BANK MEETING.
EXTRA.
THE HONGKONG TELEGRAPH.
SATURDAY
From the foregoing Agures in Chian for years and, with many think our fogams will will be seen that India and China Chinese milia short Ɛof working! absorbed 174,550,000 standard capital, and faced by severe losses, ounces of allvar. Should the son-jdue to yaru values ruling far below sumption by these two countries manufacturing costs, it is not ser-|| continue on this scale the mining jrizing that a number of such mills
Trade Conditions Lengthily Reviewed. interests will have no set cause have either closed down altogether
Anarchy in China.
Suggested Withholding of Customs Revenues.
I, "
EL B. L. Dowbiggin, Dr. Sanders, does that the liquidation of the B. A. Hale, Ho Fook, P. S. Cas boom years sidy, F. H. Crawford, E. Piercy.
W. S. Brown, J. Arnold, D. completed
oances
Custams and Salt Revenues
revenues
affective
balance by Yen 284,587,000 4s com-
[eopra.
vory- liberal
manigonient at Yokoham
of the Bank there in rooli
.
bat 5 part of the wholee
Such
izoszuly
ad-course.
follow вод
drobtiaflow by cival-mili leádláts of zitoba) 29 Vanzem wich baru salt and wine, and tobacco, idiarupting and.
Which should go to support the country which administration of the Duntraifenemies, and Government. The latter has, in potential rescures on bairing, the fact become little more than in one of the mont for anxiety, but the silver marketĵor are working short time. ; Båt)
a tauration, and the groups of the world. will "always remais an uncertain the present level of cotton prices,
aficials who fatetion, in Peking - Landon Money Marke and speculative one, owing to the the outlook for 1994 is not at all round position
funlar, the name of the Chinese The London managmerk. output of diver being more or less favourable. We can but hope that steady while the demand is spara greatly increased demand for Turning-to", the Shaid Settle, Gawainment, maintain that post- wale waay throughout th
òhly: changWNE modic. The Barolation in Mexico both yarn and cloth will restorements his year I stated that deuch, bom mainly be virtue of the re year, the in December caused a temporary the market values of these com-tions, although still leaving much tognition of the Foreign Powers, the Bank of England
while their mole · monetary. Thbaing an advance from $7 stringency of supplies and an ad-modities to a reasonably profitable be desired, wore certainly brighter somes is the precarious residue of so i per cent, werly la Juiz,” the vance in the price.
¡level.
than they were a year ago, sind the gått revenue after the demande of exact reason for which is obscura. „Chineno Mhis' Output. The figures of China's trade for) The Canton Mint has not been 1925. are not yet available, but it remark applies this year the militarista and clamourous, it did not appear justified bu mabatary conditions at the time- operating, but the Nanking and is fairly evident that there must be prosperity of the two great creditors have been satisfied. Hangcbow Minta have been colning have been a falling off of the totals products, rubber and tin--especially Stable Governisent Wanted and meant dearer finance for the the former may be considered the Amid such conditions of pali-Government in the weakly rene- The annual general meeting offit is an expensive matter to main aan dollars steadily throughout of exparts and Imports.
trade barometer of Malays, and tical chaos, and the absence wal of Treasury bills. The general The Japanese Earthquake.
