1931-11-03 — Page 2

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BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

لمالحمن الجمافلم

806,000,000

Levand and Fully Paid-up w 901,900,000 Menorca Puzle |--

Whaling woman £1,300,000

MSAD #SPION: HONG KOWE.

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA, Incorporated by Royal Charter, 1853.

HEAD OFFICE: LONDON.

THE HD HONG BANK, LTD.

(Established 1917.)

THE

CHINA

MAIL.

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

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

Paid-up Capital

of Shareholders

8,000,000

4,000,000

4,000,000

2,087,000

Branches, Agencles and Correspon dente in the principal cities of the world.

Ramorro Liabilities

Surplus ........................

Paid-up Capital

Gonorre, Link day af Propriahora 838,206,300

Reserve Fund

Reserve Liability of Pro-

prietors

.£9,000,000 £4,000,000

..$3,000,000

agencies and Branches;

VOXING

MADREN

MANILA

MEDAN

BOARD OF DIRECTORE ----

Mr. O, Ɑ. U; Karkla.

Hon. Mr. J. J. Puiscesa, Deputy Chimes.

ADAM, NET, 19, 2. 2012, T. E Poorns, Howe

& Compton, Zaq. 3. A. Mammot. Meg.

m. Landa Kerto, Mag. 7, IL. 1. Chow, Bag.

3 Winkin, H.

AMOT

BANGKOK

MATAYIA

1. 2. Warren, Bey

Chist Manager.

* Drapburn, Bog

ANCHE:--

LONDON

LYONG

MALACCA

MANILA

ALOU STAR

AMRITSAR INGEDI BATAVIA BOMBAY CALOUITA CANTON

CAWEFORE ORBU

COLOMBO DAINEN DELEI

HALFHORO

HAMBURG

NEW YORK

PKRING (Poklag) PENANG BANGOON

BLIGON

HD LONG

TOKYO

JIANIOW

HARBIN

HALO

WOMBAY

ΠΡΟΣ

CALOUTTA

MUAM (Jobs)

KAWACHT

KLANG

DIANTON

MUKDEN

TORN

NEW TORK

KUALA KANGSAR

PRIPINO

COLOMBO

WOODROW НАЗИКОНА

MARBIN

ILOILO KROB

202013

CODE

KOWLOON

KUALA LUMPUM

ТАКАХО

MANGOON

FTLIGUN

BAN FRANCISO

BINGAPORE

BUJIRABAIA SOHOZI PATAM

TIENTSIN

TOXXO

TRINGTAO

YOKOHAMA

Operasi kovaše oponed ja Laval Darreng rad Wized Daposite received to us your

annels, perioda in Local Curriɔay sad Bharliler as mochta which will be sucind in sppiinavaa. ・Wong Kong, Hih Pubrary, 1901,

HONG KONG SAVINGS BANK.

The Business of the ubora Bună la noudunk.

all 11ONG KONG AND BILANGHAI HEING CORPORATION. Bule may be shininoć to spellɔstion,

FOR THE LONGKONG AND WHAKOKAI MANKING CORPORATION.

V. M. GRAYBURN,

Kang Kang, 13th July, 1900.

Chia! Masaga

THE BANK OF CANTON, LTD.

Established 1912.

Head Office:-Hong Kong. Authorized Caplial (II.X. Garrency) $15,000,000 Pull Up Caplin Move Fund - 1,120,KOM

BRANCHER -

1,000,000

Casson, Shangh (, Mackay, Dusiau, Sexytok, New York and as Fesanoes.

OGRRESPONDENTE

LONDON BANKERR |---

The Lord's Bank, Edinĺted,

Em all gelincipal cities of the Werth.

Twigs mabenge and beaking badness

way draaiplion transacted.

Mala Dapolit Baum (variose dias) si a puncts

tended at from $4 to $40.

LOOK POONG BEAN,

Chief Manager.

THE BANK OF CHINA. 行銀國中

BEMARANG

SEHEMBAN

GUANOILLI

BINGAPORE

HITIAWAN

HOURADAYA

TAIPING

TIEN18IN

TONGKAH (buri)

TRINGTAO

YOKOHAMA

General

KUALA LUMPUR ZAMBOANGA

and

Foreign Exchange Banking business transacted.

Current Accounts opened and Fix-| od Deposits récolved for one year of which will shorter periods at rates be quoted on application.

J. STUART,

Manager.

Hong Kong, 17th August, 1981.

NEDERLANDSCHE HANDEL MAATSCHAPPIJ, N.V.

