1930-03-05 — Page 2

HONG KONG AND SHANGHAI BANKING CORPORATION.

Ausburimed Capital semimemisem. §50,000,0.4 Terent and Fully Paid-up 20,000,000 Bewerte PasĠA |—

Backg

---£6,500,140

www.cam... 2,500,000

Monstru Lantaily of Propriators $20,000,000

HEAD OFFIOR, HONG KONG

BOARD OF DIRECTORS :—

4. 2, Flummer, Zaq.

Chairman.

0.0, 8. Mackia. Kaq,

Descly Chairman.

ILD. Y. Beth, Eng. W. XL. Ball, Ra.

▲ E Dempian, Leg,

B. Zander Lanta, Esq.

AMOT

ZAKOKON

BATAVIA

BOMBAY

W. E. Titandan, Esq.

T. E. Pearce, Mag.

T. IF.. Naw, Kaj.

7. P. Waz, Bay.

Chief Managet. Lon. Mr. A. 0. Kram.

CALCUTTA

CANTON QXFOO COLOMBO

DAIREN 200CHOW RAPHONG

BBANUHX;—

LONDON

LYONS

MALACCA

MANILA

MATAI (Fabars)

BKD KN

NAGASAKI

NEW YORK

PEIPINO

PENANG

HA NGON

SAIGON

HAMBURG

KANIOW HARBIN

MAX FRANCISCO

KONGKAW

ILOILO

ДРОП

ЮДОНЕ

·KOBK

IOWLOON

KUALA LUMPUR

SELANGEAL

AINUL PUNE

ZOURABAYA

AURORI PATANI TIENTHIN

FOR YO

TRINGTAO

YOKOHAMA

Cerro Aponte opened in Local Currency and Pro Deporte received for me fake De shorter garlade la Local Currency and Sterlina newalch will be quoted on spplication. Hong Kong, 4th February, 1930,

HONG KONG SAVINGS BANK.

The Bandson of the ators Bank is copdual-

ad by the HONG KONG AND SHANGHAI BANKING COLUMNATION.

Bules may be

FOR THE HONO KONJ & BRANQUA RANKING CORPORATION.

abraizad on spplication.

A. CHYNES,

Chief Manager.

Hong Kong, 181 Beptember, 1927.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

INETHERLANDS TRADING* 600IETY)

DANKERE

Katabilaked fach.

Lang Kong Oftes --11 'Quma'a Bood Central

Amberived Capital · Guilders 162,000,000

(3 600,000) Pald-Up Maple!

www..... 2,000,000- (20,600.007.) Beer Fund www.com Guilders 0,030,000 (£3,258,870.)

Hand Düce :-(AMSTERDAM”). Emalen Head OS:—BATAVIA. BULANCIERA ----Bandfermarls Bandoang) Bombay, Calcuti Obation, Djanbar. Diok. akarta) The Hagua'), Jeddah, Kobe,

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA, Incorporated by Royal Charter, 1853. HEAD OFFICE: LONDON. Paid-up Capital

Reserve Fund .........

Reserve Liability of Proprie-

.£3,000,000€ .£4,000,000

...£3,000,000

Agencies and Branches:

ALOR STAR

(Malay Miles)

ARBITRAR

BANUXOX DATAVIA BOMBAY CALCUTTA

UANTON

CAWNPOBE CRBU

COLOMEO

DAINEN (Delay

Bousk Munchuria) DELHI

HAIPHONG

11AM DURO

HANKOW

DARBIN

IN. Manchuriss

HỒNG SONG

HOND

IPOE

KARACHI

KLAND

КОБВ

KUALA KANOBAD

Park (PMB)

1

KUALA LUMPUR

KUCHING

MADDAS

MANILA

VEDAS

NEW YOBI

PEXING PENAKO PESHAWAR

BẢNG MÀ SALOON SEMARANG SEREMBAN RIANGHAL SINGAPOAR SOURAHAYA TAIPING (P.M.9J TAVOY

TIRKTOIN

TOUXYO

TONOKAH

TRINGTAO

VOKORAMA

ZAMODANGA

(Philippine Inlarda)

Foreign Exchange and

THE CHINA MAIL.

