1931-04-29 — Page 2

THE CHINA MAIL.

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

$70,000) (

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

HEAD OFFICE: LONDON,

THE HO HONG BANK, LTD.

(Established 1017.)

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

Authorini Capital....... Squad and Pully Paid-up Reserva Panda –

Sher...

$20,000,000

Paid-up Capital

.£3,000,000

Reserve Fundi

£4,000,000

Paid-up Capital.

Authorised Capital Straits $20,000,000 | Issued Capital

8,000,000

4,000,000

Reserve Liability of Pro-

prietors

Reservo Liabilities

.£3,000,000

agencies and Branchen:

of Shareholders Surplus

ALUK STAR

Maisy Bitsima)

AMMYSAD

KUALA LUMPUA KUCING

sterling ....... 4 1 200,000

Revers Liability of Proprietare. $8,0

HEAD OFFICE: HONG RUSIE

BOARD OF DIRECTORS :-- Han. Mr. G. A. 8. Machin. theran.

Mom. Mr J. J. Peteran..... Cy Chairman.

W. B 10, Exp.

A Pere. Eng

A. 1. Compton, Log, 3. Pinturer, Exq

H. Lander Lomby, Eng. T. B It bow an.

0. Miskin, Esq. - J. Wartek, Em

Chini Maungat,

V. M. Graybuen. Emi

BRANCHES:-

LONHOS

JANUKOK BATAVIA

HON MAY PALCUTTA CANTON CAWNFORE CEAU

COLOMBO

DAIREN (Ding

South Mantkurial

1

HAFROBOT

SEASONURO

PENANO

RASTOON

NAIGON

SEMARANG SEREM DAN

MILANO BAS

AMOT

BANOKOR

BATAVIA

HOMBAY

VALECITA

CANTOS

CUTFO

COLOMIS

DARREN

HAIPIJUNG

HEAY Al Ati

A

HARDEN

HUMOREW

LOKA

Iron

Papon

JOONLARIN

ATALA LE MP

J.

LYONS

MALACIA

MANILA

MUAR charet

MKDIN

NAGASARI

NEW YORK

PEITIKO

PENANG

BANON SATCHIN

SAN FRANCISO

HASOTA, SINGAPORE.

SOKOLADAYA

SINGER PATAN:

UEST 15

TOKYO

17 Au YOKOHAMA

Curren Arrent stand at Cserenez and Fed Depots traited for one year to tippi Local Correy and Stating Pete warh will be guntal in spiteaLINN, 24 4 2 d'abrones, 19092.

HONG KONG SAVINGS BANK.

The Seine et tlus minta Bank is rundumt. by the BNG, ROND AND SHANGHAI BANKING CORPORATION. Hnia may

har opf

FOR THE HONURUNG AND SANITIZAL BASEINA CORPORATION,

V. M. GRAYBURN,

Jing Kong. th July, 1950,

Chief Marsgen

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

96, Boulevard Haussmann, Paris,

Subscribed Capitni Frs, 72,000,000.00 Paid-Up Capital...Fre, 68,400,000.00 Reserve Funds ....Fra. 102,000.000.00 BRANCHES:

Bangkok Hong Kong Quinhon Hattambang te

Cautho Mengize

Canton

Nam-Din

Fort-Bayart

Papeete

Haiphong

Saigon Shanghai Singapore Thanher Tunisin Tourune

Djibouti Neume

Peking

Hankow Pnom Penh Châ

Tanui

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 National Provín. cial & Union Bank of England, Ltd.: Comptoir National d'Escompte

Paris; Credit Lyonnais.

de

IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor- poration: Cuaronty Trust Co. of New York.

Esh

Interest allowed Current Ac counts and Fixed Deposits according to arrangements,

Every description of Banking and Exchange Business transarted.

Safe Deposit Boxes to let.

A. LECOT,

HANKOW

HARBIS

2. Manebu

HONG KONG

11.00

TTST

KARACIKE

BLAND

KORE

KOALA KANGHAR

(Park P.M.9.)

MADRAS

MANILA

MEDAN

NEW YORK

PEXINO

SINGAPORE

BOURABAYA

TAIPING (P.M.B.)

TAVOY

TIENTRIN

TOKYO

TONGKAH (Bhakti

T-ENOTAO

YOKOHAMA

TAMBOANGA

Phi Jalanda)

Foreign Exchange and General Banking business transacted.

Current Accounts opened and Fix- 4 Fraposits received for 1 year or shorter periots at rates which will be qunted on application.

A. H FERGUSON,

Manager. Teme Kong. 9th January, 1929.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 55. Wall Street, New York.

