1930-12-02 — Page 2

Page

HONG KONG AND SHANGHAI BANKING CORPORATION.

Aetherland Capital

* 850,000,000

Freund and Fully Paid-up $30,000,00 Bet Funder-

Berling

£8,500,000 $0,500,000

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1858.

HEAD OFFICE: LONDON. Paid-up Capital

Reserve Fund

.£3,000,000 ..£4,000,000

Reservo Liability of Pro-

prietors

...£3,000,000

Agencies and Branches:

KUALA LUMPUR

KUCHLING

MADRAS

MANILA

ALOB STAB

[Mulay bini

AURITAN

Moore Liability of Proprietors. $10,000,000 UKAD OFFICE: HONG KONG.

BOARD OF DIRECTONA,

J. A. Plummer, Eag

Chalaman.

Elon. Mr. C. 01. 8. Muckia. Deputy Chairman.

W. IL Ball, Raq. Hon. M. J. Patresca.

▲ E. Compton, Esq. T. F. Pearce, Eaz.

3. Landar Laula, Esq. T. 11. B. Shaw, E64

10. Maklo, Exs.

V. H. Oyburn, Esq.

BRANCHES:--

LONDON

BANGKOK BATAVIA

BOMBAY

CALCUTTA

CANTON

AMOY

BANGKOK

BATAVIA BOMBAT CALCUTTA

CANTON

CHEFOO COLOMBO

DAIREN

POOCHOW

HAIPHONG

BAHBURG BANKOW ILAMBAN HONOKEW

ILOLLO

1 Pol

ΤΟΠΟΣΚ

KODE

KOWLOON

J. F. Warren, Zeq. Chief Wasser.

CAWNPORE CEDU

+

KUALA LUMPUR

LYONS

MALACCA

COLOMBO DAIDEN (Daizy

Heath Manchuria) DELOI

(N. Manchuriaš

ΜΕΣΑΝ

NEW TORK PEKING PENANG

PESHAWAR RANDOON

BATUON

SEMABANG

BEREMBAN

SHANGHAI

SINGAPORE

BOURABAYA

TAIPING (P.3.8)

TAVOY

TIENTAIN

HAIPHONG

SAMBURO

HANKOW

HARBIR

MANILA

HỒNG KÔNG

HOILO

KUAN (phoret

TROE

KARACHI

NAGARAHI

RLANG

TSINGTAO

KDDE

YOKOHAMA

NEW YORK

KUALA KANGSAR

ZAMBOANGA

['era P.M.8.)

(Philippine Tilunda)

and

BOKOEN

PRIPING PESANO BANODON BAKION

SUANGHAI

BAS PRANOISTO

BINDAPORE

"DURADAYA

SUNUEL PATANI TIENTSIN

TOKYO

THIXOTAD YOKOHAMA

Coral Accounts opened in Local CuresT and and Deponit incited for one your De shorter parlos Local Currency and Burling on are which will be quoted on application Bong Kong, 1 Apr, 1980.

HONG KONG SAVINGS BANK.

The Business of the above tank is comfes

ad by the HONG KONG AND SHANGHAI BANKING CORPORATION.

bined co application.

Rulay be

FOR THE HONGKONG AND SHANGHAI

BANKING CORPORAZIOV.

V. M. GRAYBURN.

Hong Kong, 10th July, 1900.

Chat MahaRST.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

WETHERLANDS TRADING BOCIETY)

DANKERS.

Established IMPLE

Hong Kong Ofori-11, Queen's Bood Cinsel Authorized Capital Guilders 180,000,000- (£1,500,000.) P-Up Capitel

vildars 10,080,000 (£3,000,170)

(23,214,683)

Bar Fucs. Oulideer 40,018.008

Hind M-AUSTEBDAM* Eastern Head U01--BATAVIA.

BRANCHES :---Bodjur, Beadowag, Bombay.

Calouti, Cheribon, Diaber, Djok Jakarta, The Hagie“, Judiak, Kobe, Beta-Radja, Makamer, Hedan, Padang Palombang, Pataloagio, Frong Pontianak, Rangoon, Botserlan

Bbanghai,

Barang

Sibolga (Hingapore, Bourbal Boekacts (Bolot. Tegal, Tillajap and Walia redio".

* Chase offices have sais depoali bozan so let. London Bankers-Mational Provinsial Bank Lad

Comerpondante all over the world

Backlog bulevy of every

Ameripuas irmoaroteć.

