TUÉROKY, MARCH 2, 1020.
ΤΗΣ
· BRITAIN'S EXCHANGE
POLICY.
THE LISS Z∙F'IRE
PRI CIPLE.
On the above topic, the Hochl has the following
The
HONGKONG STOCK »
EXCHANGE.
HONGKONG tud (MARHO, 1990, OFFICIAL QUOTATIONS,
BATER
LIM
Sterling Krchange -3/5. T. T. Hongkong Banks, „B335 sa. ex div,
Manora IzzoNAWOMI.
Canton In
North China In Uzilon Los
Yangtera Ina. Far Easteről...
Frax InvokanoRK. –
M
$300 12..
18100
15 p.
- 1280 n. 7.18
wan
#
Chinos Tire Ina. ... Hongkong Fire Lūk, va
$138. D.. 900''.
great situa-
SHIP TENS.
Douglases
*ST ..
#90 b.
#90 m.
....215.
1250,-8.
>
Since it fell down to $3.60 in the middle of December last, says the Hecht, English exchange on América has never recovered. When the British Government gave up its war. time exchange, which had long been artificially mairaided at about $4.75, it was fearest that the rate of ex- change would be very unfavourably affected: but even the gloomiest pessimist did not think it possible that it would fall below $4.25. Nor was. there any immediate change. tion, however, suddenly changed - for the worse in or about July last, when America raised the embargo on gold. In August it was already below $425-point below which nobody had ever expected it to fall. In October the barrier of $4 was broken through, the larest rate being somewhere between $3.60 and $3.70 which represen's $1 25 or thereabouts below the parity of $4.8652 big collapse of about 26 per cent. [It has since declinedto $3 12.1 The price of the pound fell lowest at the time of the Napoleonic Wars as a result of Britain having been converted into a country of inconvertible bank notes. The depreciation of the pound went on for several years and it amounted to 25 per cent, in 1814 For the succeeding hundred years, however, this had been regarded as ancient histery, and nobody had imagined it possible for a similar event to occur again. However, the unexpected has come to pass. The pound has fallen even lower than at the time of the Nappleenic wars.
It is hardly necessary to say that this collapse of English exchange on America has a very serious effect on economic circles all over the world. But the most serious blow naturally falls on the British Government. As the loans raised by the British Gov- ernment in America for the sinews
total are estimated to
of war
$5 000,000,000, it will be necessary for Britain to pay interest thereon to the amount of about $250,000,000 which year -- a
£51,400,000 mean
સ
would
sum
con-
at the normal rate of exchange (54 $69), but which means £70.000,- 000 at the rate of $3.60. Thus, as a result of the depreciation of ex- change, the British Government will have to pay an extra sum of nearly £20,000,000 a year not a temptible sum in the present state of British finances. This being so, it may be asked why it is that the Bri tish Government takes no step what ever in order to improve the tone of exchange but lets it have its natural course and go down unchecked as straw if they did not care a about.the matter. The only answer to this is that the British Govern- ment wants the present rate of ex- chance to operate to the advantage of Britain's foreign trade. On the part of a country like Britain, which has enormous excesses of importe over exports, has contracted huge debts abroad and lost foreigh markets into the bargain, it is a wise policy to leave the rate of exchange as it is as a means of changing the adverse tendency of trade, redeeming her foreign loans and recovering her markets overseas, for the depreciated rate of exchange lowers the export price of English goods. As a matter of fact, too, this laissez-faire policy is steadily achieving the expected result, as shown by the following figures (in £1,000,000) representing Britain's import and export trade since July last.
Exports. Imports.
$5
153
July....
August.... 74
148
September
66
148
October.....
79
156
November ... 87
143
169
December....... 90
The success. of the laisser faire policy of the British Government in respect of exchange is all the more noticeable considering that such a remarkable recovery was effected just at the time when British indust ries were harassed so much by a succession of labour troubles. Another noticeable feature of this recovery of British trade is that British merchants have begun to make their induence felt again in the Far East. For. instance, the export of cotton textiles from England to Calcutta increased from 28,000,000 yards in July last to 52,000,000 yards in Sep- tember, and the export of the mer chandise into China increased from 33,000,000 yards in July to 45,000,000 yards in October. All this shows that the newmarket cultiv ated by Japanese merchants in the Far East and South
·Sea regions during the five years of the war is being steadily taken back by British dealers and this entirely because the Japanese-Governofent has acted on a mistaken policy in re- gard to prices of commanditics and allowed the same to bounce up to a pitch nparalleled in the world. Should they fail to retrive their error now, it is to be feared that Japan's foreign trade will sustain a serious check in the near future.
