1931-05-06 — Page 2

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BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorland Capital inued sad Pully Paid-up Bare Funds:-

--- $50,100,000 $20,000,000

Sterling ... ± 1,000,000

Bijvar make $10,500,000

HEAD OFFICE: TIONG KOND.

BOARD OF DIRECTORS :-

Hon, Mr. C. 11. R. Machie Chatema.

Hon. Mr. J. J. Paterin

Deputy Chairown.

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1853.

HEAD OFFICE: LONDON.

Paid-up Capital

BATAVIA

THE CHINA

MAIL.

THE HO HONG BANK, LTD.

(Established 1917.).

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

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

£8,000,000

Reserve Fund

£4,000,000

Beserve Liability of Proprialore, BOTINE 1990

Roserve Liability of Pro-

prietors

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

8,000,000 Paid-up Capital ...

4,000,000 Reserve Liabilities

..$3,000,000

of Shareholders. Surplus

4,000,000

2,520,000

Axencles and Branches:

ALOR STAN

(Malay fit)

KUALA LUMPUÐ KUCHINO

AMRITSAR

MADRAS

DANOKGR

MANILA

MEDAN

NEW YORK

TEKING

PENANG

LANGDON

BAIGON

BEMARANO

BEREKHAN

NILANURAI

BINGAPORE

ВОИЛАВАТА

TAIPING (...)

TAYOY

TIENTSIN

W. H. Bell, Paq

T. E. Pearce, Paq.

A. I. Compton, Esq. J. A. Munumer. Ess

B. Landar Lamia, Eng. TIT. R. Shen, Bay.

4. Milo, Esq.

AMOT

BANGKOK

BATAVIA

BOMBAY

CALCUTTA

CANTON

CHEFON

COLOMBI

DAIREN

f. P. Wen, E.

Chief ManaEST,

V. 3. Urayburn, Esq.

FOOCHON

HAIPHUNU

HAMBUNG

HANZOW

HARDIN

HONGKEW

ILOILO

12010

FOLIORE

LADE

BOWLION

BRANCHES:--

ATALL LUSED

LONDON LYONB

BOMBAY

CALCUTTA

CANTON

CAWAPORE

CERU

COLOMBO

DAIREN (Daing

* Bogja Stanchuria)

DELI!

HAIPHONG

HANDUNG

HANKOW

HARBIN

N. Machutis)

KARACHI

MALACCA

BONO KOND

MANILA

ILOILO

12-04

MUAD (laboral

KURDEN

KLANG

NEW YORK

PEIPING

VEKANA

HANOOON

SAKHIN

SAN FRANC};?»

MILANURA.

SINGAPORE.

SOURABAYA

SINGEL PAFANY TIENTAIS

TOKYO

THINOTAU

YOKOHAMA

Purreat Arenunta opened in Doral Cuicarry o Fixed Deposite received for ons jaar u skurter periods in Local Curry wud Hering term which will be quoted on application. Hong Kong, 21k Pabruery. VAL.

HONG KONG SAVINGS BANK.

The Busts of the above Bank is roodust. ed by the HONG KONG AND SHANGHAT BANKINO CORPORATION. Thales may b

obtaland no application AND SHANGHAI

FOR THE

BANKING CORPORATION,

V. M. URAYBURN,

Bong Bong. 16th July, 100.

Chial ManagSTA

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

96, Boulevard Haussmann, Parls,

Bangkok

Subscribed Capital Frs, 72,000,000,00 Paid-Up Capital...Fra. 68,400,000.00 Reserve Funds.Fra.102,000,000.00 BRANCHES: Hong Kong Quinhun

Saigon Shanghai Mengtze

Singapore Thanhea Tientsin

Battanibang Hue

Cantho

Canton

Djibouti

Nam Đỉnh Neumea

Fort-Bayard Papeete

Haiphong Peking Toursne Hankow Phom-Penh Vinh Hano!