oantral dharing 1929 both commodities of real shareholders of the Hongkong tain a large note rientation in the year. It is regrettable to find
authority, level of discounts was about Ss and Shanghai Banking Corporn-moderately clean condition, which that there has been a continuous Owing to the disorganisation and
commanded
discussion bare
considerably the
of schemes per cent, below the Bank rate, tion took place in the City Hall we endeavour to do. Deposits show depreciation of the weight and loss caused by the earthquake, higher prices than during 1929, for debt consolidation, In-showing that there was suple at 11.30 this morning. The Hottle expansion Silver deposits fineness of these coins, especially of Bgures for the trade of Japan are there has also been a slight lis dustrial, development and the and cheap facilities available for Mr. A. O. Lang (Chairman) pre have increased normally, but in those of the Hangchow Mint This not available to the same extent
provement in the prices obtained like can have no conorate re- the finance of trade. nidad, being supported by Mr. G. T. Edkins (Deputy Chairmanie of the difficulty of securing makes the retention of Sycee all as usual, but sufficient is known to for the next largest export, mathely salts. The first sential for giving Sterlingerobsega with America, effect to such schemes, namely which is now a factor of far-reach- the Hon. Mr. P. H. Holyoak, Mr. employment for our resources and the more necessary although the form a fairly accurate estimate of
a the course of trade in 1923, which) Robber restriction has been inadequate security under the ing importance, reqmined steady. : H. P. White, Mt. D. G. M. of the cheapness of money in Lan-Yuan dollar is becoming to Bernard, Mr. J. A. Plummer, Mr don, we have not eared to compete greatly increasing extent the na-was chiefly notable for the record force during the whole of last year, control of the Central Govern during the first half of the year in
donal currency of the country-breaking adverse balances and the and, although
errors have been meat, is wanting, and must the neighbourhood of 4.65, but to be wanting weakened in the autumn owing W.LPattanden, Mr.J.P.Warren, for deposits in currencies based on
the rates of interest paid Since the beginning of 1920, consequent drain on the country's made, it has on the whole worked continue there Is Mr. N. L. Watson (Directors), sterling
stable to the seasonal demand for gold Our China has absorbed over 322.000,-accumulated wealth. The chief smoothly and has undogbtedly until the Hon. Mr. A. O. Stephen, by some of our neighbours.
able to dollars to meet payment of ex- of silver, contributing factor to this state of served to "keep prices on
& more Central Govemment, [Chief Manager), and Mr. A accurities show an incresia, main..D00 standard
stable tan and Europe, Towards the Barlow (Manager). Those also) present were: 1 he Hon. Mr. H. dr. I regret to say, to larger wildrig all of which has gone to affairs was, of course, the earth-steady and prostable level. It can assert its authority over the ports from America to Great Bef
The total Sowever, never be an unquaHà. #Provinces. the coinage of these dollars. It is quake in September.
maintained until there has been ness in this exchange was (no"} Pollock, Mrs. Pollock, Mrs. J. Hajines of British Government Trewjobvious that in default of a more adverse balance of trade for the success without the co-operation Government cannot be created orjlatter part of the year the wak÷.
Discounted and reliable form of currency and of year amounted to Yen 536.943,000 of the Dutch Indies.
disbandment of independent contuated by the uncertain politi- Taggart and Messrs. C. Montague sary Bill Bit Ede, J. M. Alves, R. M. Dyer. Loans are $2,000,000 higher, which safe conditions in ordinary life, representing a beavy decrease of The tin industry has been prosary forces and complete cal situation in England and CA. Middleton Smith. the Very is entirely gratifying, and Bills Re the savings of the lower Chinese Yen 190,445,000 er 13 per cent in perous and prices have shown adjustment of national and pro- also to some extent awing to Rev. Father. Robert, C. A. `dajecirable lower by 8200mm; this clasets are taking the form of exports and an increase of Yeasteady and marked improvement vincial finances. The pohey of the the unjustified fear that there Roza, FC. Hall, Capt. Neville is also gratifying, indicating as it bearding these coins.
94,142.000 or 5 per cent. in iuring the year. Stocks held by Powers towards China, conceived might be inflation of the British Dorks, raising the unfavourable Federated Mahy States Goin the artificial atmosphere of currency. Although inflation, war...... bas practically been I will refer to political-cond-pared with the year 1922.
ernment, the Netherlands Indian Washington, has ceased to have discussed in soute quartars, the tions in Chisa later. The Mari- The main cause for the decline in Government and the other signa-any relation to the facts. The authoritative statements that no The Building Programme. Steavarson, G. M. Young, D. K.
time Customs returns at last dis the export trade is found in ratories to the Bandoeng Agreement, scope of the Tariff Conference sith policy was contemplated. have been largely liquidated and whenever it meets, cannot how should remove any such fear. The Bisir, A. R. Lowe, G. Potte, & E Bank premises how an increase close the effects on trade of the silk and for the increase of imports have been larms to point to re be limited to the mare considers effect on a country's exchange of Ellis, Mok Man-chee, A. Denison, at over 23,000,004, due to the conchaotic conditions in many of the by the continued expansion in the
daced stocks and an increased tion of a lé cent. Customs surtar, unbalanced budgets and unlimited C. A. Hooper, W. Van Eps. Lofpletion of our wow Shanghai pre-prosinces. The total
principal lines of my material, denmand
which is of minor importance note issues, or, which is practio Cheung-wan, P. K. Kwok, C. H-mises and to work in progress on show an increase of Tls. 4,700,000 condition which can only be rectifi
As regards imports the demand beside the vast and complex ally the same, unlimited Govern- Blason, R. H. B. Hancock. D. Hthe important buildings at Calcutta, but the 5% duty was
L Cooper, F. R. Marsh. W.
