1929-05-20 — Page 2

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2

HONG KONG AND SHANGHAI BANKING CORPORATION.

Roland Capital $50,000,00 Larued and Fully Paid-op $20,300.000 Reserva Funda

Sterling Ind

£6,000,000 $14,040,000

Herre Liability of Propristarn§22,000,000

HEAD OFFICE: HONGKONG.

COURT OF DIRECTORS—

M. H. Brown, Esq. Chairman.

W. H. Bell, Esq. Deputy Chairman.

Han. Mr. B. D, Y. Belth,

H. Compton, Eag

M. X. Joupsĝa; Eng.

5. Landar Lewis. Eng.

ΑΝΟΣ

BANGECK

BATAVIA

HOMBAY

JALUUTTA

JANTON

-CHEFOO

•COLOMBU DAIREN

PUCCIZO W

(LAFPHONO

GANDURO HANKOW MARUAN

ICAOKEW

ILOILO

JOH

JOMORE

KOBD

AUWLOUA

W. L. Paitandan. Eg

T. K. Pearce, Exy.

J. A. Plamour, E.

4. Р. Warren, Каф. Chlef Manager,

Hud. Mr. A. C. Hram

BRANCHED:-

KUALA LUMPUR

LONDON LYONE -MALACCA MANILA

MOUSDEN

NAGASAKI NEW YORK

PEKING PENAND

RANGOUS

SATOON

SAN FRANCISCO

SHANOHAL.

SINGAPORE

SUURABAYA

SURGE PATANI TIENTSIN

TOKYO

TSINGTAO YOKOHAMA

Durres Acante opened In Load Carreo:3

and Fixed Depolta alred for one your o

abortar parlode in La Croney and Urering

qa tarma wkiok wis te gusted on application. Hong Kong, April, Ms.

行銀商工法中,

BANQUE FRANCO - CHINOISE pour le

Commerce et l'Industrie (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 Special working capital .Frs.50,000,000 ...Fra 22,319.000

Reserves

L

BRANCHES:

Faris, Lyons, Marseilles, Saigon, Haiphong, Hanoi, Tourane, Quinhon, Huế, Thanh hoa, Vinh, Pnom Penh.

Feking, Shanghai, Tientsin, Hong Kong.

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

COTTON DISPUTE

SETTLEMENT FOLLOWS A

CONFERENCE

OWNERS' PROMISES

THE CHINA MAIL,

COMMERCE

London, Saturday. The Lancashire cotton dispute hus been settled following a ceist confer-

ence,

The settlement was due to a special Trade Union delegate reeting accept ing the mill owners' proposal to con- sider the men's case if they return ed to work and revise the scale of if it found pay, with arrears due,

rates were unfaix.- YORK-American Exchange that the new Irving Trust Co., Banca Commer- Reuter. ciale Italiana.

EAN FRANCISCO:--Bank of Italy.

Cor-

---

Every description of Banking and NEW YORK'S STOCKS Exchange Business Transacted. respondents throughout the world.

L. BERNIS,

Manager Hong Kong, 3rd August, 1925.

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Chater, 1853. HEAD OFFICE: LONDON.

.£3,000,000 Paid-up Capital

£4,000,000 Reserve Fund

£3,000,000

BIGGEST MARKET DAY IN EXCHANGE'S HISTORY

FRENZIED DILEMMA

AND

FINANCE.

CHINA'S TAXATION

PER CAPITA TAXATION 18 $1.55

INTERESTING COMPARISONS China's per capita taxation to-day is only $1.55 approximately 108 times less than that of England, 70 times less than that of France, 36 timos less than that of the U.S.A., and 43 times less than that of Germany,

China's per capita national debt to- of England, day is about five dollars equivalent

1/364th of 1/205th of that of France, 1/87th of that of the U.S.A., and 1/13th of that of Germany.

that

that

In 1923, M. Padoux, formerly ad-

of their brokers who, they vainly Imagine, were in some strange man- for their losses. ner responsible Difficulties were added to by the fact that the tickets fell far behind. I noticed at one time, about three to o'clock in the afternoon, that they were about an hour and a half late. Confusion was indescribable. Prices on the floor were at times from 5 to

