1930-04-28 — Page 11

year.

MONDAY, APRIL 28, 1930.

MERCANTILE BANK OF INDIA.

2900,000 on those of the previous You may have noticed that, as bearing upon the competition be tween Burma and Slam in the rice trade, the only reduction in duties proposed in the recent Indian Budget relates to rice, the export duty on which is redliced from 3 to 214 annas per maund, (about 14d. per cwt.) to correspond with the duty in Siam. -

Java and Mauritius.

The fact that

off

THE

CHINA MAIL.

tion as the present prices of cotton, amazing piece of work, and, in spite GOODS FOR ARSENAL jute and tea wound seem to form asf the gloom which has shrouded our, safe basis for operations. In re- Chairman's remarks, I cannot help!

1

keen

NO BARGAINING,

and fire-arms.

Shanghai, Mar. 18.

Use for Tubes or Pipes.

This

THE

HONG

KONG PENINSULA HOTEL:

.11

HONG KONG HOTEL: REPULSE BAY HOTEL A

PEAK HOTEL

AND

SHANGHAI

ASTOR HOUSE: PALACE HOTEL

HOTELS,

LIMITED

In association with the Grand Hotel des Wagons Lits, l'eking.

KOWLOON. Three Minutes From Ferry. EXCELLENT CUISINE — MODERN APARTMENTS,

TERMS MODERATE,

Tel. K. 357.

Cable Address: "AIRLIE.”

COASTWISE

gard to Imports, the proposed In-feeling that we shall come out of it Appeal from Provisional, (Continued from Faga 2.)

crease in the duty on all British | in the long run, and that the various;

Court Judgment. review of the past year it is a re-cotton plece goods from 11 per cent. optimistic touches he gave to us in lief to turn to the accounts which, to 15 per cent., with a minimum of his speeth are enough to enhearten

(Hear, hear.) as you will see, show a net profit 31⁄2 annus per lb., which may mean us in the future. for the year of £257,458, or £7,258 50 per cent. on grey goods, is of Mr. A. Gardiner: Mr. Chairman, more than in 1928, and this I may course a blow to Lancashire but I have very much pleasure in second- say is after providing a substantial this, with the additional duty of 5 Ing the motion.

Mr. Lyall; As an old Share- Judgment was reserved in the sum out of profits to cover the de- per cent. on all goods of non-British

Indian Govern- manufacture, gives the Bombay holder, I should like to add a few Appeal Court of the Provisional preciation in our ment Securities, which have been mills the opportunity of putting words in support of the motion be-Court yesterday afternoon in the Then as the fore us. The Board have had a case brought by R. Otte, à German written down to market value on their house in order. December 31 last. This result, result of the progress being made very difficult and anxious time--and gent, against Mr. E. F. Schene- which attribute largely to close by the Lancashire Cotton Corpora- the Staff too-during the past year, mann, trading as the German Ma- In view of the further full in the supervision and the exercise of tion and others in the direction of and I hope that, in spite of the chine Co., of 7, Hankow Road, price of sugar last year as the re-enution on the part of the Executive rationalisation, for the purpose, threatening appearance of things, for £656 and costs, representing sult of over-production and the fact in London, is the more satisfactory more particularly, of competing you will be able next year to put damages for alleged failure to take that, so far at any rate as Mauri- because, owing to lower prices and with Japan in India and other East before us an equally satisfactory delivery of goods ordered from

I am quite sure

Germany to Tientsin. tius is concerned, the cost of pro- by avoiding operations in which jern markets, I would hope to see state of affairs.

