1931-05-27 — Page 2

THE

CHINA MAIL.

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorized Capital

Issued and Pulls Pallup

Barve Funda :--

Barling............... € 1,500,000

$50,000,000 $30,000,00

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1888.

THE HO HONG BANK, LTD. (Established 1917.)

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

of Shareholders. Surplus

11

Commerce and Finance

HEAD OFFICE: LONDON.

BIG

Paid-up Capital

Hilar

----------- $10,000,000

Reserve Fund

£3,000,000 £4,000,000

Authorised Capital Straits $20,000,000 Issued Capital

2,000,000

Rare Liability of Imprietors. $30,090,070

Reserve Liability of Pro-

prietors

Paid-up Capital

4,000,000

OIL DISPUTE JUDGMENT.

.£3,000,000

Reservo

Liabilities

HEAD OFFICE: HONG KONG.

4,000,000

Agencies and Branches:

KUALA LUMPUR

2,526,900 Reference to

"Millions

(Meloy Miatan)

KOERING

TAR

BASORGR

MADRAS

Damages."

HAPAVIA

MANILA

;

BOMBAY

MEDAN

BALIVITA

CANTIN

NEW TOBY

CAWSPORE

PEKING

PENANG

COTAMBO

BOARD OF DIRECTORS: —

Mr. C. . . Marki

Claman.

15. M. J. Petarian. Deputy Chairman.

ALOR STAB

Kan. Mr. . . fimil, T. E. Pearom. Zaq,

A. 1. Compton, Eng. J. 5. Plemsoer, E.

a. Lander Iwis, Eng. T. 13. R. Khaw, E-1-

G. Mohlo, Esq.

2. P. Warren, Pony.

Mangor.

V. M. Graphern. Req

LONDON

CKOU

DAIEN (Dalny

Routh Manchuria)

DELNI

NAMONO

BRANCHES

AMOY

JANORON

LYON

DATAVIA

ROYDAY

CALCUTTA

CARTON

CUERD

COLOMBO

DAIKEN FOOCHOW HAIPHONG

Sch

HANKOW

HARBIN

HONOREW

LOILO

201URK

20

KOWLOOR

KEALA JUMPER

MALACCA

MANILA

MAR Jharus

UURDEN

NEW YORK

PEIPING

PENANG

BAXODON SAMION

SAN FRANCISO

„KILANGITAL

SINGAPORE

NOT: HABAYA

SUNOM PATANI

TIENTSIN

TUKYO

TRISSLAGE

YDRUTIAMA

Current Accounts upened in Local Curabit JUST OF 00 Fixed Imponita terazeed fur Kram shorter parumin in Loral Currency and Rusting twem which will be quoted Dappleskom.

UD

# K 2201 Felemay, it.

HONG KONG SAVINGS BANK.

The Banine of the slums Back in conduct ad by in JONG KONG AND SHANGHAI BANKING CORPORATION,

He may be

obtamad on osatonO AND SHANGRAI

FOR THE BANKING CORIORATION,

V. N. GRAYBURN,

Chief Man.

Hong Kong, 10th July, 1830.

BANQUE DE L'INDO-CHINE,

HEAD OFFICE:

96, Boulevard Haussmann, Paris.

Subscribed Capital Prx. 72,000,000,00 Paid-Up Capital...Frs. G8,400,000.00 Reserve Funds ....Frs.102,000,000.00

BRANCHES: Bangkok Hong Kong Quinhot Battambang ur

Canton

Saigon

Cantho Mengize Shanghai Nam-Dink Singapore Numea Thanh

Tientsin

Djibouti

Fort-Bayard Papeete Haiphong Peking Tourane Hankow Promzah Vinh

Hanoi

Pondichery Yunnanfu

BANKERS:

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

IN LONDON: The National Provin cial & 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 Fork.

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

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

A. BONNAUD,

Hong Kong, 1st May, 1931.

HAMBURO

HANKOW

HARDIN

(N. Mancharlas

HONG KON

#L/NT:4)

Iron

KARACHI

KLANG

KOR

KUALA KANGSAR

Para P.M.B.)

Foreign

BANOQON

BAMBIN

GEMARANO

SEREMBAN

SHANGHAL

SINGAPORE

BOURABAYA

TAIPINO (P.M.H.)

TAVOY

TIESTHEN

TOKYO

TONGKAT (Phekat)

THING1 LO

YOKOHAMA

ZAMBAUSOŁ

Exchange

Philippine Islandu)

and General Banking business transacted.

