1931-07-27 — Page 2

$12,000,00 £10,000,000

# 6,680,000

- $10,000,000

THE CHINA MAIL.

,23,000,000

Reserve Fund

..$4,000,000

Reserve Liability of Pro-

prietors

HEAD OFFICE:—SINGAPORE Hong Kong Branch: 13, Queen's Rd. C. Authorized Capital Stratts $20,000,000 Issued Capital.... Paid-up Capital Rezerve Liabilities

8,000,000

M

4,000,000

.£3,000,000

Agencies and Branchen:"

of Shareholders". Surplus prese

4,000,000

ALOX STAB

KUALA LUMPUR

(Malay Halee)

KUCHING.

AMRITBAN

MADRAS

MANILA

BANKS

·HONG KONG AND SHANGHAI BANKING CORPORATION.

Autherland Capitać mo Issued and Polly Puidup, Best

Prada :-- ading...

Beserta Lany ci Proprietas var. $19,299,600

HEAD OFFION: HONG KONG..

BOARD OF DIRECTORS

om. Mr. 0, 0, 8. Muckle:

Ghalimad

Hoo, Mr. J. Telemon,

Dopaty CalmARD.

Moa. Mr. . M. Ball, T. E. Poros,

A. H. Compton, Zaq. J. A. Plummer, Es.

B. Lauder Lewis, 213, T. H. B. Dhaw, May.

M. Michin, Eng.

J. 2. Waran, Zig.

*Chin! Manager.

V. M. Grapburn, Tag.

'BRANCHES:-1

LONDON

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHÍNA. Incorporated by Royal Charter, 1853 HEAD OFFICE: LONDON, Paid-up Capital

BANGBOX BATAVIA .DOMBAY

CALCUTTA DANTON CAWNPORE DEBU

COLOMBO

DAIREN (DADY

Bouth Manchuria!

DELI!!

HAIPHONG.

DANKOW

HARBIN

WEDAN

NEW YORK

THE HO HONG BANK, LTD.

(Established 1917.)

FEZING

PENANG

RANGOON

SALOON

¡EMARANG CEREMBAN

BANGSA

HAMBURG

ЭСКОЛРОВЕ

HITIAWAN

HANOZOA

LYONS

SOURABAYA

MATAVIA

MALACOA

(N. burle

TAIPINO (P.M.6.1

TONG KONG

TAVOY

MOMBAY

MANILA

ILOILO

TIENTSIN

JALOUTTA

MUAR (Johms)

IPOR

TOKYO

CARTON JEEFOO

MUKDEN

KARACHI

TONGKAH ({Bluadel}

KLANO

TSINGTAO

NEW YORK

KOBE:

YOKOHAMA

PRIPING

KUALA KANGSAR

PENANO

(Teruk F.M.8.)

BANDOON

ZAMBOANGA

(Philippine

and

alanda) Gozeral

201.OMEO

DAIBEN

FOUROW

ΧΑΙΡΕΟΚΟ

MB

HIKROW

GARDIN

BONUKEW

11:0:10

1201

JOHON-

KOEK

KOWLOON

KUALA LUMPUR

BAIGON

SAN FRANCIS

SHANOHA

SINGAPORE

BONARAYA

SUNDEI PATANI TIENTSIN

-TOKYO

TRINITAŬ YOKOHAMA

Current Accouple spened in Local Curator and Fixed Depoelta received for on JIM F shorter periods in Ioval Currency and acting an items which will be quoted on application. Bong Kong. Pehramay, 1981.

HONG KONG SAVINGS BANK.

The Buiten of the bore, Bank la nonduct- ed by the HONG KONG AND SHANGHAI BANKING CORPORATION. Bale may be obtelned on appliretion,

FOR THE LONGEONG AND SHANUMAT BANKING CORPORATION.

V. M. GRATULAN,

Hong Kong, 15th July, 1940.

Chief Manager.

BANQUE DE L'INDO-CHINE,

HEAD OFFICE: 96, Boulevard Haussmann, Paris.