10

the current 10 points away from quotation on the tickets, and all that to throw do was speculators could their stocks on the market and get what they could for them. For ex- Common--a popular ample. Radia share was selling on the floor-of-the Exchange when the price by ticker

at. 95. was currently quoted

past two.

from

tax 1

visor to the Chinese Government, #BM. timated that the total annual taxa- tien in China at that time did not. exceed 500 million dollars Max. Cal- extating on the basis of 400 million inhabitants, the per capita China was $1.20. The total national estimuled by M. debi in China, not including the rail way loans, was Padoux in 1923 to be under 1,900 or $4.5 per A Marvellons Rally What was more remarkable, how-million dollars Mex. ever, was the rally, as spectacular as capita. Padoux's estimates need to by it was sudden. It started about half revised now. There have been, un

doubtedly, increases both in our taxa- Complete demoralisation could well tion and our national debts since 1923. describe the condition of the market According to the statistics presented at the generally, with a 20 per cent. money by the Ministry of Finance call. First came many buying orders Conference for the Reduction of Ar- in large volume for five pivotal stocks maments held in Nanking, sometime by one of the largest financial insti-ago, the amount of taxation of the Then came central and local governments in tutions in Wall-street. purchases by trusts, corporation off 1928 was 620 million dollars showing an increase of over a million dollars cials and individual buyers, who were New York, Marca 28.

taking stocks on a scale. Then came as compared with M. Padbuse's estim- Calculating on the The independent observer of acti-

those who had. sold for the decline ate for 1923. New York Stock Ex-

stocks to to rebuy the r

basis of 620 million dollars of texa- and bad vitles of the change yesterday, the biggest market

gather in their profits. These faction and 400 million inhabitants, the day in its history, when call money

tors provided what one writer calls per capita taxation in China at pre- rose in 20 per cent, could have but

a resilient cushion

which sent is approximately $1.55 decline questionin mind Where will

stocks rebounded when the

Per capita taxation in China and in and?" This writer was an onlooker,"

There were, of other countries in 1928. and confesses that he has never wit had run its course."

course, some sharp losses. Such re- nessed such scenes. Nervous and ap-

issues as U.S. Steel, over lost

profits and presentative prehensive

Anaconda, Bethlehem Steel, General quickly ascending losses, speculators,

from the "shoestring" trader with Electric, Johns Manville, Kennecott an old lot of shares to the harden Copper and Allied Chemical and Dye

aped led in the astounding recovery. ed plunger with thousands, dumped them into the masistrom as the rate for use of call funds

an securities at the mounted from 12 per cent. opening, to 15, then 17 before noon, and finally to 20. Stocks of all kinds

flopped, frantically

and when phenomenal rally took place later in the day, thousands of stockholders and speculators who had thrown away their shares found themselves bank rupt, and paper losses ran into many

The millions of dollars. stupendous turnover of the day rose to nearly eight and a quarter million shares, General exceeding the largest previous day's record by some 1,202,720, Advance in Banking business transacted.

the Current Accounts opened and Fixed the call money rate was the highest 5. 1920, and "Street since February Deposits received for 1 year or thortons ran up to as high as 22 por er periods at rates which will be quot-foun

cent. The accompanying weakness in ed on application.

the bond market brought sales to a A. H. FERGUSON,

with dras-

HONG KONG SAVINGS BANK. Reserve Liability of Proprie.

The wine of the abori Bank la vozduok 403 the HONGKONG AND BHANDⱭAI SANKING CORPORATION, Rolas may be abroad applicaton.

FOR TES

HONGKONG BANKING CORPORATION

&

SHANGHAI

A. C. BYNES

Chist Manzgar.

Hong Kong 18th Exptember, 1927,

NEDERLANDSCHE HANDEL

MAATSCHAPPIJ.

(NSTHEHLANDS TRADING BOCIETY)

BANKERS.

Established 18.

Mong Kong O-11 Quan' Hood Central.

Aukkortet Capital

Pald-Up Capital

Beer Fund

Head

Quilders 160,300,000. 1212,500,000.) Guilder 80,000,000

Quilders 40,000,000

(£6,881,8

(ANSTERDAM').

