THE HONGKONG TELEGRAPH.
SATURDAY.: FEBRUARY 18:
AUSTRALIA.
numbers the combined armies of all sortium. I have little to add to aion for depreciation of starting DEVELOPING NORTHERN the other Powers who have recently what my predecessor said in wave and other gold securities has been hern sitting in conference for the detail at the last meeting. In the necessary and that in spite of the discussion of disarmament. The son-interval Consortium matters have continued dullness of overseas stant demands on the two Govern. furnished the press of the Far trade, our net profits balk so large. Strong Opposition to Coloures ment banks for funds with which to East with a good deal of copy and meet the ever-pressing needs of the militarists depleted their reserves to an extent which recently seriously shreatened the solvency of
The continuance of a'cautions bai
Labour, there have appeared; reiterated liberal policy-in-the encouragement
Sydney, February 17. The South Wales Premier, Mr. and somewhat unnecessary ex-of local enterprise and oversens planation of its aims and objects; trade in the policy which our Bank Dooley, in a speech, urged Labour These are, and have been from the has parned throughout its career; to combat with the utmost vigour Arst entirely obrikut to every is in satisfactory to note a gradual the suggested introduction of their northern branches The intelligent Chinese public man. improvement in local trade, which coloured. Inbour into Northern PRETRU is true of every They should require no elucida-we trust may long continue. Australia, a proposal which has branch o! the administration:
tion, and in my opinion unnecęs- It is andoubtedly pleasant to note education is at a standstill for acksary and gratuitous explanations the steady appreciation of the of funds, railways have been is possibly do nothing but create an pound sterling and, the consequent nleted of their revenues to satisfy atmosphere of suspicion and disresumption by London of its place The general need, and are unable to trust in Chinese circles. We are as the chief Guancial centre of the meet payment of their contracta as convinced as ever of the noces world, a resumption which cannot materials, and the Ministry sity in prosent circumstances of but be materially assisted by the AUSTRALIAN TRADE WITH
of Communications, which was international co-operation idrastio economies now being carried once the wealthiest of all the Get-Chinese financial affairs. We be-
ernment departmants, is now have we are sarving the beat inous or contemplated by the Home straitened for funds as the rest terest of the Chinese people by Government and the general im In striking contrast to this finan-declining to support any particular provement in conditions prevailing cial confusion stand out the older faction and by preventing recourse at Home.
foreign loans secured upon specide to further recklessness in borrow- That China's Snancial and poĥti- revenues, administered under
now assumed significanos.
[Mr. Barwell, the South Austra- lian Premier, recently suggested the admission of approved Asiatica.}
-CHINA.
Commonwealth Sending Senator to Investigate.
Melbourne, February 19. The Commonwealth GoverD-
foreign supervision; they afford foreign capital for unproduc-eal condition is to-day in a very
tive purposes. In the words of precarious state must be obvious toment is sending Seaster Bakbap proof of the value of such supervi-'
for any im. toChina to enquire into condition. sion, and an indication of the only the resolution adopted at the all, nor can we look
of trade with Australia, Washington Conference, China provement so long as the present
(Mr. E.B. Little, whom the Com her credit and financial stability. must be provided with the fullest struggle continues. Nevertheless I
monwealth last year'appointed as
lines on which China can recover
for not paying her debts; no coun-tunity to develop and maintain for possibility of her recovery. With bal, has just resigned.] China, In fact, has no justification fand most unombarrassed oppor-have not yet ks; faith in the Trade Commissioner at Bhang-
and stable
ROLLAND REJECTS LOCAL OPTION.
The Hague, February 17, The First Chamber rejected by votes to 17 local option drink
traffic Bill
try with the area, natural re herself an effective
3 large a territory and so large a population, once given a stable sources and population of China, Government.
In the meantime the Consortium Government all things are possible and with a national debt of only F450 or twelve shillings a head, is prepared to give the most corte her. Her vast mineral wealth should place itself in the position dial and effective assistance to
alone has as yet been scarcely ex- of being called insolvent. On the China whenever it is called upon plaited, railway development is stil "contrary, China's credit is capable to do so, by cocperating with of immense expansion, and there Chinese Barks in any well-con- is itsney, while many other of is no lack of native and foreign aidered scheme for funding the her vast resources remain to all in by the tents dormant. We have but to look capital available for the develop-Boating debt of China ment of the country so 3000 43 issue of internal loans in silver, or at the Chinese Maritime Castoms conditions of security and good by raising foreign capital on ap- and the Salt Gabelle to realize her government are restored, and it proved terms for construction possibilities ander sound foreign rests with the people of China to purposes. It may take a long supervision. so that there is no
Paris, February 17. accomplish this.
