1929-04-23 — Page 2

HONG KONG AND SHANGHAI BANKING CORPORATION. -

Authorlind Capital 10,300, 003 Freed and Fully Paid-up $20,000,000 Besar Panda

B6,000,000

Malvar

14.000,090

Reserve Lisbility of Proprietor 200,000,000

HEAD OFFICE: HONGKONG,

COURT OF DIRECTORS-

N. B. Brown, Esq.

Chalzman

W. E. Bell, Esq. Deputy Chairman,

1. D. F. Bath, Kaç.

H. Common E M. T. Johnasa, kuq, B. Lander Lewis, Bay.

W. L. Patienden, Esq.

T. E. Pakroo. Eq..

Г. А. Макорат. Бод

J. P. Warren, Tag,

Chief Manor, Bon. Ms. A. 0. Hymne.

BANGKOK PEATAVIA BOMBAY HALCUTTA *CANTON CHEP00 COLOMBO DAIREN FOUCHOW HAIPHONG GAMBURG DANKOW

BEANCHES-

LONDON

L.YOND

MALACCA

MANILA MOURDEN NADABARI NEW YORK PERING PENANG RANGOON SAIGON

n

BARBIN BONDLEW

BOLLO

TPOK

JOHONE

KOBE BUWLOON

KUALA LUMPUR

SAN FRANCIACO SILANGA SINGAPORE SOURABAYA SUNGEL FATASI TIENTSIN TOKYO TSINGTAO YOKOHAMA

Current Accounts opened in Focal Cutane

Pland Daponlus required but one you_De skorlar parinde in Local Currency wad Breeding

a large which will be quoted on appulsion. Hong Kong 70 Apr, 1923.

行銀商工法中

BANQUE FRANCO - CHINOISE pour le

Commerce et l'Industrie (Incorporated in France).

Prince's Building, Chater Road, Heng Kong.

HEAD OFFICE:

74, Rua St. Lazare, Paris. Capital fully paid up ..FT.50,000,000 Special working capital .Frs.50,000,000)

.Fra.22,329.000

Reserves

THE CHINA MAIL,

CHARTERED BANK

:

GREATER PROSPERITY OF HONG KONG

COMMERCE

AND

FINANCE.

TUESDAY, APRIL 23, 1929.

The outlook generally in Malaya tory. He wished to thank the Chair VICKERS, LIMITED

muchnian for his speech, which, as on pre-

for the coming

year seems was anticipated some vious occasions, had been most illumin brighter than

ating (Hear, hear). months ago.

The motion was carried unanimous-

China Now about China. There has been ly

The Chairman next movod: "That a remarkable recovery during the past year. Civil war has stopped, and there a dividend at the rate of 14 p.c. per are distinct signs of a will to peace annum for the half-year ended Decera- on the part of the Generals and Party bar 31 last, together with a bonus of Jenders who control the various areas 6s, Sd. per share, free of income tax, in that vast country. They have been be now declared payable on and after

ANNUAL GENERAL

MEETING

8 PER CENT, DIVIDEND

At the annual general meeting of Messrs. Vickers, Limited, which was held at the River' Don Works,. Sheffield, on March 25, the Chairman,

sumed in the country. At the present sitting round the same table for some the 3rd proximo."

Mr. Colin F. Campbell seconded the Genera! the Hon. Sir Herbert A.

Lawrence, G.C.B., said inter, aline unanimously moment we believe some 800,000 tons months, and the Government at Nan-

Your Directors report and accounts for the year ending December 81 last have arrived, or are in course of tranking is now formally recognised as a resolution, and it was

Un the motion of the Chairman, show that the net profit, including sit, frora Australis and Canada to Central Government representing the adopted. India, so that for this month there is whole country. With the general de- Ekely to be again an adverse balance sire for peace amongst its leaders, back-seconded by Mr. Edward F. Mackay dividends from subsidiary companies and investments, amounts to 989,902, of trade. This 800,000 tons whent re-ed up by the powerful Chinese Banking the election of Sir Henry Pelham Went-

to which must be added the balance presents a sterling value of about and Commercial interests, I cannot be worth Macnaghter as a director was

brought forward from 1927, viz.:- Tribute to the Chairman

£208 $8,000,000. Had wheat been available lieve that the present movement of confirmed.