Enter Head OB:-BATAVIA. DANCHES-Bandarmin Bandow') Bombay. Calcutta, Cheriboa, Djomber, Djok Jakarta' The gue), Jiddali, Kobe, Kota Badia, Makasar, Meden, Padang Pekalongan Fanag Palembang, Pentak Banghai

Boitam

Bibelgu Sang), (Sumaire), Singapore, Socra and Weltevreden.")

Agencies and Branches:

KUALA LUMPUR

tors

ALON STAP

(Malay State)

AMRITSAR

HANDBUK

HATAVIA

CALCUTTA CANION CAWNFORB

CEAU COLOMBO DAIEN alny,

Soul Membutla DELKI

HAITEONG

LA MEJO

HANKOW

HÙNG XONG

HARBIN

(N. Moncharia)

ILOILO

POR

KAHACH!

KLANG

BUBR

KUALA KANGSA

Parax (P..8)

LUCHING MADRAS

MANILA MEDAN NEW YORK PEKING PENANG PESHAWAR RANGOON SAIGON SEMARANG SELEMBAN SHANGHAI SINGAPORE BOURABAYA

TAIPING

IV.M B..

TAVOI

TLENTBIN TOKYO

TONGKAH (Boukei} TSINO TAO ТОКОНАНА ZAMBOANGS

Foreign Exchange

(Philippine Islands)

and

high level of $13,874, bonds par-

Manager. Hong Kong, 8th January, 1920.

tic

Boerakaris (Solo). Tegal, THE BANK OF TAIWAN, LTD.

"The Dices hará quis dupont boxes te lei. Landon Bankers National Provinsi

Bank Ltd. Correspondents all over the world Banklar busions of every description sected.

P. M ELBERG,

Maneger

Hong Kong. 6th May. 172.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

90, Boulevard Haussman, Paris. Sobscribed Capital ..Frs 72,000,000.00 Paid-Up Capital....Fra. 68,400,000.00 ...Frs.102,000,000,00 Reserve Funds

BRANCHES: Bangkok Hong Kong Quinhon

Battambang Hue

Caatho

Canton

Dijbouti Noumes

Fort-Bayard Papeete

Saigon Mengtze Shanghai Nam-Dinh Singapore

Thanhoa Tientsin Peking Tourane Pnum-Peth Vinh

Pondicherry Yunnanfu

BANKERS:

Haiphong

Hankow Hanoi

|-+

(TAIWAN GINKO)

also commu-

declines in cany ticularly. Lower prices were recorded in practically all dities, with cotton, wheat and corn must seriously affected.

HEAD OFFICE:-Taipeh, Formosa.which one could not even imagine in

Incorporated by Special Imperial Charter, 1899,

Parr's Bank.

Kobe,

Anroy,

Interest allows on Current Accounts, and Fixed

Manager.

ched

England France U.S.A. Germany China

Mex. $

168.00

110,00

50.00

67.00

1.55

M. Padoux's estimate of the Na- In spite of the rally, however, it is freely believed in Wall-street that tional debt in China in 1923 was the only thing that can prevent a re-probably too low. According to sta- currence of such scenes as yesterday tistics presented by the Ministry of is a more intelligent system of loans. Finance at the National Economic The banks do not believe that the Conference in July, 1928, the national market has been sufficiently liquidat- debt in China, not including the rail- ed, and whether or not the resulting way, loans amounted approximately in brokers' Joans, now im- to 2,210 million dollars was based on contraction

the official estimate of the Peking

in 1926,

of which 233 minent, will have sufficiently eased a critical financial situation is regard Government in

as highly problematical.

million dollars have been redeemed. the Nationalist Govern- Seeing that the New York mone- Since 1926

30 try situation affects the whole world, ment has issued loans amounting to it will be interesting to quota a or about 280 million dollars, of

million dollars have been redeemed. mixent financial writer, who says:

On the basis of the preceding avail- "One must go back to the post.

total na- of 1921 to find a able statistical data, our war deflation

On tional debt at the end of 1928 was comparable

market.

dollars Mex." or 30, 1921, the call rate about 2,127 million January reached 20 per cent, as it did on $5 per capita. February 6, but corcitions obtain- in 1921 and in 1929 are entire ing ly dissimilar. Commodity inflation was then apparent; corporations generally were overloaded with in- ventories; security Inflation acete. The present situation finds conditions almost entirely reversed, with a high level of business acti-

money

Was

Per capita National debt in China and other countries, 1999.