time to form an effective and stable reason why under like conditions,
Germany has paid M.31,000,000 The Maritime Customs collection government, but I myself see no China should not attain to the re-(gold), being the fourth instalment for 1921 amounted to Ts. 34,300,000, reason why, in the important field covery of her credit and financial under the Cannes arrangement.
increase of Tis. 5,000,000, of railway enterprise, for example, stability and take a leading position above the previous record collection the development of China should among the commercial nations of
ap
of 1920. With one minor exception, be held up for an indefinite period the world, nor have I any doubt hat
GERMANY PAYS ANOTHER INSTALMENT.
every treaty port shows an increase of years, perhaps for a generation, that on the cessation of her present CHILDREN'S BALLOT ON
fact which bears while a new political system is suicidal policy she will speedily FAMOUS PEOPLE.
vast regain the confidence and goodwill
od collection, ik eloquent testimony to the vitality being
evolved in this
It is, in my judg of her foreign friends. for Chinese public
foreign trade in spite of the listarh-fcountry. ed state of the country, and to the ment,
I am in entire agreement with the Six Candidates Selected By certainty of an immense expansion opinion to pronounce bow soon the Chairman's remarks about the Con-Proportional Representation,
were these
removed.
adverse conditions knowledge and resources
of the
"
Consortium are to be utilised tortinm, and regret that it has not
been possible for it to make a rout A series of ballots on the pro- The total sait revenue paid into the country's good. If it should meacement with its functions Toportional representation #ystem
that 107 the Group Banks, after deducting decided
autonomous the man in the street it would ap-have been made by the Javentie zobministrative _expenses, asprotince or group of provinces gear that it has not been Guilds of the Royal Arsenal Co. 877,973,000
of should be entitled to invoke the aid decrease
operative · Society in order to out here in * Tery
of
1
in the year 1920.
greater than is 1920, but certain question might cxira
departmental expenditures consideration
were incurred during the year. Of circumstances it might not be por
Hwian.
those
to resume
bandied
new
Con-
Kurse Cavell, 110,first elected. Ernest Shackleton, 110, second
elected
Will Crooka, 110, third elected. Florence Nightingale, 110,
fourth elected
81,089,000 compared with $79,061.000 which it has hitherto been the judicious manner. We bave been select six famous people for the
As & matter of principle of the Consortium to with interested in Chinese loans for over guild's commemoration days.
Twenty names had been nom- fact the actual collections were held from a divided country, theforty years, and the Bank has been listed by the children themselves, then come up for instrumental in patting through and after several ballots for the whether ia suci
large amount of business on terms purpose of weeding out the less satisfactory to the Chinese and to popular candidates, the following the total sum of $77,075.000 some sible to devise means
the public, and we have hitherto were declared successful :- 818.452,000 were retained by heal work on and complete as separate been unaccustomed to the glaring authorities including
in undertakings the more clamant depablicity which has been in evidence Kwangtung, Szechuss, Yunnan and mands for railway construction in in the affairs of this
China and to raise Chinese as well sortium. In this publicity it appears the as foreign capital for that purpose to me that there has been displayed Sir Paul Chater's Speech. a lack of knowledge of Chinese Sir Paul Chater, in seccnding, affairs and Chinese mentality, and, in January, 1919. owing to the intro said:Mr. Chairman, Ladies and as the Chairman has said, no other daction of objectionable inonopolies Gentlemen.-In August, 1912, effect has been produced by this by the Canton authorities, was had the honour to second the ad policy except suspicion and distrust resumed with effect from the 1sttion of the report presented to the
Nurse Cavell obtained more November, 1921, but the revenue is Meeting of this Bank, and It
94th Ordinary Half-Yearly General among Chinese circles.
The Report and Accounts were than the necessary quota in the retained by the Canton authorities affords me vary great pleasure to unanimously adopted,
first ballot. There were 763 es in the rest of the province. have the privilege of doing so On the proposition of Mr. Lo!" electors," and only 20 spoilt The actual amount released for again at this our one hundred and Chung, seconded by Mr. F.C. Hall, paper. The children marked their the general purposes of the Chinese sixth Meeting. The profits on that the appointment of Mr. D. G. M. voting cards in a most intelligent Government during the yeas occasion amounted to $2,915,919.73 Bernard and Mr. B. P. White manner.