WALLA WALLA boats are now and fast. Get them at Blake Piec
H.K. Steamboato?" 100. Indo-China (Prof. Jun
Do. (DSE)
Bbell Transporte
Star Ferries
Rexx
China Sugars, Malabon Bugara
Momx4.
$298.
THE CHINA HAIT
BANES
BALERG
OF
TONGKONG & HEANGHAL THE MERCANTILE BANK OF OR CHARTERED BANK
F INDIA AUSTRALIA & 'CHINA;
INCORPORATED BY ROYAL CHARTER
BANKING “CORPORATION,
BANKS.
ASIA BANK
CORPORATION
HO
Fap or CAPITALMA "Bielave Force;—.
$1,000,000
114.000,00
HONGKONG.
Announces that the Italian Government Treasury have appointed them Fiscal Agents in China to offer
ITALIAN GOVERNMENT 5% CONSOLIDATED LOAN
Subscriptions open until March 10th for these bonds, issuing price Lire 87.50 plus interest.
"HEAD OFFICE :
NEW YORK.
OTHER BRANCHES:
$911 ..
F+
143 8.
SHANGHAI
PEKING
-140/- n
T: 19 b..
4
Kallan Mining Adóm.. Langkate
Shanghai-Loade S'haf Explorations. Faabi...
Tronch Minesim Ural. Caspian --
46. ....0/- D.
Docks, WAVE, Ganowna, dü
E&E. Wherts
H. & W. Docks
S'hal Dock.
New Engineerings. T
BANDS, Hora de Beylderon,
Central Estab Hongtong Hotels
Humphreye
Hongkong Bands
Kowloon Landa
Land Reclamations Weet Points
COTTON Muta,
Fwo Cottons
Enng Tika
tinn.
EXCHANGE,
Hongkong, March 2, 1990.
Bank, Wire
in
HANKOW
MANILA
TIENTSIN CANTON
CHANGSHA
10
Documentary 4 months' aight 5/-102
Credits, 80 days' sight, sec
On demand.
Wirs,
On demand:
*THE OHINESI MERCHANTS BANE, ITD.
*HEAD 'UFFIOR: Alexandra Buildings, Chater Road.
General Banking and Exchange bus.
ness transacted.
Loans Franted or approved securities Current Accounts opened and Fixed Deposits received at rates which may be sscertained on application.
The Bank la conducta a Savings Department.
*DONG TOY,
Chief Manager
Hongkong, January 3, 1920
TEI INDUSTRIAL" AND. COMMERCIAL BANK, LTD.
Sterling ... £ 1,5 1,000
4.
Silver
PROFESSORS servermarten:
1853..
www.t
HRAD OFFICE: LONDON.
INDIA, LTD.
HELD OFFICE:
$15,000,000
15, Gracechurch Breeb, London EC. 3..
£1,500,000
750,000
T55,700
| PAID-UP CAPITAL
£2,000,000
REAR FEND
£4,108,000-
750,000 RM LIABILITY OF
PROPRIETORS
*;
£3,000,000
COURT OF DIRECTORÜ : Fon. Mr. E.V:D Parr. Chairmand, A.H. Compton, Esq.-Deputy Chairman. JW. C. Boonar, Eq. | Hon. Mr. J. Hon. Mr & Main Johnstone, Dodwell, W.L. Pattanden, Eng. [C, &. Gubber, Faq. 1 A Plummer Boq, P.H. Holyon't, Esq. Ross Thomson, Esq.
at Owner"MayAQUET Hongkong-- N. J. STABB Ex.
(Chplnil Adfhnpfied sad Sub- scribed way t RT Find and Rash Ressere ability”of "Share-
holders. ... dem Lan
BANKERS;
The Bank of England. The London Joint City & Hidakad Back, Ltd. BRANCHES: Bombay Hongkong Shala Lamper Bangoon Calonho. Kamiyu. Saz-Tark. Dethi «Karachi SANTA PILI.
