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May 7
May.
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Definition of TRAVELLERS' CHEQUES-
The system of Travellers Cheques was originated in 1891 by the American Express Company with the object of creating a form a travel currency which would give the holder the security of letter of credit and at the same time the convenience of local currency. The Company registered the choques under the trade Dame of AMERICAN EXPRESS TRAVELERS CHEQUES the world "Travellors being spelled with one "L" The advantage of the Cheques was so apparent that other banking institutions adopted, the system."
THE HONGKONG TELEGRAPH,
POSER PUZZLE FOR EXAMINERS.
DRIVEN TO LOOK FOR TRIČK
PROBLEMS.
London's elementary school. children are "setting the pace" for their examiners,
Nearly 9,000 children, not more than 11 years of age, have just sat for the junior county scholarships examination, for which only about 800 scholarships are available,
SATURDAY, DECEMBER 1, 1928.
THE SALT FUNDS.
STATEMENT BY CHIEF INSPECTOR.
We have received from Mr. F. Hussey-Freke, Associate Chief in- spector of the Salt Gaballo, the following reply to critics of the new arrangement whereby the Ministry of Finance has control of all anlt funds but earmarks loon $10,000,000 annually for service.
事
DEATH OF SIR JOHN MURRAY,
wwwwwww.
HEAD OF THE FAMOUS PUBLISHERS.
London, Nov. 30. The death has occurred of Sir John Murray.-Router.
These are some of the problema the position of Associate Chief Oxford, he entered the publishing
submitted to them:-
It is true that I have accepted Inspector of the Salt Administra- In a piece of cloth 9 inches by 9 tion under the National Govern inches there are 4 strands of yarnment and that the functions of the running breadthways across
the
pleces and 135 strands 'running along the pleca. How many yards of yarn are used in making a ploce of such cloth 10 yards long and 27 Inches wide? .
The salary of Mr. Slow began at £100 a year and rose every year by £10. The salary of Mr. Quick was £50 for the first six months, with a rise of £2 108, at the end of each six months. How many years die It take for the total carnings of Mr. Quick to exceed those of Mr. Slow by £407
A marble is dropped from height of 36 inches on to a pave ment. It rebounds 30 inches and continues to fall and rebound, ris ing each time to five-sixths of the height from which it had last fallen. How far has the marble travelled when it hits the pavement
for the fourth time?
Tom cycles from home to the fat tory each morning at 10 miles per hour, and regularly passes his father, who walks from home to the factory, al four miles per hour at the same spot, which is a quarter of a mile from the factory gates. One day Tom was detained on the road by a friend and reached the gates at the same time as his father. For how many minutes was Tom delay-
ed?
Inspectorate Service under the temporary arrangement which has been agreed upon will differ con- siderably from those provided for by the Reorganisation Loan · of 1918.
The principal difference Hes in the arrangements for the custody of the Salt Revenue.
Under the Reorganisation Loan Agreement the District Inspectors were intended to collect the ro- venue and lodge it in foreign banks where it remained until the loans for which the Chief. Inspec- tors were responsible under that agreement had been fully met, It must, however, be remembered that it has not been possible to carry out this procedure except in a very partial degree for many years, while within recent months the Inspectorate has been power less to secure any part of the salt revenue whatever.
1
03
Under the new temporary ar- rangement all salt revenue, soon as collected by the District Inspectors, is to be credited locally to the account of the Minister of Financo in the collecting (Chinese) banks. The Minister of Finance has undertaken to transfer, from the first collections pald into his account every month in each district, a certain quota of revenue to the account of the District Inspectora sufficient to make up, a total of $10,000,000 An- nually, this being approximately the sum required to meet the Rervice of those loans for which the Chief Inspectors have in the past borne responsibility. The One solved the problem in rix Chief Inspectors will continue to minutes; a B.Sc. took only one min-serve these loans with the above ute-bat got the wrong answer, re-mentioned $10,000,000, which will trieving his mistake in two inore be lodged in the foreign banks by minutes.
the District Inspectors when it is received from the Minister of Finance every month.
"These questions, with two others, the children hul to answer in 40 minites. To test their difficulty. the one relating to the bouncing marble was submitted to several adults..
"Quite Simple."