A. STOKKINEK.

Koling Manager,

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

$6, Boulevard Haussmans, Pails.

Subscribed Capital .Fra. 72,000,000.00 Pald-Up Capital.Fr. 58,400,000.00 Bawerve Funds Frs.102,000,000.00

BRANCHES:

Hong Kong Quinhon Bangkok

Saigon Battambang Hue

Shangha

Annthe

Mengtze Canion Nam Dinh Singapore Djibouti Neomor Thành

n

Fort-Bayard Papeete

Haiphong

Harkow

Hanoi

Tientsin Peking Tourace Prom-Penh Vinh Pondicherry Yunnanfu DANKERS:

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

IN LONDON: The National Pro- vincial & Union Bank of England, Ltd.; Comptoir National d'Escompte de Paris; Credit Lyonnais,

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

TOKYO

TONGKAH (Ibuket)

ed Deposits received for 1 year or which will shorter periods at rates be quoted on application.

A. H. FERGUSON,

Manager. Hong Kong. 8th January, 1920.

THE HO HONG BANK, LTD.

Authorised

Issued

(Established 1917.)

CAPITAL:

Pald-up

Reserve

Liabilities

of Shareholders Surplus

THE CHINA MAIL.

HONG

P‘and

Commerce

Finance

GOLD FLUCTUATIONS attention to the question of whe-

& THEIR CAUSES.

The League of Nations' Report.

ther the current and prospectivo production of gold on the one hand

and the normal increase in demand Beat Sirloin .... as world production and trade in- crease on the other hand are such

as to make it likely that the general of trend of prices over a series years (and apart from short-term The Interim Report of Gold De-oscillations) will be in an upward Jugation of the Financial Com-

or downward direction. Questions mittee of the League of Nations like the distribution of gold are should be read by everyone who is concerned with the causes of the referred to, but roughly the plan followed has been that of comput- present industrial financial depres-ing the world's stores of monetary sion, says the Morning Post during gold at the present moment and the mail week. We are never disposed

of

of the metal.

on

13

Prime Cat

H

Corned

Roast

"

M

Breast

-

+

++

Soup

Stank

Steak Sirloin Sausages

allock's Braina .....

*

Tongue, fresh..

Head

Heart

TUESDAY, DECEMBER 2, 1930.

KONG MARKET PRODUCE.

APPROXIMATE RETAIL PRICES.

lb.

J

Nov. 28, June, June, 1030. 1918 191 Ct. Ct. Cla

**

Chicken

Poultry.

肥染料

"

1930. 1913. 1914. Cts. Cta. Cta.

80 24 12

Ib. 24 18 14

Capons, Smali

Capons, Large

Doves ...

Eggs, Hen (cooking).... 15

Fowls, Hataan

Pigeons, Canton

- Holbow

Turkeys, Cock Turkeys, Hen

*

-

Snipo...

10 12

Pheasant

Quali Partridges

口味菜

OR 28808 #6612853

28

22

each 25 22

per dos. 84

*

jb.

PA

גן

៩ ធ្នូ នឌន ៩ គឺ ឌឌ ៖ 68 8

18

25

20

28

45

each 98.80

lb.

each 22

pair 1.80

each 23

31

1 | |

៩៩៩ ៨៧ ! នឥឪ | | | | | | |

Nov, 28; June, Juno,

Butcher Meat.

+€ 1.

30 28

11

23 12

Duck

B0

24 22

28

20

18

25

20

18

1

30 24 22

Egre, Hen (freak)

"

44 80

15

Fowls, Canton

36

26

20

per set 18

10

12

Geene

each 65 Бо 60

Tongue, corned

60

17

" $1.00

-- $1,20

Hump, Sali

20 18

11

Feet

each

10 10

12

"

Kidneys

15

»

Tall

牛

25

20 22

tr

Liver

ib.

24 18

14

Tripe

Fr

10 #

ན

Fruits.

set $1.20 #1.00 $1.00

羊排

16. 86 28

34

26

Almenda

香

Ib.

90

35

34

24

Apples (California)

金山鄰業: 24 24

1

36

Bananas (brido's)

28

27

Carambola

Per set 8

燕山香蕉 褐

7

镨

»

—

12

14

15

Coconats

10

10

15 18

Lemons, China

10 26

90

18 20

#

each 16 10 10

Lemona (American) .: ili each 12

8

14

10

4

Lichees, Dried

## lb.

05

25

30

lb. 48

30

24

34 25

Oranges (Canton) 新食品推

14

wwwww

IF

Oranges

樱

18

I

36

60 41

70

M

32 21

Pears (Canton) ................

