1925-02-21 — Page 10

THE CHINA MAIL EXTRA

HONGKONG,

SATURDAY, FEBRUARY 21, 1925.

FINANCE IN THE EAST.

SILVER & GOLD MARKETS REVIEWED.

· HỒNGKONG" BANK MEETING.

premises have been completed, London Money Market. record is one of flood, famine and

TRAGIC TALE OF INTERNAL STRIFE IN the Yokohama disaster, we have

CHINA..

4

war and the

V

are taken without delay to safe-ever, by the loyal co-operation of and our new. office buildings ati Conditions in the London Feivil war. Rains of exceptional guard the collection of sult dues. every incmber of the staff. not Calcatta, Singapore and Hal-money market were again Com-severity during that month In- The nequiescence of the Powers only at the Bank's Head Office phong should be finished early puratively easy throughout the undated vast tracts of cultivated in the assumption by the military here in Hongkome but also in the this year. "With the exception of year. There was, no change in land in the Northern Provinces commanders of complete comina pratiches and agenches in ali furent the new office we are building at the Bank of England rate which and rendered homeless and desti- tion over the warious. railways, parts of the work, that we arét Tientsin and houses, for our remained at. 4 per cent.. but the tuto village communities estim-built with foreign capital and for able to place before you the results | Agents at Tientsin and Amoy, our discount market, after rulingated at 30,000,000,

which the inilway revenues Torm (we have to-day, and 1 pin sure that building - programme is nearly about 1 per cent. below Bank rato The outbreak of civil war in the the security, has also been much shareholders, will approve of the completed. In Tokio where, since during the first half of the year, autumn in the vicinity of Shang-criticized. Certain it is that the bonus of 1 per cent, it is proposed

firmed up to 3.5/8-8.8/4, und hat was followed by inconclusive Chinese merchant class, no less to pay on salaries bcon represented by one of our this level was maintained for the fighting on a large scale in the than. the foreign community, staff, we recently opened our own balance of the year, thus showing neighbourhood of Shanhaikuan. would have welcomed any mea-of the report and statement of I beg to propose the atletion office in suitable rented premises, the Bank rate was fully effective. Treachery achieved what actual sures calculated to prevent the accounts, After the proposal has

While money

was in better warfare failed to accomplish, and disorganisation of the rallways been seconded and before placing "Depredations" By Military Leaders.

ĥ Silver Fluctuations.

demand than the previous year the defection of one of his most which followed on military control the motion before a meeting. I 1921 was a year of rather more the supply was ample for all re- powerful commanders brought and mismanagement, and the in-shall be pleased to quater to the REMARKABLE SPCCESS OF CUSTOMS ADMINISTRATION. pronounced fluctuations in the quirements, and there is no doubt about a debacle of Wu Pel-fu's calculable losses to Chinese and best of my ability any questions. price of silver than its predeces-about the resources of the money farces. With the eclipse of its foreign business interests which which shareholders may have to World Trade Conditions, the gold and silver markets, the sor, the highest point touched market being sufficient to enable principal supporter, the collapse have been the inevitable "conse- ask. „prispeets of peace in China, "depredations" by military leaders with being 36.1/16d. in October and London to maintain its position as of the then Central Government; quence. 'particular reference to the salt fax, and the "courage with which the lowest.31d. in December-a | the chief centre for the finance of speedily followed; to replace it a

Seconder's Speech. From an undeniably gloomy. Japan is facing beg particular dificulties" were the principal ques range between maximum and International trade.

Frovisional Government Was picture it is agreeable to turn to

Mr.. WE F. Shenton in second tions discussed in the Chairman's Speech at The annual meeting of minimum of 4.9/16d. as compar Foreign and colonial Loans established by the winning side an invariably bright spot on the said Mr. Chairman and the Hongkong and Shanghai Banking Corporation held in the Cityed with a maximum of 33.11, 10d.. issued in the London market under the leadership of Tunn Chi-horizon of Chinese affairs, In

Gentlocker, Hall at 11,30 o'clock to-day.”

a minimum of 30% and a range during 1924 amounted tojui.