Current Accounts opened and Fix- ad Deposits received for 1 year or which will shorter perioda al rates

he quoted on application.

A. H. FERGUSON,

Manager. hohg 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.$211,554,208

Branches in:-

ARGENTINE LONDON

BELGIUM BRAZIL CHILE

CHINA COLOMBIA

CUBA

DOMINICAN

REPUBLIC

INDIA ITALY

JAPAN

MEXICO

PANAMA

PERU

PHILIPPINE

ISLANDS

PORTO RICO

STRAITS

SETTLEMENTS URUGUAY VENEZUELA

Commercial and Travellers' Letters of Credit, Travellers' Choques, Bills of Exchange and Cable Transfers

Lought and zold. Current accounts and Savings Bank accounts opened and Fixed Deposits in local and for- eign currencies taken at rates that be ascertained on application to may be the Bank.

Branches, Agencies and Correspón. dents in the principal cities of the world.

Every description of Banking and Exchango business transacted.

TAN ENG HOOL,

Manager

NEDERLANDSCHE HANDEL.

MAATSCHAPPIJ, N.V. -

INKI HENLANDA TRADING SOCIETY)

BARKERS

Established 1824.

dor Long Bo-11, Queen's Road Conval.

Lubborrend Capital ....... Guilders 150,000.00u- (1$.450,003,1 Pald-ly Capital ........... Guld 80,00,000 (6,582, 8703 Enerva Post Quikžent| 40.020.000 (23.04.)

Band :-AMATERDAM* Eastern Head Ofon:~BATAVIA.

WEDNESDAY, MAY 27, 1931.

of a single export, coffee. Ito A GUARDIAN OF MANY

happens, however, that Brazil has fared comparatively well as for as her balance of payments la con- corned. It has been estimated that the service of foreign investments in Brazil requires the remittance of roughly £25 milliona annually. The commodity export surplus for

DEBTOR COUNTRIES' 1929 was placed at about £8 mil-

DIFFICULTIES.

Interest Charges and Exports Shrinkage.

the

£35

:

B

SECRETS.

The Trusteeships of Mr. Salaman.

BANKRUPTCY EXPERT.

"Mr. F. S. Salantan was appointed as trustee."

Haus, but in 1930, while imports and exports both fell away sharply in value, the surplus was over £12 millions, in addition to which

This phrase appears in the details of a hundred and one bankruptcies considerable quantity of gold was sold abroad.

a published in the London Gazette. Nevertheless, the combined effect Mr Salaman is a chartered account- of interest requirements, the diffi- aut, with spacious offices in Buck- culty of obtaining external loans, lersbury, and is one of the greatest authorities on the complications of and other factors was

ultimately

cases of bank- to drive down the exchange value finance involved in 5 the milreis, and there can

ruptcy. little doubt that the depression

The secrets which this quiet pro- fesional man could tell of the financial troubles of notable people would make startling reading, but Mr. Salaman--"nppointed

as trus- 'tee"does not talk.

There is hardly ever a bankruptcy of a member of the peerage or of a distinguished commoner in which Mr. F. S. Salaman does not appear.

BUSINESS EFFICIENCY.

Urged.

be

countant just as Sir Henry Curtis Bennett, K.C., or Mr. Norman Birkett, K.C., is briefed in import- ant law cases.

Is an article entitled "Britain's Mr. Justice Roche, in the King's Bench Division, recently. gave Balance of Payments in 1930: The the judgment for plaintiffs in an action light of Debtor Countries," the damages of which, if assessed, monthly review of the Midland has postponed the long-deferred Sir Patrick Hastings, K.C.. said, Bank for April quotes statistics establishment of the gold standard

which provide some indication of in Brazil. wouki "rill

into millions of

the difficulties encountered, when pounds."

prices fall drastically, by countries › The General Asphalt Company which cannot call upon large re and the Barber Asphalt Company, serves of strength in the shape of

capital invested abroad. Americas corporations, sued the

To begin

with Australia. the Standardised Method Of Analysis He is "briefed" as a chartered ne- Anglo-Saxon Petroleum Company, article says, it is estimated that!

