THE HONGKONG TELEGRAPH, EXTRA, SATURDAY,
HONGKONG BANK no one tasty
MEETING.
FAR EAST OUTLOOK
ANALYSED.
CONTINUANCE OF IRREGULAR TAXES REGRETTED.
HONGKONG
Although the event falls actually outside the period under review. I should like to refer to the opening on January 2nd of our Kowloon sub agency. In establishing this new office on the pininfand we are keep ing in step with the rapid growth of the Colony in that direction and are, I feel sure, providing the increasing body of residents with a much appre- elated convenience. The sub-agenty nerves niso to relleva the pressure of
Work which falls on our Road Office.
Bilrer Outlook
version of Hongkong. Itself is suffering
trade to direct channel. The Canton sales of silk have been fairly satisfac. tory with low prices but a good de- mand, while the export of wood-611 has reacted somewhat from the arti ficial stimulus which it derived in the provious year from the stoppage of Yangtze shipping.
・
rationaliste means the end of the good reason to hope that the victory of dismal cycle of inter-party wartace from which the country has suffered for more than a decade, a
Nationallat Advance
FEBRUARY 23, 1929.
but what they have bitterly, to com- is in present circumstances Inevitable, plain of is the reckless and arbitrary imposition of local taxes, which are Continually·
varied and changed.
ed. The as prejudicial
the authorities who levy the taxes as to the merchants themselves, while, the country as a whole suffers incalculable loss from the holding-op of trade,
self to provide for the servions of the has, meanwhile, publicly pledged him
loans secured on the Salt Revenue, and the foreign Governments concern ed have noted his undertaking." -
Loan Default.'
marchandise is moving into the ne until there fa cloar evidence that
torlar markets of Chiba, it cannot bo confidently asserted that a period of prosperity is immediately at hand, but, given a fair meniurs of political atability in China throughout tho The list of defaulted Chinese foreign' year, with continued industrial ymada loans in which British Interests are at Home and in Europe generally, Involved was increased last year, by and the faithful, carrying out of the the additon of the Anglo-French loan now. Curtoins, tariff without the kn4“ of 1908 and the Crisp Lean of 1012 positions of any further vaxatious previous months, finished by expres« The rehabilitation of the railways Five of the railway loans are also in taxes on Imports, the coming year sing the belief that for all its obis among the most pressing needs of
arroars and the total defaulted, pay- should show a considerable improve vous faults the Nationale mivand ud by continued military interference tiens alone (not including unsecured much needed rehant armas Close
the country. Unhappily it.in block
ments for 1928 on the British, por- ment on past years, and bring a, held the seeds of regeneration and in the form of would, patriotically lod, prova
stock and the
of revenue, loans) amounted to
It In and foreign firm to bo hoped that the Government will
Friendship
ago your Chairman, after alluding to At the annual meeting three years
the, bittar and undeserved attucks which the British in China' had auf- fered at Nationalist hands during the
יי
Railway Problem...-
of
the Chairman at our annual meetings, continuen, to struggle with heavy moans: of delivering Ching from her in regard to par- not delay, in taking in hand a scheme..
navigation great curse of militariam, Thouars the 'Peking-Mukden, Po for liquidating, the large body of One of the most gratifying Leatures
Its
it is early to speak with confidence. of the fulfilment of this hope, 3 wo
Presiding at the Blinreholders' price of silver exercises a probably been less interfered with by pirs gladly recognize the promising, ad- finan
and
bad
on
the
and
Suis new
of
It
on
held at the City Hall, to-day, Mr. in the Far E Commercial house#continually applied by the various roting up a national government and publicity and all other means. at its total is between 80 and 40 millionera fnclined to my rather that tho During the past year the trend of warning, to the great dislocation. of reign of summatize în d' few words tonal armies for whose payment half relates to loans . | old spirit of friendliness is becoming?