Judgment was given in favour duction now exceeds the selling there was no reasonable margin of not only a revival of trade in that if It, depended upon the Board of the plaintiff in the lower court

as inter-bank transae- Lancashire, but larger imports of and the Staff that satisfactory price, you will not, 1 am sure, expect profit, such

AIRLIE HOTEL 23-25, NATHAN ROAD, me to, report favourably upon the tions, our turnover was less than in East. India cotton into this coun-state of things would be repeated, by Judge Yang, and the case was

Under European Management: The recent improvement in but so far as it depends upon wise brought to the Appeal Court_in position in either Java or Mauritius, 1028, while in such a difficult year try. and particularly of that in our we could not expect to escape bad prices of tea will not only benefit and firm government to put it which Judge W. Y. Hu, presided. Colony, where the planters

are debts.

the amount India but Ceylon also, though that mildly--I do not feel so confident. with Judges Chung and Chen,

The appellant contended that he finding it impossible to make both of proft and less account carried to island, with British Malaya, would (Laughter). ends meet. As compared with the balance sheet shows an increase welyome some recovery in the price The vote was unanimously accould not take delivery of the re-

mainder of the goods as they would; 1928 the exports of sugar from of only £4,459 is due to only £162, of rubber and which I am afraid corded. Java decreased from about 3,000,- 046 having been brought in from can only be brought about by an The Chairman: I should like to be seized as contraband by the Na-1 000 to 2,350,000 tons, the value fall-1928 against £161,846 at the end of increase in consumption. In the thank Mr. Goddon. Mr. Gardiner tionalist troops In Tientsin. ing from £31,300,000 to £24,500,000, 1927, but you will notice that upon meantime a tapping holiday for rub-and Mr. Lyall for the very kind he explained was because he sold The shipments from Mauritius, this occasion we propose to carry (ber is proposed, while an effort is words they have said, and to thank the goods in 1927, there being in however, owing to a good crop, in-forward £166,505. Out of the pro- being made to restrict the produc-you all for the manner in which form of seamless tubes, to the Tien- creased from 219,000 to 277,000 At we have made the saine allocation of tin, in which British Malaya you have supported the proposal, tain arsenal to be made into guns tions 1. in the previous is so largely interested, but I cannot It is the staff, of course, as I always tons, practically all of which cane to the United Kingdom in view of year, that is £15,000 to the bring myself, to believe that any say, to whom thanks are more parti- the present preferential duty on Officers Pension Fund. £30,000 lasting benefit wil: result from these cularly due; but still, your directors, The respondent said that he was Reserve Fund and written proposals, even if observed by all also. not only take a very culonies, to sugar coming from our but

freehold in- £40,000

A recovery in the in- interest in the Bank's affairs, but The £3,700,000

banking concerned. in value

compara premises, while we recommend dustries in America, using rubber think I may say that we all do our share of the work, Thank you all. tively small. The position of final dividend of 8 per rent., less and tin, from the effects of the re-

The proceedings then terminated. the sugar industry is such that, tax, on each class of shares.. To cent collapse in that country is naturally, the planters in Mauritius, comply with the new Companies what is wanted. In Java olsa the like those in the West Indies, are Act you will see that the amount of price of rubber is an important HOME INCOME-TAX. anxious to know what the present the fees paid to your Directors is factor, but, as In Mauritius, it is Chancellor of the Exchequer interds mentioned in the Profit and Loss Ac- the price of sugar that counts most. Levy on Married Men on to do in the maiter of the sugar count for the first time. The and at about 10s. per ewt. cost and duty in the meantime the Colonial balance sheet being in the usual freight India for Java sugar and Office have announced that the forma requires little comment. The 1s. 6d. coat, freight and Insurance Government is prepared to give total figures when compared with London for Mauritius sugar, it is Statesman reports to his paper:-

The London correspondent of the financial aid to the planters under the previous year show a reduction, not possible to expect prosperity in

