1925-04-06 — Page 2

Page

HONGK

[ONGKONG & SHANGHAI

BANKING CORPORATION:

GRAD OFFICE: HONGKONG.

AUTHORISED CAPITAL.............. 850,000,000. ISSUED AND FULLY PAIDUP B20,000,000 KESERVE FUNDK:-

STERLING... £4,500,000 SILVER $26,500,000

RESERVE LIABILITY OF ||

PROPRIETORS..........

820,000,000

COURT OF DIRECTORS:

Chorus

G, M. Young,

H.P. White, By-Deputy Chalikanə,

P. D. F. He,

W. H. Boll, Esq.

H. Comics Bot.

Hon. Mr. A. 6. Lang. Win attenden, tj. 4. Plummer, Be

Hon. Mr. F.H.Holyoak T. G, Wall, Kay.

CHIEF MANAGER: A. H. BARLOW, Esq. Manager: Shanghai-C H, STITT, Eq.

LONDON BANKERS, Westminster Bank, Ltd.

CURRENT "ACCOUNTS opened in LOCAL CURRENCY FIXED DEPOSITS received for one year or shorter periods in Local Currency and Sterling on terms which will be quoted on application.

and

Hongkong, 218 Febenary, .3 26.

HONGKONG SAVINGS BANK,

THE business of the above Bark is THE

conducted by the HONGKONG AND SHANGHAT BANKING COR; PORATION. Ralos may be obtained ou application.

"INTEREST on deposits is cleulated on the lowest balance during uach com plated Calertar Mouth at 31 pur coul per anunm. Should there be no balaca on any day in a month wo interest will be allowed for that mouth.

Depositors may transfer at their option. Balance of $100 or morb to the

HONGKONG & SHANGHAI BANK to be placed on FIXED DEPOSIT at CURRENT RATES.

1

COMMERCE

UNDERTONE FIRM.

AND FINANCE.

INSURANCE NOTES."

Review of the Local Share Market.

anee

THE CHINA MAIL.

Company celebrated its We have again had an active centenary and has now entered market during the week uniter upon a second century of its review although prices have been existenca. In order to mark this Very irregular in a good many historic event, the company has stocks. At the close, however, pubished a short niemoir of its the undertone of the market gen-activities, giving an account of its erally is quite firm.

The Shanghai market has been a little easier with the exception of Langkats, but a fair amount of business has been put through, Hongkong Banks: Continue in some demand and a good many shares have changed hands ut $1,230.

Unions:-Are a firm market and are wanted at $268 without attracting sellers.

Canton

Insurances: Havo

1

Hongkong Lands: After and shares could probably be touching $98 are rather easier,

obtained at $96%. !

more

Humphreya-Have come to business at $20 and shares could be placed at this price.

Cements:-Have been a firm

market and at the close are want ed at $314 combined for cash,

and $32 June.

324

RUBBER PROSPECT.

PROFITS SHOULD BE HIGHER.

9

than

The

MONDAY, APRIL 6, 1925.

THE BANK OF EAST ASIA, LIMITED

·HEAD OFF11's — HONGKONG..

KONGKONG HOTEL,

EXCHANGE

VISITORS AT HOTELS.

Hongkong, 4th April|| 1985.

On London-

まが E

On demand

/31/18

Bank Wire

30 days sigüb

4 months' sight **2/3-j

Crodita. 4 months' night ...2- Documentary, 4 months sight 2/4 On Paris-

On demand..

+

*CON ***

Oredita, manthy' sight... On demand On New York-

On demand

+w

Credits, 60 days' sight

Bombay Wire

On demand...

Wire

On demand

Singapore

On demand... Da Maalia-

On demand... On Bhangbai - Oa domand

3days' sight (private paper) On Yokohama *** On demand....

1, 4

April 3.

Mr and Mrs H R M Ừ H. Joha

All-u

atono M. R. T. G. Aitken W. R. Jordan Desid Men hi. n... Was L. Jo dirt”

Alkens

Mr. & Mrs. A. H Mr. & Mrs. N. Kayton

Beale

Mandir Keato

Mi a F. Benstand `Mr. & Mrs. Ę. F.

