1928-06-09 — Page 2

HONG KONG AND SHANGHAI| BANKING CORPORATION.

Bulberland Caplial

$50,000,000

laced and Fully Paid-up was 20,000,000 Bessere Punla a min

Aling

Eller

+

5,000,000 $1,000,000)

Barre Liability of Propršakov 20,000.000

HEAD OFFICE 1 HONGKONG,

COUNT OF DIRECTORSIT

W. H. Dall, Sing.

A. 13. Complon, Esq.

Chairman.

N. 8. Brown, aş. Deputy Chairman,

W. 1. Pattanden, Ear loc. r. 1. 1. P. Deith. J. A. Flummer, Esq. Ilon. Mr. C. l. 6. Mackte. T. 0. Well, Eng.

AMOT

L. P. WIES, Yaq. Chia! Misiger Hon. Mr. A. C. By

BANGKOK BATAVIA BOMBAY CALCUTTA САНТОМ CHEFOO DOLOMBO

DNANONES:-

LONDON LYONB

MALACOM

MANILA

MOVEDEN

NAGISAKI

NEW TORK.

PEKING

PENAHO

DAIDER

FOOGHOW

HANDOON

HAIPHONG

KATOON

BAMBUBO

BAN FILANGIBOO

HANKOW

BHANUMAI

BABBIN

BINGATURE

MORUKEW

ILOILO

IPOK.

RUNDZI PATANI TIENTEIN

JOUODE

TOKYO

БОВЕ

KUALA LUMPOR

SOURABAYA

THINUTAO

YOKOHAMA

Outras Acounts opened In Local 'Currency and Fried Dejutte erived for one year or charter periods Local Curopacy and teling on Laro which will Em quote on application. itung Kong, Oils June, Ival,

HONG, KONG SAVINGS BANK.

The Business of the stove Bank la conduct- by the HONGKONU AND BELANOMAL BANKING COMPORATION. Huise may b abelbed popplication.

FOR THE

поникако DANKING CORPORATIOS.

BHANGHAI

A, C. HYNES,

Chist Manager.

·Gnag Kong, 12th September, 1971,

NEDERLANDSCHE HANDEL

MAATSCHAPPIJ.,

NETHERLANDS TRADING, SOCIETY)

HANKERS.

Estallinked SHAA.

Hong Kong :-) Queen's Hood Central.

Authorised Capital

<eld-Up Capital

Hit Pond

-

Calder 100,000-

(£12,600,000.j

Gulder 80,000,000

(40,004,670.) Cruilder 40,000,000- (£8,338,133,)

Bend AMSTER|2633). Eastern es éco :-[ATANIA.

TRANCHES Candymal de Bombay.

Calcutta, Cherikina, Iddah, Djember, kjk) Ths ago), Kobe,

o Hudja, Stakaewar, Medan, Padang Petalungen, Penang Palembang, Pontianak tangour, Holterdate"} Shanghai, Sibolga

Boerakart Bourable,

(uz), (Holo),

Tilasjug 1'rgal,

Weller codes.")

| Thinks ̄cüloor-bare-sale-deposit beise_10_tes

ليمو

London Bankan :-Nailona! Provincial Bank Ltd.

Nil over the world

Cart Mkingaksanesa of y

deseen transected.

D. STEENSTRA,

Hong Kong, Both duly, 1977.

Hangar.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:-

96, Boulevard Haussman, Paris, Subscribed Capital.. Frs. 72,000,000,00 Pald-Up Capital.....Fus. 68,400,000,00 Reserve Fand ......Fri, 89,884,610.10

BRANCHES: Hono! Battambang Hong Kong Saigon

Bangkok

Gaatho

Mangtze

Canton Nam Dinh

Dijbouti

Noumea

Peking

Quinhoa Shanghai Singapore Tiontain Tourane Vinh Haiphong Hankow Pnom-Penh Yunnanfu

Pondicherry BANKERS:

Fort-Bayard Papeete

IN FRANCE: Comptoir National

行銀商工法中

BANQUE FRANCO-CHINOISE Pour is

Commerce et l'Industria

(Incorporated in France).

