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SINO China Jail
Comfort, typical of Studebaker's
traditional, coachcraft plus auch
ultra-modern features 28
bearing spring shackles.
Thrift, officially
ball-
proven
under
supervision of the American Auto-
mobile Association.
HONG KONG & SHANGHAI HOTELS, LTD.
(Incorporated in Hong Kong.)
ESTABLISHED 1845.
No. 27,955 HONG KONG, MONDAY, NOVEMBER 16, 1931,
AGAINST STABILISATION
REPORT OF CURRENCY SILVER PROBLEM
COMMISSION
"FOLLOW CHINA"
A CURRENCY BOARD
SUGGESTED.
SOME REFORMS
Through the courtesy of the Colonial Secretary we have re ceived a copy of the report on Hong Kong Currency by the Com- mission appointed by the Secretary of State for the Colonies.
The Commission has decided against stabilisation at present, but makes certain recommendations for reform in the present cur- rency system.
AT HOME.
Part of Currency Reserves.
ASSIST STABILITY.
London, To-day.
NEWS TABLOIDS.
The report of the Hong Kong Currency Commission has been: released. It discusses stabilisa- tion at some length and is gen- erally opposed to it.
*
The present currency system is considered and certain proposals ¡for reform are mentioned, includ-
Ing the automatic method of in- A powerful plea that the lead-creasing the circulation of notes ing central Banks be authorised when required.* to include silver, as part of the currency reserves up to some fixed proportion of the total is made by Mr. L. S. Amery in the Financial Times.
TO-DAY'S
Library, Supreme Court
DOLLAR-n The closing rate of the dollar on demand, to-day was 1/5 9/16.
PRICE $3.00 Per Month.
SHANGHAI 99 AHEAD
Bowker's Bowling
A Feature..
DONALD LEACH 59.
[By Ex-Interporter.]
SCORES.
It is recommended that the legal E. C. Fincher, b.w., b Bouth status of the dollar coin should be 0. G. Simpson, b Leach limited to $10.
*
#
HONG KONG-Ist Innings.
23
A. H. Musson, e Madar, b Booth
18
H. Owen. Hughes, c Wilson, b
Leach
24
23
A. C. Hamilton, Lb.w., b Booth
It will be unnecessary to re- establish any complete scheme of bimetallism, for, even were silver It is further recommended that T. E Pearce, b Leach only held at the market price the a new issue of bare-metal sub-J. K. MacFarlan, h Booth
||J. E. Richardson, e Wilson, b mere fact that the banks were aldiary colnage should be minted.
Leach volumes holding considerable would tend to maintain a reason- ably high stable price of the
F. B. Pereira, b Leach
A. Reid, e Coward, b Booth Although opposed to stabilisa-A. C. 1. Bowker, not out Extras (B. 1, L.B, 5) tion of silver at present, prepara- This would be helpful in coun-tions are outlined for ultimate ter-acting the effects of the mal-stabilisation. distribution of gold and also cor-
The appointment of a Hong Kong Currency Board is suggest-metal. ed and recommendations made as to the steps which it should take' to prepare
for future stabilisation if and when China "goes gold."
SUMMARY
OF
Reviewing what we have writ- į ten in paragraphs 35 to 70}
which the on the effects stabilisation of the Hong Kong currency while China still re- mained on a silver basis would have on the various business activities of Hong Kong, we may sum up as follows:-
(1) Hong Kong, considered merely as a port und as the prin- cipal storehouse for goods in transit to and from South China, would not be likely to be affect- ed adversely so long as trade continued to run in its present channels.
-(2)_ _The special position which Hong Kong at present occupies for the Chinese settler and capi- talist as a place of law and order and a city of refuge would to a large extent be lost.
ARGUMENTS
*
A tyre of unique
construction built for those who prefer superlative quality.
Fort DUNLOP
●The Tyre Incomparable
SKIRMISHES ON THE NONNI RIVER
ATTACKS BY CHINESE CAVALRY
FALL OF A VILLAGE
REPORTED.
· SERIOUS FIGHTING
According to a Reuter's report from Mukden to-day, skirm ishing on the Nonal River continues, Japanese official reports de- claring that Chinese cavalry are attacking.