Subscribed Capital Fra. 72,000,000.00 Paid-Up Capital...Frs. 68,400,000.00 Rezerva Funds ....FT.102,000,000.00

BRANCHES: Bangkok Hong Kong Quinhon Battambang Hue Gaithe Mengtzo

Nam-Din

Canton

Saigon Shanghai Singapore Thanh

Tientaln Tourana Haiphong Peking Hankow Pnori Tenh Vinh

Pondichery Yunnanfu BANKERS:

Djibouti Numes

Fort-Hayard Papeete

Hano!

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

IN LONDON: The Nationa! Provin- clat & Union Bank of England, Ltd.; Comptoir National d'Escompte de Para; Credit Lyonnais.

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

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,

Foreign Exchange

Banking business transacted.

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

J. STUART,

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

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 85, Wall Street, New York.

Capital, Surplus and

Undivided Profita .U.S.$228,087,392

Branches in

ARGENTINE LONDON

BELGIUM

BRAZIL

CHILE

PHILIPPINE

ISLANDS

MEXICO

PANAMA

PERU

CHINA

COLOMBIA CUBA

PORTO RICO

DOMINICAN INDIA ITALY JAPAN

STRAITS

REPUBLIC

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 Book

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 also of The National City Bank of in Paris Now York (France), SA and Nico.

F. McD. COURTNEY,

Hong Kong, June 16, 1981.

THE

. 2,687,000 Branches, Agencies and Correspon. dants in the principal cities of the world.

Erary "description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager,

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERIANDO TRADING SOCIETYĮ

BANKERS.

· Established 1994.

Rơng Kong Do -31, Quran's Bond Dineral,

Authorised Capital, meme. Oglidere 183,000,000- .(212,600,000.) Fald-Up Capital Goldies 50,00

(20.880,1701 Barts Food&ulldərs" £6,014,000

Dead Office :-AMSTERDAM" Rasham Head Offon (—HATAVIA, BILANCHES-- Bendjemala, Bandeng', Bombay,

Jshkola", The Haguať, Jadda, Kobe,

Samarang". (8amaten), Bipore,

Weltevreden.

Shanghai,

** Thaan, elites bara afe deposit boxar to lah, Gooden Blaker :-Natloust Provisoial Bank Eid. Correspondents all over the world Baaking basicses of staty

pilon transected.

MONDAY, JULY 27, 1931,

AMERICA BAN ON

and

SOVIET GOODS.

Commerce

Finance

DIFFICULTIES OF GERMANY.

Industry's Offer of Support.

Berlin, July 8.

THE TREND OF INVENTION.

Telegraphy, Telephony and Wireless.

Objection to Forced Labour.

Washington, June 27.

One of the most drastic positions

ARTIFICIAL

SILK

INDUSTRY.

An Agreement Between Continental Firms.

Berlin, July 3.

An important agreement provid- in her entire economic history was ing for the formation of a sales being contemplated by the United syndicate for the German market Sfates to-day. The United Press of the leading German, Dutch,

learned from a high official source Swies and Italian "Viscose" of that the United States Treasury artificial alik manufacturing con Department le seeking an embargo cerns was signed to-day after long against the importation of all and complicated negotiations, The Patent Office, which in 1990 Soviet Russian goods into America. Among the parties to the agree had an income of $696,475, an in-

The Treasury Department, the ment are the Vereinigte Glanzstoff About a thousand leading Ger-crease of $18,289 on 1929, and a informant said, takes the position Courtauld Werke of Cologne, the man concerns banks as well as in- surplus --

of in demanding the embargo that all German Dye Trust I. G. Farben of over exponditure dustrial and shipping concerns £154,6445 is one of the most proft- goods produced under the great Frankfurt, the Hollandsche Kun able of Government Departments. Soviet Russian, Five Years' Plan strejde Industrie of Breda, the have expressed their willingness to Its income is wholly from fees for are the result of forced labour. Snia Viscosa of Milan and the. aid the Government in consolidat-registration of patents, designs and It is understood here that the Swiss Steckborn Kunstseide.

was

The new syndicate will open a Treasury contends that the Soviet ing the Reich's finances, by ad- trademarks.

sales office in Berlin control of labour under its Five central dressing a letter to the President Receipts in respect of patents Years' Plan meets the definition of through which during the next ten of the Reichsbank, Dr. Luthor, in were £498,908, designs fees $10,821 Indentured labour as contained in years all sales in Germany of the

and trademarks feca £43,675, as which they offer

the Smoot-Hawley tariff law. to underwrite į

artificial silk products of the mem- compared with £478,661, £11,759

Treasury officials contend that in ber concerns will have to be trans- security for the bonds of the Gold and 444,375 respectively for 1929.