3722, making a total available for W. Mr.

Fout Mitchell for export bills would be offering to troops will lead to anything like the

Sir dividend of £1,148,624, which your recurrence of civil war. China is in a

the re-election of that extent.

state of transition from Civil War to proposed

Turner,

Sir directors recommend should be appro- Cornish The Cotton Crop

Wentworth

Mas-priated as follows: Pelham

£250,000 The cotton crop for all India is settled Civil Government, and in that Montagu

Dividends оп Preference estimated round about 6,000,000 bales, process troubles of mir magnitude Henry

Shares and Stock

418,190 Montagu Turner and Kurrachee are in excess of those restoration of internal order there has Jamieson as directors. In doing so he

in remarked that Sir been an immediate

improvement for last year by some 350,000 bales.

tax) on the Ordinary Share Capital Indian mills will also be corsuming trade, the Customs figures showing an had been a member of the board for Dividend of 8 per cent (less

***** more if the insane policy of strikes in increase of Tls. 8,000,000 for the past over a quarter of a century, and had Business in North China and presided over the business of the bank Bombay comes to an end through sheer year.

then

TRADE IN CHINA

BRANCHES:

The 75th ordinary general meeting Paris, Lyons, Marseilles, Saigon, of Chartered Bank of India, Austra Haiphong, Hanoi, Tourane, Quinhona and China was held on March 27, Hue, Thanh 203, Vinh Phom Penh.

E.C. gate, Peking, Shanghai, Tientsin, Hong on the bank's premises, 38, Bishops-

Sir Montagu. Cornish Turner (the and exports up to date from Bombay are bound to arise. With the partial naghten and Mr. Archibald Auldio Transfer to Reserve, Fund chairman) presided.

Mr. W. E. Preston (chief manager) having read the notice convening the meeting and the auditors' report

The Chairman said: Gentlemen,-

Kong.

BANKERS: FRANCE: Societe Generale, Banque Nationale de Credit, Banque de Paris et des Pays Bas. LONDON:-Midland Bonk, Ltd.

202,730

Is no sign of improvement in the Bom-whale, and one of the outstanding fear tim on the board felt that they coulded this year in profits are the trad Irving Trust Co., Banca Commer:before the meeting you will notice that exhaustion. I regret to say that there Manchuria has been fairly good on the for some 23 years with most conspicy- Carried forward to next year 217,704,

HONG KONG SAVINGS BANK. Reserve Liability of Froprie

To Busini off this absna Ronk is mondual ed by the BONGKONG AND SHANGHAL BANKING CORPORATION. Bu ay

our

valued colleague, Wallace, acting

Mr-

under

Piece-Goods Trade -As regards imports of varn and piece goods it appears that though Manchester still maintains its hold on the trade in white goods, Japan is in increasingly supplying India's require ments for unbleached and coloured piece-goods.

cus success.

on com.

by

As mentioned in the report, includ- Those who worked with NEW YORK:-American Exchange From the Annus report which is now

ing profits en certain armament and Lewis

better Chairman of other contracts which, under the terms ciale Italiana.

bay Mili Industry, which would seem tures in that sphere has been the huge SAN FRANCISCO Bank of Italy.

imperative

a better leader(hear, hear)-and he

of the agreement for sale to Vickora- knew that that con- strike lasting for more than six months learn, to the Chinese peasantry now de-

Armstrongs, were retained and com. a high standard of living. (the speaker Every description of Banking and orders of his medical adviser, found it to need drastic handling, hus with a imports of flour from Canada, due, we not possibly have

no result but disaster could be possible. manding necessary to resign his seat on the

Exports of jute and tea have been There has been a great wave of emigra idence was echoed by all the share picted by your Company, and also the due on Work-in-Pro- Cor Board, very much to the regret of his Exchange Business Transacted.

of the Chartered Protit accrued

In past respondents throughout the world.

colleagues. Mr. Wallace had been at

(Hoar hear). directer of this bank for 26 years, and quite up to the normal, and we should tion and development in North Man-holders and everyone who was interest

He would like Eress at December 31, 1927. L. BERNIS,

Manager in that period had always shown a say that both the ule mil and tea in churia, and we have opened branches ed in the success

profit carned very keen interest in the affairs of dustries are in a very healthy condi- at Harbin and Dairen, the former town Bank.