Chinese reports from Harbin and elsewhere are charging the Japanese with taking the offensive here.
Japanese Headquarters explain that the Japanese outposts on the Nonni Iliver are making contact with the Chinese position.
The outposts are equipped with three-inch ging which are busy driving off the Heilungklang cavalry threatening the Japaneste flanks. Two skirmishes took place on Saturday in which there were small casualties bringing up the Japanese losses on Thursday, Friday, and Saturday to seven killed and 10 wounded.
MORE SERIOUS AFFAIR
Total
138
*
Fall of the Wickets. 1 2 3 4 5 6 7 8
10
rect the impending deficiency_of gold, while the inclusion at a fix-
I
nounced.
Chinese authorities state that 36 67 68 109 117 120 124 129 134 138 ed ratio would secure a perman-Hsuan Tung is to be proclaimed ent exchange stability with the Emperor of Manchuria and his
BOWLING ANALYSIS. Far East and also help India. Ministers and Government Router.
"
an-
O, M, R.
W
Wilson
2
*
*
*
Isaacs Leach
6
17
30
5
Fighting was more serious on
B
B
13.2
ese Command decided to disposa
SHANGHAI-1st Innings.
of the Chinese drive by four thousand Chinese cavalry several
and from gold back to silver instead of the present double exchange in silver currencies would be a great hindrance to this important business,
tuate much more than it does Foreign bankers in Shanghai Madar now if Hong Kong currency were are of opinion that Japan's trade Booth stabilised.
losses in China are likely to force (c) In relation to the remit- | We need not dilate on the evil her off the gold standard. tance business, much of Hong consequences of such fluctuations]· Kong's attraction as a centre to both employer and employed. Peking and Tientsin are reportp. V. Simpson, lbw b Bowker. for receiving remittances from Although from the point of ed to be calm but another serious P. Medar, b Neld Chinese residents overseas view of the Government and of clash at the latter city is feared. A. J. Barson, c MacFarlan, would disappear.
some persons not engaged in
(d) The present easy flow trade it seems that there would
*
*
*
#
*
8. R. Kermani, « Owen Hughes,
b Richardson
27
The casualties have not been
Sunday morning when the Japan-reported up to the present...
Geneva, To-day.
It is felt here that the Man-
26 miles north - eastward They churian problem will have to be captured the village of attacked on the broad lines of Chienkuunti, 15 miles north-east the settlement of the various of the Nonni Bridge, in which questions connected therewith they established an outpost. H. A. Coward, e Pearce, b Musson
and this will take time.-Reuter. D. W. Leach, e Simpson, b
Richardson
Richardson
R. Booth, b Bowker
C. J. Merritt, b Bowker
Geneva doubts if Japan is ready of capital between Hong Kong be certain distinct advantages to accept a compromise, und Paris and South Chin which is in-to be obtained from stabilisation believes she does not show any strumental in financing pri-ion a gold basis, and although tendency to budge. mary production and small certain trading interests would!
T. W. R. Wilson, e Owen Hughes, trades and industries in Southbenefit thereby, we are unable to
b Hamilton Russia has protested against J. A. Isaacs, b Hamilton China would be seriously im- arrive at any other conclusion Japanese allegations that the B. V. W. Murray, not out peded.
than that it would be of serious Soviet is helping the Chinese In (e) The export trade from and direct disadvantage to the Manchuria. South China would have to face business of Hong Kong and to
Summary.
#
*
*
*
**
*
the Central Banks should hold a
39
Extras (B. 18, L.D. 9)
Total
237
Fall of the Markets
2 MOTOR FATALITY.
Death of Mr. K. K. Staple.
Isabella Warbrick. She was in a very distressed state and it WAS difficult to obtain from her an ao- count as to how the mishap hap- pened. From the position of the car, it was apparent that it had got out of control and dashed against the tree at a point on the road where Mr. K. K. Staple, architect, of there is a sharp bend with a' rise Messrs. Palmer & Turner, was the in, gradient.
