1931-04-17 — Page 2

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Capital

enew $54,000,000

lased and Fully Jet up $20,000,0 Beer Punda

Starling......................... £ 6,3×1,000

$10,000,000

Reserve Liability of Penariators 20,000,000

HEAD OFFICE: HONG KONG.

BARD OF DIRECTORS-

Hon. Mr, . . . Muckia, Chatman,

Ton. Mr. J. 3. Paterean,

Truly Chainman.

W. H. 3. P.

T

E. Pearce,

44.

A. H. Compton, Reg. 4. A. Parameer, Enge

2. Lander Lewd, Faq. T. 16. R. Bhow, Eng.

Makin. Eeg.

3 MOT

HANGKOK

BATAVIA

150MBAY

CALCUTTA

CASTOS

CHEFOO

POLJOSETIO DAHEN. FOR!HOW

TAMORO HANRON

FLABIES

HIRLW

BARILO

Tak

JOHONA

hub.

HOW LON

2. P. Warron, E.

Chief Manager.

V. M. Grayburn. Es.

BRANCHES:-

LONICS

LYONA

MALACCA

MANILA

MUAR (lancei

MURDES

SABABAKI

NEW YORK

PEPING

PESANG

HLA NAJEROS

SARGUN

SAS PHANVINGE

STEASUTAT SINGAPORE

BAIA VA SUKOBA PALANI

TENISIN

FOR YO

183NOTAM YOKOHAMA

Lat

Currant ant sporet an Loent Curmu Red Fm namin used the Hum dorter period at Lanent Vstronny and Meting 60 Lt whh will be quoted on application. Bond kung, 2 Febranty, Wit.

HONG KONG SAVINGS BANK.

The Bath se rendues

d by this 1145G KUNG AND SHANGHAL BANKING CORIYIRALIOS,

Oleme applaatina

Rules an

FOR THE INGLONG AND SHAMBHAT BANKING CORPORATION.

T M. GRAYBERS,

Wong Kong With July, 19

Charl Manager

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

96. Boulevard Haussmann, Paris,

Subscribed Capital Frs, 72,000,000.00

Paid-Up Capital Frs. 68,400,000,00

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

HEAD OFFICE: LONDON.

Paid-up Capital Reserve Fund

Roservo Liability of Pro-

prietors

THE CHINA MAIL.

THE HO HONG BANK, LTD.

(Established 1917.)

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

Authorised Capital Straits $20,000,000, £3,000,000 | Issued Capital £4,000,000 Paid-up Capital

.£3,000,000

Reserve Liabilities of Shareholders Surplus

agencies and Branches;

ALDI STAR

[Malay Billsa}

AMRITSAR

BANGKOK BATAVIA DUMBAY

VALCIFITA

CANTON

CAWNPORE

CEBC

COLO

DAINES Dalny

Houth Manek)

NELHI

HAIPHONG

SAMBU

BANKOW

HARDEN

HONO KONG

(N. Manchoris?

BAND

KABACHEL

KLAND

RODE

КНАТА КАКОВАН

(Pora M.8.)

KUALA LUMPIE KUCHING

MADRAS

MANILA

MPPAN

NEW YORK

PELLINO

PESARO RANGOON

SEMABANG

SAIGON

SEREMBAN

SHANGHAI

SERUAPORE

SOUHLATAYA

TAIPING 18.30.8.1

PAYOY

TIEMBIN

TOKYO

TONORAH (humat)

St SG2 AD

YOKOHAMA

ZAMIMANUA

(Philippin Inlandaj

Foreign Exchange ard General Banking business transacted.

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

A. 11. FERGUSON,

Manager. Hong Kong. 8th January, 1920.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 55. Wall Street, New York.

Capital, Surplus und

Úndivided Profits ..U.S.$221,554,208

Branches in:-

ARGENTINE LONDON

BELGIUM

CHILE

BRAZIL

CHINA

COLOMBIA CUBA

DOMINICAN

REPUBLIC

INDIA ITALY JAPAN

MEXICO

PANAMA

PERU

PHILIPPINE

ISLANDS

PORTO RICO

STRAITS

GRUGUAY

SETTLEMENTS

VENEZUELA

Commercial and Travellers' Letters

Reserve Funds ....Frs. 102,000,000.00 of Credit, Travellers' Cheques, Bills Bangkok Hong Kong Quinhon

BRANCHES:

Battambang Hue

Canthe

Meugtze

Cantor

Nam-Dinh

Djibani

Neumen

Salgan Shanghai Singapore Thanhea Tientsin Tourane

Fort-Bayurd Papeete

Haiphong

Hankow

Hanoi

Peking

Tnum.Penh Vinh Pondicherry Yunnunfu BANKERS:

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

IN LONDON: The Nations! Provin- eial & Union Bank of England, Ltd.; Comptai National d'Escompte Paris; Credit Lyonnais.

de

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 lo arrangements.