KERAERAL Singapore
-Kem Shoes Poet Loula Mauritius?
-Fondkara BraNGS. Every description of Banking and Exchange basizes trapanoted.
INTEREST" "llowed on Current.4.c. recante at 2 per cent par sadam on Daily Balance and on Fixed Deponte cat rates that may be ascertained, on
Shanghai-4, Q. NTEPHEM, Eəq
LONDON BANKEES. LONDON COUNTY AND WISTUINITIM AD appbation
PARE'S SAVE LOOTIN
CURRENTY ACCOUNTS oponed"and" FICED DEPOSITS received for one year or shorter periodi at rates which will be quoted on application.
N. J. STABB..
Chief Manager.
Hongkong, Marsh. 1, 1819,
---------
HONGKONG SAVINGS BANE,
THE business of the above Bank E conducted by the HONGKONG AND SHANGHAI BANKING OOR. PORATION, Rale may be obtained on application.
INTEREST on deposite is allowed on the minimum monthly balance at 3 PERCENT. per annum.
For the Hongkong and Shanghai Banking Corporation,
N. J. STABE
Chief Magager.
Hongkong, May 14, 1518.
1. 15A 1... SE
On London-
On demand...
11.
30 Dx
20 days' sight
1 manethe sight,
."
Credits, 4 months' sight,.
$107 K.
#115 b.
O Park-
#107 -
On demand,
$6.90 $
Credit the right,
1420
Jo New York-
$133
Cu demand,
$38 n.
On Bombay--
Wire, ...
... 915
MA
200
... 540 b
Ou Calcutta
T. 47 b..
415
Tunb.
Os Eingspore-
1330 b
On demand,
2434
H
T3+ BB
Ou Marlia
On demand,
194
On Shanghai-
CHINE:- (FRENCH BANK.
De demand
$6.90 b..
...$17.
In Yokohama
On demand.
mjb.
Gold Best 100 fine (per taal).
581 b.
84
$88 n. c r.
Hongkong, July 7, 2019.
J. UNANG LY.
Manig
3. 250, 00 000 F. 150,000,000 *** F. 13,000,000 SUBSCRIBKO, BY THE GOYIAN- MENT OF THE CHINESE HEFORLIC
134 D. $96 5.
SUBSIDIARY COINE.
F. 25,000,000
Hongkong 50 ccpts sub.
2% pm.
10:
11
1 x pm.
8. Y pm.
14
Lacu Kang Man T. 400 b. ex dir,
Orientals mold Shanghai Cottons
Yangterspoon
MISCELLANMOUS.
Cements
China-BorneoS
China Lights Old 7 & Now 250 ₺ China-Providents
Dairy Farms,
FK. Electrics -
Macao 1.
Hongkong Popes
10
++
H,K. Tramway Pesk Tramways (Old)...$6.90 3
do
:(New)
Stasm Laundries
H.K/Steel Foundry
Water-bosta ne
Wax***
Wi. Powelle
$92
30 days' sight(private paper)..nom.
209 28.60 Roverslztis (Bank's buying rate) | 3.50 n. Silver (per on.)
Chinese cring
Bar Silver in Hongkong Chinese Copper Caan...
21% pm. 37%... 5% pol
to 80 m.
#ah be
$10.4
#19.b.
L
10 b.
Chinese Copper Centa Rate of Native Interest Chinese Sub. Coin
we
7% p.3. 17 pa
-- $13 b.
Hongkong Sub, Coin -
par.
827 tie
DISTRIBUTING AGENTS
for
CLAUDIUS A. ASH'S
and
S. S. WHITE Mfg. Co's
DENTAL GOODS.
Complete line of Dental Supplies and Instruments on show at
THE SINCERE CO, LTD.
(Dental Supplies Department.)..
Branch at YAUMÁTI.
Tel. 1967/8.
A World Message
UST HAVE
LEA AND PERRINS
---
ORIGIN
WORCESTERSHIRE
DONT
SEND IMITATIONS
Head Office: 8 Bes Forer Boad, Central, -- Hankow Besuchs Baetsar Counica DOMESTIC & FOREIGN BANKING.
SERVICE PROMPT.
C. L. SANDES
Seting Manager..