Terrific Impact,
CAR OUT OF CONTROL.
yesterday morning.
cident on the island road, between The impact with the tree must w.Deep Water and Repulse Bays, have been terrific as the car was firmly jammed into it. The wind- The tragedy was discovered at screen was shattered and broken about 11 a.m when passing glass was scattered everywhere, driving wheel was the motorists came upon a battered, while
BOWLING ANALYSIS,
0. M. R .18 4 30
19 а 46
2
5
31
14 1
48
20
42
5 2
B
HONG KONG-2nd Innings.
11
11
3 Armstrong-Siddeloy motor CAT a broken. But for the fact that it
1 few hundred yards from Deep hit the tree, the car would have Water Bay near the junction of the shot over the side of the road and down the cliff into the sea. The road leading to Repulse Bay.
an uncoverable time-risk in the large sections of the population. The League of Nations commit. | guld-silver exchange.
Consequently in the general in-tee is to make enquiry to-day into 1 2 3 4 5 6 7 8 ་་11 (3) As a producing centre, it The general tenor of the con- terests of the Colony includ- the revelation of a gigantic world-53 63 65 103 128 137 157 195 233 237 victim of a distressing motor ac might lose to neighbouring silver clusions set oud above in our ing those of traders who, though wide drug organisation which has centres much of the business opinion gives substance to the they might reap immediate bene-been unearthed. which it at present transacts, but argument that Hong Kong is it from this course, would prob-
Pereira on the other hand shipbuilders economically part of China and ably find the results in the long
Mr. J. A. Mollison, attempting & Reid would undoubtedly benefit in so must remain on a silver standard run by no means satisfactory - record flight au
the Cape, has Hamilton far as the change would enable so long as China does. If Hong we recommend that in the pre-crashed in Egypt.
Owen Hughes Richardson them to tender for and carry out Kong currency ceased to be on a cent circumstances Hong Kong
Bowker largé long-term contracts on a silver basis, South China would should remain on a silver basis. Mr. L. S. Amery suggests that Musson basis of equality with their com-¡he deprived of the only conven- petitors in gold-using countries. ient currency medium in which It will be convenient if we con- certain amount of aliver reserves |
(4)
As a financial and trad-it would conduct busincas on a clade by summarizing the contents to assist stability of exchange with E C. Fincher, b Leach
The car had come in violent col-force of the impact seems to have ing centre, the effects on Hong large scale either internally or of our Report.
O, G. Simpson, not out Kong would be as follows:-
lision with a tres on the outer side thrown Mr. Staple through the with_foreign countries, i.e., it After a brief introduction (para-
Total (for 1 wkts.) (a) In relation to imports would have no currency in which graphs 2 to 10), we give an accoun! Serious skirmishes on the Nonni
38 of the road, and Mr. Staple was windscreen, for he was badly cut into South China, the onus of forward contracts of exchange of the events which led up to our River are reported. The Japanese ed the week-end made the wicket and bleeding.
The glorious sun which favour-lying unconscious badly injured about the face and there was a deep covering the heavy gold-silver could be made and no currency appointment (paragrapha 11 to 18) have thrown back Chinese cavalry appreciably faster for the second tended by his sister-in-law, Miss
He was being at wound in the throat from which exchange risks involved in which there would be a satis- and formulate the problem under and captured n.village.
(Continued on Page 10.) would be transferred from the factory supply of banknotes, our examination in the following: importing merchant in Hong] Final Remarks and Conclusion. Kong, who has ample facilities We have now considered the for doing this, to the dealer in general arguments in favour of South China, who, owing to its stabilisation and examined its imperfectly developed cur-probable effects on the business rency system would, with of Hong Kong.
terms:-
(1) Whether It would be desir- able to change the basis of Hoog Kong currency from silver to gold.
(2) If it is not both desirable and practiable to make this change now or in the immediate future, what if any reforms in the existing currency system should be adopted.
the Far East and India.
*
LOCAL SHARE MARKET.
Influence of Higher Exchange.
A LOWER LEVEL.
day's play in the Interport Cricket match between Hong Kong and Shanghai, which com- menced at 10.35 a.m. this morn- ing.