COMMERCE

AND

FINANCE.

H.K. STEAMBOAT CO. AFFAIRS

BOARD OF DIRECTORS SEVERELY CRITICISED

FARMING OUT SYSTEM

WEDNESDAY, MARCH 5, 1930.

polley which COMPANY DIVIDEND

selfish, and the stern hand of fate Objection to · has scourged us to, an elevati n¦ brought about such results is hard where we can see the everlasting to understand. It is based. the things that matter for a nation-Board, are told, on the fact that the Hong Kong Realty and

Trust Co., Ltd.

the great peaks we had forgotten farming syndicate are interested of Honour, Duty, Patriotism, and, in a Company pwning two steamers

remains, which the

clad in glittering white, the on the Canton barth, which it is The balance at Credit of Profit towering pinnacle of Sacrifice claimed would never have been ac and Loss Account for the your ended pointing Jike a rugged finger to quired had it not been for the pro- December 31, 1929, including the heaven. We shall descend into fits made from the syndicate's consum of $11,057.23 brought forward the valleys again, but as long as tract with this Company. Let us from the previous year and after the men and women of this gen- consider the position. At the time setting aside $28,752.71 In respect eration last, they will carry in the farming contract was given to of depreciation, amounted to their hearts the image of these these people the Company were not $186,427.65. mighty peaks whose foundations in a position to build or purchase -

After deducting the Interim divi- are not shaken, though Europe new tonnage themselves. No pro-dend declared in July last and rock and sway in the convulsions 'fits were being made and the absorbing $60,000, z balance, of

Dividend was being paid out of re- $106,427.65 of a great war. Even in commercial life may serves. The Board consented to Board of Directors will recommend there not be some everlasting things these steamers being placed on the at the forthcoming annual general that matter for a company? Ara berth which the Company could not meeting be apportioned as follows: there, too, not the great peaks of at that time serve aufficiently them-To pay a final dividend Courage and Independence, Capa-selves, because it was better to have

of 30 cents per share. $60,000.00 city to endure, and if need be, to the vessels of a friendly competitor To transfer to General suffer, and above all, Refusal to be who would support the Company's bullied and to take kicks lying policy rather than steamers operat- down? (Loud Applause).

jed by outsiders, competition with Gentlemen, this occasion will be whom the Company had learned historic in the annals of this com-from bitter experience could so ser- pany. For good or evil, your de-iously affect their earnings. It cision to-day will have à far reach was as much in the interests of the of the farming At an extraordinary general meeting of the Hong Kong, Cantoning effect upon the company's des- Company as

I know I need not ask you syndicate that the two vessels should tiny. and Macao Steamboat Company, Limited, held yesterday morning, to think hard, to deliberate calmly, he berthed.

A Further Advantage Sir Robert Ho-tung made an eloquent appeal to shareholders present and to vote in accordance with your

own convictions. (Applause).

further advantage of the to vote with him for the abolition of "farming out" of the Chinese

Mr. Li Tac-fong seconded the re- farming system arises from a con side of the business to the same syndicate. This farmer, it was said, solution.

siderable saving in overhead ex- The Chairman's Views penses, but with a view to meeting was getting too powerful and it was feared that he would in time.

London, Yesterday. .$20,000,000

In his reply, the Chairman sald: the wishes as far as possible of the 8,000,000 become an impregnable opposition to the Company's interests.

asked to shareholders who have requisition-able budget is Your Directors were

The prospects of an unfavour. 4,000,000

one of the reasona Many scathing remarks were made both by Sir Robert Ho Tung and 4,000,000 Mr. M. K. Lo. The proposal was carried by a majority of 2 votes.