The collection of duty by Department in the Swatum
ACES,
which was voluntarily discontinued
anted to 831,891,000 as compared for the half year, while to-day as Directors was confirmed and with 10,108,000 in 1920.
they reach the magnificent total the Hon. Mr. A. O. Leng, Mr.
On the proposition Mr. G. W.
Robert Owen, 110, fifth elected. William Shakespeare, 110, sixth
elected.
Charles Dickens was declared
zunner-up.
Owing to the financial position and of $10,821,295.42 for the year)G. T. Edkins and Mr. A 8-tion for this having been passed the fall in exchange, the Reserve for sufficient evidence I think, gentle-Gubbay were re-elected Directors-last year when the new issue was the Service of the Reorganisation men, of the steady progress and
Barton, seconded by Mr. H. B. L sanctioned at the Extraordinary Loan in the Group Banks was in-prosperity of our institution..
The publication of the annual Dowbiggin, Mr. F. Maitland and General Meeting held on the 28th creased during the year from} report of the Hongkong and Mr. E. A. M. Williams were re-ay-so that it is not neqssary to
85,000,000 to 87,000,000,
China's SorrOWS.
elected auditors.
The Chairman announced that dividend warrants would be ready
Shanghai Banking Corporation,Į and still more of the Chairman's We have heard a great deal about speech thereon, is an event await "justice for China" and the "restored with eager expectation not signs on Monday. ation of sovereign rights" to which by the shareholders and the public her place among the nations rasident in the Colony, but I think entitles her, and we must all may say without exaggeration sympathise with these by the whole financial world. It
has been our good fortuna- (for} THREE
many years past to find therein
of Q8 GALLEY
EXTRAORDINARY MEETING.
trouble you now with that. It is the other matter which I have now to bring before you and which I will endeavour briefly to explain. The increase of the capital has made it necessary to re-arrange the limit of the ordin- Jary note issue and the security we deposit with the Government against the same and the excess note issue. These modifications are set out in the resolution," which also
At the conclusion of the above natural and legitimate aspirations; material for very pleasant reading, meeting an extraordinary meeting but, before she can convincingly and in all our history perhaps was held." press these claims, China mast none more pleasant than now that The Chief Manager having includes a provision enabling us to first do justice to herself, and to before us, with its net profit for read the notice convening the keep certain proportion of our the patient and industrious masses the year standing at so handsome meeting, who have silently suffered under a figure, a figure which deserves I now beg to second the adoption as actually issued. Formerly we
[reserves at the offices where notes
had to keep the whole of our
Government or with the Crowu Agente
Colonies-an for the arrangement which might at times Wo (1) To enable us to further in- be obviously, inconvenient.
crease our dapital from time have taken steps to ascertain that to time from the present total these "proposals will be favourably of $20,000,000 (now paid up) entertained by the Hongkong to a limit which we propose Government and the Secretary of ..to put at $50,000,000, and 49 Stats, and'a draft. Bill has already To make some modifications been prepared embodying "them in the conditions which gay which' has been tentatively ern our note issues, particular- approved,—and if you annetion our ly as regards the security de- proceeding with it, it can be pro- posited with the Crown Agents, mulgated in the Gorily next week, and others in respect of such as required before production into
su
sha the Legislative Council.
the misgovernment of the past few without stint our heartiest cons of the report and accounts, years. Let her leaders abandon gratulations to the Court of Direc- The Chairman said:--It has' be- political rivalries, and unite the tors, the Chief Manager, Managers some desirable to apply to the either with the Hongkong country under one government, re- and every individual member of Government to amend the Ordin- allanco under which we are working duce her army to an efficient force, our staff, and I am sure we commensurate with the modern heartily concur in the proposed for two purposes: needs of defence and the main-bonus to stak, tenance of internal order, and in- I am sure you will all agree troduce reform and honesty into with our Chairman in his state- her administration, and Chinament that the decision to issue will then not need to press for new capital was a wise one and recognition of her claims. Such has been amply justified by the recognition will be spontaneous, result, particularly as the issue and the assistance of her foreign was made at a very reasonable friends will always be at her com- price and that thereby the Bank mind on terms consistent with her has brought its resources to a national self-respect, and with the figure that compare most favour- ably with the greatest Banks of consideration due to the the world. The allocation of the tibilities of a` great people.
premium derived therefrom to The Consortium. Sterling Reserve is, I think, sound. As regards the first matter the Sir Kilis Kpdoorie seconded the policy, while it is eminently shareholders' section has already resolution which was carried metisfactory fa niờts that mi previ- been
One other matter I may possibly
be expected to refer to ja the Come
(2)