.td., of Leadenhall Street, London, last year a sum of roughly for damages for breach of contract. millions had to be remitted abroad!

in respect of service of external Mr. T, G. Rose, M.I. Mech. E., in They alleged that the defendants debt. As long as Australia could BHANCHES: Bandjarmasin, Budowa Bombay. had failed to use their powers and borrow freely abroad the exchange! read before the Business Research lows a petition is of a peculiar and

a paper on Management Control,

The accountancy work which fol- Catruts, Charbon, Damba. Piet influence to seeure for the plaisvalue of jakaris", The Begun". Jadick, Kõbu,

Australian pound and Management Association of specialised order, and only a certain Lola Badia, Makasar, Siada Patang tiffs from the Colan Development could be maintained even without Palembang, Pakalongan, Ponen

Great Britain. at Anderton's number of practitioners in figures Pontianak, Rangoon, Bossardata Company, Ltd., (which owed the de-

an export balance on commodity Hotel, E.C.. Hamarang Samughal,

dealt Ribolefendunts three million pounds and

with the deal with this class of businees. (Sumatra), Singapore, Kourni

und gold account, sufficient to Surakarta (alu), Tegal, Tillsjap was taken over by them) 9% per

difficulty experienced by those Trustees are appointed according to cover such a sum. When this be-

controlling commercial eent. royally of the crade oil pro

concerns their different experience. If a came impracticable, however, the

in duced from the properties in the deficit sa current account made it

obtaining

true pic grocery firm should fail then one Vigns Concession, Venezuela, in the self felt in no uncertain manner.

ture of their position at any given particular accountant is almost cer- time and the need for some kind tain to be the trustee in bankruptcy; neighbourhood of the famous Luke

In the year to June 30, 1980, standardised control method, by if a tailor cannot meet his liabilities Marakaibo allfields.

there was a heavy import surplus, which statistical and analytical then another is certain to be named. partly due to the fall in prices work could be done by an assist

wool

wheat, and

while,

ant and presented in a brief survey in spite of very heavy

CX covering all vital points. ports of gold deficit

il

WAS incurred on necount of "visible" imports and exports. Interest charges, however, by their vory nature, refused to shrink in ac- cordance with the fall in the price level, and understand why the exchange fell away to its present level, and the gold standard, was in effect aban

Welevadas.

* Ther or have cafe deposit boas la tav. Voodoo Dankeru:-National Proviurial Fast Lad. Correspondents all over the world Dinking hueinosa of avar? Jescription tantum teď

A. STOKKISK,

Bong Kang, 18th August 1990,

Wanspor

THE BANK OF CHINA. 4 # B 1.

ernment as an

INTERNATIONAL EXCHANGE

BANK.

The defendants replied that they were to use their influence as far as legitimately possible, and they could not out-vote minorities in subsidiary companies. They had carried out the obligations of the agreement of 1923 under which they were sued.

Reorganised October 26, 1928, under

Sir Patrick Hastings, K., Sir special charter of The National Gov-Boyd Merriman, K.C. Mr. Liane Cohen, K., and Mr. W. Van Breda appeared for the plaintiffs and Sit John Simon, R.C. Mr. Wilfred Greene. K.C, and Mr. A. Andrewes Uthwalt for the Anglo-Saxon Com- pany.

Subscribed Capital....$25,000,000,00 Paid-Up Capital Reserve Funds

$24,710,200.00 ..$ 3,820,503.82

HEAD OFFICE: SHANGHAI,

HONG KONG BRANCH:

4, Queen's Road Central.

Ju

tioned.

it is

not dificult to

Shrinkage of Exports. After a conference with Sir John

Argentina's trade figures for 1929-30 Simon, Sir Patrick Hastings an-

showed a pronounced nounced that they had agreed to shrinkage of exports, due mainly limit the scope of the inquiry, Sira precipitous declines in prices of John Simon thought it would turn wheat, maize, linseed and other We are also able to offer our Cus-

Owing to our numerous branches in

on Clause of the contract, which important products. Imports, how tomers the services of the Branches China and large connections in the im- provided

that the defendants ever, fell far less drastically, and of the International Banking Corpora portent commercial centres of the should use such rights and in were substantially in excess of ex- tion in San Francisco and Spain and world, we are able to extend to our fluence as they possessed to secure ports. It was found impracticable also of The National City Bank of clients special facilities for domestic that the old Colon Company pro is cover the New York (France), S.A., in Paris and foreign banking and exchanges.

whole of this de- and Nico.

We also handle the issue of Bondsided the royalty, Sir John wouldficiency, together with the regular F. McD. COURTNEY, and other Public Funds of the Chin-say that the clause did not impose interest and dividend remittances, Manager.ese Government beth at home and on the Anglo-Saxon Company any ty gold exports, and meanwhile it jobligation to give a consideration tecame increasingly difficult to

to the Colon Compány.

accommodation from abread. As a result, another example was provided of a debtor country being forced off the gold standard.

