1929-09-06 — Page 2

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Capital.......

} B0,000,000

Land and Fully Pald-op 20,503,DOM Resorts Pun

Sterling

Yilrer

....££,400,000

Etsserva Libility of Toprieters $20,000,000

HEAD OFFICE: HONG KONG.

BOARD OF DIRECTORS:→

N. S. Brown, Fay.

Chum,

W. H. Bell. Eaq, Deputy ChairLEM.

Hon. Mr. B. D. P. Baith.

A. H. Campion, Esq.

M. T. Jubauen, Eng

B. Lauder Lowia, Esq.

AMOY

MANO KOR

BATAVIA

MBAY CALGUITA

CANTON

CIFEFOO

COLOMBO

W. I. Pulloden, Ext. T. E. Pearce, E.

J. A, Plummer, Esq.

J. F. Warten. Eay.

Cbiuf Manag

Io. Nr. A. D, Bynes.

DRANCHEE—

LONDON

LYONS

MALACCA

MANILA:

MOURDEN

ΝΑΘΑΚΑΚΙ

NEW YORK

PEKING

PISANO

BANGDON

SAIGON

SITANGRAI

DAMEN

POBELOW

HAIPHONG

HAMBUR HASKOW HARBIN

SAN FRANCIRCO

SINGAPORE

DONG KEW

SOŪRA DAYA

01.0

[42]

SUNORI PATANI - TIENTSIN

JAHORE

ГОКУО

HOME

KOWLOON

KUALA LUMPUR

TSINGTAO YOKOHAMA

Current Aucounts opened in Local Curranny and Fixed Depola coceived for on your shorter puris in Leest Currency and Sterling un terms which will be quoted bu applicatio Hong Kong, 4th Mng, 1925:

HONG KONG SAVINGS BANK.

The Businore of so strove Bank is conduct

by The BONG KONG AND SHANGILA!

BANK NO CORPORATION

abt used upplication.

Rat may Lo

FOR THE LONG KONG & SHANGHAI

BANKING CORPORATION.

A. C. HYNES.

Chist Manager.

Hong Kong, th September, IVA

NEDERLANDSCHE HANDEL - MAATSCHAPPIJ, N.V.

NETHERLANDS TRADING SOCIETY:

BANKERN,

Established 1821.

Hong Kong - Queen's Road Cantral. Authored Capital Guildere 160,020,000- (12,600,000.) Buy Capital Quilla 80,000,000 Leserve Food ................................ Guilder 40.00

(50,000,CUT,

(18,83,385.)

Jeudo-(AMSTEDDAM^).

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1859. HEAD OIFICE: LONDON, Paid-up Capital Reserve Fund

Reserve Liability of Proprie-

tore

.£3,000,000 £4,000,000

.£3,000,000

Agencies and Branches:

ALON STAL

[Malay Biates)

ABBITRAK

BANOKOR

BATAVIA

BOMBAY GALCUTTA

CANTOS

GAWYFORE

CERI

COLONBO

DAIEN (Dalny,

South Manchurin)

DELET

SEXITLONG

HANDUNG

FEANKÓW

HARBIS

(N. Manoburi)

TÙNG KOPG

ILOILO

TPON

KARIGHE

KLANG

Кову

KUALA BANOSAR

KUALA LUMPUR

KUCHING

MADRAS

MANILA

MEDAN

NEW YORK

PERING

PCNARI PESITA WAR RANDOON SALOON SEMARANG SAREMBAN SITANO HAI

SINGAPORE SOURABAYA TAIPINO (F.M.9.) TAVOV TIENTSIN TOKYO

TONGKAH (Bhukol)

THNGTAO

YOXDILAMA

ZAMBOANGA

(Philippine Jalandı) Berok (P...)

and General Foreign Exchange Banking business transacted.

Current Accounts opened and Fix- el Deposits received for 1 year or which will shorter periods at rates be quoted or application,

A. H. FERGUSON,

Manager. Hong Kong, Sth January, 1929.

THE HO HONG BANK, LTD. (Established 1917.)