Mex. $

1,822

1,023

377

67

5

England France U.S.A.

Germany China [Nankai weekly Statistical Service.

vity moderate corporate inven- Compiled by Nankai University Com-

ELECTRIFICATION SCHEME

tories, low commodity prices-and mittee on Social and Economic Re-

but a single search, Tientsin.] Inflation evident in

the dircation that in

securities market. From outward appearance, at least, yesterday's drastic declina and that of the previous day have the money change in caused no situation. The supply of call funds is exceptionally light and outside

drawing liberally

от оп some

and on

The

MONDAY, MAY 20, 1929.

Camelia

The

New Era

∙in

Feminine

Hygiene

"CAMELIA" solves a problem which has always been a cause of distress to womankind. No wonder that wherever "CAMELIA" is introduced it is permanently adopted!. "CAMELIA" is a new idea which entirely supersedes all other forms of sanitary pads. A

=

Your Doctor will Endorse this! Doctors and Nurses recommend "CAMELIA" for its many hygienic advantages:--

1. "CAMELIA" supersedes makeshift methods with great -

advantage to health and comfort,

2. "CAMELIA" is aseptic. It is made of sterilised materials, under absolutely hygienic conditions, and is packed in a dustproof, sealed box.

3. "CAMELIA" absorbs all surface moisture-a frequent

source of bacterial infection.

-it absorbs odour. 4. "CAMELIA" is deodorising 5. "CAMELIA" gives security, confidence, freedom from

auxiety.

6. "CAMELIA" is cheap enough to throw away and can be instantly disposed of in the simplest and most hygienic manner possible. No laundering. “CAMELIA" is, in fact,

most easily disposed of

-

STOCKED IN THREE SIZES

SIMPLY ASK FOR

Camelia

REFUSE IMITATIONS!

Obtainable at all drug and general stores.

“AS LONG AS THAT”

FISH AS BIG AS COWS IN BANGKOK

"PLA BUK"

Bangkok, April 1.

DISCOUNT RATE

INCREASE IN 'FRISCO FEDERAL BANK

NOW FIVE PER CENT.

San Francisco, Saturday. The San Francisco branch of the A tale of catching fresh-water

Federal Reserve Bank has increas fish as big as cows is related by a Chiengrai correspondent of theed its discount rate to 5 per cent. "Bangkok Daily Mail," an Ameri-

news-

Increase Vetoed

The electrie atmosphere throughout, the day on Change was something London, and with every person, in this city fast becoming an operator on the Exchange, from the man in the speakeasy to the stenographer in the Central Bank in Formosa. back-room Jewish tailor shop, every- that Bank Notes issued

one entertaining the belief Average amount...Yen, 45,000,000 playing the market will make them

On the occasion of an Indian Raler rick, it is but natural that consider-

succeeding to the "Gadi" (throne) it BRANCHES AND AGENCIES:

able

concern exists in financial circles.

is usual for the State to launch out The Yokohama,

scheme. useful Curb on Credit Responsible JAPAN:-Tokyo,

centres are

Pahadur Deo of Oaska.

Restricted credit is the principal

New York for their needs." Maharajah Protap FORMOSA:-Giran, Kagi, Karenko,

Mayurbhanj State, in the province of Federal Reserve Action Necessary. Keelung, Makong Kanto, Shin-factor in such scenes as one-witness- The Federal Reserve ed yesterday. Tainan,

not the by carrying Takao, Board has long seen that it is neces chiku, Taichu,

That something drastic is necessary Behar and Orissa, decided to mark of his chief town, Tamsui, Teen, Heito, Taito.

to be done is evident from the most his accession a diversion of to bring about sary CHINA-Shanghai, Hankow,

the country's available eredit supply cursory examination of financial con- electrification

