1931-03-03 — Page 2

F

2

BANK S

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Capital

$50,000,000

Imved mud Fully Paid-up ***** $20,000,000 Roses Funda ;--

*terling..................

sülver ........

1 $540,000 ...................... $415,000), BAG

Deserva Zubility of Proprietors... $20,000,000

HEAD OFFICE: HONG KONG.

BOARD OF DIRECTORS: —

3. Mr. C. (1. 8. Marki, Chairman.

Ton, Mr. J. J. Patetron,

deputy Chairma

W. I. e, Eng. T. E. Pewter, Exy, A. J. Complex, Beg. J. A. Plummer, Rag.

Lander Lewin, Esq. T. M. R. Slaw, Kay

U. Miskin, m

AUDY

HASUKOR

HATAVIA

EBAY

CALCUTTA

CANTON

GREFOO

C')}}

3. F. Warren, Eng

Chie! ManageE.

1. M. (myburt." Bw.

DAILES POOLTOW HALEHONG

HANKOW BARBIN HONDREW

ILOILO ruil

Jolok

KOBE

BOWLOON

BRANCHEB:--

KUALA LUMPER

4 LONDON

ΓΥΟΝΗ

MARAUCA

MANILA

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1853.

HEAD OFFICE: LONDON. Paid-up Capital Reservo Fund

Reserve Liability of Pro-

prietors

THE CHINA MAIL.

THE HO HONG BANK, LTD.

(Established 1917.)

HEAD OFFICE:-SINGAPONE. Hong Kong Branch: 13, Queen's Rd. C. £3,000,000 Authorised Capital Straits $20,000,000 £4,000,000 Issued Capital

Paid-up Capital

..£3,000,000

Reserve fabilition

Agencies and Branches:

of Shareholders Surpluc

ALDI HTAN

· KUALA LUMPTO

Halay Blaja)

XUQUING

AMRITHAD

BANGKOK

MADRAS

MANILA

MEDAN

NEW YORK

BATAVIA

RWAY

CALCUTTA CANTON

CAWNPORE CERC

COLOK DO

DAIREN (Dalny

South Manchuria)

DELIN

HAIPHONG

PEKINO

PENANG

PESHAWARt MANGOON

SAIGON

HAMBURG

HANXOW

HARDIK

(B. Munsuria)

HUNG ROND

11:1

TIENTRIN

TOKYO

BUILD

MUAR (Zohort

KARACHI

KL.ANG

ROSP

MURDEN

NAGAHAKI

NEW YORK

PRIVING

PENANG BANON

NARION

SAN FRANCISCO SRANGBAL

SINGAPORE SOTILANAKA SUNDEL PATANE

TIENISIN

TOKYO

18450 450 AUBOHAMA

Current Acesulits upoted ja Local Curry

and Ford Heposits coveted for me you

i partnels Local Curzeney und sterling in which will be qualed on application. Hong Kong 20 Echtung,

an

HONG KONG SAVINGS BANK.

The Bum of the abur Dank is conduct. by the HONG KONG AND SHANGHAI BANKING CORPORATION. Jules may in obtand on apparmion.

FOR THE HONGBONG AND SHANGHAI BANKING CORPORATION.

Y. A. GRAYBURN,

Hong Kong, It July. 10.

Chief Mgr..

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

96, Boulevard Haussmann, Parin.

Subscribed Capital .Frs. 72,000,000.00

BRANCHES:.

Paid-Up Capital... Fra. 68,400,000.00 Reserve Funds ....Frs.102,000,000.0 Bangkok Hong Kong Quinton

Saigon Battambang Hue

Shanghai Mengtro Đantho

Nam-Dich Singapore,

Thanhoa Tientsin, Touranc Pnom Penh Vinh Pondicherry Yunnanfo BANKERS:

Canton

Djibouti Neumer

Fort-Bayard Papects

Haiphong Hapkow Mano!

