1931-04-14 — Page 2

2

BANK S

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Cugirat... $50,000,000 Imund and Pully Paid-up $20,000,000 Rostrvo Panda :-

Sterling

Elvat...........

28,600,000 10,000,000

Barva Etablity of Proprietors. $20,000,000 HEAD OFFICE: JONG KONG,

BOARD OF DIRECTORS; -

. . . . . Mackie.

Chairmas.

Hon. Mr. J. J. Paterson, Deputy Chairmand,

W. 1. Eng.

.T. Perra. Eng.

A. 1. Compton, Eng. J. A. Plummer, Esq.

B. Lands Lewis, Eng. T. 11. ft. Shaw, Exy,

·0. Miklos. En.

ANOT

BANGKOK

PATAVIA

BOMBAY

CALCUTIA

CANTON

СНЕГОВ

COLASIBO

1. Warren, Esq.

Chief Manage.

V. M. Graybusa, Esq.

DAIRES FOOCHOW KAIPHONG

A

HANKOW HARDIN HONGKEW

1101to

1POR

KIBE

HOWLBON

BRANCHES:

KALA 1,1

LONDON

LYONS MALACCA

MANILA

MFAR Johore)

JUXDEN

NACABARI

NEW YORK

PEIPING

PERANG

RA SOOOS

KARION

SAN FRANCISCO

SHANOMAL

SESUAPORE

SOSURABAYA

SUNUEL PATANI TIENTIS

TOKYO

TSINGTAO YOROILAMA

Current Accents opened in Love Cutesy od Pite Deptaite receive for pue you of akrar pelada" Local Currency and Bieloz wore which will be qanted an application. (long_Kong. 28 Februar 1981.

HONG KONG SAVINGS BANK.

The Huriness of the sbors Bank is rodact ed by the FONG KONG AND SHANO HAS WANKING COBIRATION.

abtained in application.

Видео од be

FOR THE NOKONG AND SHANGHAT BANKING CORPORATION.

V. M. GRAYBURN,

Hong Kong, 10th July, 1960.

Chiel Munger.

BANQUE DE L'INDO-CHINE.

•

HEAD OFFICE:

96.. Boulevard Haussmann, Paris. Subscribed Capital Fre. 72,000,000.00 Paid-Up Capital...rs. 68,100,000.00 | Reserve Funds ....Fra.102,000,000.00

BRANCHES:

Bangkolt Hong Kong Quinhon

Battambang Due

Mengtze Cantho

Centon

Nam Dinh

Djibout! Noumea

Fort-Bayard Papeete

Haiphong Peking

Hankow Harul

Saigon Shanghal

Singapore

Thanhea Tientsin Teurane

Inom Penh Vinh Pondicherry Yunnanfu BANKERS:

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

IN LONDON: The Nations! Provin- cial & Union Bank of England, Ltd.; Comptoir National d'Excompte de Paris; Credit Lyonnais.

IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor. 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 transnoted. Safe Deposit Boxes to let.

A. LECOT,

Manager.

Hong Kong, 1st May, 1020,

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1880.

Capital (fully paid-up) Yen 100,000,000 Reserve Fund ..... .Yen 115,000,000

Head Office :-YOKOHAMA.

Branches and Agencies at:

Alexandria

Batavia

Berlin

Bombay

Calzite

Cantac

↓

4

Changchun

Manila Nagasaki

Nagoya

Newchwang

Now York

Osaka

Peiping Puïren (Dalny) Rangoon Fergien (Mukden) Rio de Janeiro

Hamburg

Habbo

Harol

Hong Kong

Honolulu

Kai Yuen

Karachi

Kobe

London

Los Angeles Lyons

-

San Francisco Seattle Semarang Shanghai Shimonoseki Singapore Socrabaya Sydney Tientsin Tokyo Tsingtau

Interest allowed on Current Ac-

eounta

Deposits received for fixed periods et rates to be obtained on application.

H. MORI,

Manager.

Hong Kong, 11th April, 1931.

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

HEAD OFFICE: LONDON,

Paid-up Capitol

|

THE CHINA' MAIL.

THE HO HONG BANK, LTD.

(Established 1017.)

READ OFFICE: SINGAPORE. Hong Kong Branch: 13, Queen's Rd. C.