Peanuts

沙

18

+

花 #

14 10 12

D

per set 85

60

70

Persimmons, Large

枯

12

12

each 12 B

7

Plantain

15 12

10

*

* ᏧᎢ .

5

8

#

4 24 25

Pumelo, Siam ....

H

還屦柏 each 18

12 4

ib. 25 26 22

Walnuts....

# lb.

18

16

80

20 18

#

Grapes

50

Calves' Head & Foet Katton Chop

A

Leg

Shoulder

H

Saddle

M

Pig's Chitlings

Braina

11

H

Fort

2

Fry

H

Head

Heart

#

#

Kidneys Liver

Les

to over-emphasise academic or aba- prospect of expansion or contrac- Foreign Exchange General tract influences when more easily tion to the anticipated normal ex-

pansion in liabilities. сливен Banking business transneted.

Gold Production Declining. Current Accounts opened and Fix-discernible influences and

can be dealt with, and readers know

are the statistics So completo well enough the emphasia which is lald in these columns, possibly to nowadays with regard to gold pro- the point of wearisomeness, upon duction that it has been found pos- such matters, as economy

in ex-sible to make pretty close estimates penditure, efficiency in Industry. of gold production during the next For the current year ten years. and so forth,

Nevertheless, it is also true that the high output of £40,000,000 is there are world-wide factors and in- anticipated, and after a slight dip be taken in next year the high water mark Buences which have to into consideration, and among them of £410,000,000 is looked for in the From that point on! none, perhaps, is more important years 1983.

a steady and .Straits $20,000,000 than the question of the sup- wards, however,

8,000,000

plica

gold,

which serious decline is expected, until In 4,000,000

of 1940 the world's output of gold will the world's superstructure 4,000,000 credit le so largely based and also probably have fallen to £370,000,- 2,526,000 the distribution of what may be 000, and unless there should be

described as the "monetary" stores further important gold discoveries, Pork Chop

For many years the the decline in the years following supply of gold from South Africa will be even more serious.

At frat sight the fall from £404,- and other parts of the world was

to 5370,000,000 so constant that previous to the 000,000 this year War the output of gold kept pace in 1940 in the world's gold produc- tion might net appear to be very with the expansion of credit.

During and since the War, how- serious, but it must be remembered ever, there has been such an ex- that in the meantime, by reason of sucking Pigs, to order pansion of credit and redistribution the normal 2 to 3 per cent. expan-Suet, Beef AMERICAN EXPRESS COMPANY, of the gold supplies at various sion in the world's financial and

trade activities a corresponding In-veal monetary centres as to involve a strain on the situation sufficient to crease in gold production is re- affect world prices. The fall inquired if there is to be stability in commodity pricca has been so pro- price levels, longed and so pronounced as to de- press trade in all parts of the world. Finally, and by way rendering the problem more acute, those who are experts on the sub- ject of gold production have warn- ed us for some years past that gold production will shortly decline to an extent which may seriously affect the situation.

world.

HEAD OFFICE: SINGAPORE. Branches, Agencies and Correspon- dents in the principal cities of the Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager,

THE

INC.

Head Office: 65, Broadway,

New York."

Capital Surplus Reserves

Dale

.U.S.$0,000,000 .U.S.$1,572,454 .U.S.$1,908,209

Amsterdam Antwerp

BRANCHES--

Dance Glasgow

Albans

Beelin

Blartin

Bombay

Breed

Hamburg

Teme Interlaken Jerusalem Li

Brysle

Boston Air Calro Caloutte

Teaserna Lugano

Can

Calamba

Dopagen

Edisburs

Loodca

Liverpool

Lalor

Kara:lion

Continople Monte Carlo

Foro GADATA

Manila

Munich

Mootor

Mila

Nos Haplo Pirsus Parla Гепалд J'oking Palaro Botterdam HAZ Stamboul Shanghai Beuthampton Bingapore H. Morits

Tientals

Vienas

་

Vezice Yankama Zurich

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

of

The

» Loin

Fat or Lard

Sheep's Hoad & Feet

15

Heart Kidneys Liver

Barbel

Bream

Mattos

********ES$BEEBB****&ESüet

#

Sausages

No. 1

Fish.

