1930-08-12 — Page 2

Page

HONG KONG AND SHANGHAI BANKING CORPORATION.

Isikerted Capital

Jasad sad. Fully Paid-up mom 930,207,860 Lover Funds —

......0,51X1,300

·Silva, Vakama,600,000 Kamera" Elahility of Proprisiors ... $38,100,000

KHAD OPTIOR: HONG KONG

BOARD OF DIRECTORM |—

J. A. Piemmat,· Exa.

Elisa.

Hon. Mr. 0.4, 8. Maczlə,

. F. Bell, Kay

Depy Chalemme ?

4. 11, Compton, kwj.

£1, Lander Lawls, Kay,

U. Miskin, Esq.,

ANOT

BANGKOK

BATAVIA

GOMWAY

CALOUTTA

SANTON

LYOO

WOLOMBO

MADLEN #OOCHOW

AIPHONG MAMBUNG

MAKKOW

KITICE

FLOILO

E. Mr. J. J. Paterson,

1. B. Prach; Meg.

T. II. . Bhaw, Baj

3... WATER, Mom.

Chief Aanager,

V. J. (mydum, Kag.

BRANCHES :—.

LONDON

LYONS

MALACOA

HANILA

MUAR (Johore)

BUKDEN

NADABAXI

NEW YORK

PEIFING

PANANO

BANGOON

BLIGON

ВДАНОТЕЛЬ

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1888. HEAD OFFICE: LONDON. Pald-up Capital

..£3,600,000 Reserve Fund.... ......£4,000,000 Reserve Liability of Proprie

tors

£3,000,000

Agencies and Branches:

KUALA LOMPOK

ALOK STAR

(Kalay Bi

AMRITSAS BANGEDE DATAVIA DONDAT CALCUTTA DANTON

OXWNPORN'

OZBO

„COLOMBO "

DAIBEN (Delay

Bouth Manchuria) DELHI

• HAIPHONG

HAMBURO

HANKOW

HABBIN

** (N. Maankuraj

MONO LONG

ILOLC

Род

KARACH

KLANG

KOBR

KOALA ZANGBAD

Perak (7.K.8.)

KUCHING

MADRAS

MANILA

PEKING

MEDAN. NEW YORK

PEHANO PESHAWAR

i

KANGOON

BALION

BEMARANG

SEREMBAN

BLANOH

HINGAPORE SOUDA BAYA

TAIPINO

TAVOY

TENTOIN

TOKYO

TONOKAH (Bhukan,

TUINOTAU

TOKOHAMA

ZAMBOANGA

Foreign Exchange

(Philipples Lelands)

and

| Banking business transacted.

General

THE CHINA MAIL.

Commerce and

Finance

GOLD-HANDMAID OR MISTRESS?

strength, whereas in fact any excess of reserves in any form, carried bo yond what prudence requires, is merely bad banking...

Too Much.

TUESDAY, AUGUST 12, 1930.

HONG KONG MARKET PRODUCE.

APPROXIMATE RETAIL PRICES.

Butcher Meat.

Beef Sirloin ................

The most notorious example is] / [By Hartley Withere.]

America, whose Federal Reserve Why is there all this bother about Banks show about £615,000,000 of

stock-83

of per cent. gold, and why are we always hear, gold Ing that the present trade depres liabilities, whereas the legal require slon is due to gold scarcity, whichment is 40 per cent. is going to get much worse in a few years, as the output from the mines of the Rand declines?

In Britain we have no legal ratio, but because the Cunliffe Committee once mentioned $150,000,000 as stock to be aimed at too many peo ple in the City and elsewhere look on Most of us never see a gold piece this #guro as a sacred minimum and In these times, but we do our husi-begin to shiver when it is approach-

Current Accounts opened and Fix-ness quite conveniently with notes, ed. ad Deposita received for 1 year or

be quoted on application.

shorter periods at cute which will token coins of silver and bronze, knows better, and last year allowed and, if we are lucky, a cheque-book and a comfortable bank balance be- hind it.

BAN PANOUIBOU

KOMGEW

ВІНСАРОЯМ

BOURABAYA

AUXORI PATADEL TINTAIN

A. H. FERGUSON,

Manager- Hong Kong, Stu January, 1920.