Pondicherry Yunnanfu BANKERS:

IN FRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnais; Banque de Paris et des Fays-Bas; Credit Industriel et Commercial; So- eleto Generale,

sial

IN LONDON: The National Provin-

& Union Bank of England, Ltd. | Comptoir National d'Escompte 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 arrangementa,

Every description of Banking and Exchange Business transacted.

Safe Deposit Boxes to let

A. LECOT,

Hong Kong, 1st May, 1929.

Managor.

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1880.

Capital (fully pald-up) Yen 100,000,000 Resorve Fund

..Yen 115,000,000

Head Office:-YOKOHAMA,

Branches and Agencles at:

Batavia

Alexandria

Berlin

Bombay

Calcutta

Canton

Changchun

Manila

Nagasaki Nagoya

Newchwang

New York

AVER

Osaka

Peiping

Kangoon

Dairen (Dalny) Fenglien (Mukden) Rio de Janeiro

Hamburg

Kankow

Harbin

Hong Kong Honolulu

Kal Yuen Karachi

Kobe

London

San Francisco Seattle Semarang Shanghai Shimonosckl

Singapore

Soerabaya Sydney

Teatsin Los Angeles

Tokyo Lyons

Tsingtau Interest allowed on Current Ac- counts.

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

'H. MORI,

Manager.

Hong Kong, 11th April, 1931.

ROBE

KUALA KANGSAR

(Pirk P.M.8.)

TOKYO

TUNDRAH (Bhutal)

TRINOTAD

YOKOHAMA

ZAMBOANGA

(Philippias Islanda)

Foreign Exchange and Banking buntness transacted.

General

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

A. H. FERGUSON,

Manager. Hong Kong, 8th January, 1920.

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

BELGIUM

CHILE

COLOMBIA

BRAZIL

CHINA

CUBA

DOMINICAN

REPUBLIC

INDIA

JTALY

JAPAN

LONDON

MEXICO

PANAMA

PERU

PHILIPPINE

ISLANDS

PORTO RICO

STRAITS

SETTLEMENTS

URUGUAY VENEZUELA

Commercial and Travellers' Letters of Credit, Travellers' Cheques, Bills of Exchange and Cable Transfers Current accounts bought and sold. 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 Ranking Corpora tion in San Francisco and Spain and als of The National City Bank of New York (France), S.A., in Paris and Nice.

F. McD. COURTNEY,

Manager. Hong Kong, 20th February, 1981.

THE

AMERICAN EXPRESS, COMPANY,

INC.

Head Office: 65, Brosway, New York.

⚫ Capita!

Surplus Resorves

Amsterdam Antwerp

ADD

جامدا

U.S.$6,000,000 .1.3.$1,672,434 U.S.$1,908,209

Barlin

Biarrita

BRANCHES:-

JADOR Grow Flavats Hamburg Listr Interlaken Jerusalam Lido Londoa

Nios

Naplan

nombay

Bran

Bruwala

Buwan Alw

Cairo

عالی علی

Cenas Oslombe Constanilmopla Caponinge Ella burgh

Florenos

Gibra

Branches

Liverpool

Luguna Laxor Manalilma

Monte Carlo

Maaliy

Music

Lookratie

Milan

Piraeus Porta Голов Frking Palermo Rotterdam Both Bamboel Bhanghat Buthampton Водироте B. Martia

Tiestain Viana

Yokohama

Zurich

American Express

Company in Principal cities of Unit-

ed States of America and Canada.

Every description of Banking and Exchange business transacted.

TAN ENG HOOI,

Manager,

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING BOCIETY)

. BANKERS.

Established 1834.

Hong Kong 05eet-il, Queen's Boad Central.

Authorised Capital

Guidara 150,000,000- (811,300,000) Fold-Up Captial ............ Gulldurs 80,000,000 (48,000,170) Esters Pued Guilders 40,016,000 (23,684,650)

Hand Office AMSTERDAM* Eastern Bad OfficesATAVIA.

BRANCHES

and

Commerce

Finance

YEAR OF

DEPRESSION.

GENERAL

Serious Adverse Factors.

