A
TO-DAY'S BANK
SILVER
EXTRA.
THE HONGKONG TELEGRAPH,
SATURDAY, FEBRUARY 21, 1925.
MEETINGARt standard ounces 255 millions. the favourable reception of the trade of the great port of Ticotain year show an increase of HaskuanĮ
MARKET OUTLOOK.
BOLSHEVISTIC INFLUENCE IN CHINA.
י
the
of the metal, estimated for 1924 success of these flotations. I think cubus of military interference. The time Customs revenue for the past
SECONDER'S SPEECH. loans was due to the courage remained paralysed by the suspon Taels 6,080,000, or, at a somewhat said:-Mr. Chairman and Gent Mr. W, E. L. Shenton, secandin SILVER OUTLOOK.
with which the With more settled conditions faced the situation and
Japanese slun of goods traffic, and great in higher average of exchange, about
men,We have Listened in Europe, the need is being felt confidence felt in their ability to serious commercial lom, has result cat collection, which was that of man's very luciul speech which convenience to individuals, besides 2,700,000 over the previous high particular interest to the Chat
metallic currencies of the various portations" for purposes of ro-/od from the stoppage of conl de achieved by the capable, and ness circles and evin in high for an Increase in the depleted surmount their difficulties: Im-
1023. The remarkable success 'always looked forward to in bur conscientious administration of circles as one of the outstandin
Customs might, well In-incidents of the year,
CHINA.
countries, and already consider construction have thrown the ivorica in mid-winter. able purchases of silver hays been balance of trade heavily against The year thus closed with no de the mado for coinage. It is not possible the country with a consequent finite grounds for anticipating that duce China to disregard the Wa hasten to join with you s to estimato at all accurately depreciation in the Japanese speedy means could be found for foolish agitation so frequently your sorrow over the great loss the amount of silver required to exchange, which dropped below the restoration of peace and for raised by misguided extremiste, you have sustained by the death build up these currencies but it 1/7, 1/4, say about 33 per cent. creating a form of government of and employ a great measure of of Mr. A. G. Stephen and Mr. E The annual General meeting of bean even more difficult than its is likely to be on a scale sufficient below the gold parity of the Yen. suficient stability to prevent further expert foreign advice and aseist-G., Hillier. Mr. A. G. Stephen wa shareholdere in the Hongkong immediate predecessors, but, in to be an important factor in the Japan has a long and difficult outbreaks of civil war. Tho prance in the increasingly difficult well known to most of us, not onl and Shanghai Banking Corporat spito of this, thanks to the sound silver market for some time to task to-establish its ourronoy on ion was held in the City Hall this basis on which our business has come. During the latter months the former gold basis, and the blem is admittedly both vast and tank of debt consolidation. The by his reputation as a banker and morning, and there was a large boon built up, your Directors are of the year India was not a keen recovery must necessarily bo difficult. The revolution of 1011 potentiality of China's trade fa anancier, of outstanding ability attendanco.
Mr. W. L. Pattandon was in able to place before you a balance to the large demand for gold. upward grade is mado, confidonco regimo and imported
in the gratifying position of being buyer of the metal, dus no doubt gradual, but onco a start on the tore up the roots of the Imperial almost boundless, and, could she but personally as a hospitable hos bo Induced to set her house in and friend, and, furthermore, a into tho the chair, others present at the shoot showing results which they This demand for the precious will be inspired and Japan Chinese body politic Western ideas order, the revenue resulting from a man whose opinion on any sab shairman's table being Mr. H. P. have no doubt you will concur metal is not surprising in view of should have no difficulty in of democracy, which the oxperience tome tariff should furnish a solid ture consideration. In the public an adequate Increase in the Cus-ject was worthy of the most ma White (doputy chairman), tho with thom in regarding as very the present level of Indian ox-obtaining further assistance in of the past docado has proved to be foundation for the solution Hon, Mr. A. O. Lang, the Hon. satisfactory. Including $3,379,- change, which enables the Indian foreign money markets in raising totally unsuited to Chinese neods this urgent question. Mr. P. H. Holyoak. Mr. B. D. F. 314.45 brought down from the natives to secure geld on cheaper the leane nooded for the purpose The Republic of the past thirteen
of life of this Colony, bls servidas Beith, Mr. J. A. Plummor, Mr proceding year, the result shows terms than ever before. In pre-of reconstruction.
were called for in every capacity G. M. Young, Mr. A. H. Compton, a not profit of $16,383,882,01 war days, with Indian exchange
and willingly given both in the years has now in its turn been over-
EASTERN TRADE OUTLOOK. Mr. W. H Bell, Mr. T. G. Woall, as compared with the not profit at 1/4, it took 15 Rupoos to
Councils and out of them. A long DOLSHEVISTIC INFLUENCE IN (directors), and Mr. A. H. Barlow $16,583,873.49 for 1923. Aftor do-purchase a sovereign, whoroas at
thrown by the events of the recent
Advices from India report and active career has been ter war and the establishment of the satisfactory year in exports, the minated all too soon, thus depriv (chief manager).
