1931-06-16 — Page 2

BANK S

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authored Capikat

$30,000,000

Issued and Pally~Paldap #50,000,00 Morseta Puodat

Sterling £9,400,000

90,000,00

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 185%. HEAD OFFICE: LONDON. Paid-up Capital Reserve Fund

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

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

.£3,000,000

.£4,000,000

Authorised Capital Straits $20,000,000 Issued Capital

8,000,000

Riservo Lasity of Proprietore $1,000,000

Reserva Liability of Pro-

prietors

Pald-up Capital

4,000,000

£3,000,000

Reservo Liabilities

Agencies and Branches:

of Shareholdera Surplus

4,000,000

2,520,000

ALOR STAI

KUALA LUMPUR

KUCHING

MADRAS

Tan. Mr.

READ OFFTOR: DONG XONG.

BOARD OF DIRECTORS—

Hon. Mr. . . 8. Mackle. Obra.

tton. Mr. J. J. Palace,

Deguty Chairman.

A. B, T. E. Pourco, Eng.

A. . Compton, Esq. 1, A. Platomer, Esq.

B, Landar Lamia, Engi . B. Sham, Lag.

6. Miskia, Eng.

BANGKOK

BATAVIA BOMBAY

CALCETTI

J. P. Warcad, Zez.

Ohio Manager.

V. M. Urayburn,” Zaq.

BRANCHES-

LONDON

LYOSH

MALACCA

MANILA

MUAB (Johsen)

MUEDEN...

NEW YORK

COLUMBO

PEIPINO

PENANG

ΠΑΝΤΩΝ

CHEFOO

DAIREN POUCHOW HAIPHONG

AAMBURG

UANKOW

HARBIN

KONDRZW

ILOILO

trou

19HUBS

KUNE

KOWLOON

KUALA LUMPUR

BANDOON

SAIGON

SAN FRANCISO

SHANGHAL

SINGAPORE

SONGABAYA

BUNGEL TATANI TIENTSIN

TOKYO

THISOTIO TORUHAMA

Currant cauale opened in Local Căneasy. and Fixed Deposite receiral for a year of shorter periode in Lonal Currency and Barling en term which will be quoted as application.

·Song Kung, 2814 February, 2001.

HONG KONG SAVINGS BANK.

The Buinest of the above Bank a nonduct. ad by the RONO KONG AND SHANGHAI Rulee may de BANKING CORPORATION,

FOR THE

abisland on "PRONG AND SHANGHAI BINKING COMFORATION.

V. M. DRAYBURN,

Hong Kong. 10th July, A.

Chlef Manager.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

36, Boulevard Haussmann, Paria.

Subscribed Capital Frs. 72,000,000.00 Paid-Up Capital... Frs: 68,400,000.00 Roserve Funds ....Frs.102,000,000.00

BRANGUES:

Bangkok Hong Kong Quinhon

Saigon Battambang Jue Cantha

Mengtze Shanghai Nam-Dinh Singapore Numed

Thanh

Tientsin Peking Tourane Pnom Penh Vinh . Pondichery Yunnanfu BANKERS:.

Canton

Djibout!

Haiphong

Hankow

Fort-Bayard Papeete

Hanoi

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

IN LONDON: The National Provin cins & Union Bank of England, Ltd: Comptoir National d'Escompte de Paris; Credit Lyonnais.

IN NEW YORK; J. P. Morgan Go., French American Banking Cor poration; Guaranty Trust Co. of New York.

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

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

A. BONNAUD,

[Alalay_fiteton).

AMBITSAB DANGKOK BATAVIA 20KBAY

CALCUTTA

CANTON CAWNPORE

CEBU

COLOMBO

DAIREN (Daisy

Bulb Manchuris

DELAI

HAIPHONG

HAMBURO

ПАКЕОМ

HARBIN

(2. Wochurts)

LONG KONG

ILOILO

trou

EARACHI

BLAND

KUALA KANGSAR

FODE

(Perak F.M.)

.MAKILA

MKDAN

NEW YORK

PEEING

SAIGUR

PENANG RANGDON

SEMARANG BEREMBAN

SHANGHAI

SINGAPORE

SIPIAWAN.

SOURABAYA

TAIPING (F.M.S.)

TAVOY

.TIENTBIN

TOKYO

TRINGTAO

YOKOHAMA

TUNOKAH (buka))

ZAMBOANGA

(Philippia telanda)

and

Foreign Exchange

Ranking business transacted.

