THE HONGKONG TELEGRAPH. SATURDAY, FEBRUARY 27, 1932.
UNWISE TO CHANGE HONGKONG CURRENCY.
to
these
(Continued from l'age 1). of having a currency not linked to gold and consequently free to adjust must be adjusted to what present itself to local commodity prices has conditions and a sense of reason de-nhown itself in the steadiness, which
and if condence is bo restored. China has enjoyed, in contrast The gold reserves of the countries con other countries, in her domestle orice turned have proved quite inadequate ivvuin.
The advantage of a constant price to provide the means for maintaining The balance of international paymenta level needs no stressing in by abnormal movements of gold, daye when we have had so many ox- to amples of the effects of fluctuating The transfer from one country another of the immense sums involv- pricus as reflected in costs of living
It is od in the payment of war debts and labour conditions and so forth. reparations, which produce no com- not surprising, therefore, that many pensating return, upsets the balance Chinese as well as foreignors hold the of exchange between silver and gold valling disorders.
Unfortunately, in this respect, the would be a mixed blessing to Chin
of Europe and America and that a sudden artificial cise would have shown themselves loss states have extremely harmful resulta. make than the bankers, who have rondstently maintained that cellation of war debts and reparations in the only way out of the impast If a compromise in attemptesi, auch as a temporary prolongation of the Hoover moratorium, this can only have the effect of piling up future linbilities and perpetuating the exist-stress last year-China Ing apprehension and distrust.
LOCAL WEDDING.
MISS CAMERON AND MR. SAPSED UNITED.
KOWLOON CERMONY.
St. Andrew's Church, Kowloom. was the scene this afternoon of a pretty wedding, when the contract- ing parties were Miss Allsa Mary Edith Cameron, daughter of Mr. and Mrs, George Cameron, and Mr. Nayal Yard, and son of the late Mr. Reginald Wilfrid Sapsed, of the
of payments, and intensifies the pro- view that the stabilisation of the rate sent overshadows the economic, an Appeal to the Lengue of Nations has larger tendo but to higher tarida.) ward to the future with reasonable, Frederick Sapsed and. Mrs. Sapsod
stotcamen
Prosperity Munt Foline.
w་་ MA
can-
or
of
ment,
Bonu
fervent hope that they will manage no question of the wisdom of both the excellent results to these, disclosed in to`achieve a peaceful solution of their governmente concerns. In "going, the Balance Sheet for the year ended differences on a basis which will be slow" for the present. An exceeding: 31st Doedmber, 2030. Novertheless a lasting plodge for the future. ly valuable contribution to the study, after making full provision for losses Of the Manchurian troubles I shall and eventuel solution, of the problem and contingencies the nett profit for Boycott Affects Japan.
also may very little, seeing that the of the fature of Shanghai was afford the year amounts to over $16,000,000, Japan's share of the world die events in that, region have alrendyed by Mr. Justice Footnam's report which has enabled the Bank to main- Ita general' tain its dividend of £6 pår share and tress has been aggravated by the received very copious attention in the pubilshod last spring. injury of her experis caused by the world's press. Many factors, both conclusions are too well known to to carry forward approximately the boycult in China and by Chiness old and now, have combined to create call for repetition and I would only same amount in dollars as it did the merchants in other parts of the in Manchurin an International pro- emphasize that the report is an ex. pravicus year.
