1931-08-04 — Page 2

THE CHINA MAIL.

Reserve Fund

Reserve Liability of Pro-

prietors

.£8,000,000

Agencles and Branches:

of Bhareholders Surplus

HEAD OFFICE SINGAPORE. Hong Kong Branch: 18, Queen's Ed. C. Authorised Capital Straits $20,000,000 Issued Capital ....

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

4,000,000 Reserve Liabilities

4,000,000 2,887,000

H

ALOR STAR

KUALA LUMPOR

{Mulny State)

RUSHINO

ANDITOAR

BANGKOK

MADHAN

MANILA

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Latherland Osptial minuman Level and Fully Pald-up

Lasers Funda (-

$30,000,000

*** FIR.MAR.206

Berling£1,580,100

BUY $10,000,000-

Monstre Zohůly at Proprietors -- 190,340,064),

READ SPICE, HONG KONG.

BOARD OF DIRECTORS —

How Mr. 3. §. Meckle. Chairman,

Hou. Mr. J. J. Palazzon,

Deputy Chairmes,

#. 1. Bell, T. E. Petrov, Bog.

H. Osmplon, Beg, J. A. Plummas, Moq. G

-29. Lauder Lewis, Esq. T. II. B. Whaw, Boq.

M. Mlakin, Moy.

F. Warren, Bou

J. M. Oraybara, Hag.

BRANCHES

LONDON

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1855. HEAD OFFICE: LONDON. Paid-up Capital

..23,000,000 ...2,000,000

'BATAVIA BOMBAY

CANTON

THE HO HONG BANK, LTD.

(Established 1817)

AMOY

BANGKOR

BATAVIA

BOMBAY

OLLOUTTI

Chial Manager.

LYONG

MALACOA

MANILA

CANTON GUZEGO -COLOMBO

MUAB (Takor MUNDAN

NEW YORK

PRIPING

DAIBEN

DOONOW HAIPHONG HANDURU HANKOW

PENANO

HARBIN HONOKEW

ILUILO

IPON

JOHORE

KODE

KOWLOON

KUALA LUMPUR

BANGGUN

SALOON

BAN FRANJIVO

SHANOM

· BINGAPORE

BOURABAYA

BUNJKI PATASY TIENTSIN

TOKYO

TSINGTAO YOKOHAMA

Cereal 40000le corned in Local Damacy sai Fixed Depoulta rosivad for one year of shorter periods in Local Currency and well an terms welck will be quoted on upplivnila. Hong Kong Wik· February, 1911.

HONG KONG SAVINGS BANK.

The luminous of the above Bank is conduct ed by the LONG SONG AND BUANGHAI Bals may be --BANKING DORPORATION.

sbieland or NOKANA ND SHANGHAI

FOR THE BANKING CORPORATION.

V. M. GRAYBURN,

Hong Kong. Mih July, 1900.

Chin: Manage.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE: >

98, Boulevard Haussmann, Paris.

Subscribed Capital .Frs, 72,000,000.00 Pald-Up Capital...Frs. 68,400,000.00 Reserve Funds ....Frs.102,000,000.00

BRANCHES: Bangkok Hong Kong Quinhon

Saigon Battambang Hue,

Shanghai Mengtzo Gathe Canton Nam-Dich Singapore Djibout! Numea Thanh

Fort-Bayard Papeete

Haiphong

Hankow Kanot

Tientsin

Peking Tourans From-Penh

Vinh Pondichery Yunnanfa BANKERS: IN FRANCE: Comptoir National d'Escompte de Paris; Credit, Lyonasies Banque de Paris et dos Pays-Bas Credit Industrial el Commercial; 30, dirte Gaterale.