Authorised Issued Paid-up

Reserve

CAPITAL,

Liabilities of

Shareholders Surplus STA

HEAD OFFICES: SINGAPORE. Branches, Agencies and Correspon- dents in the principal eities of the world.

Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager. Hong Kong, 15th May, 1920.

THE BANK OF TAIWAN, LTD. (TAIWAN GINKO)

Incorporated by Special Imperial

Charter, 1899.

Central Bank in Formos,

BRANCHES AND AGENCIES: JAPAN:-Tukyo, Yokolama, vto, sakı. FORSA-Qiran. Kogi, KurHOĽKO,

Back-Nothe issued Average amour Yen. 15,000,000

Samangh Shanghal, Sibolga (Slut), Singapore,

The Ubat Cornwapondants Scarabrain, Boerakare (Sclo), Tegala Tjilat,ep cipsi Camercial Centras throughout the warli. sad Woltevreden.")

Those offices sava rate deposit horn les Landon Bansors :-National Provincial Bark Ltd.

furrcels all over the warti

Braking business of every dadriplica transacend.

ENIGUBA, --

HONG KONG BRANCH

Do You Road Central. Hong Kong. 19th January, 1931,

THE CHINA MAIL,

BUDGET FOR 1930

FRIDAY, SEPTEMBER 6, 1929.

works, always excepting of course, sented in part by a small increase Warder staff. With the provision the loan works and particularly the in staff, and partly by an increase of new and up to date printing Water Works with which Your Ex- under special expenditure, of machines it is considered that an cellency has dealt so ably and so which $92,200 is in connection with actual economy can be effected by exhaustively at an earlier stage of a scheme for the gradual re- the detailing of specially qualified our proceedings this afternoon. I arrangement and relaying of com- officers for this work and it is hoped venture to think that the most strik-mercial moorings throughout the that in time the Gaol printing shop. ing features of the Budget are the greater part of the Harbour. The will be able to take over practically introduction of entirely new activi-present scheme does not make the the entire printing work of the ties represented by Heads 13.B, Air most economical use of the avail- Government. Services,,33B. Hong-

Kong able space and the time has arrived

Large Increases In Expenditure

FURTHER LOAN NECESSARY

Colonial Secretary On Government's Duty The Colonial Secretary (the Hon. Mr. W. T. Southorn, C.M.G.)oyal Naval Volunteer Reserve, when the whole scheme of mooringa tor of Medical and Sanitary Services

which had

On the advice of the Hon. Direc-

the restoration under Head: must be re-arranged to provide for provision has been made for a been the ever increasing size of the ship separate Gool Hospital staff who will in introducing the Budget at yesterday's Legislative Council meet-12. of one

Statis- ping using the Harbour. The total be specially trained. At the moment the discontinued. viz., ing said that there were big increases of expenditure all round and tical Branch of the Importe and Ex-scheme is estimated to cost $152,000 the Gaol hospital work, is carried ports Department and the attempt and is to be spread over two years. out by the existing Warder staff that a further loan would be raised to meet expenses.

under the control of the 'Gaol The Government's duty was to overtake the arrears of the past which is to be made next year under The sum of $70,000 is provided for

two new launches. the experienced direction of my

Medical Officer and it is hoped that Immediately following the Har-this long delayed reform will meet few years, when economy was essential, and improvements especially Hon. friend the Director of Medical

suma.

Medical Department

in social and medical services were necessary. - Air Services, the and Sanitary Services to deal with bour Department Estimates will be with the approval of the Council.

the too. long neglected problems of found a new Ilead, 13.8. Air Ser Kowloon-Canton Railway, and the Harbour all needed substantial sanitation, malaria and the preven-vices which is under the control of

tion of disease generally.

the Harbour Master as Director of Under Head B. Hon. Membera Air Services. It will be seen that provision is included for the sub- moved earlier in the present meet-will notice the inclusion of a new

post of Chinese Assistant to the sidies without which Commercial ing to provide funds for their con- Secretary for Chinese Affairs. The Aviation and a Flying Club are im- tinuance during the coming year. Government considers that the possible. Much public interest has while the Water Works have been Senior Chinese staff of this very been shown in both of these made the special subject of Your important office requires strength-schemes and I trust that Hon. Mem Excellency's address this afternoon.ening by this new post.