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

A. LECOT,

of Exchange and Gable Transfers bought and sold. Current accounta and Savings Bank accounts opened and Fixed Deposits in locul and for- at ralds that elyn 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 alao of The National City Bank of New York (France), S.A., in Paris and Nico.

F. McD. COURTNEY,

Manager. Hong Kong, 20th February, 1931.

THE

AMERICAN EXPRESS COMPANY,

INC.

Head Office: 65, Broadway, New York.

Manager.

Capital Surplus Reserves

Hong Kong, 1st May, 1929.

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1880.

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

Yen 115,000,000

Head Ofice:-YOKOHAMA.

Branches and Agencies al:

Alexandria

Batavia

Berlin

Bombay

Caleutta

Canton

Changchun

Manila Nagasaki

Nukoya

Newchwang

New York NOW Osaka Pelping Rangoon Fungtion (Mukden) Rio de Janeiro Hamburg

San Francisco

Seattle

Dairen (Dalny)

Hankow

Harbin

Honolulu

Hong Kong попа

Yuca

Karachi

Kobe

Shimonoseki Singapore Socrabjaya Sydney Tientsin Tokyo Tsingtau Interest allowed on Current Ac- counts.

London

Los Angeles Lyons

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

H. MORI,

Manager,

Hong Kong, 11th April, 1931.

Amsterdam Antwerp

Athens

114

Derlin

Barrita

Bombay Braman Iru Buenos A Cairo Celuita Canno Colombo

Constantieople

tupachagen Edinburgh Flursan UNBATA

.U.S.$0,000.000 .U.S.$1,572,454 .U.S.$1,008,209

BRANCHES:-

Lone

Haples Pire Parle

Сваре Charger Hata Hamburg

Interlabso Jerusalem Lida Londoo Liverpool Luserns

Lupno Lusoe

Monte Carlo

Munich

Stanila

Sontrar Atilam

Fagun Fekig

l'alertun fiot Lerdam

Itorne

Bamboul Shinghs! Heuchampson Hingapore St. Morits Tinuin

VIOLA

Fraide Tekobama Zurich

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

All classes of Commercial Banking Transactions undertaken.

Personal investment accounts handled.

The Company offera 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

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,

Capital and Surplus

Total Resources

HONG KONG

over H. 8,000,000.00

............... over H.330,000,000.00

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 Bafe Deposit Boxes. Branches and Agencies all over the world-

KAN TONG PO,

Chiof Maragoz.

8,000,000

4,000,000

4,000,000

Commerce and Finance.

BIG

OIL DISPUTE JUDGMENT.

2,520,000 Reference to

Branchos, Agencies and Correspon- dents in the principal cities of the world.

Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING SOCIETY)

BANKERS

Zaladiebra 1821,

doug Kong Dose:-11, Quwan's Bond Central,

alborked Capital ulaze 160.000.000

(12,500,000.) Pald-Up Capital

Quillers 60,0),000 4426,659.170) Bore Fund

meena Quildə 0.011,000

Bead offer:—AMSTERDAM* Eastern sad Omen :--BATAVIA.

UHANCUES:- Bandarman, Handog". Brebes, Calcutta, Cheribon, Day, Dink inkarta, The Hague. Jeddak, Kābe,

Patink

Weltevreden.

Rollerdin

Hount.

Skoen is hare safe degumit base 10 let. Goodoo Basárne zmNational Profitrial Bank 3. Curramped all uker to world Banking liners of eines description Gransartel."

A. STOKKINE.

Acting Managar,

Hang Kong, 13: Anquet, TAKO,

THE BANK OF CHINA.

1

Millions

Damages."

SIAMESE RICE.

LOWER EXPORTS & DECLINING PRICES.

FRIDAY, APRIL 17, 1931.

MALAYA'S IMPORTS, withdrew from the piece-goods

DEPRESSED MARKET IN

1930.