I am authoritatively informed that certain circumstances, but so far as and speaking generally I may say either island. The trade of China there is every hope that the agitation Chinese counsel for the appellant I can understand the announcement the different items contributing to will no doubt go on as in the past against liability to income-tax in uddenly produced from a wrap-| the offer of assistance does not go these lower figures reflect the con- in spite of the many obstacles, bat Britain of married men on leave from ping, a long stout tube, not unlike

meet the situation. Iditions of business in the past year. the heavy drop in the value of silver, India and other parts of the Empire the barrel of a machine-gun, and The proposed increase of 24. 3d. The decline of £815,000 in our cur- which I cannot but think is at least will prove successful. The matter was asked the respondent, if his pipes on sugar imported into rent fixed deposit and other accounts partly due to speculation, must add recently taken up by the Bengal and were of the same sort. Repondent India does not, for the time being is not large, and due to higher rates to the disorganisation in that coun- London Chambers of Commerce. The said that it was entirely different at any rate, affect Mauritius, but for money all round. The reduc-try and necessitate an adjustment |

Inland Revenue has now indicated to it will not be welcomed in Javation in loans payable, £250,000, is of prices generally. Both Burma the London Chamber that its attitude from his, and the diameter was only from whence large shipments go to offset by the reduced holding of and Siam have good crops of rice, medy the anomaly is likely to be gym-fed that the goods. might be sent two inches. Counsel then suggest- towards legislative proposals to The total shipments. of Government and other stocks, this and at present low prices theso pathetic, and the Chamber has placed back to Europe, whereupon Dr. rubber from the Dutch East Indies being explained by the redemption should be marketed without diffi- the matter before the Chancellor of the Wilhelm for the respondent stated last year are given to me as 254,000 of a Straits Settlements. Govern culty.. On the whole, therefore, 1 Exchequer. There is a possibility that that the case could either be con tons dry Imsia valued at £23,-ment Loan. The lower figures re-am not without hope that, as the the position will be dealt with in the tested or compromised and that the 700,000, the corresponding figures lating to bills receivable and loans year goes on, we may see some Im-Finance Bill.

appellant should not attempt to for 1928 being 227,600 tons and receivable and advances, together provement in trade, and in any case

strike bargain in court. He £21,000,000, but I confess to find- £955,000, are cicarly due to the poor you may depend that it will not bo

said he had been approached pro- Ing it difficult to reconcile some of state of trade.. There is a small the fault of our Chief Manager and

viously by the appellant, and the same proposition was made, but it

Counsel asked the court to dia- miss the case and give judgment-for- £661,18.5. This he said would in- clude £555, for goods not taken by

at

crease

very far to

per est.

India.

rubber.

Was

I

Leave.

WAR PRISONERS.

|

_____

not informed of this and as the

goods had been already shipped to Tiertein, delivery, had to be made. The tubes ar pipes, he said. could not be transformed into the requirements di în arsenal. The

presiding judge questioned the re-

spondent at length, and asked what the pipings were used for, the lat ter replying that they could be made into a great number of things, I and that it was not his business to know what the appellant especially wanted them for.

the published figures relating to increase in cash and bullion, while the staff if at this time next yearForced Labour in Chinese was not feasible.

China and Hong Kong.

the increase in the figures under the we do not present you with satis- head of freehold banking promises factory accounts. (Applause.)

Iflu referring to China, I suy represents-principally additional have now-to-propose:-"That report of the Directors

It is very difficult to understand or jexpenditure upon our new building the

Sand-Pits.

Budapest, March 19.

follow the constantly changing at Singapore, which is now occupied with the audited statement Rumours have come to ear lately political situation, 1 know you will by the bank and other tenants, less of accounts and balance sheet that hundreds of Hungarian war appellant. £40,1.5 for costs, car- not express surprise. But from the amount written off.

at December 31, 1929, presented to prisoners, who were not able to riage charga and storage and the information at my disposal it

Tribute to Staff.