TOXTG

TSINGTAO

APON

DO

XO

KOWLOON

KUALA LUMPUR:

YOKOHAMA

ONTRI ANNUAM opened in Leos Currency Fixed Deposita enostrad fos, Dam pus or sbacker parivia is Local Currency and Abellag same which will be quoted on syylistälax. ffong Kong. Int Surli, 1030.

HONG KONG SAVINGS BANK.

The Busines of the above Back le conduct- by the HONG KONG AND SHANGHAI WANKING CORPORATION, Bulan may b vbesined on application.

FOR THE HONG KONG BHANGRAI MANKING CORPORATION.

V. M, QUAYBURN,

Lung Kook, 17th March, 1503),

Chief Mengar,

NEDERLANDSCHE HANDEL -

MAATSCHAPPIJ, N.V.

(TARLANDE TRADING SOCIETY

P

BANKXES,

Established 1996

Kong Esg Offa';-11 Quma's Road, Catal sherlood Cupitel Oulidery 186,800,000. Tull-Up: Omplial van Chalikari, 200,000 Kasares Fusé

Hand

on Duliders 65,000,000

-{AMSTERDAM").

* Barbera Hand Office:-BATAVIL

RAMON ---Bandalo Bandoen's Bootor:

Oslovita, Charlbon, Djsiabet, jakarta") The Esgos“), Jaddah, Ende Low-Badja, Makamone, Mudan, Fading Palembang, Pekalongan, Penga

Bango, Botterdams"},

bhanghai, ibalgs (Rucni Bingapore, Fourbal Koneskaria (Solo). Tresi, Tjūnijas sod Welievrede,

Fontanak,

Gaesarang).

* Thuê vioes bare sale depoils boxes to lea

London BuakarNatious Provincial Bank Lt.

Ostrespondiale all mer the world

Banking business of vrary

description trazanzină.

A, STOKKINI.

Hong Kong. 16th Apell, 1937

Act. Banager.

BANQUE DE L'INDO - CHINE.

- HEAD OFFICE:

96, Boulevard Haussman, Paria,

never

Why do we want a metal that we see, and why cannot the THE HO HONG BANK, LTD. nations do, In international trade, what we do in our daily business at home, and use somo. International form of notes and cheques?

Authorised Isaved

Paid-up

Reserve

(Established 1917.)

CAPITAL

Liabilities

.Straits $20,000,000 8,000,000 4,000,000

4,000,000

of Shareholders Forplus

2,628,000

HEAD OFFICE: SINGAPORE. Branches, Agencies and Correapon dents in the principal cities of the world

Every description of Banking and Exchange business transacted

TAN ENG HOOL

Manager.

THE

"

#

Prime Cut

Corned Roust Breast

Saup ....

Steak

Steak Sirloin Sagre

BuHock's Braina

Tongue, fresh

Calves' Hoad & Fest Mutton Chop

*

Log

Shoulder

Saddle

Fortunately the Bank of England its atock to fall to £180,000,000, showing the world that a real bank er uses his reserves and does not sit on them and try to grab more..

If the Bank of England's spirit and policy were followed by the cen tral bankers of other countries gold Pig's Chitlings would be redundant. Instead of scarce, money would be really cheap and abundant, and If politicians would give business men u holiday from meddling, muddling, and more taxes we might have a chance of

牛尾耙

R RRER$$REZISOTEERUABERTZBERTSOKKCEESROBESBAE,

+4

#

** B

Aug. 8, June, June,

Poultry.

lb.

Chicken Capons, Small

1. Capons, Large

Duck

Doves.

Eggs, Hen (cooking)..

1930. 1918. 1914.

Cts. Cla. Cts.

位

80 24 12

80

28

11

10

22

18

18

22

Eggs, Han (fresh) „;

30, 35

20

80 ---24

28

26

30

44

16

per set 15 10 12

$1.00$1.20

14

12.

Fowls, Canton Fowla, Hainan Goene Pigeons, Canton

Hollow

Turkeys, Cock Turkeys, Hen

Snipe

Pheasant Quall Partridges

¤ 7 8 8 × ¤ ¤ ÷ 8 8 Į¤â÷ 28¤°§≈85 | | 1228-782 1868 ****888] !

* * * * * * * *****le leaguR88||

Aug. 8, June, June,

1930, 1018. 1914.

Cts. Cia. Cia.

31

30

28 30

22 21

30

Mench 80

38 25

A per doz. 33

本地精

Ib.