THE EASTERN BANK.

WEDNESDAY, MAY 6, 1931.

conversion could be effected at par the saving of interest would amount to £20,000,000 a year,

With a view to rendering the operation possible, I venture to suggest for the consideration of the Chancellor that the new secur ity should be issued on terms that the income-tax chargeable on the interest should be the tax ordin- arily payable subject to a maxi- mum of 40. in the £. If this sug gestion were adopted, I am con fident that a conversion could be effected, that funds would be at- tracted from abroad for perman ent Investment, and that the credit of the poli-, of the country would be enhanced. At the present rate of income-tax of ds. 6d. in the the cost of the

£13,600,000 of the reduction of British imports into India. The contraction of trade as shown by the above-mentioned figures was attributable to the drop in prices which took place in regard to Indian exports, except tea, coupled with the hoycott of British goods and the uncertainty tical situation.

This uncertainty in turn, along

crease in direct taxation

от апу other additions to the burdens of Industry, the solution of our diff- culties would become well-nigh impossible; though from what Mr Snowden has stated at the Man. sion House we are led to hape that he will balance his Budget without any such drastic

men- aurca. Even if he were able to achieve this object, the only re- sult would be a removal of appre- hension regarding the immediate future, and in consequence a merely temporary alleviation of the situation. Unless positive measures are taken in the way of a radical change in our fiscal policy, we must continue to drift towards dissater. respectfully express my sympathy May I here

with Mr. Snowden in his illness and wish him a speedy recovery? Current Year's Prospects. The prospects of the current year very obscure. Much nust depend on the policy of the Government and the incidents of the coming Budget. One favour. able feature is that the decline to have been arrested and some in the price of commodities seems

Further, the situation In India ap- articles show an upward tendency, an emergency, greater indeed inpears to be clearing up on the re- some respects than that which obecnt agreement and, should tho tained during the War.

boycott be entirely removed, may see શ little more activity. though I fear the restoration of confidence

process.

The twenty-first annual general with the agitation in favour of al concession would be £2,000,000, meeting of

the Eastern Bank,

tering the rupee exchange from against a saving in interest pay Limited, was held in mall week,

18. 6d. to 18, 40, at 2 and 3, Crosby Square, Lon.

led to remitments of £20,000,000, tances from India to other coun There are procedents for a dif- don.. Mr. J. S. Haskell (chairman tries,

estimated at of the company) presided..

£30,000,000, | ferentiation in taxation in the 4 The thereby disorganising the finances secretary (Mr. B. Carter) read the

per cent. Tax-Compounded War of the Government of India. Loan recently redeemed, and, so notice convening the meeting and

The requirements of the Gov- the report of the auditors.

far as foreigners and residents crument for home remittances for abroad are concerned, in Victory The chairman said:-Gentlemen, the year, as budgeted, were es owing to causes of which you are

Bonds, Funding Loan, and the -5 timated at £31,000,000, but they por cont. War Loan itself. were unable to purchase, except true that these loans were issued It is in the early part of the year, and in times of emergency; but sure then only to the extent of £5,395,-Ir. the present situation constitutes 000. Further, owing to the great demand for exchange, which the banks could not satisfy on account of the diminution of exports and the flight from the rupec, the rupee fell to the lower gold point, and the Government was obliged to sell sterling £3,725,000 at the reverse Council to the extent of

rate of is. 5-19/64d.

doubtless aware, the working pro fits for the past year are not quite go favourable as those you have been accustomed to see during the past several years. The whole period under review was marked Banjarmasin, Bandong". Bombay. by a general depression, accen- Caloutta, Charbon, Diamber, Blok tuated by a continual drop in com. Jakarta", The Hagna", Yuddah, Lɔbe, Kola Badja, Makasar, Medan, Padang nodity prices, while the resultant Palembang, Pakaloogan, PDADE Pontian Bacton, Betterdam accumulation of stocks of all Hamar

Shanghat, Bubot kinda made manufacturers, mer (Sumatra), Singapore Sourab Hourskarte (Holo), Toral, and chants, and dealers reluctant to enter upon commitments for fear of further recessions in values. The decline

Valleyreden".

