1926-07-03 — Page 11

SATURDAY, JULY 3, 1926.

ALBERT

ሳን

FOR

DAINTY DISHES

A DIALOGUE BETWEEN CONNOISSEURS

He, Where are you going? She-Why To Albert, of course, where we are sure to get the finest French Pastry and the best cooking. He. That is sol His French Cakes at $100 per dozen, his Maderie Cakes, his Big Cakes, his Ice- Creams (combined with excellent cuisine) aro made exclusively with the butter, milk and cream of the Dairy Farm Co., Ltd.

She-Quite so!--and he also has a new menu. com- prising fifty new dishes which you can enjoy any time from 10.80 a.m. to Midnight.

נן

Queen's Road Central

(Opposite Hongkong Hotel Building)

THE KWONG HIP LUNG CO. LTD.

ENGINEERS and BHIPBUILDERS; BOILER-MAKERS, BRASS and IRON FOUNDERS. All work done in this establishment in guaranteed; We have over thirty years' experience. We own twe Slipways and con sommodate any craft of '200 Lost long-

Town Office: 64, Connaught Road Central, Hongkong. Tel Central No. 459. Skipyard; Sham-Sul-Po, Kowloon, Hongkong.

Tal. Kowinon. Na, 9. Estimates furnished on application, Hongkong, April 1, 1934.

Top

PALM BEACH SUITS.

There's no 'getting away from ita Palm Beach Suit gives the utmost in Summer comfort. And here are such suits, just received from one of the best makers, at exceptional values.

COME AND INSPECT OUR STOCK.

THE SINCERE COMPANY, LIMITED.

PUN

PHONE NO. 2139.

YICK

CHO.

LAND & ESTATE AGENTS Telephone Central No. 911-1987. 35, Queen's Road Centrais

Sole

Agents:

MITSUI

BUSSAN

KAISHA.

ASAHI

BEER

TEN CENT. PIECES SCARCE.

THE CHINA MAIL.

THE POSITION IN SHANGHAI TO-DAY.

קיי

Shanghal June 28,

I have been asked to express' an opinion on the 10-cent coins in cir- culation on this market with parti- cular reference, to their scarcity as compared to the 20-cent coins, and the reason why they have lost ground, which all give them the appearance of being governed by economic laws other than those affecting the 20-cent coins.

As everybody knows all coins in China are circulating at their in- trinsic value and are therefore a commodity subjected to the law of demand and supply. I have already explained how this law operates on' our coins in an article which ap- peared in your paper on April: 80 Inst year. But, à commodity is aleo governod by the laws of com- petition. So are therefore our colns, as expressed through the rates of exchange.

The Law of Competition. When there are coins of more than one denomination on the market. the laws of competition are operating not only as between buyer and seller, .c., the pubife and the Mints respectively, but also between the various denomina- tions themselves. Our small money market is in practice in- terested in 1-cent copper coins. 10 and 20-gent silver coins. Should

Isale.

U.S. FALLING FAR BEHIND,

'IN BUILDING OF NAVAL GRAFT:

Washington, Juna 21. In typed

the circulating value of one of these coins be comparatively higher than the other two coins or higher than the public is prepared to pay these two other coins combined are ablo. successfully to take up the competition. The circulating rate of the 10-cent coins being 11 top-of naval craft, which were left cent pieces and 5 coppers to the unrestricted by the last naval mi- dollar and that of the 20-cent tations conference, other world pieces being 0 twenty-cent pieces powers have left the United Staten and 11 coppers to the dollar, the far behind according to authentic public interest in the 10-cant places Agures obtained from government is reduced... The rate of exchange falls to a point where the Minta find it to their profit to enter the market, as a buyer. 10-cent: plecen disappear until the law of demand and supply has brought about an equilibrium, when the rate of ex- change immediately rises to main tain that equilibrium.

The Article from Canton.

sources.

1/

One class left. "open" to com- petition by the last conferences is the so-called light cruiser, a fakt medium-sized but hard-hitting war- ship designed primarily to haruss an enemy's communications and commerce, while protecting its own against similar raiders, and playing a part in the battle line too. The only trenty limitation was as to size and gun calibre. In connection with my article on

In this type the United States "Subsidiary Coins in Shanghaf" in | Has ten of 7,500 tons each, with two this year's "North China Trade Re- |'of 10,000 tons, each, the maximum view" I worked out a table show authorised but not building yet. Ing the intrinsic value of various | The total tonnage of the United 20-cent colas in circulation as com- States in this important type pared with the exchange value and † 25,000 tons. # incidentally proving that the rate of exchange for this denomination of coins is adjusted to the intrinsic value of the 9th year Canton Mint lague. As everybody knows the 9th year Canton Mint 20-cent coin le by far the predominating 20-cent coin on the market.