7 Queen' Boad Central Hongkong, December 11, 1919.
THE BANK OF CANTON, LTD
BRAD OTTEE FOSCIUNO.
Estarem. 1912.
Paid-up Capital Becarver and Undivided
Pronti...
FOREIGN EXCHANGE and General anking business transacted.
CURRENT ACCOUNTS opened and FIXED DEPOSITS received far 1 year or shorter periods at rabes which will be quoted on application.
J. L. CROCKATT
Manager.
Hongkong, January 1, 1980.
THE BANK OF EAST ASIA, LTR. #
HEAD OFFICE: No. 3 Queen's Bond Central:
Pain-Er Curl -- Beach Frys,
Mr. Chow, these
$2,000,000.00 200,000,00
Mr. Pong Wal. Ting --Chairman.
PTS VON CHINK MY M. Kon King is,
Mr. Là Koon Cars, Me. Fong Hing Ch.
1. P. LIk
Mr. Wong Yu Tong 1. The Ching
Mc, Na Chang Luk..
User Manada ABT. MANAGER
Kan Tong Po, Esq.,
Lễ The Fong, Es
$3,000,000 stad. Loans praated an approval
500,000.)
FOREIGN EXCHANGE Gand Bard Banking Bushions transact
CURRENT ACCOUNTS opead and FIXED DEPOSTIS" Radelvid
For
INTEREST ON FIXED DEPOSITS.
Months 17 per annum. for 6 Months 4% per annum. For 13 Months 44% per annum. LOOK: POONG SHAN,
--Chist. Managed ( Bongkong, March 10, 1918;
| BANQUE INDUSTRIELLE DE THE BANK OF CHINA
Current, Savings and Fixed Deposite bear Interest at Batca 2%, 4% 6%, AUTHORIZED CAFFAL respectively.
SUBSCRIBED CAPITAL Inquiry on our SPECIAL SERVICE 20 will be welcomed.
THE CHINA PROVIDENT LOAN. AND MORTGAGE CO., LTD.
(Capital Paid ap- $1,350,000.)
Late Mortgage «! Homme Property, ka, Glenda renatred on Stossge Bu Advance made ou Marchandi
Low made on the Provilest Britare.
TRUSTEL KLECUTOR OF WILLA, ATTORINY, ds. Undertakan kat Exacić.. Hata and Pařttégia to su agadir.3000)
To the Offs. al
SHEWAN; TOMES & 00, Giners! Mamagert.
NOTICE.
Chairman of the Board
of Directory.....Kndre Barthelot. Goners) Mariage AniJ. Pernothe.
EKAD OFFION:
►
74 Buc Saint Lafare, PARIS. 1. BRANOHLE MARSHILLES, FEKING.
BHANGHAI, «
TIENTSTS,
HANKOW BONGK SINGAPORE, FLANOL
CANTON, HAIGON HAIPHONG,
VLADI
BANKERS:
FOOCHOW
AWATOW,
In TBANDS: Boclive Gentse pour lavórlier la "Développehində da Omerce et de l'Indario en
In LONDON: London Joint City a
Midland Bank, Lad. In NEW: TORX Redmond, Co.
Gerremondents to the Cult Com- EAK TRAMWAYS COMPANY, mert Centres of the World.
LIMITED
TIME TABLE
WERK DAYS.
7.00 a.m. 1o. 8.00 am...Byury 15 muko trase. 8.00 to 9.30 Ery 10 mins. 9:30 5mx 11,¶ “Zvgy 15 minuter. |11.30a.m. u 12.20 p.m.. Ayszy 16 minuted. 12.30 pim. to 9:00 p.m... Entry 10 minuter. 2,00 pm to 5.00 p.m. Eviry 15 mifenden, 6.00p.m.10 8.00 1. Eaty 10 minutos,
SAM NIGER, OB
8.80 pin, 9.00 pm2, 18 #? p.m.;
6.30 pm to 11.20 p.m. Every 30 minuter
13.15
7,50
BATURDAYS.G
EXTRA CAR-12midnight.
BUEDAYE.