Capital, Surplus and

Undivided Profits..U.S.$224,554,208,

Branches in:-

ARGENTINE LONDON

BELGIUM

BRAZIL

MEXICO

PHILIPPINE

ISLANDS

PANAMA

CHILE

PERU

CHINA

COLOMBIA

PORTO RICO

HOMINICAN

STRAITS

REPUBLIC

CUBA

INDIA ITALY

JAPAN

SETTLEMENTS LRUGUAY

VENEZUELA

Commercial and Travellers' Letters

of Credit, Travellers' Cheques, Bills of Exchange and Cable Transfers bought and soldi. 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.

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 aleo of The National City Bank of New York (Franco), SA, in Paris and Nice.

F. MED. COURTNEY,

Manager. Hong Kong, 20th February, 1931.

THE

AMERICAN EXPRESS COMPANY,

INC.

Head Office: 65, Broadway. New York.

Manager.

Hong Kung, 1st May, 1929.

Capital Surplus Reserves

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1880.

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

Head Office:—YOKOHAMA,

Branches and Agencies at:

Alexandria

Batavia

Berlin

Bombay Calcutta

Canton Changchun

Manila Nagasaki Nagoya

Newchwang

New York Osaka

Peiping

Dairen (Dalny) Rangoon Fengtion (Mukden) Rio de Janeiro

Hamburg Hankow Harbin

tang Kong Honolulu

Kai Yuen Karachi

San Francisco

Seattle

Semarang Shanghai Shimonosekl Singapore Soerabaya Sydney Tientsin Tokyo Tsingtau Interest allowed on Current Ac- counts.

Kobe

Sondon

Los Angeles Lyons

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

H. MORI,

Manager.

Hong Kong, 11th April, 1931.

THE BANK OF

Autardes Antsorg Ashour

Ul

11'arrita Bombay

Fruto IKUMANA Imade Arse

Cuir Calcutta

Crane Colombo Courientinople Copenhagen Edinburgh Homesta Экорга

,U.S.26,600.000

4,000,000 2,526,000

Branches, Agencies and Correspon- denta 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

T

Established 1854.

Hong Kong (Mos:−1), Quesa's Bond Cesaral.

Authorland Capital

Pald-Up Capital

So Fund

(Human),

Chulider 150,000,000- (413,800,000.) Child 80,080,006 (28,689,170) Gildar 10,016,000 (£3,234,383)

HOME TRADE REVIEW.

and

Commerce

Finance.

One firm says "The gutput allow e under the Act, so far as We personally are concerned, has been seriously reduced, and whereas wo have been working in the past

Politicians Ignore the five-day week, we have now no alter-

Experts.

[By A. W. Stu)

native but to work two days a week for the remainder of the month." This may be an exceptional case, but there is undoubtedly anxiety, London, Mar. 11. accentuated by the abnormally There is still a feeling of sur severe weather which is being ex- prised uneasiness here in regard to perienced. the financial situation in Australia. | One coal factor's agent is quoted it arises from a feeling that the by The Times as reporting that in

than a week scores political leaders there are ignoring less

of mer the counsels of expert financiers, chants will be without stocks and including the leading Australian many Yorkshire pits will either be bankers, and are attempting to do working two days per week or the impossible,

closed down altogether. Many The Federal Treasurer does not people who buy coal in small quan- realise thut tities will be faced with an empty Issue of £18,000,000, fire-grate in what is proving the it may

campu-severest weather we have had this flaged, is form of inflation, year. and Mr. Lang, the Premier of New South Wales, is oredited with pro- posals to bring about "an all-round reduction of Interest." "

вест

fiduciary however

to

be

Hasenas", Heanghai. "Andes (ut any rate in the absence of powers

Ringapore, Houtebela Somrakarta halut Tegal. Trump to compel lending, depend entirely good repute of the bor

Industrial Economies.

¦

WEDNESDAY, APRIL 29, 1931.

buying from abroad and lending abroad more than we can finance by our exports, and we are unable to finance our imports of commodities and our exports of capital because our costs are too high relatively to the level of prices in the work as a whole and to the costs of our competitors. The only cure for this disequilibrium is to get our costs

down."

Mr. Snowden, is a very sick man just now and it is becoming very doubtful whether he will be auff- clently recovered to present his Budget in person. Usually Budget Day in the House of Commons falls about the middle of April, and even if he is able to resume his place, Mr. Snowden will be a frail mau for so heavy a task.

At the moment hopes are being expressed that the adverse balance will be less than generally ex- pected, but Treasury receipts dur- ing March are being taken at last year's level to warrant this fore- cast. One forecast places total ex- penditure in the financial year 1931-2 nt £803,000,000, which is £16,000,000 more than last year.