The following table will give the corresponding figures for the 19 cent pieces:-.

9

Lowest

Under or theoretical Actual average Overvalue exchange circulating rate in per

cent. abt.

--- $

Fineness

Nanking, Imperial. Canton, Imperial" Foochow, Yuan Shih-kai Peking. Yuan Shih-kat

817.i 109

112

798.3. 112

112

.0

w

712.8

125

12

12

708.3.

126

112

12

Cheklang,, 13th year Canton, 11th year..

666.2 134

474.8 187

20

67

tent of 798 because the Mints will be ready to meet the demand with slightly debased coins before we reach that stage. Exactly the

same thing as in the case of 20 cent coins. The Mints know by experience that the debased coins will never

make any success,

Debased Ten-Cent Issues. It will be seen from this table that the exchange value of the 10- cent coins is presently adjusted to the intrinaie value of the Canton Mint Imperial 10-cent coins. This coin is the predominating 10-cent coin on the market. By comparing the two tables it will be found that there are more debased 10-cent jasues on the market. than 20-cent Finally a word about the fact value that the 10-cent coins have become By debased I mean below the circulating rate, The scarcer, and scarcer the last 15 Canton Mint 11th

the years." I mentioned, in my review year and Chekiang ecins are invariably. re-

on Subsidiary Coins above referred fused since the public is aware of to that at the time when the modern

ones.

Gresham's Law not working in their favour

Britain in Lead.

Great Britain however, has a total of 38 cruisers aggregating 179,190 tons already built, including four of 9,750 tons each, while she has been building, nine others in cluding seven of the maximum 10,000 toas displacement. In addi- tion four others of the largest size have been authorised and appro- priated for.

Many of the British cruisers it should be sented, are of much lighter type, some being" bei tween three and four thousand tons. Altogether however, Britain eastly lends in this class of warcraft, having built, building, and authorised a total of 31 cruisers of all types aggregating 304,290 tons.

Her nearest rival in this type la Japan, with a total of all classifi cations of 25 cruisers amounting to 136,200 tons although but 16 of this number are bullt. Included in the Japanese cruisers programme though, is a type of about 7,100 tons which has attracted much in- terest among navy men. Four of this class are expected to be com- missioned in the near future. They have a speed of 33 knots, carry aix 8-inch guns, which by their method of mounting along a ten- tre-line of the ship can fire a broadside twice the weight of that of the United States 7,500 tona Omaha for comparison,. which mounts 6-inch guns. In the 10,000 ton group, little is known of the Japanese ships laid down but

various sources credit them with

the low intrinsic value. but the Chinese subsidiary coins were in- Yuan Shi-kai coin, which is elroutroduced to China the circulating mounting from eight to twelve B lating in fair quantities,. Is AC- rate left the Mints a fair margin of inch guns and twelve 27-Inch tor- cepted in many instances although prods. The minting charges na- the market for 10-cent comma isturally being higher the smaller presently restricted to a class of the denomination is, the 10-cent people having a more advanced coins did not leave them the same

sense for economies.

From the foregoing it is clear that in principle the 10-cent coins occupy exactly the same position as the 20-cent coins. However, ac- cording, to popular opinion the Public consider themselves squeez- ed by the exchange shops when these latter offer them an exchange of only 112 silver-cents for the 10- cent pieces as against about 124 silver-cents for the 20-cent pieces. The result is that by far the majority commitments of 10-cents are settled with 20-cont. pieces in. combination with copper-cents."

end, as a consequence thereof. that there is only a limited market for 10-cent coins, so timized, as a matter of fact. that they do not warrant an official exchange rate being quoted for them...

profit as the 20-cent coins. But there being a demand for 10-cent by 20-cent coins alone, and the cdiņs which could not be satisfied 10-cent coins still feaving a fair margin of profit, there was no ren- son for the Mints to deprive the public of these latter although they did not allow the Mints to make the same profit on the 10-cent coins as on the 20-cent ones.

Down to Intrinsic 'Value.

coins:

But, when the rate of exchange came down to the intrinsic value, the Mints had no more any econo- mic interest in minting 10-cent tame efforts of coins. Their marketing debased coins have not proved a SUCCESS; The market being very limited for reasons already explained, and full over value coin now-a-days existing in too small quantities; it does not pay the Mints to start a campaign for the purchase of these coins and for the marketing of debased coins, as we experience from time to time in the case of the 20-cent coins. Holdo Stromwall in the "N.-C. Daily News."

Gresham's Law and the Mints. Those who most bitterly com- plain of the carcity of 10-cent coins are those Ineking most in seientific economic sense. Those who have this sense will always see that they have at their disposal u larger supply of 10-cent pieces than of 20-cent ones. According as the public get enlightened on this sub- ject the demand will increase and so will the gate of exchange. When the rate of exchange reaches a limit that covers the metallic, eon- To say that men of 'character tent of the coin, the minting cannot be placed or kept in public charges and the profit of the Mints, office is to say that the America we will see new 10-cent coins on

people are incapable of self-govern

the market, not with a silver-con-ment."-Floyd E. Thompson.