Baripada. The present to the ditions in this country. Foothow, Swatow, Canton,

(India), The General Electric Co. Singapore, from the securities markets OTHERS: Hong Kong,

normal channels of business, but, condition of affairs has not come out. Batavia, SEU Semarang, Soerabaya,

ranged from equipping Bombay, Calcutta, London, New though bankers have increasingly of a clear sky, but is the result of Lt, was entrusted with the scheme,

concurred in this view, nothing was several yea

was several years of slow gravitation to which York, Dairen,

power station installation consisted seriously undertaken until a few days wards the financial danger point. power station to house wiring. The LONDON BANKERS: The London County Westminster and ago. Pools had continued steadily to New York banking institutions, now 70 w, oil engine-driven gen- aserating plant, in addition to pumping push up their stocks, and cry of halt co-operating closely with the Federal

effected with the Reserve Board, in their capacity assets, and over eleven miles of over- in prices was only

clients in call

money. ending agents The Bank has Correspondents to the Commercial staggering advance

account, made no effort head line work were erected. Centres in the Eumpaan Contin Badia, Bech day for the past

bast week, when their own

to alleviate the Governor of Behar and Orissa start- whatever yesterday 10: churia, Taingo, Japan, Indo-fisins

of Frokera expansion

loans экста

ed up the plant early in January. IN FRANCE: Comptoir National Spins hands, daya, Atrica, USA, Aurirali, the

no less than $166,000,000, money stringency or to lend aid 4'Escompte de Paris; Credit Lyonnaise

the stock market. Most bankers take Banque de Faris et des Pays-Bas; Deposity na antes which will be quoted on split (Says the financial writer of

has been getting tighter, and

the the view, which seems to be the only Credit Industriel et Commercial; c. Deposits 4 You can be soupled

sensible view if business is not to be New York Times) it culminated in K. NAGURA, Societe Generate.

the smash on Monday, when call made to suffer tremendously, that the almost indifferent), there is a pite-can-style English language

ously human factor in the picture paper which, desiring to show that funds reached 14 per cent, and in only way by which funds now specu- affecting those who can least afford its news enterprise was not founded the drastic decline yesterday (Tues-latively employed can be brought

on fictions, subsequently obtained has refused to permit several of the day), the 20 рет cent. figure

ure back into their normal channels of to be affected. In the United States at the present time, as indicated was reached

of business is through general stack withdrawals OD

"Pla Buk" is the Siamese New York and Chicago, to in- a compara- deflation. Thus brokers loans must above, there is a wave of speenlation and published photographs of the Federal Reserve Banks, including

stocks on the only about $10,000,000,

Exchange that fish.

crease their re-discount rates to be reduced to a reasonable figure. tively small sum in consideration of be red the size of the credits speculatively it appears certain, too, that this re eclipses all other forms of financial name of the creature, which is de-

available supply act

activity. For legitimate business en- scribed as much like a dolphin six per cent. distribution of the

on Following

the raising employed.

States is terprises it is extremely difficult to scaleless, and having a hide an inch of credit in the United

The eggs of the San Francisco rate Stock Exchanges arcand the world, under way and that appreciable re- Ett loans in cell estate speculation, thick and edible flesh.

or who specialised in a sort of pri- are a rare delicacy in Bangkok, but twelve institutions will have a rate and would say that, compared with sults are being gained, in spite of interested in real yesterday's happenings, London might the fact that artificial methods of

the Reuter's American Service. or who advanced their money ing the fish is declared by $60,000,000.00 be regarded as possessing a compara- credit control anst be employed in vate banking to encourage legitimate invitations often are served. Catch of five per cent, from May 20,

trading. 18,278,600.00 tively rustic appearance, for

when the emergency.

on bille for

foreign commerce, are "Mail's" writer to be "almost as

tes of inter- 0,629,425,24 the smaller

saw no hope operators

It may be remarked that corpora- now not interested in

big an affair as the fish itself, accommodation. place large est current for such selling came in such wilds gusts that tions, which usually

call loan There are tens literally overwhelmed. amounts of funds in the

of thousands of involving practically the entire gives the welcome signal. brokers were The market, ordered to "sell with no market when rates stiffen, were con people in the United States engaged population of Chiengsean, which is are coming: they usually travel in pairs. The next moment, every- limit," soon

in long distance operations on the on the bank of the Mekong." became flooded--stocks spicuously absent yesterday. 4, Queen's Road Central.

fell from 5 to 17 points with no This is because of the forthcoming Stock

and they Exchange,

Two by two, the great creatures thing is alive. The course the fish Branches and Sub-branches all over visible sign of support thousands of distribution of large amounts

strain dividends

sirong financially that they are able

their way

up-stream in are following is determined. Nets, THE YOKOHAMA SPECIE BANK, China and Correspondente in Europe, are

setbacks fight were wiped out in

and interest on ta withstand money accounts

temporary the world.

