THE HONGKONG TELEGRAPH. SATURDAY, FEBRUARY 25, 1933.
BANK CHAIRMAN REVIEWS FAR EAST CONDITIONS
1932 AN ADVERSE
TRADE YEAR
silver market is the revival export trade from China and India.
WORLD CONDITIONS.
of
MANCHURIA STRIFE AND FALL IN altogether, linked up as they are wit
COMMODITY PRICES
SILVER: LAW OF SUPPLY AND DEMAND
Presiding at the annual meeting of shareholders of the Hongkong and Shanghai Banking Corporation this "morning, the Hon. Mr. J. J. Paterson gave a comprehen- sive review of the trade position in the Far East and its relation to world economic conditions, remarking that while 1931 had been a bad trade year, the past twelve- month had been even 'worse.
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་་
of credit in China, and the determined effort being made to suppress the communist bandit elements in the country. China's rapprochement with Soviet Russia was another factor in current events that called for close observation, coming at a time when Russian goods were increasingly competing in local markets with those of other countries.
Mr. Paterson paid a tribute to the excellent work of the Bank's staff, and a similar meed of praise was voiced by Mr. H. R. B. Hancock in seconding the adoption of the report and accounts.
SINO-SOVIET
RAPPROCHEMENT
لان
the
קרז'
have
men
British
our Government, with the country't the same time with a general drying taken in hand: by th which 1 am ensure raisery which were, more with the increase in fresh manufac
Was successful
could
Conditions, therefore, ces for the worse
places in the East,
help
the
tarif
than in most
JAPANESE TRADE.
t
from Ch
STAKE IN MANCHURIA
Railway
at
ien sind
CHINA AND RUSSIA.
he
|
our manufac
opening
were
DICAS
importe restrictions are the chi
all round
In
1932 has been the continued drop in allowing agriculture and the conflict, nese credit is to be checked on the and, at a later date, with the or the returning tide of prosperity, when
to
which we forma part.
will
are
referenes to trade extend, the current has always set the domestic. loans, effecting a savingesulting in, the clearance of the areas Chairman's inwards, large imports of silver far to the exchequer of some $100 million in question, the red armies retreat in Cama, which is all important to us to the remote regions of the in this Colony. The situation has outweighing any outgoings of god. per annum; a rider attached that no
West. A drive against the other been fully dealt with by him, and Last year saw the position reversed, more internal loans should de natio At the close of a third full year of a net less of treasure having taken by the Government has been faithful-great communist stronghold in cen- there is little left for me to say on ral and southern Kinngal is said to the subject, beyond expressing a hope solution pase to the tune of some 75 millions 13 bserved. world-wide trade depression my re-
of dollars.
published figures up to last be now preparing. Though Hankow that there may yet be found view of the state of affairs in th.
The shrinkage in Chineso exports June show an increase in total ravenue has
China, the task whole of
North,
mutually satisfactory to Chinn countries which interest us most can
can be put down in the main to the co
central
and Japan, Great Britain's only de- growing yield of the Consolidated
far from accomplished. of not be very cheerful and you will be commodity" values. Another almost. entirely to the steadily the sen saved and relist brought to to the unfortunate trouble in t
Apart from the fact that the desire is to help to settle the dispute by
remain in Re
peaceful methods, and It. tively short. glad, I am sure, if I cat"it compara factor of no little importance bar. Taxes, which as a major soul with fented red forces em of com pity that sq, many hüsrepresentations
however, been the uncertain quality venue are now beginning to rank
propaganda Conditions at home I shall mi of some of the principal exports a the Customs and Salt Gabelle. A existence, the whole
as Genera: have been spread by standing defect which the Inpection drop
of 45 millión tiels in the Customs batting, communism
han publicly said, exechtially the Chinese Press lately. China's Government receipts, though partly due to the
in this Ares, war dents, gold distribution and Bureaus set up by the
which, utting off of Manchuria, is creating
ting economic. When the house has been best interests are not served an forth-matters which can natur seem to be failing to cure bound to doubts as to the revenue-producing swept and garnished, it must not be BRITISH TRADE OPPORTUNITY:
another ally be dealt with far more fully and as competition develops, is dont on facts of the raising of the tariff. Aft empty. In words the
le possibl.