Estimates of Expenditure

The Colonial Secretary said:-- By Your Excellency's command I rise to move the First Reading of a Bill intituled "An Ordinance to apply a sum not exceeding twenty- two million and thirty-eight thou. sand eight hundred and seventy- nine dollars to the Public service of the year 1930."

I come then, Sir, to the. Estimates

of Expenditure for the year 1930.

the Bill now before them, in which

recur-

Wireless Telegraphy

Hon. Members will also notice

The re-organisation of the Medical Department undertaken by my Hon. friend the Director of Medical and Sanitary Services has necessitated an increase of $100,000 in the per- sonal emoluments of that depart- ment. A Secretary has been pro- vided for to relieve the professional Ibers will agree with the Govern- officers of some of the administra- ment that money must now be pro- tive work of the Department but the vided for the encouragement of greater part of the increase is for Aviation locally if Hong Kong is to the purpose of developing the pre- take its proper place in the rapidly ventive side of the Medical Depart- developing sphere of Air Travel.

ment's work. It has long been felt Under Head 15. Fire Brigade, that this side of the Department's will be found provision of a sum of The

work has been seriously neglected $150,000 for a Motor Fire Float in the past especially in such mat- At present there are only two Fire ters as rural sanitation and preven- Floats and the present provision tion of malaria. It has been found

one of the recom-impossible to procure

a Malarial gives effect to

the Committee. ap- Research Officer at the salary offer- mendations of pointed in 1926 to consider sugges-ed and an increased salary is in- tions for the improvement of the serted for this officer under the Fire Fighting Organisation of the title of Malariologist and provision Colony, for which it had not hitherto has also been made for an assistant been found possible to provide to the Malariologist. The Medical funds.

Officers of Health are to be renamed Health Officers with one post of "Senior salaries have been improved and Health Officer." The provision is made

for three addi. tional Health Officers as a first step towards the organisation of a com-

Provision is also made for a

The increase of $113,000 under

Police Force The next increase of importance is to be found under Head. 23. Police Force. An increase of about $200,000 is explained in part by an

increase in Personal Emoluments

should be

Government Dental Surgeon as it is felt that the time has come when the care of the teeth undertaken as part of the normal functions of the Medical Depart- ment.

of Kowloon, but for the most part by increases ander Special Expendi ture under which $100,000 has been allocated for the provision of a new cruising launch to replace an old serviceable life. one now reaching the end of its. I invite Hon. Members' attention to a change in

Special Expenditure nomenclature which will be found Under Special Expenditure will be under this Head. No increase in found the very considerable sums numbers or emoluments is involved | necessary to bring up to date the but it has been thought advisable equipment of the Electrical Therapy of State to introduce more conveni-ment, and provision has also been with the approval of the Secretary and X-Ray branches of the Depart- ent titles for the supervising officers made for a Harbour Dispensary of the Police Force and a bill to launch whereby the Government give legal sanction to the change will hopes to bring medical assistance within easy reach of the large float- be introduced at an early date.

Under Head 24. Prisons Departing population of the Harbour. ment, I would invite attention to the

Under the Sanitary Department provision of separate staff for the provision has been made to replace Printing Shop and for the Hospital. the launch S.D.3. which struck a The printing work done by the Gaol | rock and sank in May last, for the has been steadily increasing and has replacement of worn out barges and been controlled by the present (Continued on Page 5.)

It has been my practice, Sir, on The notes in the draft Estimates, the introduction under Head 11. of the three occasions on which I have the usual annotated abstract of dif-special provision for the adminis been privileged to be connected ferences in expenditure, and the trative side of the wireless tele- with the introduction of the Annual memorandum of the Hon. Director graph service under the control of Budget to preface my own or in one of Public Works on the works the Post Master Genera!.