Hong Kong, 20th February, 1931.

THE

abroad.

SHOU J, CHEN,

Hong Kong, 5th March, 1931.

Manager,

AMERICAN EXPRESS COMPANY, THE BANK OF CANTON, LTD.

INC.

Head Oflice: 65, Broadway. New York.

Maragor,

Capital Surplus Reserves

THE YOKOHAMA SPECIE BANK,

LIMITED.

J

Established 1880.

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

U.S.$8,000.000 U.S.$1,672,454 U.S.$1,008,209

BRANCHES:---

Amsterdam Antwerp Albana

Asco Glasgow Hataca

N Suzie

Ban

Hamburg

Pishina Pane

Berlin Miner

Hatza Interlake Sarusalat

Jouzu

Braman

Bombay

Brusela Bombe Alter

Yen 115,000,000

Caloutta

Cairs

Cair-m Colorabo

Head Office:~YOKOHAMA.

Alexandria

Branches and Agencies at:

Manila Nagasaki Nagoya

Batavia

Berlin

Bombay

Calcutia

Canton Changchun

Dairen (Dalny)

Newchwang

New York Osaka Peiping

Rangoon

Fengtion (Muiden) Rio de Janeiro

Humburg

Hankow Harbin

Hong Kong

Honolulu

Kai

Yuen

Karachi

Kobe

London

Los Angeles

San Francisco Seattle Semarang Somara

Shanghai Shimonosekl

Socra Sydney

Tientsin

Tokyo Lyons

Tsingtau Interest allowed on Current Ac- counts.

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

H. MORI,

Managor.

Hong Kong, 11th April, 1931.

سلام

Londna

Livarpool

Lucerne

Lapras

Lukor karolin

Comalantinopla Monte Carlo

Copenhage

Edinburgh

From GIDAL

Manila

Paimio Katterdam knot

Bumboul

لمهداوة .

Scubaoptom Singapore St. Morite Tiroleta

Ten

Munich

Mostres

Milan

Zwith

American Express

Branchea of

Company in Principal cities of Unit.

ed States of America and Canada.

Established 1912.

Head Office:--Hong Kong.

Authorsand Capital IR.. Currenrg) $1,000,000 Tald-Up Cepkal

9,463,600 Beastra Pund

1. Teas,

BRANCHES- Canton, Shanghai, Kaskom, twaton, Bangunk, Now Yurk and San frame

CORRESPONDENTS

LONDON BANKERS 1—

The Lloyds Bank Limited

a principal cities of the World.

Long

exchange wood banking buds of vary ascription tranacles.

Hala Deposit Boxes (vancis alaos) of a yearly real from 35 to $10.

LOOK POONG SHAN.

Chief Manager.

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

Meaning of "Influence." Mr. Justice Roche: The word "influence" depends on ita content. Its quantity may not be so im portant as its quality; it depends on what is commercial influence.

Sir John Simon: I admit that if we offered consideration to the Colon Company we could get them to make the necessary contract.

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

Mr. Justice Roche said there was the alternative possibility that the 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 defen- HEAD OFFICE:-Talpeb, Formosa.dants were under an obligation to

Incorporated by Spectal Imperial Charter, 1899,

Central Bank in Fortom.

secure the royalty to the plaintiffs by paying for it whatever might be a proper consideration to Colon Company. It was not sug-

the

All classes of Commercial Banking Bank Notes and Average unton Yan. £5,000,000 gested they could get it without Transactions undertaken.

Personal handled

investment

accounta

The Company offers to intending Travellers the use of its "Travelers Chequer and Letters of Credit and,

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

Affiliated with

THE CHASE NATIONAL BANK

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

C. II. BENSON,

General Manager.

THE BANK OF EAST ASIA, LTD.

Established 1918.

HEAD OFFICE:

10, Des Voeux Road, Central. HONG KONG

Capital and Harplum

BRANCHED AND AGENGIS81 JAPAN-Tukyo, Yokohama Eube, Ossis. FORMA-Diras, Kng),

paying. If they attempted to usc the power of Kato, King majority voting or Makou. Nanto, Shischiks, Talobo, Tainan directors to divert something from Amy, Poochew, the old Colon to the pockets of the OTHERS--Hong Kong. Slugspore, Gorabaya, plaintiffs without seeing that the

Takso, Time, Town, Hello, Talla

CHINA-Bhangal, Bankow,

Swatow, Coton

SamarADE

Balatta,

Bombay,

Loaden, New Tork. Dairen. Calouise Colon got a proper consideration they would be stopped. at once by

LONDON BANKEES:

The London County Winister and Farra Bank action by the minority share-

The Bank has Correspondents in all the principal holders. Commercial Centres throughout the world.