Mr. V. Benjamin Korr

Mrs. E. R. Bolilios M Kida:

Mr. B. J. Birbeck Mr. J. G. Osafe

mr & G. Bier.

Mr. L. A. Blok

Miss Bu

Mysen ( Iproewind

Mrs. E Liddell

Authorized Capital

Paid-up Capital

10,000,008,

$5,000,000,

Reserve Fund 3,000,000.

DIRECTORS:

Hon. Mr. Chow Shon Soo-Chairman

Fung Ping Alian

Li Koon Chun

P.K. Ewok

Ng Ching Lak

Foog Wai Ting

Mox Ching Kong

Wong You Tong

Hanh Ti

Kan Ying Po

Chan Ching Shak

Every description of Banking and Ezekang baatne trarasored. Loans graced approved mourition.

BAFE DEPOSIT BOXES to Jet

............

HAN TONG PO,

Lenser Manager. Hongkong, 1818. February, 1925,

Men J. NEDERLANDSCHE HANDEL

Mr. &

Linderman

151

B

D B

Mr. John Laku

Mr. A. Burehall

Mr. & Mrs: Lauritson

C.

Capt. G. Byers

.00!

MA.D. Cappleman'

108

die W. E· Basila Mr & Mrs W. J. B

Obar hom

nom.

Gold Leaf, 100 fins (per tael) 49

signs (Banks buying rata) 8.84 Silver (per on),

917,16

་་

10

01

iu

T

4% din. 9%, dia..

רק 8

31% dis

ני

Mrs. Clarke

Mr. E. R. Cohen

Me W. Colto

Mr. J. H. Cook

Mr. M. Concanzen

Miss R. David

Mr. L. H. Davis

Miss H. Lilia

G #indsey

Mr. & Mrs. A Link

Ar H. Lather

Mr. Marona

Mr. & Mrs.

Marks

P.

Capt. & Mrs. A. W.

Mr. & Mrs. B. Naught

Dencon

MAATSCHAPPIJ.

(Nassirklande Tranzen Bocary;}

POWANKIRIM 1894.

Hongkong Brands Stantindo 1905,

Authorned-capital No9, 150,000,000 £12,500,00 McKinley & child | Paid-Up Capitat.....1, 80,000,000 2 8,888,476 Hr Mod Mrs Mo Reserve raise wth, 20048,029 £.1,870,419 Sponkal mourvou.... 92,560,000 £ 1,968,200 *MoNaughton

HEAD OFFICE÷—Amsterdam, EASTERN HEAD OFFICE :----Batavia.

BRANCHES

14iga

Mr. S. T. Dockray Miss Dorothy Met- Mr. C. W. C. Van calf

Dorsker

Mr. C. H. Montague Miss M. Eccles Wr.Ma lo Mr. & Mrs: E. 3. Mr. N. Murray Mr. J. NolaACO ↑ Ellio

Mr.

G. F. Elaager Mrs-Ollives 11ies & Fay Mr AR Fondlay My H. R. Foster' Mr. McGregor

Fraine

Miss Fraine Mr. & Mrs.

A. H. A. Fong

Miss A. L. Griffin

Henderson

1

Mr. EH. O'Farrell Mr. H. Pearman My Rh. Pope Mr 8 H. Poerner Mr G. Raratel Mr J. Roleren Mr. A. H. Rows Mr V. G. ankes Mr and Mrs L. de

Param

Mr. & Mrs. E.

Shriler Mrs. E. Sparke

Mr. & Mrs. A. D. Silas & infant

Smith

On examination the present. atatistical position" of rubber INDEMNITY MUTUAL MARINE.

scems to provide ground for a During the past year the In-little quiet optimism on the part. Messrs. Moxon and Taylor'sdemnity Mutual Marine Assur- of holders of rubber shares? The weekly share report states:

Stevenson Restriction Scheme has now been in force for just over two years and during that period the world's stocks of rubber have been reduced by nearly.. 120,009 ton, and the rate of reduction inauguration and some of the vicissitudes which it has experi- has been progressive, the decline on aboutta enced. In the preparation of this last month alone being 10,000 book many original authorities were consulted, and the research tons. During the same period, onn displayed is instanced by a quota- the other hand, the world's-con- tion from an Act of Parliament of sumption of rubber has very sub- Queen Elizabeth.