(HETSZELANDS TRADING SOCIETY)

BANERUS.

Established 18M.

Sukg Long Ollon:-21. Queen's Bond Central.

Luthorized Capital

PZ-Up Capial

Morro Fand common

Gulldare 158,060,000. (21.670.000.)

: Ouildars 80,009,900

*(06,000,ĪTU Galldora” 64,913,906 (23,296,308)

Hand Cince ANSTERDAM* Best Band Ofz61—BATAVIA. UBA MESIR +- Bandjarmasin, Bandown Bombay,

Galousia, Charibon, Djambor, Djok joksein”, The Hagna", Jeddah, Kobe, Low-Rača, Makassar, Madan, Fodang

Fatningin ang Pontiansky Bangoon," - Rotterdam”, Bazaring”. Banghai Bibolg (Bemates), flingapore, Soars Daily Soerakarta (Bols), Tegal, Tillaing nod

Walterradas".

• These flows hare min deposiá bazne in lat. Lamalam Buakoru --Hoslował Provincial Bank LAL Östrogondante all over the world

Banking businsan of every description tracescted.

A. STUKKINI,

Kody Kong. Mih Angual, 2008.

THE

Manage

AMERICAN EXPRESS COMPANY,

INC.

Elead Office: 65, Broadway, New York

Capital

Beorganised October 26, 1928, under

Surplus

Reserves

spécial charter of The National Gov- erament sa a

INTERNATIONAL EXCHANGE

BANK.

Subscribed Capital...425,000,000.00

Pali-Up Capital

..$24,710,200,00

Reserve Funds .... .$ 5,820,503.31

HEAD OFFICE; SHANGHAI.

HONG KONG BRANCH:

4 Queen's Road Central.

Owing to our numerous branches in China and large connections in the im portant commercial centres of the work, we are able to extend to our eBents special facilities for dementia and foreign banking and exchangES.

We also handle the lane of Bonds and other Pablle Funds of the Chin ese Government both at home and abroad.

SHOU J. CHEN,

Hong Kong, 6th March, 1981.

Manager.

مساجمة

Pirans

‚U.S.$8,000,000 U.8.$1,672,454 U.S.$1,908,209

DRANCIES:-

Con

Nin

Animary

Ülgow

FLATAR

Bartle

SATTE

Lati

Bambay

Firmansla Deson Alve Cele

Forosciam

Foodon

Liverped

Lucerne

Con

Commackayla

Lugano

Кайсие

Marseillan Monte Carl

Maglia

Muzick

Montreus Nika

Punang Pating Peterma Hoiterdam

Bobcat Shanghai Beuthampton Singspies

Every description of Banking and Exchange business transacled.

TAN ENG HOOL,

Manager.

BANQUE DE L'INDO-CHINI.

HEAD OFFICE:

96, Boulevard Hausmann, Parks.

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

BRANCHES: Bangkok Hong Kong Quinbon

Balzon Battambang Ilue Cathe

Bbangba Mengtzo

Singapore Canton Nam-Disk

Thanh Djibout Numaa

Tientsin Fort-Bayard Papeete

Peking Tourne Haiphong Bankow Pnom-Penh Vịnh Handt

Commerce and Finance

THE PROBLEM OF OVER

PRODUCTION

By Harold Cox,

Writing on this subject in Lloyds Bank Monthly Review, Mr. Cox says:-

Thero is reason to fear that the world has reached a stage in which unemployment on a large scale is likely to be permanent, unless we can secure some drastic readjust mant of population to powers of production. The outstanding in- dustrial fact to-day is that all over the world machinery is playing an Increasing part in production, and there is a corresponding decline in the demand for the human worker. Up to a point this phenomenon is, of course, not a new one. When- over new machinery has been in

:

pect that they will do so. In any case the result is likely to be a larger world output with less om- ployment of labour, and no corren- ponding growth in consumption.

This prospect affects agricultural as well as urban industries. In the United States of America the agri-! cultural problem seems, indeed, to also in be the more serious; 60

In both these countries! Canada. collective offorts have been made to deal with the wheat surplus by forming gigantic wheat pools, so that the farmer can be saved from IN FRANCE: Comptoir National troduced, anxiety has been felt by throwing his wheat on the market d'Escompte de Paris; Crodit Lyonnais; the wage-carning classes lest their at an unprofitable price. But ob- temporary Notably viously thie is only a Banque de Paris et dos Pays-Ba; jobs should disappear. Credit Industrial et Commercial; So this was the case in the cotton and device. It might serve its purpose excessive abundance of ciete Generale.

woollen industries in Lancashire if the

'Pondichery Yunnanfa

BANKERS:

TUESDAY, NOVEMBER 3, 1931,

REMINDER

CHRISTMAS PRESENTS

LAST DAY TO SEND HOME

25th NOVEMBBER,

1931.