Peking

IN FRANCE: Comptoir National d'Escompte de Parla; Credit Lyonnais; Banque do Paris et des Pays-Bas; Credit Industriel et Commercial; So elato Generato,

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

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

Interest allowed on Current Ac- counts and Fixed Deposits according to arrangements.

Every description of Banking nad Exchange Business transacted. Safe Deposit Boxes to let

A. LECOT.

KUALA BANOSAR

SEMARANG

BEREMBAN

SILANOMAL

SINGAPORE

HOURABAYA

TAIPING (F.M.8.)

TAVOY

TONGKAR (Bhuket)

(Philippine Jelanda)

THINGLAR

TOKUBAMA

ZAMBOANGA

Ferak F.M.8.) Foreign Exchange and Goneral

transacted. Banking business

Current Accounts opened and Fix- ed Deposits received for 1 year or which will ahorter perioda at rates be quoted on application.

A. H. FERGUSON,

Manager.

Hong Kong, 8th January, 1929.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 55, Wall Street, New York,

Capital, Surplus and

Undivided Profits ..U.S.$224,564,298

· Branches in:

ARGENTINE HELGIUM

BRAZIL CHILE

LONDON

MEXICO

PANAMA VERU

PHILIPPINE

ISLANDS

STRAITS

CHINA

COLOMBIA CUBA

PORTO RICO

DOMINICAN

REPUBLIC

INDIA ITALY JAPAN

SETTLEMENTS URUGUAY VENEZUELA

Commercial and Travellers' Letters of Credit, Travellers' Cheques, Bills of Exchange and Cable Transfers bought and sold, Current accounts and Savings Bank accounts opened and Fixed Deposits in local and for- eign currencies taken at rates that may be ascertained on application to the Bank.

8,000,000 4,000,000

-4,000,000

1

TUESDAY, MARCH 3, 1931.

and

PLAN TO SOCIALISE INDUSTRY.

U.S. INVESTMENTS ABROAD.

Commerce

Finance

BUSINESS CONDITIONS undo much of the good that had

IN AMERICA

2,520,009 Greater Confidence in

Economic Fabric.

Branches, Agendes and Correspon- denta in the principal cities of tho world.

Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager.

NEDERLANDSCHE HANDEL-

MAATSCHAPPIJ, N.V.

(METHERLANDS TRADINO SOCIETY;

BANKERS,

Exaulliri 1974,

P

song Song Des:-il, Queen's Road Central. authorba Capital ......Qulidə 150.000,00G-

{£12,800.00) Bald-Up Capital Quilders 0,040,00 (28,000.4753 Mer Fund

Quilders 40,018,

(23,084,208)

Head Ußen:--AMSTERDAM* Eastern Head Of:-DATAVIA.

EXPECTATIONS JUSTIFIED.

been accomplished.

Factors in Permanent Recovery.

Behind the Scenes in Australia,

"Amazing

Sydney, Jan. 19. ovidence of the

Increase in Holdings of

Foreign Securities.

Washington, Jan. 8. Seventeen and a half billion dol

So far as the revival of manufac turing already, witnessed is concern Labour Party's plans to Sovietise lars of American money are how cd, it must be recogni ed that this our financial system is revealed in invested in the governments and reflects to a large extent an expan-the activities of the A.L.P. industrial enterprises of the rest sion of production in preparation Socialisation Committee." said the of the world according to for, an expected_consumer demand.