constructive document, It is true, that no amount is being blem of great complexity and of a sentially East, while Great Britain's abandon- ment of the gold standard was a fur. very delicate nature. Local diff- containing the most carefully consi- passed to the Reserve Fund and the
between China ther blow to her expert trade, a large culiles
and Japan | gered suggestions and recommenda- rum transferred to Bank Premises tions which Firust will duly bear fruit Account is less than at the end of the part of which is done un a sterling multiplied during last summer and basin. Despite this, her
when translated into action., adverse the position grew ever more critleni
proceding year, but the causes which The Chinese Maritime Customs have accounted for these differences balance of trade showed a reduction till in September the Japanese at- from 10 to 140 millions of yen. I tempted to eat the knot by means rovenue for 1911 was 248 million have been stated and the inference is
of military action, the final results Hatkwan tacks. The increase of 68 that these are not likely to recur. shall refer Inter in my speech to the
of which still remain to be seen. millions is due, of course, not to I think therefore we can look for Sino-Japanese conflict, which at pre- well as the political, future. The brought about the despatch of a Com- Shanghal revenue again shows a dis- confidence. Some of us may be some-
intaxion of Enquiry which is now on proportionato Increase, rising this what disappointed that the only other mention I need to make
full one-half of the Customs dividend of £1 per share has been concerns Japan's action in follow its way to the East. In the mean-year to a ing the British example by quitting time it is satisfactory to note the revenue of China. The discrepancy discontinued, but for my own part 1 It is frequently argued that a zing the gold standard. This occurred in | re-affirmation of the "Open Door" between Shanghai's rate of develop think that even if the figures had in the purchasing value of silver would the mouth of December subsequent to principle explicitly laid down in the ment and that of the rest of China been as favourable those disclosed
better customer of a change of government. Released international
treaties which cover can hardly be looked on as entirely in the previous Halance Sheet in view render China
healthy and desirable from the Chi This is trug to from gold, the yon fell by the end Manchuria. the world's goods. the limited extent to which silver of the year just over 30%, leaving
nese national point of view, but it of general world conditions it would
not have been the time to pay Chin Strife Continues.
should serve to bring home in all Bomux dividend and in keeping with might be brought out of heard for the the banks and the government with
quarters the magnitude of the ataka purchase of foreign products, hutan the dll unfinished task of Hquidating
great Banks in other parts of the As regards the internal politics of prldBOT had occasion to foreign exchange contractx-a tank
world think the Bank in wine in dia- all which will call for
China, one regretfully has to admit which Shangha! now represents and good deal of
that the past year has given but the immeasurable importance of ax by statesmanlike handling. her Imports countries, buya
little sign of any radical improve suring its safety and orderly govern continuing the payment of Bo
distribution. menna of her exports, and it is China's export trade should logien!- upon the quantity of the latter and by have benefited from the continuect ment. The endless struggle between not on the price of silver, that her drop in the teei exchange in 1931. mary leadera and political factions continues to check progress and to capacity to buy from abroad really but any gain from this cause
drain the resources of wealth and depends, Silver is merely the medium more than off-set by the weakness of
energy which the country needs for of exchange, the intrinsic value of foreign demand for Chinese products.
coy had North development. which is of surely temporary in The Agures for 1931 will, I fear, China settled down, early in the year, show further considerable growth from the disturbances caused by the of the unfavourable trade balance revolt of Feng Yu-halang and Yen which In becoming a serious featuro 11si-shan than signs of fresh trouble tions, whather foreign or Chinese, nources for China and zelleets itself in her
showed themselves in the South. reduced demand for silver. Trade in
onlit in the ranks of the govern. the centre of China was much ham- pered by floods and widespread ban- ment took place in March and widened ditry, and in the Manchurian pro-rapidly into a breach between those vinces by the political disturbances in control in Nanking and what we
the autumn,
may broadly term the "Cantonese" which broke
At one time Aghting was Throughout the country as a white | party,
imminent but in the end the conflict there was little, if any, relief from the burden of military taxation, and, was played out in the political arena. A threatened revolt by one of the In spite of the absence of party war- fare, interference with the railway northern generala having failed to was still very general. The increase materalise, Chinn was able at rast export duties introduced on June to congratulate herself on surviving 1st-coming ns it did in the midat a year free from civil war, if we except the campaign against the Com. of a depression-proved a serious ad- dition to the dimeuities of the ex-munlat, which the President under-
took in the midsummer months. porters in certain branches of trade.