General

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

*J. STUART,

Acting Manager. Hong Kong, 28th May, 1931.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 55, Wall Street, New York:

Capital, Surplus and

Undivided Profits..U.S.$224,554,298

Branches in

ARGENTINE

BELGIUM. BRAZIL CHILE CHINA.. COLOMBIA CUBA

LONDON

MEXICO PANAMA PERU

PHILIPPINE ISLANDS

PORTO RICO,

DOMINICAN

STRAITS

REPUBLIC

INDIA ITALY

SETTLEMENTS URUGUAY VENEZUELA·

JAPAN

"

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

Every description of Backlig and Exchange business transacted.

TAN ENG HOOL,

Manager

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING SOCIETY)

BANKERS.

Established 1834. Sang Kong Officer-11, Qana's Hood Central. Authorised Capital Gailer 130,000,000-

1212,00,000. Pull-Up Capital menanam Galders. 10,000,00 Berte Eund Gaßlders

(21,334,388)

Head Off-AMSTERDAM- Eltern Hoed Offon:-BATAVIA.

BRANCHES

Bandarmeals, Bandong" Bombay, Calouste, Oberboca Diamber, Di Kola-Eadja, Makser, Medeo, Fadar

Fabri", The Ingus“, Yodiak, Küber

Palemban Pakatonge

Pontianak Semarang,

Wellsvredan”.

Bollendamo

• The omong kavo vaše deponti bases to Ist. London Banker?-Hailocal Provincial Bank Zad. Crespondents all over the world Banking buricess of every!

description traente

THE CHINA MAIL.

and

Commerce

Finance

DUNLOP RUBBER COMPANY.

No Final Dividend on the Ordinary Shares

Han currency. The company has nevertheless earned its full prefer- ence dividend and plus.

realised a sur-

Cost Reduced.

The Dunlop Rubber Co. report

carefully

TUESDAY, JUNE 16, 1981.

CONFERENCE ON

SILVER.

CHINESE EGG PRODUCTS.

Difficulties and Dangers] Investigation by U.S.

Ahead.

EFFECT ON SHANGHAI:

#

It is curious that the world In

Tariff Commission.

HIGHER DUTY

J S

Washington, May 11. The United States Tariff Com-

states that the Rubber Plantations general, and Shanghai in particular. has earned a profit sufficient to has made no effort to discount the mission has under investigation The Dunlop Rubber Company recover its full preference dividend. undue prominence which has been the comparative foreign and ports a proat for 1930 of £1,250,963 Costs were reduced and the yield given to the proposal of the Inter-domestic costs of "dried whole compared with £2,307,354 for the per acre increased.

national Chamber of Commerce eggs dried egg yolk, and dried previous years.

In the special cir- The directors, aflar cumstances it is not proposed to pay scrutinising the trading position, Conference that a silver conference egg albumen, whether or not sugar

state that the company has fully should be held at some future date, or other material is added." a final dividend on the ordinary.

maintained its standing in the home

This pro in some place unknown.

The chief foreign source of im- shares.

The dividends preference market. Throughout the world the shares of Danlop Cotton Mills, organisation has, it is pointed out, minence has been given to the sub-ports of these articles in China.

Dunsuccessfully retained its full com-ject by what can only be described The present duty on dried eggs, Dunlop Plantations and lop Rubber (India) again call petitive position; the quality of its as clever, persistent and interested dried egg yolk, and dried egg al- bumen is 18 cents per lb, which pro products was never better; its pro- propaganda. One would imagine, was unchanged from the 1922 Act and after interest charges, ductive efficiency and economy is

and is living in Shanghai, that it was the when the tariff was revised in ever was is higher than it balance

for

net

on

$309,750, Įviding for

£399,789, the

as against $1,576,585, stendily rising; the leas favourable only subject of any interest to. the 1930. The 1980 Tariff Act raised £541,424, which, with £782,328 brought in, results this year are attributable to Far East which discussed at gives a total available of £1,328,- extraneous causes 753, a decrease of £1,054,110.

over which the

the rate on frozen eggs, frozen

the

yolk, and frozen egg albumen from

It is, of

conta per lb. to 11 cents per lb.