E. NAGURA.

BONG KONG BRANCH |

D, De Vaux Road Card. Hong Kong. 19th January, 1929

Маварет

THE MERCANTILE BANK OF INDIA, LTD.

HEAD OFFICE

U. Öresebush Street, London, 203

Authorised Capital....£3,000,000 Satzcribed Capital 1,800,000 Paid-up Capital

......1,050,000 Reserve Fund and Rest 1,084,845

DANKERS The Bank of England & Midland Bank, Lid. GBANCHES 1 Ipob

Now. Tok Hands Karachi

Port o Kota Bharu

(K) Kuala Kra!

Taboo Kuala Lipis Shanghal FRAID LAP

Simi Kuratan Madras

HONG KONG BRANON.

Danghak

Balarla

Bombay

over H.$ 8,000,000,00

Calculis Colombo

Dalk!

Hong Koor

Howrsh

Total Resources .......................................... over HL.$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 ellents.

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

KAN TONG PO,

L

Mr. Greene argued that "in- fluence" could not

mean "pay- ment," The word chosen in this agreement was chosen to preserve the difference of obligation he tween the 75 per cent, owned, and the 100 per cent. owned companies. This was 76 per cent. owned, and the word "Influence" was employed to avoid the legal implication of payment.

Counsel added that Sir Patrick falled to make his flesh creep when he talked of damages totalling millions of pounds. The caso was framed on the footing that the de- fendants had repudiated the con- tract, but they had never done so. Mr. Justice Roche, giving judg- ment, said he had to consider only the construction of the agreement and nothing else at this stage. Large Burns of money were involv ed. He held that the defendants had broken the agreement, and Trustee and Executorships under. plaintiffs were entitled to damages. There which could be assessed.. INTEREST allowed on Currans Amocale and would be judgment for the plain- Fized Deponite at Bates that may be mortaled tiffa on both the claim and counter-

o Appilesilan.

C. L. BANDES, claim, each side to pay their own

مائية

BLOSSO Bours bar

Every description of Barking and Exchange

Boss transacted.

Travaliers Chaque lassed.

taken.

Chief Manager.

7 Queen's Road Central,

Hong Kong, 29th April, 1981.

Manager. costs.

Leave to appeal was given.

Brazil is in a theoretically worse position through the predominance

ક

tivities of a concern

His appointment is made usually at the first meeting of creditors. They think of the accountant who

Mr. Salaman is the specialist in "distinguished" bankruptcies. His trusteeships are innumerable. The Mr. Rose proceeded to describe a task he has to carry out is to ad- control system which, he said, had minister the estate to the best pos- been successfully installed in cer- sible interest of the creditors and

: tain companies. The system was, of the debtor, based upon an analysis of the ac- from three standpoints-business, trading and. financial. He pointed out the im portance of the accounting system linking up with the company or ganisation, so that in the

en deavour to reduce expenses the re- sults obtained by the various officials could be watched and con. trolled.

, can give them the best results-and

the name of Mr. F. S. Salaman au- tomatically comes forward. He is elected by the creditors.

The payment he receives is based on a statutory scale of fees, accord- ing to the size of the estate. Normally, the emolument is five per cent, on the realisable assets, and the income which Mr. Salaman makes from his exceptional practice would make many a famous barris. ter envious.

Mr. A. G. H. Dent, chairman of the Business Research and Manage ment Association of Great Britain, in the course of a discussion, said he felt that the accountant should reinforce his technique by statis- tical and graphic analytical methods, and so help the chief executive to Cadmium, a by-product obtained grasp more readily the complex in the production of zine, was pro- data and different relationships induced in Canada for the first time his business. It was a logical step at Trail, British Columbia, early from budgetary control to manage-

in 1928. Considerable quantities ment control, tracing sourcea of of the metal are now being used, profit or loss to the individual chiefly for plating purposes, and, functions

merchandising, because of this bae in connection operaling or financing, and estab- with radio and automobile Indus- lishing safe limits of ratios for tries, the consumption has increza- company operations,

ed very rapidly.

of

I jump from Bennett to Wells to Walpole, over and over again.But-

I NEVER CHANGE FROM Gold Flake

WILLS $

66

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. anytime.always.

GOLD FLAKE

AS

CIGARETTES

GOOD AS GOLD