1927-02-26 — Page 7

SATURDAY, FEBRUARY

26, 1927.

(extensive, armed conflict that

Foreign Loans,

TRYING TIMES.

(Continued from, Front Page.)

!!

many

This indeed seems a highly satis China has known since the Revo- The position of the railway's factory state of affairs. lution: in the latter we are faced presents a much less encouraging Sensible. Straits Chinese. with an anti-British movement, Epicture: Their deterioration. It is good to hear that trade, in aziively fomented from quarters with very slight exceptions, has the Straits Settlements and Malays which are clearly intent on dam- | proceeded apace, and the pro-continues to thrive. The aging our national interests portion of railway revenues Chinese carrying on" business in in every possible way, and to the reaching the Central Government that part of the British Empire

has sunk lower than ever. greatest possible extent.

must thoroughly appreciate how much law and order can do to assist. the inevitable result defaults of and develop trade,

Bitter Anti-British Attack.

N

As

conditions without unduly dis- burbing the U.S. cross rate, is an indication of the ability with which the finance was handled. It also goes to prove the soundness of Great Britain's position, and

Turning to the phase of Chinese the railway loans are steadily in-. Your comprehensive review "of Is a further justification, if one politics which has affected us creasing. The revenue of the the situation will be eagerly rend were needed. of the wisdom of re-most closely during the past year has fallen "to the lowest level ind with the Far East. I hope. Sir,

Salt Administration meanwhile by those who are closely connect-" establishing British currency on

the anti-British agitation in a gold basis,

South China, to a certain extent its history, having brought the it will also be read and thoroughly Hong Kong's Trying Year

this must be considered as part of Central Government only some 3 digested by many who have only As regards trade conditions in the general anti-foreignism which million of dollars after payment recently realized the importance of the East and Far East. In Hong is unhappily spreading through.of the loan services. During the British interests out here, but who Kong, as you are well aware we out China, and must be acceptedly three-quarters of the total retalk and give advice as experts.

year the provinces retained near. [novertheless seem ever ready to have had great difficulties to con- as the almost inevitable con venue collected by the agency of tend with, but, in spite of these, comitant of any nationalist move the Salt Gabelle, and the latest his year of grace. will go down as I think it may be said that, on the ment in its earliest stage. But it,

History in the Making. take it that 1926, 1924, and

whole. business shows some im-goes much further. For eighteen reports show that the receipts at three of the most momentous in provement as compared with the months past we have been made the present moment have dropped China's history. Changes have ing year sums up 1926 conditions tensely bitter attack supported by eign loans dependent thereons you have just said, events are previous year. A very disappoint- the subject of a peculiar. and in-far below the level required to aken place, which a few years aXU maintain the services of the for-would have seemed incredible.. ad in the Yangtsze provinces and boundless misrepresentation and These loans are thus reduced to a moving with such rapidity, it is North China, as regards manu- calumny, for which there can be state of great insecurity, while lificult to keep pace with then factured imports. especially cot no other explanation than that it there are serious fears for the Yet at the back of all the strife, tems and woollens. On the export is the work of political instiga Administration itself, which side, brade has been hampered by tors not concerned with the real

£ haos, and political jealousy, is that military disturbances and lack of or even the imaginary, interests short time ago was, thanks to its teady industry, of the Chinese race transport facilities in the North of China, but solely bent on do-supervision, providing the Chin. he unnecessary burdens imposed

reorganisation:

which enables it to patiently bear with, foreign ing harm to Great Britain.

ose Government with a reventand proper protection, the volume in it. Glyen peaceful conditions Canton Boycat}.

almost, rivalling the Customs. Af trade possible, would, I think, for the unsecured foreign debt, sir, confound the most careful and all early prospects of a settlement conservative statisticians. were suspended with the break-up Pertinent Querica.

J

Bank and Tokyo Loan, Japan is to be congratulated on last year's progress towards. | The Canton boycott, as you are the reinstatement of her currency only too fully aware, lasted with- on a gold basis. The rather rapid out a break through the first half appreciation in the exchange of the year. Pourparlers for its cf the Tariff Conference...