If it is no worse there will be a feeling af relief, but I cannot shake off an impression that it will be worse.

He says our export prices are still 151 per cent. ubové pre-War level while the average price we pay for imports is only 119 per cost. above, and our cost of living is 50 per cent. above pre-War, and wage rates are 70 per cent. above. There is enough in these figures to explaie the gravity of the national position. The fact that depression is world- wide, and that every country is trying as hard, or even harder than ourselves to win back prosperity

Mr. Snowden did not give leads one to fear that our own re

his recent sensational warning covery will be slow, and that wo without good reasons. He knows may have to sacrifice some of our his fellow Socialists, and how hard most cherished social and economic they will urge him to show no views in order to share in it fully,

mercy to what they are pleased to Part of what Professor Clay call "the idle rich." — Straits speaks of as the world's "disequili-Times. brium" is undoubtedly due to the War debts. The Midland Bank Review points out that "a declining price level exercises. Its depressing

vad

–AMSTERDAM*

Of course scarcity means higher effects largely through the increas Easter Head QGos:~~BATAVIA.

price, and concurrently lower wages,ingly heavy burden it imposes upon BRANCHES ;- Buodjarmasin, Bandoing", Bombay.

Caloutta, Cheribon, Djember, Djo.

The Act passed last year was, no debtors, whether individual trading jakarta, The Fagua”, Jeddah, Kobe,

These gentlemen do not seem to doubt, well intentioned, but its ad- | undertakings or entire communi Kota Badia, Makassar, Medan, Padanx | Palembang, Pakalongan. Panana understand that rates of interest, ministration seems to be open to ties. Ponlinna, Bangoon, Rotterdam",

much criticism. Too little atten tion has been paid to the views of the coal-owners, who, after all, are best able to forecast demand. Some authorities say that the decision of the arbitrators will be fully justified as soon as we have milder weather and longer days.

Wefievreden.

• The fire bava salu dapraft hypes z lak. London Hanker: National Provincial Back Tatd. Correspondante all over the world Banking brains of ar devription trapunched.

A. STORRINK.

Arting Manager

Bong Kong, Irlik August, 1980.

THE BANK OF CHINA.

行星國小

upon the rowers.

Every art savouring even remote ly of inflation, which incans lower ing of interest by a trick or by repudiation of contract, which is

a more brazen way of accomplish They point out that industrial -ing the same end, simply means that consumption, in view of the gen capital will seek employment clse-eral trade depression, is abnormally where.

low and shows little tendency to If the Australian legislators re increase. When doctors differ, lay alise thuas very simple facts. they men must hold their peace, and be are placing themselves in a position content to wait and see, but, at the Reorganize1 October 25, 1925, under in which they may be compelled to moment of writing, snow is falling special charter of The National Gov-resort to the extreme expedient of heavily even in London and coal forcing people in Australia to lend

shortage cannot be viewed with philosophical equanimity.

ernment as an

INTERNATIONAL EXCHANGE

BANK. Subscribed Capital Paid-Up Capital Reserve Funds

HEAD OFFICE: SHANGHAL

money.

50:

their

form

A Painful Subject.

I am not always content to sit, They cannot force people living humbly at the feet of university .$25,000,000,00

$24,710,200.00 elsewhere to do

they have professors when they talk about in over only .$ 3,820,503.82 power

fellow dustrial economics, but 1 think Pro colonists, and it is the opinion of fessor Clay, of Manchester, is right every man qualified to

3 in tracing present conditions sound judgment on the matter that throughout the world as due mainly If Australia shuts out new capital to the War. "It produced," he says, It dooms a vast country to pitiful

temporary shortage of such stagnation net for a year or two things as wheat and rubber and only but possibly for generations. stimulated enormoue expansion of

the power to produce."

HONG KONG BRANCH: 4. Queen's Road Central

Owing to our numerous branches in China and large connections in the im-7 portant commercial centres of the world, we are able to extend to our clients special facilities for domestic and foreign banking and exchanges.

It is a rather painful subject "White Australia" has been an in- Rubber, I think, is a bad example, apiration and a dres which a mere

to quote, because the commodity handful of men seer bent upon de-has, relatively speaking, no pre We also handle the issue of Bonds stroying. I doubt we can say War history. in 1914 the

whole and other Public Funds of the Chin- "they know not what they do"; their world supply was ese Government both at home

very little over action seems more like sinning 120,000 tons, and the War did not abroad.