The Chairman referred to the inc critically in London than e
an increasingly serious from this
this chair. But before passing
trade. The universal discase serious sequel to the increased duties vacuum created by the destruction: Chinese on should like to voice cur share if "frozen credits" has also invaded has been a phenomenal increase in of the communist regime must be creare of meter roads, and eviation? the expressions of satisfaction
manufacturers will wake up to the Methods and and China and hampered the movement of smuggling. The situation causes cen- filled by the building up of new local in China, and it is hoped
a season of bumper crops ern, but we understand that preven
PVC governments pride which have been called forth goods,
courageous manner in which having, by the irony of fate, come at tive measures are being energetically must be such as to improve condi-importance of this field to the motor
the Chief Inspec-
nspections of life for the peasents and industry before it is too late.
to the immense opportunities... offers them against the opprea progressive manufacturers home.
at. torate, in connexion backing behind it, has dealt with thap of native banking facilities.
nationa Bad though formidable problems of
has been, it very pleased year,
to record that Sir Fred- durinn dagvertheless, one or two erick Maze, whose wise and capable than anything else, the real intro- turing industries in Chinn, competing Anance which faced us
promising features. There is hope direction of the Customs administra- | 10212 9%, SATU-SOtroyed ard
The land re- with articles formerly imported from Without at all minimising th
has settlement in
royed are Great Britain, and increased in the year
difficulties
and Russia ahend, I think we may als for the future in the improved running tion during the past few yesian nere titles have been
of the railways, the increase in benefited beth China and the
future, near congratulate British industry on it
motor motor roads and the recovery of trading nations, received during the landmarks obliterated, is the most
here to seize an reproductive areas in Centralvear a mark of efforts in adapting itself to the pre
Knighthood. ficult, part of the business. The
may present itself. show their mark in the increased per sent difficult times-efforts whic.rinn from communist hands. The form of a British Empion in the immediate, and perhaps the most dif-i
The Salt Gabelle figures are not handling of those reconstruction prob. It is gratifying to know that a re eduction in world stocks of
vaiable to the public but it is to be lems will be a vital test of China's start has been made in dealing with centage of British trade in the trad of the Far East.
raw material exported plea opens the way to a better foreign resumed that the loss of remittances capacity to "set her house in order" the bandit communist movement, and Turning to this direction we find lemont and I think we may fairy from Manchuria will have reduced the and will be watched, I am sure, by that certain regions have been cleared both, India and Singapore hard hit b: hope that, when the general depres total receipts. The "quota" remit all of us with the most anxious sum of the Red armies. It is a question
ion lifts, China will not be behind-nnees for the foreign loans have, Ipathy.
fraught with great difficulty With another year of abysmally low pricci
believe, remained fairly constant
8 many stu
students returning from Touching on the exchange question and silver, Mr. for the natural products on which hand in sharing in the recovery.
their export business depends. Jute
RESTORATION OF CREDIT. "A political event of the year which abroad all the time and with no des Paterson voiced the opinion that artificial measures tatton, tea, rubber and tin all tell
ame to, it would, claims our final notice is the ions I cannot help feeling, be of great ser
finite occupation' to come Our three Manchurian offices give
revenues, on the other restoration of diplomatic relations of silver recovery would be bad, and the law of supply similar tale. In the case of the last true, co-operative action
us a substantial stake in that territory hand, have generally improved al between China and Russia. Its full vice to China If assciations and demand should be left to operate as hitherto.