At the stantially increased. So far as the 1923 business is concerned, the Chairman pointed recent annual meeting of the out at the meeting held last year, United Serdang Rubber Co., Mr. that results were not likely, to be Heath Clark gave an estimate firmed, up to a buying rate of and the figures disclosed at last

very profitable for underwriters, that the consumption of rubber is now well over 200,000 tons per $745.

week's meeting reflect the correct- Farnum higher than in 1921, and SUBSIDIARY COINS. Hongkong Fires Are quiet atness of that view. In 1922 pre that the present ratio of London $655 ex div.

mium income

£941.829 stocks to the rate of world con- Hongkong 50 cents sub, Hotels Have again been the which was estimated to produce a sumption was little more: medium of a considerable busi-profit of £72,515, but this figure, half the ratio in 1920. In other

6.% dia" ress at various prices, and after it is satisfactory to note, is now centres the decline in Boating katos ootus

318 dta.» declining to $15 for cash, Closed:

certain to be considerably ex-supplies has been similar.

Bar Silver in Hongkong 10 % pm. firm with buyers at $16 for cash, ceeded; in 1928 premimums were Continent has, of course, played chinesa Copper Cents...

Chinese Copper Cab.. 10%.pia.." and, $15%. June,

£845,298, being a reduction of an important part in the recent Rite of Native Interest 5% in 7 % out £96.540, compared with the pre: absorption of supplies. Americaniness Sub, Coln. duced values, and the keen com cent of the total output, but while vious year. Trade depression re-continues to absorb some 70 per longkong Suh. Qoin. . ~ % dia?" "

petition for business has had the in 1920 other countries used result of bringing down rates to about 90,000 tons, their takings possible, under the scheme, when Mrs. S. Gard a very low level, to which the had 'increased by 1924 to 135,000, the price goes above this figure. Mr. & Mrs. J. Gould decline in premtum income is and authority quoted above If the plantation companies can Dr. D. R. Gawier almost entirely due. The second estimated that they will probably sell this year's crop at 1s. 6d. per Mr. G. H. Gibeon year settlement of 1923 cast amount this year to nearly or over, their profits should Mr. E. Horman

389,673, or 16.1 per cent, of pre-160,000. This being so it be higher than for some years Mr. & Mrs. G. A. Mr. & Mrs. C. J. ndum income, against a cost of appearsrobable that the price past, even allowing for the fact £385,589, or 40.9 per cent. the circumstances the directors 1b. or over, for increased produc- first half of the year may

In will be maintained at 1s. 6d. per that the output at least during the have decided to transfer the tion over the present rate is only lower than in-the-previous year, whote of the balance of-this- account to underwriting suspèr.se on account..

It is hoped that the whole of this will not be required to close the 1923 account.

and that a small profit may result, but, us the first tivo years settlements and the expenses have absorbed Are 82.3 per cent. of the premium in

come, the profit, if any, cannot amount to very much." In 1024 these difficult conditions were accentuated, and premium income at $750.229, showed a reduction of £95,060, while the settlement for the 1924 account Was 1321,052, representing 42.8 of premiums, against $272,159, or 32.2 percent in 1923. factors responsible for this large percentage were the heavy losses on cargo risks, the losses sustain- ed in connection with the Japan- ese earthquake. and the reduction in rates. The Chairman recalled the fact which is happening now, as in the past, that after periods of prosperity when substantial profit were made, fresh under- writing ixis been introduced, with the result that keen competition for what business, there is bas caused a

cutting in rates until they have reached an unprofit Balgon

able level. Fortunately, the fin- Lane Crawfords:-Are nominancial position of the company is Shal Ringanore al at quotations. Tientsin

very strong, and prospects are London Quotations of the 2nd regarded without anxiety. Tourate Yusosalu inst.:-Hongkong Banks £193 10. Indos Deferred £10: Shells £4 7s. 6d. All middle prices.

Exchange:-The demand sell- Ing rate on London is 2/31/16, and the T.T. on Shanghai is 73%.