Soviet Russia the Five Years' Plan acted. The agreement goes Into Discount Bank to an amount of 500 On the expenditure side, salaries has resulted in the imposition of effect on August 1. It is expected million Marks in order to maintain amounted to £292,854, as against

penalties for falling to perform a to lead to an immediate stabiliza. the high standard and, efficiency of £276,871 in 1929.

given amount of work. Penalties tion of the price of artificial silk this institution.

The annual report of the Compare imposed for violation of the at least as far as the German mar- The decision has taken the Press troller-General, issued recently, rules laid down under the Five ket is concerned, and there are Caloutts, Charbon, Bamber. Disk and the public by surprise, and shows that the number of applicaYears Flan. This, according to already reports that it is merely the Kote ladja, Makasme, Madan. Pada made a deep impression, all the tions for patents received was the Treasury Department, Is forerunner to a much wider agree- Palatsbad-Pakalongan, Zamore-as-the-Government did not 30,359, 25-compared-with-89.898-in nothing short of forced labours ment-Trans-Ocean-Kuo-Min. Pontianak, Bangoon, Botterdam. hesitate to create without delay a 1929, and the number of complete Amtorg, the great Soviet Russian Boarskarls (Bolot, Tegal, Talegal basis for accepting the specifications filed

24,993 purchasing and marketing agency proffered help. In accordance with | (against 26,380)..

in the United States, is expected Article 48 of the Constitution, Pre- Discussing the trend of invento resort to the courts to protest] sident von Hindenburg issued totion, the report states: The!

against the contemplated embargo. day a Decree which authorizes the totalisator is being developed along it is also inevitable that American Government to bind all concerns electrical lines by the introduction firms selling goods to the Soviets whose working capital exceeds five of some of the features of auto-will protest again the embargo. million Marks to assume a collec-matic telephony, with the view of Already many contend that

A striking commentary on the tive guarantee to a total amount of rendering the apparatus self-check-America's trade with Soviet Russia need for a policy. of Empire trado 500 million Marks covering central ing and more accurate and speedy has suffered heavily because of development is provided by the re- losses in credit operations which There is still much activity in American activities against Comport of the Federation of British the Gold Discount Bank may see it inventions concerned with the per-munist, policies. Liberal leaders Industries mission to Canada. to effect in the interest of main-fecting of wireless valves, neen such as Senator William F. Borah, The mission consisted of Sir taining the foreign credit of Ger- and like discharge lamps, photo-Republican of Idaho and the Chair-James Lithgow, Sir Arthur Duck- many.

electric cells for talkies and mer man of the Senate Foreign Resham, and Mr. Muir Mackenzie. In The decrea which was published cury vapour rectifiers, but the boom lations Committee, are bitter in the course of their report they in the evening papers has helped in ultraviolet ray lamps for thera-

their criticism of the United States |say :---- to impress on the public the far-peutic purposes has been maintain- for not taking full advantage of reaching significance of the Gered." The electrical industry is the trade possibilities offered by $25,000,000.00 man firma' initiative which, accord-still the subject of many inventions, Soviet Russia. -$24,710,200.00 Ing to the Catholic Centrist organ such as motor control systems, with ..$ 3,820,503,82 | Germania, may well be compared an increase of 25 per cent. que ai-

L. STOKKINK,

Hong Kong, 19th 'Anguri, 1980.

Hunger.

THE BANK OF CHINA. 行銀國屮

*Reorganised October 26, 1928, under special charter of The National Goy-

ernment as an

INTERNATIONAL EXCHANGE

BANK.

Subscribed Capital Paid-up Capital Reserve Funds

HEAD OFFICE; SHANGĦAL

HONG KONG. BRANCH:

4. Queen's Road Central,

Washington, June 29.

to the resolute and generous step most entirely to electric braking Senator William H. King, De- taken by President Hoover in order and stopping.

mocrat of Utah, announced to-day to bring about 'the moratorium.