bo-
bet me
-14
used
the province of Szechuen, which statis Lukekicking of China, 2031" wagóns excopt against heavy pay- facts of to-day rather than the pro-
for
• On the Yangtze, On the Yangtze itself the export trade, which in 1927 was brought al- most to a standstiil by. war banditry and taxation, made a partial recovery Among the subjects dealt with by in the absence of civil fighting but the silver market holds an always im- odds. POSITION.portant place inasmuch as, by
While
river
Morthern thanks partly to naval guards-has effect on the China exchange, the
arroars on these foreign debts of the speech is the pronouncensont Peking-Hankow tho movement of gods has been in
Ministry meeting of the Hongkong and single factorence than any other
factor over the operations of eroasingly hampered by means of vance which the Nationalist Party Railways
energetically
com. tion not be out of place to men that the anti-British agitation of ewa in round figures, the qutstanding or three years ago has practically Shanghat Banking Corporation, foreign
Banks
local taxation, fecal Imports being have made in banishing civil war, sat hauling this incubus by means of amount of long-term, Chinese
loans
vanished, and that a ngy" spirit/afeS The gional authorities without method or restoring, nominally at least, the disposal. The root of the evil lies, of pounds sterling, of which roughly
*** [friendliness is now making itself folki A. II. Compton gava a lengthy re- view of the financial and commer the market has been quiet and steady trade.
however, in the existence of the re cial outlook in the East, in the with few vary sharp movements in
construction. Trade on the Unper River has been the steps which have lod up to the and support the individual military if my review of the Chinese altus are tà entire agreement that wo aro more apparent. Whichever it be, wo course of which he remarked that the price, ready price ranging fitful and somewhat procarious owing present situation. Five years ago lenders are forced to indent on -
tween 20.3/10d and 28.7/8d per ounce the trade improvement year with an average price for the whole to cases of local interferencn; and to shortly before than athen-the vena procurable from the railways optimism than some of my heurera Uve in Peking data o
tion has been less tinged with much indebted to Had. Nepresenta- kong during past had
year of 26%d compared been on a very restricted scale. 26.1/32d in 1927.
disturbed political condition founder, Sun by sequestrating the earnings and by
Party launched their pro- refusing
have to exerchants the use
of you that I har let me remind | Canton and South China to H.E. tho He also spoke of irregular taxation
have been dealing with the Governor of Hongkong virtually maintains its traditiona} In Chino, and especially of "the
independence of the
rest of China traction of the lines how adopted.
*military rule and is political recon-ments."
mise of to-morrow and, furthermore, rackless and arbitrary Imposition
In the North, business has had fur. The first or mintary stage, which under the control of Nanking in a difficult, and often a disappointing, Until milltary expenditure comes that transitional period is always of local taxes." Tributes were,
ther obstacles to contend with, firstly however, paid to the advance made
the dearth of rallway transport, dus began with the advance from Canton accordance with the Government pro- time. Re-to the wholesale removal of rolling in 1926, ended in Jane last when the gramme, we cannot hope to see the by the Nationalists in unifying the
stock by the Manchurian authorities, Nationalist armies entered Feking. railways restored to normal con- country.
and, secondly, the crippling charges Wo are now seeing the development ditions of efficiency and earning Imposed on railway traffic by the of the second stage, the so-called military authoritica controlling the Political Tutelage of the country capacity. Once they are freed, how lines. Since the middle of the year, under the Kuomintang. A constitu-ver, from otelde interference and through trafle has been suspended tion based on this principle and place purpose of their own improvement, their revenues made available for the on the Tientsin-Pukow and ing the whole governing power in the *** Tientsin-Mukden lines, on the former hands of the Party, was promulgated recovery should be rapid. The out- on October 4th and a new Grace standing railway debts could then reason of the blowing-up of the Yellow River bridge, and subsequent ment was created, shaped on culte Government would be free to appeal sily be provided for and the Chinese and Japanese-authorities; on leading military chiefs who had com-with confidence for the financial assist misunderstandings between the mittee lines and including in it the the latter on acount of the failure of vined against Chang Tools and tute tance required to ascondition
Tientsin has also been cruelly handi- summoned to meet next month to de-are under the more immediate control working arrangement. The port of congress of the Kuomintang has been
northern confederation. A national extend the lines
Already the Shanghal-Nanking and capped by the silting up of its water-termina future policy.
Shanghai-Ilangchow Railways, which
way a state of affairs which is, I
Manchuria under Marshal Chang of the new Ministry at Nanking and his on which an effective measure of farther Marshal Chang Trodin after foreign expert supervision is still the tragic death of the latter by maintained, have made a substantial the blowing up of his train on improvement and have cleared the retreat holsted the Nationalist fing, although
from Peking. has their arrears of loan service, for all practical purposes, it still re- tains administrative and financial in- dependence.