• These offices have ante dapoal box is a London Bankery National Provincial Bank Ltd. Correspondala all over the world Banking business of every description traslad

1. STOKLINK,

Acting Kangne.

Hong Kong. Itik August, 1990.

THE BANK OF CHINA.

行銀國屮

Reorganise October 26, 1028, under special charter of The National Gov- ernment an an

INTERNATIONAL EXCHANGE.

BANK.

HEAD OFFICE: SHANGHAI,

HONG KONG BRANCH:

in commodity prices during 1929 was serious: that dur ing 1930 was even more severe.

ket.

In these circumstances

it has

been exceedingly difficult for the banks to make any appreciable profit out of exchange. With a view to counteracting the weak ness the Government had recourse to deflation of the currency, and issued large amounts of Treasury Bills, which naturally tightened up the money market.

a

Position at Home. Adverting to the situation home, the constant drain of gold months, has been causing great an- to France during the last few xiety and unsettlement in the money market owing to apprehen-

If the scheme were carried out at once, and import duties on manufactured goods, as well as on wheat, became part of our siderable increase of net revenue, fiscal policy, there would be a con-

suffelent to balance the Budget without recourse to further direct taxation-(hear, hear the only result of which must be to depress the trade of the country further and render wage reductions im- perative.

All-Round Renefits.

pal to the workers,

The remedy I suggest should ap- as no in- crease to the cost of their staple food would be involved, while the necessity for a reduction in wages would be obviated. Their employ- ment would be protected by the duced by cheap labour on the Con- duties on manufactured goods pro- tinent and in Asia; dumping of would cease.

from all quarters The iron and steal

re-

Silver being the basis of ex change with China, its decline had a very-far-reaching effect in con. tracting trade with that country To make matters worse import duties In China have again been considerably rained, seriously affecting the Lancashire piece roods trade.

On the other hand, China is quietly and steadily de- veloping her manufactures of cot ton goods, and with cheap labour and a depreciated currency she Subscribed Capital....$25,000,000.00 | like Russia, is in a favourable sions regarding a higher Bank merchandise Paid-Up Capital

..$24,710,200.00 position to export her goods to rate and the maintenance of the

.$ 3,820,503.82 this country and capture Reserve Funds

a sub gold standard. stantial portion of our home maring the period of depreciation of woollen trades, at present in

The French dur-Industries and the cotton and

the frane accumulated large suma parlous condition, would be Continental Competitors. of sterling, and for one reason or habilitated and more wage-earners Our competitors on the Contin- another they have for some time would be employed. cut, particularly Russia, who is rast been steadily withdrawing ready. to sell anything she pro their funds.

The country would beneft all Owing to our numerous branches induces

round; the duties would reduce China and large connections in the im-

at any price, continue to According to the figures pub-anemployment, help to rectify our portant commercial centres of the make further inroads upon both lished by the Board of Trade, the gold world, we are able to extend to our our home and our foreign markets, adverse balance of trade of this medium of negotiation for prefer

position, and afford clients special facilities for domestic while the Government is-il seems country for 1930 amounted to and foreign banking and exchanges.

confessedly-devoid of any polley 4302,000,000, while, taking into Prompt and energetic action is Dominions, We also handle the issue of Bonds to meet the situation beyond en necount the estimated amounts of urgently called for to deal with and other Public Funds of the Ching deavouring to arrive at agreement invisible exports, the favourable the present situation; a policy of ese Government both at home and abroad.

with our competitors whereby, in balance amounted to £39,000,000, drift SHOU J. CHEN,

consideration of their undertaking against £138,000,000 for 1929. In While it is true that a large part can only lead to disaster. not to increase their tarifs, Hong Kong, 5th March, 1931.

we order that this country should be of the present misfortunes is due ahould impose no tariffs at all, able to retain and attract gold it to world causes, it must be recog and thus tie the hands of any is clear that the favourable bainised that each country, including future Government from dealing auce must be increased instead of our own, has its own particular with this deplorable state of being allowed to disappear, and to affairs.

that end import duties must be imposed to check importa.