This Government, recog-.

We have listened with particular The loss sustained by the deaths of Mr. A. G. Stephen, late Chief of 3.3/16d. during the previous £131,938,626 against £129,295,643 nised informally, by the Treaty spite of the tale of foods, famine, terest to the Climan's very

civil the previous year. Amongst the Powers as the de facto organ of strangulation of trade reported looked forward in business Manager, and Mr. E, G, Hillier, laté Agent in Peking, were referred | year.

virtual tucid speech which is always "Notwithstanding the comple- foreign issues is included the government, had shown little from many centres, the figures of circles and even in ligner circles to with the deepest regret,

The chime in neighbouring provinces again received trenchant tion of purchases under the Pitt- Japanese Loan floated early last evidence by the end of the year the raritime customs revenue for as one of the outstanding incidents the Customs being held up as an example of how a greater measure silver was maintained last year at sion and Redemption of the out. confusion into which the country Haikuan taels 6,050,000, or, at a We hasten to join with you in criticism, the remarkable success achieved by the administration of man Act, the average price of year for the purposes of Conver-of capacity to deal with the dire the past year show an increase of as one of the of esperforeign view and assistance, might be employed with a substantially higher level than standing balances of the Imperial, had been plunged. Though it

in 1923. due largely to European Japanese Government 4% per assumed office on November 23rd, somewhat higher average of your sorrow over the great losses julvar Lage,

To labour Unions acting under Bolshevist influence were continental countries coming out cent. loans, first and second nothing effective had been accom- exchange, about £1,700,000 over you have sustained by the deaths attributed much of the disruption of South China, and the as buyers instead of, as in recent series issued in 1905; and to meet plished by the end of December to the previous highest collection, of Mr. A. G. Stephen and Mr. E. G.

which was that of 1923. expenditure for reconstruction free the railways from the

Hillier. mlvisability of China disregarding the advice of "foolish agitations, yenis, sellers of the metai,

The total amount of silver im- work necessitated by the disas incubus of military interference by the capable and conscientious known to most of us, not only by.

The remarkable success achieved. Mr. A. G. Stephen was well so frequently raised by misguided extremists" was referred to.

"Undeniably, glammy" was how the internal affairs of the country ported into India and China dur: £25,000,000 was issued in London Tientsin remained paralysed by administration of the Customs his reputation as a banker and.

earthquake in 1923. The trade of the great part of wolle referred to, the record from July onward being described using the year WIN.. standard ane, "food, faming nak civil war." Whilst it would, hardly be said ounces - 169,750,000 ugainst and U.S, G$150,000,000 in the suspension of goods traffic, might well induce China to dis-nancier of outstanding ability, tant the cutbook was brighter there were, however, signs of increase standard ounces 180,500,000 in America, and met with great suc and grent inconvenience to indiregard the foolish agitations so but personally as a hospitable host ing confidence among the Chinese cómnianity, which the Chairmar | 1923. Of this total, China iscess in both markets. While, no viduals besides serious commer-frequently raised by misguided and friend, furthermore as a man.

estimated to have hoped presaged better times ahead.

absorbed doubt, sympathy with the Japan- ciat loss, has resulted from the extremists, and employ a greater whose opinion on any subject was standard ounces, 61,750,000 as ese in the disaster, they had stoppage of coal deliveries in measure of expert foreign advice worthy of the most mature con-

and assistance in the increasingly sideration. compared with standard ounces suffered played a part in the mid-winter."