#

K1

J

Thus In a series of useful and very clear tables, it is shown that on the basis, say, of central banks keeping a 83 per cent. cover of gold over notes and sight liabilities and Also од the Canton Fresh Water basis of such liabilities creasing

in-

at the rate of Carp per cent. per annum, the deficit of Catbel the amount of new monetary goll CodBab available would in 1940 have fallen Crabs

to about £34,000,000, or if the Cuttle Fish expansion in liabilities had been at Dab the rate of 8 per cent, per annum, Dace the shortage would be £170,000,000. Dog Flab

Given

a larger percentage of Eels, Conger cover for notes and Habilities and the shortage would of course, be much greator. In fact, on the Froga basis of a 40 per cent. cover, and Garoupa credit expansion on the basis of S Gorgeou

An Important Report. The Financial Committee of the League of Nations, therefore, was justified in appointing at the end. of 1928 a special delegation "to examine into and report upon the in the of fluctuations causes

of power

gold purchasing and their effect

the on economic life of the nations." All classes of Commercial Banking committee was composed of well- known economic experts, and we accounts think they can be congratulated It deals upon the Interim Report. with a somewhat complicated sub- | ject in a clear, and simple manner.

Very wisely the committee in this Interim Report has confined Its

Transactions undertaken.

གཞན་ད་ Personal investment

handled.

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

Affiliated with

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

E. W. DUGGAN,

Manager.

THE BANK OF CHINA. 行銀國中

Reorganised October 28, 1928, under

special charter of The National Gov- Interest allowed on Current Ac-ernment as an

counts and Fixed Deposite according INTERNATIONAL EXCHANGE to arrangements.

.BANK.

Every description of Banking and Subscribed Capital...$25,000,000.00 Exchange Business transacted.

Safe Deposit Boxes to let

A. LECOT.

Manager.

Bong Kong, 1st May, 1929.

THE YOKOHAMA SPECIE BANK, LIMITED.

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

Yon 113,600,000 Head Office:-YOKOHAMA. Branches and Agencies atr Alexandria

Nagoya Newchwang

Batavia Bombay

Βασείου Aires

(Temporarily

closed). Valentia

Capton

Changchun

Dairen (Dalny)

New York Oraka

Peking

Rangoon

Rio de Janeiro

Fanglien (Mukden) Seattle

Hamburg

Hankow

Barbin

Hong Kong Honolulu

Kai Yuer

Karschl

Kobe

London

Pald-Up Capital.....$24,710,200.00

THE BANK OF CANTON, LID.

Established 1912.

Head Offer:Hong Kong,

Authorised Capital (II.K. Cornwary) $11,000,000 Pald-Up Capital

8.065,600 Barré Pandemummanivarttırmam

7,000,000 BRANCHES 1- Canton, Bhanghai, Haskow, Bwalow, Bangkok, New York and Ban Francisco,

CORRESPONDENTE

LONDON BANKERS-

The Lloyd's Dank, Limited.

In all principal cillas of the WorlL Foreign change and banklar busiere of arty description iransacted,

Saia Dapods Boxes (various alzen) as a postly rental rum 11 to $10.

LOOK POONG SHAN,

Chief Manager. Hong Kong, 14th May, 1880,

THE BANK OF TAIWAN, LTD. (TAIWAN GINKO.)

Reserve Funda ..$ 3,820,603.82 | HEAD OFFICE:-Talpob, Formosa

Incorporated by Speelal Imperial Charter, 1899.

HEAD OFFICE: SHANGHAL'

HONG KONG DRANCH:

Central Bank in Formosa,

BRANGUES AND AGENDIES: FATAN |--Tokyo, Yokohama, Koba, Ceala

Bank-Nolos fessed area, 10.000,00

PORMOSA Keg. Karanto, Keslong,

Malang, Nanto, Biochiku, Taichu, Tales Teken, Tamal, Town, Telto, To. OILINA ----Shanghai... Hankow,

Swatow, Catan OTEK118-ang Bong. Blogspory, Bo

Foschow,

1. Queen's Road Central. Owing to our numerous branches in China and large connections in the important commercial centras of tho world, we are able to extend to our clients special facilities for domestic and foreign banking' and exchanges.

We also handle the losue of. Bonds The London County Winter and Parr's Bank and other Public Funds of the Chin- eae Government both at home and Commersal Centres throughout the world."

The Bank has Cornerodents in all the principal abroad..

Basuring. ・Baterie

Bombay Calenta

London, New York, Duizen

LONDON BANKERS

NAGURA

SHOU J. CHEN,

* Manager, Hong-Kong, 6th March, 1930.