西班鸡本白火火山美

Bananas (bride's) BUTE

Carambola ............................ b Coconata

Lemons, China ....................

Lemons (American)

#

#

ខ ២៦ អ៊ ៣ ២ ឌ ឌន ! ៨ | |

888899828||||-

each 40

ib.

each

pair

each

50

exch

65

A

Tongue, corned

4

"

H

Head

Heart

H

lb.

24

14

Hump, Balt

th

Feet

each 10

FT

Kidneys

4

16

#

Tall

25

Liver

lb..

24

Tripe

10

sot $1.20 $1.00 $1,60

Fruits.

羊排

Ib.

86

98

Almonds

34

#

39

82

Apples (California)

金山牌类

32 24

30

8

Braina

Per set 8

Feet

#4

##

lb,

18

H

Fry

猪

28

. 7 cách 12

#

Head

18

lb 12

Heart

sach 15

each 12

Kiduoys

##

鸹

13

Lichess, Dried

16. 50

Liver

Ib. 45

24

Pork Chop

36

Oranges (Canton)

新會甜橙

*

Leg

B8

+

Loia

2

42

Fat or Lard

24

羊奶

per set 85

each 12

15

"

45

TO

th. 25

80

36

22

23

82

חי

Why We Have to Have Gold. Because the most important thing about the money that we handle-trade recovery.

At least we should have plenty whether it be made of paper or any-of time to work out measures of gold thing else is that confidence in it-that is, we must put from the Raad begins to have a we must have economy before the dwindling out- believe, when we take it, that every serious effect on the total gold stock. Sheep's Head & Foot . one from whom we want to buy-Dally Mall thing will take It.

If this confidence is lost, money becomes useless Belling.

for buying and

Government may say that TRADE WITHIN

it is "legal tender" and must be ac-|

AMERICAN EXPRESS COMPANY, cepted, but cannot force, us to part

INC.

Head Office: 65, Broadway, New York,

Capital Surplus

Reserves

Amsterda

Autwerp Athens

Hale

U.S.$6,000,00D ,US:$1,672,464 U.S.$1,008,200

BRANCHES:-

4łła pow layin

Illoreita

Bombay

Beermon

Brussels

Hamburg Havto Interlaken Jaruseleta 1.ida Landon

Naples Pion Xati Рапаце Taking

l'aero

Buenos Aire

Calro

Calestia

Cong Colombo

Cantinopla

Copenhagen Edinburgh Kistence Clenors

Liverpool Lucerne

Litgand

Luxor Maralice Konto Carlo

Minolta

Murich Xostreus

Hilon

Kotterdam BLO

bou?

امع مدي؟

Southemples

Hingapore Sprite Trokin Vleans Venico Yokohama Z1 rich

Branches of American Express Company in Principal cities of Unit ed States of America and Canada.

All cinases of Commercial Banking Transactions undertaken.

ނ

with goods in exchange for money that we do not trust, as was shown

in Germany when sellers of goods

EMPIRE.

"

Н

Heart ...

Kidneys

H

Liver

17

Sucking Pigs, to order

THE But, Bead

Matton

Yeal

Sausages

帽

No. 1.

Fish.

would not take marks, but only sold Sir Abe Bailey on Tariffs

for dollars or pounds or some for- eign money that they trusted.

་་

This confidence in money is partly due to the fact that it has gold behind it, owing to the experience of centuries that has taught man- kind that whatever may happen to Governments, B piece of gold will always be taken for goods. Though we never see gold, the knowledge

and Wages.

Barbel Bream

A complimentary dinner to Sir Canton Fresh Water Abe Bailey, Bart, on his return from South Africa was given in Carp London on June 25.

Lord Mel-Catfish chett, president of the Empire Codfish Economic Union, presided.

Crabs

Sir Abe Bailey, replying, sald Cattle Fish

that our money has a gold backing that the Empire

was once more Dab

is one of the reasons why we believe fighting for its life, and the pro- Dace

***

Fresh Water ..