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

IN NEW YORK: J. P. Horgan & Co.; French American Banking Cor poration; 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,

THE YOKOHAMA SPECIE BANK,

Bouth Kasaharie

DELHI

KEDAN

XBW-TOBE

PERIND

CALCUTTA

DAWNPOAK

VEDU

РЕМАНА

COLONDO

RANGOON

DAIREN (Delny

BAIGON

BEMARANG

SEREMBAN

BHANGHAI

SINGAPORE

BITIAWAN

BOURABAYA

TAIPINO (F.M.8.1

TAVOY

TONDEAH (Ekukui)

HAIPHONG

DAMBURG

HANKOW

HARDIK

(H. Menchuria)

TĂNG Tend

ILOILO

ДРОН

KARLOHI

KLAND

КОВЕ

KUALA KAKOJAM

(Part 2)

TIENTBIN

TOKIO

TRINGTAO

YOKOHAMA

ZAMBOANGA

(Philippine Elandı)

and General ! Banking business transacted.

Foreign Exchange

Current Accounts opened and Fix- ed Deposits received for 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.$226,087,802

Branches In-

ARGENTINE LONDON

BELGIUM

PHILIPPINE ISLANDS

MEXICO

BRAZIL

CHILE

PANAMA PERU

CHINA

COLOMBIA

CUBA

PORTO RICO

DOMINICAN

STRAITS

REPUBLIC

INDIA.

ITALY

JAPAN

SETTLEMENTS URUGUAY

VENEZUELA

Commercial and Travellers' Leitor

of Credit, Travellers' Cheques, Bills of Exchange and Cable Transfers Current accounta bought and cold. and Savings Bank accounts opened and Fixed Deposits in local and for- eign currencies taken at rates that may be ascertained an application to

he Bank also able to offer our Cue- towers the services of the Branches

also

of the International Banking Corpora tion in San Franta and Bank and of The National City Bank of New York (France), S.A., in Paris and Nice.

F. MED, COURTNEY,

Hong Kong, June 16, 1981.

THE

Manager.

AMERICAN EXPRESS COMPANY,

ING.

Head Office: 65, Broadway, New York.

.U.S.$0,000,000 ‚U.S.$1,572,456 - U.S.$1,908,209

Manager.

Bong Kong, let May, 1991.

Capital Burplus Reservés

BRANCHES:-

&tardam Answer?

Niom

Glasgow

·Havaca

Naples

Pursata

Brale Berlin Blard

Body

Besmalk Boenos Aire

Hamburg

Letecken Jessiem Lido London

Pedaga Paking

Hotterdam

Bomba

Liverpool Lucers Lagoo

LIMITED,

Established 1880.

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

Head Office:-YOKOHAMA,

Branches and Agencies at:

Alexandria

Batavia

Berlin

Bombay

Calcutta

Canton

Changchun

Nagasaki

Nagoya Newchwang New York Osaka Parts

Pelping

·Dairon (Dalny) Rangoon

Fengtian (Mokden) Rio de Janeiro

Hamburg Hankow

Harbin Hong Kong Honolulu

Kal Tren

Karachi

Kobe London

Los Angeles Manila

San Francisco Seattle Semarang Shanghai Shimonoseld

Singapore

Sosrabaya

Sydney Tientsin Tokyo

Talngtan

Interest allowed on Current Ac counts.

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

DAN AHL, AMORI,Y

Hebrya. Manager:

Hong Kong, 16th, July, 1931.

Cairo Calogta Cannes Colombo Constantinople Серьбаня Kölnburg

Keails

Bumbest Bhanchal doubemplom Bugars 8t, Merlin Tianlata Vlanna

Venko

Maring Monis Cera

Munich Now terza .Milan Branches of American Exprosu Company in Principal cities of Unit

Florence Gamers

Yokohase Karish

ed States of America and Canada.

Branches, Agencies and Correspon- dants in the principal cition of the world,

Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING SOCIETY)

BAKKERS.

Established 1994.

Kasy Eng Offen:-11, Qown's Road Central Amikorised Copliel. Guilders 130,000,000

(8:13,100,000.) Pad-Up Deplial Geildnes|| 30,000,000 Bourra Fuad

Gulldara 40,018,00

Commerce and Finance

HARLAND & WOLFF, CANADA'S' TRADE

LTD.

Difficult Period for Shipbuilders.

MARINE ENGINEERING.

PUSH.

Bid for Business in Far East.

Somotimes it looks

TUESDAY, AUGUST 4, 1931.

ATTEMPT TO TRICK PUNTING PARTY OVER

STOCK EXCHANGE:

Bogus Cables from Johannesburg.