Manager

ROKO LONG BRANOU:

Den Vaux Bond Central," Bong Kong, 19th January, 1922,

THE BANK OF EAST ASIA, LTD.

Saigon

San Francisco

Semarang

Bhanghal

Shimonenek

Capital and Surplus

Bingapore Soerabaya Bydney

Tiantain Tokyo

Hong Kong 10th Ber ber," 1980"

Established 1918. ^.

HEAD OFFICE:

10, Des Voeux Road, Central.

Total Resources

. TONG FONG.

over H.$ 8,000,000.00 over, H.$80,000,000.00 Every description of Banking and Exchange business transacted,

Carrost and Fixed Deposit Accounts in local and for

currencies opened for clients,

unt and Aafe Deposit Boxes.

All over the world

ANTONG PO

Fish

w

Fresh Water Yellow

per cent. per annum, the deficit in Herring 1940 would; it is reckoned, be about Halibut £238,000,000.

Remedial Measures.

Labrus Leach

In view of this anticipated short-Lobstars age of gold in the near future, the Mackerel Gold Delegation make certain de-afonk Fisb anite recommendations. The chief Mallet of these is that it might be feasible Oygiers

and even advisable that there Parrot Fish' should be a general lowering by all|Parch the Central Banks of the percent Pike age proportion of gold cover

for Plaice

liabilities, though, very properly, Pomfret, White they add that, were a single coun- Pomfret, Black try to act alone it might in cer: Prawns tain cases, weaken confidence in its Bay

currency. Therefore, before such Rock Fish actor, could be taken it is suggested | Roach that an international understanding | Jaimon

Shark should previously be reached.

It is maintained that if the Gov-Skate

ernments of a dozen more countries Shrimpa

In which the largest gold reserves Snapper

sre held adopted an agreed policy, Solen

I others would be sure to follow their Tench

example. On this basis of recomTurbot

mendation those countries whose Turtles, small, Zr, water

4

legislation prescribes not minimum legal cover ratio, but $

魚魚——魚魚魚

魚魚魚魚脚

$ # B

牛羊仔杼

尾肚 水 低 康沙藍斑魚白甲花魚蝦魚魚魚魚魚和蝦焄公魚鮪魚 黄钫 海菜黃田石白將賓為外在芒裤鈡知业花班白帶咧石街诺沙鰕立尤左 *#

33

И

18

FL

+

7

.

83

80 26 26

22 20 20

28 $2

16 24

20 18

ឌ ឌ គឺ ន ឆ ៩ ៖ ឌឌ ៖ 5 គឺ ឥ B 2 ≥ ឥ ឥ ឆ ឆ ន ធូ ភ ត រ វ ឌ គឺ ៖ ៖ ជូ គ ទ É ឌឌ ៖ គ គ ផ គ ន ដ៏ឧន្ធ 1222232822°;~~*~*~*~*~*~*~**⠀⠀-~¤~¤~A¤qda??

............... $5 each 18

## lb.

#

1244each_12.

Vegetables, &c.

Artichokes

Beans, Sprout

Long

Beet Root

Bitter Squash.

Brinjala, Green

Red

H

Cabbage, Chinesa

(Shanghai)

Cane Shoots, bunch.

Cauliflower (Large)

Carrots

(Medium) RIE

Calory, Chinese

(Small)

St

红辣

#

RE

Curry Stuff, English....

竹杰争蜓瓜瓜瓜菜菜笋花泥桃笋茶干椒椒料瓜园西路 米桑路酒藏·四天菜薯仔 瓜盱萊頭茄梅菜 第 ***

10

27

9

17

26

27

16

24 10

8

Chillies, Dried

.10

8

Red

30

Green

25

30

Cucumbers

24. 22 18

Garlic

23

Ginger, Young

15

Old

П

18

+24

Horseradish, Shanghal Indian Corn

21

Lettuce

20

Water Chestnuts

2

Mandarin.

2

9

16

Onlans. Bombay

# #

9

Green

20

上海

80

45

Parsley Potato. Sweet

---14

14

金山

18

Pumpkin

28 22

10

Radish .....

