1931-12-08 — Page 2

2

BANKS

KONG KONG AND SHANGHAI BANKING CORPORATION.

Koomed- und Walls Paid-ug - 133,728,104 Semere Frida —

Wongwww.4,386,950

Dramassed

$20,190,909

Baterys Link-Ully of Trepetators w 201,190,000

KRAD OVIIŪNĪ DONG KONG,

BOARD OF DERMOTORI 1- Mog. Mr. C. d. §. Markdę. Chairman.

Xes. Mr. J. J. Paloreak, Dopoly Chalamet.

W. H. Ball, P

Tours, Sing

8. 1. Sampira, Bog J. A. Pixar, Big.

4. Lollip Lawla, Mog. T. XL. X. thay, Heq.

AMOT

MAXOXON

MATAYLA

BOMBAY

BANTON

2. P. Warna, Hey

LANGH —

LONDON

LYONS

MALLOOR

MANILA

MBAR ¡šskoraj

PRIFIKU

PENANS

BALOUTTA

D LOO

COLOMBO DAIKIN WOODROW

HAMBURG

MAXKOW

SARRIX

MUNGKEW

MOLDEN

KEW XXX

IPOM

JOHOR

[0].

KOWLOON

KUALA LUMPUR

.

BAHGOOM

VAIGOX

MAN YRANCIEGU

RHANDH

MANUAPORA

BOUNAKATA

AUROMI PA?K

TESTIN

TOXYO

TSINGTAD

YOKOHAMA

Egerasi Anerskie sponad ka Lami Deresz Sind Dapouite faselvså for our yoUE SE chueler poclaši in Level Cursary and disa and which will be, quined in 5)glivekos Itong Kang, December 7, 1931.

HONG KONG SAVINGS BANK.

The Busiame of tea. Above Bank in conduct.

od by the [IONG KONG AND SHANGHAI MANKING CORPORATION.

ebisland on applies

Bein may

Po zi foNoLONG AND SHANGHAI

BANKING CORPORATION.

V. M. GRAYBURN,

Mong Kong, th' July, 2000.

Chief Mist

THE BANK OF CANTON, LTD. Established 1912.

Head Ofee:-Hong Kong.

nike Ospital (1£¤. Ouersary; B51,266,000

Onakon

-* **BŰNTEK

- 1,169,00

naghal, Jankow, Kesiov.

Bangkok, Now Fork and Bau Fronsipon.

09BGESPONDENTA

LONDON BANKERS |— --

The Lloyd's Bank, Eisolie

In all principal cities of the World.

Furniza azabazge and basking budians of

every decription fraamasted.

Ents Depach Boss (various ninon) on a guacly

renal of from 64 10 $40,

LOOK POONG SHAN,

THE BANK OF CHINA. 行銀閾中

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1858.

THE HO HONG BANK, LTD.

(Established 1917.)

THE

CHINA MAIL.

HEAD OFFICE:SINGAPORE. Hong Kong Branch: ́15, Queen's Rd. C.

Authorised Capital Straits $20,000,000 Issued Capital

Commerce and

Finance

8,000,000

Paid-up Capital

1,000,000

Reserve Liabilities

HEAD OFFICE: LONDON.

of Shareholders'.

**

4,000,000

Surplus

2,087,000

BEST METHOD OF

EXPANDING

Paid-up Capital

Reserve Fund

.£3,000,000 £4,000,000

Reserve Liability of Pro-

prietors

Branchos, Agencies and Correspon- donte in the principal cities of the world.

CREDIT

.£3,000,000

Agencies and Branches:

ALOR UTAR

KOCHING

MADRAS

AMBITHAR BANGKOK DATAVIA DOMBAT OLLOUTTA CANTOX DAWNPORE CEBU COLOMBO DAIBEN

HAIPHONG

DELHI

HAMBURG

DANKOW

HARDIN

TIONG KONG

ILOILO

trou

KABACHY

KLANG

ХОВЕ

KUALA XANOBLE

XUAL LUMPUR

MANILA

MEDAN

NEW YORK

PEPINU (2@king)

PENANG

KANSOON

BAIGON

BEMABANG

BRAZMIAN

BRANGIAL

SINGAPORE

SITIAWAN

BOUBABAYA

TAIPING

TIENISIN

TOKYO

TONIKA (kphui) TRINGTAO

Foreign Exchange and Banking business transactod

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

Every description of Banking and Exchange business transacted.