An estimate of the total amount of the world's production of mined silver In 1928 la 268 million standard ounces. This was supplemented by some 26 million ounces sald by the Government of India fram their Currency serve and by over 30 million from the molting down of British, French and Belgian silver coins. The total addi- tion to world stocks thus amounts to about 283 million standard ounces, against 305 million in the previous year.
Supporting Mr. Compton wore: Messrs. N. 5. Brown (Deputy Chairman), B. D. F. Beith, W. I Bell, B. Lander Lewis, G. G. S. Mackie, W. E. L. Pattenden, J. A. Plummer, T. G. Weall, H, P. White, (Court of Directors); ilon. Mr. A. C. Hynes (Chlef Manager) -the-following-shareholders: Jon, Sir Henry Pollock, Hon. Mr. W. E. L. Shenton, Hon. Mr. J. Owan ounces net. The aggregate up-take Mukden and Nanking to come to
Hughes, Dr. R. A. Castro Basto,
On the consumption side, China} handled no less than 141 million eun ces as compared with 08 million in
1027 and this constitutes record. Una gure gate upon countries can thus be placed of near of the two great silver consuming J. F. 250 million, an increase of about 45
If the output of the mines not been amply augmented from the special sources of supply which I have already mentioned,
Wright, J. E Joseph, Chau Shu-nillion ever the preceding year bad trust, being seriously taken in hand. Isuch-liang, who succeeded
China's
unusually large requirements could
Messrs. Ho Kom-tong.
ming, Fang Sang-un, J. Ormiston, A. Kennedy, G. G. N. Tinson, D. V. Steavenson, J. S. McEachran, R. A. Dastur, P. K. Kwok, M. Manuk, A. B. Raworth, R. Stewart-
hardly have been met without a sub- Smith, Po Cheung-wan, B. Lstantial advance in price. Seton-Winton, E. S. Abraham,
Looking forward, the Chinese da. Chan Lim-pak, J. M. Alves, II. S.mand for silver, as likely to be the Hills, E. Thomas, J. Fleming, S. loninating factor in price, invites par- /M. Churn, H. Dixon, Ho Leung. tlcular inetrest. The bulk of the Chun Seng-chu, J. B. Montargis, silver taken by that country, last year P, S. Cassidy, C. I. Cookes, R. A. was minted into dollars and it re- Green, W. B. Van Epa, J. M. Cas-mains to be seen whether the hoped- for recovery of trade resulting from tro Basto, V. M. Grayburn, H. B. Hancock, K. S. Morrison, J. Rore peaceful conditions will mean a sustained demand for these coins, the Taggart, E. L. Sim, T. E. Pearce,
circulation of which among China': D. J. Lewis, G. E. Towns, Ho Wing, vas, appulation has an enormeus G. Mancini, Chun Wing-keu, E. H. potential scope, Summers, W. S. Bailey, E. M. Ruy- mond, A. Stavenson, J. D. Kin- naird, A. S. Gubbay, H. R. Sturt,
London Money Market. The money markets of the world are
Manchuria has given proof of stow but steady development, commercial and economic, and seems to be coming nearer to rectifying the disordered state of her currency which has been for several years past the chief bar to prosperity.
The 1928 returns of the Chinesa Maritime Customs show a total of Italkwan Teels 82,832,000 rise of 13.4 million over the previous year. Though the increase is satisfactory.
the figures have little real value as
and
off
Spirit of Progress,
the action of the Directors in voting I am sure this meeting will confirm the bonus of 10% on the salaries to the staff. If the Bank's staff, in all they are at Head Office they well its branches are as hard worked as deserve this recognition of good service,
We ecigentulate the Directors and Chief Manager on the opening of tho ameurt will be of service to the now! Kowloon Sub-Agency, which, I
ever-increasing population on the mainland. For my own parte I am Buffelently optimistle of the future of I count it a great achievement in | Kowloon as to predict that, before itself that the Nationalist party and many years, it will be necessary to its military supporters have held the have our own premiets, of last summer and one can see in country together since their victory many directions outside the range of politics the promise of rapid advanes pening up. of the country, by exton- to take material examples, in the antical development of which we have motor roads and by the aeron-
doubt that the spirit of progress of the Midland Bank in London. H
a striking exampla:in the success- ful flight by Chinese pilots across my reins-les by quoting from the ad
I cannot do better than concludo the entire length of the country from dress of the R. 1o, Mr. Reginald Me- Canton to Mukden, There
no Kenna at the recent general meeting br broad throughout the
country. May bear the responsibility of directing peculiarly appropriate to conditions conclude by saying that those who remarks, I think you will agree, are this progress and of restoring law, time: "Ten years have passed sinco obtaining in China at the present order and prosperity to the country the conclusion of the most recent have our genuine sympathy, that we realize the peculiar
hind
can
their task and, in fellculties of and, we devoutly hope, the last,
and
cess is almost entirely' referable to ablcd to, reappear, before the world Apart from the economic burden to concerned and I put one to all within nations in protein
The Military Incubus,
the eltun-great war the world's history: Consideration of the railway situation, we strive to maintain an out-They have constituted a decade tion brings me to the question of the
kcok essentially broad-minded and of grave difficulties involving free from "A Unified Nation.