The shareholders prosont were: £3 per share paid in August last, obange, approximately 1/6, and with which business
It is hardly necessary for me to provisional Government under n ducting the interim dividend of the present level of Indian ex-recapitulate the many
country's principal products find-ing him of enjoying in retirement obstacles Sir Honry Pollock. Sir Robert viz: £480,000 at 2/4.5/8 ($4,024, sterling exchange with America
Dictator. It is impossible to foreing good markets abroad. The the rest which he so richly deserv in South Ho Tung, Mrs. H. W. Bird, 454.15) and $50,000 remuneration at 4.761, a sovereign costa only Piracy, brigandage, sporadic war-
finance entailed was handled by ed and had so faithfully earned. China has had
cast the next development, to contend.
the Exchange Banka Mrs. J. H. Taggart, Dr. J. H. to Directors,
Past experience has taught us the much difficulty, thanks to
without Mr. E. G. Hillier was not so well there remains about 13 Rupees 10 annas. Should fare, heavy taxation and Sandors, and Mousre. F. H. for distribution
the known to the individual but gen-futility of expecting much from the polley of the Indian Government had an international reputation as $12.300,427.86 Indian orchange bo maintainod
he Реntустояв, G. d. Dunnott, which, with your
1/6 approval, at
whon W. E. L. Shonton, C. A. Hooper, it
tho pound erally unsettled conditions in Can- good resolutions of reform announ- who, by buying sterling on a large a banker and financier. His great ju proposed to Chau Sui-ki. E. A. Ram. J. with as follows:-Pay a final on
deal sterling is re-established on and the neighbouring Pro-ed at their inception by successive scale from the banks, greatly courage in carrying out his many its former gold basis, vinces, have combined to make Chinese Governments, whose plans assisted in providing the neces duties and his great services to the Arnold, ffo Wing, W. Anderson, dividend of £3 per share and a the value of a gold sovereign in commerce difficult, and business in this direction have invariably been sary funds. In the abac.ce of Bank whilst labouring under dire Paul Lauder, G. E. Towns, Mok bonus of £2 per share, subject to India will be under 13 Rupees 6in
lines--notably piece-abandoned when the magnitudo of Government measures to ensure a physical disability will keep his Kou-sang, Chan Siu-ming, G. H. doduction of income tax, together annan-a price which might bring goods and general imports-hus the tank was fully realised, but we fixed rate of exchange, the sterl-memory green for many years ta Archbutt, Chan Taun-nin, A. amounting to £800,000 and pay-out hoardings of silver for ex-been much restricted. It would Denison. C. E. H. Boavis, O. I, able at 2/334 shaorbing $6,918,-change into gold. . In the circum-be rather overstating
nay nt least noto with Batising value of the rupee has been come. His famillar figure In Ellis, Lo Chung-wan, Li Po-kwai. 918.92;
the case faction
Exocu-subjected to fairly wide fluctun-Pekla will be remembered long B. A. Halo, W. Van Eps, J. M. Rosorvo
Silver stances it souma possible that we to say that the outlook to-day tive has inaugurated ropretions. A steady exchange would after contemporaries of btls have Alvos, Lee Coon, D. E. G.write
$1,000,000 may see a falling off in the Indian is brighter; there are, however, Nicholson, A. V. Apoar, P..M. N. Account,
Premises consumption of silver for a time, indications of increasing confesentative Reorganisation Conference appear to be to the benefit of the ceased to live.
Turning to the Balance Sheet, do Silva, R. O. Dastur, Kan I carry forward to the current year only be temporary, as India must munity, which I hope
and though I venture to think it will dence amongst the Chinese com as a first stop towards unification rate of the Country, but there
of the country on a broader basis so far no indications of this we have presented to us a financial nuon, 8. M. Churn, G. B. Lapton, the balance of $3,390,508.94. The continue to be a large absorber of better times ahead in the not too
presage than has yet been attempted.dealderatum being attained in the statement which can only be the W. Adama Oram, A Murdoch, rate of exchange, 2/334 at which silver, the more precious matal distant future. Had it not been Much must depend on the spirit near future.