25

Yellow

Н

in it. Moreover, the gold back-blem was how to keep it together Dog Fish ing has the very important advant-in order to face the world as a Sels, Conger age that it prevents the unlimited coherent whole. No political party creation of money by impecunious had the monopoly of Imperial Governments a proceeding which patriotism but, patriotism

did Frogs leads to the disastrous result af not preserve the Roman Empire Garoupa "inflation" and a headlong rise in

from decline, So long as Gudgeon prices,

Great Britain remained strong Herrings and held her position in the Halibut world, carrying out a sympathetic Labrus trading policy with the Dominions, each so long would the Empire hold to Lobsters gether.. political upheavals in Russia, India

economic crisis caused by Monk Fish and China, comprising over

Subscribed Capital Fra. 72,000,000,00 Personal investment accounts still more necessary, as things are

Paid-Up Capital ...Fza. 68,400,000.00 | handled. Reserve Funds ....Frs.102,000,000.00

Bangkok

Battambang Hue

bantho

Canton

Djibouti

BRANCHES:

Hong Kong Quinhon

Saigon Mengtze

Shanghad Nam-Dinb Hingapore Neumer Thanhea Tintain

Fort-Bayard Fapeete

Haiphong

Hankow

Hanoi

Poking TOUTADS From-P.ah Vinh Fondicherry Yunnanfa BANKERS:

IN FRANCE; Comptoir National d'Bacompte de Paris; Credit Lyonnais; Banque de Paris et dos Pays-Bas; Credit Industriel et Commercial; So- ciete Generala

IN LONDON: The National Pro

The Company offers to intending Travellers the use of its "Travelers Cheques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped, Travel Do-

partment,

Affiliated with

.*

THE CHASE NATIONAL BANK Resources ..Over G$2,500,000,000

E. W. DUGGAN,

Manager,

sincial & Union Bank of England. THE BANK OF TAIWAN, LTD.

Ltd: Comptoir National d'Escompta da Parls; Credit Lyonnais.

IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor poration; Guaranty Trust Co. of New York.

Interest allowed on Current” Ae-

sounts and Fixed Deposits according

to arrangementa,

Safe Deposit Boxes to ist.

Hanager

A. LECOT,

Hong Kong, ler May, 1929.

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1889.

Capital (fully paid-up) Yen 100,000,000 Haserts, Fund .....Yen 111,500,000

(TAIWAN GINKO)

HEAD OFFICE:-Tapeh, Formosa. Incorporated by Special Imperial

Charter, 1899..

Cal Bania Formoss.

BRANDHIRA AND AGENCIES. JAPAN 1-Zolya,, Tokobama, Kobe, Gaska.

Talno, Tameti, Tom, Hult, Tale

Buslow?" Onkben,

| UTBERA 1~Hong ang Blangore

Its International Benefit, For international trade gold is There is, as yet, no world authority to issue a mone yin which ail trad- ing peoples will have confidence. and so all the leading nations are prepared to turn their local moneya

The

one-

Mackerel

Mullat into gold when it is needed for for-half the population of the world, Parrot Flah

Oysters eign payments.

through the industrialising of coun- Perch This arrangement gives to for-tries which were now sellers Instead Pike .... aign traders the incalculable benefit of buyers of manufactures and with Plaice

牛羊仔樹

BRAK 44–644 4 NUGRAHADIYARÉGELEIVASSEUCAST IN KE KERKAAK HET PRELJUST ONE BIG ANG SERUISOSKĦOBERKEBABEHEŠŽU

*#

lb.

སྐ ལ ཙ སྒྲ་ཟ ན ་ ཀ ་ བ ཟ ཾ ུ ུ' ཕ པྟཱཿ、:སྔོ་

"

5

*

#

TO

22

與生柿蘇柏林子

21

.20

24

24

24

10

ཧྨམ་ཝཱབྲཧྨག ཏུ | | | 2 སྐྱུཚས།

CLUTAS 181918 191

花

12 10

18

*

#

58

蘧蘧柚 each 18

#

18

将投

Oranges

Pears (Canton) Peanuts

Persimmons, Large

Plantain ...

Pumelo, Slam Walnuts....

Grapes

Vegetables, &c.

Artichokes

Beans, Sprout

18 24

20

16

"

Long

Beet Root

Bitter Squash

13

16

Brinjals, Green

27

Red

17

Cane Shoots, bunch..

23.

20

Cauliflower (Large)

27

** ******* - ~⠀⠀⠀ 2a **⠀ ⠀ . ⠀ ⠀⠀ ⠀⠀ ⠀ ⠀ ************** |*****82*2*****************8*-**-*-**

Cabbage, Chinese ........

(Shanghai)

# lb.

*

each 12

1. 5

12 8

12

# 24

(Medium)

(Small) ..AS

Red...