FOILED BY MISTAKE

WEIR

Doctor's Mid-River Leap.

CAUGHT BY CURRENT.

#

1

An attempt to trick the London A doctor's endeavour to help his Stock Exchange by the sending of punting companions, one of whom

bogus cablagrams purporting to come from

a firm of brokers in was drowned a minute later, was as though Johannesburg was frustrated by a described at an inquest at Shiplake, Canada is more alivo, to her strate- mistake in the address to the Lon- near Henley-on-Thames, on Misa gic, geographical location with 'don brokers.

Gwendoline Peabody, aged twenty- respect to world trade. than is the The cablegrams, which were in United States. Thus, during the the name of a well-known firm in three, of Downside Crescent, Hamp At the annual general meeting past year, Canadian business lead-"Johannesburg, were handed in one stead

Dr. Howel Buckland Jones of of Harland & Wolff, Ltd., held re-ers have actively considered plans afternoon, addressed to two Lon- The messages de-

Quean in London, Mr. F. E for getting a larger sbare of trade don brokers.

Anne Street, Cavendish cently Rebbeck, J.P. (chairman and man- in the Orient, South America, and clared that the West Rand Con-

solidated Gold Mines were flooded, Street, W.1, Bald that he was with aging director), presided, and in the Caribbean.

Ground work is being prepared and that further damage caused Mrs. Peabody, her two daughters, the course of his speech said:- When I accepted the invitation of for a little world's fair in Van by a recent fire had been discover and Mr. Ronald Partridge on the river. The punt was caught by, the British Columbia, in the ed. the voting trustees and my co-couver,

In consequence of this, added current and they decided to make directors to become chairman of near future. Shipping facilities to the Company I was fully conscious the Far East from Canada's west the sablegrams, the working of the for a danger post on which to hang of the difficulties attached to the era seaboard will be emphasised: mine was seriously interfered with, until help arrived. This they did, position, and realised that while The possibilities of exchange of the The London brokers were told that a motor launch came to their assist- It was a mark of their confidence Dominion's wheat and timber pro- the news was twenty-four houra in ance, but, it knocked against the it was accompanied with great res-ducts for the products of China, advance of anything that would punt and threw him into the water. When he came to the surface he Nevertheless, from Japan, and other Asiatic countries be published in the newspapers, Bandarmaalt, Bandung, Bombay,ponsibility. Daleulle, Cheriben, Damber De my intimate knowledge of the par will be exploited in numerous ex- and were advised to sell West saw the punt some yards away, and

Rand Consolidated at once..

soon afterwards it vna Bote-Badia, Makamer, Medan, Padang sonnel, the plant, and the organi-hibits.

The time of arrival of the cable-over

weir. He rushed During, the past Winter, a group Fokulwagan Fonlanak, Bangoon Botterdamsation of the Company. I felt con- Bamareng Baga, bet vinced that Harland and Wolff of Canadian business men toured grams was carefully calculated to to the footbridge over the weir and He want- (Beatz), Bingapor Bourbal Roerakarta (Bole), Tegal, Tand could face the position with cour these oriental nations, drumming coincide with the closing of the saw a foot sticking up.

Stock Exchange from Friday even-ed go down, but was restrained. age, and the conviction that there up. interest in Canadian trade.

The latest Canadian mave con ing to Monday, in order to give Mr. Maurice Webb, of Whitehall is still a future for the great ship.

It is time for the circulation of the Court, S.W.1, who was in the motor. building and engineering com cerns the Caribbean area.

proposed to arrange a series of Bogus information to affect the launch and attempted to rescue the panies in this country,

As you will see from the report, mutual preference trade treaties, market. But a slip was made in party, said that he would like to the year's working has resulted in especially with the British West addressing the messages to a Lon-point out the bravery of Dr. Jones, a profit of £105,745 after provid- Indles. This would resemble some- don firm not doing business with who jumped from his place of com- ing a sum of £250,000 for depre- what the American reciprocity the Johannesburg brokers men-parative safety on the danger post Cuba. A special tioned. Hence one recipient re-after the launch came into colll- ciation. The result is not such as agreement with

* Eid One )—AMSTERDAM" Eastern Head QOH007-BATAVIA.