The year thus closed with no difficult task of debt consolidation. 34,250,000 the previous year success of these flotations. I think

The potentiality of China's From the figures it will be seen the favourable reception of the definite grounds for anticipating that the total amount taken by Loans was due to the courage that speedy means could be found trade is almost boundless, and, these two countries represents a with which the Japanese faced the for the restoration of peace and could she be induced to set her large proportion of the world's situation md the confidence felt for creatly a form of government house in order, the revenue result- output of the metal, estimated for in their ability to surmount their of sufficient stability to preventing from an adequate incrense in 1024

difficulties Importations for further outbreaks of civil war. the Custom tariff should furnish purposes of reconstruction have The problem is admittedly both a solid foundation for the solution 265,000,000.

thrown the balance in the Japan- vast and difficult. The revolution of this urgent question, ese exchange, which dropped of 1011 tore up the roots of the below 1/4, say, about 33 per Imperial regime and imported into cent below the gold parity of the the Chinese body politic western countries, and already consider has a long and dif- ideas of democracy, which the The report and statement of able purchases of silver have eat to re-establish its cur- experience of the past decade has

Merabers of the Court of Peking. He achieved an unique Directors supporting Mg. W. L. Pastenden. The Chairman, were Air. 3, P. White, deputy Chair man. Messrs. J. A. Plummer. GFM. Young, A. H. Compton, W. H. Bell, 7. t, Weall. Bon. Mr. 4.0. Lang,

Hon. Mr. P. II. Holyoak. Messrs. B. D. F. Beith, and A. II. Barlow (Chief Manager),

Shareholders present were:- Messrs. F. Pentycross, G. B. Dunnett, W. E. L. Shenton, C. A. Hooper, Chau Sin-ki, E. A. Ram, J. Arnold G. E. Towns, Wm.

position as trusted councillor of both Chinese ani foreigners. while the monumental work he accomplished, although handi- rapped for intny years by total Bindness, will long survive him. The directors, wish to avail themselves of this opportunity to express, on behalf of the share-. holders and themselves, their ap- preciation of the great services of these wo gentlemen and the deep grief felt at their death.

at

standard

Ounces

With more settled conditions in Europe, the need is being felt for an "increase in the depleted metallic currencies of the various

trous

Position in India. Advices from India report a antisfactory year in exports, the country's principal products find ing good markets abroad. The finance entailed was handled by

his services were sailed for in In the public life of this Colony, every capacity and willingly given" both in the Councils a stron them.

A long and active career has been terminated all to soon, thas depriving him of enjoying in retirement the rest which bo so richly deserved and had so faith. fully earned.

Mr. E. G. Hillier was not so well known to the individual but had an international reputation as a banker, and financier. His great courage in. carrying out bis, duties and his great services to the Blok whilst

Anderson, Paul Lauder, Mok Kan-decounts having been in your fbeen made for coinage. It is not rency on the former gold basis, į prove to be totally unsuited to the Exchange Banks without many sang, the Hon. Sir H. E. Pollock hands for some days, I shall, with possible to estimate at all accur. And there overy must necessarily Chinese needs. The Republic of the much difficulty. thanks to the labouring under tire physical.

read.

dictator. It

K. Messrs. Chan Shu-ming, your permission, take them as ately the amount of silver requir.be grad but once a start on the past thirteen years has now in its

ed to build up these currencies, upward side is made, confidence turn been overthrown by the policy of the Indian Government disability will keep his memory 6. S. Afchbujt, Chan Tsum-nim‚Â ̈

The year under review has but it is likely to be on a scale will be ins red and Japan should events of the recent war and the who, by buying Sterling on a large green for many years to come. Davison, C. E. Beavis, O. 1. Ellis, been even more difficult than its sufficient to be an important fac-have no dizulty in obtaining fur-establishment of the provisional scale from the Banks, greatly His familiar figure in Pekin will Lo Chung-wan, Lido-kwai. F. M. immediate preddresses, but in tor in the silver market for some ther: assistance in foreign money government under

assisted in providing the neces-be remembered long after con Crawford, B. A. Hake, W. E. van spite of this, thanks to the sound time to come. During the latter markets in aising the loans noed-is impossible to forecast the next

sary funds,

temporaries of his have ceased to In the absence of Government live. Eps. 1 M. Alves. Lee Coon. basis on which our business has months of the year India was noted for the purpose of reconstruc-development.

been built up, your directors are a keen buyer of the metal, due, notion

measures.to ensure a fixed rate of Past experience has taught us

Turning to the Bilance Sheet. if the gratifying position of being doubt, to the large demand for It is hardly necessary for me the futility of expecting much exchange, the Sterling value of we have presented to us a financial able to place before you gold. This demand for the pre- to recapitulate the many obsta- from the good resolutions of re-fairly wide fluctuations. A steady subject for mutual congratulation the Rupee has been subjected to statement, which can only be the balance sheet showing resultscious metal is not surprising inches with which business in South form announced at their inception exchange would appear to be to and satisfaction.

