1930-01-23 — Page 2

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Caplis)

Loved Yully Paid

Date Punda

Berling

Birar.........$3,094YGOKI

50,000,00 $20,000,000

Elussers Liability of Proprietors $20,000,000

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1853. READ OFFICE: LONDON, Paid-up Capital

Reserve Fund

£3,000,000 £4,000,000

Reserve Liability of Proprio-

tora

Agencies and Branches:

....£3,000,000

ALOR STAR

(Malay Mix346)

AMRITSAR

BANGKOK

KUALA LUMPUR

KUCHING

READ DYYIOR: KONG KONT

BOARD OF DIRECTORS:–

W. A. Hall, Esq. Chairman

J. A. Plutomer, Peq, Deputy Chairosa.

B. D. P. Belsh, Zeq.

L. H. Demylon, Rag

*. T. Jobson, E.

* Leader Lawia, Bag,

AMOT

BOOK BATAVIA

BUNDAT

DATEUTTA

CAMION

LOKBU

WALKIN

ZOTATOR

NAIPHONG

MANHURO

GANZUM

ALPIN

ILU0

LAUR

2080

CURR

AUW LUON

W. L. Patienden, Zug

T. E. Pours, Esq.

T. 2. 3. nw, Esq.

3. P. Wara, Xig.

Chiar Manager.

Un. Mr. A. G. Līguma.

KALA LUMPUR

BRANCHED

LONDON LTONG

MALATCA

MANILA

MOURDEN

MUAR (John)

NAGASAKI

NEW YORK

PELVINA

PESANG

RANGOON

SAIGON

SAN FRANCISCU

SHANGHAI

ВІНЧАРОВЕ

SUURABAYA

HUNGE! PATANI TIENTSIN

TOKYO

THINGTAO

YOKOHAMA

„Dattani fornite opened ja Local Currency Kid Frand Deponite received for one your ve skirver perioda in Lood Currency and Stering au kema wklok with be quoted on syp|tention. linng Kong, Yiat duashavoy, Sul),

HONG KONG SAVINGS BANK.

The Buntzan of the abors Bank is conduct

by the LONG KONG AND SHANGHAI BANKING CORPORATION, Rule way sbtained so application.

De

Fish THE BONG KONU ♣ BHANGHAI BANLINU DORPORATION.

AYNES,

Chief. Haunger.

Hong Kong, 10th September, 1997.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

INETHERLANDS TRADING SOCIETY: BANKES.

Established 1924. Hong Kong the 1-11 Quma's Bond Central Amored Capital ........Builders 150,000,000. Falk-Up Capital G&,000

Mmeneto Fund - Tulidan 1000000

(£12,500,000.)

(28,000,007.)

(8,88_)

BATAVIA

BOMBAY

CALGUTTA

CANTON CAWNPORE CRNU

Colono DAILES (Dalny

Both Manchuset DELHI

RAZPIONA

FLAVORING

HANKOW

HABUIN

168. Manchurine

HONG XBNG

HADBAS

MANILA

MEDAN

NEW YORK

PEKING

PENANG PEARAWAR BANDOON SAHRIN SEMASANO SEREMBAN

SHAXORAT

· SINGAPORE

SORANAYA

TAIPINO

(P.M.S.)

TAVOY

TIENTSIN TOKYO

THE CHINA MAIL.

THE OIL OUTLOOK

Some Fallacious Views on Production

WASTE OF ENERGY

Danger of Excess Over Consumption

HIGH PRICES

Although common sense would lead us during a time of threatened or actual over-production to expend our time and money (even vast sums of money) in creating for the benefit of ourselves, and certainly also of mankind in general, new outlets for oil, we are forced instead by strenuous competition to produce oil in excess of the world's needs, declared Sir Henry Deterding, Director General of the Royal Dutch Petroleum Co., in an address given before the American Petroleum Institute, Chicago. And to concen- trate at any rate so far as the big companies are concerned, upon renting duplications of facilities and wasting our energy, and to a large extent our cash, in creating such duplications, in spite of the fact that such duplications cannot create one single ounce of addi- Current Accounts opened and Fix-tional consumption.

ネイ

LO

KARACHI

KLANI

KVALA BANORNAR

Presk (P.M,8.)

Foreign

TONOKAH (Buket) TSINGTAO

YORDHAMA ZAMBOANOK

*(Philippine Tolzada) :

General and

Exchango

| Banking business transacted.

ed Deposits received for 1 year or shorter periods at rates which will he quated on application.