an

in-

This is particularly true of the Nationalist candidate for Parkes, estimate made by Dr. Max Winkler automobile industry whose enlarged Mr. C. W. C. Marr, to-day. "With for the Foreign Policy Association. activity in recent weeks has been a extraordinary frankness this Mos- This figure represents an prime factor in the limulus to industry generally. It remains yet cow-modelled body has prepared a crease of $1,556,056,000 or more New York, Feb. 2

than 5% per cent. during the year to be demonstrated to what extent financial acbeme to solve our pro- The monthly review published these larger programmes of problems, which every Labour mom-and is the largest known in his- despite the world-wide depression by the National City Bank of Newduction have been justified, and in ber, from the Prime Minister (Mr. tory. It compares with $16,604, York states, in part-

our judgment the decisive test an to The month of January Кан

J. H. Scullin) to my opponent, Mr. 000,000 at the beginning of 1930 recovery will lie in the extent to justified oxpectations of an im- which industry is successful in dis-Martin, will be sworn to support beginning of 1914.

and with only $2,625,000,000 at the provement in the business sitas-tributing this enlarged output to and put into efect." tion. Activity in the steel and au- the consumer. This, coupled with tomobile industries has increased the trend of building operations end has been paralleled by a gen- this Spring, particularly in the re- unadulterated Sovietism is mere divided with oral broadening out of business insidential field, should give more re-ly putting i mildly. other important lines. Employ liable indication as to whether or A.L.P. has ment reporta indicate

thrown open

a Bubstani-

To say that it is

pure

in

BANGITES:-Bandjerinseln, Dandong, Donsbay,tial expansion of payrolls in the not the turning point in the depres doors to the members of this un-and '$1,485,000,000 in the rest of

manufacturing centres. Sentimentaion has really taken place.

Largely American. This huge world investment

$5,607,000,000 The Europe; $4,436,000,000 in Canada, ita $3,013,000,000 in South America. $2,985,000,000 in Central America

jakarta", The Hagua', Jadfah. Kabe,

It is idle to ignore the fact that Australian, anti-British committee, the among business men is distinctly economic conditions all over the and is considering a proposal to estimate.

world, according to the Palembang. Pakalongan. Penang Pontianak,

more confident, and Rango Boiterdam",

in general world have been violently disrupted, give 10 per cent. of its funds to the business situation wears a and that it may take time and enable the committee to carry out operations or repayments and was Bacanog". Abangbu

The gain of $1,650,000,000 mudo (Bumatra). Biagio Seurakinis,

during 1930 excluded refunding (8040), Tegal, Tillsap and more hopeful aspect than it has

in some time.

Calette, Cheribu, Djelab Pub Busa Badia, Sakaros, Medan, Faden

mbol

• The of have sofa laposři bazes to Ind. Landon Hankem : National Provincial Bank Lid Correspondents all over the world Banking burnout of vesty

dourription Iranacted

A. BTOKKINK,

Acsiog Manager,

tlong Kong, 19sb Auguas, 1980,

THE BANK OF CHINA.

行限國中

Reorganised October 26, 1929,

apecial charter of The National

ernment as an

1

INTERNATIONAL_EXCHANGE BANK. Subscribed Capital ...$25,000,000.00 ......824,710,200.00 Prid-Up Capital Reserve Funds

.4 3,820,503.82

HEAD OFFICE: SHANGHAS.

HONG KONG BRANCH: 4. Queen's Road Central

To what extent the improvement in sentiment is due to the better trend in the accurity markets is impossible to say. Whether at

patience before a new equilibrium

moved to

mend

"Without

Publie Deceived.

knowing

ex-

to

which has just come to a close, placed abroad during the year should exert a very salutary effect upon the present economic condi- tions of the United States," the of the Foreign Policy Association saya, this "ince foreign investments of a

or later, in a pro-

We are also able to offer our Cus- important commercial centres of the tended to inspire greater confidence mood to listen to reason and to be Scullin's policy speech, when Mr.

tomers the services of the Branches

of the International Banking Corpora- tion in San Francisco and Spain and also of The National City Bank of New York (France), S.A., in Paris and Nice,

F. McD. COURTNEY,

Manager. Hong Kong, 20th February, 1931.

THE

AMERICAN EXPRESS COMPANY,

INC.

Head Office: 65, Broadway, New York.