I restriction cutput and regu- and you will perhaps be expecting a though the Nanking-Shanghai system import yet remains to be seen. formed by them and various
on by them, combating with in word from me about local conditions, forms a regrettable exception owing Speaking from commercial view practical help and lectures the evil Dealing with Far Eastern political affairs, and the les
to which it had fallen, but this was amounts to very little. contingent trade conditions, the Chairman summarised sing the price from the depths what I can add to the press reports tn losses inflicted on the line by the paint. I will merely mention, in passiessons learned. The farmer looks for,
The economic February Shanghai troubles. Fram that the new agreement comes necomplished with the effects on Japan's commerce of recent monetary reduction in shipments of nearly for sects of the connet are, of course, the Improvement in railway earnings at a time when the invasion of the little but the right to live and toil,
lies. This work, that way Bolshevism prices. undercutting
home Conditions. suppose, the enormous increase of to say accrued to unpaid foreign Russia at
ons. at
were not conditions as well as the strife in Manchuria; and re- per cent. India's favourable trade well known, the most serious being, no immediate relief has, I am sorry China markets by merchandise from and if he cannot sell the product of
matter to which my predecessor of viewed the adverse factors operating against China's balance sank ta sa low a point in 1932 banditry which has so gravely affected creditors, It is, however, encourag that, but for her exports of gold to the farmers that they were said to ing to learn that Mr. Ku Meng-yu, the
two years ago made special allusion touched upon by the Chairman and I hesitate to step in where angels fear conspicuous proto
tread, but it would appear that revenues. It was to be hoped that the present confict England-which, by the way, nearly havà cut down their sowings, of present Minister of Hallways, is has been pil, timber and piece-war nebts, balancing of budgets and
equalled the export from the South staple crops by something like afty ccupying himself with the problem
reas. HEYCAR. Russian could be settled.
African gold.
gold-field-the
ex per cent t
The new tariff barrier has, of overdue debta and hat, as a prae- gouds are the products particularly mar hardly have held change value
which are most vital He was pleased to see efforts towards a restoration. In all the markets concerned, the of course, interrupted trade, and we tical measure, arranged for the set concerned, and three are now in
Hear that many Chinese merchants ting aside of moderate sums monthly serious competition with
economic recovery. If only a feeling encroachment of Japanes
on the Tientsin-Pukow fun piece goods continues to grow inside the Wall
entaine uk from other countries,
of confidence could and have liquidated their affairs to return for loan service
be engendered Railway, a lin
a line which, for the last Before closing my speech, I wish amongst the various nations of the apace though the new Indian
The Sungari floods increased the seven or eight years, past, had preto mention the fact that the end of world to-day, instead of one of sus- general distress and
business duced not a single dollar for the pay March this year will see the retire-picion and icalousy which are all too bur temporarily caused a check.
Reports from Manila show that the at most centres-for the foreign ment of its bondholders. Though the ment of Sir Charles Addis from the Philippine Islands still und them- merchant
at least-bas ben amount of the monthly
earments
nosilion of Chairman of cur London apparent, one might feel more optimis..
e in regard to a gradual at standstill. A sue which are thus being selves sheltered from the worst of almost
is not enough to balance the Committee, a post which he lins belt improvement in the economic welfare reform of the currency present
since 1919. It would be superfluous position is vir advantageous tarif cessful
vis-a-vis States. be something to place in the growth of the debt, Mr. Ku's action is fur me to enlarge, an Sir Charles of the world. It is quite impossible to forecast the fatore, but we, as a na and wer have altered briance against these unfortunate a move in the right direction
affairs after the important work conditions, and we shall awalt with welcome it as proof of Bis Exeri- foliowie decord of public service tion, may congratulats ourselves on
work having tackled our domestic
and self. Interest the result of steps taken inleney's concern for the restoration of which "London Office in connexion | sacrifice, and so put curselves. in the
performed when Manager a spirit of unselfishness and is direction. Meanwhile we can credit
of our The need for this is great if Chi- with international loana to China position of being ready to benent from inly hope, with the rest of the world, for an early settlement of For Japanese trade the feature of
trade to re-downhill course. The proud reputa
of the Consortium canisation
of it comes along, as it undoubtedly ure to a normal state.