Banking business trananoted.

General

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

A. H. FERGUSON,

Manager. Hong Kong, 8th January, 1920.

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

Authorised

CAPITAL.

Inated Paid-up Reserve Liabilities af

Shareholders Surplus

2,210,000

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

Every description of Banking and Exchange business transacted.

TAN ENG H001,

Manager. Hong Kong, 15th May, 1929.

THE BANK OF TAIWAN, LTD.

(TAIWAN GINKO)

HEAD OFFICE:-Taipeh, Formosa Incorporated by Special Imperial

Charter, 1899.

Central Bask in Yormona. Beak Noise sund Average amours Yea, 45,000,000 BRANCHES AND AUBNOIES: JAPAN-Tokyo, Yokohama, Kobe, Desks. FORSA, Keg Karenko,

Kosives. Makong, Naudo, Shinchlip, Talabu. Taisan, Takso. Tamaul, Towa, Haito, TNK CHINA --Naopak, Hinakow, Amoy. Foochow

Swain, Cento OTHERS-Log

Big Boways, Besarny

Balari

Boobay, Calcutta, London, New York, Dalren

LONDON BANKERS 1, You Mansour, Medan, Padang The London County Wimjasier and Parr's Back. Pambang, Pekalongan Pezzo. Pomilanak, Bangoon, Ilsternak The Bank has Correspondents in all the prin Camarong

Bibipal Commarila! Cantem throughout the world Boersbala, keraketa (Bola), Tigsi, Tilkiss and Wallareiden.'s

نسار معدل

(Bazar Blogspors,

The offions have sala deposit boxes to lat, Landen Beakers-Hational Provinsial Bank L.

Tepongate șii uvar the world

Baking Inelcam QË STAY

·Towelpetom Erectuated."

P. M. ELBEDO

Rong Làg. 17ử May, 1920.

Manage

BANQUE DE L'INDO - CHINE.

HEAD OFFICE:

96, Boulevard Haussman, Paris.

Subscribe Capital Frs. 72,000,000.00 Pald-Up Capital .Fr. 88,400,000.00 Reserve Funds ....Frs.102,000,000,00

Cathe

BRANCHES: Bangkok Hong Kong Quinhoo Battambang Hus Balgon

Mengta Shanghai Nam Định

Singapore Neumer

Thanhea Tientain Tourana

Canton

Dibouti

Fort-Bayard Papaete

Haiphong Peking

Hankow

Hanoi

Phom-Penh. Vinh Pondicherry Yunnanfo BANKERS:

IN FRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnais; Banque de Paris et das Pays-Bas

Credit Industriel et Commercial; So elete Generale.

BONG KONG BRANCH:

NAUURA,

Menage.

JA. Dies, Yonux Road Central Long Roc, 1016 January, 1900.

THE BANK OF CANTON, LTD.

Established 1912.

Bead Qice-Hong Kong.

Auukóríand Cepljal (11.X. Curiou89) ...$31,000,000 Paló Úp Caplial enam... 1,556,300 Ser Food

exo.com ZZA KUHER 1-

Sanion Bangal, Hankow, Susios,

Bangkok, New York nad Ban" Prociano.

LONDON BAMKERS :- -

The Lloyd's Best Limbed. CORRESPONDENTS

OPPOSING SHAREHOLDERS'

SCATHING COMMENTS

A

Resorve in order to bring such reserve up up to $240,000 To carry forward to now

Account

40,000.00

6,427.65

$106,427.05

BUDGET FORECAST

Depression on Stock Exchange

call this meeting of shareholders on ed this meeting, and at the same ascribed for the slump in the their own initiative but declined, time safeguarding the Company's Stock Exchange, which has been as in their opinion public discussion position on the Canton River, your steadily getting worse for a fort- of the questions which have been Directors have thoroughly examined raised is not in the best into the other proposal that basight. The depression was necan- tuated yesterday, the total value of interests of Company and been put forward, that the Com- the shares of three well-known

the questions are moreover pany should operate

AN ANGEL FROM HEAVEN

13

these

Sir Robert Ho Tung proposed the following resolutions:-

support.