BRANCHER

jakario", The Engna", Jeddah, Kiba,

Palambang

Weltevredan

Penand

• Those ones bare snía deposit borse to 1. Louise BackNaklical Provincial Bank L. Correspondents all over the world Banking business of vary description trasussted.

A. STOKKINK,

Bong Kong. 18k ánguni, 1000.

Manses.

THE BANK OF CHINA,

行銀國中

Reorganised October 26, 1928, under

special charter of The National GoT crament as an

HEAD OFFICE: SHANGHAL

HONG KONG BRANCH:

4, Queen's Road Central

you and I would desire to see. as Canada-West Indies conference will fused to accept delivery.

the outcome of a year's working be held in Ottawa, this Summer to

of this large undertaking, but in consider these subjects, states the view of the prevailing depression Singapore Free Press. in the heavy industries it cannot

be regarded as altogether unsatis factory.

the

་་

the

swept

sion with the punt and endeavoured Warning to London. Inquiries were immediately made the occupants.

by cable to Johannesburg, when

to regain the punt in order to help

The coroner recorded a verdict the local brokers repudiated the of "Accidental drowning." message, and cabled "a warning to

President Hoover's Bold Proposal

out gives considerable promise in London not to act on the advice INTERNATIONAL EXCHANGE

Unfortunately, with the steady the direction' of saving weight and/contained in ita BANK.

falling-off of work in the yards space and in improved steaming had already circulated in London,

Meanwhile the alleged news FINANCIAL WISDOM Subscribed Capital ....$25,000,000.00

present year must show

efficiency. Paid-Up Capital .$24,710,200.00.

$ 8,820,503.82 € much less satisfactory result.

Our work, extending over the and a fair amount of selling had taken place. But the stock soon Reserve Funds

The entire absence of new in-past twenty years, in connection įrecovered. The shares were not. quiries at this season of the year with the development of the in-

affected locally, as the Johannes- means that no new work is likely ternal-combustion engine on the Bburg brokers had warned the local

Sir George A. Touche, Bt., chair- to come forward in time to influ- and W system is well known, and exchange. Thus the sender of the man, Trust Union, Ltd.:- Mr. ence the current year's results it will interest you to know that After adding to the net profit of there are now in commission 650 cable, who had hoped to "make a Hoover's bold proposal is welcomed not because a breathing space for Stockbrokers regard the attempt one year. in the payment of war Owing to our numerous branches in £105,745 the sum of £132,307 vessels having a grass tonnage of pile" was completely folled. China and large connections in the im- brought forward the balance la over 3,700,000 and developing an as a clumay effort to wreck the debts gives much relief but because pertant commercial centres of the £258,058, which the directors re-ih.p., of nearly 2,600,000 equipped market, by persons with little it is the first step towards a revi world, we are able to extend to our commend should be carried for- with this type of engine.

knowledge of market methods. sion of arrangements which We have recently had at our The police are making an investi-threaten the credit stability of clients special facilities for domestic ward. and foreign banking and exchanges.

We also handle the issue of Bands Output of Vessels & Marine

works at Belfast undergoil over gation into the affair and are. in

many countries. and other Public Funds of the Chin-

Engines.

possession of certain clues.

The Rt. Hon. Viscount Bearstead, ere Government both at home and

Advantage was taken by the MC, chairman, Shell Transport abroad.

During the year we carried out SHOU J. CHEN,

would-be swindlers of the fact and Trading Co., Ltd.:-I say un- Manarer. Important contracts for British

and Foreign ellents for both steam rupted, and antisfactory service for that the West Rand Consolidated hesitatingly that the business de- Hong Kong, 5th March, 1981..

and motor vessels of a wide variety seventeen years, and their owners Mine had been damaged by fire.pression has been largely brought assure us that on the past history All the damage was fully covered about by almost universal' govern

THE BANK OF CANTON, LTD. Established 1912

Head Office-Hong Kong. Luikerland Capital (HX. Ourrency) #11,006,000 Fold-Up Daglet us

5,600,000 Elstery Fund swim

1,109,000 BRANCHES

what

Canton, Shanghal Hackow, slow, Bangkok, New York and Hea Frasson

DORRESPONDANTE

LONDON BANKKBS 1---

The Lord's Bank, Limind.

cities of the Worlds

in all pango, and banking butuse

Torin

erry Samription frsted.

