THE
HONGKONG & SHANGHAI BANK MEETING.
Eastern Trade Outlook Analysed.
PEKING'S "PUPPET” GOVERNMENT,
No Help from Consortium at Present.
HONGKONG MILITARY LANDS QUESTION,
M. Crawford. 0.
G. M. Young,
for many years past.
Oar considerably
EXTRA.
HONGKONG TELEGRAPH,
sent currency.
two former have been busy coining i
how-
SATURDAY, FEBRUARY 24, 1923.
castre SLEE
Japan Lowes Markets.
andd in
inferior
trade
tbe
leare no
$
Customs year,
for
WOOL
in 1921.
@x-
imports, of
montbed
the
trusted to discover new channels
of business and to launch again
on the tide of commerce the freight of credit and confidence
In addition
which
#0
indication of
but the more recent issues were the islands so order and has al-foreign and internal; an indab. euch treaty or agreement exials, The premium on gold has been. |clipped in weight to the extent read brought the Philippines peso tedness with which the Peking Article 15 of the Canton reduced from twenty-five to sighti jof about 2 per cent. Here it may to ila par valoe. The high prices!Government, in its present Kowloon railway loan agreement per cant, and the New York 81- not be inappropriate to mentkajubtainable for products of the circumstances has shown itself contains an undertaking, usual¦ ɑbange to within less than twenty. * few details about China's pre-istanils, particulary sugar, thanks entirely acable to deal unaided; batin railway agreements where cants of pre-war parity. In this to the free market available for which measured by the area, wealth the line constitutes the security matter it is the lost step which The mints which have been them in the United States, should and population of the country.for the loan, that the Chinese oonats and it is well not to be too
Government will Dot allow | sanguina of an early return to the; specially active are those at Nan- soan produce Jenewed propersity. would if properly consolidated, en- king, Hangchow and Canton; the In Japan, the year's imports show title Chirs to be placed almost at other line to be built competing old gold standard upon which Yuan dollars, fairly satisfactors an increase of Yea 215 million over the head of the solvent nations of with that railway to its detriment; British predominance in into
peling parallel lines, and could | we are entitled to contemplate.. and this currency is largely dis-in exports is grester, vie. Yen tys/ditions persist, however, and actiot possibly be bold to preclude with satisfaction the advance al as regards weight and fineness, those of last year, but the increase the world. So long as present con-bar this clearly refers to com: national trade was built up, but
of China show their placing sycee
detemination to insist upon effece constructing whatever terminal realisation. trade. Of the mints at Tientsin, was contributed by raw silk and silk rive measures being taken by the facilition they choose for International trade in bared upan Wachang, Yunnan, Changtu and textiles, thanks to the brisk demand Government for the disbandment of the
long-projected Bankow comparating cost. Prices are now Anhui, we have heard very little in America for these articles. This troops, the consolidation of the un-Canton Railway. during the year; they have pro- proved a special boon. otherwise secured debt, and the uniñcation of river improvement and the con-than in America This is, po Whether relatively lower in Great Britain bably been confining their opera- the halance of trade would have the country, every attempt to assist struction of a deep-water hazbour doubt, the fundamental cauRO DË tions to the manufacture of copper been much more anfavourable. Ither from outside must be regarded at Canton are practicable or not the improvement in the sterling. coins of ever-lessening value. The might be assured from these 5gures British Anti-Canton Move Denied.
futile. The Consortium, which at an expenditure which would be | exchange. It has also the dregis most interesting-one MAY May that trade and industry were was formed to give much asistance, justided by the advantagebeta-bajaga Almabding our experts, wa amusing-item éf news was The ordinary yearly general silver reserve $1,000,000 and to ever, that the Anhui mint had pro fishing, but immense quantities mast continue to stand by, a patient gained, is a question for experts discouraging
of furth manufactured ani raw and passive specator of events to decide; I am told that they are making England a better country meeting of the Hongtong and, write off bank premises $1,000.000/duced large quantities of forgeries
former produced at No financial assistance which would not. However this may be, I am to buy in than to sell in. The Shanghai Broking Corporation The carry forward. $3.331,758.59, of the Canton mint's 20-cent pieces, articles the
kadang the serve the real interests of China. persuaded that nodevelopment of last available trade returns show was held at the City Hall, siis slightly more than we brought in These were seized by the Maritime hich
the same time securing trade facilities at Canton can, that for the eleven poon to-day, when the 107th at the beginning of 1922 I hope Customs, which is now prohibiting duurstic market. The fiquidation while a
fin the long TUE, be detri-ended November, 1922, report of the Court of Directors you will approve of thesa disposi-the circulation of debased coinage of these is still going on, resulting protection of bondholders, is possi-
mental
to this t'olony, and unfavourable trade balance, thatki was presented. Mr. A.0. Lang tions, which carry out what has from one port to the other-a very in war cases in failures of whiel.ble fo existing circumstances.