this meeting, be and the same are return to their country after the £62.12. representing Interest at the seems clear that, in spite of Civil I cannot conclude my remarks in hereby received, approved and way have been taken prisoners by rate of eight per cent. from May' War, indifferent transport facilities, reference to the past year without adopted, and that a final dividend by the Chinese and compelled to 3, 1928. increased taxation and predations, referring to the staff and the good on the 'A,' 'B,' an 'C' Shares of this work in Manchurian sand-pits Judgment will be delivered on by bandits, there was a further im- work they have done for

us Bank of 8 per cent. be paid, making under the supervision of Chinese March 26-N. C. D. News. provement in trade last year, the throughout a difficult year, and on 16 per cent. for the year, less income coolles. Although the Foreign very large increase in the receipts behalf of the Board I tender my tax, as recommended In the report, Office and the Hungarian Red Cross of the Maritime Customs giving thanks to all Your all know Mr. and the same is hereby confirmed." have no positive details on the sub- evidence of this, though of course Steuart and Mr. Crichton and I will ask the Deputy Chairrian,ject, the Pesti Naplo states that much of this increase is due to what close attention they give to Sir Thomas Catto, to second this diplomatic Inquiries will shortly higher tariffs and probably to anti- your interests, but it is not to them resolution, but before I put it to the be started. cipation of these coming into force. only that we are indebted, but to meeting I shall be glad to answer At the same time I find that the Mr. Linton, the Sub-Manager, and any questions which any Share- shipments of cotton piece goods from all the other members of the staff holder may wish to ask." the United Kingdom to China and in London, while I need Hong Kong last year decreased in the Managers of our many Chairman): Mr. Chairman and both quantity and value when com- branches in the East and their gentlemen, I have much pleasure in pared with 1928, the value falling staff's also deserve our thanks for seconding the resolution as

pro- from $6,450,000 to £6,170,000, this the efficient and loyal service they posed by the Chairman. -no doubt being due to Japanese com- have rendered.

petition. The fall in silver, how Outlook for the Current Year. ever, from 26 d., the average prico I have now only to refer to the In 1928 to 24.7/16d., the average outlook for the current year and as price last year, with the conséquent this is more than usually obscure decline of the Shanghai tael from I will require to exercise extreme The Chairman: I have now to will Instantly arrest digestion an average rate of 23. 754d, to 28. caution. In regard to industry. In propose: "That Mr. J. O. Robinson and the functions of the stomach 4%d., and the decline In the average this country, it is more particularly and Mr. W. H. Shelford, the Direc-will not be resumed until the un- rate of the Hong Kong dollar from the fear of additions to the already tors retiring from the Board in usual emotion has subsided. 25. 04. to 18. 10.11718d., was not heavy burden of taxation that is rotation, be and are hereby re-

The truth is that the stomach helpful to Manchester shippers, creating a want of confidence, while elected Directors of this Bank."

needs a good supply of rich, red blood to properly perform its

not say Sir Thomas S. Catto, Bt. (Deputy

The Chairman: If there are no questions I will put the resolution to the meeting.

The Emotions And Digestion.

•

Why Laughter Is Good At Mealtimes.

There is a curious relation be- tween the emotions and the pro-

The resolution was carried un-cess of digestion. It la a acien- animously.

tific fact that sudden grief or joy

while the further fall in silver this the further fall in prices since the I do not think there is anything duty and if the supply is called year to a record low level must be end of last year makes considerable for me to say on this resolution. making business with China and adjustment necessary before we can You all know both Mr. Robinson and away to the brain digestion stops. Hong Kong very difficult. Arising expect a revival of trade. At pre- Mr. Shelford very well, and I need

If you worry and think about from the decline in the value of sent there would seem to be over only say what very valuable Direc- your troubles at mealtime you are silver the notes lasued by the banks production everywhere and, owing tors they are, and that they do all on the road to indigestion, and in Hong Kong rose to such a to the disparity between wholesale they possibly can for the Bank.the more you do it the more premium on silver dollars that the and retail prices, manufacturers are will ask Mr. Chaimers to second the troubles you will have to think export trade, of that. Colony was in a difficult position as, while the resolution.