TAN ENG HOOI,

Manager.

BANQUE DE L'INDOCHINE.

HEAD OFFICE:

90, Boulevard Haussmann,

PARIS.

YOKOHAMA ZAMBOANGL

General

Huo

Nam Đinh

Prom-Penh

Quiphon Tourane Vinh

Shanghai Tientsin

BRANCHES:

Indo-China. China. Other Places. Salgon

Canton Hanoi

Bangkok Haiphong Fort-Bayard Battambang Hankeou Djibout! Cantho

Hongkong Thanh Hoa

Noumea Milongtze Peping

Papeete

Pondicherry

4

Yunnanfod Singapore

J. STUART,

Manager, Bong Kong, 17th August, 1991.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING SOCIETY”) BANKERS.

Established 1921. Hung Hoap Office:--11, Queen's Nand Central. Authorian Explial Builders 158,600 ̧ČOG. (£12500,(b.) Pald En Capal

Guilder 60,000,000

(0.009,170.) Beserta Fard

Guildre» +0,015,000

(4,374,68.)

stead Office:AMSTERDAM”, Eater Head -BATAVIA.

Dandeng Bombay, Branelijerismaku,

Calovita.

Cherben, Djember, Djak. jakarta, belague, Jiddah, Kobe, Balear, Moda, Talembang, Pake- jons, Panang, Rangoon, Hallerdan Komarang, Shanghai," "Gingaparn, Sonra. bala, Sorakana Belo), Tegal, Titation: nod Weltevreden

The offers have Safe Deposit Boser to Tet. LONDON PARKENS :—

NATIONAL PROVINCIAL BANK LTD. Compur.denia all user the world, Banding Hos- ass of very dription francied.

A. ATOMKINK, Hang Keug, i Disember, poi,

Manager.

By SIR WILLIAM DAMPIER, SC.D., F.R.S.

(In the Financial Times).

or

inflation.

i

TUESDAY, DECEMBER 8, 1931.

EFFECT OF THE SLUMP.

The Czecho-Slovak Budget.

"

THE WHY NOT?"

EXHIBITION.

Challenge to Home Manufacturers.

on

because their

At the beginning of the deprea- British manufacturers from, all sion Czechoslovakia was one of the branches of industry recently at- countries which showed most re-tended an exhibition sponsored by aistance. Though her exports fell the Prime Minister and financially assisted by the Government-in MONETARY INSUFFICIENCY HANDICAP. off in 1929, while her imports con- which all the exhibits were forcign. tinued to grow, the favourable, This remarkable display, as- visible balance of her trade was only jsembled by the Incorporated Asso reduced, not wiped out; and last clation of Retail Distributors

Messrs.. Shoolbred's premises in year, by a sharp contraction of her Tottenham-court-road, was design- imports, she very nearly restoreded to show just why and st the favourable balance to its 1928 what points the foreign manufactur The financial crisis is due to tion of silver is the best method level, in spite of a further falt infer sometimes beata hia British com-

petitor. hier exports. Capital 'fully paid up Frs. 120,000,000 causes partly national and partly of expanding the world's credit, and

It is not always a question of diminishing slightly and slowly the Reserves (31.12.1930) Frs. 110,608,464 International.

But this was not accomplished price, as this exhibition demon- commodity value of its various cur-? The Immediate cause of

Many of the goods were the rencles-that is, of putting up the without a steady rise in unemploy struted. economic troubles from which the average price level of world com-iment, so that by the end of 1930 of superior quality and correspund- ingly expensive. But they are were some 239,600 out of world is suffering is the continued modities with no fear of dangerous there

bought in Britain This policy would have fall in the general average level of the additional advantage of restor- work, compared with only 34,300 In artistic design or ingenious pattern There is no prices the rise in the commodity ing the purchasing power of India September, 1929, when the slump appeal to the public.

reason why such goods should not to this and China and other silver-using! first began to make itself felt. Owing value of money,

be made equally well in Britain, and semi-fixed and silver-producing countries. all Axed change,

After rising seasonally in the the aim of the exhibition was te The stock of silver in the world, and more churges become more

is large and could readily be in-carly months of the year, unemploy challenge the British manufacturer Proûte vanish, increased. This would tend to keep ment has fallen back to about the with a direct "Why not?" burdensome.