All the Hong Kong supporters were optimistic regarding the abilities of Pereira and Bowker, who were expected to get more jout of the pitch than was possible Jon Saturday.. When Madar (81) and Leach (21) came out to re- (3) What if any steps should
slitre the Shanghai innings The official summary issued by there was only a very be taken in preparation for Д
smalt change-over to gold in the future, the Stock Exchange to-day states: crowd present. Bowker opened if for instance Ching "went gold"
Under the influence of higher with à maiden over from the or for any other reason.
(Para-exchange the entire list opened this Naval Yard end to Leach, and in graph 19.)
morning at a lower level.
the second over Reid, bowling! from the Pavilion end bowled Madar with a beautiful hall which
Thus Shanghal lost their
Hong Kong on a gold basis, . Much might be written on have no means for the pur- other aspects of the question but pose. On the other hand, the only one to which we think while bulk indent business and it necessary to refer is its bear- depot business (including re-ing on the welfare of the Chin- tail trade in Hong Kong) ese wage-earning population. would to some extent be faci-
The requirements of this litated, the wholesale trade class, beyond housing, are very would lose its present facilities simple and amount to little for covering the gold-silver more than food-stuffs, clothing, exchange risk and would not and occasionally Chinese medi- be able to find a substitute. cine. A certain amount, parti- As regards (1) we first consider! Unions were done at $400, The trend of the argument in cularly dried fish, is produced the general arguments put forward Providents (old) were obtainable this section depends upon the within the Colony; the rest must in favour of stabilisation and come at $6.20. The new shares were in came in quickly from the leg. relative importance of these be imported.
An estimate has to the conclusion that by far the demand at $2.25.
1.
score.
5th
different kinds of business, and been prepared for us by a Chin-most important matter to be con- Hotels (old) were sellers at wicket without adding to, the as all the evidence goes to show ese gentleman, which shows sidered in determining the desira- $14.65. that the wholesale importing that from 85 to 50 per cent. of billty or otherwise of changing Hong H.K. Lands were wanted at $79. business into South China is the expenditure of
Bowker Bowls, Well. A wage-Kong currency to a gold standard is Realties were in the market at one of the mainstays of Hong carner goes upon goods import-the effect which such a change
$12.
The wicket was not playing as Kong's prosperity we have no ed from gold countries. But it might be expected to produce on the
Trams were in demand at $20.40 fast as was Orst presumed.. hesitation in deciding that on must be remembered that the trade and financial business of the]
H.K. Electrics were wanted at The sixth wicket put on only 9 this count the argument is largest item in this class. of Colony,
$75, (Paragraphs 20 to 83.)
rums before Bowker knocked strongly against stabilisation. goods is rice, the price of which, We accordingly examine the Telophones (part paid) had Booth's leg slump out of the
(b) In the trade between as we have already pointed out, effect of stabilization, on the busi-sellers at $262.
ground, beating him all the way. North and South China pass tends to vary with the price of nees of Hong Kong.
After twenty-five minutes play Leach by Billing a four off
Watsons could have been obtain
ing through Hong Kong as a silver. It follows, we think, that| (1) as a port (paragraphs 86ed at $16. centre the two exchange trans the purchasing power of the and 87). actions from silver into gold Chinese wage-earner would fluc-
(Continued on Page 10.)
H.K. Government Loan was wanted at $2 per cent. premium.
(Continued on Page 10.)
WARMTH
WITHOUT WASTE
Meals cannot be enjoyed in a cold and cheerless dining room. Yet it would be inconvenient and wasteful to have a solid
1.
fuel fire burning all day. In the interests of comfort and economy you should have ́B modern gas fire which will give you cheerful, radiant warmth the moment it is needed.
GAS FIRES FIXED FOR FIVE DOLLARS
On Hire (at $10 a year) Hire-purchase or Sale.
THE HONG KONG & CHINA GAS COMPANY, LTD. Works, West Point, Hong Kong & Jordan Ed., Kowloon. Central Showroom -- Ice House Street (Near Star Ferry). Kowloon Showroom ----- - 246, Nathan Road (Corner of Jordan Rond),
Office-West Point, Telephone 28181.
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