Public technical control will remain in the $20,000,000

for under 8,000,000 cane the Acting Colonial Secretary's provided

review of the Works Extraordinary will afford Public Works Department in the 4,000,000 remarks with a

hands of the Electrical Engineer Colony's financial position and with Hon. Members much informa- 4,000,000 a forecast of the probable position tion on points of detail and will, and due provision for that side of Pin the near future. This year I am I hope, justify me in restricting the work will be found under Heads relieved of this duty by an innova- myself to the broader aspects of the however is naturally one which has The administration [29, 30 and 31. tion which will I trust meet with Budget. the approval of Hon. Members. On Hon. Members will see that the close connection with the Postal Service and it has been considered Your Excellency's instructions the total experiditure is estimated at advisable to make definite alloca- Hon. Treasurer has prepared a $27,268,515 of which $1,787,650 9tion for this under the Head Post memorandum on the financial posi- required for Public Works Recur-Office at a cost of $120,798 which tion of the Colony which includes rent and $3,840,750 for Public consists largely of posts transfer a review of the revenue for 1928. Works Extraordinary, while I need red from other departments and a revised estimate of revenue for hardly remind Hon. Members that from daly paid labour. the present year, an estimate of re- venue for next year, and a forecast the total expenditure is given as Imports and Exports is explained of the position as he foresees it at $22,038,879 does not include the by the cost of establishing the HEAD OFFICE:-Tapeh, Formosa, the beginning of the next financial sums of $3,865,560 for Military Con- Statistical Branch to which I have chiefly due to the rapid development, Plete Health Service for the Colony.

year, It is sufficient therefore for tribution and $1,364,076 for Publie already referred. The abolition of me to say that the Government ex Debt Charges though these items the Statistical Department has been pects the present year's revenue to

are included in the printed Estim: the subject of acute local contro- veray and I personally sympathize be slightly less than the expendi ates of Expenditure. ture with an estimated deficit of

There are increases under nearly King $379,368 and that it anticipates a every Head and in explanation of with those who regard it as a slur on our administration that we do slakang. Haute. Stinctus, Tada, Talas, total surplus balance at the end of this I would observe that for the not possess reasonably accurate Cuki, Toca, Heile, Talza. Busteen load Cillion-BATAVIA.

of ilankow, Amoy, Foclow, 1929 CHINA-Olimuybai,

of $7,712,265

which last few years owing to the neces- statistics of the Colony's trade. I BRANCHES Baindjerinasin Dandoeng) Berkay,

walow, Canton

$, $6,224,977 is expected to be liquid sity for severe economy departam not however with those who Singapor Caluta, Coribou, amber, Djok. OTUS Loug Kotag

S

tuvus, Bombay. Calot, and available for expenditure. The ments have been working on a very would take half-measures. If the jakarin' Thu Hugues, Jeddah, Rabc, Kot-adja, Makusker, Medan, Fasining Loudon, Na York, Daiten.

LONDON BANKKES:

revenue for next year has been narrow' margin 25 regards Palembang, Pekalongan, Penang

Government undertakes this work Pontianak, Rouge, Rotterdam). The Leader County Westminster and Parr's Book,

estimated at $22.712,920 nearly the personnel and normal

it should do it properly and bring in all the prinsame figure as our revised estimate rent expenditure. Though the out complete statistics at monthly for the current year, and with our Colony has since 1925 been passing intervals and as quickly as possible estimated liquid balance of through very difficult times the after the end of each month. It is |$6,224,977, will give a total sum of necessary activities and

conse not work which can be done cheap. $28,937,897, to meet the needs of quently the necessary expenditures. It involves recurrent expendi the Colony during the year 1930. of the Government have shown a ture consisting largely of personal THE BANK OF CANTON, LTD. It will be seen that we take a rea- tendency to

the emoluments but the Government sonably optimistic view of the fu- Government accepts

and feels that the time has come to re- ture revenue and financial posi- more responsibility for the sume the compilation of Trado tion of the Colony, and I think the Health, Sanitation, Education, Statistics and if possible on a more Colony is to be congratulated on Development and Protection of the effective basis than before. having surmounted what was prob Colony and its inhabitants. This

Harbour Department ably the most serious water famine increase is inevitable unless the 1,000

Under the Harbour Department in its history without a heavier Colony is content to stagnate and an increase of $214,000 is repre-

I should strain on its finances.

to recede from its proud position as like to take this opportunity of one of the most progressive and up- placing on record in this Council to-date Colonies of the British Em- the Government's very high appre pire, and the increase is reflected ciation of the services rendered

largely in the Personal Emolument alike by Unofficial members of the votes as the activities involve in- community and by its own Govern creases in the supervising, clerical ment officers whereby the Colony and subordinate staffs. How long was enabled to surmount very we can continue to finance this in- serious crisis.