For the Hoxeronu &'ShamanAI

BAGUIO CORPURATION,.

H. BARLOW,

Chief Manager

Bongkong, 7th Jaximary, 1926.

Wharves-After firming up to $198 cased off to $191 and at the close-are-firmer-with-buyers at $192: cash.

Hongkong Docks: - Are offer at $122.

Shanghai Docks -Have again "THE CHARTERED BANK OF been in some demand and have

INDIA, AUSTRALIA & ́CHINA.

INCORPORATED BY ROYAL CHARTER, 1863.

HEAD OFFICE: LONDON.

Paid-up Capital

Reserve Fund

Reserys Liability of Pro-

prietorn

£3,000,000 £1,000,000

£3,000,000

FOREIGN EXCHANGE and General Banking business transacted.

CURRENT ACCOUNTS opened and FIXED DEPOSITS received for 1 year

of shorter period at rates which will be

noted on application.

A. H. FERGUSON, Manager.

יו

Hongkong, May 8, 1023

-

come to business at Tls. 125 for cash.

43

Hongkong Electrles: quiet at quotations.

Hongkong Trams: Have again been in strong demand clos- ing, firm with buyers at $39 cash und $4016 June...

China Sugars: Are nominal quotations and few shares have changed hands.

China Providents: Are steady with buyers for the combined shares at $38.

clone as high as $36 for June, are China Lights: After being ensier at the close, buyers only offering $321% cash but without attracting sellers.

Dairy Farms-Have been a strong market and have come to BANQUE DE L'INDO-CHINE, business at $27% cash and $2814

June;

Steamboats: Are nominal at quotations.

HEAD OFFICE:

93, Poulevard Esuumano, Pers. bearibed Capital. F. 72,000,000.0 Paid-up Capit!

...FT. 38,401,000.00 Reserva Funds ... ... Pr« 69,867,288.54 BRANCHES

Examban

Bangkok

Citan

Djibouti Hipboar

akow Foo

Hongkong

Mangtue

Nounes

Papoose

Pokk

Prom-Pena

Pondicherry BANKERS:

IN FRANCE Comptoir National d'Escompt Parley Credit Lyonnalu, Banque de Faris ét 59) Para-Ras; Credit Industriel et Commercisi

oo eto Generale.

IN LONDON: The Netiosal Provincial & clan Bank of England, Ltd.; Comptoir National d'Escompte de Paris Estdit Lyonnie IN NEW YORK J. P. Murgan & Co. French American Banking Corporation; i

narealy Trust Co. of New York.

Interest allowed on Current Accounts and Fixed Deporte according to arrangement

Every description of Banking and Exchange, Zarinem tranzacted.

A. LECOT,

Manager Hongkong, Marok‡20, 1994.

THENYOKOHAMA SPECIE

BANK, LTD.

Established. 1880.

Capital (fully paid-up) Yen 100,000,000 Reserve Fonda.......... Yen 80,500,000,

Hood Offen-YOXORAMA.

Branches and Agencies at:

Matavia.

Bombay,

Buenos Ayron.

Calcutta.

Changchun

Dairen (Dalny).

Newchwang.

New York

Osaka.

Peking. Rangoon Hio de Janeiro,

Fangtien (Mukden). Saigon.

Fiamburg.

Hanboy,

Harbi

Honolulu..

Lobe.

London.

Los Angeles. Lyone.

Nagoya,

San Francisco. Seattle.

Shanghal.

Chimenoard.

Singapore. Soerabaya. Sydney

Tientaln. Tokyo.

Tairiapfa.

Tsingtan. Vladivostock. Interest allowed on Current Accounts. Deposita received for fized periods at entes to be obtained on application.

Q. ARIMA. Manager. song, 11th March, 1825,

Star Ferries-A good number of shares have changed hands at $88 cash, and $8814/89 for settlement.

GAS EXPERT ON COAL.

Coal is the all-essential raw material in the gas industry, and for that reason the remarks of

Dr. Charles Carpenter. the pre- sident of the South Metropolitan Gas Company, at the recent toeeting, deserve notice,

THE NEXT BUDGET.

TEN MONTHS ACCOUNTS.