Colombs and Singapore. We pro- throughout the year and the ined by a revival in the oversea's mar during 1923 was better, but the problem now calling for solution, mant borrowings, is too syparent kets-particolarly China-acco lack of confidence in the local deal and it would be a useless tax on and disastrous to tempt British Leask, H. A. Cartwright. F. M.
atcrease, if trade had been permitted Reymond, E. Silva Netto, Chayse to rebuild our premises
mésaures for fiscal and begincreasing their commitments. Sin- & W. da Roza, Ho Kom Tidin, where our business largely follow its normal course, should, anied by a real effort in Japan toers, prevented importers frean in-trade antess accompanied by statesman to
!ministrative reform The Europe and the East ning with raw silk Tong, F. Sanyit F. H. Pentreak the accommodation for estimate, have been at least get down production costs,
Tls. 23,000,000.
Phillipines Outlook.
financial problem, which is the The decline in European pro- cross. Capt. Bell Smith, V M. town on programme will be com
With regard to the Salt Ee After the disaster in September,
In the Phillipines, trade has direct outcome of the prevailing ductive and comsumptive power Grayburn, D. M. Daigety, ple and nothing further ei ang im
renue, further inroads on the coa rush was made for commodities been prosperous owing to the military tyranny, and which in the continued its deprassing effect Ho Wing, P.
Botelho, ptance add be undertaken for
lections have been made by the needed in the restoration work, ahigh prices still obtainable for minds of toreign creditors over-upon British trade, and this fam Lu Cheung stiu. E. A. Ram, many year, huy come, apart from re Provincial Authorities, and inmost all of which are expected to their principal axports-sugar shadows everything else, cannot militated against any marked EL Sim Chan Lim-pak. pag the buildings destroyed by some cases the efficient organia-jarrive within the ex-duty period on and bemp. Should their political be effectively dealt with except improved demand in Far Eastern Shu-ming, D. M. C. Basto,
Yokohama Iition established by Sir Richard 31st March Dexi The result was status remain as it is, and in conjunction with other reforms, and Indian exports, though the V. Sorby, S. M. Churn. Kong the earthquake in shuen, W. H. Bredin, R. S. Mor-as mention that I lane received Dane has been broken up and re-that Japan's exports, visible and in their favoured position as regard and a Customs surtax of 334 per actual percentage of British ex- rison, G. W. Swire, J. C. Taylor, many agreeable aliments ceplaced by the nominees of the invisible, and its available resources the U. S. tariff be maintained, a cent. is now utterly inadequate ports to and imports from these places-keeps about the same is Choa Po-main, Lo Cheung-ip and war diagnificent kew, premises independent provisces in defence abroad were equal to the strain, few more years should see for that purpose.
complete rehabilitation of the Indeed it is difficult to see how they were in 1913, an increased Shanghai, and I think it is generally of all international agreements, causing a serious depreciation in thei
finance of the islands. This
saything short of the full 72 per monetary value corresponding to nsidered that, apa from any Consequently it is difficult to ex value of the eucocy sad con favoured position is the mainstay cent. surtax proposed by the Mac- the general rise in prices. question of British prestige in that timate the exact amount of resequent hardship to many industries of the export trade of the islands Kay Treaty will meet the case,
It is satisfactory to notice amid The Hon. Mr. A. G. Stephen International Settlemens, the DirecTense actually collected; we only dependent on foreign countries for ad, should it be withdrawn for accompanied by provisions for the maze of contradictory reports, having read the notice convening
that about $53,000,000 their raw materials. Hors inck By wise decision when know
say reason, the outlook for just apportionment of revenue to that Russia is gradually trading, the meeting.