subject for mutual congratulation,
transfor
to
Fund,
off Bank
$1,000,000;
Bomu
in the districts round
in the
four
Chief What the
for
Crops
circulating for trade purposes, yet the profits for th's
year,
notwithstanding the very unfa
being reflected in a considerable
BEIZING OF SALT REVENUES. increase in importa. With trade earning power of the Bank is by During the recent civil strife in a healthy condition and a good no means diminished. We look jvinces of sequestrating the Gov-
nien, before proceeding with the businose, and call for little comand the currency re-established the Chinese or foreign business the practice on the part of the pro-rice crop in view, the outlook for forward to the coming year with
business of this
moeting,
mant. As compared with the
ing.
the Bank's Diamond Jubileo will
genuine merenntile trade in the
K. S. Morrison, F. M. Ellis, E. E. our £ assots and liabilities havo being too expensive to supply the for the severe summer floods in Ellis, P. S. Cassidy, A. Edgar, boon converted into $, and the needs of the poorer classes,
in which this conference menta, Trade in the Straits Settlements and satisfaction. Although the H. W. Bird, W. Vandor Storn, silver assots and liabilities into £
North China and the set-back ducand whether a genuine desire shows signs of improvement the substantial Increase in deposit and Fung Kong-un, P. V. Botelho. being approximately only for sale in London for purpose of lities
The amount of gold available to the outbreak of active host shown, to achieve the practical re- prices of tinand rubber, the two cash in hand is possibly strongis D. J. Lowis. D. O. Staavonson. M. lower than the rate of last year oxport is limited to the amount Shanghai and Tientsin
sults which are within Its power, chief industries, have advanced Indicative of trade conditions in A. Remedios. C. A. Middleton may be takon, für purpose of imported, and to that extent the Autumn, favourable trade condtschemes imposalble of realisation, profitable level for produceremoney no represented should be the Far East, inasmuch as the weaving grandiose considerably and now stand at a Instead of Smith, J. H. Taggart, Fung Lang, comparison of the figuros with market is a narrow one. During tions might have been reasonably only follow the conference with the Philippine Islands.
China can 1924′ was a favourable year The true friends of John Fleming. C. H. Blason, those of that year, as practically recont years gold bas boon tronted,expected in those important cen-anxious and sympathetic concern, were good and disposed of pro./as compared with last, show that, T. H. R. Shaw, Mok Man-chi, the samÓ. C. A da Roza, and F. M.
as a commodity in Great Britain, trea. But with trade very much and sincere desire for Its success.fitably, the resulting prosperity vourable conditions of trade, the The items of the balance sheet and this will continue to be the restricted during the last Crawford.
The Chairman said: Gentle-indicate normal expansion in our bargo against its oxport is removed the whole a satisfactory year for case until such time as the am-lor Alve months, 1924 was not on
I would refer with the deepest figures presented to you laat year: free market for gold in London.
on its pre-war gold basis with a community. regret to the losses wo have doposits are $19 millions and The appreciation of starling dur-China during 1924, it is dimeuitialready too prevalent, was widely considered as distinctly encouragusher in a substantial revival in · In making a review of events in ernment Salt Revenues, which was the coming twelve months may be no trepidation but anticipate that cash and bullion in hand $2 ing the latter part of the year to avoid repetition of what was extended, being adopted by the wo last millions higher. mot, through the deaths of Mr-hand, our investments in Britisbihibiting gold exports, which ex-The tragic tale of internal strife/antagonists and adherents of the Indo-China and Slom are good, and the prosperity of the Bank.
On the other loads us to hope that the law pro- said from this chair last year, various military commanders, both
Ellee crop prospects in Burma, Far East and a steady progress in Manager, and Mr. E. G. Hillier.decrease of $23.1/4 millions, due/pires at the end of this year, may continues. men of transcendent ability and to time in our late Agent at Peking, both to reductions effected from time not be re-imposed, and that we months of the year, interest was ing for the upkeep of their swollen amount of rice available for export we heartily agree with as a
During the earlier Government, as a means of provid-satisfactory increases in the The proposed bonus to the staff may then soo sterling restored to focussed chiefly on the highest integrity; their death
our holdings of
its formor proud position of being)
in armies. A very appreciable por-from these countries may be con-nition of their continuous Indus leaves a vold in the ranks of the outs of as more profitable the chief medium of exchange South China, where a situation of tion of the serious decline of dently anticipated. The welfare try, hard work and loy foreign community in the Far out-lots for the employment of for purposes East, which will not randily be
our funds presented themselvor.