A. H. FERGUSON,.

Manager. Hong Kong, 8th January, 1029,

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

CAPITAL.

Authorised Issued

Paid-up

Reserve

Liabilities

Shareholders Surplus..

39

"EASY TIMES

for living, the whole idea is the opposit of common sense at the present time, quite apart from the fact that unless the producer is well- fed he will not and cannot extend his operations.

Too many of the new-comors in the industry (unfortunately for a great part consisting of govern mental bodies) think that we are still living in those comparatively "easy" times when "big" money in $20,000,000 the oil industry was made in dia

It is just this extension that the 8,000,000 tributing the products, and the in-ever-increasing number of consum 4,000,000 dividual dritter-producer and ers require, as the consumer's chief 4,000,000 bigger well-owner producer was left

concern is that the producer should 2,219,000 to get as much for his oil as the give him security of supply so that

distributor would allow him.

he also may expand on a sound basis, being sure of larger supplies when he requires them. A poorly fed cow will not keep an increasing family well supplied with good milk.

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

Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager. Hong Kong, 15th May, 1929,

THE BANK OF TAIWAN, LTD.

(TAIWAN GINKO)

HEAD OFFICE:-Taipeh, Formona Incorporated by Special Imperial

Charter, 1899.

JAPAN Tokas. Karen

Yokohama, Kobe. Ovaka

YORMOSA

+

Kalong.

the

Times Fundamentally Changed Times have changed and, what is fundamentally changed. better, True, there are still those who think that such times may come back again, but beyond the end of aum- mer times, when we put our clocks hack one hour only, is there, especially in the of industry, any chance of setting the clock back?

On the contrary, we have to go ahead faster than ever if we do not want to be left behind in the race for perfection, and what may appear as perfection to-day la going to give Central Bank in Formosa Bank-Notes ise sod Azerae anunt Ten. 10,000,000 atandard in a few years to come,

place to a very much higher DRANCHES AND 43ENCLES:

We are living in the age of co- Makau, Naulo, Shinchiku, Talabu. Tala, operation, and not only as the man Takso, Taran, Town, Hello, Thin CHINA meghad, Hankow, Amoy, cabow, in the street thinks of it, that is, in

Hwaior, Casto Celdutte, Caribou Djember, Disk OTHERSiong Kong. Blogspora, Sabays, terms of co-operative stores, but in jakarta") The Hague?), Jeddah, Bode, Bestirang. Briari Londay. KɔBadja, Malanini, Medan, Padang

the sense of a very much higher set London, New York, Duites Falandong, Pakstrogio, Patanja

LONDON DANKENS: Funtianak Bang Harda) The London County Westminster and Pan's Bank, Co-operative aim based on the fact

Bibolg thangal,

that all industries are becoming visibly (as they always have been logically but Minagar,

too silently), inte.

And Uno)-(AMSTERDAM”), Esslers ad Dmos:—BATAVIA,

à ma 2017 28 ; —endemain Bandonng') Bombay,

1 Kamarang)

Calvita,

(Humaira), Siegapore, Boerabala The Blank bua Correspondante in all the bosralaria (Solo), Tagai, Tilasing cipal Commercial Cerire throghout the and Waliozadac.')

I. NAQURA

* These offices haru sala deposit boxsa do lek, Loaded Duskare:-National Provincial Bank Ltd,

Portwrpondene all wrer the world

Making bualism of avary description travmabad,

P. M. WLDERO.

fiona Kool. Tith May, 1923.

Kang.

BANQUE DE L'INDO - CHINE.

HEAD OFFICE:

90, Boulevard Haussman, Parla.

•

Subscribed Capital .Fra. 72,000,000.00 Paid-Up Capital .Frm. 68,400,000.00 Reserve Funds ....Frs.102,000,000.00 Bangkok Hong Kong Quinhon

BRANCHES:

Battambang Hua

bantho

Bengtze

Saigon Shanghal Nam Dinh Singapore Neumea Thanhes Tientsin Peking Tourane Poom-Dinh Vinh

Canton

Djibouti

Fort-Bayard Papente

Haiphong Hankew

Hanoi

Pondicherry Yunninfu BANKERS:

IN FRANCE: Comptoir National d'acompte de Paris; Credit Lyonnais; Banque de Paris at des Pays-Bas Credit Industriel at Commercial; Bo ciete Generala.