I will pan over all detalls of the Rtruggle between Nanking and Can- Silk, an a luxury product, aufered ton, which reached its crisis in the in a special degree, the export dropp- last days of the year when General ing by about one-third; most of the Chiang Kai-shek resigard from the lateres are at present closed down presidency of the National Govern
which he had held adminis- A new and many are finding themselves in ment
into came
power, rims financial straits. The bean inco
both tration trusle In the North was hard
porinner,
out in
Silk Saffer:
WRA
During the year the Customs once again raw its integrity challenged by
kind for Iccal governments
some
Tribute to Administration.
re-
RACE MEETING CONCLUDES.
WIJ
The bride, who wore beautiful dress of pale pink georgotto and lace, crinoline hat and shoes to tone, and carried a bouquet of pale pink roses and carnations with maiden- hair forn, was given away by hor father. She was attended by little Mr. and Mrs. W. Coath, of the Miss Moreen Coath; daughter Royal Artillery, who wore a palo carried a pasy of sweet peas. blue stain Victorian costume
The bride's mother wore a becom- ign creation of pastel shade of green
and lace, loco georgette While it is only common sense to
The magnitude and strength of bur realize the gravity of the present
months Cauton actually retained part Tank is a matter of great pride to this coatee and alives and hat to match. situation, it would, at the same time
of the revenue. The position to nay Colony. Unlike many similar the Rev. W. Walten Rogers, and The ceremony was performed by be foolish to exaggerate it. There
restored. That in times of such tions I believe I am right in saying Mr. H. Evan Lewis was beat mun. no instance in economic history of
stress and confusion the Customs held
that its present position has been Mr. R. Baldwin was at the organ together and did not fail in its obliga achieved by means of its own cris, no matter how great, which!
World Trade Shrinkage. followed by perlots of
and Initiative and not by and rendered suitable voluntaries In the midst of a period of economic
remarkable tribute to 3 Toupecter amalgamation with stability and prangerity. But,
other
to and at the conclusion Banks, both prior to things are at the present, the sands depression affecting the whole world,
General, Sir Frederick Maze, This fact bears eloquent testimony to of the service.
and able the skill and ability with which its are rapidly running out. The attempt it is not easy to strike the correct
Subsequently a reception championship. of duly recognized affairs have always been conducted. held at the brida's residence, 7, to re-instate the gold standard has, proportion when reviewing trade and
whore Lyal assistans fallo, and for the first time in history unsetal conditions in those partien
rights both the Contral Government
You have, Mr. Chairman, very ably Humphreys Buildings, and after- we may he brought face to face with lar areas in which our interests lie.
reviewed the trade and economie con- wards the happy pair left for the and the bondholders have reason to a situation which debtar countries The shrinkage af world trade han had
be indebted.
ditions existing Inst year, and par- honeymoon which is being spent in might consider that they were justi-{such o sweeping effect us to over.
Salt Revenge Increase.
ticularly in the countries where our fied in refusing
Canton, the bride being attired in to acknowledge ride lend conditions in uest parts of
Bank operates, and I feel there is not a uniform Hability for debts, Anding themselves, the world and produre
The Salt Revenue also bos exceed-
a nigger-brown silk two-pieco sult. a great deal I need add to what you have alrendy told us. I would say, unable to pay either in gold-gold dreary landscape of shrunken mar-
the Central however, that I think if the world being au longer available or in com hots, diuinished purchasing power,
de previous totals and from the industries and general
portion available to modities, the export af which muy br, crippled
Government regular payments have is successfully to overcome Its pre- Except in the
been made on the sit-secured"; went economic troubles, the varlouя rendered impracticable by the tariTronomic distress, palley of the creditor rountries. Afcase of China, where the silver cur
foreign towns, though the liquidation nations must be brought to realise return ter the gold standard
of arreara undertaken by the Minister, that they are more than ever depen- reney introduces on outside (netor and instoration of the normal value where the political events of the year
Finance In 1929 has unfortunately dent upon one another, and that ino- international trid muxt remain have hud a particular bearing on
_country_without thought fallen silgatly short of the pro-lation of grumme. A fact which, perhaps, la of its neighbours will in the end not extremely unlikely until the obstruc- tnde, ʼn lew general remarks will in
apt to cicapo notice is that, in origin, | work out in the best interests of its tive forces of reparations and inter- the mates suffice to describe condi.
the Salt Inspectorate, by means of own people. Great Britain how dur- ailled debts have been swept out ofitions in each of the countries con
Ccerned.