Manager

Capital Surplus

itezerves

Hoog Kong, 1st May, 1929, THE YOKOHAMA SPECIE BANK,

LIMITED.

Priablished 1880.

Capital (fully paid-up) Yen 100,000,000 Reserva Fund .......Yen 118,500,000

Head Office:-YOKOHAMA. Branches and Agencies at:

Nagoya Nowchwang

Alexandria

Batavia

Bombay

Buenos Aires

(Temporarily

closed),

Calcutta

Canton

Changchun

-Dafren (Dalny)

New York

Osaka

Poking

Rangoon

Rio de Janeiro Saigon

San Francisco

Fongtien (Makden) Seattle

Hamburg

Hankow

Harbin

Hong Kong

Honolulu

Xat Yuen

Karachi

Kobe

London

Los Angeles

Lyons

Marila Nagasaki

Semarang Shanghai Shimanoself" Singapore Soerabaya Sydney Tientain Tokyo

Tsinantu

Tringtan Vladivostock

(Temporarily closed)

U.S.$6,000,000 1.8.81,872,454 U.S.$1,908,209

BRANCHES:-

Ametodama

Севов

Autwory Atham

Niles Naples

Banke

Piraeus Pur

Годзод

Faking

T'alatio

Bollarda

Boc

مناعبك

Barrile

Dombay

Brad

Besanals

Dos Air

Oslo

Caloutta

Glasgow

Stavana Hamburg

Interlaken Janualem Lido Londos Liverpool Intou IAugeDo Са

Lupe Colombo

Karmiline Coralentinople Monte Carlo

Copenhagen Falsburgh

Fin Camera

Branebes

Manha

Montres

Husiah

جدااا

Siam boni Starbal

Sculpto Bingspor BL. Morita Tientsin

Vianna

Texica

Tushara Zurich

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

received

TO-

is established. We are in a Fjor its object, says the Brisbane made despite a large turnover of

such business amounting depression which is world-wide, and Courier. as such is vastly complicated by all

The committee itself declares, $415,000,000 compared with only manner of perplexing questions in with unabashed candour, that it is $214,000,000 in the previous year. volving international debts, tariffs out to nationalise banking and to "The relatively and unexpected- any given point it should be said and drastic and far-reaching social socialise industry, production, diay large amount of American funds that business reflects the stock and economic changes. Retrench-tribution and to socialise industry, market is always a question forment, moreover, is still the rule in production, distribution and debate. Doubtless in the long most industries, and most countries, change. run the stock market will take its and where this is the case the ex- cue from business rather than the penditures of people everywhere reverse, but the two influences act tend to fall not only to the levels of under and react upon each other, and sound economy, but even below the diabolical machinations of Gov-there can be no doubt that the level of reasonable replacensent.secret junta, the public heard the productive character are bound to

swing of stock prices is an impor- That the process of correcting a speech of the Prime Minister with result, sooner tent factor in shaping public pay-period of over-expansion works in a degree of assurance. They were portionate increase in foreign com- chology.

crude and fumbling manner is re- more assured still when Mr.merce." Naturally, the reports of expand grettable, but in a system of free Scullin, next day, further watered ing operations in various branches industry where everyone can follow down his policy of providing limit-for 1930 divided by regions shows The increase of net investments of industry likewise have been help the dictates of his own judgment, ed eredits to

South America assist production. that ful to centiment, even though at this stage it fa difficult to differen tiate between purely seasonal and more permanent gains. Knowledge, also, that the country has come through the critical days of Decem Owing to our numerous branchesber without more serious upsets has in China and large-connections in the world, we are able to extend to our in the soundness of the economic clients special facilities for domestic fabric, while with

some people a and foreign banking and exchanges.

We also handle the issue of Bands feeling of relief over the passing of and other Public Funds of the Chin 1950 and a tendency to see some eso Government both at home na magical significance in the "turn of abroad.

the year" seems to be the basis for SHOU J. CHEN,

a not-so-well grounded optimism.. Hong Kong. 6th March, 1930.