tion.

being the trade-mart at the junction to add that he was sure all present years it has been the practice brly to

account the Hong Kong. 3rd August, 1928.

the bank, and gave it all the support in

A noticeable feature in the export of the two main railways linking would wish to express their deepest bring to the credit of profit and loas his power. We wish him, most sincere-trade of India has been the increased Europe and Eastern Asin. Last sea-sympathy with Sir Montagu in the loss pleted contracts, but when such work-

from Manchuria toe had recently sustained by the death THE CHARTERED BANK OFy, renewed health and strength in shipments of ground nuts, which now son'o export

his. present retirement from active exceed one million tons,

Europe of soya beans totalled 1,400,000 of Lady Turner. (Hear, hear). The in-progress was transferred to Vick- the To fill INDIA, AUSTRALIA & CHINA.

(Hear, bear).

tons and 600,000 tons to other countries, Chairman had already referred to the ers-Artustrongs it was necessary, in between the parties, for the vendors work. vacancy on the board thus caused we

chiefly to Japan. The rapid spread of acceptance of a seat on the board by der to adjust the position equitably are glad to say that Sir Henry Pelham

roads and motor transport throughout Sir Henry Macnaghten, and he (the to receive the proportion of profit ac- Incorporated by Royal Chater, 1858.

Directors were quite sure he would fer. The retention of such profits HEAD OFFICE: LONDON. Wentworth Macnaghten has accepted

the interior of China gives promise of speaker) would only add that the crued due at the time of the trans £3,000,000 the Invitation of the directors to join

a general stimulus to trade.

make a most excellent and valusblo the vendors has necessarily reduced Paid-up Capital

£4,000,000 the board, and thus the old and valued

Increasing Prosperity at Ports The great ports of Shanghai, Hong colleague. Mr. Jamieson had already the earnings of Vickers-Armstrongs, Reserve Fund

connection with Mesura. Wallace Bros.

won his spura, and they felt that in him Limited for the current year, and in Kong and Singapore are steadily in they had a tower of strength and help considering the results of that com- .£3,000,000 is maintained. Sir Henry has had con-

siderable business experience in the The increase in the sales of coloured creasing in population and in prosper which was of the greatest value to pany it is necessary to take this fact East and will prove a valuable addition goods from the Continent and Japan isity, and the Chinese are now taking the Directors. (Applause).

into consideration. As in 1927 the Henry Bateson seconded the profits shown have been ascertained to the board. (Hear, hear).

undoubtedly due to the cheaper cost of conspicuous part in commercial, indua-

trial and banking activities throughout motion, which was passed unanimous without regard to any surplus on the production in those countries. Dificult Trading

Eastern Asia. Their ability and energy the United

realization of investments, such pre- With cost of production In moving the adoption of the re-

The Chairman said he would like to its having been transferred to capital port and staten:ent of accounts I great-Kingdom on the present basis, sales of is such that they are already active "We wel- y regret that the results for 1928 have Manchester goods most suffer. The competitors in every field.

In view of the critical time kind terms in which he had proposed proved disappointing and less favour purchasing power of India is little, if come their competitiou, for the need of thank Mr. Foot Mitchell for the very reserve. able than we anticipated at the com- any, above what it was in pre-war the Eastern markets is development his re-election, and also to say that he through which industry is now pasa- and increased trade the production mencement of the year. Just as trade days and, in view of this, India can

and distribution of real wealth. in the at home proved, conditiona

to be less favourable working out, than anticipated, and the expected and hoped for improvement in trade gen- erally petered out as the past year pro- gressed, so in the East our hoppeful an- ticipations have not been realised. cannot say that there has been a great- decrease in the volume of trade, but it has been a difficult time for merchants and bankers, especially in India and China, the causes for which I shall pre- sently deal with.

Ageticies and Brimches:

KUALA LUMPUR

tors

be

ALOE MTAH

(Malay State)

AMULTAH

BANGKOK

・ation on appliquson..

POR THE HONGKONG BANKING CORPORATION.

& SHANGHAI

A. 6. HYN29.

Chief Magnger

Hoc Kong, Mh Center, 1927.

NEDERLANDSCHE HANDEL

MAATSCHAPPIJ.

(NEZUERLANDS TRADING SOCIETY)

BANKERS,

Established 1894.....