Prince's Building, Chater Road,

Hong Kong.

HEAD OFFICE:

74, Rue St. Lazare, Paris. Capital fully paid up....Frs.50,000,000 Bpoctal working capital .Fri.50,000,000 Reserves

.Fr..22,319,004

BRANCHES:

Paris, Lyons, Marseilles, Saigon, Haiphong, Hanol, Tourane, Quiniton, Hue, Thanh Hoa, Vinh Pnom Penh.

Peking, Shanghai, Tientsin, ́ Hong Kong.

BANKERS:

·

LOCAL SHARES.

W

THE CHINA-MAIL,

MESSRS MOXON & TAYLOR'S WEEKLY REPORT.

A STEADY DEMAND.

COMMERCE

AND

FINANCE.

SATURDAY, JUNE 9, 1928.

have been earned. With the notable its capital is in the form of deben- These are exception of cotton apinning mills, tures or other loans. such cases are unusual, and it is some of the reasons which frequent- broadly true that over-capitaliza-ly make it sound to adopt schemes tion which does not involve facress for the reduction of capital in order ed depreciation charges has no to restore health to a company effect on costs. Nor can the over-which finds itself in this position. capitalization of individual under It is, however, a fallacy to suppose takinge have any material effect that such a reduction can of Itealf on the level of prices, so long as automatically enable a concern to produce more cheaply or to sell-on better terms or to pay higher wages, though in the long run these ad- vantages may accrua.

TRADE PROSPECTS. free competition la maintained and the over-capitalized undertaking are not in a position through a price agreement or other form of com bination to maintain prices at a non-competitive level.

FURTHER FACTORS IN EFFICIENCY:

- COMMITTEE'S SURVEY,

per cent.

The Committee do not, however, suggest that the evils so widely at- tributed to over-capitalization are (Continued from yesterday.). Messra. Moxon and Taylor, in

purely imaginary. On the contrary, After making allowance for all they are very real and serious, their weekly report on the locul FRANCE: Societe Generale, Banque phare market, under date of yes- necessary qualifications the Com- though not of the kind commonly

Nationale de Credit, Banque de terday, state:---

mittee suggest that the average rise supposed. They include: auch ef- Paris et des Pays Bas.

The improvement in our market of direct wages costs in the cases fects as failure to provide ade LONDON:-Hidland Bank Ltd. NEW YORK: American Exchange reported in our last issue continp- for which comparable data are quately for weserves, depreciation Irving Trust Co., Bancs Commiored during the week under review available had been in the neighbour and working capital, and they exert ciale Italiana.

with a steady demand for In-hood of 75 to 80 per cent., while the prejudicial effect on the minds SAN FRANCISCO:-Bank of Italy.

dustrial stocks, for both Cash and average rise in rates of wage in and policy of the man who run the Every description of Banking and Forward deliveries, but met with the great exporting trades, it is cs-business, in fettering their freedom Exchange Business Transacted. Com little response from sellers who timated, did not exceed 60 to 70 and paralyzing their initiative. An There was thus a mark-over-capitalized undertaking is also respondents throughout the world.

are anticipating higher prices.

od discrepancy between the in- at a disadvantage, in that low rates Shanghai market is quict. The following are the principal crease in wages and in labour costs of dividend may detract from its In spite of the progress made in the reputation; its power to float a loan alterations since last week:

Banks:Again

in for a equipment of industry with plant or obtain bank accommodation may THE CHARTERED BANK OF

steady demand and shares chang- and power. After indicating some be impaired, and it may be driven of the factors operating either to to weak selling in order to find cash INDIA, AUSTRALIA & CHINA,

ed hands at $1,285/90.

