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THE HONGKONG TELEGRAPH.
LOCAL CURRENCY PROBLEM.
CHINESE PLEA FOR ACTION BY GOVERNMENT.
FRIDAY, SEPTEMBER 20, 1929.
Happiness Goes - With Health.
The healthy child is a happy.
set off by a higher, exchange rate On the other hand, if the Hong, of course as more demand enma with foreign countries and there- kong dealers buy and simultane slong, (and this further demand fore the laid down cost as far on ously sell to Canton dealers, and came as soon as the Mint released Hongkong for Hongkong consumpthe Canton dealers settle ex-mare Gallvor currency) the on- tion was concerned was less than change at 184 Canton dollars to change figure rose until it reach would be the case with a Shang- 100 Hongkong dollars, they may od 134 Canton dollars for 100 hal cost for consumption in be all wrong by the time the goods Hongkong dollars. Fortunately child. You may be sure that if Shanghai. This, however, means arrive, as it might be possible at the Canton Government realised dog eating dog. Hongkong can- that time to buy Hongkong dollars the evil and closed the Mint down your little que la cross and cries' hot live on trade confined to Hong at a less figure,. Of course, it is promptly, I am sure all business | a grest "deal, refuses its food at kong, it must sell to China. Just possible that the Canton men will appreciate this prompt the proper times, sleeps badly,
I know for a fact, and you all dealers may have done well by action. If this silver could have vomits, has know also, that there are large settling, but it is quite enough to been resold in London to make the overdue stocks in Hongkong-not risk to deal with, rather than in artificial inflation could not have trouble with
have the usual Sliver Buctuation exchange adjustment, such an large in comparison with pre-introduce a further local currency occurred.
theless large, when compared with problem. flated currency times, but never-
No Move Made.
pain
and
its teething
and continues thin
and there
HIGH RENT HANDICAP. At a meeting of the Twenty Four Merchants' Guild held last night the Chairman, Mr. Ho Kwong, dwelt at some length on the subject of the currency pro- blem as it affected the trade of Ing.
In every trade this currency weak, the Colony and urged Government
At the same time I want to um-question is making itself felt, and is something Compare Hongkong with Shangphasise that the local banks are yet no one seems to make any action to remedy existing condi-hal, At the end of 1928. goods powerless under present cond! movo in the matter. tions, even to the extent of with were imported into Hongkong, tions. drawing note-issuing facilities thanks to the higher exchange rate ruling, at about eight për from the Banks,
The speaker also referred to the problem of high rents, which em- barrasses the merchants, pleaded for Government interfer- опсе. An Interesting discussion followed!
The Chairman satdi. Gentlemen, I think it is my duty to call your attention to the cur- rency problem that is at the mo ment causing great"hardship to
under-
burning question of the day.
We have suffered from a water shortage which Government promptly and efficiently tackled, but that, although a serious mat ter, was comparatively nothing when compared with this Cur- rency question.
the lesser trade the Colony is do
Zara,
ell-
receives no more dollars than he
Banks Powerless.
Adjustment of
Up-country exports, when Ex-
action.
no-
are
which are
them, price 60 cents per vial.
Baby's Own Tablets.
THE-
the MORRISON
means
PIANO
wrong....
To remedy *currenoy in chunge was normal, were bought these condi- cent cheaper than they would cost Shanghai is made possible by in Hongkong as you well know, tions nothing. In Shanghai. Immediately the Silver purchases and sales, but now purchases in Hongkong is so good as Baby'a Own goods went into China, this eight foxchange purchases are made It currency are not possible. per cent advantage was lost, as in means silver is being sold for I have been informed that this Tablets, Canton money the upcounty deal gold, and to make the adjustment question is being very carefully er had to pay the eight p: cent the banks sell in London or watched in Shanghai as well as
especial. extra, in buying Hongkong dol-America, the equivalent of the in Canton, but this is only
silver they bought when they sold tural, as any improvement of ly made for na the result of a children's a gold currency, thus the position trade here, Comparative Costù. ́ ̧
is evened up...