- 8:00 am to 10.30 am.Brery 15 minato 10,80 x;m, En 11,00 a.m...Every 10 myster. 11.30 a, m, bo 13, noon in Avery 15 mhites, 11.00 noon bo 1.00 pm. Evry 10min. 1.00p.m. 5.30 pmvery 15 minute: 5.30 p.m. bo 6:00 pm „Ersży 10 minsker. 5,00 €20 pm...Bray 15 ming bar, p to 8.00 paray 10cientes, NIGHT DIES 1e on Wank Days,
SPECIAL CARS by arrangement at the Company's Office, Alexandra Buildings, Dee You Bond
Central
Telegraphic Addrome: OHIBANKIND
Interest
Chrzani subsccons and Fixed Depoelja in Local:Curzios and in Gold, "Terms, un! application.
Every description ci Baking and Bachane business teangachęć, k
'Epecial facilities for French erdhang.
BOUET DE JOURNEL, Manacor Hongkong February 4,1920,
FEDERLANDSCHR
6 * * *
(pecially authorised by Presidents! Mandate of the Republic of Chim on the Land of November, 1917);
Authorised Unpfial Paid-up Capital --- Reserve Fundamenta
tritis,
For
For
Katarese, alkatred on Dukhibe. Hepooči Asorash 29 12* 1944 st 270, par un pez basen, and we Find Beyond be at be following FALAR 19
mostbeat thints of 32 per sKPRIL) mouth at the zake of 4% þar komen. For 12 months the rate of 5% par VIP ALBU
KAN TONG PO
Chief Marcs. Hongkong February 18, 1930.
BANQUE DE L'INDO-CHI
(FRENCH BANK).
HMAD ORION
15. Rae Latte, Parla Cap. FT. 48,0OM,QOD Heserve 11 50,000,000-
KRAKOHES-au AGRANCE -
"Hasina Ba
FOTOALTH
· ŠIRILIKÁNG Monosti SARGAI CANYON MOUNLA SIERADERA
PARDO Tortos
DJcom
HAIPHONG TRAIN TOXINS
PRE-PIX YEARSTORICOK FORDICHRY
BANKERS; ".
KATOT
TM: FRISON Comptote Nations d'Escompte de Farhi, Credit Lyonnais, Banque de Parle et des Pays-Bas, Credis Industrial at Cămmercial; Socles: Generale
IN LONDON The National Frovincia. *Union Bank of England, Ltd., Comp 2,197,400.00, 2 National Racompte da Paris;
Credit Lyonnais
HEAD OFFICE: PEKING.
HONGKONG BRANCH /21, Connaught Road, Central Branches and Sab-branches all over China and Corres- pondents in San Francisco, Singapore sad Tokyo
IN NEW YORK J.P. Morgan & Co.
' '
Laseres allowed on Carrer Accounte and Fixed Deporta according to
angecil -Every-description of Banking and Exchange Business transacted.
.L. BERINDOLGUE,
Manager.
Hongkong. Dec. 1, 1919,
Londen Bankers :-The National Pro-
vincial and Union Bank of England TEK YOKOHAMA SPECIA
Ltd.
New York Bankers :- Irving Trust
Company.
BANK LTD.
Merantauwen 1889,
Áramortemu OLPIHAK Yen 100,000,000.
Interces allowed in Current Accomm PAID CAPITA and Fixed Depodía.
BALERTS YORD
$1,000,000 35,000,00
Terms on application.
Every description of Barking Business. transacted,
Loans granted on approved securities.
Special facilities for Home Exchange. Interest on Fixed Deposits at the following rates:-
For 3 months-3% per annum For 6 months-4% per annum For 19 months-3% per annum
M
Haï O-YOKOHAMA. BIANCAMANİ AĞxxom ar
NEWCHWANG HзW.Xo
BATAVIA BOMBAY Buazos &TRM
ОТАРА
Priu
BATTOOS
OSA 445 U DARAN (DALET)
BAN FRANCIS00
FRBORILE (MSDS)) 'Branzen
BAJKAW
Bon
|HARSET
KAYOX
BKAZUKAI"
TRUYER PEL,
Manager, Hongkong, 7anasry 24, 1910.
USERANA KA
Borz Lanzén
3
HANDEL
LOF ATUIDE Tran MANERA
ZOLTO
AATSCHAPPIJ.
(Nazsentando Triving. Society)
EviaBlizwa 1824.
Authorised
}P.100,000,000 £8,323,132 Capital Paid-Up Capital F. 80,000,000 £8,658,808 Recurve Fund... F. 14,192,545 £1,115,679 Special Benerve. F. 17,000,000 £1,416,680 HEAD, OFFICE5-Amsterdam.