Han for honouring cbligations which arking groups. He will retain, I do. change, bringing the yen down, in Of industrial development there is China used to possess has suffered sad- un glad to say, a link with the Bank
TRIBUTE TO STAFF. terms of U.S. currency, from the high point of 49 in 1930 to 35 at the progress to record. It la ly by her Government's record during his continued capacity as the repre-
of And this it is safe to say, that when beginning of last year, 27 Inst June noticeable however that fresh Indus recent years, cepecially in regard te sentative of the British Graup the looked for improvement docs come,
pre: are showing signs of taking root the railways. Lines deeply in debt to and 20 in December
in China. Among the more impor-bondholders and private merchant
Another recent retirement which 18 great Bank of which we This and other factors, such as the ant is a projected joint enterprise by creditors have had their revenue
cannot pass by without wart of a so proud, will undoubtedly have ite Chinese boycott and changes in tariff
of the very dutics, caused Japan't foreign trade the Chinese Government and foreign popriated by order
reference is that of Mr. 1. D. Cshare, thanks to the excellent way its chemical Interests to manufacture
which replied to the lawful fanes, a veteran who lately complete affairs have been managed in the past
and are being managed to-day. Mr. J. J.j banks' balances lying with up under inflow a somewhat irregular course, sulphate of ammonia, which, for use animante that money was lacking t
am voicing the opinion of all demand ny is in suflicient as a fertiliser, is
shareholders when I say we have com Fearce (deputy chairman), Hon. Mr. which is ample proof of the dullness vealed a growth in the yen values of in China to account for an annual im- them. In this way nany millions # #sticth year with the Bank. Mr.know
been diverted, as you doubtless know, war both imports and ex
and exporta accompanied
urt of some couple of hundred thon-fro
from the
the long-suffering bondholders fol, ein wenty years where ut plete confidence in our Chief Manager per cent filty rent decrease of the
sand tons. The appearance of small- of the Tientsin-Pukow Railway (the Managers in London, where find his able assistants," who from top
(the took over the senior position after (Directors); Mr. V. M. Gray
adverse trade balance.
at heart, and do do er industries, of which the making of bonds sinking in consequence to a cir. Newton Stabb's death in 1931, to bottom have the interests of this do not luminium utensils may be mentioned bare fifth of their value) while even We wish him many years of well. great institution the work they do Thongh the burn (Chief Manager); Hon. Sir
drop The silver market for the last few
exchange bat William Sir
same rise Henry Pollock, Hon.
in domestic as an example, testify to the develop in the last few months
retirement. sums amount. carned J. M. yors has furnished the Chairman produced. W. Allen,
prices, there has been, as yet,; Shenton, "Messre.
I ing skill of the Chinese artisatı
Twelve to four or five millions were oh- with considerable material for com
months ago my predores the most difficuftar has been one of
in the history of the F. Austin, G. E. Brown, J. W ment in his apeech at the Bank meet light degree of fatalion and Alvie, F.
stracted from
om the receipts of the teking-Mukden line regardless of or referred to 1931 as one of the Bank and it is a remarkable 'tribute,
1101 THE BOXER INDEMNITY. Bonnar
Lim-pak, Chan Chan
most difficult in the history of the think, to our Chief Manager that he Shu-ming, Chua Seng-choo Chun ing. On the present occasion I find year's favourable showing should not myself with but little to say on the be set down to purely monetary causes. Japanese industries are im-
The spending of the accumulated fact that this railway is far in arrears Bank, I have said that 1932 las heen has been able to present us with
I want, even worse.
therefore, sayan excellent balance sheet
As we have D. I. Cooper, N. V. Abicet. In the first place the year proving in sundry direclions: The fund of the remitted British Boxer with its obligatiors on the Fengching
Canton-Kowloor on behalf of the Directors how nuc before us. We
congratulate him Dowbiggin, S. G. Fenton has seen a subsidence of the violent teil of the cotton and rayon workers Indemnity-nearly £314 million-be- | Redemption
the most Excellent be has disturbances of the parity value R.
heartily on his achivement and whilst A striking development: an during the year. The bulk of the loans, besides its debts to individual we appreciate
While I hold it a duty not to Rioks/York done by our Chief Manager; congratulating him. I should like to
and all the staff | Suk Managers Branch Chinese railways, British
include the.
Sub- the Managers and R. B. Hancock, H. S. Ma, reigned for several gold which had manufacturers, taught by the 1930 material purchased to date has been foreign creditor
at the same time much less activity crisle, have been setting their house for the
ntain any burdens on his
shoulders; that
branches numerous
and agencies and son, E. D. Kotowall, P. Lander, D.was shown in the putting forward of order: rationalisation has advanced, engines, rolling stock and material over these facts, we should not be of the Bank. Mr. Grayburn has had Managers of our flead once and
the staf ennomised, while reduction of Pukow, Kisotsi and other Government the
ant to all of us.
that our Directors have not been able whole. Very patent to foreign creditors as a whole. in-China's
now beg to propose the adoption to reward them with a bonus, but 1 new enterprises. These in- defintion of ергтенсу
The result several
of the report and statement of sc- trust they will not be forgotten when ries clude the long-talked-of
ile naturally impatient at the de- Yangtze while nat
this has Puay in the promised taking in hand counts, and after and
been more prosperous times reappear. are now turning out gouds at a lower train-ferry between
of the question of the overdue debla. seconded I shall be pleased to answer Before closing my remarks, I should Chinese line (a new and way exchange bonus. Ear
two hundred ine among the nations which have which shareholders may have to ask on his appointment as Manager of our marily as affecting the flow of
competing successfully and Miss Hancock.