armed forces, the existence of which
problems of exceptional magni- Finally I blaused views. at their present strength of over
would ask for your con- tude and complexity. Disappoint Armation tionalist cause of all the regional drance to progress and lies at the their salaries to the staff. The year cd. Puace between nations
Thus, by the adherence to the Ne. 1.1/2 million is the fundamental hin- fors of the action of the Diree-ments have bebn feeqient and
A bonus of
10% on many set-backs have been sufferd a criterion of progress since the ex-military commanders, China is en base of the reconstruction problem. has
been a very difficult the last few months, when goods were
condition as, a unified nation.
le sur welfare, and being hurried into the country in
China of having to support thees un will approve of this recognition. You anticipation of the new Customs rates ing, need, was for economic, and fin. system which they represent mast, the adoption of the Report and State Tadustrial problems whiels confrent
After political unification the press-productive legions, the militaristie their servicer. I now
porary slate of trade, however, slow to propost we are in selving the financial and which came into force on the 1st of ancial reconstruction, A promising while it lasts, block all important ment of Accounts. After the thi
"month"
pro start was made by the holding of schemes for improving the state of pasal has breit seconded and before shakable confidence to the time when In
Chall look forward with til the record of 1028, was not conferences in July at which the the country. As I have hinted placing the motion before the meat the better relationships now establish unlike that of the previous year, a Rood
freely and boldly, voiced, existing disappointing trado results, Im
of reform for replacmosdurew Rut out by the Miniatry of Finance, included the following: Rodeman tlon
E. W. Stapleton, D. H. Cooper and dealt with so fully from time to time monsoon coinciding with rather "Pirdons of leading business men were already, an independent military coming, I shall be pleased to" Answered shall become the foundation of
In the various financial paper that porta, were dull, especially Mancho Died Garnosod" and "proposals zi demander clinging to control of the the best of my ability any. questions | general and permanent wall-being,
O. I. Ellie..
+
Chairman's Speech.
Addressing the shareholders, the Chairman Bid: Gentlemen-With your permision 1 shall, as usual, taico the report and. statement of accounts na read, as they have been In your hands for some timo past,
The results of the year's working aro, you will have noticed, somewhat less favourable than in recent times,
the not profit of $13,430,080,01 com- paring with $34,239,288.14 for 1027. Our earnings,
say, am glad to justify the Board in recommending thn same dividend and bonus before, but you will observe that wa have had to suspend our practice of making an annual addition to re-
Borves,
Al
a reference to them here seems un. necessary, but it may be of interest to enumerate certain outstanding events of the year affecting the Lon- don Market, which holds, ita pride of place as the world's chief financial centre.
(1) The stabilization of the French Exchange at 124.21 in June last, a prelude to which was the large ac- cumulation of foreign balances by the Bank of France and the importation of gold from America.
(2) Heavy borrowings of foreign capital by Germany and consequent importation of gold into that country.
It i
ter
piece
un-
167 central and provincial re-
minowa of war in. his district is an that shareholdera
suffer from the popularity
Koods which continue These, as pendensed in a programme i tasuporable obstacle to 'national Y Japanese manufactures. There was large and good catton crop, but the price of raw cotton fluctuated duly owing to speculation, while venues, with, the adoption of a bude strike of mill operatives lasting, for set; revision of the Customa tarist six months seriously affected the
with abolition of Ilkin; disbandment situation. The jute crop was smaller of troops; rehabilitation of the rail but sold at a better price, and guany
ways, the regulation of taxes, and shipments were well up to the 1027 finally, the creation of a central figure. Exchange followed a normal bank, reform of the currency and course and a favourable trade balance consolidation of the unsecured dobt. at the end of the year onesurages a hopeful outlook.
