1930-10-13 — Page 2

China Mail 德臣西報中國郵報 All

Series Prev Next Source

Page

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorized Capital

c. 50,000,000 Land and Fully Paldus $30,000,000 Bore Funda ¿—

Berling☎,500,000

Alive

59,500,000

Bessere Lability of Proprietors 130,000,000 HEAD OFFICE, HONG KONG,

BOARD OF DIRECTORS:

2. A. Flummer, Esq.

Chairman.

Hon. Mr. D., 8. Machin Deputy Chairman.

W. L. Doll, Eng. 1Ton. 2. 3. Paterson.

II. Carpino, Es T. E. Penera, Raj.

B. Lancer Lawla, Eng. T. H. R. Bhaw, Esq.

Q. Miskin, Beq.

AMOY

JANGKOR

BATAVIA

BOMBAY

CALCUTTA

-PANTOS

OHEFOO

NGLOMBO

DAIDEN

FOOCHOW

KANKOW DADDIN

HONOKEW

J. P. Warred, Boq.

· Chial' Manags,

V., bure, Eng.

BRANCHES:-

"TIONDON

LYONA

HALACCA

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

Roserve Llability of Pro-

Pald-up Capital

Reserve Fund

priatera

ALUN STAB

Agencies and Branches:

· Malay State)

.£3,000,000 .£4,000,000

.£9,000,000

KUALA LUMPUR

KUCHING

MADRAS

MANILA

MEDAN

CALOUITA

CANTON

NEW YORK'

CAWHRONE

PAKING

PENANG

COPAINDO

AMBITUAR

BANGKOK

BATAVIA BOMBAY

CENO

DAILIEN (Daing

Hout Mansuri)

DELFI

HAIPHONG

HAMBURG

"LEANKOW

HARDIN

(N. Mansburla)

TIONG KONG

MANILA

ILOILO

Má (Jokorej

ІРОЙ

NEW YORK

MUKDEN

KAGABARI

PRIPINO

PEKAKO

RAYOOON

HATOON

KARACHI

KOBE

KUALA KANGSAR

(Perak F.M.6.)

PESHAWAR HANGOON

BEMARANG BEREMBAN

H1100N

HUANOIAL

BINGATURE.

BOURADAYA

TAIPING (1.5)

TAVOY

TIENTMIN

TOXYO

TOKORAH (Dhaka)

TRINGTAO

TORDITAMA

ZAMIGANCIA

Foreign Exchange

(Philippine Islanda)

and General Banking business transacted.

THE CHINA MAIL.

and

Commerce

Finance

TRADE TIDE TURNING `IN U.S.A.

Steel Corporation's Prospects.

BETTER TIME COMING.

"Both the railroads and the in- dustrial enterprises were worse off in the second quarter than they wore in the first. It seems likely that the second quarter was perhaps one- third worse than the first-or if an average corporation had shown deficit of 18 per cent. net income in the first quarter, it would be likely to show 24 per cent. In the second, with an average of about 21 for the first aix months.

"There is a good deal of reason for thinking that the returns for the The best business news of many third quarter will be the poorest of a day, the American financial ex-

all. At present the indications for the perts agree, is the report of

a fourth quarter of decided Improve- United States Steel Corporation forment are favourable, while even dur- the second quarter of the currenting the third economies in manage-

Current Accounts opened and Fix-year.

It indicates that the worstment and overhead expenses, already

The significant thing, we begun, will show some results. ed Deposits received for 1 year or la over.

which will are told, la not that the net earnings "Revival of business is likely to shorter periods at rates

HAIPHONG

HAMBURO

BAN FRANCIAco

SHANGHAE

KINGAPORE

be quoted on application.

SOURADAYA

БИКОЕ РАТANI TEKSTSIN

10KTO

A. IL FERGUSON, Hong Kong, 8th January, 1929.

TRINGTAO

ILOILO

FDM

20110RB

KODE

KOWLOON

KUALA LUMPUR

YOKOHAMA

Current Accounts opsoad in Lot Currency and Pized Deposits racalted for ade 70s of shorter perioda in Looel Qurray and Berling on tarts. which will be quoted on application. Hong Kong, 1st April, 1030.

HONG KONG SAVINGS BANK.

The Evaluare of the sborn Bank in conduct-

ad by the HONG KONG AND BHANGHAI BANKINO CORPORATION. Hules may be obifced on application.