Hong Kong been's Road Dested. '

Authorised Cardial

Paid Up Capital

Barr Pend

de 150,000,000- (E12,600,405)

Gulldare 80.009.000

(26.066.670.) Challder 40.109.000

128,53,591.)

Basd Uffè -(AMSTERDAM Easters, Hand Offa':-BATAVIA.

BRANCHES-Barmasin tideng) Bombes,

Galatta, Cheribon, Jeddah, Djembez Diokjakaria The Ergoa, Kob Sola-Radja, Makassar, Medan, Padang Pelambang, Pekalongan, Pinang, Paquiansk Basgoon Borsandman"), Bibalge Shorbai Becasrang,

Blagapore Boarsha Somers Barska (Bolo), Tegal, Tilap and Wallesreden

***** Threa oficer Kiara cala deposit boxes to lab. Loan Banker:-Nationa! Parintial Bank Lt Correspondents all oret the world Banking bumanes of every description teamvinä.

0. STEENSTRA

Hong Kong, 18th Augut, 1728.

Maong

BANQUE DE L'INDO - CHINE.

HEAD OFFICE:

96, Boulevard Haussruan, Paris.

Frs. 72,000,000,00 ...Frs. 68,400,000.00 .....Frs.102,000,000.00

Subscribed Capital Faid-Up Capital Reserve Funda

BRANCHES: Sangkok Hanoi Quinhon Battambang Hong Kong Saigon

Shanghai Mangtze Nam Dinh Singapore

Tientsin Fort-Bayard Papecte Touranc Esiphong Hankow Pnom Penh Yunnanfu

Canthe

Canton

Dijbout! Noumen

Peking

Pondicherry

BANKERS:

20

Vinh

IN LONDON: The National Provin

de

|

HATATLA BOMBAY CALCUTTA CANTON CAWNFORE CKBU COLOMBO DAISEN Daing

Manezia)

DELHI ДАІРВОНО

НАМИСВО

HANKOW

(N. Manthuria)

HARRIN

HÙNG KHÔNG

ILOILO

[PULL

KARACHI

ELANO

KUBE

KUALA KANGSAR

KUCHING

MADILAS

MANILA

MEDAN

NEW TOBK

PERING

TENANG РЕБНА WАB RANGGON. SAIGON БЕМАЕЛКО SEREN BAN BANGHAI SINGAPORE SUURABAYA

TALING

(P.M.; ΤΑΤΟΣ TIENTSIN TOKYO TONGLAH (Bhuket) TRINGTAO FOROHAMA

ZAMBOANGA

(Philippine Islands)

General

Prek (F.M.6.) Foreign

and -Exchange Banking business transacted.

Current Accounts opened and Fixed Deposits received for 1 year or short- er periods nt rates which will be quot- cd on application.

ling Conditions

I

India, as we know, has bean for some months greatly disturbed by political turmoil, entirely detrimental to the in terests of the country. Added to this, various disastrous strikes, fomented, we A. H. FERGUSON,

Manager, believe, by outside evil influences, have Hong Kong, 8th January, 1929.

THE BANK OF TAIWAN, LTD.

(TAIWAN GINKO)

HEAD OFFICE:-Taipeh, Formosa. Incorporated by Special Imperial Charter, 1899.

Central Bank in Formosa. Bank-Notes issued

Average amount...Yen. 45,000,000

* BRANCHES AND AGENCIES: JAPAN:-Tokyo,

Osaka.

Yokohama,

Kobe,

other basic industries. These strikes have done more to prejudice the pros- perity of India than any depression is the markets of the world which are consumers of Indian goods. At the pre- sent time firmness tempered with good judgment

ent is required to prevent fur- ther mischief.

Competition Among Exchange Banks

In my speech last year I referred to the absurd and excessive competition amongst the exchange banks to secure the business offering ut nearly every trade centre in the East, with the result that Exchange margins have been cut to vanishing point.

From every point of view this is do- It is true plorable and disastrous. that the number of Exchange Banks

FORMOSA-Giran, Kagi, Karenko. both in India and China is much in

Soerabaya, Semaring.

York, Dairen

The London County Westminster and Parr's Bank.

LONDON BANKERS:

cial & Union Bank of England, Ltd.; HONG KONG BRANCH: Comptoir National d'Escompte Paris; Credit Lyonnais.

IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor- oration; Guaranty Trust Co. of New- Lork.

Interest allowed on Current Ac- counts and Fixed Deposits according} to arrangements.

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

A. LECOT,

Manager.

3, Des Voeux Road Central Hong Kong, 19th January, 1929.

THE BANK OF CHINA. 行銀國中

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

my

near

cess.

WHEN YOU

ARE ON LEAVE

keep in Touch with Hong Kong and China afairs by subscribing to the

OVERLAND CHINA MAIL

ILLUSTRATED

JUST REORGANISED.

3 Months $ 3.75 6 Months $ 7.50 12 Months $15.00 including Postage.

www

Newspaper Enterprise Ltd. China Mail Offices,

3A, Wyndham Street.

Japan

tion to take advantage

of any im-

much appreciated Mr. Foot We very have faith in the future of China and Mitchell's expression of sympathy. Asing your Board is satisfied that the to build up substantial revenue re- the Chinese pes pls, and we are adjust to his own services, he could assure the only prudent policy to be parsaed is ing ourselves to meet the new condi-shareholders that he would continue to tions and new requirements of an area do his best, and, as long as he had serves so that we may be in a posi which must become one of the world's such good colleagues and such able provement in trade or to meet any

sudden emergency. management at the head office to back greatest markets.

him up, he did not fear for the future.

It must be remembered that there has not yet been time to effect all Applause).

On the motion of Mr. Thomas the economies which it is hoped to Roberts, seconded by Mr. Wallace, the secure from the amalgamation policy auditors (Mr. David Charles Wilson, which has been steadily pursued since CA., and M. Henry Croughton the re-organisation and the financial were re-assistance required for the develop- ment of the amalgarnated businesses Knight Stileman, F.C.A.) appointed.

must be provided by Vickers. Capital Reconstruction

At the time of the capital recon-

In my speech last year, I referred to the effects of the inancial crisis of 1927 in Japan, when several banks had to go into liquidation; an interesting side- light on the events which then took place is that 567 banks have since par ticipated in various amalgamations, and

An Ideal Chairman the net decrease in the number of

Mr. E. T. Hargraves said he had banks is no less than 317. At the end much pleasure in proposing a hearty of 1926, the number of panks of ali kinds operating in Japan. proper vote of thanks to the Chairman and his struction three years ago the inter- ests of your company were spread amounted to the formidable total of colleagues on the Board, as well as to

over various activities of a diverse the concernIS 1,704, and there is little doubt that the the gentlemen who acted in a mana- weeding out process to which I have gerial capacity and those who repre- nature and many of just referred has been of great Lenent sented the bank abroad. There was were incurring substantial losses.

We have disposed of those under- no doubt that Sir Montagu was an ideal to the country as a whole.

Trade and economic conditions in chairman for a bank such as theirs takings which are not analagous to Japan showed no improvement during He had had a very large experience in our principal activition and the past year, and the adverse balance the East, and he had, as Chairman, ourselves in a position to concentrate main products, viz.: arma- Yen Just that touch which was so extreme on our of trade was approximately thly valuable in dealing with those who ments, shipbuilding and steel.

The agitation in the 122,000,000.

were associated with him in the con- During the past year the fusion Press and in certain financial circlesetet of the business. He was perfect with Armstrong Whitworth & Co. for the lifting of the gold embargo stily satisfied that there was to one son has been completed, and in pursuance goes on, resulting every now and again

placed

of the policy of organising business

Over

Vickers-Arm-

He

ducted Debenture Canit-), Creditors and Contingent Liabilities (including Bal- ance of Capital Reserve Frind) and dividend on Ordinary Shares Leaving a Surplus of Float-

ing Assels

all

930. 0 Liablities of The Share Capital of £12,488,968 A30.010 12,506.662

13,436,672

7,831,368

967,704

£12,488,968

is therefore represented by:- Surplus of Floating Assets & Fixed Assets

Undistributed Profits

in a wild gamble in Yen, but no author- nected with the company who did not

en homogenous lines, Vickers-Arm- itative statement

been regard Sir Montagu in the light of has yet

and Openshaw Works together with made by the Government of definite friend, and the way he was spoken of strongs has disposed of the Sheffield plans for the removal of the embargo-by these carrying on the business in other than that it can only come about various parts of the world showed that the business carried on thereat and when the stabilisation of the country's he was held in the highest esteem, the stamping department at Elswick,

sometimes mingled with affection. to the English Steel Corporation, finances has been completed and on a Hear, hear). With regard to the Lon- Company which has been formed to settlement of the China problem.