With the fall in commodity prices
which between 150 and 200 million Eng the past year been forced to for- Mr. Chan Tin-non's Westland
annually sake much of her free trade methods, the continued decline
general the volume of trade which the banks
dotlars of revenue is now prices of raw material in
electes, owes its organization to this action being largely necessitated the scheine elaborated by the foreign by the ever increasing tariff barriers Mr. silver proved an exception, its head-are required to finance was naturally
banks in 1912 and 1013 in connection that are being set up against her. long downward career which in much reduced and incal merchants the previous year it had outpaced, have, in the main, experienced dif.
by the focal political troubles and mainly composed of Cantonese party with the Reorganization Loan and So long as sterling te
Dane
Fourteen starters. other commodities--being checked Ineult linser.
a par, British trade, es- the exceptional weakness of the members under the leadership of Mr. le the work of Sir Richard
stofT and his foreign and Chinese February last after it had touched ained
Fo. Since then venta
Won by half length; short head. Time: 2 min.. 12.1/6 secs. the record depth of exactly one arelally in piece-goods, had a harder murket for this produce, while the Sun ling the ounce. Measured in terms struggle than ever against ever-in. supply of eg--which is becoming taken place which. In spite of their engaged by the Government to put trade, for I believe that the free and
the scheme in effect.
unrestricted exchange of the work!'n
Pari-mutuel-Winner, $49.10. For holders of Chinese Railway loan merchandise would go a long way to Places, $16,70: $11.68; $14.10. of gold it showed an incumiderable creasing competition in ever-contract- the chief export commodities importance, forms no part of a record
the present distress. A rise in average price in the nocending markets, Our divorce from the of Ching--was greatly reduced by of the year under review. It is pro-
the whaterale destruction by floods foundly disturbing to watch this un- bonds the position has not changed lesson half of the year. Sterling quotnot standard has had in this re of the farms in the Yangtze Valley. toward development of events and and I am bound to record that the greater measure of tree trade the
5 The Professional Cup and Sub-
Gritin Champions tions, of course, no longer afforded wet very appreciable effects,
On the Import alde reduce can-
that the inter authorities persist in ignoring the world over is perhaps an ideal which seription one can only pray An Index for comparison after i
was material delivered and never but in these hard times when the A Cup Presented. $800 to the Winner September 20th, but for the purpose made itself noticeably felt and Britishmption was general except in the national fort, made since the Great claims of British purveyors of rall is a very long way from attainment, Scopatakes of $25 each for Starters.
ense of cereals. Of these, unusually War, to replace the arbitrament of af record I may mention that the exporters' have been enabled to get highest spot prler of the year was on to terms with foreign competitors large quantities come in during the force by other effective means for the pall for. The promise in their be- road to security seems so difficult to by the donors and. $1,000 added. ord year, including special cargoes of settlement of disputes will prove is half given by the Chines Minister find it in I think more than ever Second $500. Third $300. To be won for Foreign Affairs to H.B.B. Minister necessary to keep ideals prominently two years in succession or three years 21.0/1. on November 10th.
to an extent unknown for
(about 150,000 tons of wheat, being the value in the crisis with which we are Apart from the automatic effect of many years past. The subsequent
on the occasion of the handing_huck in view,
in all by Ponter the bona fide pro- ta China of
Boxer the British
Hopes for Shanghai.
perty of the same owner or owners. the depreciation of sterling and the "going of gold" of other currencies, first shipments of nearly half-a-million now Enced.
Communist Menace.
ta soy, Lransient.
of the particularly the Yen, of course diluted as furnished by Americo, on term
Indemnity bas, I am sorry generous to Chinn, for flood famine
We are all very much concerned For China Ponies, Subscription Grifins "Hoover" Moratorium, nothing be the benefit to Great Britain; we may
relief Australin, helped by
To return to domestic affairs in remained a dead lotter.
