HONG KONG AND SHANGHAI BANKING CORPORATION.
Aushcurland Capilaren 430,000,00 Larend and Fully Paid-up .............. $20,000,00 Bez FanČE |--
Dalam - 8, 10)), PRE Bliver mod
9,500,000 Masarvo Liability of Propristore. $30,000,000
HEAD OFFICE: HONG KONG
BOARD OF DIRECTORY :-
3. A. Flumma, Esq.
Chairtaan.
C... Jackie, Eat,
Deputy ChairmaG.
.D. 7. Salih, Eus,
W. H. Bell, aq. 1
4. M. Compico, Beg.
1
W. L. Patienden, Zeg.
T. E. Pearce, Esq.
T, H. R. Khaw, Raq.
B. Lauder Lovin, Eng. .J. P. Warren, Ex.
MATAVIA
Acting Chlef Minnager.
V. M. Unsyhan, Esa.
DHANCHES:~
LONDON
ANOT
GKOK
LYONS
MALACCA
·
BOMBAX
KANILA
CALOUTTA
MUAR (Johoruj
CANTOS
CHEFOO
• COLOMBO
BAIRRK 2000HOW
MUKDEN
NAOABAK
NEW YORK
-PEIPINO
PERING
RANGDON
BAIOON
BELANOKAL
HALPBOXO
HAMBURO
HANIOW
SAN FRANCISCO
HARRIN
HONGIZW
HOLLO
ILOX
JOHONE
хол
KOWLOON
KUALA LUMPUR
BINGAPORE
THE CHARTERED BANK OF › INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1853.. HEAD OFFICE: LONDON, Paid-up Capital
Reserve Fund
Reserve Liability of Proprie
23,000,000 .$4,000,000
...£1,000,000
KUALA LUMPUR
KUCHING
Agencles, and Branches:
tora
ALOR STAD
(Malay Bialas)
AMRITSAR
NANGKOK
BATAVIA
BOMBAY CALCUTTA
CANTON CAWNPORE CERU
COLOMBO DARN Calay
Houth Macbarla
DELHI
THAIPHONG
BAMBURO-
HANKOTY
HARISIN
(N. [anburia)
HÚNG XUNG
FLCIDO
POH
MADRAS
HANILA
MEDAN
NEW YORK
PERING
PERANO
- PESHAWAR
BANDOGE SAIGON REHARANO RE.RENGAX SHANGHAI
SINGAPORE
SOURABAYA
TAIPING
(P.14.8)
TAVOT
TIENTSIN
TOKYO
TSINGTAO
TONOLAK (Bud)
THE
CHINA MAIL.
COMMERCE
AND,
FINANCE
to any feeling of insecurity. In our currency, So long as we function on a silver standard we have ncces- sarily to accept the disabilities attaching to that standard, but i has never been urged against us that our metallle raserves are in adequate that our hote issues have been in excess of the public demand, or that any strengthening of our fiduciary obligations could
axehdange fluctuation-which is ad- justment of local prices.
WHAT IS BENEFICIAL TO THE COLONY. replace the natural corrective of
High or Low Exchange-a Doctrinaire Point.
WARNING TO SPECULATORS.
Chamber Makes Exhaustive Trade Analysis.
The difficulty is that the process of adjustment lags behind the movement of exchange. When, as In the present, instance, We are faced with an abnormal fall in the price of silver, duq to circum stances out of our control, there must of necesafty be a serious dis Much of interest to merchants as well as to the average wage. turbance in the state of gold com mitments incurred in the over earners was denit with by the Hon. Mr. B. D. F. Beith, the Chair- confident
expectation that ex General man of the Hong Kong General Chamber of Commerce, at the an-change would function normally Current Accounts opened and Final general meeting of the Chamber held yesterday afternoon in within those limits to which wo ed Deposits received for 1 year or the City Hall shorter perioda at rates which will be quoted on application,
KARACILI
KLANG
ROBN
-EVALA KANORAB
Perak (PALS)
YOKOHAMA
ZAMBOANGA
Foreign Exchange
(Philpok Islands)
and
Banking business transacted.
A. H. FERGUSON,
Manager. Hong Kong, 8th January, 1929.