normal dollar locally, will mean a use, pleasant to in taste and Now, let us suppose, the Hong-sales of gold currency are made
Of course the opposite is done it corresponding loss of trade
Shanghai, Hongkong. During the last few kong and Shanghai dealers both
I am also informed that the guaranteed absolutely safe even
for the youngest babe, us many times that the trade of at the end of 1928. Unless than adjustment is not possible un-so I only hope they will bring correct infantile indigestion, con- years Mr. Ho lu has mentioned to held the identical goods in stock by speculators or export dealers manufacturers in England
in Shanghai. In Hongkong such alive to the position, and if this Baby's Own Tablets quickly this Colony is fast dwindling and Hongkong goods were cleared beder existing conditions, as al- in October 1927 he sent in a fore, they would cost the up-though for a five dollar note you it to the notice of the Home Gov-stipation, colic, reduce feverish- memorandum to the
country dealer seven per cent: Chincac
can, if you wish it receive Avernment. But after all why should ness, allay teething pains, checks Chamber on trade revival. As a more in Canton currency, than silver dollars from the note inauthey? It is really only a local diarrhoea, relieve eroup and colds, result the Chinese Chamber of would the identical Shanghai Commerce approached the General goods. I am speaking now of the ing bunk, you cannot give five/matter, and if the English sup expel worras. Your chemist sells Chamber of Commerce for a joint position in the middle of last dollar note;. In faet although the worry? Therefore "It is up to us silver dollars and receive a five pliers sell to Shanghai instead of to Hongkong, why should they conference. The representatives month. This higher cost is
silver dollar Is the legal tender of the two a roofing that
Chambers met, but tirely due to currency inflation, as of the Colony you cannot pay to do something that will bring
of course the Hongkong dealer Government taxes with silver dol could not come to any LASTE- that will STAY
atanding.
Every day, the position is get- In my opinion, the vital reason would have received at the end of lars, as if you refer to your taxesting worse and I, consider it es account you will note it distinctly sential that we should bring up affecting trade at the present mo. last year. I hope I have made my-states this account must be paid and pass a resolution asking the
self sufficiently clear on this point, ment is the currneey problem, the I am not referring in any way to by cheque or bank notes.
Government to thoroughly investi- In view of the enormous differgate the matter publicly, without interest and storage charges in-
the cost; that is a ence between the value of the delay, and take whatever action creasing separate matter. I am speaking bank note and the silver dollar, it is found necessary, to bring the solely on account of further cur- is hardly fair to expect a bank to Hongkong currency down to the rency inflation that has made the give a note in exchange for silver, parity of silver, even if Hongkong article, as far as the but If at the time note, issuing withdrawing the note issuing
facilities up-country buyer is concerned,
were granted to the facilities from the banks, and issu seven per cent dearer than the banks such an exchange had been ing a Government bank note. identical article, would he from made compulsory by legislation, bought the, position in which we find our- Shanghai, if both were at the end of last year by the selves to-day could never have
I also wish to bring to your arisen. respective Hongkong and Shang- hai dealers. Since the middle of
notice another issue affecting the last month the position has gone
Chinese merchants and tradesmen in general, namely, the rent pro- worse, and to-day the goods would
blem. There is no denying the. cost three per cent more than they change would occur if a large im fact that the rents of the did last month and ten per cent port business was being done in merciul houses and shops, even more than at the beginning of the the Colony, but without this in the busiest areas, are far too year. You must therefore sea brake, the inflation can go further high. Looking at the issue from that these overdue goods cannot and further, in fact there is all possible points of view, it la possibly be cleared without this knowing where the Hongkong dolnot only economically sound that
lar note value may go to the raising of rent should corresponding loss..
Tam very glad to see that the checked by legislature, but it is Canton Authorities are taking also equally justifiable that the stepa to avoid assisting this interest and welfare of the mer- Shanghai will not accumulate "to nongkong note. inflation. Prob chants and tradesmen should be the same extent, as, apart fromably you did not notice this, but safeguarded. It was thought for some time ordinary Silver fluctuations and if only to show the friendly and one month's notice to quit, failing I must bring this to your notice The prevalent practice of giving that the Chinese up-country mer-interest and other charges, the chants were deliberately cutting goods are as cheap to-day as they taken in our problems.
personal interest that is being to accede to the demand of land- out Hongkong, owing to some were at the commencement of the
bords for increase of rent, is fancied grievance, but I am con-year. Is it not obvious then why fident that such is not the case; this business has gone to Shang- has been working for some time, than one. And tenants trading in fact I think you will agree | hai?
turning out silver currency to re-under the present conditions of with me when you understand the
place the present Canton note hardship will find it most dishear Even to-day, with a premium in issze. But as soon as this silver tening to do business in this Colony. position, that such a statement is foreign exchange of over eighteen currency was exchanged for Car The month's notice hardly gives the a very unjust accusation' to 'make.
