THE HONGKONG
TELEGRAPH. SATURDAY, FEBRUARY 27, 1937.
H. & S. Banking Corporation Annual Meeting - Continued From Page 3
JAPAN'S FINANCE: GLOOMY OUTLOOK
Budget Inspires
Misgwings For
Future Stability
Highlights Cooperation Of Speech
Bank net profit for year. $15,107,175.
now
The trade depression which developed in 1929 has moved away from the greater part of the world. But the out- look is still obscure, and there
is a danger that the artificial "boom" may disappear if certain economic factors justed.
667THE situation in Japan does not on the face of it make for optimism and persons trained in economics are making gloomiest of forecasts as the outcome of the political, financial and trade situation as it exists at said the Hon. Mr. J. J. Paterson during his present, speech at the Annual Meeting of the Hongkong and Shang-marchings hai Banking Corporation.
+
arc
not ad-
Last year was a year of changes,
und counter-marchings,
bright periods and periods of gloom.
for China. But the bright moments hava had the best of it, and the out-
The lowered rate of exchange has
As regards Japanese trade and shipping the position look will still further improve. appears fairly bright, but Mr. Paterson confessed to givings regarding the Japanese Budget.
(Continued From Page Threc)
5,000 miles of new railways within ive years, and thus practically to double the existing system within that period. At the same time he has been bringing his
business of training to bear on the problems the existing lines and he has the good fortune to point to record earnings on those two very important lines, the Pelping-Hankow uni Tientsin- Pukow Rallways.
terms
Their
CHINA'S TRADE SITUATION
mis-enemuraged exports, and although
Jarger quantities, namely vicc wheat, raw cotton and cheap cotton goods imports of the latter are in- etdentally at their lowest point for a great many years). The effect of the improvement in the Internal situation was only just beginning to be felt at the end of the year, but import mer chants g generally agreed that the outlook is cow more promising.
MANCHURIAN POSITION
Imports have been adversely affected, the steadiness of exchange his offset this disadvantage.
Signs of recovery are clearly up- parent in
In China Excellent erups throughout the country have been great boon.
How seems
as
Between
Canton and
Hongkong
MR. TAGGART'S REMARKS
E RÁDIO BROADCAST
A Ballad Recital By J. McNaught Thomson
TEST CRICKET SCORES
Radlo Programmo Broadcast by Z.B.W. on a wavelength of 355 metres
metres (845 loc's.). 31.49
(9.52 m.c.a.).
Neopolitan
7 p.m. Light Orchestral Selce- tiona
Melodias Medley: "From Foreign Lands"-Suite (Mosz- formalkowski): Hungarian March Potpourri (Peesi-Prichystal); "La Belle Helene"
Selection (Offenbach). 7.30 p.nl.
Hongkong Stock Ex- and Exchange
Mr. Chairman, Ladies and Genite- men. In rising to accord
support to the motion covering the adoption of the Report and Accounts, I have at the back of my mind advier made available to a Slimeholder-in 11 similar position of seconder-in connection with the flow of words deemed advisable to suitably amplify the bare expression of acquiescence, to the following cfferi-To think out carefully the opening sentence-te Think out carefully, the closing sen- tence-und to bring the two together us speedily as possible.
I frust that my endeavour to adhere to the principles of that golden rule will not-to-day--leave me open to charges of Inadequacy, particularly in the light of the com- prehensive
ensive survey which you Mr. Chairman-have so
ably presented to us in relation to matters economical and political, the trend of which have such sharp reaction upon the condi- tions of trading encountered by the Dunk in its various spheres of opera- tion. For your informative and heartening address, I tender you our sincere thanks.
Turning to the
#nancial
results for the year under review, I am confident 1 voice the unanimous
change Summary Market Report.
7.33 A Light Saxophon Reecital by Howard Jacob.
1. I love the moon (Rubens): 2. From the land of the sky-blue water (Cndman); 3. At dawning (Cud- man); 4. Down in the forest (Sir Landon Ronald).