Average Yearly Imports. Imports of dried eggs during

company had no control, and not to conference in Washington, but this The directors state that the pro-any deterioration in its organisation surely cannot be so.

the year, though or In Its relative trading position; course, an important subject to us, fits realised for substantial, do not warrant the pay upon a revival of trading conditions and in a minor degree to the rest ment of a final dividend and they the company is in a position to take of the world, but not so important the five years preceding enactment as the prominence given to it in of the last tarif act averaged feel confident that the shareholders immediate advantage.

The interest in the Macintosh dicates, when divorced entirely from about 8.785,000 lb. annually; and Con-imports of frozen egg products Bibola after reading the report, will come (Bamaten) Blogeport Bourabais Bankarta (Solo), Tegal, Zip and to the conclusion that in all the Cable Co. was disposed of during commodity prices generally.

circumstances the results, though the year at a satisfactory profit.sider for example that the annual averaged about 10,288,000 lb. an-

nually. disappointing, are not on, the whole This profit has been transferred to world's rubber crop is worth more a special reserve account and in the than twice the annual production of. balance-sheet is deducted from the silver. Why not a world conference, investments in subsidiary

instead of merely sectional ones, to com-

consider the possibility of the re- panles.

habilitation of the price of rubber? ing or freezing can be obtained cheaper in China than in the Unit- What Country to Lead?

ed States, and that a smaller in- This article, however, is concern- vestment in plants is necessary

dangers. arising out of such a con- Frozen eggs have been manufac ference. Let us take the difficulties tured in the United States first.. A few have already been fairly extensive scale, it is

A. STOKKINË,

Hong Kong, k' Auguri, 1990.

Kabers

THE BANK OF CHINA."

行銀國中

Reorganised October 23, 1928, under

special charter of The National Gov

BANK.

ernment as an

Subscribed Capital Paid-Up Capital Reserve Funds

HEAD OFFICE: SHANGHAL

unsatisfactory.

Last September, when they had before them the encouraging results for the first half of the year the in- formation available as regards, the prospects for the second half gave little indication of the full extent of

INTERNATIONAL BANK.

The dried eggs are used chiefly by bakora And confectioners. Domestic producers bave made re presentations that eggs for dry.

the losses on exchange and inventory Plan to Finance Russia Unpopulared more with the difficulties and there..

world

write-offs all over the amounting together to about £000,-

I

the

with

U.S. Farmers' Contention.

on a

in London.

said 000, nor of the serious falling off in

Plans for the formation of an profits which has occurred mainly International Bank to finance trade mentioned the finding of some one at under the existing tariff rates

to aponsor the conference the place there has been little commercial, in the fourth quarter.

new markets, Including With its world-wide interests, the Soviet Russia, are being kept ato hold it, its scope composition production of dried eggs because . INTERNATIONAL EXCHANGE

company has felt severely the acute closely guarded secret in the City (political or economic) and so on, it is relatively more profitable to economic depression at the end of writes the Evening News City but so far one great difficulty does freeze eggs.

not seem to have been mentioned, ....$25,000,000.00 the year which unfortunately pre Editor.

Presuming that the conference is 824,710,200.00 | vailed in all markets, says

Considerable discussion has been called, pursues its deliberations, and Public hearings on the ques ,8,820,503.82 Financial Times."

started by a statement in the

tion were held

on April 16, of gives a considered judgment on thei Adverse Conditions.

House of Commons by the Finan-subject, who is going to put this which representatives of national Preference dividends for the year cial Secretary of the Treasury,

farmers and poultrymen's organi- absorb, £290,626 and the Interim ofį In reply to a question, he said into execution and who is going to: 6 per cent, on the ordinary £365, that the proposal for an inter pay for it? There cannot possibly sations asked for a 60 per cent.. 4, Queen's Road Central.

074, After transferring £100,000 national finance corporation under be a short cut to the rehabilitation

Their request was opposed by to taxation, reserve, the balance of the auspices of the Bank for Inter-of silver prices which is not going under the law,

was brought to coat substantial sums of money. Owing to our numerous branches in tomers the services of the Branches China and large connections in the im-568,023 is carried forward. This national Settlements of the International Banking Corpora-portant commercial centres of the compares with £782,328 carried over to the notice of the Treasury un-Presuming that countries who have spokesmen for importers, and also tion in San Francisco and Spain and world, we are able to extend to our on the previous occasion, after pay-officially. also of The National City Bank of clients special facilities for domestic ing a final ordinary dividend of 9 and foreign banking and exchanges. New York (France), S.A., in Paris and Nice.