It is quite true, the trade per cent, no dealer can afford to ton notes the silver holders im-tenant time to adjust matters, and leaving Hongkong, but there is no as if they buy for own account notes for investment a very un considerable loss
take the risk of making purchases, mediately bought Hongkong bank-more often than not involves no in falling off in imports to Chins. there is no knowing how many fortunate thing for us here.
of money and The Shanghai latest Customs re: Canton dollars will be needed for instance, to buy Hongkong dollara for the Government, to look into For potential business. It is quite time turns show the import figures for one hundred Hongkong dollars the Cantonese had at first to pay this matter as well. that port, for 1928, to be a record. when the goods arrive. I have no hesitation in Jaying these figures include a good deal of business that should rightly have come to Hongkong, owing to its geographical position.
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RADIO VALUES
WE HAVE A SMALL STOCK OF THE FAMOUS
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THE HONGKONG RADIO SUPPLY CO.
7,. PÖTTINGER STREET,
For the Best
LOCAL VIEWS
and
PHOTOGRAPHS
PORTRAIT
Studio, Ice House St.
To MEE CHEUNG
Brauch 7, Beaconsfield Arcade.
Tafilation of currency to above normal, or deflation to below the normal, means ruination to Colony, means, in time, the de- parture of our trade from here, and means the exodus of mer chants and merchant firms; and this means.
that all employees, whether house servants, trades- men, or engaged in other occupa tions, must go to where ever trade goes.
The Normal.
the
would just mention that the normal value of our currency must. be of the same value as the silver. dollar current in Shanghai, as we
and Shanghai both compete for the trade of China,
Only Governmental action cun regain this trade. Canton mer. chants want to buy in Hongkong, but cannot afford to do so except from a purely sentimental point of view.
The Banks' Position.
"1
I have heard it said that the banks are anxious to inflate the currency of the Colony, but such a viewpoint is ridiculous, Are not the banks here to io business? Can anyone imagine seriously that any bank would adopt a policy, that would result, in closing, up the bank in time?
But there it is, the business is fast disappearing.
At the end of 1928 the Colony's currency was over eight per cont higher than it should have been. Of course, this eight per cent was
SALESMAN ŞAM
Shanghai's Advantage.
On the other hand stocks in
No Limit to Inflation.
The normal adjustment of ex-
The Rent Problem.
com.
STANDS ALONE FOR PLEASURE, PLAYING, AND EDUCATING
and will fulfill these re- quirements because it is built for those pur Sposes. Guaranteed for
TEN YEARS,
Let us show you at
The Canton Mint, as you know, nicious and harmful in more ways! TSANG FOOK PIANO
on the basis of 125 to 100. But
(Continued on Page 11)
Sore Places Heal
A to Stay Healed
Our portrait is of Master Evans, of 54, Jacob Street, Dingle, Linepok, England, whose mother writze: "My boy got a scratch from a mail which caused blood poisoning throughout his system--soos he was covered with sore places (Impetigo); ench week some would beni but more would
I come. Then
was given some of. your Clarke's Blood Mixture to try, and in a month there was a difference in my child; the sores were not so big or so frequent, and, continuing with the mixture, gradually they were all gone.
o
When I find any of my other children with a sore place I give them a week's course of Clarke's Blood Mixture and they get better."
***Profit by Era. Erase Experiancé and
Start Cleansing Your Blood to-day.
Meet an Old Friend!
(HO, KUM! EVER, SINCE I SEXt) There's nUTHIM” WORSE "THAN ) {WELL, FER GOSH SAKES!
{FEELIN' ALONE, "THERE AIN'T || IF IT AIN'T SAM HOWOY! GES,
"THAT OSTRICH PLUME TO
GUZZ, BACK HOME, I'VE
BEEN HOMESICK -
A SOUL OUT HERE.' WHO'S REAL CLOSE TA ME-ALL MY FRIENDS ARE BACK HOME NIE ITS KINDA MAKIN, THE OLD
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'WHAT'S "TH' MATTER, OLD
·TIKER?
ALBERT!
When the Blood Is cleansed with
Clarke's Blood Mixture
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Of all chainisis and dealers.
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SHAMEEN |PRINTING PRESS
AGENTS FOR
Hongkong Telegraph.
TO WHOM ALL LOCAL ENQUIRIES SHOULD BE ADDRESSED.
By Small
SWEET SWIPES! I NEVER WAS
so HAPPY IN ALL MY LIFE! Weck, well!
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HERG
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