BORDEI PATANI TIENTSIN
HOURABAYA
TOKYO
TSINGTAO
YOKOHAMA
Camounts opened in Lost Carmo and Fixed Depolte received for one year of akerier werlode in Local Currency and Burling so herma which will be quoted on wypilention. Hong Kong, 17h March, 1930.
HONG KONG SAVINGS BANK. -
- mga m
The Business of the sbory Bank is conduct. ad by the IDNO BUG AND SHANGHAL BANKING CORPORATION. Bujon may 26
bialed on application.
FOB THE HONG KONG BHANOUA! BANKING CORPORATION,
V. M, ORAVBERN,
Acting Chief Manager,
Hong Kong, 17th Marek, 19.
NEDERLANDSCHE HANDEL - MAATSCHAPPIJ, N.V.
(NETHERLANDS TRADING BOCIETY)
BANKERS.
Established 1931, Hong Kong (fe:-11 Queen's Blood Contral
Apikerised Capimi ....... Guliders_180,000,000-
(89,800,000.) Zuid-Dy Ospital ... Oulikar 80,000,000- (28,600.667.1 Bossers Jundulldars $6,000,000 (46,390,511,)
Food Ollos:—{AMSTERDAM), Baesars Band Oles:—BATAVIA.
THE HO HONG BANK, LTD. (Established 1917.)
Authorised
Isqued
Pald-p
CAPITAL
Reserve Likitin
Shareholders
Burplus...
.$20,000,000 8,000,000
As to whether high or low exchange was beneficial to the Colony, the Chairman said that it was a doctrinaire poi that he preferred not to deal with, but the depreciation, within six months, of more than twenty per cent, in the sterling value of our currency was a fali without precedent in recent years.
A GENERAL SURVEY.
4,000,000 The Chairman, in opening the 4,000,000 meeting after the minutes of the 2,219,000 previour ahuual meeting had been
confirmed, said:—
HEAD OFFICES: SINGAPORE. Branches, "Agencies and Correspon- dents in the principal cities of the world,
Every description of Banking and Exchange business macted.
TAN ENG HOOL
Hong Kong, 15th May, 1929.
Manager.
THE BANK OF TAIWAN LTD.
(TAIWAN GINKO) HEAD OFFICE:-Taipeh, Formos Incorporated by Special Imperial
Charter, 1899.
Central Bank in Farnon,
BRANCHES AND AGENCIES, JAPAN-Tokyo, Yokohama, Lobe, Geeka, FORMOSA (-disa, Kath Karako, Instang
Katong, Hasio, Ellashiku, Talciu, Tal Takso, Tamsol, Loan, Hadio, Taško. ORING 1-Shanghai, Hankow, Amor, sochow,
Zanion,
Baak-Noten inged Average amoun) Yun. 4,000,000
KRANCHES -- BandJarušais Bandoang's Bombay OTHERS ng Bingapore, Bamburs,
Camaro Atia, Bombey. Ondows
TUESDAY, APRIL 1, 1930.
KAIPING COAL
HOME,
FOR HOME, FACTORY & POWER HOUSE.
FACTORY
AND
BUNKERS
For Price Apply to
POWER
HOUSE
TUGS &
LOCOS
THE KAILAN MINING ADMINISTRATION. DODWELL & CO., LTD., Agents, Hong Kong.
ensure
the success of the new.
system.
Phad been accustomed and that we had regarded as covering ordinary
Enquiry into our currency and business risks.
Domestic Factor.
other cognate matters, with terms
A fine of $250 is provided in the Two factors stand out very clear-jof reference sufficiently compré ly as causing the recent collapse.hensive to include all points that Ordinance for non-compliance with The first is entirely domestic and have bearing on our present dif the requirement to render statia- may be traced back as far as 1926, culties. We cannot anticipate thetical information, but I hope few of when acute political disturbances findings of that Committee and our members will have to be haled called for prudent, measures
for will. therefore, only add that we to the Police Court to reva. steadying our exchange, that were are justified In hoping that its decoufae of memory trainingj
Piracy Menace best carried out by counteracting liberations on these vital questions the downward tendercy of silver by will be productive of good result.Turning to shipping questions, Trade Statistics
during the year the provention of a premium on our banknotes that.