The

The tenth month of the national financial year put a better appearance on the Exche quer figures, for the deficiency of £85 millions which existed after three-quarters of the year had passed was reduced at the end of the tenth month to £51 milliona.

Revenue is coming in quite satis- factorily, but the appearance of rather heavy supplementary

LOCAL SHARE

MARKET.

APRIL 6 Nam

*ank 7,8,B.U. I.T. on selling rata

London

and on Shanghal

fligkong Boks 11 b London-£132 u Cariered Bank... P.&O. Bank

Eat &in Bank Mercantile Bank AB

do.

0 Marine Insurances,

Canton Insurance....... North Obins Insurance Union InsurDOG.

Insurance Tangtere China Undine

China Fire Insura

Dongines." "

المرام

b. "" 19}

b. 745

1. 1ก

b 44!

b. 18 BA 270

A+ 662

וי

LI

Mr. J. Scott Hars. Dr.F. Silvestri

be

ton

Mr. E. Haymлn

Mr. A. F. Hears

Mr Rental

Mrs. M. E. Sinclair

& child

Dr. H. F. Sommara

"Mr E venith Capt L. Siquiland

Rev. G. H. Hewitt

T. P. Hall

Mr and Mrs Stckland

J.

Mr. & Mrs. 1. An

Mr. & Mrs. W. A. Tobias

Capt.

Hannibal

Hamilton

Mr. A. D. Taylor

iRBON A. F. Mr. J. Thomson

Mr. Puo Van Mr. C. A. Harriman Mr G.T. Vandartorg. Mr. & Mrs. A.Hicks. Mrs. Vernon

T. Holdworth Me H. Waldock Mr C. E. Holmes

Mi

Waling

Mr. & Mrs. Wm. Capt. & Mrs. Walker

Higgins

Mr. & Mrs. A. S.

Hersoa

Me J. Ipekdinam

Mir. V. B. Jepson

Miss A. Jerresid

Mr. & Mrs. P. R.

Warren

M. Wilson

REPULSE BAY HOTEL.

April 5.

Me and Mrs Van Mr & Mrs R. Lazd

Andel & child

Mr & Mrs G. A.

M. Bannerman Mr and Mrs A.H.A.

Carleton

Mr & Mrs Mallguy"

and child

Mr and Mrs J, N.

Parker

OFFICIAL

QUOTATIONS.

. II A.M.

Stock Scibwa

APRIL 8.

Sharebrokers' Association,

***

2/3 8738

213 8.34 1230

Mr. & Mrs. Watt

£91, b.

Di

€21-19

£ 11 b.

b. 211

Mr J. Winima Dr. & Mrs. Lingay

$100

A. 100

Mr. G. J. Johnston Wood

£c-1/2 b. £19-1/8 b.

750 b.

140 .

2:8 b

$44. b.

..#2.90 b'8 -2.90 sa

64 2.80

Fire Insurances

எம்.

n. 195

Hongkong Fire Tosorance. bipping

$605.5.

13

$51.

$97-1/2 D: 84 0.

b $6

4.30

D. 38

#120.

'12"

2. -120

85/ ..

D. 83/.

$ 87 b

· 17-1/4 a.

A. 19.10

$255 A.

#57'n

b 84

#46 b

b47

58/- n

.n 57 6

b. 18

.b. 7.

b. 6

#121 b.

b. 11-13

330 n ber.

n." 31

b. 17.

P. 2.80 b

192 b

B 1994

$112. b. an

Ta

A 193

C.

***

H.K. Steamboats Rongkong Tops Acri, Lighter Indo-Chinas Pref.

do (Def)) da

(B.E. Reg.) Shell Transports... Star Ferries. Water-bosa...

Oriental Nav. Cò. efineries

Thica Sagar.* Malabon bager

+

***

++

Kailan Mining Adm

Mining

Langkare...

$ 38 a.

... Comb. $7 a. Shroghni Lurns... S'hal Explorations h Pingle Langkats

Ranha

Tronob Mines Urs: Cusp Bengust Con

Docks Wharves, Godowna, żo.

Wherla H. & K.

W. Dock H. & W.

bal Docks ..