FIIBBER GASKE?

STOPS LEAKS SAVES ROOFS

Standard of the World

CARRIERS L&CO LTD HONGKONG

pedo tubes. They are supposed to have a speed of 33:6 kaots.

U.S. Builds Anew.

The United States cruiserk ̧now in commission are virtually of the World War period though commis- stoned some time after the war. The two larger ones now contem- plated are expected" however to match any of the type afloat when they take their place in the fleet.

Italy and France are both keep- ing up in this type with powerful cruisers either built or building.

In submarines, which are another. of the "Open" classes, the United States and Japan "rival, admittedly lead other nations, with the United States superior numerically as a re- eult of the extended war-programme Britain undertaken in 1917-1918. actually holds second place at, the moment, but Japan is expected to take this position shortly, as, that country's submarine strength has come up from 23 effective boats in 1921 to 50 now, or 40 if those over 10 years of age are deducted. Great Britain in the "K26" has a sub however which easily, outclasses everything else in the world as it is of 2,140 tons; (2,700 submerged). She also has the XI of 2700 tons. The nearest thing to these are the American fleet. submarines of the latest type of 2,164 tona, Except for a captured German sup, now." under French colours. ho other power has submarine approaching such size, not even the Japanese. though the latter, have a new typɑ about ready which is said to be able to cross the Pacific and return.

"United Press."

Standard of the World

CARBO-LASTIC

Semi-Liquid Asbestos Roofing

STOPS LEAKS IN OLD ROOFS PRESERVES NEW ROOFS

REBUILDS OLD WORN OUT GALVANISED IRON ROOFS

WATERPROOFS FOUNDATIONS

For further particulars please apply to

DODWELL & & CO. LTD.,

Machinery Department,

Telephone: C. 1030.

A

THE

HONGKONG

11

HONGKONG HOTEL; REPULSE HAY HOTELĮ

PEAK HOTEL.

Telegraphic Address: "KREMLIN, HONGKONG*

AND

SHANGHAI

ASTOR HOUSE HOTEL: PALAČE HOTELĮ KALEE HOTEL; MAJESTIC HOTEL: Telegraphic Address: "CENTRAL, SHANGHAL"

Tal. Kowlese

Na. 2.

HOTELS,

LIMITED:

In association with the Grand Hotel des Wagons Llts, Peking.

PALACE HOTEL. Tol Addres

Palace."

(Three minutes from Kowloon Ferry Wharf & Railway Station) Katirely under Bogfish. Management. Electric Light & Fans Throughout. Every Room with Private Bath,

Unrivalled Calaine under the personal expervision of the Proprietor. Torms moderate. Special terms to families on application to

Mrs. J. H. OXBERRY, Proprietress.

* Lounge Bar & Billard Rooms,

ADELPHI HOTEL.

SINGAPORE.

Remodelled and Redecorated.

THE RENDEZ-VOUS OF THE SMART SET

TEA DANCES

EVERY TUESDAY

DINNER DANCES.

EVERY WEDNESDAY AND SATURDAY

Specious Lounge Palm Court Roof Garden- Cinema The ONLY HOTEL IN SINGAPORE, itted Throughout with Modern Sanitation

Cables: Adelphi.

KING EDWARD HOTEL.

CENTRAL LOCATION.

VIAL ELECTRIC TRAMS, P60s, Entrance, Electrial A LISA, Fana and.

European Baths and Sanitary Fleingu, Ho hold Water Byu24

throughout. Best of Food and Berrios,

Ladies and Gent's Hairdrewing Baloon, Ard. Rear Zal, Cantă, 37, Telegraphio Aditrum:-Vorona"

1, W↑TORELL, Menagon,

ADELPHI HOTEL, LTD., HARRY H. WILLIES,

Managing Director.

MASSAGE Mr. SHIMIDZU Mrs. HONDA. No. 24. Wyndham Street. Tel C 4945

COME AND INSPECT

The best CAMERAS and BINOCULARS of the World'

GOERZ CAMERAS

BINOCULARS

WE DO ALSO DEVELOPING AND PRINTING

HALL, LAW & CO., LTD. Telephone C. 8217

20-82 Des Voeur Road U.

ATTRACTIVE

ADVERTISING

LET US SHOW YOU OUR FREE ILLUSTRATIONS.

UP-TO-DATE DESIGNS FOR EVERY

LINE OF BUSINESS.

"The China Mail"

HONGKONG'S OLDEST NEWSPAPER

No. 5, Wyndham Street, Telephone C.22.