Resorvo Fund

£9,000,000 ..£4,000,000

Reserve Liability of Pro-

prietors

Authorised Capital Straits $20,000,000 Issued Capital

8,000,000 Paid-up Capital

4,000,000 Reservo Liabilitles

£9,000,000

Agencies and Branches:

of Shareholders. Surplus

4,000,000

11

2,620,000

KUALA LUMPFA

(Halay Bates)

KUCHING

MADRAS

MANILA

MEDAN

ALON STAR

AMHITBAD

BANGKOK BATAVIA LOMBAT CALCUTTA CANTON GAWNPORE Cehu

COLOMBO DAIREN (Dainy

Buth Manekürle)

DELHI

KAIPHONG

HAMBURG

HANKOW

HARDIN

(N. Manchuria

HÙNG 5030

ILOILO

KARACHI

ELANG

BORR

KUALA KANGSAR

(Perak...)

NEW YORK

PEKING PENANG

HA NUOGY

BAISON

BEMADANO

BEREMDAN

GRANDMAX

BINGAPORE

BOURADAYA

TAIPING (F.M.D.)

TAVOY

TIENTSIK

TOKYO

TOROKAR (Bkskat)

TRINGTAO

YOKOHAMA

ZAMBOANGA

Foreign Exchange

(Philippina Lalonde)

and Gonora! Banking busières transacted.

Current Accounts opened and Fix- ed Deposits received for 1 year or which will shorter periods at rates be quated on application.

A. H. FERGUSON,

Manager.

Hong Kong, 3th January, 1929.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 55, Wall Street, New York.

Capital, Sarplus and

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

Branches in:-

ARGENTINE

LONDON

MEXICO

PANAMA

PERU

PHILIPPINE

ISLANDS

BELGIUM

BRAZIL

CHILE CHINA

COLOMBIA CUBA

FORTO RICO

DOMINICAN

STRAITS

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 accounta and Savings Bank accounts opened and Fixed Deposits in local and for- at rates that eign currencies taken

may be ascertained on application to the Bank.

We are also able to offer our Cus- tomers the services of the Branches of the International Banking Corpora tion in San Francisco and Spain and ales of The National City Bank of New York (France), 5.A., in Paris and Nico.

F. McD. COURTNEY,'

Manager. Hong Kong, 20th February, 1981,

*THE AMERICAN EXPRESS COMPANY,

INC.

Head Ofce: 65, Broadway. New York.

Capital Surplus Reserves

Amsterdam Kalwsp Akhana

Bacla

ملاحسان

Biarrit

Bombay Brotma Brusla Borde Al Calro Ogloutie Canz

Ocleanbe Constantinople

Copenhage Elaborgh Floren

.U.S.$8,000,000 U.S.$1,672,454 .U.S.$1,908,209

BRANCHES:-----

Co Giurgow Hava Hamburg Havi Interigken Jarusalem Lido Loudon Llearpoot Lucca Lugsuo Lus Marillos Monte Carlo Kaalia

Manteaus Milan

Slo Saples Bour Paris

Iotang

teking

Palermo Fist burdan Home

Fiboul

Lagbal Scubemploo Singapore St. Morits Tientalu

Viozne

Venion Kukalamm Zarlet

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

All classes of Commercial Banking Transactions undertaken.

Personal Investment handled.

accounta

The Company okers to intending Travellers the use of its "Travelers Cheques and Letters of Credit andy in addition, the world-wide services

Branches, Agencies and Correspon- donta in the principal cities of the world.

Every description of Banking and Exchange business transacted.

TAN ENG HOOI,

Manager.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

NETHERLANDS TRADING BOGIETTI

DANKERS

Commerce and Finance

AUSTRALIA AND WAR DEBTS.

How They Were Contracted.

EXTENT OF ABILITY.

TUESDAY, APRIL 14, 1931.

MECHANICS OF THE

TRADE SLUMP.

How It May Be Brought to An End.

The

large amount of capital realised from the provious boom would wear out and there would be a profitable opportunity to replace

it.

One other way would be by the fall in the rate of interest. It was most difficult to bring about a fall

rate of interest.

of the except by a very drastic action on The internal machines an argument which the revision trade slump was the subject of a, the part of the contral banking ists would naturally be expected lecture delivered by Mr.

world. Ho

that thought J. M.

tho to seize upon, but the analogy is Keynes at the Royal Institution the past, would produce a falling natural forces of depression, as in by no means complete, while we

At the recently,

autoet Mr. in our turn might urge it in ro

Was gard to debtors more favoured Keynes sold that economica

becoming a highly technical mat- than ourselves,

tor. Lately there had been a lull in the progress of economie theory. It was now in a etato when we were all confused, and that was a most inconvenient momont at which to be asked to address an audience. (Applause).