The Pick-up in January. With the recovery in industrial activity since the year-end, eicel THE BANK OF CANTON, LTD. mill operations have been stepped

up to around 46 per cent. of caps city. While this reprezenta a con- siderable percentage increase from the low point, the gain started from such a low level that the current rate falls a good, way short of the 74 per cent. rate in effect at this time a year ago. Some disappoint- ment has been felt that the ad- vance has not been more vigorous, yet it could hardly be otherwise In view of the status of ultimate con- sumption. It is now clearly seen that the advance a your ago was too rapid and led to overproduction, and the feeling of most authorities THE BANK OF TAIWAN, LTD. at the present time is that business

(TAIWAN GINKO.)

Established 1912.

Manager.

Head Office: Hong Kong

Atzorised Capital (.. Curway) $11,000,000 Pald-Up Capital

1,000,000 Boneve Foad

1,000,000

DRANCHES *--*- Canton. Shanghal, Baskow, Swatew Bangkok, New York nad Ran Francisco

CORRESPONDENTS

LONDON BANKERS :-

The Lloyd's Bank, lómlied,

În alt principal etties of the World. Foreign exchange and banking buginamy every description fransacted.

Bats Depot Bezas (yarious sītas) si a yearly rental of from $5 to $40.

LOOK POONG SHAN,

Chlef Manager. Hong Kong, 14th May, 1990,

HEAD OFFICE:-Taipeh, Formosa. Incorporated by Special Imperial Charter, 1899.

Canis Bank-In Formosa,

BRANCHES AND AGENCIES, JAPAN :-TOKYO, Inkokama, Kobe, Osaka. VORMOSA :-Diran,

Karenko,

Bank-Molen und Arago

progress will be on a sounder baels if it moves slowly.

and things adjust themselves by the Australia certainly expected a de- $341,685,000 in new funds of which trial and error method, there is no finite declaration by the Prime $177,258,000 was for governments, other way. After all, people are Minister against all forms of in-states and municipalities; while seldom

their flation release of credits, and the Central America including Cuba, methoda so long as they continue to stabilisation theories advocated by Mexico and the West Indies enjoy prosperity Only under pres the extremists in his own party. ceived $64.600,000 which was for Aure of hard times are they in a

Hardly was the ink dry on Mr, governmental agencies." straightened out again in the path Theodore took the platform to give

Europe in the Lead. of sound economic principles.

Europa headed the list of leading another policy on behalf of the sources for investment however, Because of the various uncertain- Labour Party, cleverly camouflag- taking ties, any attempt at prediction for ing a direct onslaught on the bank-$665,212,000 of which 8383,904,000 Д net increase of the near term is hazardous Indeed. ing institutions, which are careful-went for corporations and the rest Business, however, has an amazingly preserving the wealth of the to governments. Canada ranked capacity for adjusting tself to all community. Mr. Gibbons, on the second with $446,461,000 of which sorts of conditions, and we have no same night, announced to Parkes $282,999,000 represented doubts but that it will emerge from and the world that a £100,000,000 ments in corporations the present depression, as from all Inflation policy was Labour's solu- menta in South African mining previous depressions, in stronger. tion: I challenge Mr. Scullia, Mr companies aggregated $27,384,000 sounder condition for the purging Theodore, and Mr. Martin to re- and those in United States terri- process. Indeed, business, In our pudiate this body. opinion, has less to fear from the

torial possessions accounted for depression itself than from ill en-

$12,376,000. celsed, though well intentioned, efforts on the part of Government to better the situation.

is

Invest- Invest.