We.. as Britishers are. proud of value of the yen has, in some cessation were opened in the Although I would hardly ven ur predecessors, who by their fore... directions, had a detrimental Spring by the Canton Govern-ture to call the outlook in Chnaight and determination have built effect on the trade of the counment, who put forward unaccept-encouraging, the earnest endea-ap one of the leading ports of the "try, a temporary disability notable demands. A declaration of yours being made to arrive at a world out of a swanip and deve- doubt, which will disappear as the termination of the boycott solution of present difficultiesoped concessions through which markets adjust themselves to the was, nevertheless, made in Octo. lead me to hope that some ar-uch a vast volume of trade now enhanced value of the yen ber. The effect of the offcial rangement, satisfactory to would mention that, in October

alt ast, we assisted in the flotation a loan in London for £6.000,-

under the guarantee of the ped perial Japanese Government This organised attack on the recon-British has come at a time when tion works in the City Great Britain was (if I may use okyo. Needless to say, the the phrase) visibly and actively et with a very favourable anxious to "play the game" by n, the loan being heavily China. and to find reasonable

scribed.

ways of removing such legitimate grievances, and causes of irrita- tion, as might arise from the existence of treaty conditions out

the finance of

and the Philippines. traits Settlements and report a satisfactory year, ady advance in the price as brought prosperity to portant mining industry, even at the much lower of prices commanded by product. practically a ober Plantation Companies are ing well.

In the Philippine Islands crops rather short of expectations id, on the import side, business Fas not too satisfactory.

British Firms in China. For British Arms carrying on business in China the political de- velopments of the past year have had, I need hardly remark, a very unusual significance.

raising of the boycott has been very limited and British trade re- mains hampered and handicap,

this

parties, will not be long delayed ish firms and individuals who have

nsses We are proud of this n titutions and the many other, Bri I now propose the adoption of aker such a leading part in the the Report and Statement of stance of the trade, of Accounts. After the proposal Country. Have we abused the pri has been seconded and before ileges granted us? Have we fall placing the motion before thed to keep law and order, or dis ceting, I shall be pleased toouraged other nationalities or the answer, to the best of my ability,Chinese themselves from making any questions which Share full use of the facilition for busi- holders may have to ask,ness provided in these places? (Applause),

Many Chinese must have surely

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参

Mr. T. E Pearce, seconding, said: Pondered over such questions as imagine few, if any of us here these, and realized that now that to-day, expected, that at this meethe privileges we have hitherto en- we aro willing to forego many of

of keeping with present circum-ing, we should have placed before joyed, that nothing but the friend

us such a report as we are tanees.

considering.

nowest feeling continues on our side,

" ,

China's Friend.

Despite a year of incessant civil (Applause). war, boycott, strikes and domestic

い

as it has always done in the past.

Poisoncus Propaganda.

3

With you. Sir. 1 do not believe,

It is hard to believe that deep chaos in the great Country border-

Disgruntled Criticisms..

en-

the

good sense of the British peo- ple which saw the Country through

hai trouble.

there is not the knowledge that proximately 17 lakhs more than in there is that antagonism or hatred in the Chinese consciousnessing us, we find the nett profit ap-except in the minds of a very few, among the foreign nations with 1925 and 11 lakhs more than in for us, which is being made so pro- whom she has come into contact, 1924. (Applause). Great Britain has been one of 1 feel confident, Sir, I am voicing which has to be kept alive by agita- minent at the present time, and China's best friends, and that the the satisfaction and gratification oftion, outside influences and foreign British as a whole are utterly un-all shareholders at the excellent re-money. The long-delayed note to deserving of the accusations andsult of the year's working, and on Russia presented last Thursday will Indian Exchange Problems. obloquy so freely heaped upon their behalf take this opportunity be welcome news to those trading Advices from India report that, them. Perhaps we may cherish of congratulating the Board of put here, who know only too well although the Monsoon was a good a hope that the very extravag-Directors, the Chief Managery by experience and first hand in- one, the general trade of the Em-ance of the campaign will defeat Managers and the Staff generally opaganda which has been instilled formation, the poisonous D10- pire was not too favourable dur- its own ends, when the good sense

such a splendid record. (Applause); the minds of the Chinese. Those ing 1926, the heavy decline in the of the Chinese people has a to the Staff is an item in which we enough how the same forces

The bonus which you have voted if us on leave fast year, know well price of produce, notably Jute chance to reassert itself. (Ap-heartily concur, and I venture to deavoured to wreck the Old Coun and Cotton, and rather excessive plause).

express the hope there never will be try. I think it was Mr. Baldwin,. imports of piece goods etc. hay- So far we have dealt with what an occasion when a similar state- who said at the end of the General ing had an adverse effect on is now past history. Events, ment is not made by the Chairman Strike last year that it was business. It is to be hoped that since 1926 ended, have moved at these meetings. the question of the adoption of with such startling rapidity and the Report of the Royal Commis-are fraught with such possibill-

I have heard, and possibly others sion on Indian Currency and ties, that it is at present difficult have heard also, a few carping cri- I believe that is due time the good Finance in whole or in part, will to visualize how matters stand.polies has not been so open-handed rail and see them through theirs, ticisms, that latterly, the Bank's ease of the Chinese people will pre- nct remain long undecided. It In the circumstances, I think it is or generous. I think these criti-when they will realise that Great will be indeed a relief to have In-safer to leave comment on recent cisms must have emanated from a Britain is animated by no other than dian Exchange problems freed of developments to those who are disgruntled few, and even their present uncertainty..

these he friendliest of feelings in their more closely in touch with "haute must surely agree that when the desire to see a

united Country, politique" than we in Hong Kong road is diffealt and obscure, it is with a Government working, in the can possibly be.