A alump of the kind we were

charac experiencing to-day was terised by falling prices and un- employment. Men were only un- employed when their employers were not able to make a profit by employing

them.

When losses

#

WORLD TRADE DEPRESSION, A Bad Bargain. When the agreement was sign-

Sir George Palsh addressed ed in Washington In 1923 we were

meeting of the Liverpool branch of 18 months further away from the

the Nationa! Commercial Tem- of the War high interest rates

perance League at Liverpool re- period than when the Australian

cently. Sir George said the present A great deal of confusion still settlement was made. The money exists on the subject of Austra concerned

grave trade situation was "almost was borrowed largely

entirely due to the statesmen of lia's War debts and the nature of not for our own use but for that

the world, and we would not get the burden which their repayment of our Allles. The fact that wa

out of our troubles until we got imposes upon the Commonwealth, made a bad bargain subsequently, atates a leading article in the Fin and accepted a composition from

the statesmen of the world to take ancial Times. To some extent thea France which has since reach.

collective action. No one could doubt that present conditions had, idea that it is unduly onerous hased a level of prosperity unexpec!-

were made unemployment must in the main, been brought about been deliberately and maliciouslyed at that time by no means im-

by the war, and Europe could not fastered by the extremists, in supplies that an obviously "good" ensue.

have been restored but for the How Slumps Occur. port of their general campaign debtor should have received the

credits given by the British and If the employers, taken as • for debt repudiation. It is neces-

same treatment six years earlier.

a loss that American bankers, The bankers sary, therefore, that a clear dis

The most that can be legitim- whole, were making

were not now giving credits on the tinction should be drawn between ately read into it is that the lat meant that their total receipts the liabilities of the Federal Govter, now that he has fallen

were less than their total outgo. great scale they had boon giving BRANCHES :- Banjarmasin, Bandoeng, Bomber, ernments to that of Great Britain evil times, should receive

inge. It could only happen that them, hence the extraordinary fall Jakaris" The Zagsa", Foddak, Rebs, and those of the Commonwealth, consideration possible consistent employers as a whole made a loss prices. The one thing lacking Kota-Radia, Makar, Median, Fada whether on its own behalf or that with the necessities of a creditor if some part of the money they in the world at the present time Pontianak Bangun Bollards of the States, to the private inves- who is also encountering dif-raid out to the public failed to

culties, bearing in mind also that come other debtor Dominions might con sider. themselves aggrieved by their exclusion from similar privi. leged treatment.

Established 1994.

Hong Kong Offentl, Queen's Bond Central. Authored Capitel Buildeen 180,000,000- (212,500,000. Paid Up Capital ............................. Gulders 20,000,000 (25,569,1701 Bowers Fund

Ouliders 48,023,000 (23,24,183)

Hand Offen-AMBTENDAMI Enciare Head Oos:-DATAVIA,

Calouste, Cheriton, Djumber, Djok

Flamarang

Pekalongan,

Frog.

Shanghai, Bibelge

(Sumatra), Singapore Bourable tor. Sorakarta (Solo), Tegal, Tjilsjup and Weltevreden.

• Thane chong hava asta deposit barns to lat. London Basher:-Natimai Partizolal Bank Lid. Correspondents all over the world Danking business of ovary description fracasoleč.

A. STOKKINK,

Acting Manage.

Blog Kong, 18th Augurk, 1980,

THE BANK OF CHINA.

行銀國

Reorganised October 20, 3028, under

crnment as an

INTERNATIONAL EXCHANGE

BANK.

Subscribed Capital....$25,000,000.00 .$24,710,200.00 Fald-Up Capital Reserve Funds

.$ 3,820,503.82

HEAD OFFICE: SHANGHAL

wwwww...

This demarcation may appro priately be left to Mr. Hogan, the Premier of the State of Victoria. In response to one of Mr. Lang's recent diatribes, he pointed out that only £282,000,000 out of £1,100,000,000 of debt was attri butable to the War. The bulk of the former sam is internal, and no more than £82,000,000 remains as the amount due 'directly to the Government of Great Britain.