Chiria has had to contend. by successive Chinese govern the benefit of the trade of the

1. F. G. Nicholson, A. V. Apear,

1. M. N. da Silen, R. A. Dastur,

Kon E-suen. S. W. Churn, G. B.

Larion, W. Adaris Oram; A

Murdoch, K. S. Morrison, the Hon. which they have no doubt you will view of present level of India Firacy, brigandage, sporadic warments, whose plans, in this direc] country, but there ure.so far no in deposit and cash in hand is

filled.

After 35 years' work in the Bank's Eastern service, which in-

918.92:

Much

•

year with no trepidation but an- We look forward to the coming ticipate that the Bank's diamond

Mr. 11. W. Bird, and Mrs. Bird, concur with them in regarding as exchange which enables the

Althoughthe substantial increase Mesars. F. W Ellis, F. E. Ellis, very satisfactory.

Indian natives to secure gold on fare, heavy taxation and generally tion have invariably been abandon-indications of this desideritum, possibly strongly indicative of P.g. Cassidy, A. E. Edgar, Sir Including $3,379,314.45 brought cheaper terms than ever before unsettled conditions in Cantoned when the magnitude of the task Sanders, Messrs. Fung Kong-yuen, the result shows a net profit of change at 4, it took 15 Rupees to have combined to make co-least note with satisfaction that shows signs of improvement-the represented should be circulat Robert Ho Tung. Dr. J. H down from the preceding year, In pre-war days, with Indian ex- and the neighbouring provinces, was fully realised, but we may at being attained in the near future, trade conditions in the Far Easty

Trade in the Straits Settlements Inasmuch as the money 30 W. Van der Steen, P. V. Botelho, $16,388,882.01 as compared with purchase a sovereign, whereas at merce difficult, and niness in the Chief Executive has in-prices of tih and rubber, the two ink D. J. Lewis, D. O. Stevenson, the net profit of $16,583,873.40 the present level of Indian ex- some lines, notably piece.goods

for trade "purposes, yet, Max. A. Remedies, Professor for 1923,

change, approximately 1/6, and and general imports, has been augurated a representative Re-

chief industries, have advanced the profits for this year, C. A. Middleter Smith. Mr. and After deducting the interim sterling exchange with Amerien much restricted. It would be organisation. Conference as a first considerably and now stand at a as compared with last show that,

step towards unification of the Mrs. J. H. Taggart, Messrs. Fong dividend of £3 per share paid in at 4.76%, a sovereign costs only rather overstatin the to say country on a broader basis than profitable level for producers.. notwithstanding the very un- Lang. John Fleming, C. August last, viz.: £480.000 at about 13 Rupees 10 annas. that the outlook to-day is

1924 was a favourable year for favourable conditions of trade, the Blason, T. H. R. Shaw, Mok Man- †2 ́4.5/8 $4,024,454.15 and Should Indian exchange be main brighter; there are, however, in- has yet been attempted.

must depend on the spirit in which good and disposed of profitably;

carning power of the Bank is by the Philippine Islands. Crops were thec, C, A. da Roza.