Japan's l'osition.
Hardly Encouraging. Translated into action, this pro- gramme would form an admirable groundwork for national reconstruc- tion and one looks anxiously for signs of its being carried into effect. I regret that the Indications are hard- ly encouraging, oven when allowance
may
have to ask,
pends on the centralization of mill SEC organisation so that real reform de-
SECONDER'S SPEECH, Lary control coupled with reduction
The Hon. Mr. J. Owen Hughes, of the armies. We may welcome the seconding wald Mr. Chairman, and attempt made to grapple with this Gentlemen: Before formally, second problem by the Disbandment Con- ing the adoption of the report and ference held at Nanking last month. accounts, I feel sure it will be the In Sino-foreign relations the year wish of everyone present that I has been eventful, now treaties having should express our sympathy with been signed with all but one or two the Chief Manager upon his unfor of the Treaty Powers. Our own tunato' accident, and to express our Government concluded the new tariff admiration for the manner in which treaty on December 20th, followed on he has, notwithstanding, carried out letters of credence by H.M. Minister, duties, (applause) and to wikh a the next day by the presentation of literally single-handed his onerous General, as well as diplomatic, re-poody mending of his right arm. lations between the two countries may appily be said to have returned to normal.
The anti-British agitation of two
(3) The high rates for call money in New York and advance in the New Japan, on the contrary, has had to York Federal Reserve Bank rate from face an accentuated adverso urado
I am also equally certain that 3.1/2% In January to 5% in July.
(4) The final transfer of the cur- 20 million yen against an increase of balance, exports having declined by
shareholders will join me in con- gratulating our Chairman on the That the banking year in the Far rency note issue to the Bank of Eng 16 million yen in imports. This re-
lucid and exceedingly interesting ex- East should have proved less pros. land. This operation completed our sult must be attributed mainly to two is made. for all the initial difficulties. or three years ago has now practical position of the Bank's affairs during porous can cause no surprise when transitional steps from the war cur causes, fluctuations in the exchange agreement with the Treaty Powers friendliness is making itself felt, for and economic condition of affairs in Taking the various points, byly vanished and a new epirit of the past year, and particularly with we consider the unpropitious con-
reney non-gold basis to the Gold Hul-value of the
the
masterly review of the political ditions in three of our fields of opera-
llon Standard.
yon, and the boycott the new Customs tariff came into which I believe we are in no small the East generally, and more capeci- tions-the commercial depression in deavours touards the stabilization other markets controlled by Chinese import duties are based on the pro- of L.M. Representatives in Peking
is satisfactory to note that the of Japanese goods in China and in force on the 1st of this month. The part indebted to the personal induence ally in China. China, the legacy of civil wars and of world prices are being continued traders. Trade development is hum- porals made during the interrupted and Hongkong..
Not only do we here in Hongkong successive politient upheavals, the and that the central banks of Europe pered also by an unduly high rotall Tariff Conference at Peking in 1925-
look forward to this annual meeting unsettled economic situation ta Japan, maintain their polley to this end, price level, the Index figure boing no and are to remain in force unalter- follows logically from the British doing Corporation to have presented to The recognition of tariff autonomy of the Hongkong and Shanghai Bank the causes of which I propose to Gold has now been universally adopt less than 20 points above that ruling ed for one year. Regarded as a claration of policy in Chinese affairs us the considered views of the Court analyse later, and, in the east of the ed in Europe as the monetary stand-in
the United Kingdom and Strails and Malaya, a drastic curtail-ard, while in Japan, though the Gov. United States of America. Fortun- conceived on moderate and reasonable first and major step in the treaty Branch Managers of the Institution, the whole, the new tarif appears to be made at the end of 1920 and is a of Directors, the Chief Menager, and ing of trade consequent on the fall ernment rentains non-committal, pub ately the country as a whole enjoyed lines and British merchants as a revision which H.M. Government then so also do the banking and commer
to its early adoption. lic opinion appears to be favourable an excellent rice crop and a sustain- whole have acquireced in the in accepted as being duo in justice to cial world generally, and 1-think it
ed market for output of raw silk. crease in no grudging spirit. Tho I will now briefly pass in review
China. It is much to be hoped that will he conceded no better review of The financial crisis of 1027 har position will be totally changed, how the concession will be taken in this the situation has ever been presentad conditions. of trade and throughout the Far East, beginning seven of the thirty banks involved to fear, the new scale is rendered for demands for the prompt and un- Alstoned to..