London Office, and we wish him every abroad running from and the general wel even in sheltered markets. trade
direction resisted any temptation to enter on Addressing the gathering the Hon. China, we hold the belief
fresh defaults on the plea of the that
success in his new position and have How long this state of things can through a rich
region); Mr. J. J. Paterson said:
SECONDER'S SPEECH confidence in his ability to maintain continue is, of course, - the
a Central general economic collapse. the question and finally the
the excellent reputation our Bank has Ladies and gentlemen, The report the operation of the law of supply
capital. Machine
at and demand-which implies the ris
the Shop Costs and wages are already
aguin ON
FAR EAST POLITICS.
in the City of London. I shou. the and statement of accounts having beeni in your hands for some days, I will, ing and falling of silver in harmony the rise, the country faces progressive Contributions from the Indemnity
with other commodities will be more inflation
unds have also been made for work So much limelight has been directed i drain on on through "with your permission, take them as
12 and
Canton-Hankow Railway on Far Eastern politics during the read.
mcusures of control.
he judget is showing a defeit which, The original loan for constructing this past year that I can safely spare After making full provision for Coming to the statieties of the year, the Government state, cannot be line, which we helped to float in 1911, myself the effort to review the state
In seconding, Mr. H. R. B. Hancock bridged
increased taxation proved insufficient and a gap of rather of affairs in any great detail. The
said: losses and contingencies the net pra-we start with the year's output re-ently, the decline of the yen has ver a couple of hundred miles still Manchurian conflict has, of cours fits for the year amount to $16,893,duced, according to estimates, from
Ladies and gentlemen, It is with 720:59, an increase over the previous 247 to 207 million fine ounces. Ofbeen arrested and its exchange valu remains to be bridged. Its completion been the dominant feature, and abou
muce pleasure that I rise to second the adoption of the report and state- year of a little over 4 lacs or, ex- this the "new" production--that is has remained steady for the last is very desirable and is engaging the t I need only say that the disastrou
which urgent attention of the Chinese Gov-alute of uncertainty which ha
we have pressed in sterling, an increase of the outunt from the minesis 160 couple of months.
The Chairman: As proposed by ernment, who, unfortunately, in the brought in its train has been a very ment of accounts about £70,000.
million ounces, reduced from 190 mil-..
effort to raise the capital are hamper serious factor in the trade depres
myself and seconded by Mr. HLB. After deducting the interim Divilion, while the rest consists of bullica
The Chairman has given us such a
ancock the motion now before the dend paid ut 1/3.1/8, and Directors' obtained in roughly equal parts by China entered on slump in world holders,
randy oving so
the original bond-makes us doubly anxious for the first ucid explanation of, the affairs of the remuneration, the ameam available sales by the Government of India full shock of the 1932 feeling theed by the crushing weight of arrears 3ion in this part of the world, which
of a move towards uppearance
a Bank, and has covered the grouna meeting is the adoption of the report. presented The Nearly every province of China is settlement.
of its working in various parts of the accounts
inotion was carried unanimously. the record floods of the previous
In-China's purely domestic afnirs world so fully, that I approach my
The Chairman: The tuzincus now
the before the
election maeling the construction of roads and the last twelve months brought no task with some diffidence. Arainst this drop in production of summer, while, in addition to this, the tip rapid censtrual changes through
Firstly, however, I should like to of Directors. about 174 we have to set a still opening weeks of the year brought of long-distances air routes. Annus-important changes. Such Vincal
further heavier decline in visible consump-
calamity
innovation which bids fair to trans took place were, happily, localised congratulate the Directors, and the Mr. G. IL Potts, I bug to pro tion. China is reckoned to have ab. the
at the game
und relations, generally between Nan-inanagement on the excellent result pose that Mr. A. H. Compton, Mr. G. Încuine Tax) .....$7,620,000.00 | surbed 40 million ounces against 67.
kit
the provinces hav
have not of past year's working. The Miskin and Hey. Mr. J. P. Paterson Transfer to Bank Pre-
in the previous year. India 13
shoulder the burden of the first full
plane Bervica is now running from Inises Account 1,500,000.00 compared.