very reached the hands of the Peking, It was inevitable, that the imperial merchants and agriculturalists the provinces in return for the more freely with foreign count- The Chairzan said: The repet they decided zi develop the
Government of which $9,492,000 Japanese Government, while utilis-would be extremely disquieting abolition of all internal taxation ries, Great Britain included, and Barth possesses and statement of accounts havmg valuable site the
was paid by them for the service ing its own internal reserves to the Anarchy in China. on trade, and the relinquishment it is to be hoped that the distinct been in your hands for two weeks, there.
of the Reorganisation Loan of greatest extent, should have had to
The record of events in China to the Central Government of recovery noticed in her, exports resort to borrowing abroad for re during the year 1923 continues what may be properly classed as end imports will continue, habilitation purposes She has an to be оле of anarchy and national revenues. The price to only Europe can put Its house in as read The past year has been our Sterling Reserve Fund have de- even less favourable than its prepreciated in value during the year. In Hongkong, local industries are excellent basis for credit in the re- political intrigue, in which one be paid may seem at first sight order, and as a result of settled decessor for the profitable working no provision from the profits prospering and additions to the sources of the country and of the searches in vain for any sign of a large, but it is insignificant com-conditions take more Indian and has been necessary on that account, Chinese popalation continue to record she has established for dawn of better things. On the pared to the gain to foreign trade Far Eastern exports, an improved of the Bank which: so largely has we have sell a very large mar- How into the Colony. The price of scrupulous observance of all her co itrary, the condition of the resulting from restoration to demand for British exports must pends upon the free movement anıl”
country politically, financially peaceful conditions and good necessarily follow, gio in hand. All ascertained land is still high, but the peak has obligations. In July last, we zaist-
throughout and economically, has grown ap-Government
the finance of international trade for the losses, including those caused by probably been passed. It is a re-ed in Boating a loan for 2 millions preciably worse. With the ex-country, which must be the in- It cannot be too widely known.
Eastern Banks' Facilities. employment of its funds. In view the appalling earthquake at Yoko, lief to record that the long-out in London for that great enterprise, caption of the ive provinces of dispensable guarantee demanded to shippers at home that Eastern of the generally adverse conditions'hama, have been fully provided standing question of the Military the South Manchurian Bailway. Shans and Cheklang, brigandage
Banks are ruling throughout the year, your for. Stiver, which plays such an lands is at last in a fair way to which, needless to say, was fully has become firmly
The Customs Question.
always rondy! extend facilities to Directors are gratified at being able important part in the Far Eastern,wards settlement.
Amidst the prevailing internal to taken up. Last week we similarly ed throughout the to pince before you a balance sheet exchanges, has been
country, dissension and civil strife, the aders abroad when markets a compara- In the neighbouring province.j
any stability. - British.. showing a moderate expansiuni ufitively quiet market during the year brigandage and piracy are still rife assisted in the flotation of a loan and the Lincheng outrage of May Maritime Custome still stands show nearly all of its items inelading Pro-lunder review and fluctuations in and, apart from the important silk for 5 million for the Government, last has been followed by out as the symbol of honest and Government trade credits can- series of similar outrages, atcient administration, the bul- not, we think, have been availed fit and Loss, which is a little more the price were confined to narrow industry, trade is very greatly which received a very flattering re-
(ception, the subscription lists frequent intervals, in which the wark of foreign trade. relations of to any great extent in con- than 83 lakhs over last year's total limits compared with recent years, hampered.
persons and
property of This enables us to-pay the same the highest and lowest sterling There have been many cases of maining open for only a few hours foreigners, so far from receiving at a ration in the future and it is useless for the Govern-, with China, and her hope of 9ction with Far Eastern trade, quotations being 33.11/16 2nd successful piratical attacks in That Japan has received a stag the protection to which they are as it has been the foundation ofment to advertise as they have viz: £3 per share, and allocate 810 varied between 69% and 627. Injing the British flag. The efforts of are very few countries to which such of the raids, while herds of measure which, by recognising that way. The Faster Banks dividend mod hosts as last year, 3012, while the New York prices neighbouring waters on vessels fy-gering blow is undeniable; there entitled, are made the main object her credit in the past. Any done an extension of besa credita. Salvation does not le Lakbs to Silver Reserve and 810 both cases, the lowest point touch-jour Navy and of the local police a stupendous catastrophe like the defenceless peasantry are driven the claims of seceding Provinces have abundant sources and lakhs to the writing down of Banked was practically the same as in seem powerless to put a stop to earthquake would not have meant off to antold crafties in the properties. I hope this proposed the previous year. Purchases them without the co-operation of a staggering blow, There may be brigand strongholds until retos division of the Customs allotment of the profits will be ap under the Pittman Act in America the Chinese Authorities proved of by the shareholders.