In connection with telegraphy that he will seek Congressional ac The Berliner Tageblatt states and telephony, there had been tion to prevent the proposed United that German industry is anxious marked activity in short-wave wire. States Treasury embargo against to demonstrate that it is fully de-less, particularly in directional all imports from Soviet Russia Into Owing to our numerous branches in

use the United States. China and large connections in the im- serving of confidence, confidence. systems depending upon the

An interpretation of the Smoot- portant commercial centres of the being in this case synonymous with of serials of the beam type; the! world, we are able to extend to our credit.

associated problem of "fading" had Hawley tariff bill which would per- clients special facilities for domestle Origin Of Good Discount Bank received considerable attention, mit of a complete embargo against

and foreign banking and exchanges.

We also handle the issue of Bonds

As the Gold Discount Bank is There had been a number of inven- all imports from Soviet Russia is and other Public Funds of the Chin hardly known outside

financial tions dealing with problems raised, absurd, said Senator King. He an- Manager. Government both at home and circles, it is pointed out by several by the projected trans-Atlantic nounced that he will seek the

SHOU J. CHEN,

papers that this Bank was founded telephone cable. Manager. in 1924, shortly after the stabiliza- Hong Kong, 5th March, 1931.

tion of the Reichsmark in order to procura foreign credits for German industry, most of the 200 million THE BANK OF CANTON, LTD. marks capital being held by the

AMERICAN EXPRESS COMPANY,

INC.

Head Office: 65, Broadway, New York,

Managor,

Hong Kong, 1st May, 1031,

Capital Surplus Resorves

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1860.

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

...Yen 115,000,000

Reserve Fund..

Head Offico: YOKOHAMA.

Branches and Agencies at:

Alexandria

Balavia

Berlin

Bombay

Calcatta

Canton

Changchun

Dairer (Dalny)

Hamburg

Hankow

Harbin Rong Kong

Nagasaki Nagoya

Newchwang

Now York Osaka

Paris

Peiping Rangoon

Fengtien (Mukden) Rio de Janeiro

San Francisco Seattle Semarang Shanghai Shimotoroki Singapore Soorabaya. Sydney Tients

Honolula

Kal. Yuen Karachi

Kobe

London

Los Angeles

Tokyo

Manila

Taingtau

Interest allowed on Current Ac-

stamta,

Deposits received for fixed periods

at rates to be obtained on application.

H. MORL

Manager. Hong Kong, 10th July, 1931

Asetara

Malwerp

Athens

Baske

Darila

Biarrit

Пашку

Brams. Brusela Huana Alre

·Coupes

Established 1812.

Head Oce:-Hong Kong.

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

Paid Up Capital

6,663,600 1,100,000

U.S.$6,000,000 U.9.81,672,454

.U.S.$1,308,209

BRANCHES:-

WORK()

Glasgow

Нитися

Kamburg Interlake

Actualova Lido

Lorden

Tiverpool

L Lago Luko Marselllas Constantinopla Monte Carlo.

Cairo

Calostia

Colombe

Copenhagan

Kalabur Florence Sanata

مالهم

Muzich

Montreux MILD

Nies Kapisz

Paria Famang

Felior Falerato

Ballerdam

Bamboul

Shanghai

.widg

Southampton Bingapore Storia Tintain

Visuns Youfo- Younhama Zurlok

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

All classes of Commercial Banking Transactions undertaken.

Personel investment handled.

accounta

The Company offers to intending Travellers the ase of its "Travelers Chrques" and Letters of Credit and, in addition, the world-wide services. of its thoroughly equipped Travel Do partment.

Afiliated with

Reset Padde

BRANCHES

Swstow,

Consom Bang, Banków, Bangkok, Haw York and Bay Fransis

CORRESPONDENTS

LONDON BANKERS:

The Loyd's Bank, Limited

In all principal dišias of the World,

Foreign exchange and backing business c

ster description transseled.

Bate Depot Bases (various slase) sá a posely rental of trom $0 to $40..

LOOK POONG SHAN,

Reichsbank.

Berlin, July 9. After negotiations. lasting the whole day under the presidency of Chancellor Bruning, the repre sentatives of the big German banks

N.Z. INDUSTRIES. ·

Analysis of Trade and Manufactures.