So if you have not ordered, order at once from 118:-

TEA :-

ORIGINAL 5 lb. CHEST (lead-lined)

Boy and Peach" Pure China Ten, $15.00.

2 lb. CHEST (lead-lined)

"Boy and Peach" Pure China Tea, $7.00. GINGER :-

Earthenware Jar containing Choice Select Mandarin Ginger.

21⁄2 lbs. $3.50; 5 lbs. $7.00 per jar. Blue and White Hawthorne Jar

21⁄2 lbs. $5.25; 5 lbs. $10.00 per jar. CASES SENT IF DESIRED.

OUR HOME AGENTS WILL FORWARD YOUR GIFTS TO ARRIVE DURING CHRISTMAS. JUST SEND IN YOUR FORMS WITH CHEQUE OR CASH TO US AND WE WILL DO THE REST.

ORDER FORMS AND ILLUSTRATED LIST WILL BE SENT ON APPLICATION.

ALEX. ROSS & CO. (CHINA), LTD. Prince's Building.

are, go to show that since 1926 hes increased more production

it has since fallen to $109 per ton The case of load is very similar. Here also production in the past rapidly than consumption. The four years gained on consumption. market for tea has been specially The visible stocks in the U.S.A., hit by the falling off in Russia's Mexico and London increased from consumption. The price of North- As an a monthly average of 105,700 metrie ern Indian tea at London auctions American writer put it in an ad- tons in 1920 to 137,900 in March, fell from an average of 18. Id., por dress to a big business association: 1980; London prices fell in the lb in 1927 to 18, 1d. in July, 1980, "Our agricultural problem same period from £31 is. 6d. per and was down to 8.69d. a year later. arises from the fact that in many ton to £18 185. 9d., and aince to of our important lines we pro-j £12.

IN LONDON: The National Provin-

& Union Bank of England; Li, and Yorkshire in the eighteenth wheat were solely due to one year's But the trouble in these specially favourable harvest, which Comptoir National d'Escompte de century. Parin; Credit Lyonnais.

industries very soon righted itself would be cancelled out by a suc IN NEW YORK; J. P. Horgan & by the expansion of the market forceeding poor harvest. But the root Co., French American Banking Cor

oration; Guaranty Trust Co. of New the goods produced. The relative of the trouble in the United States ly cheap and well-finished. products and Canada seems to be the wide York.

of the machine commanded a sale, extension of cultivation at low cost all over the world, and in a com-as the result of the improvement in paratively brief period the demand agricultural machinery. for labour increased instead of de- clining. Indeed, one of the out- standing results of the development of steam-driven machinery in the later years of the eighteenth cen- tury, and in the greater part of the nineteenth century, was a rapid in- crease in the population of Great Britain in order to secure a sum- cient supply of persons-especially young persons to act as machine tenders.

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.

Manager

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 65, Wall Street, Now York.

Capital, Surplus and

Undivided Profits..U.S.$228,087,302

Branches in:-

ARGENTINE LONDON

BELGIUM

BRAZIL

CHILE

CHINA BINA

MEXICO PANAMA PERU PHILIPPINE ISLANDS POKTO RICO STRAITS

of

+

The sugar problem has special features of its own. The output of duce more than we can consume. An regards raw cotton, the most cane sugar has been steadily in- Consumption cannot be material- significant fact seems to be the decreased during the past ten years ly increased. Thin figures recline in consumption. This brought by improved methods of cultiva- a heavy fall in tion, including selentific-seed selec- quire not more wheat but less. about last year Short skirts require not more price. In September, 1929, the tion. Simultaneously the output textiles but less."