These two tradi-year of the increased tariff, augmentant and Nanking to Chunks mulerially altered. If the year has gares which we have before us are be re-elected Directors. with 62.
left any lesson it is, I would venture indeed most satisfactory. To have I during the summer by heightened Carry forward to New
tional silver consumers thus decrease lutier on a number of luxury goods. "outherner Yangtze (shortening the to say, the old lesson of patience, shown, an increase in net profits of a second the praposat. Account
mation was put to the meeting journey from ten days or a fortnight China's advance along the rest of uver $4 lack, and to have maintained 3,439,033.30ed their aggregate CT-take by nearly
accumulative effeef show in the
must inevit- the same dividend as last
year, at a
and carried unanimously. 50% and instead of easily heating Customs gatve ter te, which for to a matter of 30 hours); andther con- political reintegration
Mr. K. S. Morrison: I beg to $12,619,033.39 {the market, saw their figures of con-
fords Shanghal, with Tientsin and Peably be slow and it is useless for us time when most similar institutions the last five years had
and a third route,
profits and mite, of nearly a king
that Mr. John Fleming and sumption doubled by the other coun
and propose tribute 10 дл tries of the world. The latter, for rising and exports, which had
R. Forsyth be re-elected H. fairly constant,
both registered "unle of thousand miles, traverses in expect too rapid a rate of pro have shown decreased
gress. Even the form which the reduced dividends, is
that Mr. concerned. I am pleased to see that Auditors. half of China from the sen coont 10 Smal solution of the national problem tht transfer to Bank Premises Ar- ecinage requirements and "arts and heavy declines over and
above the Lanchou in the province of Kansu, will take is still for
far from
MẸ Chua Sing cho
Leg to The year 1931 was a very bad one industries" combined, took 100 million mevitable reductions due to the
loss whence it will in due course extend as
second the proposal, from every point of view, us mention-jounces, Icaving. 54 millions of unac- of Manchuria's trade. The figure for far again to the westward to the re/and in this transitional period we may count, namely $1,500,000, has been ins
ercased by $500,000 this
The motion was put and carried ed by my predecessor in the Chair counted balance, which partly all imparte dropped from mole city of Urumchi in Chinese Tur.rest content with seeing another year
When so figure.
Chairman: That last year but I think we can say that] least is represented by stocks held in et 126 millions, and that for exports kestan, British machines still--I re.go by without any further return of! reverts to the 1931
is all the much new building is either going on unanimously..... 2763 millions. Theret to any-figure exceedingly small widered civil warfare.
Another hopeful feature is the or in contemplation, It is of import-
business, ladies and gentlemen. start which the
Loank you for your attendance: Di Panda in the Government has ance, I think, to keep this transter
possible. with the bandit high a5
vidend warrants - will be ready): on that the figures we are now putting 20.7/10d. and 81./4 U.S. cents to the years-implies 'st adverse trade
Readers of I am sure we are all in accord with Monday, before you can be considered satisfac lowest quotations of the year, 10.3/8d balance of a magnitude which is
Chinese Government finance, re- the. Lyttonment
will have noted the Chairman's remarks about the and 24.1/4 cents. Shanghai teels somewhat disquieting when one con
The Doll Raffle in connexion with I am glad to Hay that the market touched 1/11.1/2 high at a cross-rate riders that the main counteracting mains somewhat of a closed Lork to the serious terms in which it speaks restoration of silver. Artificial mes
T. V. netur
Chinese Govether commodities, with failure in al- the late International Women's Club" drawn at the Helena Mas to Was shows a satisfactory marg once more of 348 and 1/7.1/4 low as a cross-rate factor, namely monay remittances the outside observce, but the pollion of Ude movement, referring to it assures of control have been tried with
being Inst of Mr.