London, March 17. The following is from the March issue of the Chamber of Commerce Journal:

market. Imports of all important speciality lines in 1980 showed de- creases averaging from 25 to 30 per cent., with the exception of sporting goods, total imports of which were unchanged.

TIN RESTRICTION.

Mr. John Howson's Views.

quota

Owing chiefly to declining values for leading export products, busi- ness conditions and trade in British

Our Correspondent at La Paz re- The unfavourable conditions gen- Malaya were depressed throughout ports that the Bolivian Cabinet is erally prevailing in the market belast year. Exports, which amount-expected to sign the decree law fix- came much worse during the quar-ed to $664,600,000, declined 28 per ing the Mr. Justice Roche, in the King's ter under review, states an official rent. compared with 1929, and im-exporty,

of Bolivia's tin

The says Bench Division recently, gave judg- report on Siamese rice exports for ports at $705,100,000 were 20 per Until it

Times. hay been adopted ment for plaintiffs in an action the the last quarter of 1930. Since

cent. lower.

by the Governments of damages of which, if asscseed, Sir September padi prices have dropped According to the American Trade Malaya,

Bolivia, the Netherlands East the local Commissioner at Singapore, imports Indies, and Patrick Hastings. K.C., said would almost 100 per cent. in

market and it is by no means cer- of munafactured goods declined by regulating the production and ex- Nigeria the plan for "run into millions" of pounds,"

The General Asphalt Company tain that rock-hoitam has yet been about 25 per cent. chiefly from the ports of tin, of course cannot be zaid and the Barber Asphalt Company, reached.

United Kingdom, the Continent and to be effective. Mr. John Howeson, The export of rice from the Port American corporations, sued the

the United States. Sales of Japan, who presided at the meeting of the Anglo-Saxon Petroleum Company, of Hangkok during the last quarter co

however, goods,

increased. London Tin Corporation, pointed to Ltd., of Landenhall Street, London,¦ (September-November) of the pro-Semi-oficial estimates show that one direction in which there can be for damages for breach of contract. sent season

to 194,000 imports of passenger cars declined no doubt that the international have beneficiat re-

of

knibo oilfields.

ment of 1923 under which they were

sued.

amounted

in

COTTON TRADE.

Forcing Weakest Out Of Buriness.

They alleged that the defendants tons, and the total for the full sea- 44 per cent, as compared with re-agreement will had failed to use their powers and sos thus came to 1,034,100 tons, or ceipts of the previous year, while sulte-namely, in the supply influence to accure for the plaintiffs 138,000 tons less than during the imports of trucks decreased by 34 funds for a vigorous programme of from the Colon Development Com- previous season, which itself was a per cent. The United States held research and development. It is pany. Ltd. which owed the defend- poor une.

48 per cent of the passenger car As regards the new

reassuring to learn also that he re- crop. the trade lit three million pounds and was

and 87 per cent. of gards restriction o output a8 taken over by them) 93% per cent.surplus available for export from the truck business, while the share Hot-adja. Stakaart, Medan, Fadara royalty of the crude oil produced į Bangkok during the season, Decem- of the United Kingdom was 31 per the tin industry, and that he thinks temporary means of safeguarding l'alabang, 'skalougan, Роди fron the properties in the Vigas ber 1930-November 1931, is eati- cent, and 18 per cent, respectively. expansion of demand more import- Sabarag Shanghai, Bitola Concession, Venezuela, in the neigh-mated at 1,750,000 tons. To this The used car situation became a

ant. Undoubtedly the industry burakarta folos, legal, Til and hourhand of the famous Lake Mara-amount must be added a carry-over serious problem, as 30 per cent. of would find in an increased consump

from last year's crop

of about the sales of new cars was on a trade- tion--if it could be secured--a more The defendants replied that they 200,000 tone, as well as the amount in hals, and stocks of many dealers satisfactory remedy for its difficul- were to use their influence as far coming down by rail from the were high. An increase the ties than mere curtailment of pro- s legitimately possible, and they Northern and North-Eastern Pro-petrol tax in the Fedorated Malay duction. Whether this plan will