1,

formation of a Congressional Com- mission to study the conditions affecting Soviet Russian and American trade.

Forced Labour Unproved.

Washington, July 1. Mr. Seymour Lowman, the As- sistant Secretary of the Treasury, announced to-day that the Ameri- The problems of administration can Federation of Labour and the of New Zealand are totally dia- aimilar to those of the other Association have failed to prove National Lumber Manufacturera" Dominions, which are great States that Soviet Russian pulpwood being

CANADA IS BRITISH'

Empire Trade Mission on Dominion Needs.

"Canada is predominantly British in sentiment and sym- pathy. Her people are largely of British birth and of British descent, or are descendants of those who deliberately chose to ramain under the British flag rather than join the United States of America.

"Political misunderstandings

of the past have been powerless to weaken the intense loyalty of the Canadian people to the

British Crown or their pride in the British Empire,

These sentimens and expres. sion in a spontaneous and sincere desire to reinforce the bonds of Empire by encouraging a greater".. volume of inter-Empire trade.'

"Successive Canadian Govern- menta have given tangible proof of these feelings by granting tarif preferences.

"It cannot be denied, however, that there is a feeling in Canada that Great Britain is unmindful of the needs and desires of the Dominion, founded in part upon the refusal of the Home Govern-

a capital of 500 million in contrast to which New Zealand,shipped to the United Statea is the ment to adapt its fiscal system

which is slightly smaller than

THE BANK OF TAIWAN, LTD. workers Trust of North Germany, abolished. About 60 counties

(TAIWAN GINKO.)

HEAD OFFICE:-Taipeh, Formosa Incorporated by Special Imperial Charter, 1899.

the admitted losses of which amount to more than 200 million Marks gold.

Lowman said.

formed a syndicate of guarantee with Relchsmarks, with the assistance of

For their failure to prove that thousands of banking, manufactur- Great Britain, is lilliputian. Prior product of convict labourers. ing, commercial and navigation to 1876 she was divided into nine convict labour was used in manu

provinces, each with a bijou Par-facturing Russian pulpwood the firms. The reasons for the creation liament, all jealous of their rights American organization will have of this syndicate are the difficulties

and liberties, all subservient to a

to be content to witness the admis- experienced by the two leading Chief Manager. groups of German banks from the central Government, but each one sion of cargoes of the Soviet pro- heavy losses they sustained as the serving its local ends rather than duct into the United States, Mr. result of the crash of the Wool-; the Stata..

In 1876 the provinces were

local with purely

administra- PETROL OUTLOOK. tive powers were formed, and the sole legislative power waa The Government. has granted a

the General Ag credit of 300 million francs to the vested in wool-workers syndicate of north aubly. The comparative small- Germany to enable it to avoid fail besa of New Zealand, its legisla-

tive unity, its lack of regionalism, A bright future for the petro- The Bank-Boten mssed Avmage amount ...Jan. 18,000,000 Ing for 600 million francs.

Minister has ordered, a penal en- the distribution of its urban populeum industry was predicted by FORMOSA :-Ga, og Kranko, Klungquiry on the offences committed,lation in 188 towns of over 1,000 Mr. Andrew Agnew, director of the Kakao, Tartsud, Tose, Hello, re, in the swindles, falsification of ac inhabitants each; the absence of Shell Transport and Trading Co. Certain huge communities, such as the six and other oil companies, and Hankow,, Amay, Toochow counts and fiscal charges."

capital cities of Australian which formerly manager of the AP.C. in between them have sucked.into the Singapore, in an address to mem vortex, half the sparse population bers of the Oil Industries Club at of the country, all these factors the Great Eastern Hotel, London. simplify its administrative exist He based his optimism on a de- Berlin, July 9.. The situation of the Reichsbank ence and enable it to face its tailed analysis of the chief sources on the 7th instant showa that in difficulties and take full advantage of demand, in each of which ex- pansion could confidently be pre- spite of the permanent. withdrawal of times of prosperity.

Central Bank in Formo

BRANCHES AND AGENCIES:

JAPAN:--Tokyo, Zokobama, Kobe, Orain

CHINA: Tailo

Bwater, Genton

cern are implicated.