F. McD. COURTNEY,

Manager, Hong Kong, 20th February, 1931.

Commercial and Travellers' Lettera of Credit, Travellers' Cheques, Bilis of Exchange and Cable Transfers bought and sold. Current accounts and Savings Bank accounts opened and Fixed Deposits in local and for- at rates that eign currencies takes may be ascertained on application to the Bank.

We are also able to offer our Cus-

THE

AMERICAN EXPRESS COMPANY,

.. INC.

Head Office: 65, Broadway, New York.

Manager.

Capital Surplus Reserves

Hong Kong, 1st May, 1931.

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1880.

Capital (fully paid-up) Yen 190,000,000 Reserve Fund...Yen 115,000,000

Head Office:YOKOHAMA, ·-.

Branches and Agencies at:

Manila Nagasaki Nagoya

Alexandria

Newchwang

Batavia

Berlin

Bombay.

Calcutta

Canton

Changchun

New York Овака Peiping

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

Hamburg

Hankow

Harbia

Hong Kong Honolulu

• Kai Yuen

San Francisco Seattle Semarang Shanghai Shimonosaki Singapore 'Boerabaya

Sydney .Tientsin

Tokyo Tsingtau Interest allowed on Current Ac-

Karachi

Kobe

London Los Angeles Lyons.

'counts.

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

H. MORI,

Малакет. Hong Kong, 11th April, 1981.

Amsterdam Autwory

Athan

Batle

Delin

Bombay

Elarrits

Brezs

Brussels

Esence (Aless

Cairo:

Caiznes

Colombo

Constantinopla

Copenhagen

Edinburg Florence

Branches

.U.S.$6,000,000 .U.S.$1,672,454 .U.S.$1,908,209

BRANCHES

•

abroad.

HONG KONG BRANCH:

Established 1912.

Head Oleo:-Hong Kong.

-Authoriand Capital (H.K. Currency) $11,000,000

Paid-up Capli Basert Fund post-ita

BRANCHES-

8,504,000 1,100,000

Canton, Shangha!, Haskow, wilow,

*

abandoned,

increase in rates, the maximum

accounts.

course and

ralee

the

It WA8

an average

Importers' Point of View.

or reduced the silver the macaroni and confectionery Obviously, he added, if such a contents of their subsidiary silver interests which are large consum

could be successfully coins, aro to be asked to re-instate ers of the imported product.

The poultrymen's case for an in- We also handle the issus of Bonds per cent.. making 15 per cent., and scheme and other Public Funds of the Chin- placing $150,000 to general reserve launched it should tend to alleviate them, will they do it at their own

bath at home and and £225,761 to taxation reserve.. the credit difficulties of the world. expense for the benefit of the silver crease was based on an alleged in, ese Government

Overseas there has been an un It le believed that large Ameri- Producers and holders? Will India ability to compete with dried eggs SHOU J, CHEN,

usual series of political dis can banking interests are concern stand back and allow others to sell, imported from China. Manager turbances, either arising directly ed, while among the European par when in need of the gold they get claimed that the imports could Hong Kong, 5th March, 1931.

from, or serving to accentuate, the ticipants are said to be Britain, for their stocks? Possibly, if these undersell the domestic product severe economic depression in what Germany, Czecho-Slovakia, the Bal interested will buy their stocks!!!about 15 cents por lb. ··

There is great difficulty in getting Domestic interesta alleged also are almost exclusively primary pro kan States, and Soviet Russia. THE BANK OF CANTON, LTD. ducing countries. Commodity pricis Bankers in the city are not en any nation to sponsor the confer- that eggs in the shell in the Unit-

have fallen heavily and the collapse thusiastic about the financing of ence, so will it not be impossible ed States cost on in the value of silver has greatly Russian

the debt to get any one nation to sponsor about 30 cents per dozen to pro- trade until

out of their recom-[duce, and claimed that market reduced the purchasing power of a claims with the Soviet have been the carrying

prices have averaged less than large proportion of the world's settled. Some banks which have mendations?

Avoiding Worse Conditions.

this figure. The loss to farmers' been providing temporary financial; population.

As to the dangers of any attempt resulted from their lack of costs These adverse conditions have facilities for Russian imports are

the interfere with Ito resulted in a heavy, depreciation in changing their policies.