It was

said springtime, coming from the fresh-sewn together, are cast across the April 14.

estimated that when they come. violent swing-every brokerage house

It may be LIMITED.

America, and other parts

London Bankers: The Nationalen

in New York was jammed to the these disbursements will amount to that their business is solely stock ex-water lakes in Cambodia in order river. Barges, holding the net lines, Provincial and Union Bank of England, doors-thousands of speculators, on no less than $500,000,000 and the

With all the to spawn. speculation. change

At the proper season, stand ready a little way from the As the fish approach, the Ltd

⚫ state banke, as well as industrial corpora mergers that have taken place during The Guaranty Trust Company of their own volition and in

borderling a wild panie, lost their

tions, are holding down their loans the last year or two, the previously every household mends nets, pre-nets. New York.

heads York Bankers-The Irving Many were women

and bankrupted themselves. as a result. Chicago, as well as sev- uninitiated public has been hypnotis pares barges and otherwise makes fishermen move toward them so as Many were in eral other large centros, have recent-ed into the belief that there is much ready. "A high solitary pole," to be in a proper position to follow National Bank,

ly called upon New York for the pur-more money to be made by those continues the correspondent, "is set the movement of their quarry.

"The enormous fish there may The Equitable Trust Company of tears, and were wild in their abuse

pose of relieving their own credit who supposedly "do not work" than up on one of the islands in the mid- New York.

situation--the 'estimate for the last by those who do. Consequently every Interest allowed on Current Aca counts and Fixed Deposita. Terms on application..

IN LONDON: The National Provin- cial & Union Bank of England, Ltd.; HONG KONG BRANCH: 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.

3. Des Voeux Road Central

Hong Kong, 19th January, 1929.

THE BANK OF CHINA. 行銀國中

Interest allowed on Current Ac-(Specially Authorised by Presidential counts and Fixed Deposits according

to arrangements.

Every description of Banking and

Exchange Business transacted.

Safe Deposit Boxes to let.

Mandate of the Republic of China

Authorised Capital

on the 22nd of November, 1917).

Paid-up Capital

Reserve Fund

Manager.

HEAD OFFICE: PEKING.

Hong Kong, 1st May, 1929.

HONG KONG BRANCH:

A. LECOT,

Established 1889.

Capital (fully paid-up) Yen 100,000,000 Reserve fund

.Yen 105,500,000

Head OfficeYOKOHAMA. Branches and Agencies at: Alexandria

Batavia

Bombay

Buenos Ayros

Calcutta

Canton

Changchan

Dairen (Dalny)

1

Newchwang

New York

Osaka

Peking Rangoon

Rio de Janeiro Saigon Sun Francisco

Fengtien (Mukden) Seattle

Hamburg

Hankow

Harbin

Hong Kong

Honolulu

-Kai Yuen

Semarang Shanghai Shiroonorali Singapore Seerabaya Sydney Tientsin Tokyo

Tetuanfa

Lynne

Manila

Nagasaki Nagoya

Tsingtao Vladivostok

(Temporarily

closed)

Karachi Kobe London Los Angeles

Interest allowed on Current As tounts.

Depoalts received for fixed periods at rates to be obtained on application.

FL. MOBI

Manager, Hong Kong, 11th March, 1989.

Every description of Banking Busi ness traneneted.

Loans granted on approved secur ities..

Special facilities for Home Ex- change.

SHOU J. CHEN,

Manager

This writer

!

has been into many

the

the

few

THE BANK OF EAST ASIA, LTD,

HEAD OFFICE: HONG KONG.