Chiflies, Dried

Green

Gurry Stuff, English.. MEA

Cucumbers

Horncradlab, Shanghai

Water Chestnuta ......

Mandarin.

Mushrooms, Fresh

生

***BAAAKKENPREET**#45** KORRM HEBEILEDECEKÉSZ)

1 * * * *

B 5

"

B

10

12

10

ench

#

Carrots

lb.

14 5

B

Celery, ChineSO

臭榮

10 10

8

辣椒干

30 25

ED

30

紅辣椒

28 10

25

พ

青花椒

18 8

10 8

40 80

8

2

.18

Garlic...

8

6

28

· 32

Ginger,. Young

14.

16

Old

16

13

30

62 24

Indian Corn

12

21

Lettuce

20

20

10

13

2

12

12

2

40

.14

0

Okroes

12

30

15

Onions, Bombay

洋葱理

8

9.

Green

6

20

Shanghai

6

30

45

Parsley Potato, Sweet

65

4

10 14

14.

Терапеве American

#

18

10

Radish

86

B0

'Rhubarb (Fresh)

18 8 10

#

Shallots

21 10

10

Spinsch

BO

Tomatoes

28 28

.22

28

++

84 26 85

80 18 12 .. $1.00 40

CRUDE OIL PROBLEM,

of stability in rates of exchange, tariff protection against other coun- Pomfret, White which means, for example, that the tries, they were economically march- Pomfret, Black number of francs that will be turning, through country which had Prawns ed into a pound cannot vary beyond never been entered before.

it was Ray. certain limits.

no use stimulating production before Rock Fish Without this golden Hak between finding markets. The purchaser Roach the moneys of the world interna. tional trade tends to become a blind decided the whole life of a nation. Salmon gamble, because those who sell Great Britain's certain and in- Shark creasing numbers of purchasers skats abroad do not know what the for were in the Dominions, eign money for which they sell

Trade be- Shrimps. tween Great Britain and the snapper". their goods will be worth when they Dominions had greater reciprocal Soles turn it into their own home money benficial result than trade between Tench

Plenty of It

Great Britain and foreign countries, Turbot

The London County Warimineler and Far's Bank,It is only needed as a reserve, for) economically the Empire was

The Beak Correrpumienia in at the pal Docomerofa!, Onetrin dhroughout, ila word.

L. FAGURA,

HONG KONG BRANCH: ́

3. Des Vover Road · Cunicul,

Bong Kong, 1h January, 2890.

THE BANK OF CHINA. 行銀國中

Keorganised October 28, 1929, under

moderate amount of the mota!

common sense,

a

blém. It was the work of the

石狗

#4

44

44

4

States."

Pumpkin

Tares.....

Turnips, Punti (Long) Vegetable Marrow ........ Water Cross (KORLATOK

Water Lily Boch

STEEL PRICE DROP.

10

88

7

8 B

8 +4

10

15

#

0 16

UNCLAIMED TELEGRAMS.

THE EASTERN EXTENSION AUSTRALASIA & CHINA TELEGRAPH CO, LTD.

The following unclaimed tele- grams are lying at the E.E. Telo- graph Co. Office, Hong Kong:-

Phyllis, 15, Kennedy Road, from Shanghal.

But though gold is thus still want-as it would probably lead to im- Turtles. small, fr. water. teak-Hotse adverse seed, there is no reason to want moun- migration and relieve unemploy Every description of Banking and tag, tains of it, or to handle the existing Exchange Business transacted.

Harang Bank, bankika, T, Tsupply, which ought to be more than ment, both directly and indirectly. Excel Become Few, ample, in such a way that scarcity policy was not provocative; it was The Empire Economic Union

the problem of oil import is worthy of a serious study," says this New Barbaris produced and apprehensions of Darby, O still greater, scarelly

a self-preservation. policy, until are aroused.

J. Edward Jones, New York oil-York oil man. "It will reveal some civilised nations realised that LONDON BANKERS;

royalty expert, has brought out very surprising facts, little under purposes of confidence and for ex-

single family, A tax on foreign some pertinent facts about the crude stood by the people of the United port when the state of the market in exchange makes gold shipments the

foodstuffs entering Great Britain of "overproduction" problem.

"There Is a vast difference be- พงล absolutely necessary and cheapest form of remittance.