In the meantime it is known that of supply and demarid, Bangisk, New York and San Francis the exchanges, particularly in the

to particular CORRESPONDENTS

latter part of the year, in such the Bank for International Settle-in

The importers claimed that the countries as Austrália, China, Southmont has recognised the import-price artificially, let us refer figures were grossly exaggerated, America, Spain and Persia, in all lance of increasing medium-term briefly only to the probability as eggs on the New York market. of which the company has an im- (say 12 months) éredit facilities of worse things to happen, as has for the last ten years have aver- portant volume of business.

to necessitous borrowers as dis- Rappened in the case of cotton and aged about 21 cents per dozen... It development of tinct from the guaranteeing of wheat.. A sudden rise followed by was suggested that the farmers. The vigorous business in the overseas territories three months' credits, for which a greater slump than ever, would would not have been selling at resulted in 1930 in the company funds in the chief financial centres be worse than what we have gone such a loss over a long period. suffering from the full force of are more than adequate.

through in the last 18 months, but

The commission took the case These medium credits would be as far as silver-using countries in under advisement, with indications world depression. The sales for the

cost-of- year have held up remarkably well expected so to improve the credit general and Shanghai in particular, that is would consult

as to are concerned, a sudden rise in production statistics made by under the circumstances, but the of the countries concerned bad credit position and unfavour-enable long-term loans to be rals-silver would be a catastrophe. Pre-agricultural experiment stations in

the various states. able exchanges have for the time ed later through ordinary Invest-suming that

sudden rise lol Little evidence was presented to being turned at once profitable ment channels.

conference was a business into a losing one.

silver to only 20 pence Le, an in- show the actual cost of manufac-. crease of approximately 50 per cent. turing the dried eggs, but national Unless linked up with commodity farm organisations stressed the prices in general as has happened need for protection of the entire hitherto, this would mean that all poultry industry-United Press.. import stocks held by merchants,

LONDON BANKERS —

The Lord's Bank, Ludbal.

In all prinsipal cilies of the World.

Gence Glasgow ilavana Bamburg

Nies

Napin

Parte FORCH

Foreign bange and banking business of

uvaty description dramasstad,

Pekini Paises

Interlaken Jerusalem Lido Inadon Liverpool

Exacarne

Lagano Lycanr Marsalios Monte Varia Karlie

Kualsk .

Kontras Klian

Rotterdam Home Stamboul Shanghai Southampton Singapore St. Morits Fisalala

Vienna

Frakce

Tukobane Verich

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

All classes of Commercial Banking Transactions undertaken.

Personal investment.. handled.

"accounits

The Company offers 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 €$2,500,000,000

2

Bale Depois Borse (Tarique siam) si u youdly cenial of from 5 to $40.

LOOK POONG SHAN,

Chief Manager.

THE BANK OF TAIWAN, LTD.

- (TAIWAN GINKO.)

HEAD ́OFFICE:-Taipeh, Formosa,

Incorporated by Special Imperial Charter, 1899.

Contra) ·Bask in Formosa,

In view of the general unsettle. ment of the economic conditions al-

Bank Holes Sued Average amount. 10,000,000 ready referred to, the directors

DEANCHES AND AGENDIKS: JAPAN-Tokyo, Yokobaca, Kobe, kaka FORMOSA :-Aran, Kaplı - Karenko,

Makong, Nante, Blächiku, Taisha, Tainan, Takao, Tamsul, Tona, Hella, 7030. cna-Bhaoghal, Kankow Amay, Topoków, THEESE Long Bingapore, Soraba

Swalow, Danton

Bursarang, Batavia, Bomber:

Calcutta

Landon, New Tak, Dalian,

LONDON. BANKERS+:

have, as a measure of precaution, allocated from general reservo £1,000,000 to special reserve against

advances to subsidiaries, the company's investments in and

Raw Stocks Not Excessive.

SECRET TRADE PROCESS.

Treating Timber By "Past-L-Rays,"

the effect of

A secret all-British trade pro-against which exchange had been cess for which the inventor, Mr. fixed, would be depreciated by about

88.1/8 per cent. C. Goodall, a Staffordshire man,

Land values and

has been offered a fortune if he any realty company shares would The Lendon CON MANKER Par Bask. Owing to the fall in values, finish will disclose his methods in Ameri- fall at least to that extent.