New Engineerings.--

H.

A. K. Engineerings. Shanghai Rongkowe

Hotels $10. Now & Shai Developraents Hongkong lande. Hamptress

Estated Kowloon Lands

10 Baildlaz :

Resler. R.K. Farritorials.. Boral Land... Cotton Mills.

$12.

$903 b.

$8906.

b JBL sa 122

Mr and Mrs Clare Mr and Mrs Frod.

Hili

Mr and Mrs P. M.

Hodgson

Mr & Mrs Falemiler Mr and Mrs T.

Fabry ver Mr & Mrs Vander

Steep

It-Jol. And

Mr and Mrs. C. Stephens

Kochlor

Bombay Cheribor Djember

Bandjarmasin.. Bandoway Clousta Djokjakarta

Kota-Bod

Padan Panani

Botterunra Singapore

The Hague Kobe Makur Medan

Palembang Polongan Fontana Rurroun Bamarig:

Boerabain

Tilatja

Bhunghat

Boerakarta (Bole

Weltørreder

LONDON BANKERB:--- National Provinolal Bank Ltd. Correspondents all over the world,

BANKING BUSINESS OF EVERY DESCRIPTION.

W. EL GROSKAMP,

Agent.

Hongkong, November 4, 1024.

司公理管業實法中

· SOCIETE_FRANCAISE DE GERANCE

DE LA BANQUE INDUSTRIELLE "DÉ CHINE.

ETABLISSEMENT FRANJO. CHINOIS.

(Incorporated in France),

8, Chater Road, Victoria, Hongkong, HEAD OFFICE: 74, Rue St.. Laisre, Farie.

Subscribed Capital fully

paid-up Reserva Fund

Frs. 10,000,00

Frs. 10,800,000

Working fund provided by

THE BANQUE INDUSTRIELLI DE CHINE.

Frs. 50,000,000.

BANKERS:

Paris: Societe Generale,

Banque

Nationale de Credit. Banque de Paris et des Pays-Bas, London: Midland Bank, Ltd.

New York; Irving Bank Columbia. Trasi

Co.

Every description of Banking' and Exchange Business transacted, Carme |pondents throughout the world.

M. FITZ-HENRY,

Manager,

10th November, 1924.

THE BANK OF TAIWAN, LTD, (Taiwan Ginko.)

Incorporated by Special Imperial Charter, 1899.

McCapital Subscribed

Capital (Fald-up) Mr and drs F. J. Reserve Fund ...

Mr and Mrs B. J. Wright

Lacon

PEAK HOTEL.

April 3,

De J. W. Anderson Miss G. Kennedy Mr. B. A. Arthur Mr M. F. Key Misa E. Bally Mr And Mrs E Dr H. Bilean

Yes 60,000,00E Yan 52,500,000. Yen 12,980,000

HEAD OFFICE:

TAPEH, FORMOSA.

BRANCHES:

JAPAN-Tokyo, Yokohama,

Osata, Moji

Kobe

FORMOSA-Giran, Kagi, Karenkių

Keelung, Makung, Nanto, Pin Shinchiku, Taichu, Tainan, Takow Tamani, Tobyen, Ako. CHINA-Shanghai, Hankow, Kinkianšk

BOTHFEB, Bangkok, Hongkong, Sings

... Amoy, Foochów, Swatow, Carbome

Mr and Mm T. G. Mr & Mrs A. Lare

Bennett

Mr and Mrs 8. E MriJ. W. Bonast Langston Mr. J. K. Bob Bleid Mr Karen

Mr and Mrs P. W. Mr and in G. D.

Blackwell

Me W. F. Bourne

Mr 8. D. Carothers

Major A. B. Littis-

pore, Soerabaya,

Batavia, Bombay, London, New York,

LONDON BANKERS: London Comty Westminster and Farr's Bank.

The Bank has Correspondents in the CommáZEN.

ohuria Zangtao,, Japan, Indo-Usins, Philippine Idlanda, Java, and Dutch Iadise Aves- ralla, america, Africa, d

Interest silgwad on Carmat Account, and Fixed

Mr and Mraat rates which will be quoted an appiles Z. YAMAMOTO, Manager.