Ponies Sir Arthur Salter's visit to China about the distressing situation that of this Club of this Meeting, Winners only. Weight curred in the year to produce a violent rope, nevertheless, that our manu
last spring to advise the Chinese has arisen in Shanghai and with you, and Placed reaction in the wilver market. The facturers at home will succeed in can change, provided most of the ordinary China during the past year, disbanded
Government
Anancial matters Mr. Chairman, we earnestly trust that for inches as per scale. One and » inarket was, however, stirred withla solidating a part at least of their wheat shipments and large quantities or unpaid soldiers and ruined and of rice were imported from Rangoon, desperate farmers combined to swell moderate limits by various cross curgains and that the fillip to British The principal cause of this large in the ranks of the bandits whose num-
roused hopes of a possibic reorganiza a nerdy solution of the present dif- Quarter Miles.
the
ferences will be found. In this.con Bir. H. S. Chan's Racing Boy rents. These included the riep In trade will nrave not entirely transi
traduction of foodstuffs lies in the bers became so great as seriously, to tion of a general nature, but
deterioration uf the nection we hope that everything will the Indian duty, a sale by Siam artory.
abnormal movement of prices, the affect the economic life of the coun-ubarquent
thim out of be done to preserve the great In- Aume 20 million nunces of demonetiz.
drop in the world market resulting try. In the central Yangtze region, political situation put
ternational Settlement of Shanghal often in foreign-imported grain com-
Bad especially round Hankow, the question. the silver sinndard and, towards the the reduced demand for Indian com- ng cheaper into the market hbanditry and communism were partl
....Draining the Exchequer, end of the year, Germany's purchases milties combined with a long period crops Krown and transparted in
cularly rampant and addel greatly
With no prospect of reduction of for coinage requirements; to these of uncertainty concerning the ster!- | China.
the confusion and misery caused by the regional armed forces, the Govern- must be added the operations, fingruer ratio, which entised at one
last summer's floods.
ment's "milltary expenses" continue to speculators in silver, not least in Newtime a pronounced light from the
drain the exchequer and to add to York, which on certain scensions Joeni currency; with the removal of
the current deficit which ai present disturbed the market considerably. this uncertainty, following Great Bri-
exceeds 12 million dollars a month. Sliver Production.
tain's abandonnent of the
the way.
To
consequences
The impulse
British trade has
Indian Trade FEIL.
ed silver, the adoption by Mexico of Indian trade was severely hit by
Boxer Fund Benefits.
ex-
large contracts
forces.
1928.
then
Appalling Floods.
have
our
on
A
hope however that the various countries will by common agreement remove a number of these obstacles to
(Continued from Page 1).
Stav
A.M.L Soures'
Arraw
(Mr. 1d) 2
Manna
(Mr. Noodt) %
(Mr. Chang)
1.
(Mr. McCann) 2.
(Mr. Noodt) 3. Seven starters. Won by thres lengtha; three lengths.
Time: 2 min. 47 secs. Parl-mutuel - Win,
1
which has played such an active and Mrs. Dunbar's Siwash dominant part in the development and trade of China. I have every confi- dence that these responsible for there Mrs. A. M.. L.. Soares! Golden great Interests will bring the Settle- A district further south on the
ment through its present difficulties Kerosene imports, a very large lower borders of Kiangst is now an
with undiminished prestige and that item nowadays, fell by nearly a half, organized self-contained centre of
its fine traditions will be upheld and gol partly because of a heavy increase communism. In this aren Soviet
$6.20. As regards the alati«tlent position, the outlook at the end of the year times that the poorer households are
starlard, an improvement et in and In duty; it is a retrograde sign of the government has been established an Outstanding domestic bonds have in- the safety and wellbeing of its in-
The year under review has been Places, $5.70; $15.20; $18.30, million dollars, face value, bringing a "red" army exists which has been creased during the year by over 209 habitants preserved. estimates pluce the uw production was, generally speaking, brighter. stated in many enres to have gone
Chief
6.-The Griffins Spring Handicap, of the year at 190 million fine ounces Considerable reductions have taken back to the habit of burning the local substantially strengthened by large the tolal to nearly 1,900 millions. an extremely difleult ono and it was
very unfortunate that our (54 million less than in the previous place in the stocks of jute and gunnica bens uit. Gasalene too has fuller, in deserting units from the government The Central Government's credit as
reflected in the market price of these Manager was handicapped by illness."B" Class. Winner $760. Second year) and supplies from other sources, held in India and abroad, while a dicating a temporary check in the
The growth of communism is caus- loans has fallen disastrously and the We are all very glad to know that $300. Third $200. For China Ponies,. chiefly Siam and India, at 57 million, reviving demand has shown itself hitherta rapid development of motor
he is in much better health to-day. bona fide Griffins of this Meeting that ing widespread concern and one hears situation calls for speedy and drastle giving a total output of 247 million-fur Bros rice and Boulay cotton. transport in China.