? Branches at The Bagno
Rotterdam HEAD AGEN OY-Batavia,
Branches:
/Fontianak
Bandiermarin
Bandoeng
Cher bon
Djember: Djokjakarta
Seacon and, panola baits avaliable for Kote Radja al eats, not already fall running the Langsa dims stated in the Company's time-tables, Macassar but not for special, car, can be obtained
Med on appliosion as the Company's Office.
Padang No, Soon akob will be fanned until
Palembang payment therefor has been made in back Nolos or by, Cheque or Compradore order rerapenting Bang Notre
JOHN D. HUMPHREYS & FOX,
· Guanral Managers..
TAIYO & CO.
BOOTS AND SHOES. KP MADE TO DEDRA
Rangoon
Bomarang
Shanghal
Bingapore
Boerakarta (Bolo)
Tebing Tinggi (Del Tegal Telok Betong
Zillatjap
altovreden
Correrponden a tombay, Cestaba, Madras, Pondicherry, Calcaria Bangkok, Bigon Haiphong Hanch seo ohg hams, Kabe, Melbourne, By day, 50 York, Ban Francisco #e, Fe
THE BANK 02 TAIWAN, LTD, (TARWAN CHINES).
INCORPORATED BY `ÉPECIAL IMPERIAL CHAZEIR, 1809.
Capital Subscribed... Ten 90,000,000. Oarital (Fall-up) - Becerre Funds in
*
M
HEAD OFFICN ;
· TAIFRE, FORMOSA,
„BRANCHES ;
Tokobama
JAPAN-Tokio,
Kobe,
Caka, Moll FORMOSA-Giran, Kagi Karenko, Keelung, Makang, Nanto, Pinan, Shinobiru, Taichu, Txinau, Takow, Tapsul. Tolved, Ako CHINA-Shanghai, Hankow, Kinklang Foochow, Bwatow, Hongkong, Sings ugkok,
Soerabaya, Bemarang. pore, Batari Bombay, London, Fork
OTHERS
LONDON BANKERS: London County Westminster and Parr's Bank."
KAMALAY
TUZANTO
VDADITOSTOCK TIMOTAD
Interest'allowed on Current Accounta Depoel recolved for fixed perioda sa rades to be obtained on application
G. HASHIDZUMÉ,
Manager Hongkong. Dacomber 8, 1919"
NOETH BRITISH AJMERO
INSURANCE 00, WHICH ARE TESTED, AND CELEME MA THE CONAN MARIND INSURANCE COMPANY, LTD.
THE RAILWAY PASSEGURES
ASBÚRÁNONDO,
TOTAL FUNDS M Bin December, 197
£22, SIG, BET, I-Authorized Capital £4,000,006:
Babacz:bed Capital 24,000,000 Paid-up Capital secondaria da ** 11-Elre Fande |111-Life & Annuity Funds ... 11).
Bloking Fund Account
Bevenus Fira: Branch. ON T
w Life and Annuity
London Bankers: The National Pro-The Bank has Correspondents in the vincial & Union Bank of England Comarcal Centres in Europowa Con
Vinenty Rassing Manchuria, Tsingtao, Revenne Markus Deyartment... Limited, Kee Japan, Indo-Unime, Bium, Ladis Philpolsa Caber Faceplates had a
Tba Banki boys and galla and recolyan | Talandi, Java, and ota ́t Dutch Indies, for collection. Bula Col-Exchaönt, firarı | Austmalta. Amperion, Africa, da se d letters of credly on. Ita bezINSENGG --interest allowed on Carrant Accounts, Correspondents in the Easty on the land, Fixed Deposity at rates which will be Continrus in Grows #diala, Assador quoted on applications
- krustness of evory demerfvitan. A
* Manager, Hongkong Bapt 22 1018
***** SEIZO KURDQE,"
Manager, HONGKONG ARANCEL 12
Des Voeux Homes Central, Hongkong, o rember 1, 1919
"Bronhitre paysaninly myacinty-nik.
deb dl. ParllipENT, WE DES; RECO “kie 'olatzen zoday tha Bespmotive, Emmi? ments of kha'Companya Huviram, "/
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