the Chinese

of a purely domestic nature freight and passenger business companica falling by £9,000,000 A large number of shareholders | score years. will realise that requiring for just appreciation an themselves, appointing a compradore

within a few hours. Gramophone attended the meeting: the parties nothing but an apolling and com-intimate knowledge of the ramifica working under the control of a Sub-shares, which were very popular dividing themselves into two camps. pelling sense of duty could have tions of the Company's business and committed formed

a few months ago when they wore of Chinese After the business in connection driven me to take a step which had their relations with competitors Directors.

worth £40,000,000, are to-day quo- with the ordinary yearly meeting the effect of severing my long rela- which it is impossible for the gen-

ted at £12,000,000. Financial cor- had been dealt with, in the course tionship with the directorate of the eral body of shareholders to possess. the Chinese freight and passenger If the Company were to operate

{tespondents declare that the situá- of which one shareholder, Mr. M. company, and which has entailed As however, the meeting has been business themselves, it would be tion is not due tenacial Fernandez, criticised the accounts; on me worry and anxiety which my requisitioned, the Board desire to necessary to employ a large clerical stringency but that estors are saying that they were unsound and indifferent health can so ill bear. ny before you the fullest possible staff in the office and, in addition, favouring gilt-edged and similar deceiving the main point of con- I hope therefore you will belleve explanation of their policy, for to employ and pay in the case of types and are displaying shynesa tention was then gone into.

me when I say that I had no other which they ask your approval and each steamer Compradores, their to buy industriale as is evidenced interest in view than that of the

staffs, cargo brokers, passage brok by the fact that underwriters have shareholders of the company, and

been left with 82 per cent, of the ers and cargo coolies, all of whom Resolution's Demand that I have done what I did because

Issue of $5,000.000 preference are at present supplied, guaranteed of my conviction that the continued

It will be observed that there and paid by the farmers.

shares of the Shell Transport and The is detri-solution before you asserts that the saving here is estimated roughly at policy of the company

Trading Company.-Reuter. mental to its interest and that it isDirectors' policy of farming out, or about $170,000 per annum. imperative for the welfare of the in other words chartering: certain loss in exchange and in subsidiary company that a radical change cargo spate and passenger accom- coinage is also borne by the farming should be made.

modation on the Company's vessels contractors. It is impossible to Since I have issued my circular to a farmer, or contractor, who is the intereats of the Company; and letter. I am glad to say that many himself engaged in the same line of say exactly what this saves the Com- pany, but probably at a conserva- (b) That accordingly the direc- shareholders of different National business is prejudicial to the in- tive estimate, not less than a fur- tore be and are hereby noti-ities, have signified their ap-terests of the. Company and you are ther $140,000 per annum. However, fied that it is the wishes of the | proval of my views and have given asked to notify your Directors that

your Directors were willing to make shareholders of this Company to me proxies, which, including they should abandon this policy and the experiment and give the system that the directors should abandon those of my own holding represent adopt one of two alternatives, viz: a fair trial, provided all parties in the said polley and should adopt 47,228 shares out of the total of (1) Give preference to а tercated would agree to work on the

Farmer who is not engaged in the following basis: same trade.

(a) That the policy of the re- rewal of the farming-out of the Chinese freight and passage busi- ness of the Company's steamers to the same farmer, in view of the fact that the farmer is him- self a competitor of the Com- pany's busines, la prejudicial to

ita

в new policy of either giving pro- | 90,000 shares of the company, ference, as far as possible to aer, in other words, a substantial non-competitive tenderer for the majority of the entire shareholding farming contract, or run of the Company, and I should ima steamers on its account.

gine an overwhelming majority in In support of his resolutions, Sir the representation it this meating, Robert Ho Tung eald:-

These shares do not include those!

basics of

SIR ROBERT HO TUNG

An Advocate of ""Peace"

to all principal cities at the World.