Unions: The demand for these increase or diminish auch a discre- for interest payments when much of Incorporated by Royal Charter, 1859.

abares continues unabated at rising pancy, the Committee find it dim-' HEAD OFFICE: LONDON,

£3,000,000 prices but still without attracting cult to resist the conclusion that the Paid-up Capital

residual factor which accounts for Reserve Fund

£4,000,000 sellers. Reserve Liability of Proprio-

Hong at least part and passibly the great-i tors

.£1,000,000

quota-er part of the increase in the "real" cost of labour in production wanted is the reduction in the length of the working week between the dates compared. This reduction averaged

A RULLIN,

Manager. Hong Kong, 18th April," 1028.

Agencies and Branches:

ALUR STAN

KUCHING

Main Hala)

MADHAS

AMRITHAR

MANHA

MEDAN

NEW YORK

PEKING

BANUKOK BATAVIA DOMBAY CALCUTTA CASTON CAWNIONE CEBU COLUMBO DELHI

FESANO PESHAWAR BANGCHIN BALON SEMARANG PEREMBAN SHANGHAI BINGAPORE KOURA BAYA

HAIPHONG

HAMBURG

HAKKOW

HARIS (N. Maarhuria)

TAIPING

(P.8.)

PN HÙNG

ILOILO

1611

KARACHI

KLAND

KUBE

KUALA KANGSAR

* Farsk (F.1.8.)

KUALA LUMPUR

TAVOY

TIENTSIN

TONOKAR Buket)

TRINGTAO

TORCILANA

BAMBOANOA

Pilippine Islands)

came

Canton Insurance and Kong Fires:-Are quiet at tions.

China Firos:-Are still

at $230, but there are no sellers.

China-Underwriters:-Are meet-

ing with some enquiry and busi- on the whole about 10 per cent., ness has been done at $2.35.

Steamboata:--Huve firmed and would

now find buyers $2834, but shares are being for rather more.

and speaking generally, it seems up clear that it has not been fully off-

Waterboats:-Met with rather more enquiry and changed hands at $20.

+

HONG KONG TIDE.

The tide-tabis given below has been obtained by ald of the Tide-predicting Machine, which includes 40 components for the better prediction of tides, from the result of the analysis of the tidal observations, taken at the Kaulung tidal, observatory under the direction of Dr. Doberek during the years 1887. 1888 and 1839.

The times and heights are given for Krulung: but they may be used for the Victoria Naval Yard and Aber doon, the differences being very small

The times

of high-and low-water must not be considered to coincide with the times of alack-water and change of current, the two phenomena. being quite distinct.

DATI

June 8 to 14, 1928.

HIGH WATHE|Lowen Water.

standard Times

The Committee point out that the loaue of bonus sharos does not necessarily involve over-capitaliza- tion, though it is one of the methods by which over-capitalization may be effected. Increase in valuation of asets is only justified if the reva- luation represents a permanent and certain higher value in normal times and conditions. In this con- nection the Committee refer in some detail to the disposal of cot- ton-spinning undertakings in the post-War boom years at grossly in- flated prices based on momentary 8t conditions and on the unreasonable expectation that these conditions would continue. There is no ques-Mon. tt m 6 tion, they any, that the gigantic fin-

Juni

Ht

Standar Times

2 11 27.3

*7 * 4 238

7 40 0,9

I

0.10 4. 5,7 95,5

37

1.1

38

1.3

4

4.1 7.0

4,

4.6.

-wo. 1) n. 4 21 SH❘ mba

t 1. A 6.4

1

ancial operations by which so many Tues 1964 465 of the Lancashire cotton-spinning Wed 15 mills became over-capitalized have

(Continued on Page 8)

in $ 58 5 1 21 40

$.7h b

命 Thurs 14 4 5.8 En

8.1

7

"เม

HONG KONG MARKET PRODUCE.

at set by increased productivity par held hour, though doubtless the experi-Beef Sirloin

hae ence of different industries varied widely in this respect.