price of "American middling" was of beet sugar has been increased Some interesting figures on the 10.66d. per b and by June, 1930, by Government subsidies and by That phase of our industrial de-estimated world production and the price had dropped to 7.87d. In the stimulation of tariffs. Up till consumption various the same period Egyptian cotton 1928, however, this increased pro- to 12.774. duction both of cano and beet velopment is now at an end. The world textile industries of Lancashire staple commodities were published declined from 17.70d. and Yorkshire have ceased to ex in three articles that appeared in Meanwhile the world's visible stock sugar seems to have been fairly year ago. Of of raw cotton had increased by balanced by the increase in con- pand; they are visibly declining. The Economist a Many mills are working short time; neceaalty the figures were to some over 60 per cent. During the sub-sumption. Then production began others are being closed down alto- extent speculative, for there is no sequent twelve months the fall to get well ahead of consumption; gether. From the point of view of existing means of obtaining an ab- in prices has been atill more catas-world stocks increased and prices employment the altuation is likely Bolutely precise record of the total trophic, until a few weeks ago it fell. This fall in price has hit the the collapse of West Indice very hard, and they to grow even worse than it is. For, amount of cotton or wool, or tin or culminated in

or tea, produced! "American middling" to 3.60d. and have lately appealed to the Mother as most of our industrial leaders lead, or rubber are now urging, England cannot year by year in different parts of of Egyptian cotton to 6.65d. per Ib. Country to help them out of their

In the case of wool also, the de- difficulties. hope to hold her own in competi- the world. But we may accept the Commercial and Travellers Letteration with cheaper labour abroad authority of The Economist as cline in consumption seems to have Government interference in such of Credit, Travellers Cheques, Bill unless her industries are "ration- sufficient ground for the assump-been the outstanding factor, with matters tends to increase the evil. of Exchange and Cable Transfersalized," which means, in practice, tion that the figures are approxi- the result that stocks accumulated Each country wants to bought and salt. Current accounta reduction in the amount of mately accurate. A few examples and prices foll. Australian stocks its own production, and the artifi- bales at the end of 1927 to 2,250,000 lates further production, regardless and Savings Bank socounts opened labour required for each unit of, from these statistical estimates of raw wool increased from 874,000 cial aid given by the State stimu and Fixed Deposits in local and for eign currencies taken at rates that output. Out-of-date machinery in may therefore be quoted,

Take firat, tin. Between 1926 bales at the end of 1929. There of the condition of the world mar

similar Increases in New ket. may be ascertained on application to to be scrapped and new machinery the Bank,

introduced which will enable one and 1930 both the production and were

Nor is the difficulty solved by We are also able to offer our Gue-man to do the work for which two the consumption of tin increased, Zealand and South Africa. Itomers the services of the Branches

of the International Banking Corpora or three or four are now required, but production kept steadily ahead price of Australian wool, 64's the creation of pools or rings to tion in San Francisco and Spain and How far this process will succeed of consumption, with the result average, fell from 45d. per b at limit production, as is shown by ales of The National City Bank of in effecting the object aimed at, that the world's visible supply of the end of 1927 to 20d. in March, the story of rubber.

decline production of rubber in the East Now York (France), SA in Paris namely, the recovery of foreign tin rose from a monthly average of 1980, but since then the

markets, is somewhat doubtful; for 16,600 metric tons in 1926 to 49,300 has been partially arreated,

As regards tea, The Economist other countrics have equal oppor-In June, 1930. In the same period tunities for rationalizing their in- the London price of standard tin notes that information is incom- dustries, and there is every pros- fell from £291 per ton to 2140, and plete, but the figures, such as they

COLOMBIA CUBA DOMINICAN

REPUBLIC

INDIA ITALY JAPAN

SETTLEMENTS URUGUAY VENEZUELA

and Nico.

d. Mpetta

F. MED. COURTNEY,

Hong Kong, June 16, 1981.

Tieniels Vienne Trukce Tako

Zurich

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

All classes of Commercial Banking Transactions undertaken.

Persona! handled.

investment

accounts

The Company offere to intending Travellers the use of its "Travelers Choquer" and Letters of Credit and, THE YOKOHAMA SPECIE BANK, in addition, the world-wide services

LIMITED.

Established 1880.

Capital (fully paid-up) Yen 100,000,000 ..Yen 116,206,000 Reserve Fund

Head Office:-YOKOHAMA.

J

Branches and Agencies at:

Alexandria

Dairen

(Dalny)

Nagasaki Nagoya Newchwang

New York

Fourties (Makden) Rio de Janeiro

Batavia

Berlin

Bombay

Calcutta

Orake

Centon

Paris

Changchun

Palping Rangoon

Hamborg Hankow Harbia

San Francisco

Seattle

Koug

Bhimonoseki Singapore Boorabaya

Bydney Tientsin

Ka! Yota Karachi

Kobe London

Los

ADRelea

Tokyo Tsingtan Interest allowed on Current, ÁÐ- Countr

Deposits received for fixed periodi at rales to be obtained on application: i

IL. HORI

"Manager. Hong Kong, Lità Saptasibat 2011.

of its thoroughly equipped, Travel De- partment.