7.45 From the Studio. A Re- cital of Ballads by J. McNaught Thomson (baritone).
1 Corgoes....Coningsby. Clarke; 2. Sombre Woods (Bois Epais)..
Michiel Dyack; 3. Where the Abana Bows....Woodforde Finden; ..H. E. Gheel; For you alone. 5. Far and high the cranes give cry- Korbay. roay.
4.
p.m. Time, Weather and An- nouncements.
desire of constituents in proffering Geraldo and His Ac-
Humorous Scienů-
Murgatroyd
8.03 A Variety Programme. VocalWandering shoes.....
The Hill Billes, Instrumental-Medley of Stephen Foster Songs.... The Bro- thers Berlini; Vocai-Outside of you; Lonely Gondolier....Dick Powell; Accordeon Band Accordeon Nights
Band, the Court of Directors—and in parti-
fleally,
of coursei Our Chief cular to Mr. Grayburn,
and Winterbottom; Manager-and to Firet
Hawaiian Love Waltz to those able col-
....Not Lane's leagues who have worked in, colla-
Hawalian Orchés.ra; Piano Solo boration with him-our congratula-
Chartle Piano Medley No. R. 10. Charl ons on the execilence of the results
Kunz, Vocal-The echo of a song... achieved as
the evidenced by
Turner Layton; Instrumental-My Accounts with which we are again dream-Waltz, The Bohemians; presented.
I would addVerily Moss rose-Waltz...The Bohematons; there are still giants in the land." Vocal Musical Comedy Requests,.. Les Allen and His Canadian Bache- jors: Orchestra-Jerome Kern-Med- ley..... Carroll Gibbons and The Savoy Hotel Orpheans; Instrumental --La Curridit
Argentina":
Excellent progress has been made in the settlement of
Chinn's foreign debts in arrears, and it that all Chinese loans Bosted in Lon- don, excepting the Hukuang Rail- ways, have been readjusted satisfactorily as enn be expected.
Cumulative effects of the great pro- I have referred to the good crops gress in the development of com. Some of the agreements made by
in China during the past year and 10 munications In China is now making; for the Ministry during the year
the Improved position of the export themselves felt, and the country is railway construction have been on a
trade, but when we turn to Manchuria being opened up in # remarkable comparatively short term and some-
China's Bgures lose by what uneconomie basis, but we un-
comparison way. Up there exports have increased no] While China's trade figures are derstand that the Chir
Chinese Govern ess
less than 42 per cent, compared with satisfactory, they lose in comparison ment argue that it is essential to
the
where the previous year, and the total ex-with Manchiurla's,
total whatever press furward on
pods from Manchuria are within 20} exports are now within 20 per cent, they can best obtain credits,
those of China. Manchuria's view is that many of their most per cent of those of China. This of
due to mainly
the internal conditions have Improved, serious problems will be automatical improvement is
better prices obtained for Beans but no noticeable benefit has yet ac- ly solved if means of communication
Bean products which actually provide crued to European or American ex- can be developed rapidly. It stands
not for short of half of the total ex- porters. to reason of course that the Govern-
ports. Imports improved by 14 DIT The situation in Japan does not ment will gladly avail themselves of
cent, and the foreign trude total of make for optimism, and person sounder and more economical finance about M.Y. 1,289 million is an easy trained in economics making
are as soon as it is available.
The adverse trude‡ gloomiest of forecasts as to the out- all-time record, balance was last year reduced con- come of the political, Onancial As regards the trade situation in way, but it is clear that Japan, trade situation of that country.