紅纇

80

--Rhubarb (Fresh)

10

Shallots

干巴

10

Spinach

80

Tomstoes

28

ΤΑΓΩΝ

28

"

+

26 28

85

12

#3

» 1.00

J

"

Mushrooms, Fresh Okroes

Shanghal

Заралева

American

Turnips, Punti (Long)

Vegetable Marrow

Water CreE

Water Lily Book

#

1 | 1988 | |

16

lb. 5

#7

20

W

8

8

#

17

8

14

12

1

8

Fr

ench 25

20

I

18

8

3

10

10

2G

25

5

20 10 10

#

16

B

12

10

B

8 $

10. 0

$

20

15 10

45 8 4

B 46.

0 1

8

19

8

10

8 8 8

0

ச 0

65

8

5 8

•

7 3

4

$

B

8

8

10 4

6 7

B 4

8

15

#

4 15

New Kowloon Inland Lot No. maximum limit to fiduciary cir affected by a shortage of gold, and increasingly dominating Japanese culation would presumably fall into the passing of time has undoubted. | mille.

2,410, West Kowloon Inland Lot, alteration of the line by an

These mills, according to Mr. 2,212, Portland Street with an area ly indicated that the warninga were maximum Úduciary issue allowed justified:

Moser, have developed efficloney of approximately 15,050 aquare Some economics of gold, it is aug

upon a basis unequalled anywhere feet, fetched, $51,000, the purchas-- Without in any way taking ex- gested, could also be effected by ception to the chief remedy put else in the world, and which is era belag Messrs. Wong Ping-wal extending the use of cheques, while forward by the Committee, namely, extending their output not only into and Yeung Tuen-po. The upset

further auggestion is thrown oula possible reduction in the legal the Asian and African flelds but price was $30,100.

Mr. Chung Chung-aban was the as to the desirability of replacing requirements of gold cover, etc. for into Great Britain itself."

Mr. Moser's only suggestion on purchaser of New Kowloon Inland notes of small denominations by liabilities, it is impossible to forget

manu-Lot No. 1,425, situated at Nan subsidiary coin.

that on some of the countries at the behalf of Western textile Finally; the Committee draw at

time, and notably in facturers is that the Occidental Chang Street between Un Chau present

thefr own Street and Fuk Wing Street. The tention to the consequences which France, the fact that the total of countries establish they consider might result from: the gold is already greatly in excess of Oriental cotton mills, using local property was knocked down for conversion of existing foreign legal requirements does not pro labour but reserving the manage $27,000, the upset price being naset reserves into gold on any con- vent the accumulation of the metal ment in the hands of Western $12,988.. siderable scale, and they "urge all at that centre continuing, and whe-trained personnel. countries now employing the gold ther the cause is to be found in exchange standard to give Beribusa policy," or in a defective monet consideration to this matter." They ary and banking system, the fact of also express the view that it would the accumulation and its effect in do much to establish complete con- emphasising the general shortage Adence if, following on a policy of gold is unquestioned." reserves of foreign assets being as

a rale concentrated in Central Banks, an international under standing were to be reached that the reserves which countries hold abroad for the maintenance of their currency should not be sub ject to seizure or confiscation, in times of water

Present Policy of Hoarding

JAPANESE MILLS.

AMERICAN OFFICIAL ON THEIR “UNEQUALLED EFFICIENCY.” Washington, Oct 7.

He advised caution, however, in view of the political status of cer tain of the countries of the Far East at the present perfad.

FOR SALE

CROWN LAND: SALES.

Ines of industrial development by Stanley Gibbon's Part 1.

Yvert Et Teller's Scott's

Various countries require wide POSTAGE STAMP CATALOGUES technical investigation along a

FOR 1931. number of lines, in Mr. Moser's opinion, before It can be considered feasible to proceed on any broad

Each

$5.25

.1

II. ..$8.00

.$5.00

$6.00

Westerners.

New Kowloon Inland Lot No.

It is only due to the members of Mr. Charles Moser, of the U.S.1,423, which is situated at the junc the Gold, Delegation Committee to Department of Commerce to-day tion of Tai Po Read and Fuk Wa regember that some of its-men published a survey of textile condi- Street, was sold to Mr. Chu Bun- bera bave for some few years past tions in the course of which hawing for $21,000. The property strong viewsEAS the forecast that certain western ex-basarlaren of approximately to which the economic, ports eastward will continue to de 8,060 square feet, the upset price

dine, especially in the face of the being $12,090.

GRACA & CO.,

Dealers in Postage Stamps, Philatelie Accissories, Religious.

Goods, Garden Eaods, Toys,

·otc, etc.)

No. 10, WYNDHAM STREET, 10. Biz Noy 620,- HONG KONG,”