about. Laughter is an alu, to handicapped in competition with high cost of living is maintained. Mr. P. R. Chalmera: I have much digestion but plenty of rich blood Shanghai, and to remedy this posl-wages cannot be reduced. Then pleasure in seconding the Chairis a necessity. tion the banks were asked to co-as taxation in this country la now man's proposition. operate with the Government in at the rate of $15 per head as cola belaging Hong Kong dollar notespared with less than half that adopted: “

That being the case, the first

The motion was unanimously thing to do in dyspepsia, or in-

digestion, espacially. In the form el nervous dyspepala, is to build of stomach trouble generally call

up the blood, and it because Dr. Williams pink pls do exact-

more on' a- parity with, the silver | amount in countries with which we The Chairman: The next resolu dollar that is to re-establish ex-are in competition, it is not difficult tion relates to the Auditors, and change on a silver basis, and this to account for the growing Increase that has to be proposed and second has now been accomplished, one of in the number of our unemployed. ed by Shareholders. ly this that they stand pre-emin the results being the coinage of aIt is true, we have cheap money at Mr. W. B. de Ste-Croix: I beg to ent as a remedy, in such cases, large number of allver dollars for present, but as this is largely due propose: That Messrs. Cooper They are a tonic for the bload shipment to Hong Kong, which I to depression in trade, while a high Brothers & Co. and Messrs. Wand nerves, and they begin at regard with apprehension. It will bank rate and industrial activity Brown & Co. be re-appointed once to bulla up the system be interesting to see what action usually go together, I find it difficult Auditors of the Bank, and that their weakened by excess, worry, over China takes to protect herself to bellove that, cheap money alone remuneration be 300 guineas each work, or other causes. The rich, against this serious depreciation is going to bring about an improve for each sudit

red blood soon begins to show in

In the value of silver, particularly meat in trade, as so many people Mr. R. G. Bamford: I beg to cheeks and lips, the step is quick as she is now the most important have predicted. The trade of India second that proposition or, the eyes are brighter, and the market for the metal At present will also require to adjust itself to The motion was unanimously good effect is felt in every organ there are various rumours, as to the present comparatively low level agreed to.

of the body.

L this, one going so far as to say that of prices, but given another goodMr. L. Godden Mr. Chair- Two useful books, Diseases of the Importation will be prohibited monsoon, no labour troubles and man and gentlemen, on behalf of the Nervous System" and "What and another that following the some improvement in the political the Shareholders I should like to to Eat and How to Eat will bo example of India, she will impose situation, of which I do not despair, tender my thanks and their thanks sent free by the Dr. Williams' a duty upon importa of silver. In provided the Government do not for the extremely able manner in Medicine Co., Singapore Your the meantime and from February 1 allow the Independence Party to go which the Bank's affairs have been own druggist ells Dr. Williama". fast Import duties have been levied too far, I would not expect to see conducted, and the good showing pink pills, or you can order them on a gold basin

any falling on in trade, and indeed which has been placed before us directly by mall, post free, at The Accounts.

I think the dec In prices will Considering the difficulties of the $1.80 the bottle, ale for $8.00 from After what has been a depressing bring about confidence in the roal-past year t seems

mean the above address,

DONE!

An interesting book of Cartoons depicting "Happenings on the China Coast cleverly drawn by

"ALGIE" BENNETT. PRICE $1.00

NOW ON SALE at

Foru

BREWER & CO., WHITEAWAY, LAIDLAW & CO., LTD. & EXCLELSIOR BOOK STORE and at the Publishers

4.

THE NEWSPAPER ENTERPRISE LTD.

“CHINA, MAIL" BUILDING

SOME OF THESE

WYNDHAM STREET.

AND SOME OF THESE

FL.Q. WILLS kubai * London

ARE ALL THAT IS NEEDED

FOR CONTENTMENT.

SMOKE

CAPSTAN

MADE IN ENGLAND

1929.