Capt & Mrs J. O. Me and Mer T. A.

Carpenter

Laya

{ as 16 New-

Mr M

M. J. Freed

... 80 Conta b. 1984 a

b. 70 Conta

Col & Mrs C.Russall jobog

Browa

Mr M 8. Lloyd

***

# 10-1/2 6 203 sa

Miss P. W. Brown Mr J. D Leyd Mr.Bad Mrs B. L. Mr W. H. Look

L

$150

. 160

Bridger

·J.4.3) b'

D. 4-1/7

Logan

D. 4-1/4

Kartin

$10 n.

#1178 113-19 en

5 dis [17

T. 3.14 b. 7°60 b. Now 830+1}% \s.

6. 60 New 23 n.

$10 b Now 8.85b

Ewo Cotton Hills, Ltd."... Rang Tiks Lou Kong Mows” an Orientals...

Sasaghal Cottonsee Yangtzopoo.. no

eeslinneous, Cement!

ས་

estimates may be taken to mean Hotels & Buildings. Dr. Carpenter is a keen nd-that no appreciable surplus is at vocate of the co-partnership prin- all likely. Prophecies relating to ciple in industry, such as has final budget figures are notorious. been adopted by his own company. ly risky; but, unless present ap

His view on the nationalisation pearances are deceptive, the 1924- of the mines is that if such "an 25 budget will just about balance. ill-conceived proposal" were 'ever

As regards next year, the high put into effect it would mean hopes of tax remission entertain good-bye to cheap coal produced a few months ago are on the tion. Governmental control leads, wane. When Mr. Churchill took to costliness.

office at the Treasury the public Dr. Carpenter rightly pointed jumped at the idea that his intim- out that different conditions per- ate knowledge of the spending tain in different mines, especially departments, coupled with his in different areas, and if a mine personal persistence, would stand ceases to work profitably it should him in such good stead in his be closed down unless local con-economy campaign that he would ditions can be adjusted to meet be able to offer a cut of a shilling its exigencies. Many people, in the pound in the income tax, however, may not agree with his Mr. Churchill is, known to be. suggestion that the corrective for fighting hard for economy. But unemployment in coal-mining his task is a more formidable.one should be extended employment and the Air Force, among others, than was expected... The Navy another industry needing

are presenting larger demands development.

than was anticipated, and the hoped-for trade recovery has not as yet begun in earnest. The", taxpayer, therefore, who would avoid disappointment, would be: well advised to look for no more than slight comfort from Mr. Churchill's first budget

in

METAL MERCHANTS.

At a meeting held in Shanghai of local merchants interested in the trade it was decided to form an Association of Metal Dealers in Shanghai and the following were appointed a Committee-to- draw up rules for discussion at a subsequent meeting Mesara. Tiefenbacher, Philippo, Schderer Wu Sulersfsky, W Bowden,

Evand Weiss M

Cooper preside

200 D TAKE WITH "SWEETENED STERKWATER.

Bayan, the babies, helps/the- Supa,comforts; aldei

Demente "Oomblood-, #a11:5 Chian Lights (Old)

40

***

--

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Cornell

Munton

HONGKONG, BRANGE,**

3. Des Voeux Road Central,

Hongkong; 8th Juns, 1924.

MARAR BANK OF CHINA.

Mr and Mrs J. D. Mim M. W. Now

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Lt. Col. R. A. Dob. Mr W. Ogden

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MrT. E. Ollerton MA. H. Pong Mr A. Primal Mr and Mrs L.B.

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MEN Ò. CELF68hite Wood

行銀國中

(Specially, Authorised by Presidential * andata of the Republic of China on the 2nd of November, 1917).”- Authorised Capital $60,000,000.0 Fald-up Capital www.kas 18,578,600.00 Heserve Fund

HEAD OFFICE: PERING,

·HONGKONG, BRANCEL· QUEEN'S ROAD CENTRAL, Branches and Sub-branches all ojed China, and Correspondants in Europe America and other parts of the world. Landolt Hanker The National Pa

cial and Union Bank of England, Lei, The Guaranty Trust Company of New

York.

New

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The Equitable Trust Company of New