don management, he had the pleasure Keelung, Makong, Nanto, Shin-

excess of trade requirements, but to

The news that an agreement nas

of. Vickers. terests chiku, Taichu, Tainan, Takao,

mind there is no sense in working

been reached between China and Japan of knowing several of its members, and consolidate the Commercial Steel in he desired to say that he had always strongs. and Cammell Laird & Co. Tamsui, Toen, Heito, Taito.

for nothing and taking risks merely to There should be CHINA: Shanghai, Hankow, Amoy secure business.

In regard to the Tainanfu incident is most satisfactory. The evacuation been received by them with every cour-Included in the amalgamation is the Foochow, Swatow, Canton.

finits fixed beyond which business (Hear, hear), I

of the Japanese troops from Shan- tesy in dealing with the business which Tyre, Wheel and Axle business of OTHERS:-Hong Kong, Singapore,

Ordinary Share Capital in which was tung, which necessarily follows on rati- he had had to transact with them. Tavlor Bros. & Co., the whole of the Batavia should be refused.

Mr. F. Tomkinson, in seconding the formerly held by the Metropolitan fication of the agreement, will be help- (Applause). Bombay, Calcutta, London, New trust that an improvement will be

made in this respect in the

ful to the Nanking Government, and future.

To summarise the financial position Indian Trade

hardly be expected to be in a position to the ending of the boycott on Japanese proposition, said he wished to em- Carriage, Waggon & Finance Co. heldera were under to those who were of your company in another form As regards the trade of India gen-

purchase the same quantity of goods at goods in China and elsewhere will be chasise the obligation which the share-

decidedly beneficial to Japan. nigher prices, erally, there was a balance in favour

Japan's business with the Straits working in their interests, sometimes in Floating Assets amount to £ 8,761,978 Admittedly Manchester goods still The Bank Las Correspondents in the Cameral of India of some 9 million sterling for

9 months

in distant parts of the world. ending December,

hold their own when quality, compared and Sism had suffered very severely very disadvantageous circumstances, From which must be de Cantres in the Europea Coatinget, Russis, othe

with price,

is conecrned, but when the during the past year, owing to the con- would also like, from the shareholders chuca, Taingiso, Japan, Judy-Chips, Siam, fedis, IN FRANCE: Comptoir National Philippine Islands, Jars, Linos, D.3.A., Australia, 1928. For the first two months of the

year a favourable balance was shown purchasing power of the consumer is tinued boycott by Chinese traders, of side of the table, to say how deeply Escompte de Paris; Credit Lyonnais;tc

smali, price is a much more important Japanese goods, and until the country Banque de Paris et des Pays-Bas; Interest alwad za Gurrent docente, and Fixed in January, but in February an ad-

verse balance of some 117 lakhs of fast

factor than quality. It is, therefore, of comes to a better understanding with they felt about Sir Montagu's loss, and Credit

(Hear, hear). Industriel Commercial posits at extem which will be quoted an applica

tion. Dopeaste Yen can be capa

K. NAGURA, rupees. This adverse balance was due i

prime importance that the question of China these conditions are not likely to how much they sympathised with him. Societe Generale.

The vote of thanks was carried with cost should he seriously and efficiently show any great improvement. chiefly to the import of wheat from

As elsewhere in the East, the com-

acclamation. tackled by the Lancashire Mills. I Australia and Canada, which-is now in

the movement petition in Japan for every scrap of

Pensions & Provident Funds course of development. India normal welcome, therefore,

Cotton exchange. business" offering is of the

The Chairman said he very much ap- ly imports about 50,000 tons of foreign initiated by the Lancashire

preciated the kind and sympathetic ex- wheat, and the unusual imports which Corporation, ltd., and wish it all suc-fiercest kind.