$9,000,000 in the net Salt Revenue of Slam, especially, is so largely tion. It was with picular plea- great difficulty was international
co-opera- filled. After 3524 years' work in
Bank premises are about $16
business transactions. During
Labuur Unions acting
under collected during 1924 as compared dependent on the rice crop, that sure we listened to the Bank's
the year India has taken the lakhs higher. I would mention
with 1923 is attributable to these all those interested in that coun-appreciation of 1 Bolshevist influence. Eastorn
your landatory which
service, that our Colombo premises have greater part of the gold available includod
It was not until mid-summer that depredations.
try will welcome the prospective work which w eir services and tnost able bean completed, and our management of
"It may be questioned whether, roturn of more prosperous condi- merited an". It in our wish cordially in London, in addition to large developments in Central and North
e know aro so well
efforts that the success of
Your building programme has all along received our approbation not
sustained
since
A. G. Stephen, our lato Chiof,
Government Securities show
now
of
events
created
.cog-
Office from 1911 to 1920, Mrvoro and Haiphong ebould be India being £11,496,000 from Lon-parts of the country, during the first Chinese of their internal differ-of the excellent work of Mr. W. th. Bank Is aisured. our Shanghai office buildings at Calcutta, Binge- the total amount imported into tion. It appeared, indeed, in these unduly in the settlement by the tunity of expressing appreciation'
amounts direct from South Africa, China attracted particular atten-in their desire not to interfere tlons. I would take this oppor-to endorse your remarks. It is by
Africa
Conditions
in
such
the institution.
Stophen was appointed Chief Manager at the end of 1920ished carly this year. With the don and £15, 274,000 from: South half of the year, as though a period onces, the foreign powers concern-J. F. Williamson, who is shortly During his 3 years tenure of xcoption of the new office wo that very responsible and onerous housos for our Agents at Tientsio monoy market were again com-[a fulfilment of the Chinese belief!uthority of the Salt Revenuo Ad-[Adviser to the Blamese Govern- Bank's prosperity and desire to
are building at Tientsin and
ed were well advised in not afford retiring, during his long tenure off of tranquality might possibly be post, the Bank's prestige was and Amoy, our building program paratively
the London approaching and we might witnessing greater protection to the the responsible post of Fipincial only as a material token of the still further enhanced, while the
ministration set up under the Rement. His successor, Sir Edward nsolidate in a cogent form its resulte achieved during his all is nearly completed In
Факу throughout that this year, the first of a new too-short torm of office, witness Tokyo, where since the Yoko-the Bank of England rate which introduce de era of peace. But it Revenue shall in the first place no better choice could have been outward and visible sign of the the year. There was ohango in cycle in the Chinese annals, would which also provides that the Salt
organisation Loan
Agreement, Mitcham Cook, CE than whom accumulated resources but as an his BUOCOвsful administration bama disaster we have been re-romained at 4%. but the discount was only a lull before the storm. be security for through a period beset with ex recently opened our own office is below Bank rato during the first one of flood, famine and civil war matters
presented by one of our staff, wmarket,. aftor ruling about 1% From July onward the record isother
made, has earned a high reputa-greatners the Bank has attained traordinary diMculties. Mr.
that loan and Stophen proceeded Home in May
tion as a financial expert during and the further greatness which it suitable rontod promises,
foreign last for a few months' holiday,
half of the year, armed up to Rains of
obligations. As stand, the
hla service in India. 1924 was a year of rather more 3.3/8-3.3/4, and this level was during that month inundated vastly undermined, and the position your behalf, to express our appre-ed policy displaying to the public
exceptional severity of the Bondholders is being steadi- security and died in London on the 27th pronounced ductuations in the maintained for the balance of the tracts of cultivated land in the promises to become increasingly ciation to the staff for the work at large the solidarity and stabl
hopes still to attain. It is also Before closing I should like, on the materialisation of a long-sight- August after a very short illuose, price of silver than its predecoe-year, thus showing the Bank rate Northern Provinces and rendered serious Mr. A. H. Barlow, who is well-sar, the highest point touched was fully effootive. While mousy homeless ad destitute village com-measures are taken without delay year. known to you all and in whom being 36 1/16d in Ootobor and the was in battor domand than the munities estimated at 30 millions. to
unless really adequate they have done during the past lity for which your Directors have the utmost lowont 311⁄2d in
Ιπ our esteemed Chief stands. confidence, has been appointed to rauge between maximum and ample for all requiremonte, and December a previous year, the supply was
The outbreak of Civil War in the Salt dues.