our Chinese friends may be is the excess of imports, has (Chairman) presided and there been the policy of your Directors salutary measure. All those mints there may be mne to come, ami bos Two Bright Spots.
assured that British policy in been reduced by over £.00 were also present Mr. D. Q. M.
are run for profit by whoever hap-| deytension in trade generally,
There are two bright spots in this matter is bounded by no such millions. Allowing for difference Bernard (Deputy Chairman), Mr.
Turning to the other items of the pens to have secured control of
this otherwise gloomy picture. narrow outlook as the: attributed in priced, it is now within. G. T. Edkins, Mr. H. P. White, Mr. balance sheet, we are confronted them. The coinage is debased in
measurable distance of the visible W. L. Pattanden, Hon. Mr. P. H.
thing to high cost of production The first is that the Maritions to it
Castors collection for 1922 bar with the usual difficulty in making fineness and reduced in, weight as Holyoak, Hon. Mr. E. V. D. Par comparisons with the previous year Opportunities present themselves.
beaten sil previous record Customs and Salt Revenues.excess of imports before the war.
showing once
The report of the Mariume It may fairly be said that trade and Mr. H. A. Compton (Direc (cwing to the rate of exchange bein- The profit is made in the period quality, the markets raptured by bus tors), Hon. Mr. A.G. Stephen about 16 per cent. higher at the for the lag betwen the debasement/ Japanew gods during the war have vitality of trade which seems to Customs revenue collection for appears to have turned the cor- (Chief Manager), and Measro. Chat Tang-ang. Mrs. Bernard, end of 1921 than it was last Decem of the coinage and the correspond to a large extent been lost, com.be proof against all the forces the year 19 has already appassner, and assisted by returns frous ing decrease in the marke: valnes.petitive articles of the same nature of anarchy and misgovernment. ed is the newspapers, and I will £130 millions of savings invested. F. R. Minh, G. B. Dannatt ber. Several encouraging features:
has not take up your time by repeat-dating the year in foreign and The only safeguard left is the offered br foreign manufacturers No doubt the business R. Bruct, G. M. Dalgety may, however, be noticed
sycee of Shanghai. The manu-were better and cheaper so, until changed in character, and muching the Bgures here. The total colonial loace, is likely to im cash and bullion is J.
facture of this is under the super-) the standard of production 14 in- of it that formerly passed through net collection was H. K. Tls. prove if the springs of commerce Ellis, Chan Ngan-ting, 8. Michael, lower and our bills discounted and vision of the Native Guilds and eread, operating costs and prices/the hands of foreigners is now 58,600,000; this, as already stated, are not choked at their source.
capacity and J. R. Etorbora, Leung Yan.00.Ioans are considerably higher than has hitherte proved to be absolute-towered, Janan will not be able to selves. But 53 to the stendy Tis. 4,100,000 in excess of the of the British merchant left
transacted by the Chinese them beats all previous records. being The 8. Morrison, C. Thorne, A. the previous year, as are our ac reliable. It is the touchstone meet her competitors on even terraincrease in the general volume of collection of 1931, itself a record o bimself may safely be Denison, H. Hancock. G.Grimble, ceptances on account of castituents of the various currencies that are in the overses markets of the world foreign A. Murdoch, E. F. Aucott, P. C. All these are indications of more manufactured by the mings-their What is most urgently needed at figures Potts, E. J. Chapman, C. F. H. jactivity in trade. Our silver de quoted prices in the market are
The total salt revenue paid Beavis, L. Dunbar, V. M. Gray-ports have shown a normal expan always based on Shanghai sycee.
prent is a development of the doubt. Proof of the growing into the Group Banks, after burn, F. H. Pentycross, Ho Wing, sion, while, on the other hand, our and when debasement takes place expert trade, for however, welcome commercial activity of the bigher deducting administrative on which our international trade Le Cheung-blu, Chau Bai-ki, Lo holdings of British Government these prices will ultimately reflect the expansion of the silk industry classes of Chinese, who are sick penses, was 635,631,000, which is depends: Cheung-win, Lee Coon, Mok Treasury Bills show a substantial | it.