4, Queen's Road Central.

Manager,

THE BANK OF CANTON, LTD. Estabilahed 1912.

Head Office: Hong Kong, Authorised Capital (H.K. Currency) #11,000,000 Paid-Up Captial

$,863,000 Heserve Paad

1,100,000

BRANORES

Canion, Bhanghai, Hankow, Swalow, Bangkok, New York and Bas Prasolson

CORRESPONDENTS

LONDON BANKEES—— The Lloyd's Bank, Zimljed.

is all principal oilies of isa World.

Ford hangs and banking business of every description transacted.

Bala Depo Bez (various sims) ai u poszły renial of From 50 to $40.

LOOK POONG SHAN,

Chief Manager.

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

ences with the

difficulties in addition.

aro

Wo

may be a very slow

been further handicapped by the Unfortunately, Lancashire has

imposition of an additional duty very low and new arrivals should on her goods; but stocks are now

find a ready market

I beg to move the adoption of the report and that a final divi- dend of 58. a share, less income- tax at 48. 1.803d, in the after allowing for relief in respect of- Indian taxation, be paid on March 23 to members who are on the re gister on that date, out of the net profits of the bank for the year ended December 31, 1930.

Sir James Leigh-Wood, K.B.E., in seconding the resolution, said C.B., C.M.G. (deputy chairman), that it would be agreed that they had listened to an extremely well- reasoned and most lucid speech from the chairman and one which deserved a much larger audience. The chairman was to be warmly congratulated upon the really re markable exposition of the situa- tion in this country. (Cheers.) The resolution was carried un- animously.

Sir

re-election of the retiring direc

The chairman а

next moved the

K.B.E., C.B., C.M.G., and Mr. tors,

James Leigh-Wood, Emile Francqui. This was second- ed by Mr. G. Bromley-Martin and unanimously approved.

On the motion of Mr. A. J. Raymond, seconded by Colonel G. R. C. Westropp, C.B., the audi- tora, Mesars. Turquand Younge & Co., and Messrs. Lowe, Bingham & Matthews, were re-appointed.

The practical response

It behoves us therefore to deal on the

with our own particular difficul- part of many of our important

At a recent meeting of coal opera- Mr. Snowden's intention to con- ties so that, with our house In competitore has been to raise their vert the 5 per cent. War Loan to order, we may be able to take ad- presenting 47 per cent, of the mines tors of the Province of Alberta, re- tariffs still further. The political 4 per cent. basis is very diffi-vantage of the revival when it and 68 per cent. of the tonnage of situation in India, coupled with cult of fulfilment under present comes. Is it too late to hope that domesic coal, an organised market- frequent disturbances of the conditions. Even in normal eir-old shibboleths and party cries Ing body was formed bearing the peace and the boycott of British cumstances it would be no easy may be forgotten and that the goods, has been another serious task to

name of the Alberta Domestic Coal convert 80 much as Government

may deal adverse factor.

with the Operators' Association, with C. £2,000,000,000, the approximate altuation with an open mind, free Cook of Drumheller as president, of the loan, with-from any bias towards obsolete W. W. McBain as vice-president offering an inducement and inapplicable theories?

and C. G. Durham bond

secretary- If a Should there be a further in-

treasurer.

In the circumstances to which I amount have referred it is not surprising out that we

should have incurred to the some bad debts in connection with our advances; our writing off for this purpose has thus been more than usual,

The net profits amount to £116,693 18. 9d. We recommend

HEAD OFFICE:-Talpeh, Formosa.the payment of a final dividend of

Incorporated by Special Imperial

Charter, 1899.

Central Beak in Yoro

All classes of Commercial Banking Bank Note word recoge amount Isa, 48,000,000 Transactions undertaken.

Persona! investment accounta handled.