safeguard the collection of Manager, Mr. A. H. Barlow, on succeed the late Mr. Stephen as minimum of 4.9/16d as compared thorn is no doubt about the autumn in the vicinity of Shang-
whose shouldera rests great res
DESTRUCTION AND Chief Manager of the Bank. Un-with a maximum of 33.11/16d, a rosources of the money market hai was followed by Inconclusive in the assumption by the military Bank, we have, as I have already The acquiescence of the Powersponsibility of the control of the
DISRUPTION," Jika Mr. Stephon, whosa service minimum of 3014d and a range being 'auffoiout to enable London fighting on a large scale in the commandera of complete domina-said, a man eminently suited to political situation in China are, extended over a large number of of 33/16 during the previous to maintain its position as the neighbourhood
Your references to the general our Eastern Offices, practically year. Notwithstanding the com-chief contro for the finance of Treachery achieved what actual built with foreign capital and for the late Mr. A. G. Stephen, hoped that the phase through of Shankulkustion over the various railways the position of his predecessor,, we fear, only too, true. It is to he all Mr. Hillier's 42 yoore in the plation of purchases undor the international trade. Bank were passed in Poking. He Pittman Act, the average price of
warfare failed to accomplish, and which the railway revenues form whose decense we so deeply de- which the country is now passing achieved at unique position as silver was maintained last year issued in the London market dur-powerful
Foreign and Colonial Loans the defection of one of his most the security, has also been much plore. trusted councillor of both Chinese at a substantially higher loveling 1924 amounted to £131,938,628 about a debacle of Wu Pel-fu's Chinese merchant clasa, no less member of the staff, not only at the now far distant when the basic commanders brought criticized. Certain it is that the the loyal co-operation of every evolution and that the time is not It is only, however, by, is just a stage in its economic and foreigners, while the monu-than in 1923, due largely mental work bo accomplished, European Continental
to against £129,295,643 the previous forces. With the eclipse of its than the although handicapped for many tries coming out
coun-year. Amongst the foreign issues principal supporter, the collapse would have welcomed any measures kong but also in the branches and again be fully and completely re- foreign community,Bank's Head Office here in long principles of meum and teum will many years by total blindness, Instead
buyers in included the Japanese Loan of the then Central Government calculated to prevent the disorga- agencies in different parts of the cognised, and that the great mass will long survive him.
in recent looted early last year for the specully followed; to replace it anisation of the rallways which world, that we are able to place of the people who represent the The years, sollors of the metal. The purposes of conversion and re-Provisional Government was estab- followed on military control und before you the results we have ruled will bring home to those who Directors wish to avail them-total amount of silver imported demption of the outstanding lished by the winning side under mismanagement, and the incalcul-to-day, and I am sure that share-jrule that if they wish to continuo selves of this opportunity to ex into India and China during the balances of the Imperial Japanese the leadership of Tuan Chi, Jul.ļ proas, on behalf of the share year was standard ounces 160 Government 44 per cont. Loans, This Government, recognised in-foreign business interests which of 10% It is proposed to pay on they must conform to these prin... holders and themselves, thoir milllons against standard ounces Firat and Second Bertos issued in
able losses to Chinese and holders will approve of the bonus. In their present exalted positions appreciation of the great services 18014 millions in 1923. Of this 1905, and to most expenditure for formally by the Treaty Powers as have been the inevitable conse-salaries. of these two gentlemen and the total, China is estimated to have reconstruction work necessitated had shown little ovidence by the From an undeniably gloomy pic-the Report and Statement of comity of nations or recog
the de facto organ of government, quence. doop grief felt at their death.
ciples of justice, without which no absorbed standard ounces, 6134 by the disastrous earthquake 'in
I beg to propose the adoption of State can be admitted to the A DIFFICULT YEAR.
millions 48 compared with 1923. £25,000,000 was inued in end of the year of capacity to denture it is agreeable to turn to an Accounts, After the proposal has nised as a standard ounces 74.1/4 milllons London and U8.08150,00,000 with the dire confusion into which invariably bright spot on the been seconded and before placing tion. The report and statement of the previous year.
power in civiliza accounts having boon in your figures it will be soon that the success in both markets. While, Thought it assumed oflon on Noven-spite of the tale of floods, famine, shall be pleased to answer to the by firm and stable Governments.
From the in Americs, and met with great the country had been plunged horizon
History, presents many of Chinese affairs: In the motion before the meeting, I similar instances now represented handa for some days I shall, with total amount taken by these two no doubt, sympathy, with the bar 3rd, nothing effective had been civil war and the virtual strangu best of my ability any questions The present position of the rail your permission, take them as countries represents read. The year under review has proportion of the world's output-suffered played a part in the ber to froo the rallways from the in- centres, the figures of the Marl- ask,
# largo Japanese in the disaster they had accomplished by the end of Decem-lation of trade reported from many which shareholders may have to ways and other communicationé
of. AR
дя
7