Merchant members of the Cham-piracy on British vessels my been a likely prospect, but the further were then, as they have always drop to Is. 6d. or thereabouts heen, the recognlaed medium for ber particularly will be glad to prominently before the immittee places the situation in a new the settlement of contracts In know that' the department for the and it is satisfactory to ote that compilation of trade statistics is its efforts, together with those of light.
this Colony. The Committee thinks it
to resume its The second factor is the recent about
opera- the Shipping Companies concerned, best, therefore, to withhold from
we hope, more to secure the provision of properly report and accounts, which have publication, for the present, the adoption of a gold exchange stand-tions, and,
Government of Indo-effectively, than formerly. Whe disciplined and controlled military been in your hands for some days,comments which were forwarded toard by the
this proves to be the guards have resulted in freedom of I shall necessarily be brief. As the Government on the Salaries China and the Incidence of heavy ther state in the report, several Im-Commission report..
Obviously sales of silver by the Government case, or not, will depend large attack for all vessels sa provided
ly upon merchants themselves. portant questions, to which the something will have to be done to
take this opportunity of appealing Committee has devoted a great deal help Government officials on ster- of time and thought during the ling salaries through the present As regards the first of these to all business firms to see that past twelve months, have not yet exchange situation, but it is by no factors, public confidence in the their staffs all in the forms prompt means evident that the method of wisdom of this policy was evidently and, I would add, Intelligently, reached a stage at which they can be publicly discussed. The most Increasing sterling salaries, (al-ed by a demand for our bank notes so that the totals of importa and
ready in most cases оп draft Commercial Treaty between Great Britain and China, to which you will have seen references in the Press. We hope to be able to
have had gɔosi results. announce later that our efforts
In moving the adoption of the
important of these subjects is the
of
of India.
Demand for Notes.
I
Those of us who travel from time
to "time up and down the
China Coast have been impressed
by the efficient service rendered by the military guards, and realise that anti-piracy guards to be a full that, however gratifying it may exports at the end of the month, or effective in the future this dis standard) is the right one, and 1 have then appeared, became in at the end of the year as the case cipline and control must be main
may be, are at last approximately. tained. imagine that If silver continues at time a serious embarrassment.
correct.
When His Majesty's Government the prent very low level the Our note issues are, of course, sub-
There is one aspect of this mat-advised their intension, to withdraw whole subject may have to be re-ject to legal limitations. These considered from a different angle. limitations are sufficiently wide to ter in which, I am advised, the the guards on April 1, ernest Chamber of Commerce can usefully representations were made that In Business Firms,
provide for all conceivable cur-
co-operate with the Government, they should reconsider the sitiation In spite of civil war and other The Committee has been consult-rency needs within the Colony, but and I am sure the Committee will be so as to maintain these essentials. Internal troubles, China's foreign ed by some of its members as to they were not designed to en- trade shows Ettle or no sign
what increase of salary should be courage, or to cope with, outside glad to do so. It has been polufed The Government have, however, de out that in regard to cotton piece, cided that for the future guards diminishing, which is an indica- given to employees generally to demands dissociated from our
goods, for example: "one Cheese will be provided through the Hong tion of the great expansion that compensate for the higher cost of genuine trade requirements. It is character is generally used to re- Kong Police, but that until this would occur under more settled living consequent upon a depre- no part of the functions of bank-present descriptions which, in the force is available the present sys Pollak, Bangoso, Berdan The London Conaty Westminster and Parr Bank conditions. Too much stress can- ciated currency Sterling exchange ing to facilitate the hoarding of import headings, would appear un tem of military guarde will con
The Bank Carrondin bin all the pel not be laid upon the urgent neces- compenta Arrangementa Are money, and when the premium on Tegal, Tinder pal Commprofel Core 100,sity for abolishing the excessive already made by some firms and it our notes became unwieldyreder half a dozen tante Iftinus at the expense of the Steame
these half a dozen" its hear in ship. Companies. > Internal taxation which so severely Is a matter which must be left to | version the strict silver restricts the free movement of individual action, as circumstances standard established by daw be- the export side of the ties goods, the volume of trade, and the differ so greatly in each case.