Freigh change and banko every damaription transcom).

sada Deporda Benin (vazizon dams) si a poszló crnal of from 89 to $40.

LOOK POONG SHAN,

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

THE BANK OF CHINA. 行銀國中

(2) Operate the Chinese freight and passenger business on the Company's own account. Two Questions Raised

In order to make clear to you how of shareholders redding in Europe the present position has arisen 'it and elsewhere, to whom, because of will be necessary ta go back some the shortness of time, I have not way in the Company's history and been able to forward my circular it will, I think, be casier for you letter. (Applause).

to follow if I take the two questions raised by the resolution in the reverse order viz:—

(1) Why do the Company farm out any part of their business?

All

COTTON DUTY

Indian Discrimination Against Japan

Osaka, Testerday. The Chamber of Commerce here has

to make representations to the British

resolved to ask the Tokyo Government an Indian Governments pointing ent the discriminatory nature of the pro- [noted Indian cotton duty, with a view

(1) not to compete in rates, to securing a withdrawal, and to agree rates

Tokyo. Yesterday. (2) that the present Chinese Expressing deepest concern - at the staffs would not lose their pool-proposed taxation of imported cotton tions:

goors. "which is obviously aimed at (8) that the farming syndicate Japanese inmorte, and is therefore un- would agree not to Increase their with the spirit of the Indo-Japanese fair discrimination hardly compatible tonnage over

what and above

commercial treaty," the Indo-Japanese they have at present:

Association has telegraphically appeal- (4) that the farming syndicate led to the Indian Legislative Assembly would continue to exercise their and other influential bodies in India to control over certain outside reconsider the matter. steamers eo long a sthey are in a Emphasising that Japan is a large position to do so:

purchaser of Indian produce and re- (5) that the farming syndicate trained from taxation of viz iron lest would continue existing arrange sage aerts that the proposed mea- it hurt Indian susceptibilities, the mes- menta with regard to Wharves sure will benifit British industry at the and Moorings:

axaonse of Japanese mills; "but it la (6) the compradore to be alficult to see how it will benefit In- man working whole time fn the dian mills."-Renter.

In rising to propose the resolu- I hope and believe that, if you tion standing in my name on the will signify your approval of the agenda, I feel I can be very brief, | Resolution which I propose, the because I have taken the liberty of | company and other interested addressing to you all a circular let parties will be able to work, not in (2) Why do the Directors con- ter, in which I have endeavoured | suicidal competition, but upon some sider it is in the interest of the to set out the history of the matter mutually satisfactory, understand- Company to continue to employ which culminated in my having folt ing. All we ask is that the com-

the present Farming Syndicate? compelled to resign from my posi- pany should be captain of its own) With regard to (1), I would re- tion as a director of this company, ships and master of its own des-

mark that the

interests of the Company, and to Reorganised October 26, 1928, under which I had held for over 15 years, tiny. We want to live and let live. Company operate that part of the Gov-and in the resignations of Messrs. We, at any rate, are not going to traffic known the "foreign"

Li Tse-fong and M. K. Lọ from | initiate a freight war. We stand freight and

passenger business their positions as directors.

Gentlemen, as most of you know, paration: Guaranty Trust Co. of New Subscribed Capital...$25,000,000.00 I am on ardent advocate of

Paid-up Capital

$24,710,200.00 peace, and my desire for Reservó Funds

$8,820,503.32 peace

but increased from its present position, which has In the year 1918, following on a to arrive at mutual understanding with my age-now of over three

IN LONDON: The Nations! Pro-

vincial & Union Bank of England, special charter of The National

Ltd.; Camptole National d'Escompte ernment as an

de Paris; Credit Lyonnais.