$50,000 remuneration to directained at 16 when the pound dications of increasing con-

no means diminished. fors, there remains for distribu-sterling is re-established on its fidence amongst the Chinese-com- her a genuine desire is shown, to the resulting prosperity being re-

this conference meets, and, whe- The Bank's Loss, The Chairman said: Gentle-tion $12,309,427.86 which, with former gold basis, the value of amunity, which, I hope, presage men, before proceeding with the your approval, it is proposed to gold sovereign in India will be better times ahead in the not too fchieve the practical results which fected in a considerable increase

in imports.

jubilee will usher in a substantial are within its power," instead of under 13 Rupees 6 annas--a price distant future business of this Meeting, I would deal with as follows:-

With trade in a healthy condi- revival in genuine mercantile refer with the deepest regret to

Pay a final dividend of £3 per which might bring out hoardings Had it not been for the severe weating grandiose schemes im- the losses we have sustained since

share and a bonus of £2 per of silver for exchange inte gold. summer fgode in North China Possible of realisation. The true tion and a good rice crop in view, trade in the Far East and a we last met, through the deaths

share, subject to deduction of In the circumstances it seems pes, and the set hack due to the out friends of China can only fellow the outlook for the coming 12 steady progress in the prosperity of Mr. A. G. Stephen, our late

income tax, together amount-sible that we may see a falling off break of actius hostilities in the the conference with anxious and months may be considered as dis- of the Bank.

tinetly encouraging: i

The proposed bonus to the staff Chief Manager, is Mr. E. G.

ing to £800,000 and payable at in the Indian consumption of sil districtsound Shanghai and sympathetic concern, and sincere

Rice crop prospects in Burma, we heartily agree with us a re- Hillier, our fate Agent at Peking,

2:33 +4, absorbing $6,913,-ver for a time, though I venture Tientsin in autumn, favour desire for its success.

Indo-China and Siam are good, and cognition of their continuous in- both men of transcendent ability Transfer to silver

to think it will only be temporary, able trade conditions might have

Salt Revenues.

satisfactory increases in the dustry, hard work, and loyal co and the highest integrity; their

as India pust continue to be a been reasonably expected in those During the recent civil strife, j'amount of rice available for export operation. death leaves a void in the ranks of Write off Bank pre-

reserve Fund....$1,000,000.00 large absorber of silver, the more important centr

the practice on the part of the from these Countries may be con- It was with particular pleasure precious metal being too expen- the foreign community in the Far

But with trade very much re- provinces of sequestrating the fidently anticipated. The welfare we listened to your laudatory Enst, which will not readily be And carry forward

mises account 1,000,000.00 sive to supply the needs of the stricted during the last four or Government salt revenues, which of Siam, especially, is so largely appreciation of their services and

poorer classes.

five months, 1024 was not on the

was already too prevalent, was dependent on the rice crop, that work which we know are so well to the current

The amount of gold available whole a satisfactory year for the widely extended, being adopted by all those interested in that coun- merited and it is our wish cordially year the balance

for sale in London for purpose of Chinese or foreign business the various military commanders, try will welcome the prospective to endorse your remarks,

·:" “、 ་ . 3,390,508.04 | export is limited to the amount community,

both antagonists and adherents of return of more prosperous condi- success of the Bank is assured.

It is by such efforts that the our Shanghai office from 1011 to at which our pound assets und market is a narrow one. During The rate of exchange, 2/3.3/4, imported, and to that extent the

Your building programme bas 1020 Mr. Stephen, was appointed abilities have been converted recent years gold has been treated in China during 1924, it is dif¡ providing for the upkeep of their tunity of expressing appreciation all along received our approbation

In making a review of events the Government, as a means of tions. I would take this oppor- Chief Manager at the end of into dollar, and the silver assets as a commodity in Great Britain, icult to avoid repetition of what

of the excellent work of Mr. not only as a material token of the 1920, During his 3 years' tenure of that very responsible and liabilities into pound, being and this will continue to be the was said from this hair last A very appreciable portion of W. J. F. Williamson, who is short- and onerous post, the Bank's approximately only per cent. case until such time as the em-year. The tragic tale of internal the serious decline of $0,000,000 ly retiring, during his long tenure prestige was still further en lower than the rate of last year, bargo against its export is re-strife continues.