érease without recourse to increas- ed taxation it is impossible to fore I tell; we are fortunate to be able to i carry on for the present with no inercase in our present compara- tively light burden of taxation but it has to be remembered that the it must not be forgotten that im- .$60,000,000.00 balances have had restored to them provements whether in health or 18,278,680.00 just under two million dollars material work, whether in educa- 9,629,425.24 which had been advanced on loan tion or in social amenities cannot works while heavy special expendi- be had without the money to pay It is the earnest hope ture on Water Works, Harbour for them. Dredging and the Kai Tak Aero of the Government that such im. drome, works which, in former days provements as are provided for in Branches and Sub-branches all over would have been met from revenue the present Budget will be consi- China and Correspondents in Europe, or surplus balances, bas been dered to be more than worth the in- America and other parts of the world, charged to Loan Funds to an creased expenditure they involve. 1 London Bankers:-The National amount already exceeding the full might add that part of the increase Provincial and Union Bank of Eng-amount of our recent $5,000,000 in the dollar expenditure is explain-

The Charanty Trust Company of loan.

P. M. ELBERO

ting Kong, 27th May, 1920,

Manager.

BANQUE DE L'INDO - CHINE.

HEAD OFFICE:

96, Boulevard Haussman, Paris.

Subscribed Capital .Frs. 72,000,000.00 Paid-Up Capital...Frs. 68,400,000.00 Reserve Funds ....Frs.102,000,000,00

BRANCHES:

Bangkok Battambang Hue Qartho Mengtze

Cazion

Djibouti

Hong Kong Quinhon

Saigon Shanghai Nam Dinh Sing fore

Neumea

Thanbea

Fort-Bayard Papeste Tientsin

Haiphong

Peking Tourane Hankow Pnom Penh Vinh

Hanoi

Pondicherry Yunnaniu BANKERS:

IN TRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnais; Banque de Paris et des Pays-Bas; Credit Industriel et Commercial; So- ciete 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 Anurican Banking Co- poration; Guaranty Trust Co. ai New York.

on

Interest allowed 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.

Hong Kong, 1st May, 1929,

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1880.

Capital (fully paid-up) Yen 100,900,000 Reserve fund .............. Yen 106,500,000

Head OfficeYOKOHAMA,

Branches and Agencies at; Alexandria

Newchwang Now York Osaka

Batavia

Bombay Buenos Ayres

Calcutta

Canton

Changchun

Daizen (Dainy)

Peking

Rangoon

Rio de Janeiro Saigon

San Francisco.

Fengtien (Mukden) Seattle

Hamburg

Hankow

Harbin

Hoog Kong

Honolulu Kai Yuen Karachi

Kobe

London

Los

08 Angeles

Lyons

Manila

Nagasaki Nagoya

Shimonoseki Singapore Sourabaya Sydney Tientsin Toyo

Tsinanfu Tsingtau Vindivostok

(Temporarily closed) ****

Interest allowed on Current Ac counts.

Deposits received for fixed periods : rates to be obtained on application:

H. MORI

Manager. Hong Kong 11th March, 1929,

Established 1912.

Head Office-Hong Kong.

Authorised Capital (H.K. Currency)...$12,000,000 Paid Up Capita: ........... *** 8,064,990

BHANCHES:-*

Cauton, Shanghai, Hankow, Swstaw, Bangkok, New York and San Fransico,

LONDON BANKERS:-

The Lloyd's Book Limited. Corresponderis in all principal cities of the

World.

Forge exchange and beaking business of

Description tranencies. el ponit Roses (various mine) at a poriy rental of teen $5 Lò $10.

LOOK POONG SHAN,

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

THE BANK OF CHINA. 行銀國中

(Specially Authorised by Presidential Mandate of the Republic of Chins on the 22nd of November, 1017.)

