1932-02-17 — Page 2

DANKS

BONG KONG AND SHANGHAI

BANKING CORPORATION.

· Autherland – Capital

Imuel and Velly Paid-up

Barra Funda-

buitektuu

50,000,000 ****** 10,000,00

cling & 6,809,000

mirate $28,000.000

Reserve Kahility of Propeiators ... $90,000,000

HEAD OFFICE; HONG KONG,

BOARD OF DIRECTORS :—

Hon. Mr. 0.0). 8. Mackie.

Chalem

Man. Me. -J. J. Mahevron, Ipoly Charona.

Wii, Dell, Eng.

A. £L'Compron, Paq.

G. Milekin, Bog

1. 2. Pascoe, Eng

ΑΠΟΣ

BINGKOK

BATAVIA

BOMBAY

DAKTIN

DETEPOO

J. A. Plummer. Eng.

T. L. Baw, Esq.

J. P. Wacron, Raq

Chiel Manager.

Y. M. Gengburu, Hng,

BALKONYA –

LONDON

LIONS

MALACOA

MANILA

MUAR (Jokoes!

OLLOUTTA

DOLABIBO

MULDEN

NEW YORK

DLIBEN

POOCHOW

HAPPEEDNO

HAMBURG

HANED W

ITABAIN HANDKRY IZDIKA

LPOE

IGNOBE

KODB

KOWLOON

KUALA LUMPUR

Current

ΠΕΤΡΙΝΟ

PENANO

SAN FRANCISCO

RANGOON

SAIGON

HILANGFAL

HIKOAPORE

SQUBADTA

BUKORI PATANI

TIENTSIN

TOKYO

TRINGTAD

YOKOHAMA

conta opered in Lacul Ouracy and Fixed Depralin received for nos year of charter perioda in Local Currency and Sheeting an sense which will be quoted on application. Hong Kong. Becumber 7, 1982.

HONG KONG SAVINGS BANK.

The Bantamal iba abors Back is sonducted by the HONG KONG AND SHANGHAI BANK~ G CORPORATION. Rulon may be obtaina) application.

FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION.

V. M. GRAYBURN,

Hong Kong, ith July, 1980.

Chief Monger.

THE BANK OF CANTON, LTD.

Established 1912.

Head Office-Hong Kong. Anikacioni Capital (B.K. OverwatȚ) --BL1,000,000

borti Fuad romanens

BRANCHES 1—

500

1,200,000

Canton, Shanghai, Haskow, Bautow, Bong. York and Fna Predisco

LONDON BANTERS |-- The Lloyd's Bank, Limited.

OORARETOND BATE

In all principal cities of the World.

Parigi Bushenge and banking business of

“super drueription trasasnied.

Sala Deponit Bozma (variona ginan) at a yearly

rental ultrom 65 to 850.

LOOK POONG SHAN,

Chief Manager.

THE BANK OF CHINA.

行銀國中

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1853.

THE

CHINA

MAIL.

THE HO HONG BANK, LTD.

(Established 1817)

HEAD OFFICE:--SINGAPORE. Hong Kong Branch: 18, Queen's EL C.

Paid-up Capital...

Authorised Capital Straits #90,000,000 | issued Capital....

8,000,000

4,000,000

Reserve Elabilities

4,000,000

1,687,000

of Shareholders Burplus

Branches, Agencisa and Correspon- .$8,000,000 | danta in the principal cities of the

$4,000,000 | world.

Every description of Banking and £3,000,000 | Exchange business transacted.

TAN ENG HOOL

HEAD OFFICE: LONDON.

Paid-up Capital Reserve Fund

Reserve Liability of Fro-

prietors

Agencies and Branches:

KUCHING

MADRAS

*AZON STAR.

AMRITSAN

KANGKOK BATAVIA

BOMBAY

CALCUTTA CANTON CAWNFORE CHRY COLOMBO DAIREX

MANILA

MEDAN

NEW YORK

PENANG

BANGOON

SAIGON SEMARANG SEREMBAN

Manager.

THE NATIONAL CITY BANK OF NEW YORK.

HEAD OFFICE: 55, Wall Street, NEW YORK.