Anance been repaired to the paint where only ever if, as there seems some reason sense and not made a stepping stone than that which we have Just now with Chinn
now remain closed and we may fairly mugatory by the addition of extra conditional surrender of essential will not attempt to analyse the look for more prosperous develop taxation on imports under some other foreign safeguards, the removal formidable figures that are disposed. ments if the country is freed from:name,
of which is not yet warranted by ex- in I need mud say, great relief to the Chinese on the one hand and, on the Tho cessation of civil war brought, the retarding effects of the boycott by
Another
the statement of the affairs of the proposal put into fisting conditions in China and can Bank, which dearly provca ite in the Younding This was largely discounted, however, the lack of a fixed policy in dealing supplied from Treasury funds, is foreign rights replaced at an early fact, we, in Hongkong, are naturally. process of adjustment. Much as Ition in the front rank of the world's capitalised
$20,000,000 hope to see the necessity for spectat anancial Institutions to-day, of which 1 by its charter with the dütles
curtohet poter holding date by the security afforded by a reproud.
Chinese administration effective throughout the country, I do. of national
in the price of rubber,
As I shall show presently, there is reasonable ground for looking to an Improvement in each of these cases and I think that we may be fairly hopeful of seeing during the next twelve months that revival in the business of the Bank without which it will not be possible to assure to
shareholders a continuation of a re-
China and Hongkong.
foot
turn on the high level which has been trading community in the country, other, of the uncertainty caused by ral Bank" the Bank; which safely come about only by a mutaal strength and fully justifies its post- ;
maintained for those several years
past.
meet
The Balance Sheet.
with
by a disappointing lack of improve with the foreign
exchange problem winds,
mintingand the #ponsible
Philippines and Straits
The Philippine Talands suffered
reasonable
1
Customs and Balt Gabella.
Including $3,411,430.90 brought ment a auch essentials ne taxation, forward and after deducting the intransport and public security, not to berim dividend of à paid in August mention the disturbing effects of a last (viz. £480,000 at 2/08/8-$4,320, radical alteration of the 'Curteras
Dificult Year. 158.66) and $50,000 remuneration to tarift. Taking the platine as a whole, from a drop in the prices for thelt specified limits in ordinary banking of affairs which exists at the present suit of the year's working some
allowed" to engage
not hesitate to say that in the state Whilst, we note with regret the re- Directors, the balance available for nevertheless, the year marked a wel principal articles of export, especial- and lim distribution 1 $12,085,388.00. The come return towards normal.
There is every hope moment, the total disappearance of what itse devourable than the pre- sugar, though In view of this and exchange. allocation of this balance recommend consumption of British cotton piece seperal overproduction of this latter that the new Bank will be a valuable the existing safeguards would be disceding years this however, can cause
The ly ed by the Directors, which I hope will goods has compared well with a commodity they were fortunate in instrument to neist the trade, im astrous to foreign business with no aurprise to those acquainted with
with your approval, is as vious years and hopes are fixed on being able to market a crop of half credit of China, and I have strong prove the finances and enhance the
China
conditions that have ruffed in the prin=" follows:-A final dividend of $5 par the co-operative schemos of the Lana milione proft. Taking trade as a faith in its future, byt maxperetico
cipal folds of the Bank's operations. share with bonus of £2 per share cashire manufacturers.
during the past year, and we can (subject to deduction of Income Tax), The trade
profit woollens appears in
to whale the year was somewhat leas which has recently been ដ they may, by the absorbing $7,017,525.77; transfer to have felt the beneficial effect of the favourable than its predecessor.
gained in Of the so-called foreign-controlled well congratulate ourselves on ze Bank Premises Amount $750,000; growing use of
Europe of the functions of Central services, I have to record, with receiving the same dividend as allocat foreign-style balance carried forward to the new
For engineering products, Manchuris and Malays, I need not refer to the roney, and exchange, the essential Officiating Inspector General of Cas- would here, congratulate the inf As regards the Straits Settlements Banking In the regulation of. cor- gret, the resignation of Mr. Edwardes, ed for the past few years, and I Chief account $9,397.812.89.