were completed about the middle mainland which, so far, has not will get on her feet and meet the At all this the Tuchans rulingons secured upon it have been posal presented to them. Ship on the difficult years ahead, but that Japan leased by ransom, or by death revenue afterinternational obliga able to finance every sound pro satisfied, would be a retrograde Ders can rely- with confidence The items of the balance Sheet of the year, some months earlier been forthcoming in any efficient new situation in a spirit of courage, and with more than ample
jover these infested Provinces, step in the direction of further on these Banks, who are in close call for little comment. The rate of than anticipated, but the actual de-form, "It is very humiliating to hacked by the combined efforts of military forces at their command disunion. So long as the Feking Louch with their custos exchange at which the sterling liveries to the US. Government of have to undergo this Boating of the assets and liabilities are converted the silver contracted for have not British flag. I am sure our Gov. her people and sound financial look on with indiference. Their Government continues to be re-road, to extend credit into dollars, and the silver susets yet been finished, so the full effect ernment must agree with me and policy, is the hope and belief of ber one concern and preoccupation ognised by the Treaty Powers as ment to, open
is to obtain funds with which the de facto Goverment of the sound her without into sterling, is about 44 per cent of the American production coming will use its utmost endeavours to
it must te held entitled country, on, the struggle to cars The Yokohama. Stall. over the rate of last year, so a com-on the market has not so far been devise means of dealing properly disclosed. India was a strong with a situation which is becoming)
ple It parison between their totals and those
I would like to mention here the forinilitary supremacy. Railways to receive the whole Customs, re- supporter of silver, the net con-lintolerable. of the previous year is easier than gumption of that country for the
appreciation of the Directors of the robbed of all their sccessible venue. But if its claim to do so is umal. The total sterling is over
gallant and efficient way our Toko ravennes and, owing to lack of to be challenged by proficial
Tande, for maintenanES,
secessionista, and pressed bi year amounting to nearly-Std. Oz.
nd £4 mähions higher and the total 100,000,000
In North China, general export hams staff coped frith the appalling Wanton destruction
to the point of endangering, thi a compared with trade. handicapped by restricted state of affairs during and after the have, in several cases, deter
sent adum dollars is over #8 millions higher Std. Oz. 74,000,000 in 1922 Direct markets abroad, political unrest at great earthquake. The British Navy iorated to an extent which
Catoms-ser than the balance sheet presented to shipments from New York to India home, spasmodic and uncertain also rendered as invaluable il renders traffic dangerous you, last year,
increased very considerably, Indian supplies, cannot be said to have tance in airage work, and I wish Khyja Notes in circulation have increas operators finding the New York been satisfactory. On the import to record our thanks to Admiral')
rather market cheaper than London owing side, a considerable improvement Leveson and his officers and men för ed by over $8,000,000, a inconvenient but gratifying tribute to the low rate of freight on direct is reported in piece goods and su-their untiring efforts which saved a to the popularity of our notes shipments from New York to india. dries, but there has been little among the Chinese of Hong During the year China absorbed, as doing in the engineering section. critical situation. jong and China-inconvenient bearly as we can estimate; Stil. Oz. The year 1928 has been the worst 74,250,000 compared with Bid Os experienced by cotton mills in to must not be forgotten that 86,700,000 in 1922,
G. E. Brown shareholders)
CHAIRMAN'S SPEECH.
I will, with your permission, follow
the usual procedure and take them
The Silver Market. The gilt-edged securities forming;
1913.
Piratical Outrages.
Cotton Outlook.
tricade.
Although mat
-hav
A
Te-
י
establish-
troop
(the lowest spec the pres
Son of the
while giving syar
trictions
the
only terre to grip