may h, it is as a manufacturing of the precarious fortunes of an increase of $5,000,000 as com- Kab-sang. Teói Kung-po, Mok decrease. I hope it will not be long
Early last year we issued a official career, is to be seen in the pared with the previous beat Loan for £2,000,000 on behalf of Man-chae, Cban Shu-ming, Lo before we are relieved of the ne-appear, chaos would come, each
If Shanghai sycee were to dis-nation Japan must hope to thrive.
mills and factories record of 1919, and an increase of In the Strait Condition,umerous Man-bing, F. Barrington Deacon, cessity of using that method of mint would vie with the other in although sull leaving much to be which are springing up through $7,600.000 an the revenue realised the Royal Siamese Government. H. Birkett F. R. J. Adams, F.
This Loan was well received, The other in 1921. Retentions by local author. fout the country. turning out dabased dillars, and desired, are certainly brighter than encouraging feature to which Ilities Smyth, Cipt. R. Swain, P. K. employing our funds.
amounted to $3,663,000 being applied for many times All losses made or ascertained we might in course of time see a they were a year ago The ta refer, is the increasing interest-an i. cresse of $13,000,000 as over, Kwok, J. M. de Castro Basto,
nd at present stands Ho Kom-tong, Ho Fook, daring the
year have been fully coin that had in it more copper and principal products of the peninsula taken in polities and the affairs compared with the amount about 8 per cent premium W.EL. provided for out of current profts. foreign matter than silver. So, rubber and tin--which were izreely of the
by the tained government Sbentor, W. J. C. Bonnar, A. S. and the margin between the market until there are seriously adminis-under the influente of general wuth Chinese Chambers of Commerce, to the retentions made in former the high credit of the Royal Siamese Government in the Ellis, W. Anderson, W. E. Van value of our gold securities and the tered mints in China, it is absolute-wide depression, are now command- and their marked determination years in the provinces of Kwang London me
honest Eps, Ho Leang, D. V. Stevensen, prices at which they stand in our essential to held on to
ling better prices
Rubber restric. to make their voices heard. We tung. Szechuan, Younase and R. M. Dyer, Hon. Mr. H. E. books has mureriaily increased in Shangbai spree.
tion has been a much debated sub-bardly take up a paper without Hanan, revenue WAS retained Pollock, Mr. Pollock, C. C. Boyd, the same period.
The Trade Gutlook. Fect, and while efforts failed to get reading reports of resolutions daring 1922 in the provinces of J. M. Alves A. B. Stewari, R. H.
1 will refer later on to political
nrging disbandment of troops, or Shansi, Hupeh, Kiangai and B. Hancock, C. W. Beswick, F.C.
The silver market, in which we conditions in China. It is gratify all profucing countries to arrive of condemning the extortions of the Manchuris, while in the case of Hall, H. B. L. Dowbiggin, A. R. are all so-mach interested, did noting that the collections of the Mari-
Tuchuns and theextravagance of Fukien ao revenue has been paid Lowe, D. K. Blair, W. L. Leask, present any very starding features time Customs have expected all rathereof, curatmaluty restriction on the government. So long as he into the Group Banks during the F. 8. Harrison, W. G. Barton, H. during the year. The range of cords, in spite of the very serious art basis. so far as Ceylon and can trade peacefully, the Chinese last months of the year owing to that land values had rises to W. Bird, M. S. Northcote, F. P. prices in London was only 1d the obstacles to trade which were in Malaya are concerned, came into merchant takes little interest in local militer action. On the undream of heights owing to the de V. Soares, Mrs. Claud Severn, highest point being 37.3/8 and the evidence last year. In Hongkong. For in the cloche months of last pollice or changes of government. other hand, a gratifing increase steady influx of Chinese from T. E. Pearce, D. H. Cooper, G. Bowest 30.38. The variations in our industries, are prosperingar (1st. November and the price When, however, as would now of revenue was obtained during the neighbouring provinces and Layton, D. J. Lewis, N. C. Wil the actual gold values were less land values have risen to undreamt of the mommodity has risen vers seem, be realises that the country, the year 1922 in the majority of to one other reason, which I will soc, D. G. Well, D. Templeton, the highest price in New York of heights owing to the steady stantially. us hope, how and with it his own prospects of the districts in which the control now proceed to explain. Lee Coon-chun, Fung sng, P. being 741 and the lowest 63. influx of Chinese from the neigheter, that it may not be long before increased profitable tradios, are of the Chief Inspectors bss not The area in this island avail- Cassidy, H. Gerardet. P. V.