alone has afforded a fair demand and vicissitudes which have befallen the element of which is an administration toms, eines the retirement of Sir over there. British goo
goods
in the attainment of this have cut rubber industry during the year with which shall be independant of govern: | Francis Aglen two years ago. He is but a small figure in the market; good such serious effect upon the economic ment contr
Kerr satis spcceeded by Mr. Maze, for the factory state of affaire, bearing in The figures of the balance sheet de ant branch of trade attaches, how rabber prices and a fall in tin in the promise of recovery in this import-situation in general. The drop in
success of whose administration wa mind the undoubted dimepit, and dis not require much comment. Money ever, to the many schemes of railway early part of the year curtailed pur-
tender our best wishes.
spporting your just passed Wo being easier In most of the principal centres of our activities, bills die improvement, not to mention the pre-chasing power and the import and has made, I aus, forced to Ber. Title National Government have
reorganisation generally
In the case of the Salt Gabelle, the share with you the hope that during present year there will be much counted, loans and credits hava de- sont rapid extension of roads for export figures show a sensational visible progress, and there are no
many of the major provisions of the
a revival of lande an will justify the clined about $16 million which is motor traffic and the projects of air falling away from the returns of the signs as yet of the introduction of a
1013 Reorganisation Loan Agreement turn to Shareholders as is now re- continuance of the same level of re compensated by an increase in our
transport. cash and bullion
previous years. There is comfort to proper Turning to ion in hand and
raper budgetary system, which must, and substituted new regulations, transit of about 120.8/4 million.
I need only Colony, I
only tag that the be found in the expectation that the be the first step towards effective drawn up without referees to the commended, and that the warning you The only other considerable dif. year's experience justifies the re-readjustments which are now taking form, In fact, it is difficult to see signatory banks, rigorously curtailing w dye that, without that revival, ference is in our holding of securities strained optimism of my predecessor place in both of the major industries how anything radical can be done the joint supervisory powers of the high level of past years may not which in lower by about $20.4 remerke. There has been improve loave them in the end on a more in the way of on the military
Improvement so
on the condong Chinese and foreign Chief Inspectoru, De powerse" will be found to have
It is gravely damaging million this being to
to a great extentment but on a very restricted scale, abable footing, to the ultimate benefit an th
resources remains as at present. accounted for by an increased hold showing that the damage of many of all the Interests concerned.
the new Governante ing of bills receivable which are some years of civil war and chaos had The political altuation In China touches the foreign merchant, namely should hold themselves free to
At the point which especially tion for good faith that $10 million higher and a reduction in sunk too deep to be quickly repaired shows H marked improvement the irregular taxation of trade, there alter contracts by their own arbl- current accounts of about $11 on the return of peace. Excessive and although experience million, 3 ronid mention that our taxation in China further impedes against too taelle optimism, exacilons of local authorities are, case, the rights involved had been rais no change for the better; indeed the trary decision event, when, as in this Investzrenta stand in our books at recovery, no much so at Swatow that tho outlook AS a whole wall below current market prices.
it has practically closed the port alb considered more promising han fore. British merchants as a whole action of the authorities of a previ- ayenerally speaking, worse than be made almost a dead letter, by the a distributing centre.
for a long time part, since there realize that a high level of taxation, ous regime. The Minister of Finance
in
the
Budget Bystem Needed.
To-
repudiated
to
the
been
Reference is made to tha? Chỏe-
ose Maritime Costome returne Walkwan Taels, being a rise of 18% of last year at over 88 million
though constituting record and lions over the previous year.
have given; furthermore, unless and retrimble figures, these should not be exaggerated for the reasons you,
Mr. Chairman and Gentlemen, I have very rauch pleasure in seconding the " adoption of the report and statement of accounts.
The motion was carried.
Business Matters.
Hr. I.R.B. Hancock proposed that the appointments of Messrs. J. A Plummer, B. D. F. Delth and B. Le der Lewis he confirmed, and that Messrs. H. P, White, T. G. Weall and W. H. Bell-be, re-elected Directors. Mr. K. 8. Morrison seconded, and the motion was carriedi
Mr. J, H. Taggart proposed that MỸ, C. Bernard Brown and Mr. John Fleming be re-elected Auditors. Mr.
EL. Sim seconded, and the motion. was carrlod,
This was all the business, and the Chairman announced that dividend warren would be ready on Momlay.
THE EXTRAORDINARY
- MEETING. Subsequently, extraordinary general meeting was held, at which the resolution parsed at the meeting of February 2nd was confirmed. firmustion of the resolution, which was The Chairman propound the con-
unanimously agreed to. seconded by Mfr.. T.. E. Ponroe and.
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