FOR THE HONGKONG AND CHANGUA BANKING CORPORATION.

V.M. BRAYDUNK,

Hong Kong, 10th July, 1930.

Cilot Messes.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NEDERLANDS TRADING SOCIETY) DANKERS.

Established 17).

Hong Kong Go:-1, Quesa's Boad Central. Authorised Captial. Guildars 150,000,000. LCL2,509,000. Pull-Up Capita) Duitdors 89,030,000 Harry Fund. Quildmen 40,ats 000

(C6.000,170)

(3,4,689)

Head Ofica-ANSTERDAM Easlet ad Ofco~BATAVIA.

DaNCHES-landiazmaxin, Besdoeng", Bombay, Calcutie, Chorion, Disbee, Djok jakarta, Tha lingua", Jadish, Kobe, Kuts Hadja, Makassar, Modan, Padang Pelambang. Pekalongan,

Frank

•Partisank, Rangoon Botterdam Bamareng

Shangkal, Bibolga [Sorsaire) Bingapore, Sourebala Boerakarta (Bals), Togni, Tiltajup and Waltevreden.

"Thore dices have ale deposit boxes to lat. London Bankers-Nasional Provincial Bank Ltd. Correspondible all over the world

Danking buloase of erosy descriptios transcind

A. STOKKINK.

Acting Manager.

Hong Kong, 18th August, 1950.

BANQUE DE L'INDO-CHINE

HEAD OFFICE:

96. Boulevard Haussmann, Paris.

Subscribed Capital .Fra. 72,000,000.00 Paid-Up Capital...Fra. 68,400,000.00 Reservo Funds..... Fra.102,000,000,00 BRANCHES: Bangkok Hong Kong Quinhon Battambang Hue - Saigon

Mongtze Shougbal Cantho Canton Nam Dinh Singapore

Thanhoa Tientsin Tourane. Pnom Penh Vinh Pondicherry Yunnanfu BANKERS:

Djibouti Noumea

Fort-Bayard Papeete

Haiphong

Mankow

Hanol

Peking

IN FRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnais; Banque de Paris et des Pays-Bas; Credit Industriel et Commercial; So- ciete Generals,

IN LONDON: The National Pro- vincial & Union Bank of England,

Manager.

THE HO HONG BANK, LTD.

Authorised Issued

(Established 1917.)

CAPITAL:

Paid-up

Reserve Liabilities

of Shareholders

Surplus

MONDAY, OCTOBER 13, 1930.

HONG KONG MARKET PRODUCE.

Butcher Meat.

Beat Sirioin

Felme Cut Corned

1 Konst'

Breast

- Soap

Steak

Steak Birloin Sausages.A

BoBock's Brains .....

for the quarter were $47,061,804- come when American industrialists Calves' Head & Fest the equivalent of $3.02 a share on and distributive managers are wil-Mutton Chop the common stock--or even that the ing to incur the necessary sacrifice corporation, in the first six months to put prices down to a level that will of 1930, earned almost enough to will enable the average man to buy. cover its entire dividend require-Thus far there has been very little ments for the full year.

reduction in the cost of living, not-

15. Ler

Shoulder

Saddle

Pig's Chiilinga

Brains

Fest Fry

Head

Heart

Kidneys Livar

Oct. 2, June, Jane,

APPROXIMATE RETAIL PRICES.

1980, 1918. 1914.

Oct.2, June, June, 1080. 1918 1914

Ct. Ct. Ct.

Poultry.

Civ. Cis, Gta.

[b.

80 24

Chicken

lb.

60 80 B1

30.

Capons, Smali

Capons,

20 24

20 18

P BR8558BZEESOZENYEHBCELIBAR+SOBEÇLEBROKES#13,

成牛牛

***#*#*****EEEEEE***&Gäste

ย

26 20 18

.80 24 22

80 85

26 26 20

Duck

Doves

Large

Eggs, Han (cooking),'/

Eggs, Hon (fresh) ....... Sf

Fowls, Canton

Fowls, Hainan

Geesa

Pigeons, Canton

Hofhow

བྷྱོཿ 』ང ཟ པཱཏྟིཾསྐ ལ ཟ ༤ F

18 15

Turkeys, Hen

Pheasant

集森造机逛海析本海橙白海火火沙山美极

cach

30 28 80

25 22 21

#oach 70

********

22. 21

per dor. 34

本地鐵山.