What Wa8 its origin? The Commonwealth Government, on the outbreak of the War, admit-

on

every

CHINA'S RAILWAYS.

LARGE ORDERS GOING TO

BRITAIN.

Nanking, Yesterday.

could

back only

That

some

them. to

If occur income was being

part of the spent neither on current consump. tion nor on the purchase of newly, produced desirable goods sueffs machines, roads, houses, or ships.

was confidence. A condition of world free trade would mean #

of world peace. condition

If world free trade could be secured every nation would be so depen- dent upon other nations that it would be physically impossible to

make war.

our

"Are we going to regain

the world's banker

If producers on the aggregata were making a loss, that could be position as described as saying that savings which, for the time being, we have handed over to the United States?" "The time has now come when we have to got back to our position as the world's banker, as the United States is not willing to pursue the policy that a world's banker needed. United States having lent that great sum of money, placed obstacles in the our debta, way of paying back while this country has never placed obstacles in the way of its debtors."

exceeded

When investments, savings were not transferred into sald Sir George. useful labour the person who would have done that which was

labour failed to receive an income. Large orders are going to British In a slump it was difficult to per- special charter of The National Gov- tedly did not hesitate to take its railway manufacturers. The Board, suade people to go in for Invest- stand bealde the Mother Country, of Trustees of the British Boxer, ment. There was no tendency to and, consequently, was faced with Indemnity has decided that part of, put up new works because of the the prospect of heavy military ex- the funds,

difficulty of getting anyone to lend aggregating nearly penditure. In that connection It £4,000,000, now in the Hong Kong money. borrowed from the Government of and Shanghai Bank in London,

National Remedies. the United Kingdom £49,500,000 shall be immediately appropriated What could bring the slump to in all, while an additional debt for the purchase of railway an end? One way would be by a of upwards of £43,000,000 was in material in England,

reduction of savings. Another way

The volume of land and improve. curred for payments made, Ber. Dr. Wang Chin-chun, formerly would be for something to happen ments in the City of Vancouver Is vices rendered and goods sup the managing director of the to cause an increase in Invest-assessed at $373,077,765 or an in- plied, principally for the main-Chinese Eastern Railway, has been ments. There were various things crease of $20,364,960 over the tenance of the Australian troops. appointed representative of the that might bring that about. One 1930 Agure, according to the 1931

On a Lavish Scale.

Ministry of Railways the would be a new stimulus coming report filed at the city hall by the Owing to our numerous branches 'in China and large connections in the im This, incidentally, was arranged London purchasing commission. from a new important invention. chairman of the assessment com- portant commercial contres of the on a scale which was lavish in Dr. Wang, who arrived in London The worst of it was that there was mission. The population of the world, we are able to extend to our comparison with that applicable on March 80, has been instructed no such invention in sight at the City of Vancouver is estimated at clients special facilities for domestic to others, as the who served in to confer with the commission re-

be 242,629, moment. Another way would

or an increase of 2,208 and foreign banking and exchanges.

We also handle the issue of Bonda

the War will recall. Australia garding the purchases.-Reuter." the wearing out of existing capital. over the 1930 estimate. and other Public Funds of the Chin- was in complete "control of such est Government both at home and matters, and the extent of her abroad.

outlay thereon was therefore pure

HONG KONG BRANCH:

4. Queen's Road Central.

SHOU J. CHEN,

Manager.

, Hong Kong, 5th March, 1931,

ly of domestic concern. It involv ed her, as we have seen, in a debt of nearly £93,000,000 to this coun- try, against which certain remis

THE BANK OF CANTON, LTD.sions were made when the settle-

Established 1912.

Head Office-Hong Kong,

Authorised Capital (XX. Curmnoz) $11,000,000 -Up Capital BINTAIN 0,660,000 Barts Pand

BRANCHE:-

1,100,000

ment took place in 1921. Hence all credit must be given to the Commonwealth for the fact that it was the frat of our debtors to agres to a definite plan for the liquidation of its War debt.

That plan provided for annual Canton, Bhanghet, Bank, instalments of 6 per cent. on the

Bangkok, New York and San Francisco,

CORRESPONDENTS

LONDON BANKRES:-

The Lord's Blank, Xaziladi.