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

HONG KONG BRANCH:

Be Your Hond Cecial. Hong Kong. 19th January, 1722.

Established 1912.

Head Office:-Hop Kong.

world.

Authorised Capital fiLB. Currency) ... 11,003,600 Fald Up Capital 8,664,300 Rare Fend

850,000

DRANQUES;-

Canion, bangka, Huakow,

Bangkok, New York rad ba France

LONDON BANKERS ¡—

The Lloyd's Dank Lilled,

CORSESPONDENTS

In all pelzofpal atılac

the World

婆

dependent.

In this way the oll producer very quickly is becoming the "producing department," the oil refiner the

THE BANK OF CANTON, LTD. "refining department," the pipelines, shipping, receiving Installations and even the ocean-going fleets them selves representing the "forwarding department." These departments, which may be termed the "spend- ing department." will be fed by the "collecting department" or the department supplying the public..

The idea that it might be possible that this "collecting department" could be some government, or com- bination of buyers, who will dictate to the producer the minimum with which he ought to be content so that he may keep alive, is bound to be short-lived because it is entirely Illogical. Apart from the fact that producers in the different countries are by no means agreed, and never will be, as to how much is needed

Foreign exchange and backing besainmen #tety dotion Erasmosed.

Gade Depan Botes (Various fast) að a 206rly zantel at fram to $40.

LOOK PLONG SHAN,

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

THE BANK OF CHINA. 行銀國中

(Specially Authorised by Presidential Mandase of the Republic of China on the 22nd of November, 1917.)

Authorised Capital ....$80,000,000.00 Paid-up Capital ....... 18278,800.00

IN NEW YORK: I. P. Morgan Reserve Fund

Co.; French American Banking Co- poration; Guaranty, Trust Co. of Now York.

Intereat allowed on Current Ao- counts and Fixed posits according to arrangemanta.

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 pald-up) Yen 100,000,000 Bauerva Fund **** You 108,500,000

Head Office:-YOKOHAMA.

Branches and Agencies at:

Alexandria

Batavia

Bombay

· Bassos" Ayres

closed). Calcutta

Canton

Changekya

Nagoya

Now York

Newchwang

Peking Rangoon Rio de Janeiro

: Saigon

Daired (Dalay) Fangtian (Mukden) Sestüle

Hamburg

Hankow

Hoa Hong Hondiniu KA TERS Karnel

San Francisco.

Bamarang

Bingapore

Bourabaya Byday Tientsin

Tokyo "Talnanfa Taingtau

BRITISH TRADE

9,629,426.21 Review at Midland Bank

Meeting

HEAD OFFICE: PEKING.

HOPEFUL SIGNS

London, Yesterday..

Wasteful Expenditure

Too many of us look entirely. at distributing facilities. I do not blame anyone for this, because it

HONG

KONG

THURSDAY, JANUARY 23, 1930.

MARKET PRODUCE.

APPROXIMATE RETAIL

PRICES.

Butcher Meat.

Beat Sirlota .....

"

Prime Cut

H

Garned

Ronst

H

Breast

H

Soup

37

Steak

#

Steak Siriona

Skumges

Bullock's Brains ...

11

Tongue, fresh Tongue, corned

D

Head

Heart

E

lamp, Salt

J

11

Feet

"

Kidneya

Tail

Liver

TH

**

Tripe

Calves' Head & Feet Mutton Chop

17

Leg

#

Shoulder

Saddle

Pig's Chitiinga

Brains

T

Feet Fry

to

Head

Heart

Kidneys

Liver

Pork Chop

Leg

Loin

Fat or Lard

Sheep's Head & Feet..

#1

H

Heart Kidneya

Liver

Veal

JI

Mutton

Sausages

No. 1,

Fish.

is the most apparent; bat too many Sucking Pigs, to order

Suet, Beef refineries, too many pipelines, etc., belong to the same family of waste- ful expenditure. And of course when there is over-production at the bottom, too much is piped, too much refined; yes, and even too much shipped. Or do you think that in Barbel times of comparatively high tank- steamer freights, it is not wasteful

Bream

*

牛牛

EEZERSGBMIZZAZDECHHICK+ZBARLSONEO±2724¶ESAAKA

**

14

Jan. 16, June, June,

12281 282 2-2 | | TEESARS & 1979 ** 23888 ||

1182ER86-818182 BIBIRS | | | | 8-2866228| 838A866

Eggs, Hen (cooking)..

132

ib.