45 85 24

海口端:

88 28

lb.

exch

pair

each

per set 15

10 12

Tongue, freah

each 65

Tongue, corned

Head

$1.00

-$1.20

Turkeys, Cock

Heart

15.

Hump, Salt

24 18 14 18

Snipe

Feet

each 10

10 12

Kidneys

10 12

Tail

25 20 $12

Quail Partridges

Liver

18. 24 18

Tripe

10 6

14 7

牛仔遊脚

Fruits.

net $1.20 $1.00 $1.00

排骨

36 26

Almenda

✡ lb.

Apples (California)

金山障

ଝ

Bananas (bride's)

80 27

*U*#

Carambola

Per sot 8

#3 M

Coconuta..

each 12

10 10

Lemons, China

b. 12

18 20

cách 15

Lemons (American)

金山檸檬 each 15.

Lichees, Dried

30 24

Oranges (Canton)

# lb. 60 新會品壁

36 26 23

Oranges

後團

42 60 70

Pears (Canton)

髓

25 21

門

'Peanuts

生

10 14

per sat 85

Persimmune, Large

$1.

ench 12

Plantain

15 12 10

大藥

5 8

Pumelo, Siam

溫器械 each 16

16.

25 22

Vainuta

✰ lb.

18.

# 65

_88 26 28

22 20 20

Net Profits Compared The August letter of the Nationai City Bank analyses the reports of 805 companies in all lines of bust- Pork Chop ness with this result:

It is rather the following dewithstanding the fall of whole- liberate statement, based on the fact sale prices. But such readjustment

plants are must come." .Straits $20,000,000 that the corporation's

at 69 per cont. of 8,000,000 now operating 4,000,000 their capacity:

"Indications in the industry point .4,000,000 2,528,000 to an increase in the rate of, opera- tions during the balance of this HEAD OFFICE:-SINGAPORE.

improvement. In Branches, Agencies. and Correspon-quarter, with an dents in the principal cities of the volume during the last quarter of the world,

Every description of Banking and year."

That is how the road ahead looks Exchange business transacted.

to the largest industrial enterprise TAN ENG HOOL,

Manager. in the United States, and the pro- phecy "is accepted in Wall Street, as of vastly greater significance than the earnings statement," saya AMERICAN EXPRESS COMPANY, the financial editor of the New York

Times, adding:

THE

INC.

Head Office: 65. Broadway, New York.

Capital Surplus

Reserves

.U.S.$6,000,000 U.S.$1,672,454 US.$1,908,209

BRANCHES:-

Седой

Nien Kapl Pirkene Paris

Tease

- Clarkow Harak 11.surg Mart

Amsterdam Autwory Albana Banks

Berlin. Bardha Hobey

ikretan

Lida

Первая

BOBOR AT

Cairo Calcutta CLLEG Colombo

Constantinople Copenhagen Edinburgh Forsana

Intortaken Joe

Loodan

Liverpool Lucerne

Lugano

Lator Barsellips Monte-Carls Mandis 1unish

Tchicz Permo Kotterdam

Taboul Shanghai Boxstampton Singapore 61 Morita Telai

"This statement represents the combined judgment of the finance committee, of which Myron C. Taylor is chairman, and which com- prises George F. Baker, J. P. Mor gan, T. W.. Lamont, James A. Farrell, Percival, Roberts, Jr., Nathan L. Miller, W. J. Filbert, and The Steel George F. Baker, Jr. Corporation's operations are gen- erally regarded as a reliable "index of general industrial and business conditions."

Business Revival in October. The earnings of this concern for the first six months of 1980, it is true, were about 80 per cent, lower than those for the first half of 1929; was a but the first half of 1929 Branches of American Express Company in Principal cities of Unit-period of peak prosperity. ed States of America and Canada.

Genara

calfeux

Makan 'a

Class

Frake

Yokohama Zurich

All classes of Commercial Banking Transactions undertaken..

Personni investment

handled.

accounts

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

partment.

Affiliated with

THE CHASE NATIONAL BANK Resources..Over G$2,600,000,000

E. W. DUGGAN,

Manager.

When the judges of things financial survey the last six months and try to locate the point where the up-grade began, or will begin, there

"The combined.net profits of the companies whose reports we have

Leg

Loin

Fat or Lard...

complied to date are approximately Sheep's Head & Fest 25 per cent. below the first half of 1929 and 3 per cent, below 1928.