For both these purposes a quite Economic-Union policy. It would supply," said Mr. Jones. The réal the keystone of the Empire tween over-production and over- should suffice, if rublic opinion achieve results which every true condition of domestic under-produc on the subject were reasonable, patriot desired. New minds must tion has been generally masked by four things: 1-an improved pre- and if the central banks, of the world be brought to bear on a new Prosentation and determination of We hear much these days about Referendis, from New York. would show a certain amount of politician to protect the work of supply and demand Sgures 2-In the depression in the steel industry. Henry J. Sorice, care of 5.0. Pre- In most of the central banks of the industrialist against cheaper overlooking the significance of Im But the steel industry is moving sident Van Buren, Dollar Line, spociecharter of The National Gor- the world the bullion vaults are labour, and against foreign coun-portant off; (in) in misinterpreting along pretty well. April's pro- from Jamales, en

bulging with unnecessary hoards of tries placing surplus products in the significance of crude oil stocks duction of steel ingots was 4,148, Souchintra, from Los Angeles. INTERNATIONAL EXCHANGE gold, kept there at a loss by bankers Great Britain without reference to on hand, 4In the indiscriminate, 000 tons; that is at a rate of. BANK who are obsessed with the delusion their original cost if not insidious, slogan overproduc- 50,000,000 tons annually.

Now any year that the United Subscribed Capital $25,000,000.00 that a big stock of gold is a sign of was before the Empire;to bind it

A national wealth making polley on

Mr. Jones says that when the States can produce from 40,000,000 Fald-Up Capital: 70...$24,710,200.00

Into one coonmle unify, with the adoption, of the conservation polley to 50,000,000 tons of steel is not one | Reserve Funds 6000 8,620, 508 R2

greatest freedom of trade within forced a decline in the production of to call a very bad year. and protection against competition domestic oil during the week of The weakness in the steel' situa without. It was an Instrument of December 28, 1829, as compared Lion at the moment is in the price persuasion for breaking down teriff with the previous week, the Importa level, Average prices for eight of boundaries and creating freer trade of oil increased correspondingly, the leading companies show a re with the rest of the world. The "Domestic overproduction, except duction of $8.09 a tour under last one false move would be not to move, for short periods and locally is a year and that really does hurt. The following unclaimed tele- to do nothing, to stand at Al myth," said Mr Jones, and a For, as the Wall Street Journal Brams are lying at the office of political parties of the Empire, had general oversupply exists primarily pofats out "If the United States the Great Northern Telegraph to take advantage of thisticat because of imports. The thirteen shipped 18,000,000 tons of finished Company (Limited) of Den- mosphere, wisdom and foresight, as years prior to January 1; 1929, re-steel annually, it would mean a mark they had done in the Great War, presents eleven years of domestic shrinkage of $40,000,000 annually in Unimant, from New York This was the Empire lifebuoy policy overproduction for peace, security and prosperity,

Head Offcs-TOKOHAMA,

Braschon and Agencies, aki andria

Newchwang -New-York;

Ouka Faking

Rangoon Rio de Janeiroa Baligon

(Manipormelly

glosed). Calenite

(Dalny) Ban Francisco Fangten (Mulden) Seati

Kamborg

Hankow

“Bong" Kang

"HEAD OFFICE: SHANGHAI,

HONG KONG BRANCHE 4, Queen's Road. Central, fi

Owing to our numerous branches in „China and large connectíosa – in the important commercial canteen of the world we are able to extend to our | ellentmapeciál faullition - für, domastia ||and "Foreign banking and kuchanga",

We also handle the lawns of Bonds And other Public Funds of the China fake Govezzinent 1 both at (honis"

„Kong oth. Márch: "1980:

THE BANK OF CANTON, LTD.

Established 1912.20

and Offers-Hong Kong.

LONDON BAKKIES

S

Crude off enters the United States free of duty

and they must not allow future gen- uration to store as the re- Before attacking the problem of For omission overproduction in the United States,

Fault

earnings.

S. LACK,

Superintendent

Hong Kong, August 7, 1950.

THE GREAT NORTHERN TELEGRAPH CO., LTD, OF DENMARK,

Lyman, Dairy Farm, from

It is the dropping price level that Shanghal. is causing more confusion in steel,

at the moment than any other factor,

EV. JESSENT

Superintendent.

Hong Kong, August 6, 1930,