Swedish Glass. ronds are made on capital, then the the supplies of money in step with level of at December; but the fall

and, therefore, prices in prices has continued, and there! A whole section of the display wheels of industry stop. Industrial business,

is no doubt of the intensity with was devoted to goods which definite- depression, in turn; lowers prices further; the whole process becomes working a bi-metallic standard is.

The usual method suggested for which the depression is weighing only command their market because of

the country.

design rather than cheapness, or cumulative.

to is an arbitrary ratio of value be

even high quality alone. The So far, there is, I think, no differ-twen silver and gold, and eny that

1930 Deficit.

Swedish glass industry-={} Italver will be taken at this value. ence of responsible opinion.

The sharp change in the country's young export business-is an out- is when we push the analysis fur- either at once or after the lapse of

There are in prosperity during 1030 caused the standing instance, ther and seek the causes of the fall a stated time.

year's Budget, which had estimated London no fewer than nine whole- in prices that argument begins.

for a surplus of 53,000,000kr., to sale firms dealing only in Swedish Some fix their eyes on commodities)

But 1 should like considération close with a substantial effective glass. and tail about overproduction.

Another Swedish exhibit was an Others think only of money, and to given also to another scheme, deficit, says a report in the Fin-

in unctul News. The final igures for ornamental bowl; almost the colour point, to the shortage of gold or to which avoids the difficulties

published in of ebony, made of rustless cast iron. its mal-distribution. The truth, as herent in fixing an arbitrary ratio: 1930, which

The Central Banks of Prague recently, may have impress-This is essentially an article that “ Price is the of value. usual, lles between. sum of money in cash or credit we the world might agree to replace a ed in Prague recently, may have im- might be made in England.

Among the large collection of pay for a unit of goods or services, certain proportion of gold in their pressed the Government with the

at its necessity of conservative budgeting German toys was a striking example and the average level of prices de reserves with silver taken

new Budget, of special design to meet the 'Bri- of market price, and the Governments for 1932; for the pends both on the

There was a model commodities available

the make it legal to pay, gold debts by which has just been introduced, re-tish market. world's trade. Prices can be lower-gold and silver in this same pro-lies chiefly on economics for its of the Hon. Mrs. Victor

The proportion of small estimated surplus of 4,657,-ueroplane, Blue Bird, covered with ed either by an increase in the stock portion.

might be increased 400kr., and only increases taxation inscriptions in English, and accom-

Every description of Banking and Exchange. Business transacted.

Interest allowed on Current Accounts and Fixed Deposits according to ar rangements.

Safe Deposit Boxes to let. Travellers' cheques issued.

A. BONNAUD,

Manager.

5. Queen's Road Central, French Bank Building. Hong Kong, 1st November, 1981,

THE NATIONAL CITY BANK OF NEW YORK.

HEAD OFFICE: 55, Wall Street, New York,

Capital, Surplus and

Undivided Profits ..U.S.4220,087,892

Branches in p

· ARGENTINE BELGIUM

BRAZIL

CHILE

CHINA

ITALY

JAPAN

LONDON

MEXICO

PHILIPPINE

ISLANDS

PORTO RICO STRAITS GRUGUAY

amount for

constant.

of goods or a decrease in the supply silver

shows.

An Alternative Method.

were

PANAMA

PERU

COLOMBIA

CUBA

THE

DOMINICAN

AMERICAN EXPRESS COMPANY,

REPUBLIC

Chlof Manager.

INDIA

INC.

Head Office: 65. Broadway, New York:

special charter of The National Gov- ernment as an

Reorganised October 26, 1928, ander

Capital

Surplus

Reserves

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

BANK.