"A suprisingly large number of

Heart

Kidneys Livst

companies, amounting to thres out Sucking Pigs, to order of every ten, actually achieved an Sust, Beef

half of 1930 over 1929.

increase in net profits in the first Veat

排饺娘

Mutton

Saunagre

牛仔籐

No I Fish.

"Aggregate net profits, of the 305 companies that have issued re- ports to date, before dividends, but Axed charges, after all expenses, and tax reserves, are approximately Barbel $653,000,000 in the first half of 1980, Bream as compared with $870,000,000 in Canton Fresh Water the first half of 1929, giving a de- crease of $217,000,000. corresponding period of 1928 the Catfish companies' had Codfish same identical aggregate net profits of $671,000,- Crabe 000, from which the deeline this year Cuttle Fish was $18,000,000.

In the Carp

Dab

Dace Dog Fish

Fish

Fresh Water

Yellow

Return on "Net Worth.”

a simple comparisons, Conges Better than of net profits, Beys the National City Bank's export, la a study of the re- lation of such earnings to the "net worth" employed, comprising the outstanding capital stock and the ac- Gudgeon cumulated surplus.

He continues:

our

"For the companies tabulation, the net worth at the

| Frogs in Garoups

Herrings Halibut

Labrus

Lobsters

is some difference of opinion; but beginning of 1929 and 1930 is all agree that in the last quarter shown, the aggregate of $11,745,- Lench of the year, beginning with October, | 000,000..on the latter date being

$1,212,000,000 or 11 per cent. larger Mackerel we shall be definitely feeling a

than a year previous and $1,870,- Monk Fian business revival.

000,000 or 19 per cent. larger than Mallet

Oysters two years previous.

Pomfret, Whits Pomfret, Black Prawns

Ray

Rock Fish Ronch delinge

The Bethlehem Steel Corporation,

Parrot Fish which earned 34.46 a share in the

"For the industrial group as a half-yoar, is a trifle-less optimistic

Perch than its big relative. Eugene G. whole, not profits in 1930 represent- Grace, its president, thinks that ed a return on net worth at the be-ike

Plaice business touched bottom early in ginning of the year of 6 per cent, in July, and that things now look a the six months' period or at the rate of 10 per cent. annually; the com- little better, adding guardedly:

"I do believe, however, that we parable figure for the first half was 8 per cent, and for have seen the worst, both in demand of 1929 and in prices for steel products. 1928 was 7 per cent, Current We will normally get a seasonal pick-earnings of many companies are fat relation to the market quotations of their stock at several times its book value, but in relation to net assets, 45 shown on their audited balance: sheets, the results so far this year hardly justify the loose, talk so fre quently heard that American busi- turtles, small, fe: water ness is 'flat on its back.""

Ltd.; Comptoir National d'Escompte THE BANK OF TAIWAN, LTD. up in business in August and Sep- from satisfactory, if considered, in

de Paris; Credit Lyonnais,

IN NEW YORK: J. P. Morgan &

(TAIWAN GINKO.)

Co.; French American Banking Cor- HEAD OFFICE:-Talpeb, Formosa, poration; Guaranty Trust Co. of New York.

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,

tember, and we hope it will be more or less permanent."

The figures for the first half of 1980, in general, are not encourag. ing, the New York Journal of Com- ....merce thinks, but it sees light ahead.

Incorporated by: Special Imperial Charter, 1899.

Central Bank in Portnow."

DRANCHES ASD AGENCIES:

Bank Notes and Average manas Yon. 45.000.000-thus: JAPAN-Tokyo, Yokohama, Hobs, Osaka. FORMOSA 1-diran, Engl. Karenko, Keelung. Makong, Neto, Bhinekĺku, Zakhu, Talnen. Takao, Tarosul, Teen, Heito, Talto. CHINA --Shanghal, Hankow, Amoy, Foodbow, Mrs Bwalow, Chatone

Manager.OTEK-Hong Kong Bingapore, Bourabaya,

Bemarang, Batavia, Bosbay

Hong Kong, 1st May, 1929,

THE YOKOHAMA SPECIE BANK. LIMITED.

Established 1880. Capital (fully paid-up) Yen 100,000,000 Reserva Fund******.

Yen 118,000,000

Head Office: YOKOHAMA, Branches and Agencies at:

Nagoya Alexandria

Newchwang New, York Osaka

Batavia

Bombay: Buenos Aires.