SHOU J. CHEN,

against the light, for they have had create scarcity-on the contrary, Manager. able and unquestionably honest towards the end of the War, in Hong Kong, 5th March, 1931.

advisers.

1918, there was over-supply, because there was retardation, of geners), consumption.

and

THE BANK OF CANTON, LTD. Established 1912.

Hend (ce-Hong Kong.

Authorised Capital (fi.K. 'Currency) $17.290.000

Paid-up Capital

Flexorse Fund

‚ U.S.$1,572,454

BRANCHED

Chat, Shanghai.

, U.S.$1,908.209

BRANCHES:-

Genze Glasgow HATENA Hamburg Mavro Interlak Jerusalam

Lido

Londoa

Liverpool

• негов

Lugan

Inacz Marlen Monte Carlo Manila

Muntob

Mobireux

ديانا

แฟ Sapla

Pirague

Parla

I'

beking Palermo Tollerdam

K

Kambosl Bhaolin Southampton Singapore St. Marite Titula Viazza Frie Tokobaran Zurich

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

Some of the loan quotations here are significant. Five per cent. louns are quoted at 73 to 75, four at 59 to 61. and a half per cent. There has been talk of the Govern

Grave National Position.

I think Professor Clay is closer ment buying in at these and similar to fact when he says that "we are rates, but there are doubts as to

whether it can find the money to do

8.585,000 1,100,000

30.

Hakow,

In any case it is gravely pre.

Bengkak New York End San Francisco judicing Australian credit, for who

CORRESPONDENTS

LONDON, BAKKERA:-

The Lloyd's Bank, Liralted

In all principal cílist of the World,

mange plekkage and banking burlaust of avers description traducelad.

data Deposit Boxas verlose sires) at a yously rental of from 25 to $18.

LOOK POONG SHAN,

Chief Manager.

THE BANK OF TAIWAN, LTD.

(TAIWAN GINKO.)

HEAD OFFICE:-Taipeh, Formoss. Incorporated by Special Imperial Charter, 1898.

All classes of Commercial Banking Bank-Note sed Avara X 12,000,000 Transactions undertaken.

Personal

handled.

investinant

accounts

Central Bank Lo Formos.

BRANCHES AND AGENCIES JAPAN Tokya, Yokohama, Kobe, Duke. FORMOSA

Yagi, Karanko, Makong Nanto, Bharkitu, Talchu, Tain Takso. Tumnul, Town. Halto, Talla CHINA: Bhanchal, Hankow, Amoy, Poncham,

Swatow, Casion,

Bemarang, Tatarie, Bombay, Calcutta, London, New York, Dairen.

LONDON BANKERS |

.:

will invest on the promises of a Government which may resort to threats of repudiation or inflation In order to move the market in its own favour? .......

Sound National Enterprise. Imperial Chemicals is оцт greatest, and orie of our soundest national enterprises, but it has not the effects of depressed |escaped

interest trade conditions and the paid on ordinary shares is reduced from 8 per cent. to six, while the deferred shares; which only parti- cipate when the ordinary have drawn 7 per cant., get nothing.

Gross profits for the 'year were £5,129,757, a contraction of £1,306, 816 compared with 1929, and of about £700,000 compared with 1928 It is as good na could have been ex pected in the circumstances, but it

The Company offers to intending OTHERS-Ho Bong Bingapore, Borbar serves to demonstrate how widely Travellers 'the use of its "Travelers Cheques" and Letters of Credit and, In addition, the world-wide services of ita thoroughly equipped, Travel De partment

Affliated with

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

| GUE' BENSON,

General Manager.

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 monial over · HL.$30,000,000.00

Every description of Banking and Exchange business transacted.

Current and Fixed Deposit Accounts In-local and for eign currencias opened for cilenta. Wh

Bavings Account and Safe Deposit Boxes.. Branches and Agencies all over the worlde, up

KAN TONG PO

The London County Weliminater And Parr's. Bank. The Beak has Correspondente la all the princioal Commercial Centre throughout the world.

K. NAGURA

HONG KONG BRANCH:

Das Vax Hoad Control, Hong Kong January, 1929.

Мапарат.

THE MERCANTILE BANK OF INDIA, LTD.

* HEAD OFFICE: 15, Ornonchurah „Birwal, Leapton, TQM · Authorised Capital £3,000,000 Subscribed Capital.... 1,800,000 Paid-up Capital..... 1,050,000 Reserve Fund and Heat 1,646,608

BANKERS The Bank of England à Midland Bank, Ltd. FRANCHIEST Bangko Bombay

Karachi Calcatter. Kota Bharu,' Colorabo

"

Kuala Ami-

New York Penung

Port Ou

T · (ALKINS(110) ·

Teamwor Shangha Essie-Lompur :30 BlkIN WES

depression is distributed and how Varied the interests are which have been adversely affected,

Broadly the conclusions of the National Wages Board for Railways Is that all earnings are to be sub- jected to a deduction of 2% per cent."with a further deduction of 22 per cent in respect of earnings above 403. per week.