BRANCHES:-

Amsterdam

Aniw

Ganon Glasgow

Niom

Hapion

Baracs

..$8,820,505.83

Barlin

HEAD OFFICE: SHANGHAL

Hamburg HATT Interlaken Jiusalam Lido

Free Parla

of relend-

Bel

HONG KONG BRANCH:

Bos Aire

London Liverpo

PROS Faldiag Parme Rotterdam Rams

Blamban

F. McD. COURTNEY,

Hong Kong, June 16, 1981.

Dalone

Da

Shanghai Beathamphet Bingapor

ing operations. Secondly, an ex- pansion of credit la necessary, so Manager. that trade, as it revives, shall not insuffl- be checked by monetary ciency.

TARIFF WALL PERIL.

inter-i

Marsallian

Hi Morthe

Warning Of Disaster Abead.

| which,

да

Kocks Carls

Manila

Visas

spite in

Munish

Venics

Moore

Mil

Tokoka Zurich

INTERNATIONAL EXCHANGE

Subscribed Capital....$28,000,000.00 Paid-Up Capital.......$24,710,200.00 Reserve Funds

4, Queen's Road Central

Owing to our numerous branches in China and large connections in the in- of the portant commercial centrea world, we are able to extend to our elleati special facilities for domestic

and foreign banking and exchanges.

مسيطرة

Jalambe Onerepl Copenhag Zdrowery's Fioren Ünva

Laterna Сарала

Lazor

Branches of American Express

We also handle the large of Bonds Company in Principal cities of Unit- and other Pabllo Funds of the Chin-ed biates of America and Canada, ess Government both at home and abroad.

HHOU J. CHEN,

All classes of Commercial Banking Transactions undertaken.

Manager.

Hbay Kong, 5th March, 1931.

THE YOKOHAMA SPECIE BANE, LIMITED.

Established 1889.

Personal investment handled.

very

Bruce's

of money, and raised either by re year by year till wholesale prices on tobacco and matches, which be-panied by a little booklet entitled stricting output or by increasing the had risen by some agreed percent-tween them are to produce just over "My Flight Round the World in The proportion could then be 200,000,000kr. more than last year. the Blue Bird Acroplane," by Mrs. Another toy of special Bri- amount of money and credit or its age.

raised or lowered so as to keep the The task of cutting expenditure Bruce. velocity of turnover.

average price-level about constant was not entirely easy, since nor- tiah appeal was a model tank, also Output Restriction Dangerous.

Have for

temporary, short-term mully the 1932 expenditure would made in Germany.

A section devoted to carpets Deliberate restriction of output is variations. The scheme ix not have risen by some 400,000,000kr. SETTLEMENTS dangerous, as the history of rubber strictly bimetallism; it is a gold above that for 1981. By depart showed that Britain exporta yarns

Moreover, it tends to prestanlard

and to France and receives them back .in which gold re-mental economies, however, VENEZUELA vent that growth in wealth on which serves are reinforced with silver; through a considerable saving on in the form of "Axminster" and France, Ger. progress ultimately gold remains the sole atandard of the Hoover Plan, net economica of "Saxony" carpets. Commercial and Travellers' Letters all economic

If we want to put up the value.

estimated for, many, Czecho-Slovakia, Belgium, of Credit, Travellers Cheques, Billrests.

The Central Banks would 519,800,000kr. are of Exchange and Cable Transfers level of world prices, we must look be mie, for any scheme for the re which, allowing for the rise of Holland, and even Madeira, sond bought and sold. Current accounts to the other factor, and increase habilitation of silver would put up 400,000,000kr. which would have to cotton tea-cloths and tray-clothe and Savings Bank accounts opened

But Its price, so that their reserves have been faced in normal times, that might equally well come from and Fixed Deposits in local and for store of money and credit. eign currencies taken at rates that we must also somehow get them into would increase in monetary value. brings the gross economies up to Lancashire but for certain points of may be ascertained on application to circulation.

I am not committed to my plan; rather over 900,000,000kr., or near-design and colour.