Bale Deposit Bone (vicious sism) at early

realal of brom 14 is $14.

LOOK POONG SELAN,

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

HEAD OFFICE: Taipeh, Formosa

Incorporated by Special Imperial

Charter, 1899. -

1:

haul three

fitted with vessels engines of this type of our manu- facture which have given uninter-

of types.

We built motor vessels ranging of these engines they are expected by insurance, however.

The Outlook.

BRITISH WORK, RECOGNISED.

mental interference with the law, the immutable law, of supply and demand,

in size from the White Star liner to give at least another ten years' Britannic of 27,000 tons to a small useful service. stern-wheel steamor recently, de

Mr. J. Davidson, chairman and As indicative of the extraordin livered for service in Nigerian

managing director, British Empire waters. The first-named vessel ary rapid falling off of work that

Trust Ltd.:-I believe that demand In the course of an article by M.was abnormally, large during the has already established a high re-took place in the year under re- putation in the North Atlantic for view, and which is taking place Gutmann in Aciers Speciaux et ten post-War years. It is equally

of the certain that supply is now seagoing qualities and economical to a still greater extent during the Leurs Emplois, a history working, and we have under con- current year, I want to give you a high-frequency electrical process is normally large relative to demand, struction at Belfast a sister vessel brief statement of the number of given, in which the following para- and it is only reasonable to expect for the same owners. Several immen we have employed-in-the-past graph appears

that in due course some kind of "A little later the British com equilibrium will be reached between portant vessels were also deliver- and now employ, because there is

process.

ab.

Lord Luke KBL.The depres

ed to the Union-Castle Line, and no better index of the prosperity pany, Allen installed a furnace of the two. in the course of the year we com- or depression in the industry. At 250 kgs. for the production of high Major Isidore Salmon, C.B.E.. Chief Manager. pleted the machinery. conversion the time when the Industry was speed steels usually obtained by the D.L. J.P., M.P., joint managing:

The director, 3. Lyons and Co., Ltd::- for a third large passenger vessel fairly wall occupied, in 1928, we ordinary crucible for the Canadian Pacific Steam- gave employment throughout our working of this has given complete What is required in the present ships, Ltd. At the end of the past organisation to about 48,000 men, satisfaction. We have observed condition of British trade and in year we had also in band the fine and at the beginning of 1980 the that the high frequency furnace is

dustry is more virility, more fore new motor passonger liner Heina number had only fallen to 44,000; on the way to replace progressively sight and a greater effort than ever del Pacifico, which has since been whereas by the early part of 1931 the majority of the crucible fur both on the part of the employer delivered to her owners, the Paci- the number had fallen to exactly maces just as much in France as In

and the employed. fic Steam Navigation Company, half-namely, 22,000 men. These Britain.

The British company Allen is, ofion in business circles in Now This vessel, unique in many res figures include the men employed pects, has just returned to this by our subsidiary shipyards, steel course, the well known Sheffield York is more noticeable, then here. satisfactory maiden voyage to the show the difficulty of our position, it is good to learn that their pioneer has been greater than ours, but it West Coast of South America. for standing charges like rents, work is recognised in foreign coun- probably due to it being auch

valuable acrates, and supervision cannot be tries. Their contention that the novel reaction after 15 years of She should prove quisition to the Pacific Company's brought into immediate conformity new process is better and bound fleet and worthily uphold the pres- with such rapidly diminishing ultimately to replace the old-great prosperity.

Sir Alexander Glegg, chairman, fashioned erucible process is thus

Barry and Staines Linoleum, Ltd.: tige of British shipping, having, numbers of men employed. amongst other attainments, estab- But doubtless your chief Inter borne out by a Continental au fear nothing in these days is Hahed a record for low fuel con-est lies in the future prospects of thority. sumption, For Work In Hand.