Authorised Capital Paid-up Capital Reserve Fund

HEAD OFFICE; PEKING,

HONG KONG BRANCH: 4, Queen's Road Central.

land, Ltd.

Naw

York,

National Bank.

New

SHOU J. CHEN,

Manager.

a

Surplus Balances The surplus balances may seem high but we must not flatter our selves too much on this apparently pleasing feature of our finances for

As

foreshadowed Was

Was

increase

A

more

ed by the fact sterling expenditure when other than salaries has been con-

1929.

New York Bankers-The Irving | the Budget ·was. introduced verted into dollars at 1/100 instead last year, the remaining $2,000,000 of at 1/11d as in the estimates for The Equitable Trust Company of

of the Public Works (1927) York.

in raised

Novem- Current Ac-Loan Interest allowed on

"Very Popular Vote" the money was counts and Fixed Deposits. Terms on her last and

Hon. Members will notice that application.

obtained on slightly more favour in spite of the increase in the total "Every description of Banking Busl-able terras than on the previous estimated expenditure there is an ness transacted.

occasion. But as Hon. Members increase of only $421,145 in that ities.

Loans granted on approved pesur-

will have observed from the resolu- very popular vote Public Works Ex- Special facilities for Home Ex-tions already put before them to traordinary to which members of change.

day the existing loan funds are the public are inclined to turn first more than fully allocated and the to see whether their own favourite It urgent necessity for increasing our schemes have been included, water supply will compel the Gov- might have been(expected that with ernment to raise a further loan in so large an expenditure there would the near future. We are now again be a large increase in expenditure in the position of advancing money on Public Works of the kind includ- on Loan ed under the heading of Public from Surplus Balances $10,000,000 Works the cost of which is to be re- Works Extraordinary but, Sir, 5,000,000 covered from a future loan and funds did not permit of this popu- 1,600,000 we have framed our Budget on the lar move. The Government how- BRANCHES AND AGENCIES supposition that a further loan will, ever has not been content to adopt Melbourne San Francisce subject to the approval of the Secre a waiting policy. The revenue has Bombay Nagasaki Seattle,

tary of State, be raised at a suit shown a remarkable stability able opportunity next year, that our throughout the reconcent surplus balances will be relieved yeare and the Government has during next year of all liability for every confidence that the revenue lean works, and that the full will be maintained or even increas amount of our liquid balances will ed in future years provided no ba available for other local needs fresh political upheaval still für-

THE BANK OF EAST ASIA, LTD,

HEAD OFFICE: HONG KONG. 10, Des Voeux Road Central,

Hong Kong Authorised Capital Paid-up Capital Reserve

Batavia

Calcutta

Canton Osaka

Haiphong Paris

Honolulu Poking

New York Semarang Singapore Sourabaya Sydney

Kobe Penang Taipe

Kowloon Rangoon Tientsin

London Saigon Tokyo Mania

Shangha

Correspondenta la all principal of an urgent if less spectacular ther distracts our great but still cities of the world.

character. I do not think it neces sorely distracted neighbour the Re- Every description of Banking and sary for me to make detailed refer-public of China. Exchange business transactod Loans ence to the loan works. They are The Government therefore bas granted on approved securities.

SAFE DEPOSIT BOXES to let

sat out in the Appendices to the adopted a forward policy in its KAN TONG PO

draft Estimates of Expenditure Budget for 1930 but it is Chief Manager, and I have already dealt with them a forward policy in Ber- Hong Kong, 21st March, 1927. in soma detall in the resolutions vices rather than in material

A Mammoth Hotel

Nobody will want for breezes in the upper storeys of the new Waldorf-Astoria Hotel, New York city. Here is what it will look like under the plans filed by Schultzeand Weaver, architects. It will

be 638 feet high. Compared with the old Waldorf, it in like a giant. ground level, and more than 2,200 rooms. It will be situated in the bl Park avenues and Forty-ninth and Fiftieth streets. It will east app rond spur in the basement is provided for the very rich to enter direct

There will be 43 floors above" ock bordered by Lexington and roximately $40,000,000. A. rail- “ly, frym their private cars.