In Malaya, as in China, trade began Chino, the most significant change is unsible for about two-
thirds of Manchukuo's, trade, is still to look up in the second half of 1036. Customs furnishing extensive credits to that lo be noted in the
that and prosperts for the present year figures of the export trade which country. Internal conditions have are promising. Jast year amounted to $706 millions. improved, but no noticeable benelit, The outlook for the Philippine Is- This is 22 per cent higher than the
generally speaking. has yet accrued fo European or lands is,
good. year before and, excluding Man-
American exporters, and a fureign The boom in gold mining has been churin, the best result shown since exchange control law has increased coupled with higher prices for The 1931. Imports Increased $22 millions, traders' difficulties,,
main local commodities, In value, but this improvement was the entirely due to the higher rate of C.G.U. in terms of Chinese dollars,
The situation in Japan does not on which averaged $2.28 in
1936, as the face of it 10ake for optimism and against $1.86 in 1935. In terms of persons trained in economies C.G.U.. imports actually show a re-making gloomiest of forecasts as duction of 85 millions
the outcome of the political, financial The advorse trade balance was just
and trade situation as it exists at under $230 millions, which is the
present. It is Impossible to foretell lowest figure since 1810, when China how the political situation will deve- exchange was almost at its peak, and top, but we hope for the best. As
the ul it compares surprisingly with
when regards the budget, we must confess igure of $1,087 millions in 1931, when
to misgivings. But as regards trade, exchange was at its lowest point.
the
position hardly seems to warrant Any estimule of the international
pessimistic conclusions. Last year's balance of payments must, in view of the continued lack of reliable statis figures
it
of G.U.
which
GLOOMY JAPANESE OUTLOOK
are
fo
The world is emerging from its difficulties, and the Far East has come through better than many parts.
|EUROPEAN HOUSE speaking from personal experience
ENTERED
INTRUDER SENT TO PRISON
again showed considerable Lam Wing, 25-year-old unemploy- ties, remain highly uncertain, but the xpansion and compare very favoured man, was brought before Mr. W. ably with those of Many other Scholleld at the Central Magistracy have increased this morning, on u charge of being countries, Exports about 8 8 per cent., in handicap of tariffs and quelas, while ground flour, for
spite of the
the found in No. 7 Bay View Mansions, the purposes of the visible adverse balance of trade committing a felony, on February 26, is believed to have been covered by Defendant pleaded that he entered Invisible receipts. Shipping has been the house to obey a call of nature, very prosperous and the tourist trade
improved conditions in Malaya. the Philippine Islands and the Nether land East Indies are likely to affect remittances from overseas Chinese favourably, and the balance may well prove be in China's favour.
During the early part of the year trade conditions did not uppear to
The demand for Chinese produre remained steady and, added to this, the effect of the good crops, to which I have already referred, began to make itself felt.
BUMPER CROPS
apprehended. Nothing was
greater than ever. The drastic ex- Sub-Inspector H. G. Hailam, warrant any optimism, except as rechange control measures instituted e prosecuting, said that the complain- gards certain export commodities in January 8 of this year aimed at deal-unt, Mr. D. F. Davies, was awakened which America was taking an ing with the nervousness in the ex- about 5 am, yesterday by the bark- interest, particularly wood-oil, but change
market caused by the Ing of his dog. He got up and saw towards the autumn a definite chung unbalanced budget and the prospects the bedroom window open, but became apparent.
of heavy buying abroad to cover sceing
nothing there, went back to Army and Navy requirements. These bed. A little later, he was aguin measures should result in a better awakened, and on leaving his room, balance between imports and exports, saw his father and their dog but there are no indications of any struggling with defendunt, who broke serious check in the expansion of away and fled out to the small, gor trade throughout the present year. den by the house passage. He was In many parts there were, in fact, In Malaya, as in Chino, trade began there bumper crops. In The Yangisze to look up in the second half of 1934, stolen, added the Inspector but there Valley the rice yields were excep- mainly because of the better demand had been frequent larcenies among tlonaily good and have been estimated for the two chief products-tin and flats in that black, and only a fort- as 30 to 40 per cent, above the normal rubber. Prices have been at re-night ago, a larceny had been com- uvernge. The wheat crop, said to be munerative levels for producers, and mitted in the house of Mr. Kent. about 500 million plculs, was fair, the prospects for the present year are though not up to the best records. promising.