IN NEW YORK: J. P. Morgia & Co; French American Banking Cor-

York.

interest "allowed on Current As- counts and Fixed Vaposits according to arrangementa.

Every description of Banking and Exchange Bariness transactail. Bafe Deposit Boxes to let

▲ LECOT,

Manager.

Hong Kong, 1st May, 1929.

INTERNATIONAL EXCHANGE

DANK

HEAD OFFICE: SHANGHAL

HONG KONG BRANCH:

4, Queen's Road Central.

Owing to our numerous branches in China and large connections In the Important commercial centres of the world, we are able to extend to our

THE YOKOHAMA SPECIE BANK, ellents special facilities for domestle

LIMITED,

Established 1680. Capital (fully pald-up). Yen 100,000,000 Reserve Fund Yon 108,500,000

Hand-Of-TOKOHAMA.

Braichen and Agénclòs at:

Alexandria Batavia Bombay

eloos

Calcatta

Canton Chaagchua

Nagoya

Newchwang

New York

Oinks/

Poking

Rangoon

Rio de Janeiro Balgon Dairan (Delay) Ball Francisco Fongtiek (Makdon) Bettin

Hankow

Hartia

Bemarang Shangbal Elimonaseid

Bingapore Вонтавата Bydney Fientala

Tokyo-

and foreign banking and exchange.

We also handle the issue of Bonds and other Fablle Funds of the Chin exa Government both at home and abroad.

•

has

THE INDUSTRIAL & COMMERCIAL BANK, LIMITED.

HEAD OFFICE: 12-14, Queen's Road, Central, Hoor Ker.

BRANCHES: Shanghat, Hankow, Canton, Kongmeon

CORRESPONDENTS

In all principal cities of the world. SHOU J. CHEN,

Every description of Banking and Manager. Exchange business transacted We Hong Kong, 5th March, 1980, | offer prompt and personal service.

TIENMU K LIN,

General Manager.

THE MERCANTILE BANK OF THE BANK OF EAST ASIA, LTD.

INDIA,_LTD.

HEAD OFFICE :

15, Ockosblurch Blessi, Lumion, H. CR

Authorised Capital

Subscribed Capital Fald-up Capital

£3,000,000

1,050,000

Réderve Fund sind Best: 1,812,047 BANKERS (

The Bank of England & Kidland Bank, Burgo Ipok

Dasayia". Ka

Bona

Dolinesia Kuala Krai Dith •Kunia Lipis

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

Authorised Capital

Fald-Up Capital

$10,000,000

5,000,000 1,600,000

BRANCHES AND AGENCIES

Calcutta

· Pors Louis (Mauxilinn)

Bila

Baby Kong Kisslan’Filing) Bourabaya Hayrek

Madres

HONG KONG BLANCH.

· Travellers Cheeges issued.

Trustee, and. Executarihipa”: tóda

Batavia Melbourne San Francisca Bombay Nagasaki Seattle

New York Bemarang Canton Osaka

Bingapore Halphone Paris Sourabaya Honolula Palping Sydney Kobe Penang Talpon Kowloon Rangoon Tientsin

Tokyo ****

London

Manila

Correspondents

cities of the watid.

mil principal

Every description of Banking and Exchange, business, transacted. Loans granted, on apfrared

OSSAR DEPOSIT

Chind Manager

G3

for peace. (Applause). Bat themselves and have, always done so. other interested parties would not It is only the Chinese freight and permit us so to pnduct our busi-passenger traffic which is farmed neas as to extricite the company out.

farming syndicate.

be mutually approved:

(7) that the Company be as- sured an income at least equal to that obtainable from the farming i syndicate.

No Mutual Understanding

So far it has not been possible

CANTON LIBRARY

Appeal to Overseas Chinese

Canton, Yesterday.