be I feel that the Shareholders are much have started at least twice, and have grave apprehensions of tho effect measures of reform which, to 88 million reduction from 1930. On The shadow of the political situation The engineering trade survived re-
the Chlof Manager, not won. The top weight allotted Managers and Staff, who will not exceed 165 th, and, the bot the consumption alde shipments still lies across the horizon but here,latively well, but the long credit ternig which the movement may have upon effective, must however start on the indebted to India totalled 42 million and to Ching, I think
in political piane. Some encouragement Brunch we may indulge in a attached to must
the foundations of social order
may be gleaned from the fact that notwithstanding the gruat trade dif-tom weight will not be less than 140 67 (a reduction respectively' of certain degree of optimism. lty proved ox usual a stumbling-block to Ching if nothing is done to remove
ficulties that existed throughout the. One Mile and 73 million). Purchasas hy govern-openly laying down abroad and importers of British goods. Railway the basic causes. Communistic ten-the same and salatory influence of
dencies are not a nalural growth the Chinese bankers Is apparently year have achieved excellent results.. ments of other countries account for liberal line of policy in regard to the orders were few. From now on.
I heartily wish the Bank continued Mr. L. Dunbar's Chateau Bay (Mr. McCann). 30 million, and 40 million is
prosperity, Cati future of India the British Govern- however, British manufacturers are among the Chinese people and would, steadily increasing in the conduct of
I have now great pleasure in sc; Mr. Evo's Darkest Eva.....? mated consumption by industry and ment has done much to remove the beginning to reap the benefit of the we may feel sure, cease to threaten the National finance
In conclusion I wish on behalf of the arts. The unaccounted surplus
(Mr. Heard) the Directors to express our great conding the adoption of the Report for the year in thus in the neighbour futul cloud of uncertainty which han { Slo-British agreement for the use of the country if only the peasants The emik be relieved from the burdens of nrkaped the situation during the last the rumities! "Boxer" funds. hood of 60 million ounces.
few
major part of these funds is car-militariem (in the Chinese sense) and appreciation of the good work done and Statement of Accounts as pre-r. A. II., Carroll's Myrtle
Branch rented. Chief Manager, yours.
Leaf
(Mr. Wang), The report and accounts were The question ́of ́ Bilvår 'price loveis
Progress will not be ensy, but with marked for the purchase of British if the educnted classes could neo in by
Twenty-two starters. Wan by und of means and mothods of stabillag-
has been one of the most difficult in unanimously adopted.
three lengths; three lengths.. tion has during the past year provoked the gand well defined and the road material to be supplied, in the form the present system a better hope of Managers and Staff. The past year
the history of the Bank and
Other Business.