in the pet salt revenue collected of the responsible post of Finan accumulated resources but as an ci Adviser to the Siamese outward and visible sigh of hanced, while the results achieved may be taken, for purpose of com- moved and the currency During the earlier" months of during 1924 as compared with during his all-too-short term of prison of the figures with those established on is pre-war gold the year, interest was focussed 1923 attributable to these de-. Government. His successor, Sir the greatness the Bank has attain- Edward Mitcham Cook, CLE, ed and the further greatness which office witness his successful nd- of that year, as practically the basis with a free market for gold chiefly on events in South China, prodations. ministration through a

than whom no better choice could it hopes still to attain. It is also period

In London. The appreciation of where a situation of great difë It may be questioned whether, have been made, has earned a high the materialisation of a long sight- beset with extraordinary difficul- indicate nirmal, expansion in our the year leads us to hope that the unions acting under Bolshevist unduly in the settlement by the during his service in India.

The items of the balance sheet sterling during the latter part of ficulty was created by Labour in their desire not to interfere reputation as a financial expert od policy displaying to the public. Mr. Stephen proceeded home in business, and call for little com- law prohibiting gold exports, influence. j

at large the solidarity and stability Chinese of their internal differ-

for which the institution stands. May last for a few months' holi-

As compared with the which expires at the end of this It was not until mid-summer ences, the foreign powers concern-

Tributes to Stall.

(Continued Overleaf) day, and died in London on the gures presented to you last year, your, may not be re-imposed, and that developments in Central and ed were well advised in not afford- Before closing Ishould like, on 27th August after a very short Deposits are $19,000,000 and that we may then sco sterling re- North China attracted particular ing greater protection to the your behalf, to express our appre-

Cash and Bullion illness. Mr. A. H. Barlow, who $9,000,000 higher. On the other tion of being the chief medium of these parts of the country during administration set up under the they have done during the past de remet of Anju Ceri

in Hand stored to its former proud pesi- attention. It appeared indeed in authority of the salt revenue ciation to the staff for the work

Tomboy February 20.-The -in-well-known-to-you-all-and-in,

whom your directors have the Government securities show a de- national business transactions, though period of tranquillity which also provides that the salt, Manager, Mr. A. H. Barlow, on orved in the Afghan War where hand, our investments in British exchange for purposes of Inter- the first half of the year, as Reorganisation Loan Agreement, year. In our esteemed Chief cral Sartorius, V.C., C.B., who utmost confidence, has been ap» pointed to succeed the late Mr. Crea of $28,250,000, due to re- During the year India has taken might possibly be approaching revenue shali in the first place be whose shoulders rests the great fo

duetipna offected from time to the greater part of the gold availand we might withess A fulfilment security, for that loan and other responsibility of the control of louis

awarded the Vic

bills, ne more profitabi out-lots large amounts direct from South year, the first of a new cycle in stand, the security of the bond already said, a man eminently received his brevet of lieutergat Unlike Mr. Stephen, whose ser for the employment of our funds Africa, the total amount import the Chinese anna would intro-holders is being steadily under-suited to fill the position of his colonel, wax hap son of vice extended over a large num-presented themselves, Bank pre-ed into. India being £11,496,000 duce an era of ber of our Eastern Offices, prac-mises are about $16: lacs higher. from London and £15,274,000 But it was on full before the to become increasingly serious Stephen, whose decense we so G. R. Sartorlie G.C.D. Ha syas mined, and the position promises predecessor, the late Mr. A. G. the fute Admiral of thus Fleet, Sin tically all Mr. Hillier's 42 years I would mention that our Colombo from South Africa.

onward the unless really adequate measures deeply deplore. If is only, how born at Cintra, Portugal in 1814

cluded most. able raxnagement of

Lien.

of

same.

ment.

re.

CHINA'S CHAOS.

swollen armies.

++

Bank's prosperity and desire to consolidate in a cogent form its

-354x

Stephen as Chief Manager of the time in our holdings of Treasuryable in London, in addition to of the Chinese belief that this foreign obligations. As matters the Bank, we have, as I have Egyptian Cainigu

Cruse, anit in the

Bank.

in the Bank wore piused in

storm."

Fromy,

where hot