in danger of being brought to been interfered with.
able for commercial purposes is, Batelbo, J. McArthur, E. L. Sim There was a net decline of 3d. inbouring provinces and to a situation supply and demand adjust them-ruia by the folly of his rulers, bel
The actual amount released as you well know, strictly limited London during the year, which was to watch I shall presently refer.setson a satisfactory merinomia is moved to utter a protest, for for the general purposes of the it has been added to from time entirely due to the appreciation of Unfortunately, brigandage and i'us and artificial measures dia. the expression of which the Chinese Government during the to time by laborions and expen- the pound sterling, the price of the piracy continue to prevail
In the loppar.
The tin industry is regard facilities of tbe modern yes amounted to $47,237,000, assive reclamations from the har metal in New York at the beginning neighbouring provinces of Kwang-jedna healthy and through reduc. Chinese
press offer bim & compared with $52,060,000 in tour and a new and extensive The Chairman said:-Ladies and and the end of the year being al-tung and Kwangsi, hampening the tus eftreted in mining costs, min chancel not formerly Avail 1921.
reclamation is now in progress, Gentlemen,-The report and state-most exactly the same.
free movement of imports and ex-
12 in present value of the metal able. It is this great body The Reserve in the Groap As this is the case, it must be ment of accounts have been in your Purchases of domestic silver by ports. Our external trade is suf-{
of Chinese commercial opinion Banks, to provide for the Service self-evident that the best use again on a remonerative level hards for some time so, with your the U.S. Government under the fering greatly in consequence,
and rested interests. aided br of the Reorganisation Loan, was should be made of the space avail- Peking Government a "Puppet." permission, I will consider them Pitman Act have proceeded steadi- Business in the North, though {"
The political history of China modern facilities for publicity.aintained during the gear stable for business purposes. And as read.
ty and should be finished towards ferratly bumpered by unsettled during the past year has again been the force of the immediate future.
which will I beliere prove to be $7,000,000. ..
yet the military establishments It is a great satisfaction to us the end of this year. There is ditions in the Great Northern pro-
The European Outlook, continue to occupy a large tract that we are able to present to you much speculation as to what willvinens, was mit angether without the rental condition of the craintry, secure the reforme which it is cam of deep disappointment; and I hope it will. by its insistence.
The economic conditions of of the best commercial land such a favourable balance sheet happen when such an important encouraging features. Ther | after a year of continuous uncer- quantity of silver has to be
fat from realising the fair expec our earnest desire to see, and Europe continue to give rise to in the Colony, dividing the a fair demand in the markets of the cations raised by its delegates at the whitb. although they may be grave misgivings. Very little western from the eastern districts, tainties and disorganisation in all placed on the opan mar- the exchange markets of the world. ker. Optimists believe tha:
world for Cinna's varied products Washington Conference, has become assisted from without, must be Progress is being made towards hampering free communications
settlement of the multitude of coincided the situation of imports in the readily worse. Tjil a year too in which profitable chants appearance
The standing army urged and created from within. nels for investment of gold funds with the disappearance of the Northern ports is quite healthy is larger than Pr, hand rosties Whampoa Story Contradicted. complicated international ques In the foregoing remarks. Itions. It is very gratifying. how have been difficult to find. The supplies from the various coun-Statistics of China's foreign trade not only tre he a crushing pancial
aver, that arrangements have bean cheapness of money in London has tries,
have only made a passing re- which are reducing the are
their must have been a tooderate all disciplined units have become or demonetizing been reflected by a further rise in fineness
debt to America ou mutually I would like to take this the price of g-edged securities silver coinage so that the situation round increase. and by a substantial decline in the will be balanced; others think that] It is imped the ela of 1922 has Chinese life and property
ses menace in tech foreign and opportunity of speaking more satisfactory terms, thus removing ing to the Colonial Government, particularly on a question which fruitful source of friction and available where the troops could earnings of nearly all of the great the latter factor will continue or even the ligablation of most of the where outside the protection of concerne both the policy of the recrimination between the two/e-joy more healthy and spacious
wesome years yet. There is no re-fold stocks in the Far East, and with treaty ports. Bands of brigands. Consortium and the future 10-for the rest of our allies to follow.