The decision seems to be a very fair one In all the circumstances, for the cut is considerably less than the fall in commodity prices, and in the gross carnings of the railways would have justifled. So far, the award seems to have been generally accepted, but it is too soon to take that for granted.

to

Coal Trade Troubles. Curious trouble has arisen in the Yorkshire, coal trade and serves to indicate how difficult attempts regulata by persons outside an in- dustry may be. The Midland coal jarea made an application for an in- creased standard tonnage in March, Berry description of Backing and EmphangbelThe arbitrators, under the Coal Trevaliers Chequee Karangal,

Daiki

Bownk

MAN Madona V

Kuantan (Fabag) Bisgapore

› Bogtsbays.

HONG KONG BRAKOIL-

Mines, Act, 1980, refused to grant Trasten, and Executorships under this application and the consequence laken, whether he was that leading colllery owner had „INTEREST “Moana” 櫥 Durrat Asomande sal Fized. Deposit (as Rates Blank may be serial

L SANDES Povstall: ? Manager,

576 Chlat Manager, de

4. Osama's Bond Content; fus 7N

to announce to their salo agents that they would be unable to supply them with their fub quantity of coal for March

/

World Out of Joint. When the War debts were fixed the test applied was not damage done, for that was beyond the power of any nation to cover, so the basis of reparation was capacity to pay. And as the bank review says "All the factors in capacity to pay which were then considered · have been falsified by subsequent events, for in most cases the real burden of the payments, then fixed for more than half a century ahead in terms of money, has been heavily increased. just within the debtors' capacity, then they are beyond that capacity to-day." The whole world, in fact, is out of joint. "International debts become more burdensome and more disturbing

If the aums fixed at the time were

An Increase of approximately 20 per cent. in passenger rates be- tween Shanghai and Hankow is being contemplated by the China National Aviation Corporation. This will not apply to the Han- kow-lchang service.

UNCLAIMED TELEGRAMS.

THE GREAT NORTHERN TELEGRAPH CO., LTD,

OF DENMARK.

The following unclaimed tele- grams are lying at the office of the Great Northern Telegraph Company murk:-

(Limited) of Den-

Furlean. from Shanghai. Vendor, from Shanghai. Murataso Ichiro Fukudakan Nihonsokai, froni Tokyo.

Ellis Bennett, Kowloon, from Yokohama.

Scanlon, Peninsula Hotel, from Shanghai.

to the economic Wyllie, Hong Kong Hotel, from

Tientsin.

Juster, Peninsula Hotel, from

Chien Yu-ming, Kowloon Hotel, •

organism of the world with every downward step of the price level."

Debtors are the greatest but not | Shanghai. the only sufferers. It is possible, indeed, that a nation like our own from Tientsin. with investments in every part of the world may suffer as severely as8 any, but at least in a direct sense we have nothing to gain by rigid enforcement of payments no longer strictly equitable..

All our international arrange- ments have been made on the basis of the Balfour Note, which declared that we would ask for no more than we had to pay on behalf of others for whom we had given a guar antee. America, as the greatest creditor nation, seems to be natur ally marked out as the one from whom suggestions for equitable readjustment should originate.

|

Mr. Snowden's Difficult Task.. Our Chancellor of the Exchequer,

F. V. JENSEN,

Superintendent. Hong Kong, April 22, 1931.

THE EASTERN EXTENSION AUSTRALASIA & CHINA TELEGRAPH CO., LTD.

The following unclaimed tele- grams are lying at the E.E, Tele- graph Co. Office, Hong Kong:-

Carmichael, Kremlin, from Glas-

Kow.

Kong Pol, Hotel Cecil, from

Macao.

Yardarm, from Birmingham Po.

T. H. WILLIAMS,

Ag. Superinterident. Hong Kong, April 10, 1931.

may rush from a dinner to a Talkie"

and later on to a dance. But-

NEVER CHANGE FROM "Gold Flake

WILLS'S

As mild as a sun-kissed day

in June-ás mellow as a rare old port-as sweet as a rich, ripé Honey Dew melon-Gold Flake for mine anywhere. anytime.always?",

GOLD FLAKE

AS

CIGARETTES

GOOD AS

GOLD