THE BANK OF CANTON, LTD. Batavia

Established 1912.

are so

Chicago, Yesterday. According to the "Chicago Tribune" the Federal Reserve Board

all

The fish

5,000,000 the effect of which will be felt to shoes at street corners a year necessary equipment are. being suddenly entangled in the meshes,

Dr

alone Chicago days for

is vo

worker in the country has eitherdle of the swiftly whirling current. be one or two-strike against the "gone into the stock market ar has On top of the pole is stationed anets, the barges holding the line $100,000.

wished to, do so. With the large man, the signaller, who is to watch yielding to the force of the impact. Brokers Loans Must Be Reduced It seems to this writer that one all mergers all around, men have made for the coming of the game. The head fisherman then twists

almost overnight.

There At the

is the uet around the fish, after which same time. there important fact stands out that there fortunes 10, Des Voeux Read Central,

heavy reduction in brokers are men in New York to-day worth must be Hong Eung.

who were shining bustle of activity and excitement all the barges will be in tow of the Authorised Capital -$10,000,000 loans, a simple enough statemest, but a million dollare

barges loaded with nets and other great fish, which, at finding itself Paid-Up Capital

Bone similar menial work. Reserve

1,600,000 the advantage of American business

dictation both at home and overseas.

from tationed along both banks in pro dashes wildly upstream. The bar- Some Stenographers, taking BRANCHES AND AGENCIES:-

bosses who themselves are per order, and their crews are ges follow for some kilometres, that the Federal Reserve, state their say

wildly plunging

until the fish shows signs of being Melbourne San Francisco ment shortly expected may show a dabbling lightly

tired. Then the fishermen start to Bombay

Nagasaki Seattle

reduction of much as $200,000,000 an the Exchange, take a Biez with watchers on the pole.

£9

Slightly Disturbed Cale, tta New York Semarang It is, moreover, considered that the a hundred dollars or two, and many

"The enormous bulk of the fish row back and unceremoniously drag Canton

Osaka Singapore

objective of the Federal Reserve has of them are head and ears in debt. Haiphong

Sourabaya

been attained, and that the threat of Bell-boys in hotels, telegram messen- coming up against the current is the catch ashore."

Ah the village shares. If the and so forth all of Honolulu

Sydney

a rediscount rate advance is no long-gers, walters

easily detected by an experienced Kobe

Taipeli

necessary, particularly as the them have their eyes on the ticker.

The action of the fish fight-fish are sold, the money is divided, halt man. It is high time, then, that Kowloon

banks have not been tempted back London

into the call money market by the should be called. Money has been too ing energetically against the cur while if the fish is cut up every- high rates, and have continued to easy to borrow, and the only thing rent leaves the surface slightly body gets a portion. hold their rediscount at the Federal that can freeze out from the stock disturbed, not unlike the cleavage

Members of the Shanghai Chin market those who can least afford to of the water by the bow of a motor Reserve Bank to a minimum.

Apart from the larger financial ng be in it, is higher call

money pects of such

on the New panie a

Perhaps yesterday's demoralisation boat. After a tedious wait-andese Navigation Association are pro- York Stock Exchange, indirectly may prove to be a blessing in dis- the wait may be long-the watch posing the formation of a marine He insurance company with a capital affecting the whole financial structure guise, for when call money is high man is seen to straighten up. of the world (though throughout in New York its effect is reflected stares down the current and then of $200,000. alf London remained so calm as to be almost to the ends of the eartli

Head Office-Hong Kong.

Autherland Capital (H.E. Currenty)...@21,000,000 Paid Up Capital 54300

Paris

Peking

Penang

Rangoon

Tientsin

Saigon Tokyo

Shanghai

Correspondents in all principal cities of the world.

530,000 RRANOKES := Orokom, Shanchal, Healow, Swatow, Manila Bangkok; New York and San Francisco.

LONDON BANKEES :—

The Leyd's Bank Limited. CORRESPONDENTS

Is al principal cities of the World.

Forlaghange and banking busin

Tory maripilon- trar marted

Balo Depot Beans (various nizam) að á yearly pausal of From $5 $40.

LOOK POONG SHAN,

Chief Manager. Hong Kong, 19th February, 1927.

Every description of Banking and Exchange business transacted. Loans granted on approved securities.

SAFE DEPOSIT BOXES to let

KÁN TONG PO,

Chief Manager. Hong Kong, 21st March, 1927.

er

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