Deuling with the cost of salaries, the Conimitten find that the iimited evidence available indicates that the average cost per unit of output represented in 1925 between double and treble its amount in 1913, but

Hong Kong Lands:Have had another rise and sales took place Foreign Exchange and General Bank-at $66. More shares are wanted at $65% but probably the former ing business transected.

Current Accounts opened and Fixed price would still have to be paid it is pointed out that the dispro- Deposits received for 1 year or shorter to lead to further business. periods at rates which will be quoted

Hong Kong Hotels:-Have had a on application,

rise and are in strong demand at A. H. FERGUSON,

Manager.$9. Hong Kong, 3rd April, 1928.

THE BANK OF TAIWAN, LTD.

(TAIWAN GINKO).

HEAD OFFICE:-Taipeh, Formosa. Incorporated by Special Imperial Charter, 1895,

Hong Kong Trams:-Were firm was paid for a few and $25.80 shares but it is doubtful if more could be obtained under $2514.

China Lights:-Came in for a

portion between this rate of in- crease and that of wages conta le accounted for by the fact that the post war year to which the figures relate was one of depression Da which the relative cost of salaries is bound to be abnormally high.

Costs of distribution, the Com-

smart rise and after business done mittee show, have an important in- fluence on industry. The data at $11/11 for the old shares

-which-it-has-been-possible-to-ob these were dealt in at $12/12.10;

Central Bank in FormoRE. Bank-Notes issued

China Providents:-Could have Yon 45,000,000 Average amount ..

been placed at $5:10 but-sellers' ideas have hardened and $5.60 is BRANCHES AND AGENCIES: JAPAN: Tokyo, Yokohama, Kobe, now being asked.

Osaka.

FORMOSA: Giron, Kagi, Karenko,

fair

Bullock's Brains

+

APPROXIMATE RETAIL

יו

PRICES.

32.

Poultry.

June 1, June, June, 1028. 1918. 1914

Cia. Cla. Ctx

Capona, Small

Capons, Large

(cooking)...

Fowls, Canton

Fowls, Hainan

Pigeons, Canton

24 20 18 12

Turkeys, Hon Snipe Pheasant

each

par doz. 92

jb

46

*+

55 28

45

22

22

55 80 81 30 30 21 21

28.

18

新鮮雞 本地游16.

2825

20

70

36

24

***

40

'M

86. 24

45

24 24

70

_each_55

海口岛

30 1

lb.

85

09

+1

觀正B班新本海白海 火火神山美

火麵

CALARAS

each

pair

cach

994

1881 11

ទ គ គ ន ដ ។ តតដន ន | | | | |

Butcher Meat.

June 1, June, June,

1928. 1918. 1914.

G. Ct, Cis.

tb.

23 24 11

Chicken

Prime Cut

28 28 -13

Corned

- 23 12

Roast

28 24-22

1.

Breast

*24 20 18

Duck

to

Beep-

20

10

18

Doves

11

Steak

28 24 22

Eggs, Hen

+

Steak Sirloin

40 30

95*

Eggs, Hen (fresh)

Sausages..........

40 28

20

*

per at 15

10

12

#7

'ro

Tongue, fresh.. Tongue, corned Head

each 65

BO 60.

Geose

60

12 $1.20

-$1.20

Holhow

Haurt

H

lb.

24 18 14

Turkeys, Cock

Hamp. Balt

H

Fret

exch 8 10

Kidneya

Tail

28

15 18 12 2012

Quail

Liver

H

Ib.

24 19 14

Partridges

#

.Tripe ..

"7

•

"

Calver Head & Fent.. 4AND #ot $1.20 $1.00 $1.00 Mutton Chey

16.

20

串联

Leg Shoulder Steddie

46

28.

"

44

24

46

lb.

70

36

30

27

IT.

24

24

H

Brains

Por net 3.nam't

4

Fest

fb.

15 15

Fry

28 15

18

#

Coooanuta

Read

15

.20

Beach 14-

10

10

"

31

Heart

each 16

10

Kidneys

15

10

10 Lemons (America)

Lemons, China.

#

10. 25

80

une cach

.8

"

Liver

lb.