Hafest to get at once into second best interests of its people, China's Growing Trade. gear.

I am sanguine enough to believe It is purely a well-known fact it will not be long before this Chinese Government's finances. offering or assistance required, this ed and an appreciation of British Passing to the subject of the that when legitimate business la riendly feeling will be reciprocat- and the payment of their foreign Corporation has only been too ready

fair play and straightforwardness We have been accustomed in obligations, it is pleasure to to assist, and particularly has this

be manifested. the past to view Chinese politics be able to note a fresh record in been the case during the troublous of all the trials and tribulations I believe also that as an outcome from, I will not say a detached. the Customs Revenue collection times experienced during the last which Britishers have had in suf- but at least an unimpassioned for 1926 which amounts to 78 three years. standpoint. The even course pur-million Haikwán Taeks. This re- m not proposing to comment higher than ever, and that British sued by foreign trade in the represents an increase of 8 mil in detail on the accounts before trade and this Bank which ao large- midst of civil wars, and political lion Taels over the 1926 revenue,us. To the expert they must ap-y representa British interests, will upheavals had become a familiar nearly 5 million of which is, how per amazing, when taking into Bourish more than ever before. phenomenon, "and even though the ever, absorbed by the enhanced they cover, to the uninitiated the second the resolution which has

consideration the period which progressive ruin of the railways, cost of meeting the foreign gold mass of figures and big totais must been proposed by the Chairman. With these remarks, I beg to and disorder of the Provinces,obligations secured on the Cus-appear overwhelming. presented a growing menace, con- toms, due to the drop in the ex-) solation could til recently be change value of silver.

The steady growth of the Bank's Election of Directory. found in the annual trade re-

business must be very satisfactory. No question was put and the pro- turns, which showed little signs over-hanging the political horizon

Even with the heavy clouds to those who control its affairs, as posal was carried unanimously. of shrinkage.

it is to all its abareholders,

Sir Henry Pollock proposed that Great Future. and the peculiar trials under

the Hon. Mr. A. O. Lang, Mr. W. H. The policy of steadily adding to Bell and Mr. H. P. White be re- which British commerce is la-its reserves and the writing down alceted Directors-seconded by Mr. To-day the position is very dif bouring, we may derive some of its properties by large amounts Leung Yan-po and carried ferent. The domestic affairs and comfort from the apparently irre-every year, is one which will bejanimously. foreign relations of China have pressible growth of China's for heartily endorsed by all who believe Mr.C. Bernard Brown, A.C.A. become a matter of prime concern eign trade, as evidenced by the that the future of this Corporation and Mr. John Fleming, CA., were for the British merchant, as for steady increase in Customs collec. is going to be vastly bigger than unanimously re-elected director- all other elements of the foreign tions, which have actually doubl-its past. I feel convinced no share proposed by Mr. R. M. Dyer, second- community" in the country. It is ed during the last eight years, bolder will cavil at the large ed by Mr. F. R. Marsh clear to all that at present Bri-This is perhaps a suitable occs-amounts which have been appro-

Dividend warrants will be ready tish interests depend pre-emin-sion to pay

a special tribute to printed from last year's profits for on Monday. ently on further developments in the courage, energy, impartiality

these purpose8. China's internal and foreign and, if I may say so, eminent more item in your report on the ac- I think I need only refer to one: politics which stand at a most efficiency displayed by the ex-counts, and that is the fact that critical juncture.

tremely capable staff of the Chin- full provision has been made for In the former sphere we are ese Maritime Customs in times of all bad and doubtful debts and our cast, fog at first, rain later," is the witnessing the most complete great difficulty and stress. Ap-Investments show "political cleavage, and the mosti plause),

a satisfactory forecast for the twenty-four hours margin on current market prices." lending at navn to-morrow.

"Critical Juncture,

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"

fer, British prestige will «Land

(Applause).

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WEEK-END WEATHER

FORECAST.

"N. E. winds, freshening

over-