!States caused could not out-vote minorities in sub- vinces,

many taxis to disprove any more successful than the The combined export in December 'continue operation! Prospects are vast majority of restriction schemes sidiary companies. They had car- ried out the obligations of the agree-1930 and January 1931 came to for steady eales of automobiles dur-adopted by other industries remains

about 186,000 tona, and unless the ing the first half of the current to be seen. monthly tutal improves considerably year, with a possible improvement during the coming months, there is in the second half, although the be an unusually large year's business will probably be bound to carry-over at the end of this season, below that of 1930. Importers' The position crented for Siam by stocks of tyres were generally re- bumper crops everywhere and by duced to the level of 1929, and the low prices abroad is undoubtedly outlook indicates a gradual improve- aggravated by the prevailing condi- ment in sales this year. The mar- tions in China and by the Incursion ket during 1930 WAS featured by

Mr. W. H. Catterall, a leading into that market, which keen competition, curtailment of Lancashire cotton spinner, speaking Siam's best customer. credit on the part of importers, at the half-yearly meeting of the in the Federated Butta Spinning Company, Leigh, Malay States, and four price in- said a certain section of the cotton creases of 10 per cent, each.

trade would not attempt to work Imports of textiles last year de- loyally with the majority in the clined 30 per cent. in quantity and matter of undercutting, but were 47 per cent. in value, the decrease determined to get business at any in plain cottons being greatest. The price, and what the end of it all United Kingdom's share

of the

was going to be he had no idea. It textile trade fell from 64 per cent. would be a case of each for himself in 1929 to 28 per cent. last year, and the strongest would die lost. while Japan's trade increased from An important section thought there 21 per cent. to 47 per cent. Japan- were too many spindles in Lanca- a number ese competition was the outstanding ahire and considered feature of the market, which was ought to be forced out. also characterised by failures affect- The world now only wanted 60 or ing about 50 per cent, of the large 70 per cent. of Lancashire's produc- dealers; the steady liquidation of tion and yet mills were trying to European goods at any price, begin- turn out 100 per cent. That meant ning in June; declining local prices; that the buyer had his own way, but decreased demand from up-country even the buyer did not gain any districts and neighbouring markets; ultimate advantage, for he, in his and heavy losses sustained by Euro turn, sacrificed himself to the man pean import firms many of whom overseas.

ernment as an

INTERNATIONAL EXCHANGE

BANK. Subscribed Capital .$25,000,000.00 Paid-Up Capital

decreased sales .$21,710,200.00

Reserve Funds.......$ 3,620,503.82

HEAD OFFICE: SHANGHAI

Sir Patrick Hastings. K.C., Sir Boyd Merriman, K.C., Mr. Lionel Cohen, K.C., and Mr. W. Van Breda appeared for the plaintiffs and Sir John Simon, K.Č., Mr. Wilfred Reorganized October 26, 1928, under Greene, K.G., and Mr. A. Andrewes special chartee of The National Gov-Uthwatt for the Anglo-Saxon Co.

After a conference with Sir John Simon, Sir Patrick Hastings an- of Burma nounced that they had agreed to was once limit the scope of the inquiry. Sir Very little hope can, however, be John Simon thought it would turn held out that prices are likely to ton Clause 3 of the eon improve during the present season.

tract, which provided

that On the contrary, the hardest pinch the defendants should use such may be felt towards the end of the

and influence rights

they acason. aecure possessed to

that the old! During the period under review Colon Company provided the roval- prices of rice of all grades in Singa- Sir John would say that pore declined steadily. Exports to Owing to our numerous branches in ty China and large connections in the im- the clause did not impose on the Singapore amounted to 85,900 tons, portant commercial centres

&# of the Anglo-Saxon Company any obliga-valued

10,025,000 Bakt world, we are able to extend to our tion to give a consideration to the (£365,000). clients special facilities for domestic and foreign banking and exchanges.

We also handle the issue of Bonda and other Public Funds of the Chin- ese Government both at home and abroad.

SHOU J. CHEN,

Hong Kong, 5th March, 1931,

HONG KONG BRANCH: 4. Queen's Road Central,

Manager.

THE BANK OF CANTON, LTD, Established 1912.

Head Office:-Hong Kong.

Author and Capital (H.M. Curren15) $11,000,000 Paid Up Capital

ROEFT Fund-

BRANCHES-

2,600,000 1,100,000

Caston, Bhanghai, Hankow, Swalow,

Colon Company.

Meaning of "Influence.".

An increase in excess of $500,000 is shown in the annual report of Mr. Justice Roche: The word taxes collected in Manitoba during "influence" depends on its content. the calendar year 1930.