BO

24

Lichens; Dried

25

28

Oranges (Canton)

*

Oranges

*#* MA

80

20

28

H

Leg

#

11

Lola

猪後

38

60

70

Pears (Canton)

18

13

Peanuta-

14

10

12

Fat or Lard....

24 191

60

TO

Persimmons, Large

"

Plantása

Heart

each 12

8

5

J

2

Kidneys ...... * Liver

15 12

30

Pamelo, Slam

鮮 each

16

45 23

26

Walnota

ib.

16

16

ib.

25

22

Grapes

20

18

2

48

28

26

+

30 .20

20

32

28

#4

the new, shares have buyers attain are mengre, but conclusions of $11.70 while the 1928 issue have fonsiderable Interest are indicated,

especially with regard to recent! advanced from $11.70.

changes in the costs of retail dis- Pig's Chillings tribution. The accounts of two great departmental stares and three important retail co-operative no- cieties have been analysed, while in the case of groceries and provisions details have been obtained concern- ing six proprietary businesses. It is emphasized that figures relating

Pork Chop to distributive costs and profits Docks: Are also coming into must be taken with great caution notice again and would find buyers but so far as they go the figures nt. $40%.

suggest that something in the neigh- Electrics:-Met with continued bourhood of one-third of the retail Sheop's Head & Fost.. por set 90.

Dairy Farms:-Were in Keelung, Makong, Nanto, Shin-demand, sales having been effected chiku, Taicha, Talaan, Takao, at $22. Tamsal Toen. Helto, Taito.

Wharves:-Came to business at CHINA: Shanghai, Hankow, Amoy, $180% and close with strong

Foochow, Swatow, Canton. OTHERS: Hong Kong, Singapore, buyers at this price:

Boerabaya, Semarang, Batavia, Bombay, Calcutta, London, New York, Dairen.

LONDON BANKERS: The London County Westminster and Parr's Bank.

as,

TI

*

price of commodities as a whole goes to the wholesale and retail distributors and the remainder to sucking Pigs, to order. the producers and the transport Suet, Beef 5th agencies. Of the share of the

demand and business was done at are close there The Bank has Corespondents in the Cammercial $704. At the Centros in the European Condens. Husals. Man buyers at $71% with $72. being Phoris, Teingiao, Japan, Africs, U.. Au asked. Phillphine Intende,

London Quotations of the Interest allowed on Suteral Accounts, and Plast

Depolis Sa Yes can be becspled,

d'Escompte do Paris; Credit Lyonnals: Deposits at rste which will be quoted an applies inst.:-Banks £137.; Indos Defer- final value of the product which Banque de Paris et des Pays-Bas Credit Industriel et Commercial; Societe Generale..

IN LONDON: The National Pro- vincial & Union Bank of England, Ltd; Comptoir National d'Escompte de Paris; Credit Lyonnais.

IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor poration; Guaranty Trust Co. of New York,

Interest allowed on Current Accounta and Fixed Deposits according to arrangements.

Every description of Banking and Exchange Business transacted. Bafe Deposit Boxes to let.

CH. LEM,

Manager.

Hong Kong, 1st May, 1928.

LIMITED.

J. IHARA,

Managar. HONG KONG BRANCH:

3, Dex Voeux Road Central, Hong Kong, 22nd September, 1927.

THE BANK OF CHINA. 行銀 中

Specially Authorised by Presidential Mandate of the Republic of China on the 22nd of November, 1917). Authorised Capital Pald-up Capital Reserve Fund

$00,000,000,00 18,278,000.00 9.629,425.24

HEAD OFFICE: PEKING.

HONG KONG BRANCH:

4, Queen's Road Central. Branches and Sub-brunches all over

THE YOKOHAMA SPECIE BANK, China and Correspondents in Europe,

Ratablished 1880.

Capital (fully paid-up) Yen 100,000,000 Yen 99,500,000 Reserve fand

Head Office:-YOKOHAMA, Branches and Agenciou niz

Alexandria.