If came imperative. The declared a one item, under ops
name, that particular purchasing power of the peasantry present exchange levels continue, a policy of the banks to rehabilitate will erronequals explo who form the vast majority of the corresponding Increase in the cost the silver dollar resulted in a heavy THE BANK OF CANTON, LTD. |Chinese people, and who are them of living for some will result, and fall, in exchange, or what was the other five arti
more freely than i salves seriously affected, for, firms and companies will doubtless essentially the same thing, a heavy
roneously, appea quote a well-known authority on do what they can to help their decline in the premium on the tirely consumed. this subject (Sir H. H. Fox): staffs, though it must be remem-paper dollar.
bered that both employers (whose profits are greatly reduced) as well
Calcutta, Oberibon, Debet, Djok {sharia') The Hague'), Jeddah, Kobe Kota Badia, Malmesar, Medan, Pating Palembang, Pekalongan. Paning
Blankkal, kibelga.
and Welterreden.")
Fours
_↑ Those affowe kare safe deposli boxne to loš,
Legion Hasheese-National Provincial Bank
Deregendsale al over, tha world
Burking besines of arser
Bozansted.
F. M. ELBER
Hong Kong, With May, 1999,
Manager.
BANQUE DE L'INDO - CHINE.
HEAD OFFICE:
96, Boulevard Haussman, "Paris.
Subscribed Capital .Frs. 72,000,000.00 Pald-Up Gapital. ..Frs. 68,400,000,00 Reserve Funds ....Frs.102,000,000.00
BRANCHES:
Bangkok Hong Kong Quinhon Battambang Hue
Saigon Canthe
Shanghai
Mongtze
Canton Nam Dinh Singapore
Djibouti
Noumea
Fort Bayard Papeete
Haiphong Peking Hankow
Hano!
Thankca Tientsin Toutane
Pnom-Penh Vinh
Pondicherry Yunnanfu *BANKERS:
IN FRANCE! Comptoir National |
d'Escompte de Paris; Credit Lyonnais;
Banque de Paris et des Pays-Bas;.
Credit Industrial et Commercial; 80.
clote ON: The National Pro-
IN
London, New York, Deires. - LONDON BANKEES;
[HONG KONG BRANOR,
17, Ing. Voeux Road C
· Hong Kong, 19th January, 1995. -..
Established 1912,
Manage
Head Office-Hong Kong.
Auskorleed Caplis) (E,X. Ourrency) ...@11,000,000 Paid Up Capita feceriscon ustembe Batarra Fund kacam
BRANCHED
Canton, Shanghal, Hankow, Swalow, Bangkok, New Zork and Bus Prasslack.
LONDON BANKERS |- · The Lloyd's Bank Limitad CORRESPONDENTS
bulosof
In all principal clies of the World Forsign exchange every destription Anarak
Bala Dapons Boxes {ygelowe fran) si a pourly- ranial of bam #4 to $40.
LOOK POONG SHAN,
Chief Managér, Hong Kong, 19th February, 1927.
THE BANK OF CHINA. 行銀國中
Reorganised October 28, 1928, under
vincial & Union Bank of England, special charter of The National Gov-
Ltd.; Comptoir National d'Escomptaernment as an
de Paris: Credit Lyonnais.
:
Interest 'allowed on Current Ac- counts and Fixed Deposits according to arrangements.
Every description of Banking and Exchange Business transacted.
Safe Deposit Boxes to let
A. LECOT, Hong Kong, lat Hủy, 1929,
Manager.
INTERNATIONAL EXCHANGE
BANK
HEAD OFFICE: SHANGHAI
HONG KONG BRANCH:
4, Queen's Road Central.
to
In this matter of irregular taxation the Chinese authorities cannot be charged with dia- crimination against foreign goods, because reports from all parts of the country go to show that Chinese produce coming down from the interior to be shipped abroad is taxed in many cases even more heavily than im- ports, chiefly for the benefit of military chieftains. Eggs seem to be singled out for severe treatment. A new-laid egg, for instance, on its way from the farm to the port has, in addition to likin, to pay customs duty, produce and examination tax, an educational and a charitable tax.