"Fleeting Opportunity," the Bank.

The first reform needed to pro-but I think it may be worth con-ly 10 per cent. of last year's total We are also able to offer our Cus»

The total estimates. Sir Hilton Young, who opened tomers the services of, the Branches duce a rise in world prices, a re-sideration if the remonetisation of expenditure. of the International Ranking Corpora- duction in the value of money, is silver becomes a question of practi-ure 9,318,708,000kr, for expenditure the exhibition in the absenco Sir Philip revenue, through illnėse of and 9,323,370,000kr. for tion in San Francisco and Spain and the cancellation of international war en polities.

Cunliffe-Lister, drew attention to leaving a surplus of 4,667,400kr.

The calmhers and absence of the exceptional opportunity now change in the recent municipal elec afforded to the British manufactur- of the "sudden, un- tions should give the Government or by reason political encouragement to carry expected, and for many reasons un- of the depreciation through its

economy budgets, fortunate The first is obviously an

economy pound," which had erected a fairly | budgets, must be unpopular; high barrier in the way of foreign But he emphasised that and new creditor

of the. re imports. solved unless the

" an Ab- their -will countries

forgo

strictions which have been im-the opportunity was London, Oct. 30.- debto

Lon- or learn

"International debts are now on posed on foreign exchange dealings, solutely fleeting nature."

"The economic cause of Qur don's habit of foreign lending such a scale that repaymont throat-the smallness of the country's for- The second ls equally, though lessons to disturb ail existing chan-eign debt, both short-term and long-troubles is the adverse" balance of obviously, international also. None of trade; and if every country term, should give the Government a trade, and we should have had one country can lower the value of simply takes its own measures to relatively strong position financially. Bank. Notes 24stad Avarags amosa. 44,000.00 11s currency without putting up its restrict imports, exports will be

Also of The National City Bank of debts or the facilitation New York (Francs), B.A., in Parla and Nico.

THE BANK OF TAIWAN, LTD. national problem and cannot be

(TAIWAN GINKO.).

HEAD OFFICE:-Talpeb, Formoss. War

Incorporated by Special Imperial Charter, 1899,

Central Bank in Premiona,

accounte

BELLCHES AND AGENCIES: JAPAN (~~Tobyo, Yokohama, Kobe, Omaka. FORMOSA-ban, Kag, welco

Koslang

The Company offerr to intending Travellers the cae of its "Travelers Cheques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped, Travel De-

Capital (fully paid-up) Yen 100,000,000|partment.

..Yen 116,200,000 Reserve Fund..

Head Ofte:-YOKOHAMA,

Branches and Agencies at:

Alexandria

Batavia

Berlin

Bombay

Calcutta

Canton

Changebun

Nagasaki

Nagoys"

Newchwang

New York

CARKA

PAPE

Peiplag

Dairen (Dalny) Rangoon

Fanztien (Mukden) Rio de Janeiro

Hamburg

Hankow

Harbin

Hong

Kong

Honolulu Kai Yuen Karachi

Καλα

London

Los Angeles

Kanila?!

San Francisco Seule

Bemarang

Ghimanocan

Singapore Beerabaya

Bydney Tientsin

Tokyo

Teingtan

Interent allowed on Current As-

Depolita received for fred periods

As rated to be obtained on 'application.

H. MORY'

Manager. Hong Kong, Mth Slaptonshon, 1881.

E. W. DUGGAN,

Manager.

J

Takaa, Tamen, Town Hall, Taiso,

Bwalow, DaniOr. OTSEBS-a Koos, Sapors, Moscianya.

Bombay, London, Tork, Dairy,

LONDON BANKERS :

=

internal prices compared with those gradually strangled from every

with all

THIRD PARTY RISKS.

no

crisis and should not be bothered with a General Election if only peo- ple when they go into a shop would make up their minds to buy nothing of other countries, thus destroying source which will finally end in the

but British goods," Sir Hilton Makong Kanto, Shinchiku, Talake, Telsas, its export trade and risking the paralysis of all trade."

Young declared. This warning is given by Sir! CHINA :—Shanghai, Mankow,.... Amery, Foochow great danger of run-away inflation.