Mr. Theodore's Position. "An ugly aspect of the situation New investments in Germany that the sponsors of the during the year constituted almost socialisation scheme CAR control half the entire increase of Ameri- Mr. Theodore's future loyalty to can funds placed in Europe. The their Ideals through the selection figure was $279,062,000 of which ballot for the militant stronghold | $124,250,000 was offered to govern- Dalley, They hold Mr ment state and municipalities, Theodore's political life in their The total for Europe exclusive of hands, and can make his ingenious Germany was $286,170,000.- ly devised and cloverly camouflag-| United States. WAGEed inflation scheme subject to ali

their requirements.

LINEN DISPUTE.

COMPROMISE OVER REDUCTIONS.

of

Tha Manitoba farm poultry With Mr. Theodore In the flocks, created under record of per Treasury portfolio, sublect to dis-formance rules of the Dominion Belfast, Jan. 13,

cipline by this body, where would livestock branch, have already re- Aside from the expansion in the Early this morning an agreement the operations of the note printing ported three 800 egg birds in the steal industry, railway traffic also was reached, after a conference of press sense?"

present year's official tests, accord has given evidence of seasonal re-nine and a half hours, in the wage

ing to A. C. McCulloch, Dominion vival. Weekly reports on automo- dispute in the spinning section of 5,000.00 bile production are not available. the Northern Ireland linen indus-

poultry promoter. All the birds are barred rocka, Birds in the

but reports from the manufacturing try. The employers proposed a 20 SAFEGUARDING northern part of the province show

Makong Nani, Salostiko, Taiche, T centres have indicated a steady, Takeo, Tammus, Town, Meito, Taiso. CHINA :—Shanghal, Hankow Amoy, Foochew, though cautious, exparsion of ac

Bestow, Canton

Sorbativity, and current estimates place Fataran Bater Bombay. Clout the probable output for the month Landon, New York. Dairan.

LONDON HANKERS

All classes of Commercial Banking OTHERS:-Esat Kon Singapore. Transactions undertaken,

Personal handled,

investment

accounts The Landon County Winter and Parr's Bank The Bank has Correspondente in all the principal Commandal Centres throughout the world,

K. NAGURA,

Manage. HONG KONG BRANOU}_

De Vox Blood Central, Hong Kong, 19th January, 1835.

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 De- partment.

Affiliated with

STANDARD TIMES.

Interest allowed or Current Ac- THE CHASE NATIONAL BANK Sunrise and Sunset in

counte.

Deposits received for fixed periods

at rates to be obtained applica.

Hox.

H. MORI,

Manager.

Hong Kong, 10th September, 1938.

per cent. wage reduction, and the agreement, which is a compromise, will be submitted to the unions and the employers for ratification. The

SHAREHOLDERS

from 40 to 65 per cent production.

The earlier threshed grain from the southern part of Alberts showed

recommendations are as follows: A Company Secretary's remarcably high protein, accord.

Suggestions.

ing to tests made from many points.

It is reported by the Alberta Wheat Pool,

Samples for Hesketh and Iddles eigh showed a protein con.

In the neighbourhood of 175,000 cars and trucks against 155,601 for A reduction of, 10 por cent., sub- December, and 278,218 for Januaryject to a maximum of 33, a week,Į 1930.

for all male operatives in town and This ability of industry to rally country mills; a 10 per cent. re- from the low points of December is duction, subject to a maximum of

Support is forthcoming for the tent of 19 per cent., while many encouraging, and taken in conjunc-28 per week, for female operatives suggestion that there should be a other points supplied samples of tion with the improvement shown in town mills; a 7% per cent. re-reorganisation of company direc-wheat which tested from 16 to 18 during most of the month in the duction for female operatives in torshipa.

per cent. protein content.. security markets, with evidence of country milla, subject to a rate of Writing in favour of the proposal the low inventories in many lines, 215. 6d. a week for spinners. that in place of the present un- and with realisation of the extent