Extrailty.
to
mention thla as d
members who have
-
it is an extraordinary position that in a mafter which affects all trading interests the Steamship Companies should have to, Incur "o exceedingly heavy tax on their rprise. Recruitment, discipline. Control are obviously beyerid cope of the Companies them- ves, and your Committée is of
the will be considerable improvement
guide
ints
Minting Profitable Now, with regard to thecond way in which they vitiated. I hope I as employees are affected. Before factor, so long as sterling exchange coming to a decision one might well was over aflver dollar parity and with the help of take into consideration whether the the silver dollár ranked equally ordinary standard of living in with the paper dollar, it was ob-ledge of the subject Hong Kong is not unnecessarily viously profitable to mint, silver language and the
of view, to asalaf the high at the present time; whether, dollars and import them into the in preparing an explan in fact, the individual's ideas on Colony. Ordinarily this natural necessariomforts and his general process of supply and demand to classification. In both English and mode of living have not exceeded should have speedily restored as the growth and fate of progresa of to silver parity, but, unfortunately,
I gladly acknowledge" that the, the Colony. If such should prove our demand coincided with the to be the case, to increase salaries currency adjustment of Indo-China Government have done all they can at the present time would be that resulted in abnormally large to ovecome the drawhaghhigh tantamount to encouraging a con-supplies of allver being placed on many people complaine tinuation of this state of affairs. the market, and the Government of gard to the forms There is a point where it is not India, very inopportunely for us, lecting steerin economically sound Fo raise also came out às a heavy seller. Spermlendent
M
Chinese.
* Overcoming Drawbacks,
col
pinion that to be really efficient these should I be malztained by the Naval and Military Authorities. We understand, however, that there the conditions existing prior to guards, and that the new force will provision of the military be under regular discipline, with proper N.C.O's, and that the whole 'force will be effectively, controlled.
Passenger Certificates,
I desire to comment upon,
special work of great importance to
the shipping Community which the Technical Commitee on Shipping the Survey Regulations his gen And doing since its appoffent in alaries which in the 'long run Our demand, therefore, was more Exports Reparti
most Bebruary, 19294" Then abers of With regard to the proposed must be considered in relation to than met by these adventitious helpful in
lesions. thi Committee are all busy men abolition nf extra-territorial rights, trade, and this should be borne in supplies, and the net result is that Under the Low!
will no IN NEW YORK; J. P. Morgan &.
and they have been hosing re I cannot do better than refer mem-mind just as much by the Govern- although we Co.; Franch American Banking Cor-
send a mes-quent meetings in thevenings are much dearer longer poration; Guaranty Trust Co. of New Subscribed Capital....$25,000,000.00 bers to the remarks made from the ment as it has to be by commercial parity now than we were six senger to port and Export throughout Summer and Interior York.
Pald-Up Capital ...$24,710,200.00
chair at the recent annual meeting concerns. After all, it is the com-months ago, we are still very in-office with a declaration form to be the purpose of advising to the Reserve Funds
.$3,820,503.82
of the Hong Kong & Shanghai mercial interests who, in the main, conveniently over it. If we are to chopped before the cargo can be adaptation of Board ore rules Banking Corporation, as to the pay the taxation which provides get back to silver parity we must received or delivered, and, further to local shipping rules essential safeguards which will the wherewithal for such pay-look for a further fall in exchange, more, documents may be in either have naturally had in mainly have to be provided in order to ments.
unless by a fortuitous circum- English or Chines This will ob European conditions and be Atlan protect and develop trade to and
Silver Fluctuations. Įstance the price of silver material-viate the necessity for retic and Continental tr Cir from China.
Fluctuations in the price of ly riseB.
establishing the special occupation cumstances in the Fart are, of Saluftes Commission.
silver and in the exchange value of Extraordinary Complexity. of permit writers, and quading course, very different ind it is Owing to our numerous branches in
You will hate from the report the Hong Kong Dollar during the These two factors have brought up the Import and Export Once simple economics that lies, car- China and large connectious to the important commercial centres of the that the Committee was asked by years 1900-1929 are shown in the about a condition of extraordinary with the attendant evil of squeeze, fed at very low fates, cannot world, we are able to extend to our the Government for its views on graph which forms an Interesting complexity. Silver dollars are still as to which complaints have been be given (and would. In fact, THE YOKOHAMA SPECIE BANK, ellents special facilities for domestic the report of the Salaries Commis- enclosure to the Chamber's report being imported because the opera- made in the past. Merchants will appreciate) Accommodation com
LIMITED.
and foreign banking and exchange.