10 mil principal states of the World. Foreign eroanga and banking business of rary cripon sansacted.

Bats Depauls Boss (razizza diane) sa w gmely evel of trom $3 to $10.

LOOK POONG SHAN,

Chief Manager.

THE BANK OF TAIWAN, LTD.

(TAIWAN GINKO.)'

final amount for some 35 years, about £4 18. of this being inter- est and £1 28. sinking fund. This, as Sir Otto Niemeyer has pointed out, means that on this debt Aus tralia is paying not only a lower rate of interest than on her own internal borrowings, but less than the actual cost of the money. to the British taxpayor.

The outcry against the "saver- ity" of the terms is therefore bo

HEAD OFFICE:-Talpeh, Formosa.iated, and, in any case, based on

Incorporated by Special Imperial

Charter, 1899.

Central Bank in Formon,

a very insecure foundation. AL the same time, they are naturally viewed very differently now, when

Back Notes Lasued Average amouai „Ten. 18,000,000 acute depression is being experi

BRANCHES AND AGEXOTES)

Detatis, Borbay, London, New York, Dalest,

LONDON BANKLES.

Calcutta

JAPAN-Tokyo Yokohama, Kobe, Osaka,

enced, than they were when Aus FORMOSA Y-Ulina, Kaş, Karaska, Ktralia РУДЕ

Wakong Nanko, Blinchiku, Talone. Isinan, boundless prosperity.

enjoying seemingly Takao, Taman, Toan, Eslio, Talle

The ab- UKINA 1--Bhanghai, lankow, 'Amony, Foochow ruptness of the transition from

Barstow, Ossion. OTIZES:-Énag Song, Ringapore, Boba one plane to another has doubt- less accentuated the revulsion of feeling, and has rendered still more unpalatable the bitter truth that the country's economic diffl- culties have been aggravated by Its reckless expenditure of borrow- ed money in the past.

The London County Wertainties and Bur's Dank

of its thoroughly equipped, Travel De-Commerdal Centres Broughout the world.

The Bank har Coursepoodants in all the principe partment.

Affliated with

THE CHASE NATIONAL BANK

Resources ..Over G$2,500,000,000

C. H. BENSON,

General Manager.

THE BANK OF EAST ASIA, LTD.

Established 1918.

HEAD OFFICE:

10, Des Voeux Road, Central. HONG KONG

Capital and Surplus

Total Resources

?

over H.$ 8,000,000.00

over H.$80,000,000.00.

Every description of Banking and Exchange business transacted.

Current and Fixed Deposit Accounts In local and for-

eign currencies opened for clients

Savings Account and Safe Deposit Boxes. Branches and Agencies all over the world.

KAN TONG PO,

Chief Manager.

E. NAGURA.

| HONG KONG BRANCH 1

De Vaux Boad Central, Hong Kong. 19th January, 1929

Manager.

Overseas Liabilities.

To that circumstance is chiefly

FX16411Q67984828)1162;}-2884E1ALQ£)ue the weight of its oversea labi-

COASTWISE

by

"ALGIE" BENNETT.

An. interesting book of Cartoons depicting "Happenings on the China Coast

PRICE $1.00.

Now on sale at BREWERS WHITEAWAY, LAIDLAW EXCELSIOR, BOOK STORE and at the Publishers

Newp

China Mail, Bull

Jities, which, it must be emphaalsed, are largely a matter of contract between the Commonwealth or the States and the individual inves tor. Of the £36,000,000 or 80 which has to be found annually for interest and sinking fand pay- ments less than one-sixth goes to the Imperial Government -- the sum of £5,348,800 is due in the financial year 1991-82, according to the Chancellor of the Ex- chequer."--

Belief to that extent would, of Course, lessonAuteralia's dim calties, but it must be clearly re- cognised that should any ameliora- tion prove possible, it would, needs be on the ground of sympathy and not of right. The contrast with the terms granted by the United States to Britain, comprising In- terest at 8 per cent for ten years And at 3 per cent. for the bal- ance of the 62 years within which repayment will be completed, "~18

on

SUNDSTRAND

FOR

SPEED

ADDING-SUBTRACTING

SIMPLICITY

RELIABILITY

ACCURACY

COMPACTNESS

MACHINES.

Sole Agents:-

DIAL 28021.

For our

representative to

demonstrate its

powers in

your office.

DODWELL & CO., LTD.