OTHERS-Hoog: Rong. Bispapers Borbar, of the persons managing the con-

in Balavishday, Calen Lou, "New Tak Dairya,

LONDON BANKERS. London Cramy Wadminster and Pam's Back. The Bank has Cortsspondania in all the principal Commernist Centres throughout the, world.

'EL. MAGURA.

THE CHASE NATIONAL BANK HONG KONG MANCH

Resources

Over $2,500,000,000

C.. E. BENSON,

General Mariager.

THE BANK OF EAST ASIA, LTD.

Capital and Total:

Established 1918

HEAD OFFICE

10, Des Voeux Road, Central,

HONG KONG, y

OTET H.S 8,000,000.00.

E.$30,000,000.00

Hong Kong, 25% Jacoery, 1925.

YOU

ARE INVITED TO INSPECT OUR STOCK: OF ASIATIC FOREIGN AND COLONIAL

POSTAGE STAMPS

IN BETS, BINGLE PACKETS, DAGS AND, IN APPROVAL",

SHEETS,

Reichsbank's Position.

Bright Future for Oil Industry."

to the encouragement of recipro- cal trade, and upon the apparent fallure of homo manufacturers to take advantage of the prefer ences granted by the Dominion. This feeling is no doubt acéen- tuated by the outlook of a pioneer people, impatient of what ap- pears to them to be criticiams from those out of touch with their conditions and aspirations." "The basic sentiment of the Dominion is clearly in favour of trading within the Empire rather countries, than with foreign This sentiment is strengthened vis-a-vis the U.S.A. by the ten- dency of this southern neighbour to over-shadow the entire struc, ture of Canadian Industry. It is possible that this geographical position and this economic pres sure may force a change in the policy of the Dominion, even against the wishes of its people Those responsible for Empire

1. those facts.” -

policy at home should not ignore.

of (foreign) currencies, the limit From the point of view of the dicted. Though at the moment the of cover. for German bank notes economist the innumerable, county world consumption of petroleum products for motorcars, for the was not only maintained at 40 per divisions are of no Importance, was probably diminishing a little, making of asphalt roads, and, cent, hat had reached 48.6 per states Part IV of the serice, The this was a merely temporary state above all, for seroplanes. With re- cent. This result is explicable (1) Manufacturing Industries of the of affaire due to the general indus gard to motor-card, though the rate by the withdrawal of 200,000,000 British Empire Overseas, which trial lassitudes worth of increase might not continue so (paper) Marks, (2) by the Reichs- has been published (28. 60.) by There were to-day some advo high as hitherto, saturation point bank's availing itself of the last Erlangere, the bankers, of 4cates for the discarding of off fuel had not even been approached in third of the rediscounted Interna Moorgate, EC.2. The previous and a reversion, to coal for steam countries other than the United tional credit, ten million dollars numbers of the series have dealt driven ocean-going vessels, but the States.

L

still at its disposal, and the credit with Canada, Australia and the future of oll for steam-raising Speaking of the production ef of 50 million dollars of the Bank Union of South Africa, purposes was assured, because of synthetic petrol from coal, Mr. of Gold Discount. That enabled It The volume contains a mass of the ease and cleanliness with which Agnew said that though the affl- to cover its losses in (foreign) our Information relative to its subject. It could be transported and stored; ciency with which this product rency of the first week of July, matter. A short history and a it was morenver, safer than pul could be manufactured was proved, valued at about 200 million Marks diagram giving statistics of forty verised coal. It could not new be sold at a price and to incressé. from 80 milliona leading manufacturing Industries No less favourable was the out to compete with natural petrol reserve of of New Zealand given, together look for oll and petrol consumption Nevertheless, the off interests never ona on with four graphs showing essentials in Internal-combustion engines for lost sight of the possibility that

to:

atyta local and for

GRACA CO

Cover the

The de ocean-going craft, afany of the economia pos talled analyse of the industries

the dimports of the

had

stion:

shou] houses Nor

Pathetic petrol might become an Atechnical the Internal gronomic as well

move in success. If this came about the

panies would be in the fore

and

business was to pro- ket oil from whsterez

be obtained econo