There

The Denk Osipondents in all the proceed inventories have been written ea, is exciting considerable inter-would be a slump in yarn and all

down, although the stocks were not 'est. ·

locally produced cargo.

Comercial Centres - throughout 'the world. (2)

NAGURA.

HONG KONG BRANOR,

·B, Day Vera Boad Conte Hong mg, 19th January, 1938.

C. IL BENSON,

General Manager.

THE BANK OF EAST ASIA, LTD.

Established 1918

HEAD OFFICE:

10. Des Voeux Road, Central.

WE LES HONG KONG.

Capital and Surplus

Total ResouREDE

over $ 8,000,000.00 over H.$80,000,000.00 description of Banking and Exchange business

and Fixed Deposit Accounts in local and for

ncies opened for clients,

Account and Bate Deposit Boxes

ches and Areneles all over the world."""

KANTONG PO

Chiar ManarRE!

YOU

STOCK OF

ASIATIC FOREIGN AND COLONIAL

POSTAGE STAMPS

LAND

D SAT

The final lot of Crown land in Exports Prince Edward Road was offered above. normal Raw material stocks", The invention known as "Past-1- would coase entirely until such by auction at the P.W.D., yester at the end of the year 1930 did not rays," relates to the drying, sea-time as silver, costs locally came day, the upset price being exceeded exceed what was prudent and neces sening and colouring of timber. down in proportion to the rise in by nearly $12,000. sary for the efficient conduct of the It is claimed that by it growing exchange. All shares would suffer The main condition of the sale bualness. The company had, a timber may be felled, thoroughly in the debacle, and there would-be was that only houses of the Euro- qual, contracts for raw, rubber and seasoned under pressure, a scramble on the part of big holders pean type could be erected on the cotton in order to cover contracts pregnated throughout "In ahy of shares to unload The collapse lande vragen

The arca is about 27,690 square-

for sales of tyres already entered colour and any shade, and made of the rubber loom in 1810 would be feet, with an annual rontal of 3818. into furniture within a few weeks, nothing in comparison; in fact,

into.

knocked down to Wong Yu-lau, of 34, Wing Lok Street, for. $25,100.

AH KWAI

The industrial crisis In America The new wood is first chemical half Shanghal would be bankrupt The upset price quoted was $13,846, ARE INVITED TO INSPECT, OUR and Canada has caused a severely treated in a manner similar to and, the rest of China, In a parlove but eventually the property was

setback to the Dunlop companies in the development of a photographic state.

The Evil Not, Unmixed. those countries, and as Australia i film, and then "undergoes violet similarly passing through.

It is not sufficiently realized that Dray treatment. economic crisis,the Dunlop The result is a colour which the decline in exchange has not been Berdriau Co. has sutered severely goes, right through the wood and an unmixed evil in China. Local Dunlop Rubber is a substantial in la absolutely fast, fadeless and im- Industries as well as property hold vestor in these three undertakings pervious to acids. In the colour-ers have benefited, and as the and the result for the year la ing process beautiful graining is decline in silver and exchange WAS substantial loss. accentuated and an effect produs concurrent with a general decline The profits of the cotton mills at ed In striking contrast to that of in commodities when expressed in Rochdale have fallen, this being due merely staining woods in the gold, no undue dislocation of local to they decline in shipments to fashion commonly adopted, prices would have occurred had it Australia, Japan and Germany The achievement is the result not been for Tariff changes In particular does this apply to of dyeare, repeargh, on, which N.G.D.N. Australia, which reduced its pur: £50,000 has been-spent, «and” has

IN SETS, SINGLE PACKETS, MABAGB AND IN-APPROVAL

SHEETS.

GRACA & CO., Dealers In, Postage Stamps,

Philatelic: Goods, Pisturas,....- Postcards, Toys, &enth WYNDHAM STIRETË Box No. 620. HONG KONG

chases of cotton cord to a minimum been patented throughout the of finely-grained British timbar, owing to the economic conditions world of such a sycamora or any white, and heavy depreciation fof Austras - The Goodall aprocess makes use wood.

SHIP

and HOUSE PAINTER. GENERAL CONTRACTOR. Formerly at

36, Pottinger Street, HAS NOW REMOVED TO

62. LOCKHART ROAD,

WANCHAL elephone 22049%