Schtence of three months hard The cotton crop passed all records by In the Philippine Islands political labour was imposed on defendant. a good margin. The production is conditions have been normal, and the estimated to have reached about 14 business community feel confident million pleuls of 133 lbs., which is that they will be able to operate over 3 million piculs higher than without legislative interference. The ever recorded in the past. The boom in gold mining has been coupl- acreage under production is furthered with higher prices for the main estimated to have increased at least local commodities, such as sugar, 12 per cent, over the previous, high coprn, and hemp, and as a result the mark. Much of the credit for the export figures have increased con- good cotton crop must be given to the siderably, while the financial position National Economie Council, a tribute of the Government has also Im- to whose work was pald' by your
proved. Chairman two years ago.
BOWEN ROAD CAR PARK
ROAD WIDENING SCHEME
Increased taxation on the The Government Is inviting ten- production of mines and on corporate ders for the widening of Magazine incumes may affect the importation Gap Road and the provision of a car of foreign capital, but the outlook is, park at its junction of Bowen Road. generally speaking, good.
The work comprises all the necessary OUTLOOK BRIGHT
walling, decking and surfacing for In conclusion, may I just remind Improving the road line and forming you that in times of difficulty wide car park, and widening the bridge, differences of opinion are to be ex- both with all necessary contingent pected in business circles; and more works. especially do bankers and their con-
The improved demand for wood- oil has made that commodity the leading one in the list of Chinese ex- ports, bealing all records both in value and quantity. Other export commodities show improvements, es- pecially tin, but one feature of the year is the trend towards menopolles and state control in the export trade, which is parily due to the conclusion stituents find points of disagreement.
Tenders are also being invited for
of barter agreements with foreign it must be remembered that the last the erection of a concrete structure countries, The economic wisdom of few years have been an exceptionally to cover an approach from Corinaught this
of course very doubtful, trying and uncertain period. polley is of
Road to the vehicular ferry wharf, especially in China were administra The world is now emerging from together with footpaths and other tive experience is lacking and other its difficulties. Some countries have contingent works. Internal difficulties abound.
come through better than others, and. The Import agures which I hove the Far East has come through better given might not seem to warrant than many parts. On the whole the of British trade, while continually much optimism, especially as 1979 outlook is reasonably bright, but Huming at upholding the world-wide analyals shows that in many cases is not safe to prophesy, what the prestige of British Bonking. where progress can be traced it was future
holds In store.
With these remarks, ladies For ourselves. due to purchases on account of the our desire and our duty is by colln- gentlemen, I beg to propose the Chinese Government. Nevertheless, boration with those of like mind, adoption of the Report and Accounts it is clear that far the larger part of ¦ whether in Ching or in the other ar presented, and after they have the drop-in-imports was in those *mtries "in"which" we operate; to been seconded I shall be pleased to goods which Chinn is well able to, work for a steady expansion of Inter- | answer any question that may and now is, producing herself in national trade, and more especially asked, to the best of my ability.
SYMPATHY WITH TRADERS Mr. Chairman, you have stated to-day that It Is the desire of the Bank to work for a steady expansion uf trade and British trade in particular-in the countries within which the Bank operates. In so far as this Colony is concerned-and I would amem that the sympathetic attitude of the Bank to traders and corporations alike, covering the past years of severe depres
depression to which you make reference has been indeed marked. Moreover, il bas
been sympathy of a degree not bounded by verbal expression alone, "but endorsed by the co-operation, and active assistance, of the oficials of the Bank. In this relation, I may add, many concerns which have, with the aid of the Bank emerged through stormy times of a severity likely to have swamped them-bear gratitude,
SIR ANDREW CALDECOTT
It is observed that close operation between Canton and Hong- kong is looked forward to, and I am confident that Shareholders heartily endorse your hope that the founda- tion laid by His Excellency Sir Andrew Coldecott-on the occasion of his visit to Canton-will, under the present enlightened administration in that Ctly, in due course support a of mutual understanding, ily and Foodwill of a strength us will be dimcult to demolish. His Exceliency's rapid advancement in the Colonial Service bears testimony to the
tact, abilly and administrative capacity which has been displayed the full by His Excellency during his brief term of office here. At the im- pending departure of Sir Andrew and Lady Caldecott the Colony univer- sally holds regret.
to
We have also suffered the loss of a staunch supporter for the promo- tion of friendly relations between Canton and Hongkong in the person of the late British Consul General, Mr. Herbert Phillips. In this
case also, no course remains to us but to adjust our sense of regret to a consciousness of gratideation at his well deserved promotion to higher office, and to
good.
wishes express for his future well being..