(Temporarily.

* clated),

Calentta

Canton

Changchun

Peking

Rangoon

Iton, New York Deizen.

LONDON BANKEBS1

Calsotis

The London County Westminster and Part's Bank.

The Bank le Corrispondents in all the principat | Commercial Contrae throughout the world.

K. NAGURA

HONO KOKO. BRANCH;

B, De Vaux Bond Central. Hong Kong. 19th January, 1929,

THE BANK OF CHINA,

Reorganised October 20, 1928, under special charter of The National Gov- ernment as an ANTA INTERNATIONAL EXCHANGE

DANKAR

"Rio de Janeiro

Subscribed Capital Balgon E

Paid-Up: Capitól

Dairen (Dalny San Francisco Fongtien (Mukden) Seattle

Hamburg Va

Hankow Bhanchal

Harbin

Euno Kong.

Semarang

Shimonosek Bingopora

Sydney #Tientela.

Honolulu Hedge Sourabaya

KaiYuence uzdu

Karachi

Kobe

London:

Los Angeles Lyonses

Tokyo #Takzianfu

Tsingtau Vindivosto:

Napisak 1

brest allowed-

Deposita received: for strated to be obtained;

$26,000,000.00 21,710,200.00

Reserve Fundas 8,820,508.82

THE BANK OF CANTON, LTD.

Established. 1912.

"Head Office:-Hong Kong.

"Katherioad "Kupikal (EX. Comacy) $13,000,000 Pald-Up Capital

To axes and Berry Fund wa

1.000.000 BRANSKES :— M Canton," Bhanghal, Hankow, Swalow, Bangkok, New York and Bea Frascico

· LONDON BANKEES :— N

The Lead's Deaky-Limited. COBRESPONDERTS

In all prianipal Use of the World.. Vorhangs - and -- banking badoom of every deseription krynessində - Magn

Bate Deposit Bantoe. (various slam) al ́a'yonely voniai. of Zrona. 65 do 640, LATE NI

LOOK POONG SHAN,

Chief Manager Hong Kong, 14th May, 1980. A

Where Profits Have Risen.

Shark Skate Shrimps Snapper: Soles Tench Turbot

蔥肚水 ** $$~EGG ¤ 92*4885AUFLERGESYAJUES@INKEDA HEZKEENCEREQUENESOZWADEEASYNTHERN ***

Grapes

Vegetables, &c.

Artichokes ..

Beane, Sprout

Long Beet Root.... Bitter Squash

Brinjala, Green

Cabbage, Chinese

(Shanghai)

Cane Shoots, bunch..

Cauliflower (Large) .. ★BAIE

(Small) .. #BETRIE

ни

Red

(Medium)

###

35 16

Carrots

Celery, Chinese

Chillies, Dried

辣椒

AC # #

26. 30

腎花椒

烘

ན ཋ ན

ទូ ៈ ន ន គឺ ៥ជូនន៥គឺ 3 ន ន ឆ ៩ ម៩៖ ឌឌគឺគ ៦ ៩ នត គន ដ ឌ *8 19999*PRAP:ARNENASCARA≈89888=2*N*-ON-N

Red

Green

Carry Stoff, English.... QUEMI

Cucumbere

Garlic

Ginger, Young

3888-22685.Man.**--*.8**]. RESORT

竹类号頓瓜瓜瓜菜菜笋花花花笋茶千椒椒料瓜狐翁米樂路時弰菜薯仔

生菜盘

Old

Horseradish, Shanghai Indian Cora Lettura

Water. Chestnuts

Handaria

Mushrooms, Fresh...

Okross

Oniloan, Bombay

Japaneso

American

each

།ཆ | gཕཕ །༞།| ། ྋཕgnལས༔

ib.

28 26

⚫ 14

10 10

10'

10-

8 2

•

35 8

8 45

8 8

8 4

5 8

Green

生

Shanghai

上海感

l'arsley Potato, Sweet..

50 80 8

日本寶

Pumpkin

签

Radish se

紅街

Rhubarb (Fresh)

ShaBots

19 10

Tomatoes

Taros

16 22

Turnips, Punti (Long)

Vegetable Marrow

8 4

15 12

Water Gress

-8 15

Spinach

Watar Lily Boot

Analysing the reports of 158 com SETTLEMENTS BANK portant that international co-opera- BROAD-GAUGE LOCOMOTIVES

panies, whose profits fell off 21.1 por cent. as compared with the first half of 1929, and dividing them into 28 groups, The Business Condi- tions Weekly of the Alaxander Hamilton Institute, New York,

ваув:

DIRECTING THE FLOW OF CAPITAL..