Jan. 16, June, Juno,

1030, 1918. 1914

Cls. Cls. Cis.

"

At each 25

90

.22 21

21

80 22688 #8672689

સ

80

88288

| 8 |11|

៩ នគ≠ត | ន ន គឺដឺ | | |

{

24

Fruits.

* 15. 金山韩

90

22 24

4

12

10 10

Almonds

Apples (Califoralu)

하

Bananas (bride's)

茹山传热

5

1

##

#

*

# lb.

10

26

金山專線 each 15

Carambola

Coconuts

Lemons, China .......

Lemons (American)

Lichces, Dried ......

Oranges (Canton)

# 7 cách 13

## D.

新會甜橙

"

沙

M *

1

00 25

༄ཨྰཿa | ུ ུ ཋ ཋ ཆ ུ་ | ཕག ༷ ༷

བྷ ཎྞཱ ས ཋ ནྣཱ= | | | ཞ ཁུ ཋ སྤྲ ། |

│ ། ། | ༄ ༅ } ཆ- | ༤ | སྐྱུ | } ཁ ཋ |

10

10

16

15

13 10 12

#E 4

$1 #

★ #

暹羅钠 ench 14

** lb.

18

"

45

12

B

12

16

1030. 1018. 1914.

Cia. Cie. Cia.

Poultry.

4, 16.

28

24

12

Chicken

70

80

28 11

Capons, Small

60 #

28

13

IF

Capona, Large

28

24 20

Duck

肥線四 鹗

17

60

32

24 20

18

Doves

D

26 20

Hiper doz. 84

28

24

Eggs, Hen (fresh)

新鮮雞蛋

36

D

36

20

82

20

Der Bol 15

12

Gecze

each 65

50

80

Fowls, Canton Fowls, Hainan

Pigeons, Canton

** }b,

** W 100

65

"

****

IB

A

each 40

Halhow

30

11

.. $1.20

-$1.20

tb. 24

Turkeys, Cork Turkeys, Hen

Ib.

75

*

66

17

84

20 TE

each 10

10

12

Snipe Pheasant

22

"

pair 1.70

15

10

**

26

20

Quail Partridges

each 22

"

15. 24

B

set $1.20 $1.00 $1.00

lb.

30

**

36

36

45

"

43

30

Fer net 3

Ib.

16

18. #

28

**

VA

18

** each 25

10

18

1

ib. 48

*30

猪排

35

25

*

Oranges

38

»

40

Pears (Canton)

на

++

23

Peanuts

per set 90

70

Persimmons, Large

each 12

Plantain

165

10

H

"

40

Pumelo, Slam

Ib.

25

Walnuts

90

Grapes

30

20

## +

20

20

tr

82

Vegetables, &c.

29

lb. 42

16

24

Artichokes Beans, Sprout..

Long

50.2 ff cách 12

5

8

31

20 16

!

32

Beet Root Bitter Squash Brinjals, Groon

##

10

8 24

10

8

J

86 13 16

17

t

6 5

J7

36 18 27

4

37 12

9

10 12

1

55 18 17

10

35 28 26

85 18 27

(Medium) 中椰类花

14

20

42 28

20

16

(Small) AMATE

10

#

Carrots

36 10 8

Celery, Chinese

•

86

18

Chilites, Dried

84

10 18

辣椒干,

20 26

Rod

"

黏諜椒

15 10

60 20 30

谮花嫩

15

船

10

28 40 80

10

28

22

18

Garlic.

10

30 18

23

Ginger, Young

8

20 18 15

Old

12 10

02

92

13

11

30 8

70 22 24

Indian Corn

B 45

44 32

21

Lettuce

38 20 20

84

13

2

8

87

12

2

84 14 @

Mushrooms, Fresh Okroes

8

10

fr

40 20 16

洋難頭

B

8

41

14 B

Green

€

4

*

45

40

26 20

36 80

上海意造

8

Parsley

菜

15

80

40 26 45

Polato, Sweet

Б 8

87

10

14

Japanese

日本真仔

4

8

22 10 14

American

金山薯仔

6

8

#

Pumpkin

#

Radish

紅蘿觉任

Б

40

86 30

*

15

10

20 8 10

Shallots

干老頭

10

21

10 10

Spinach

8 8

50 32 80

Tomatoes

8

4

45

28 2.8

"

Taros ..

6.

7

42 22 28

I

t 6

85 26

B5

8 4

36 18 12

Water Cross .....................

0

4

1.20

40

Water Lily Root...