We also handle the issue of Bondi sion, 1929. We are greatly indebt for 1929. The depreciation, with-tion shows an immediate paper be free to maintain a running log parable with that plded for, and other Pablle Funds of the Chined to the Hon. Mr. W. E. L. Shen-in six months, of more than twenty profit, but there is no apparent out-of 'their imports and exports, with way, a European emigrant to the Established 1886.
ese Government both at home and ton, Mr. M. T. Johnson, and Mr. A per cent. In the sterling value of let for them. They are not really out any necessity to group them. North American Content. Fur- abroad.
Ritchie for serving as a Special our currency is a fall without pre- needed to supplement our currency by commodity or steer, render thermore, if the condita govern SHOU J. CHEN,
Committee to examine the report facedent in recent years and calls and sooner or later their dead Ing the combined results, say once ing the grant of the Rong Kong Manager.
passanger certificate are made too Hong Kong, 8th March, 1930.
detail. The drop In exchange oc- Lfor something more than a general weight will become a burden only a week. curred after the Salaries Commis reference to this factor of exchange to be relieved by their export as
If this work is dones part of onerous, it will follow that shipping. slon reported and I think the mem that in the past year has so grave- bullion.
the regular routine, I am sure it will be driven from the port to the I would refer here to a statement will be of very little trouble. The of this Colony, and Br4sh Shipping detriment of the wh interests bers of that Commission will agreely affected us as a tradlog com- with me when I say that a situa munity.
made by the Chairman of the Houg procedure has been decentralised to tion with regard to sterling Let me state ratly that the Kong & Shanghai Banking Cor the extent that Shipping Companies Companies will find themselves salaries which they naturally question as to whether high ex-poration at the recent annual meet before signing walls of lading ing with ships under other regis-
severely handicapped in compet→ change or low exchange is, in the Ing of Shareholders: long run, beneficial to the Colony,
{{(fully paid-up) Yen 100,000,000
Fund
Yen 111,500,000
and Office:---YOKOHAMÄ.
sichas and Agencies/
Nagoya
Nowphwang
New York Osaka
Peking
Rangoon
J
KASHMIR
+
not envisage has since developed.
When our Special Committee as first appointed to consider the subject, an exchange in the neigh
is a doctrinaire point that I prefer
not to delt with here. Those
SILK STORE bourhood of 18. 94. appeared to be whose Interests are unitely link
„EXCLUSIVE, STOCKs
SILK
and
SILK GOODS
THE INDUSTRIAL & COMMERCIAL
- BANK, LIMITED.
HEAD OFFICE: 12-14, Queen's Road, Central, Hour Tear BRANCHESTE Shanghei; Hankow, Canton,
1
* other documents of title, will be re
"It is obvious that a small quined to ascertain the name and tries whose surva requirements. Colony, like our own cannot ab address of the consignee and/or are less exacting Gmatic, differ sorb valimited silver dollars, and consignor, and to renter, ds they ences also come into the question. Further imports of these are do at present, copies of their mani More Important than all, valuable ed to, silver, cannot be expected to much to be deprecated."
feets to the Import and Export have been established and satisfac- trades in Eastern waters which Your Committee concurs entire Office, but with this additional in- regard with complacency s shrink- ago in the comparative value of ly in this view and regards with formation. Shipping Comnus torily conducted as long as or their investments. There is how-concern the continued Importation have agreed to give a trial to this even longer than the foundatio of eret, a wider view than that afford, of silver dollars, bot only because system known as the post declara. this Colony taniot be jeopardised, ed from the personal standpoint the difficulties of handling them tion system-which we trust will by the imposition of rules framed The commercial prosperity of this are becoming increasingly burden facilitate the compilation of trade to meet enitely different condi Colony, could not have been achiev one to the banks, but also because statistics which are so neces has been fully recognised by the
tions. Lam alad to say that thi Redmenor is it likely to be maintain, the problem of their ultimate dis- thee days It will be ap
Ion posal may vary conceivably Involve preciated that com
Government and H Ravisers, wh have cone item3ated that in reg economic policy the Colony in even greater dim- ditional work.
gazd to sulps other then foreigat going, Hou Konis free to make unted in order to
baing
culties in the Lature.
The Local Committe“
have be
Shi
No comments yet.
Private notes are available after approval.