countries and setting an example surroundings, but no settlement are not altogether dependent on the able data available to enable those markets once again taking misting of deserting or unpaid terets of this Colony Allegs. But it has not yet been found same sources of income as they are. form an opinion, so we shall fresh goods saitable to the present soldiery, maraud through the pro- tions have been made in
keep an open mind on the subject. though, of course, in view of our and no doubt we shall all be wiser demand. it is hoped that the out- vinrey, burning, Tooting and kid responsible American quarter, substantial gold assets, a higher rate of interest in London, which on this point when we meet in this ink for 1523 may reasonably be napping with impunity; while the ad arged with an insistence of German reparations, which is Government, or to obstruction by Expected to show considerable im-whole country continues to be rent which would seem to give them the flotation of the Iot-roational | who must be well aware that the an indispensable preliminary to the local Military Authoritier, would be the result of more trade
Guaranteed Loan required to demand for money, would suit s better than the extremely modest by China was, as nearly as we can has continues to expand; there are Government, central only in nam exists whereby the Chinese may depreciation of her currency and reps. There is no question of The cotton mill industry in Slang- and military intrigues. The Pekips or agreement with the British enable not only Germany" bat present cramped-situation of the
France silo rates that were obtainable during estimate, standard ounces 86,700,-now about two million native spind is a puppet in the lads of contend- be debarred from creating railway to balance ber budget. It is a military strategy involved, yat
000. In 1921 it was 63 millions in operation, compared withing Tuchons. There has been a moderate re-and in 1922 ounces 98% millions. 1.000.000 in 1921
The railways are facilities necessary for the devel- vival of trade in the East and our More than half of the imported 1920. Indian yam
and 1.20,000 in over-run, their traffic, disorganised apment of a deep-water porter that cannot be postponed the obstruction to the change
indefinitely, and the longer comes from the War Office alone. * has been the and their equipment damaged by for ocean-going vessels at qnerations generally have been for-silver was used by the Canton principal sufferer by the growth of hordes of disorderly troops.
The near Canton; and that, although difficult it will be to avoid a great War
Fettlement is delayed the more I think it is time that the texte, so our total earnings for the Mint, which, it is estimated, pro-this Inent enterprise.
Office realised revenues which should go to main. sach development would be the
that disaster to Central Europe, the Hongkong year
satisfactory. They duced about 8734 millions face indeed, mosted the native mille tain the railways and to pay the natural accompanies of sail effects of which would be very solely in order
does not exist amounted to $12,932,403,00, which value of 20-cent pieces. These
to
paya an increase of
far-reaching. more than coins are 100 fine and, following have started with indequate capital service of the foreign loans secured scheme for the completion of rail.
military contribution of 20 per way communication from Hu- $2,000,000 over the total of 1931. the well-known Gresham law, and it is feared that troublous times on them, are appropriated at their ow to Canton, it is the fixed England's Sound Position.
cent, of its revenue, and that if We are therefore able to propose they have driven into the melting are ahead of some of them. source by the military authorities. policy of the British to oppose it, In England, the situation, has this senseless policy of obstruc- the same dividend on the increased pot the former Kwangtung coinage In the Philippines, the wise and Overshadowing this chaotic rond as being detrimental to the trade improved considerably. We are tion and hampering of British capital, viz., £6 per share for the of higher intrinsic value. Their firm administration of General tion of affairs like a dark cloud, is of Hongkong. I am in a position meeting Our expenditure by trade and the natural develop whole year, with £3 bonus, to add to fineness was maintained at 700, Wood is reducing the finances off the load of unsecured indebtedness, to state categorically that neltaxation and not by borrowing. ment of the Coleny is persisted in,
and A. Piercy (shareholders).
CHAIRMAN'S SPEECH.
London banka. Fortunately
1922.
ts
were
The Silver Market.
.
a mon conclusion
favor
Hongkong Military Lands. There is an important local matter which I feel you will expect me to refer to, and that is the question of the military landa. Estly in my speech I mentioned
and the natural development of the business are. It is well known that our Government has been for years past making efforts
wd set available, but there under upon the castry, hat its ference to the Consortium: bat concluded for funding the British to remove this anomaly. Thera
room next year.
T
China's Currency.
provement.
The quantity of silver absorbed
Several-
સ
by ever-shifting political dissensions |
the character of a deliberate anti- British propaganda, that a tranty
possible to determine the amount
to azzest the
are plenty of better site, belong-
has yot been arrived
at.
due
I believe this is Dot to lack of effort on the part of the' Hongkong
garrison is detrimental to the health and efficiency of the