Batavia,

Bombay.

„Buenos_Ayres.

Calcutta.

Canton.

Changchun

Dairen (Dalny);

Fengtian (Mukden).

Hamburg.

Hankow,

Harbin.

Honolul

Kai Yuen.

Karachi. Kobe.

Londen

Low Angeles. Lyons. Manils.

Newchwang.

New York.

Osaka.

Paking,

"Rangoon

Rio de Janeiro, Saigon. San Francisco. Seattle. Semarang. Shanghai, Shimonosett Singapore. Заставата. Sydney. Tientalo. Tokyo, Taigantu. Talugtan Vladivostok, #(Temporarily

closed),

Nagasaki. Nagoys.

Interest allowed on Current Aceomata. Depositar received for fixed perioda at rates to be obtained on application

IL MORL

Hong Kong 12th. Marah, 1951.

red £7.5/-; Shells 24.15/- all middle prices.

Exchange:-The demand selling rate on London is 2/-5/16 and the T/T. on Shanghal is Tis. 75.

THE MERCANTILE BANK OF INDIA, LTD.

HEAD OFFICE: 15, Gracechurch Street, Landes, E. C..

. £3,000,000 Authorised Capital

1,800,000 Subscribed Capitol Pald-up Capital

1,050,000 ་➢་་་་ Reserve Fund and rest. 1,684,840 BANKERS:

The Bank of England & 3!1dlaod Bank, Ltd.

BRANCHES: .

Kuala Lumpar Kutan (F) Madra New York Pencap

America, and other parts of the world,

London Bankers: The National Pro-Bangkok Gla

Batavia Longbong vincial And Union Bank of England. Bombay lowsalı Ltd.

Caleutia Kandy

The Guaranty Trust Company of Colombo arachi

Dollil Kots Bus Port Louis (Mauritius)

Now York.

New York Bankers:-The Irving National Bank,

HONGKONG BRANCH.

Bangoon Shangha! Fi

Boutabay's

goes to the distributors, roughly three-quarters, or one-quarter, of the whole retail prize, is absorbed by distributive expenses, and one. quarter, or about 8 per cent. of the whole retail price represents the

Barbel net profit of distributors, whole- Bream

sale and retail.

Canton Fresh On the question of railway trans- Water Fish. port the comment is made that a Carp conclusion reached in the previous Catash volume issued by the Committee, Codfish that the cost of railway transporta-¡Crabs, tion on the whole bore a somewhat Cuttle Fish lower proportion ta ultimate prices Dab than in 1914, would probably now Daca

Dog Fish not hold good.

Eels, Conger

Effects of Over Capitalization.

h

11

Fresh Water Yellow

14

肚 冰

ខ ធ្នូ ២០ ធំ ២ ធ្នូ ១៩៩ គ គឺ ដង ៩៖ ដុះដ

a

LIBRER MEERESUJTE

Almundr

Fruits.

#

Apples (California) .... &&#

Bananas "(bilde's)

Carambola

泰山香街

Artichokes

#

བ ད ཡཙྪ་སྦྱོ༅

Vegetables, &c.

each 12

lb.

Beans, Sprout

Long

Best Root.. Bittor Squash

Brinjain, Green

Red "Cabbage, Chinese

"

Cauliflower (Large) ..

(Medium),

大貓帶花 each

竹菜角母心菜花花花笋干枚料 案

་སྱཱ ཋ ཋ སླ ཋཋ ཡཿ|།།༑ |ཁ།gཏྲཱཧྨ ཿསྲསྐྱུ ཿཤྩ ཨ.ཋཋསྲུ

}

ཙྪཱཕྲུt.1||ཋ262||

24

B

攤啡

H

6

lb.

6

##.

.10

## T

25

5

AL * X

10

10

脊花旗

12.8

12

ន

2

[

Veal

"

Mutton

·Sausages

No. 1..

Fish.