All clayzes of Commercial Banking Bank-Rohan inted Arisps amount „Te,060.00 country. after completing. a very works, and collieries, and they firm, Edgar Allen and Co., Ltd., and That not only because their slump

Transactions undertaken.

Personal investment

bandled.

Central Bank in Formon

BRANGEDES AND AGENCIES

JAPAN 2-Tokyo, Yokohama, Koba, Casken. FORMOGA:-Glan, -Kael Laneko, Kesiang. accounts along, Mania, Bhokily, Talan,

Takao Desert, Town Hall at

CHINA and BANY

CARTENSION, Design, nouri

OTHES-Haas

O

The Company offere to intending Travallers the use of its #Travelers Chequer and Letters of Credit and,he In addition, the world-wide services of its thoroughly equipped Travel De partment.

Afiliated with

Bourabaya,

raya

London, Mes & Cat Pain

LONDON BANKERS CAN

London Goably Westie and wr's Bask.

The Beck sas Corrompondents in all the petsolya Comercial.Clave throughout. the world.

HONG KONG PRAZORŮ

K, KAGURA.

Bran Masagut,

. & Des Your Bead Content.

- Hong Kong, 19% January, 2000)

THE CHASE NATIONAL BANK Ho K

Besources

Crer d$2,500,000,000

C. IL BENSON,

General Manager.

THE BANK OF EAST ASIA, LTD.

Patablished – 1918.

HEAD OFFICET

10, Des Voeux Rond, Central,

HONG KONGA

the Company. Unfortunately, the industry throughout the country

more unpopular than to advocate hard work. My remedy is very

The work in hand at Belfast in- is at present in a deplorable state. INDO-CHINA STEAM NAVIGATION simple work harder, work better and save more. Do not buy what cludes the White Star motor-liner With a scarelty of serious in- Georgic 27,000 tons, and a motor quiries in the market for new ton- The report of the Indo-China you cannot pay for, whether it be liner of 14,000 tons for the Nelson nage, those asscelated with a ship Steam Navigation Co. for 1980 domestic, municipal or national Line, also the Elder, Dempster building establishment cannot states that the period under re welfare, and then the wheels of in- new passenger liner Achimota is safely prophesy improved pros- view has been one of the most dustry will soon begin to revolve. approaching the finishing stage pects in the near future. We can difficult that shipping companies The Hon. A. P. Henderson, Saxon Petroleum Company, Limit the Industrial and commercial out- riverine trades have ever expert Ltd::Every country, whether in ed, under construction at Glasgow: look comes the volume of business enced. The company suffered sarl Earope, North and South America, and in addition to the machinery offered will permit of reasonable cus loss from the looting and burn- Australasia or India, is feeling for all these vessels we are also profits being made. Ing of two of its vessels in the acutely the world depression and as constructing land ongines, includ- In view of the existing abnormal Chinese Communist outrages, and yet there are no signs of an early Inga fine Installation of Diesel conditions, and the possibility of claims for these losses have been recovery. engines for the Bank of England. these continuing for a further presented to the Chinese Govern Mr. C. S. Orde, JP chairman, * We have brought our organisa-period, the directors have felt it mente par tion to a HIgE, ate of industrial right

COASTWISE hay two vessels for the Angle only hope that when the change in engaged in the China constal and chairman, Witan Investment Co.,

(8,000,000

ALGIE BENNETT.

An inte of Cartoons

China Coast

PRICE $1.00%

book

effectiveness, as come it will,

hold

shali-bol na

Ition

the full

rine

Bank

local and for

the interest of the share The accounts show a nat loss on

Grout and Co, Ltd.-There are Indications that in raw materiais

to raise the question of the working of steamers or and in world trade generally ve down in the fixed ass $16,168, against a profit of 451,448 Have seen the worst dealrability of giving con- for the previous year, to which is

on to scheme of re-added $100,072 allowed for depre the clation on steamships. Against Into the total debit balance of $187,502, itions a sum #188,000 has been taken

from contingenc

pital reorganiz credit bala:

there will ried

COMING TO

THE KING'S

SCOTLAND

YARD