Mups depicting the situa- most every case. It were better those of my nultaneously curtailed by lack of Sone's third annual statement "pro at the beginning of last you with it, of course, a revival of the, Cooper and D. Davies. The winning wait for economic world recovery, and Institute yesterday by Mestarnes A. J that the vided sufficient data to show prosperity abroad. hearers who are interested in the
One sees the reflection of this exchequer has borne up moderately showed vast red areas in the central With regard to the figures of the subject to make their own deductions adverse balance of trade in the change well against anfavourable conditions Yangtze regions, signifying Soviet expert trade of Chirm and India, than ticket, No. 156, is held by Miss balance sheet, the biggest chance from the figures I have quoted, and which has taken place in regard to at home and abroad. A serious crisis rule and complete closure to traffic to introduce international schemes, Catherine La Ferre. No objections the surrounding districts, which might very easily do more harm having been lodged, the sun, realised from the previous year is the large will only point to the obvious fact the flow of treasure that is of gold inat over a year pro was Kurmandi
"listened by thin rae will be forwarded to increase of cash and bullion against that the one certain direction in and silver combined-ints and out of by means of an alteration of the in During the summer. General Chiang than good..
great · interest to our, Hongkong Benevolent Society, increases in note issue and of other which to look for the strength of the China. In the part, as far as records terest rates and redemption terms of Ka-Buck conaucted a military drive, with
Present were: Hon. Paterson (chairman), Mr.
T. Ene tending
of current
W. H. Bell, Meners. A. H. Campton, of the times we live in.
P.
War T. H. R. Shaw, J. +
C.
R.
ร.
J. D. Danby, H. Dixon,
Lang, H.
ENG
Dranklin, Fung Kang- tween
H. Owen Hughes, C. Bulmer
John
accounts, but the end-of-the-year figures re-
J..
THE SILVER MARKET.
shown
stiver and
years past, while criste,
n
-but
dollars have
I
blind to the efforts made to maintain
his
Joint
the
spare
Ds. The past Ior
the
I
such
MOR
J. Lewis, Lo Ghung-wan, K. S. international schemes for sapporting Processes been reviewed and labour have been, supplied to the Tiestain-the status of other classes of loan they are well Stted for the task is in general.. I am only for Y Morrison, A. Borse, Raymond, Jvalue. We understand, however, that Wages was effected in the lines and funds have been voted for cured on the Customs and Sult..
G. H. Potts, the price of silver or stabilising its noms AB. Raworth, E.
Agure B. Seth, P. M. N da Silve, Prof. C. the question of silver is to A. Middleton Smith, Messrs. F. W. among the agenda of the forthcom- of all this is that Japanese factories Stapleton, D. V. Stevenson, E., ing-Leonomic Conference. Interested, are now turn
Summers,, W. Skott, G... N. Tinson 4s we are, in silver movements which, thanks foved quality goods; kow, then all will give China her due for remain-the best of my ability any questions like to congratulate Mr. O. J. Barnes
Eastern
to the public benefit than artificial resources caused
رما
the
Manchuria, by
CHINA FEELS SLUMP
for distribution is $12.619.083.39 and from demonetized coins from prices as well as the after-effects of which it is proposed to deal with as Russia and elsewhere. follows:-
To pay a final dividend
of £3 per share (sub-
ject to deduction of
BAD TRADE YEAR.
from a trade point of view 1932 was London. even worse. In these circumstances
Trade
The
miles in a
of
the
in and around form many regions of China consikl
fall
As regards the year's prices, fluctua
Lin
I feel that you will agree with me tions extended from high points
tory.
over the 850,
value at which they stand in
Qur
I must leave it to
books.
been
to
exports-the
level touched "being lowest for 15
ix oversCAS,
CHINA'S FINANCES.
tion at
and
as
MR. R. B. HANCOCK PAYS TRIBUTE TO STAFF
efore us.
We have
year, and
with
also
like to associate myself Chairman's remarks in connexion with Sir Charles Addis and Mr. II D. C Jones.
I now have much pleasure in second- ing the adoption of the report and statement of accounts as prescated. *****
ELECTION OF DIRECTORS,
Mr. C. Bulmer Johnson:- 1 dejt
The
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