од

tion be initiated, and, once initiat- ed, maintained, We see how the

"Tiny," the only complete broad- bank rate in a country. on the gold standard may stand between 10 per gauge locomotive in existence, is .cent. and 12 per cent. while

one of the most interesting relics also In another country, the gold standard, the 2% per in the possession of the Great West- cent.. level may rule. This is ern Railway. Built in 1868, it was:

recently taken from the Newton absolutely abnormal.

Abbot locomotive depot, in which, with one of its flanged wheels re- moved and a pulley substituted, it

On his arrival at Helsingfors "Comparisons of earnings for the balf-year show five groups with pro from Stockholm, M. Pierre Quesnay, fits above those of last year-all the Director- General of the Bank "It seems to me that this dis way equipment, ahoe and leather, for International Settlements, state proportion might be remedied by co restaurant, confectionery and

operation between our bank and the publishing Unfavourable frated that it was his intention to es various central banks. It should had. for many years done duty as a quarters bring the public-utility tablish personal contact with the be possible to Improve credit or spare stationary engine working groups and beverage makers below heads of all central banks in Euro ganisation and to direct the flow of the pumps in the boller house. At 1929.ts

"Business has shown itself moro Dean countries on the gold standard, capital to those countries where it is the present time, this locomotive tain equilibrium may be brought Newton Abbot station. It stands at or less indifferent to stock market says the Helsingfors correspondent most required: In this way a cer- occupies a prominent position in about, and interest rates in count the centre of the last section of the THE BANK OF EAST ASIA, LTD. prices" remarks the Wall Street cor- of the Financial Times.

Established 1918.

respondent of the Consolidated "Our main object is to facilitate tries where credit is too expensive Great Western main line to be. cen verted from the broad to the stan Press, adding age w

and to lead the movement of may be reduced,

dard gauge. A model of another "We hav to infer that causer beginnen

The present world-wide depression interesting old locomotive, the dooper than the stock market up capital eald M. Quesney, parti

is without a doubt due parlly to North Star, is now located at Swin- heaval have been and are now at cularly with respect to reparation monetary reasons. I recently: had don. This was the company's first work and that business stabilisa- payments and the settlement of an opportunity of discussing this locomotive, and was used on the Capital & Surplus over 1158,000,000 tion will ultimately produce printer silted debta. Any mistake problem very thoroughly with Procession of the preliminary, open- Total' Resources, over H$80,000,000 manent market recovery rather than 1: Queen's. Road Central “

nicans an eray one, and will require ton and Maidenhead on May, 81, Every description of Banking that stocks shall lead business out here may be fraught with disastrous fessor Cassel. Our task is by ho Ing of the line between Fadding Owing to our numerous branches and Exchange business transact of the present slough of despond. consequences, and it is therefore, much time and effort

AL Opinion as to when this will take In China and large connections in the ed important.commercial centres 101: Current and Fixed Deposit Ac place la focussing on the last quartos natural for us to devote wery, close world, we are able to

local and foreign car of 1980. From September on, attention to this side of our task.

"It is by no means sufficient for opened for clients comparisons of earnings will be Bavings Account and Safe De-vastly more favourable than those country to adopt or to revert to

months Con of the previous posit BoxesYCH

the gold standard, (edge: Blbrighte

HEAD OFFICE. SHANGHAI

HONG KONG, BRANCH:

chantespecial gai

and foreign

We slao.handle

of Bonds

and other Pablle Funds öft thờ;

ese Government both at-home

broksta

HEAD OFFICES

10 Des Voeux Road Central

HONG KONGAM

connta

Branches and Agencies all

Sequenti

the remainder of the

almow

obligation to ma

the

Heart

1838. It was reconstructed in 1925; from many of the original parts, one of which, a buffer stuffed with Customer! To what do you owe, horsehair,' was being used as a

Bucces

* piano stool at Bath: This locomo

tive was sent to the United States Arst five in 1927, on the occasion of the Bal- woman openskimore and Ohio Railway Centené

1930-10-13 — Page 2

Comments

Private Research Note