Time: 2 min. 10 4/5 secs. a great deal of discussion, revealing thereto lying clear, is it too much to of investment, to the Chinese rail-stable and peaceable government
lupe for a sinking of carnmunal ways and other constructive enter
particularly trying one for Mr. Gray-
Pari-mutuol:-Win, $14.80 considerable divergence of opinion, differences and a renewed spirit of prises, the funds to revert ultimately
The Yangtae,floods of bust summer
burn, who, in addition, was handicapp-
Mr. C. F. right.proposed, and Places, $7.60; $10.00; $18.10. among hankers, economists and cur- constructive co-operation on the part to educational purposes.
ed by illness for a considerable period. Mr. Lo Chan-wang seconded, the China is started! on the rency experts in the leading countries of the peoples of India? I cannot
rond were on a scale appalling even for
The figures of the last year her turt use Chinn, where nature a want to stage
7-The Australian Pontes Cham have re-election of Messrs. J. P. War of the world. The range of discussion] but think that we may have already of producing for
80 good as machinery anit has widened with the growing come through the most difficult stage textile
ather disasters of vast proportions. Along are not suttles of world gold shortage and the process of evolution through objects of more or skilled the Yangtze alone the inundation bron aceastomed to, but they reflect ren, W. H. Ball and T.K.R. Shaw plons, A Sweepstakes of 350 each of Directors, this for starters with $2,500 aded for the management to the Board manufacture. The maldistribution, which has driven which India in passing.
tendency to set covered a strip of nearly a thousand great credit
Winner. Second $1,000. Third $750. For Australian Ponies of any Beason. those concerned with currency pro-
up modern factories inside the tariff miles long. other basins of central and all concerned. It is therefore being carried unanimously.
On the proposition of. Mr. F. C. Rubber Problem in Malaya.
Winners at this Meating, and Placed blems to explore tho. ponalbilities of
wall (although at present mainly con- China Involving Carmous arena, The with all the more regret that, on this securing rollet by means of harnes-
and fined to the treaty port areas) has loss of life was terrible and a well- ocasion, the Directors are unable to Hall, acconded by Mr. Li Cheuk Ponies at this Meeting only. Weight The Straita Settlements
of investigation
the recommend the usual bonus to staff-yuen, Mr. John Fleming, CA., and sing kliver to gold na an
for Inches as par scale. One and a auxBiary Malaya, it is needless to say, have also been stimulated by the consi-conducted" currency basis. It is not for me to suffered very acutely from the un-derable increases in China's custom material damage places the latter at I hope this is only a pleasure deferred. Mr. It. H. Forsyth, C.A., were re-quarter Miles.
I have now to propose the adoption appointed auditors for the ensuing parsue the problem onto this wider precedented slump in rubber and the tariff. From a world point of view no less than 2,000 million dollars; as plane and I shall here only touch on low market for tin. In the face of it cannot be said, however, that the the coming spring crops will, more of the Report and Accounts, and after year, this concluding the business. Maars. Kong Brea' Polar Star
Hon. Mr. Gordon Mackie, who the question from the limited stand erashing difficulties the owners of industrialination of China has at over, be greatly diminished owing to this has been seconded I shall be point of Far Eastern deads. From ubber estates are. We are told, advanced to a really significant ex-
Stag (Mr Quincey) The full mainitude of the ability any questions shareholdersHon. Mr. J. J. Paterson, Mr. T. E. this spaclat angle; Cherniero, however.inly holding on"; there is, I fear, tent with the single exception of cot. Water-logging and the absence of reed piraged to answer to the best of my resided, was supported by the Mr. Chan Tin-son's Woodland one or two points,which perhaps de little success to record. In the efforts ton mills, the output of which is diameter will only show itself in the may care to ask.
Pearce, Mr. J. P. Warren, Mr. A. Mr. L. Roldy's Season, Ticket course of the present year, Relief serre rather mock tention theo, they to stem over-production, and we must already, making its mark on Inter-
Mr. Paul Lander Beconda,
H.
(Mr. Raldy)" a Compton, Mr. G. Miskin, Mr. have generally..received undress look to the turn of the wheel in re-national trade.
work was not on foot by the National
In seconding, Mr. Paul Leader J. A. Plummer (Directors) and Mr. A. EM. Rafeek's City of In 1 effect on the China trade the gard to world prosperity to bring to
Concern, Shanghai.
Government who, on the recommenda- said:- declins of allveehan naturally tended the rubber, Industry much
Mr. Fraule) Before redonding the adoption of Mr. M. Grayburn (Chief Melbourne
Won by four, lengths. Manager).