The result of the recommendations, wieldy boards of many companies should be appointed solely to watch to which industrial curtallment has will be reported to the Ministry of there should be a small Executive the interests of the shareholders. been practised, has given rise to a Labour not later than Jan. 20. A board whose members would not be Sunrian and Sunset in Hong feeling of greater confidence in demand for a 20 per cent. wage re-allowed to accept multiple director- cern, a prosecution may disclose When calamity overtakes a con Manager Kong for March 1931, Stan- some quarters that the depression duction has also been made upon ship, a company secretary has some methods which, in the words of a

dard time of the 120th Meridian, has passed its lowest point. This the weaving acetion of the linen interesting suggestions to make.. .. East of Greenwich) are as fol-may prove to be the case, though) trade, and a conference is to be

High Court Judge, recently, "are lows:

concrete evidence at this stage is held in regard to the proposal: It Board proposed here should include failed." Such a state of affairs.is He suggests that the Advisory only condemned when they have 0.00. nol. very conclusive. Undoubtedly is anticipated, however, that a Sunrise Sunset the situation has numerous encour- somsirhat similar agreement will aging, dspects, among the most im- bo reached as with the spinning portant of which is the afore-section. mentioned Improvement in the

Resources Over G$2,500,000,000

E. W. DUGGAN,

THE BANK OF EAST ASIA, LTD.

Estabilshed 1918,

HEAD OFFICE:

10, Des Voeux Road, Central.

HONG KONG

Capital and Surplus ............................

Total ResoUECCE

over H. 8,000,000.00

over HL$30,000,000.00

Every description of Banking and Exchange busines

transacted.

Current and Fixed Deposit Accounts, in local and for-

elgti currencies opened for clients. Atje

Bavings Account and Safe Deposit Boxes.

Branches and Agencies all over the world.

KAN TONG PO,

1

Chief Manager.

180-------EE...

Date

Colony.

3.23,

1

6.44 6.23 0.48 6.28 €.12 6.28

6.41 6.29

6.40 .6.29

6.89% 6.29

6.88 6.80 6.38- 6.30 6.37 6.31

0.20 6.31 6,85 0.32

6.34 0.32

6.88 6.88

6.98

6.83

6.82 B.88

6.31 6.83

6.30 6.84 6,28: 6.34

627 6.31

security markets, and particularly

the bond market. Revival in the

a member who would be there scandalous and discreditable to solely to safeguard the interests of the public intelligence. Freedom shareholders, and should be quite of enterprise does not entall the Independent of the ordinary bust licensing of fools and the freedom neas of the company.

of fraud. Company directors and This director might possibly be officials should be qualified for ap..

demand for bonds, providing a The correspondence course by an independent accountant, appointment by tests that would market from, which new capital re- which the Saskatchewan Depart-pointed either by the bankers to the cover not only integrity, but quirements can be satisfied, bas al- ment of Education has made high company by the Board of Trade. ability. At present an individual ways been one of the preliminary school instruction available to all It is desirable that some method who could not obtain ♥ permit to › symptoms of business convales- students in the province unable to of direct representation of share act as a public messenger, or to cence, and developments of the past take advantage of ordlcary high holders' interests should be found. run a boerhouse, can take a eest.

directors month have indicated good progress school facilities, has apparently won The

of a com- in a board-room and dictate `or ·

In this respect. At least, this was the enthusiastic approval of pany are the servants true up to the time when discussion parents, students and teachers in the shareholders

of control the policy of a. concern

but like through which the savings of

prac- respectable boneheads, who look

in Congress of a proposal to pay off rural parts of the province. Al- modern domestice, la solajere bonus certificates in cash, ready a total of 481 pupils have tice they are, more often than not, for a road to prosperity between involving a huge. Government band been enrolled, while 1,200 applies the absolute dictators," against the lines of a prospectus, percolate Issue, threw a chill over the entire tion forms have been sent out in whom there be no appeal .. |bond market - and threatened to response to requesta.

into his capacious. pockets-G, N Some expert in company finance In The Rubber and Tyre Review,