The re- Its quantity may not be so import-port, tabled in the Legislature the unt as its quality; it depends on other day, announced taxes collected what is commercial influence. amounting to $4,894,760, which in- Sir John Simon: I'admit that if cludes amusement, gasoline, high- we offered consideration to

the way traffle, incorporations and in- Colbn Company we could get them come taxes. to make the necessary contract.

Sir Patrick added that his case wag now closed. He understood that if the Court said the defen- dants wore bound to carry out their contract and procure the off they could do it.

Mr. Justice Roche said there was

Bangkok, New York and a Franciaon the alternative possibility that the

CORRESPONDENTS

LONDON BANKERU:-

The Lloyd's lank, Lamliad

in a principal cities of the World.

Formig avlangs and banking buloss of story descripślam tranunciež,

Sala Deponis Bacon (various sizes) në a jourly rautal from $5 to $40,

LOOK POONG SHAN,

Chief Manager.

matter could be disposed of by pay- ¦ ment of damages.

Mr. Wilfrid Greene, opening the defendant's case, pointed out that! the issue was whether the defend- ants were under an obligation to secure the royalty to the plaintiffs by paying for it whatever might be a proper consideration to the Colon) Company. It was not auggested

get it without paying.!

THE BANK OF TAIWAN, LTD, they could

(TAIWAN GINKO.)

HLAD OFFICE:-Taipeh, Formsan. lacorporated by Special Imperial Charter, 1899.

If they attempted to use majority voting or the power of directors to divert something from the old Colon to the pockets of the plaintiffs with- out seeing that the Colon got a proper consideration they would be! Bank-Notes and Average sinous Yes. $5,000,000 stopped at once by action by the

BRANCHES AND AGENCIES: JAPAN 1-Tokyo, Yokohama, Robe, Uzska. FORMOSA Ulian,

Central Bank in Formosa.

Gwalow, CanŠOL

Dataran Detaria, Do

London, New Tak." Dairan.

LONDON BANKERS,

Calou

minority shareholders,

The London County Wamintas and Ferr's Bank,per cent. owned

The Bank has Correspondante in all a principal

Commercial Contese throughout the world. L. NAGURA

Manage.

HONG KONG DRANUN:

De Varux Hoad Central, Hong Kong. 19th January, 1929

Was

Kagi. Karenko, Emilog. Mr. Greene argued that "influ- Makcug, Nanto, Mhirohiku, Tacku, Talaan, ente" could not mean "payment." CHINA hanghai, Hankow,

TRA, Tamsul, Town, Helio, Taito,

Amor, Fcebow,The word chosen in this agreement) OTHERS-Hong Kong, Singapore Bourabaya, was chosen to preserve the differ- ence of obligation between the 75 and the 100 per 75 per cent. owned, and the word cent. owned companies. This was

"influence" was employed to avoid the legal implication of payment.

Counsel added that Sir Patrick. failed to make his flesh creep when he talked of damages totalling mil- llona of pounds. The case framed on the, footing that the de- fendants had repudiated the con- tract, but they had never done so.

Mr. Justice Roche, giving judg OURment, sald he had to consider only the construction of the agreement and nothing else at this stage. Large sums of money were involved. He held that the defendants had brollen the agreement; and plaintiffs were entitled to damages, which could be assessed. There would be Judgment for the plaintiffs on both the claim and counter-claim, each side to pay their own'costs.

Leave to appeal was given.

YOU

ARE INVITED TO INSPECT

STOCK OF ASIATIC FOREIGN AND

**COLONIAL POSTAGE STAMP IN SETS, SINGLE PACKETS, BAGS AND IN APPROVAL SHEETS.

GRACA & CO., Dealers in Postage Stamps,. Philatelie Goods, Picture, Postcards, Toys, &c....

10, WYNDHAM STREET, P,O, Box No. 620, HONG KONG

Theodore .Kipp. chairman of the Industrial Development Board af Manitoba, reports that since the inception of the Board, Manitoba's Industrial payroll has been Increas ed from $18,000,000 to $85,000,000.

I may rush from a dinner to a"Talkie" and later on to a dance. But-

I NEVER CHANGE FROM "Gold Flake

WILLS'S

As mild as a sun-kissed day in June-as mellow as a rare old port as sweet as a rich, ripe Honey Dew melon-Gold Flake for mine anywhere, any time, always.

GOLD FLAKE

CIGARETTES

AS GOOD AS GOLD