·many Though, I have up to the present tion of the League of Nations, has to encourage exports, and handicap relief. Although the statistical poni-
Shareholders present were longths.
*ནག,,,!,, importe, but it is important, to bear tion in regard to Linhas, become refrained from alluding to the momen- entrusted tts. supervision to the able the Report and Accounts I would like
Time: 2 min 28 3/5 secs. in saind. that the extent of this justasdily were due to declining centens situation at Shanghai which has experienced hands of Sir John to associate myself with what our Mesure, P. Lauder, C. F. Wright,
Chairman has said in regard to the
L Pari-mutual:-Win, #27.30. fluence on the import and export sumption, I am glad to any that there developed out of the relations between Hope Simpson.....
death of Sir Newton Stabb. Bir Lo Chang-wan, F. Placés, $5.30; $5.10. trada is measurable, by the fall of are at the present. Ein signs of a Japan and China 1' cannot pass on to silver, not in relation to gold, but la nuar improvement... Meanwhile, the the political record of the year, with
Newton was well known in this Cheuk-yuen nastur L. Endoorte G On the subject of extraterritoriality Colony and in London relation to the gold price of the com- general export trado has experienced out some reference to the events modities which make up China's trado. some bonfit from the depreciation whose shadow, lies ab heavily at the need only refer to the fact that the banker and an able business man. It (on behalf of Sir Elly Kadoorie),
between was with real feelings of pleasure A conversations
J. Carroll, Fang Joseph, W Now this relative fall has been com- of the local currency, cheapening present moment over the Far East, diplomatic paratively small and its effect on the Malayan produce competition with and; I may add, over the world in ..M. Minister and the Chinese that many of us used to visit him Keng-un, S. A. Seth, Hon. Mr. W. ton Smith, Tang Kit-wal, Yeung The events now taking Minister for Foreign Affairs, which when we proceeded to London on leave E. L. Shenton, P. S. Cassidy, D. V. Yau, F. Austin, M. Manuk, H. E. correspondingly slicht, fact that of the Netherlands East Indies general. which helps to explain this superficially which remain on the gold standard place are too close to us in time as took place in the carlier part of the and where his kindly and helpful Steavenson, J. WC. Bonnar, A., Sir Henry Pollock, A. B. Haworth, Fung Llang knd E. S. puxaling fact that Chinaveras Of the Philippine Islands all to be well as le space to permit of our year, have been suspended and that the advice was always at our disposal. B. Stewart, J. L. McPherson, E. F. Ab rade balance has actually disen darald is that, although trade is na-judging them to their proper per- Chinese Government on January 1st We regret his death very much in Aucett, A. Slavenson, A. G. Cop ing the last two years in the face of turally reduced and conditions not too spective.
silvar depression which should have good, the
the contrary vourably operated in exactly direction.
trade
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1. shall therefore content myself Dew regulations regarding foreigners Gentlemen, the Report and Ac-pin, G. G. N. Tinaon, J. M. de
Owen' Hughes, prevailing with expressing the deep concurs contained in a Mandete land in the counts of the Bank have been awalbed Basto, Chung Wing-ken, C. Aộ để In other - places -th the
Alvet, D. H Esat, with whichwa, watch the struggle pryptone May,The weakness of civil, this year with posibly: more than Roza, H. Dixon, J. chien
account of the between two countries, with w
Chin coded with the ordinary, interest, fora (elty D. Danby, A strongly rainfordha thu nitajalta, for troublemomo yake we haVONA DEMON svolding: All Marty amids and Felerée laythrough we could not explet "duktty
masured --, znariat · which Philippine we, an à Bank, haye mich Close Hi Mah., Thu 156 kánikrudt., Jave juaný, that after the trylik kad Cooper, J. Daisläkt MAN
vuje time (at kebellt to augue, ajurs by victim of Free entry felendly, connections, and e
Kantonal Seam of view; kato,the United Stakla. Air mata kuliseks tvirtons, datu
And Pubile
(Mr. Li
2