8

16

Nature put them us from doing that duty.

It is a

Fish 請詢

to transport crude oil from one place Canton Fresh Water to another without increasing its chances of entering lato consump tion in some form or other?

This is not academical, but let your imagination dwell for a few moments on the amount of at least

Carp

Catfish Codfish Craba

Cuttle Fish

$100,000,000 which have been wast- Dad

Daca

EX

Fresh Water

ed in such duplications in Mexico.

During 1920 to 1924, 18 ten-inch Dog Fish and 14 eight-inch pipelines were laid Eels, Conger. with a transport capacity to Tam- pico of 1,085,000 barrels of oil per Yellow day, because in those years there Fros happened to be a daily production of Garoupa some 400,000 barrels. To-day there Gudgeon are only 98,000 barrels dally pro- Herrings duction in that district. I do not Halibut

think I am exaggerating in saying Labrus that Mexico's oll producers, taken Losch as a whole, have to carry the burden Lobsters of a couple of hundred millions of Mackeral dollars of capital expenditure on Monk Fish piping and refining, with the present Mullet daily production of less than 100,000 Oysters barrels refinable crude (light) in Parrot Fish that district.

Perch

I do not intend to blame anybody, Pike myself included, for that expend!- Plaice ture, (co-operation, was banned in Pomfret, White those days) but I put this question: Pomfret, Black "What good did it do to the oil Prawns producers, to the consumers, or to Ray.... that great country of Mexico?" Rock Fieb

If that wasteful expenditure had Roach been used (instead of as it is now Salmon on scrap iron) in the development | Shark mert, do you not think that even mor of roads or for agricultural develop- Skate

from the oil consumption point of Snapper view we should have been far better Soles off?

Tench

Lack of co-operation is really Turbot

against everybody's Interests, in-Turtles, small, fr, water

cluding the consumer, and still there

are countries where the opinion

+

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牛羊仔仔

尾肚 水 魚魚— 魚魚魚 魚 沙鰵魚班魚白甲花蝦魚魚魚淼魚芒魚蝦鯊魚鮪魚

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將筆

**

**I*TIMER ZEZEKINTERIZEDVEER=HROZERDSERETÁERN

购公

A

رو

"1

Red Cabbage, Chiveso

D

(Shangbal)

Cane Shoots, bunch

Cauliflower (Large) .... K#AE each 18

金筷 Jb.

*** 10 10

32 25

Green

Curry Stuff, English,. WMMF Cucumbers

25 .13 18

32 22 10

Horseradish, Shanghal

#

Water Chestnuts

Mandarin. E

鮮草

Onions, Bombay

Shanghai

Rhubarb (Fresh)

Turnips, Punti (Long)

Vegetable Marrow

芹

8

10

€ 1

more

HONG KONG BRANCH: 4. Queen's Road Central Branches and Sub-branches all over Chins and Correspondents in Europe, Americs and other parts of the world. The Right Hon. Reginald Mc

London Bankers:-The National Kenna presiding at the annual prevails that co-operation should be be compared with a united Europe, be "created." Provincial and Union Bank of Eng meeting of the Midland Bank, said avoided at any cost as being con- and not land-locked as old Galicia there in a limited number and it a happy man who is never reproached land, Ltd.

The Guaranty Trust Company of that the developments of trade and trary to the interests of the common is. Still, has it been a blessing to almost childish to state that the by his conscience. New York.

industry had not justified the ex- weal. New York Bankers: The Irving pectations of the beginning of 1929.

more than a few that Pennsylvania | more that are discovered the fewer There are wise men of distinction National Bank

For the

same reason, in some sold its large quantities of the that are left to the fate of discovery. who have been saying. publishing The Equitable Trust Company of

It was impossible to view exist countries oll-producing land is still world's best oll before there was Still, happy go lucky, so many people more than once, "Are the U.9. going Naw York.

ing conditions with satisfaction but split up into small plots which is the demand for its super qualities? Interest allowed on Current Ac-what was most hopeful, however, undoubtedly the most wasteful of

conveniently forget this axiom, on producing all they can, counts and Fixed Depoalts, Terms on was that adversity was stimulating all methods of producing. This is

Not Criticising the Past whilst ready to "howl in the chorus," than they can consume, with the application.