Ib. 38

24

32

20 16

28

10

30

22

4

H

*`(Shanghai)

80

26

Cane Shoots, bunch .........

24

26

迪

13

20

16

2.

35

18

(Small)

38

1

Carrots

15

8

Celery, Chinese

30

20

Chillies, Dried

80

18

Red

22

30

65

82

25

76

36

24

18.

** Garo

21 18

23

甲

22

16

24

18

П

45

24

45.82

34.-20

21 28

48 18 2

.30. 16

.25" 20

16

·169

32

10

80

8

81 80

45

10 14

Parsley Potato, Swont

Гарадена American

18

Pumpkin

An interesting section of the re- port discusses the general effects of over-capitalization" on costs and Froge Spare prices. The expression "overcapi-Garoupa

talization" is confined by the Com-Gudgeon- Herrings mittee, to the results of increasing

Halibut by various operations the capitall- zation of a business in its material Labrus equipment or working capital. The Loach Committee are of opinion that while over-capitalization may have-de-Mackerel

Monk Fish plorable results on the conduct of

Every demiption of Decking and Exchange burl-

jurusest. The Equitable Trust Company of "INTEREST allowed Current Accounts at 1 New York.

per cent. prr un op Daly Balance and Interest allowed on Current Accounts Fixed Deposita as extes that insy be ascertained on

appucation. and Fixed Deposits. Terma on applica. tion,

C. L. C. BANDER

Maunger.

Every description of Banking Bust-7, Queen's Road Central,

Hong Kong, JUDA 6, JVEN, |ness transacted.

Loans granted on approved securities. Special facilities for Home Ex- change.

SHOU J. CHEN,

...Manager.)

THE BANK OF CANTON, LTD.

Established 1912-

· Head Offices-Hong Kong "Authorland Capfia) (ULE. Currerol).........$11,000,000 Pald Up Capital o £50,000

DRANCITES

Canton Shanghal, Hanhow, Ewatpu, Bangkok, New York and Ea· Frenckito.

-LONDON BANKERS |--

The Lloyd's Bank Limited,

CORRESPONDENTS

In sil principal zitim of the World.

Forsi

szobange and banking bales of

i uregi demption fransected.ONE

Bala Dapua Benas (Carioun siam) xi`k yourly r LOOK POONG SHAN, T GRUOTAS Chief -Manager, Hong Kong, 19th February, ^1227.:.

UNCLAIMED TELEGRAMS,

THE EASTERN EXTENSION AUSTRALASIA & CHINA TELEGRAPH CO., LTD.

Lobsters

a business, it can have no material Muller

Oysters effect on the level of costs of pro duction unless there is involved Parrot Fish

Perch the increased valuation of such

Pike material assets as plant and build- ings on which depreciation is charged:

Pinice: Pomfret, Bla Pomfret, They think it probable, however, PTAWNE that most recent

of "gross CASES

Ray over-capitalization resulted to a Rock Fish The following Unclaimed Tele grams are lying. In the E. E. ponderating extent not from the ch

over-valuation of material assets, Salmon Telegraph Co. office, Hong Kong but from an excessive estimate of

Hoskyn,› Manila Hotel, from Kuala Lumpur:

Mr. and Mrs. Carl Wright, Re pulse Bay Hotel, from Singapore. E A. LEGGATT, U

Superintendent. Hong Kong 7th June, 1928.

the level of future – maintainable

Bicate profita Over-capitalization due to

Shrimps this cause can only have an effect on costs of production if part of the

Boles excess capital consists of deben-Tench tures or loans on which interest has to be paid whether or not profits

ME

2. **&RRARI¬NAPI*&---za-ada-An

85

Green

Carry Stuff, English ..

Cucumbers

Ginger, Young

Old

Horseradish, Shanghai. Indian Cora

Lettuce

Water Chestnuts.

Mandarin,

Mushrooms, Fresh Okrops Onions, Bombay

Green Shanghai

Radiah

Rhubarb

Spinach

Panti (Long)

10

8

45

81