the outer man to picture the terrible risks and lower world the whole tim- and hardships than the expedition as there is a telephone and tele may have to face from icy slopes graph line from Darjeeling to and rocky precipices and avalan-Gyactse. Consequently one may ches such as those that buriedjexpect to hear something about Mummery's party on Nanga Par-the progress of the expedition bat 26 years ago. Intense cold. occasionally,
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AND
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Tyres and Accessories at reasonable prices.
All of the above could be obtained at either of the following branches:--
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Cars Garaged and repaired both in Hongkong and Kowloon under direct Supervision of traided European Motor Engineers.
Excellent Livery Service both HONGKONG and KOWLOON at reasonable rates.
Mr. Myron T. Herrick, U. S. Ambassador to France at the outbreak of the War, now returning to Paris.
EMPLOYED.
în
as well as
SERVICE
for every occasion
For accurate work and a good fit consult N. LAZARUS 12 Queen's Road The Only European Optician in the Colony.
person
as currency
THE DAIREN EXCHANGES.
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