Chinese

further "Why do the Directors cónalder foreign countries for a it is in the interests of the Com subscription from the Chinese. pany to continue to employ the The construction of the Xbrary present Farming Syndicate 7" has, however, begun, the site being Two tenders have been receiv-at the Man Tak Maloo, Canton

to depend for its future prosperity, period of five very bad years, dur- on these important points, although It will be recalled that a sub- and indeed its existence, upon a ing which no trading profit had been every possible avenue has been ex-scription of $500,000 had been powerful competitor, whose made, your Board decided to give plored by your Directors, with a raised from the oversen strength goes on increasing from a few months' trial to the farming view year to year, I, for one, say that to system and the improvement in cerned into agreemant.

bringing the interests con- to build a modern library in the city. Owing to the amount secured preserve peace at such a price is earnings was so satisfactory that a With regard to the other ques-being still insufficient, delegates unthinkabla (applause) and wore contract was fixed for the whole of tion raised by the resolution, viz:-have therefore been again sent to the company to do so its future the following year with the present would be hopeless

Results have It may be a little melodramatic justified the periodical renewal of to refer to the Great War when our this contract up to the present time minds are centred upon the more and a striking Illustration of how mundane problem of business and beneficial it has been to the Com-ed for farming the Chinese freight News Agency. dividends, but some words from a pany is the fact that for the 10 years and passenger bunless this year, speech made by Mr. Lloyd George prior to introduction of the farming one of which is from our present at the Queen's Hall in September system gross earnings averaged contractors. Both tenders contain 1914 often come to my mind. On only $749,887 per annum as com the usual stipulation for reduction this question they served to help me pared with an average of $1,072,108 to reach the conclusión at which per annum for the seven normal mission I would like to quote them increase of nearly 50 per cent. I I have arrived, and with your per years under the farming system, an

making this comparison the years May I tell you in a simple par 1922, 1926 and 1926 have been able what I think this war is omitted as results during these, doing for us?. I know e valley years were affected by strikes and

North Wales, between the boycott., mountains and the sea. It is a Comparison of Dividends beautiful valley, Bung, comfort- The Improvement effected in the

to you

·(Continued on Page 10.)

KASHMIR

able; sheltered by the mountains Company's earning power by the in- SILK STORE

from all the bitter blasts.troduction of the farming system But it is vàry enervating, is evident also from a comparison of and I remember how the boys dividends paid. For the five years were in the habit of climbing the previous to the adoption of the avK- hill above the village to have a tam, dividends were respectively 50 glimpse of the great mountains cents, $1, $1.25, 50 cents and $1 per In the distaher, and to be atiiuul-share, while for the 5 following ated and freshened by the breezes gears they were respectively $2.60 which came from the hilltops, and 1275, 32.75, $3.25 and $4 per share. by the spectable of their gran- During the stier five years trans- deurfers to business, various Reserves, ---We have been lying in a shel- Pension Funds, and anticunts, written

tered valley for tenerations. Woff for depreciation totalled $641,-|| have been too comfortable and STD as against $160,000 only for too indulgent, many pet? $106, 18 Ave, Suary 1914 60 1918.

ford

D. EXCLUSIVE STOCKS

of SILK and

SILK GOODS

Opposite Queen's "Theater?"

ROYAL INVESTITURE

London, Yesterday.

H.M the King, in the uniform of a Field Marshal, held a full dress investiture at Buckingham Palace.

He stood for half an hour whille the recipients of decorations slow- ty passed him.

It was his Majesty's first in- vestiture rince his illness November, 1028.--Reuter.

PRINCE CONVALESCENT

In

Nairobi, Yesterday, A bulletin states that the Prince of Walas is convalescent, and expects to leave for Uganda on March 9, ás ori- |ginally arranged.---Reater.

KWANGSI EX-LEADER

Sharghat, Yesterday,

F÷ Ya' Cho-pals: the er-chatrinan ↑ 6Y | Kwangu), in reported to have arrived at Shanghai by the Chinkan Maru, out the 2nd, en route to Japan-Canton, News, 'Agency!

*