Quoted from Pitman's Dictionary of Banking by Wm. Themo.do these problems by diagrams
inued in G$10, G$20, G$100 and £5 and $10 denomination- bound in a small handy wallet and cost only 3/4 1 per cent. Secure your steamship Lickots, hotel reservation and Itineraries;
or plan your cruise of tour through
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and
A teacher, smiling indulgently, said: "Our children are taught to quite simply." He drew a nice little diagram, worked out the pro- The Inspectorate, therefore, portions correctly, and added up under the new temporary arrange- the total-but forgot that the mar-ment, will not retain uninterrupted control over any part of the salt revenue, but will depend upon the Minister of Finance for the funds required to meet the loans under its charge.
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An official of the Education Com- mities announced that a number of children were able to obtain 100 per cent, marks.
Mr.. W. J. Pincombe, secretary I am aware that this arrange- of the London Tenchers' Associn- ment is meeting with criticism, as Ilon, said: "The examination has to which 1 offer the following often been described as a 'capacity comments. I have already pointed catch net," and that it is, and noth- out that matters had reached a Ing more. Teachers feel it, stage where the Inspectorate was for a number of reasons, children powerless to obtain custody of who would benefit by a secondary any part of the Salt Revenue education are not detected by this this provision of the Reorganisa- method, and many suggestions have lion Loan Agreement was com- been made for supplementing the pietely inoperative. At the same awards made at the examination by ilme no attempt was being, or subsequent awards to children who had ever been, made by the parties develop at a later age.
to the Loan Agreement-the Chinese Government and the Group Banks-either to revise the Agreement or to render ita pro- visions workable by the Inspector- nte. As a consequence, I was faced with two alternatives (1) to attempt to carry on a system which afforded no funds alther to
Children who miss the junior county scholarships have the oppor- tunity of going to central schools, where they often to extraordinarily well."
The answers to the problems given above are: 6,460; 16: 187 2-3 inches; 2 minutes,
BANK
[Sir John Murray was head of the well-known publishing house,, founded in 1708, of John Murray. He was knighted in 1920. Educat ed at Eton and Magdalen College, business early in his career, and developed it to a great extent. He wrote several books, one the "Momoirs of John Murray III." Deceased was in his 78th year, being born in London in 1851.}
meet the bondholders' claims or even to maintain the Service in an impos- existence, manifestly sible task, or (2) to endeavour to reach a temporary solution which, LONDON while acceptable to the Chinese Government, held out some pos- sibility of the Inspectorate being enabled to secure funds with which to meet its loan reapon sibilities.
+"DIOMED" *"KECTOR"
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20th Dec. 20th Jan
"QLAUQUS" #TYDEUS"
In the interests of the Chinese Government, whose employe I am, and of the bond- PACIFIC SERVICE holders, I have chosen the latter course and take full responsibility for having done so. I believe, in the circumstances, it is the best" arrangement which can at presont be made.
"Surplus" Secured Loans, My critica have also referred to loans secured upon the "Salt Surplus." This term has always been applied to salt funds which remained at the disposal of the
the In- Minister of Finance after the loan payments for which spectorate Service was responsible had been met. It in generally known that previous Chinese Go- vernments have rained loans-I believe a very large number from both Chinese and foreign Bources on this "Surplus," but the Inspectorate has never been con- nected in any way with such loans, nor even possesses any record of their flotation or existence. I personally know nothing about them beyond what I have rend in the Press. Such loans have been served entirely by the Minister of Finance, presumably from "sur- plus" above-mentioned, but, if so, certainly without the Inspectorate incurring any responsibility. Under the new femporary arrange- ment all salt revenue not required for loans served by tho Inspector- ate remains in the account of the Minister of Finance. The parties, therefore, who are interested in the "surplus"-secured loans appear to be in the same position as be fore, 1.e. dependent for their claims upon funds with which the In- spectorate has no concern,
My acceptance of appointment under temporary Service regula- tions does not, of course, precludo formal negotiations on the subject of the Reorganisation Loan Agree- ment between the parties to that Argeement, the Chinese Govern- ment and the Group Banks, if kuch are considered destrable. That is not my concern. I cannot pro- phesy regarding the future but until the Inspectorate Is In 4 position to carry out the pro- visions of the Reorganisation Loan Agreement or that Axree- ment is formally revised, I can only assure all parties that I shall do my utmost to make the present temporary arrangement a success.
(Signed)
·F. Hussey-Freke.
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