Sub-Division of Shares are now taking place are due to (1)

As regards Mr. Hargraves' sugges pressions ou the art of bath Mr. Har Burma and Ceylon partial failure of the monsoon in the North-West Provinces and Panjab,

In Burma trade coalitions, with the tion that the question of sub-division of graves and Mr. Tomkinson. With (2) the restriction of the area under

exception of timber and oil, bave been the shares of the Bank be considered, gard to those who were working with cultivation and poor crop for last year, decidedly unsatisfactory. The foreign I may mention that this has not been him in the conduct of the bank's busi (3) the higher standard of living demand for rice was weak and prices lost sight. of, but the Board have deness he could say that the Directors tween the head office and the rest of the antongst Indians in the big towns in accordingly dropped, and as a corol- cided that no action be taken mean- did try to cultivate a good feeling be Less Reserve Funds and the North of India; for what rice is lary the piece goods market sagged and time.

The draft of the new Charter con- staff, and he thought they had been (Haar. hear.) Since he 160.000,000.00 to Eastern and Southern India, wheat anporters suffered.

In Ceylon the cloth bazaar has also solidating the provisions of the exist-successful 18,278,000.00 is to Northern India, and in case of

tituted not only pension fand but The bad a suffered, its buying power being ouring charters has been prepared and had been on the Board they had in- 9,629,425.24 failure of the monsoon, not only 19

The matter is now also, a neovident fund. there no balance of wheat in the coun-

by the lower prices obtained for settled by counsel. tailed the principal experts, tez and rubber, being discussed with the Treasury. A very live sports clah, and they were try for exports, but, as is the case row,

especially the latter; but at the mo- regards the new Deed of Settlement, altogether a very happy family. (Ap large imports are necessary.

draft has been prepared introducing In the Punjab the crop for. last yearment the outlook is hopeful. HONG KONG BRANCH: 4, Queen's Road Central was 20 per cent. below the normal, and

Straits Settlements and the F.M.S.new and up-to-date bye-laws in place of plause). He thanked the shareholiers:

his colleagues and himself. As regard the Straits and F.M.S., the the regulations contained in the present on behalf of the staff, as well as for Branches and Sub-branches all over in the United Provinces 7 per cent.

chief feature of interest has been the Deeds of Settlement. These are being

The proceedings then terminated. THE YOKOHAMA SPECIE BANK, China and Correspondents in Europe, The average crop in the Punjab and the

The Balance-Elect America, and other parts of the world. United Provinces is about 8 million effect of the withdrawal of the Eestric- considered.

London Bankers The National tons, of which 8 million tons are con- ten Scheme connected with the rubber

Turning to the balance-sheet, the industry. Ther anticipation of this Provincial and Union Bank of England,

withdrawal caused perhaps even more item of bills of exchange and Treasury Ltd.

trouble and snxiety than when the ras bills, shows a reduction of £4,945,666, az But of this triction actually came to an end in compared with 1927. November; but it meant this, a reduc amount over £2,000,000 is accounted for tion In price for spot rubber from by the sale of Treasury bills held in 19. 8d. per h. to the lowest, limit of India, proceeds of which were remit 7%d in November. That such a de-ted to London. Against this we have cline in price of the commodity, even- en increase in eash of £902,000 and an tuated without a great catastrophe, al increase in loans and bills discounted The Australian Commonwealth Nate though, of course, difficulties have been of £2,277,000. Sundry assets also show to the United States Government on created, is a remarkable testimony to an increase of £81,000. On the liabil- the proposed alteration of the Ameri- Australia refers to the unfavourable lb. and tion

of £2,639,000. the soundness of the trade. With the ty side loans payable thow a redue can arit on a basis unfavourable to price of rubber at about la n practically on rock bottom basis, the In conclusion, I desire to express the trade balance between Australia and outlook is healthy. The American con- thanks of the board to Mr. Preston, our America, and the possibility of a sumption has Lacreased, the world's chief manager, and his fellow-managers diversion of trade from Americs to consumption should increase, and with at head office. Mr. Bruce, and Mr. British and other countries, with the economies effected and likely to be Miller, for their untiring and ceaseless whom the Commonwealth has favour effected in the working of estates,, we attention to the interests of the Bank. able trade relations.

The Note emphasises that if fur- can look forward to the

behalf of the Board, the Managers ther restrictions are imposed on Aus

broad, and the entire staff, home and tralian trade by tariff incresses the foreign, for their loyal and devoted feeling against American trade pre- sfforts to serve in the best possible ponderance will grow. Australia de- manner the interests of the Bank. sires the maintenance of mutually profitable and amicable trade rela- (Applause).