Mr. F. J. Marquis, who presided, And the effect on world prices will weiter Layton, the eminent econo- The attention of the Minister of revealed that it was at the express

But, if Calo, be emall and long delayed.

article in the News Transport has been drawn to cases request of the Prime Minister that mist, in an all the chief nations agree, reform Chronicle to-day.

where a person who has given a tow the exhibition had been organised The London County Wocininam sad Paer's Bank would be easy.

Sir Walter says that three items to a broken-down motor-vehicle has in its present form. The Bank her Corvsspondents in all the principal Accepting the present interna-

of major importance-the Man- been convicted under the Road Commercial Cashew Akrooghows the world. tional gold standard, the Central churian crisis, the Round Table Traffic Act, 1930, on the ground

Banks could guarantee each other in

Conference and Germany-are that he was for the time being un- raising the ratio of credit to re- awaiting the attention of the new insured against third party risks. servea. This would be effective once

Government. The last involves This has been due to the fact thai trade revived, but would do little

nil practically

economic, the hauling of a trailer is speci or nothing to start à revival.

crisis ficially excluded in many insurance

L NAGURA

Manag

HONG KONG BRABON:

14. Des Toux Road Central," Hong Kong, 19th January, 1EL

THE BANK OF EAST ASIA, LTD.

Established 1918.

HEAD OFFICE:

10, Des Voeux Road, Central.

HONG KONG

Capital and Surplus

over ILS 8,000,000.00 over H.880,000,000.00

Total Resources 'a

Every description of Banking and Exchange business transacted.

4

Current and Fixed Depoalt Accounts in local and for alga currencies opened for ellanta:

Savings Account and Safe Deposit Boxes. Branches and Agencies"all over, the world,

KAN TONG PO,

Oblef Managar.

In

the

of the world

a perfectly reasonable world there which even in Europe does not end policies and certificates of insur-

metallic

would be no need for a basis for our currency. could be created or withdrawn 60

Credit

with Germany.

Hungary's Big Debt.

There is

RECO.

MAN WITH THE HEADACHE.

Did Not Know His Skali Was Fractured.

Mr. H. H. Hammond of Los An- geles suffered terribly from head- The question has been discussed aches and sought relief at the polles

as to keep the price-level, as shown The League of Nations Financial with the representatives of the in-station,

surance companies and Lloyd's "Bure it isn't hang-over?" in- by an index number, approximately Committee reporting on Hungary underwriters, and the Minister of quired the police surgeon. constant. But experience shows (declares Sir Walter) says it owes Transport now understands that all "No, I don't drink," Hammond re- that a metallic basis gives to cur-$700,000,000 of which a third is due, authorised insurers have

agreed plied. rency a security partly real and for repayment immediately.

that in policies and certificates of "What do you supposo caused the partly paychological

It is impossible for Hungary to

exclusion of the jache??** insurance any probably enough gold to carry the borrow even if it could pay interent, hauling of trailers shall not apply to "I dunno," replied Mr. Hammond world's present business at a high- because it has no supplies for ex- the towing of a disabled motor-Then, suddenly struck by a bright or level of prices were not that gold ports.

vehicle when no charge le made for idea, he údeð: badly distributed and partly useless. The Committee advises a six-such towing, provided that the num- "Well, two guys held me up. Sun- But the yearly output of gold is like month moratorium in which an ber of vehicles hauled does not ex- day night, slugged "me over the head ly to diminish, and, in default of effort to achieve an export surplus coed the number of trailers per- and robbed me. Maybe the slug- action, a further fall in prices will would be made, but as Hungary's mitted by the Road Traffic Act.. ging caused the aclie." follow.

foreign trade is done with Austria,}" It is not necessary for existing -- Mr. Hammond smiled brightly, Silver's Remonetisation and Credit. Germany, etc., which all are trying policies or certificates to be return- He had solved a difficult question.

For all these reasons, I am the secure the export surplus, theed for alteration in consequence of An examination disclosed that his clined to think that a remoneties-prospects are not cheerful.

the above declafon.

'akull was fractured.

+

..