It took time, and a long time, to no doubt, if the day of reckoning result that they are exporting to- Every description of Banking Busi, the industrial structure of Britain, impossible to calculate the almost stocks. If it could have supplied turn, unknown to those living then, likely to be importing later on at efforts to reorganise and improve where the waste begins, and it is create that demand for its cylinder should come in their lifetime, or to day at a low price what they are ness transacted.

Loans granted on approved

He did not doubt that we should unlimited consequences of this wasto at fair prices all demands (and it in their coffins should it come after. a higher price? Are they going on files.

emerge from this testing period on the far future. It is really could not by a long way) all the Epecial facilities for Home Ex-with Improved efficiency and more crime against civilisation

But although, too many democra-over-producing to-day when they change.

improved and sometimes costly macies are ruled with the idea may be over-consuming in a few productive and more economical SHOU J. CHEN,

When in old Austria in 1909 the chinery to make as good oll from "apres nous le deluge" wa oll men, years?" ¡machinery.

production rosé as, compared with other crudes would not have come representing large companies. which Mr. McKenna mentioned that he 1906 from 760,000 tons to 2,050,000 about so rapidly. The price would will live, if not forever, certainly is in many minds outside the states: was appointed a member of the tons, refineries were born, like not have, varied from $1.20 to 56.25 longer than such selfish demagogues, "Are we (the public outside the Government committee to inves babies. A protective import duty par barrel, and good Pennsylvania have to keep the possible nearness UA.) going to rely on supplies from tigate the scientific use of credit for of $16.50 per ton of crude and roll stock, capable of producing high of such events well in mind. the purpose of the expansion of fined had helped greatly to create ly valuable products, would not have.

the States when these may be less Intrada-Router.,

Protecting the Consumer at some approaching time, seeing this mushroom growth. How can gone into fuel oil.

Our duty is not only to our share that no thought is given to conser the present day production of that Please do not miranderstand this holders, it is also the protection of vation? Must we (non-Americans) district of less than 700,000 tons as a criticism on the past. If it the consumer, and I must raise my not strain every effort, however per annum support that old-time were it would come under the head voice of warning that it is a bad costly, to protect ourselves for our expenditure?

Being "Judging events in the light of day when the consumer is made to future consuming needs, seeing that To-day we see that gradually the past experience. But I only quote believe in everlasting low prfoss, continuation of exports from producers there are trying to unite it in order that we may now benefit and then later by a temporary America is simply looked upon as In bigger units, but never can the by this experience. In other words scarcity has to face higher prices. waste in the past be made good."preserve your wealth for the time There is no

Manager.

STANDARD TIMES Sunrise And Sunset

Colony

Bunrise and Sunset Hong!

Kong for Jantary Standard

of the 10th Meridian, East of Greenwich), are an follow-

Sunrise Sunset.

a.m. p.m. 6.05

·7.05 7.05:6.06

January

23

Vladivostok

22

7.05 6.07

26

7,04

perlada

Hong Kong, 11th September, 1922.

SPINNERS' LEVY Reduction of

of Twopence Per 500 Lb. Bale

London," "Yesterday.

The executive committee of the Empire Cotton Growing Corpora tion has dealded to reduce the rate of the spinners' levy from three- 6.08 pence to a penny per 500 pound hale 7.04 0.08 from July 18, 1980, It is not ex- 7.04 0.09 pected that the smaller fncome wil 7.04 6.10 provide for the whole of the ex- 7.08

0.10 penditure, but any deficit will be 7.03811 met from reservez-Ber

as it is more than doubtful whether when it will be wanted, and do not

the production can ever again be waste it when it runs too freely.... come what it was in 1909.

Now to return to our "moutons" even great nanny to-day, think Too many of us in the past, and

The point has not been put which

temporary dumping of excess pro

need for this event. duction?”.

Wise conservation, which is "practi esl conservation," is wanted by suming public alike. shareholder, producer and the con

as the French day. What can we the of supplies Inexhaustible and Do not be led away by the noise

That, of late years, American. producers have taken an interest,

foreign producing helds is really and more. than a passing one, in

the outcome of the sound view that

do to avoid such Mexican and Gall we pay dar too little attention to of publications about trusts: Some the world should not be entirely de elan disasters here to wasteffi saploitation (apart from publications can only exist by mak pendent on one country for supply, Of course they can never be of producing too much), forgetting that ing cheap noises. If we do what But then, why not to step fur that magahide hers with so many now Belde in the plates may still we honestly believe is our duty to ther on this international way and ol Beidh scattered in a country to be "discovered, but they can never the public, nothing ought to stop

(Continued on Page 3.)