I now move:"That the report now tions between the two countries.

The Note shows that in the year presented, together with the, balance- sheet and profit and loss account, be 1927-28 the imports of Australia from

Manager.

Hong Kong, 28th Nov., 1928.

LIMITED.

Established 1880. Capital (fally paid-up) Yen 100,000,000 Reserve fond

Yen 105,500,000

Read Offee: YOKOHAMA, Branches and Agencied at:

Alexandria

Batavie

Bousbay

Buenos Ayres

Calcutta

Canton

Changchun

Dairea (Dalny)

Newchwang

New York

Osaka

Peking Rangoon Rio de Janeiro Salgot

San Francisco

Fengtlen (Mukden) Seattle.

Hamburg

Hankow

Harbin Hong Kong

Honolulu

Kal Yuen Karachi Kabe

London

Los Angeles

Lyons

Manila

Semarang Shanghal Shimonosext Singapore Sourabaya

Sydney Tientsin

Tokyo

Trinanfo

Tsingtan Vladivostok

(Temporiy

cloned)

Kagami Nagoya

Interest allowed on Current ́ ́Ac- Deposits received for fired pariscia rates to be obtained un appication,

IL MORL

Manager

Hong Kong, 11th March, 1999,

HEAD OFFICE: PRKING,

The Guaranty Trust Company of New York

New York Bankers: The Irving, National Bank.

The Equitable Trust Company of New York,

Interest allowed on Current AG counts and Fixed Deposits. Terme on application,

UNCLAIMED TELEGRAMS.

THE GREAT NORTHERN.

·TELEGRAPH CO., LTD., OF DENMARK.

Every description of Banking Basi The following unclaimed tele- ness transacted.

Loans granted on approved secur- gram is lying at the office of the Great Northern Telegraph Com- ities.

Special facilities for Home Ex-pany (Limited) of Denmark:- change.

Manila Hotel, from Kohe. SHOU J. CHEN,

E. V. JESSEN, Manager.

Superintendent. Hong Kong, 18th April, 1929.

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

THE BANK OF CANTON, LTD.

Established 1912.

Head Office-Hong Kong.

Authorised Coil (ul), Currynicy) $1,990,000 Paid Up Garfiak concisamos bug company had eve

260,000 * BRANCHER 100,

**Maukow, Bialow,

A LONDON ·BANKERS!--

The Lloyds Bank - Limited. -COLAESPONDENTS

In priselje Emision of the Worlds A

The following unclaimed tele Bangkok, New York end S Frane grams are lying at the E. E

Telegraph Co. office, Hong Kong:

Hamah, from Halphong Howard Morton, Talkoo Dock, from Bangkok

8. LACK

Superintendent. Hong Kong, 18th April, 1929.

Bala Depona Beco-frackman Lant) sé a zoorly

LODE POONG SHAN. Hong Kong, 19th February, 1987,

rubber industry with confident of the (Applause). I would also thank, on

ܐ܂

The output of tin also showed an Increase, and the price has dropped about £20 per ton as compared with prices for the two preceding years.

As regards imports, the fall in the price of rubber has naturally reacted the consumption of imported goods but not to the extent anticipated, and

A PROTEST

AUSTRALIA'S HINT TO

AMERICA

Canberra, Yesterday,

America were £34,000,000, while Aus

the general evidence is that normal approved and adopted. ar.pecond. tralian exports to America were only

trading in the bazaare has recommere-

The boycutt

ed.

Mr. W. Foot Mitchell, MP,

To Be O'Neill's Third ?

Carlotta Menterey, who has played

led the resolation, and her £9,000,000. Wool exports to Americs the lead la many of Engine O'Neill's Japanese goods com Mr. Frederick Tozakinson said that, have declined considerably, while Aus-productions, will becom the third Mrs. tinuas locally amongst the Chinesa sev-having regard to the extreme difficulties tralien importa of American motor O'Neill, according to reports from tion of the community in the Straits, which had been experienced in carrying cars and accessories have increased in France, where the playwright is hard This is to the advantage of imports on business during the past year the one decade from $5,000,000 to at work after a year's rest in the

report submitted was most at $44,000,000 Reuters

from Europ