·

Afiliated with

THE CHASE NATIONAL RANK Resources ..Over 612,500,000,000

E. W. DUGGAN,

Manager.

Manager.

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

HEAD OFFICE:---Taipeh, Formoen.

Incorporated by Special Imperlai Charter, 1899.

Central Bank la Formos Bank Notes snað ársraga amouni ...Jes. £1,000,000 BRANCHES AND AGENCIES: JAPAN:-Tokyo Yokohama, Loba, Ostira PORMOSA 1-Uruar Kag, Karenko, Kastung. Makong, Nacto, Bichika, Taloka, Taiano, Takso, Tamsul, Toan, Haits, Tito.

Amog, osoko, CHINA-hanghai, Hankow,

Bwan, Canton.

OTHERS-Hong Kong. Slaapors, Boys,

demanage Batavia,

Calovita

Landon, New York, Dalran

LONDON BANKERS,

The London County Waiminster and Parr's Book! The Bask sa Gorrwpondents in all the principal Cocainarolal Dentom skroughout the world.

L. MAGURL

HONG KONG BRANCH:

5. De Your Boad Casini. Hong Kong, 19th January, 1839.

Камари

THE BANK OF EAST ASIA, LTD.

Established 1318.

HEAD OFFICE:

10, Des Voeux Road, Central, HONG KONG

Capital and Surplus

aver H.$ 8,000,000.00

Total Resources .................

over A.$80,000,000.00 Every description of Banking and Exchange business transacted.

Current and Fixed Deposit Accounts in local and for- olga currencies opened for clients.

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

KAN TONG PO,

Chief Manager.

A

zerom

Brans

$2423

A.0. F. C. Average of Shanghai Stocks

TWENTY REPRESENTATIVE Sracks

1231

[22.30

CLOS

27.75

1110)

The

The trouble is that

encourage

The over-

Indies led to the establishment of big schemes for restriction of out- put, but it was impossible to make these schemea cover all the regions available for rubber production, and the high prices that followed restriction stimulated increased cultivation, especially by native growers. It may fairly be argued that if there had been no artificial restriction the evil would have tended to right itself. The low prices caused by excessive produc- tion would have stimulated an in- crease in the world's consumptión, and simultaneously they would have checked production.

An interesting example of the disadvantages resulting from schemes for holding up supplies by means of pools or rings is record- ed in last year's report of the directors of the Argentine Great Western Railway. Among the goods carried by that railway is wine, locally produced. In March, 1980, a Wine Producers' Associa tion was formed in the Argentine "with the object of acquiring and placing wine in reserve in order to maintain prices at a remunerative level." The report states that: "This proposal immediately brought

dospatch, as retailers considored Sharp recoveries of stock prices | movement to reduce marginal hold- Services. Transactions of Realty about a pronounced falling off in in the Shanghai market have occur.ings to a minium. These policies and “Land companies indicate con prices too high and restricted pur- became so conservative that ac- tlaued progress and the same can red in the last several days, and, the counts were reduced to a very sound be said of Banks, Loan and In- |A.O.F.C. Average has moved. Im-basis before Settlement Day arsurance companies. pressively from the 25.84, a recent rived. As a consequence of this low point, to 25.91. It seems that the market is now definitely recover. ing from the long decline that took place between September 19 and Catober 29.

Traders had anticipated diffi- culties in carrying securities over the October 27 Settlement Day of thle month, and there was a broad

Ang mga Osteria Francs Cotronation

The strained commercial relations drastic deflation, firming tendencies with Japan exert an unfavourable in stock developed even before the time came influence, but this is not expected to to meet October contracts.

check further recoveries There is ample evidence of con- prices.

The statistical record of the adence in the future for favourable. conditions still rule with regard to A.O.F.C. Average follows:

January 6.24,10 many phase of Shangbai's industry

Activity in manu-High for year September 19 28.66 and commerce. facturing has not abated and good Recent low point October 28 25,84 October 26, 25.91 profits are expected in Stores and

chases to those strictly necessary to meet the reduced demand." That meant a decline in business for the railway company, as well as for all transport and sale of Argentine the other parties concerned in the

wines. This is, of course, only a of the particular illustration general proposition that if the ac tivities of one trade are reduced, the depression necessarily epronde

other traden (To be Continued Tomorrow.)