The Company offers to intending Travallers the use of its "Travelers

58. a share, less income-tax at 48. 1.808d. in the £, after allowing for relief from Indian taxation, which with the interim dividend of 4s. a share already paid, will amount BRANCHES AND AGAROLES | JAPAN:-Tokyo, Yokohama, Kobe, Deals,

to 9 per cent. for the year. There FORMOSA

Kagi, Kosaka shing, remains a balance of £74,684 14s. Marosg Kanto, Ablaskirs, Toss, Talaan 24., of which we propose to trans Takao, Tamas, Town, Halo, Talle, CELINA — Ekang Hankow, Amey, Foodhor, fer £25,000 to contingency fund,

walow, DanŠOKA, OTHERS1-Ro4g Kong Hingapore,

The carry-forward will amount Bombay, Loodoo,

Galo to £49,684 14s. 2d., an increase of Dalrea LONDON BANKERS,

Bombay

Cheques" and Letters of Credit and, The London County Westminster and Farr's Bank £1,698 18s, 9d. In times of such

In addition, the world-wide services of its thoroughly equipped, Travel De- partment.

.

Affliated with

THE CHASE NATIONAL BANK Resourcea..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 wað: Surplus

Total Resources

acute depression I think you will

The Bant has Correspondents in all the prinsipal agree with me that the result is

Commercial Contrae throughout the world.

K. KAGURA,

Kasager

HONG KONG BRANCH:

8, Des Your Boné Conlani. Hong Kong, 19th January, 1738

THE MERCANTILE BANK OF INDIA, LTD.

HEAD OFIION:

1

Authorised Capital

Subscribed Capital:

Paid-up Capital

15, Ghurch Street, London, UK-

£3,000,000 1,800,000 1,050,000 Reserve Fund and Rest, 1,860,8(5

DANKEES A

The Bash of England à Midland Bank, Ltd. ENANCHEST Įpak

New York Landy

Bangkok

Banbay

Cafonton

Kota Bharu

over, H.8 `8,000,000,00 over H.$20,009,000.00.

Colombe

Insta Kral

Xusto Lépla

Tanly Lamper

Hong Long Havish

Every devoription of Banking and Exchange-bualpess transactedingham

66.

Garrent and Fixed Deponit Accounts In local and for?

eign currencies opened for ellentă, 2020

Bavings Account and Safe Deposit Boxes. Branches and Creases all over the world.

KAN TONG PO,

#Chief: Manager.

Fore Leste

(Maurliiza) Bangoon

Kantan (Fabangi Aingapore

"

HONG KONG BRANCEL, PORN

not unsatisfactory; and you will no doubt approve of the alloca- tions, which will allow of the maintenance of the dividend and ensure the strengthening of the contingency reserves, (Hear, hear.)

to

India's Trade. The total Imports of merchan- dise into India amounted £188,530,000, showing a falling off of about 448,000,000, while the ex- porta at £192,800,000 show a drop of £54,000,000. Imports of gold, £11,800,000, and silver, £9,100,000, were in the aggregate about equal in value to the imports of specie of the previous year, in spite of the import duty of 20 per cent. | imposed upon aliver in 1980. The visible balance of trade in favour of India" dropped from 438,500,000: to £34.000,006not a serious dif ference in view of the drop of

Bracy decription of Banking and Exchange boek Over £100,000,000 in the whole for Travalers Cheçam incat

Trantee and Executorsälpa anda:There was, considerable de

eign trade of that countrya, taken a fa Magd

INTAREST shord mi. Otrant Asscute and clium in trade between India and Pizal Deposite pad Zaise, thei may be atomiased the United Kingdom, amounting to C. L. SANDES,ST $25,000,000 in importa and Manager, 29,800,000 in exports. Cotton Hong Kong, 29th April, 1991. goods alone were responsible for

holders.

AB

THE SAFE-CABINET & VICTOR

FIRE PROOF SAFES

Provide The Maximum

Fire Protection

Sole Agents:

DODWELL & CO., LTD.

QUEEN'S BUILDING.