It is indeed gratifying to gather from your remarks that your diagnosis of the situation in the For East embraces confidence that the better conditions which have prevail- ed during recent months will proceed to greater improvement. In the realisation of such an enhancement we are assured that the Bank will continue in the forefront of trade expansion manoeuvres, worthily maintain the dignity and prestige of British Banking, and, in its opera tions, further warrant its description as "The corner stone to the fabric of Far Eastern Finance,"
In conclusion, I desire to express to the staff--whose excellence of service and loyalty are traditional- our deep sense of gratitude at their efforts which have contributed so materially to the eminently satisfac tory position displayed and
In the Accounts which are submitted adoption to-day.
With these fow remarks, Chairman, "I have great pleasure in seconding your proposal that the Report and Accounts as presented be
be
for
Mr.
VocalStardust a
t... The Radio Three; InstrumentalMany happy returns of the day; Orchestra-You Carroll Gibbons (Piano)
and His Buy
Friends. 9.05
London-News
nouncements.
and An-
9.25 London The Fifth Cricket Test Match: Australia v. England. A ball-by-ball commentary by Victor Richardson on the last ten minutes of the second
day, followed by a resume of the day's play by Alan From Melbourne (Electrical
Song Memories.
The little Dutch Mill (Freed and Barris),....Derickson and Brown; One morning in May (Parish and Carmichael); You oughta be in Plc- tures (Heyman and Suesse)..... Derickson and Brown; Musketeors Melodies (No. 1) ....The Four Musketeers.
A
10 p.m. London-Big Ben. Relay of the Dance Orchestra from (Continued on Page 4.)
accounts were
adopted.
The repor! and adopted.
Mr. S. T.. Williamson proposed and Mr. H. R. Sturt seconded that the Hon. Mr. S. H. Dodwell, Hon. Mr. J. J. Paterson and Mr. A. H. Compton be re-elected to the Board of Direc tors, and the motion was approved.
The Hon. Mr. T. N. Chau proposed and Mr. J. H. Seth seconded that Mr. John Fleming, C.A., and Mr. H. R. Forsyth, C.A., be re-ciccted auditors, and the motion was carried.
This concluded the business of the meeting.
Amongst those present were: Hon. Mr. J. J. Paterson (Chairman), Mr. G, Miskin (Deputy Chalimon), Messrs. J. K. Bousileld, A. H. Comp- ton, Hon. S. H. Dodwell, M. T. Jolin- son, J. R. Masson, K. S. Morrison. T. E. Pearce, A. L. Shields (Diree- tors) Mr. V. M. Grayburn (Chlef Manager); Mr. A. S. Henchman (Shanghai Manager), Mr. A. Morse i (Chief Accountant), and the follow- ing shareholders: Messrs. J. H. Taggart, S. T. Williamson, F. W. Stapleton, Hon. T. N. Chau, H. R. Sturt, J. H. Seth, F. Schreiber, D. V. Steavenson. Chun Wing-kew, F. C. Barry, R. A. Dastur, E. H. Summers, J. A. Plummer, R., B. Bancroft. Hon. A. W. Hughes, 9. H. Ross, E. Landale, J. Fleming, J. M. Alves, J. D. Danby, N. V. A. Croucher, P. S. Cassidy, Lo Kal-wing, Mrs. C. A. Marsh, Messrs. J. B. Montargis, H. Owen-Hughes, P. C. Potts, E. S. Abrahám, Chua Seng- choo, S. M. Churn, D. H. Cooper, Fung Kong-un, H. H. Forsyth, H. R. B. Hancock, Ho Wing, Lo Kal-wing. G. G. N. Tinson and Dr. F. H. Kew,
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