DELHI

HASPHONO

HAMBUTO

SHANGHAI SING PORR

HANKOW

Capital, Surplus and

HARKN

HUY TÔNG

ILOILO

POB

LODE

BITIAWAN BOTRADAYA ТАГРЕМО

TIENTSTN

TOKYO

Undivided Profita“. „U.S.$226,087,392

Branches in-

ARGENTINE

KARAONI

TONGKAH (Bhokat)

BELGIUM

KLANQ

TEINOTAO

YOKOHAMA

BRAZIL

KRALA KANGSAR

ZAMBOANGA

CHILE

KUALA LUMPUR

CHINA

Foreign Exchange

and

General

Banking business transacted.

Current Accounts spened and Fir-

ed Deposits received for one year or shorter perioda at rates which will be quoted on application.

J. STUART,

Manager Hong Kong, August 17, 1981.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(KETHERLANDS TRADING SOCIETY)

BANKERS.

Established 1894.

Hanson Office :—IL, Queen's Road Central.

Authorised Capital Guildem 158,000,000- Pid-Up Capita), Guliders 80,000,000- Bamera Fred.......................... Gylldes $9,018,000-

Hand D-AMSTERDAM”. Eastern Head 06:—BATAVIA. Branches :---Bandjerusale, Blandong"," Bombay Calotte, Chalon, Djembar Disa {akarta", The Magus'. Jiddah, Kobe, Makassar, Medan, Palembang. Paks loegen, Pening, Rangoon, Bollandam", Semarang, Shanghai, Bisport,

Dals, Boorakarta (Solo), Tegal, Top and Weltevreden”.

* These ollosa kate Sale Deposit Bozes to Leh

LONDON BANKERS :---

NATIONAL PROVINCIAL BANK LTD,

Correspondecis all over the world. Banking Bul. Be of urary description tremanted.

L. STOKKINE

• Manager.

Hong Kong, Ist December, 1831.

THE

AMERICAN EXPRESS COMPANY.

COLOMBIA CUBA DOMINICAN REPUBLIC

INDIA ITALY JAPAN

LONDON

MEXICO

FERU

PANAMA

PHILIPPINE

ISLANDS

Commerce and Finance

ILLUSION OF GOLD

WORLD WILL RETURN AGAIN TO ENGLAND'S STANDARD.

We have reached a situation that the

WEDNESDAY, FEBRUARY 17, 1932.

PROBLEM OF TRADE £550,000,000 LOSS TO

BALANCES.

The Slump and Debtor Nations.

The problem of the balance of

REVENUE.

20 Years' Supply of Whisky in Bond.

More than 150,000,000 gallons of trade is not one which Great Britain proof whisky is stored in the bonded has to face in isolation, says an warehouses of Great Britain. It is article entitled "International Trade enough to last for twenty years at Balances" in Barclays Bank Ltd. the present rate of consumption. Monthly Review, for the economic The vast accumulation of spirit, depression has been universal. In its the greatest the country has ever (By Sir Henri Deterding.)

incidence, and in many countries known, is due to the crushing duty the decline in exports has not been imposed by the Government, says not too distant future, the accompanied by a corresponding re- the Daily Express.

If it were all taken out of bond duction in imports. Indeed, statis. is nothing less than grotesque, by keenest buyers on the silver markettics show that since 1928 the to-morrow the country's revenue reason both of the muddle-headed-will be found among just those

visible trade would be swelled by £550,000,000; deterioration in the neas from which it has arisen, and countries which hitherto have made balance has been

much more pro- but this great sum cannot be ap- of the apparent impotence of the every effort to rid themselves of ounced in certain other countries plied to the relief of taxation, be responsible men in dealing with it. their silver stocks, for in the mean than in the case of Great Britain, cause the duty equivalent 88. 54d.

There is under-consumption, or time they will have been driven to

The economic depression has a bottle has made the retail price. almost none, of most of the commo- the realisation that they are court-fallen with particular severity upon prohibitive, and consumption is de dities that are indispensable for the jing ruin by their present methods, the debtor nations, for, not only has clining with startling rapidity. maintenance of human life; there is The people must learn to under the fall in prices added substantially

"Every bonded warehouse in the only ons commodity which the whole stand that low commodity prices to the real burden of the service of country, and especially in Scotland, world appears to be chasing, and lead, not to prosperity, but to a their foreign debts, but their in- is chocked with stocks of whisky,"

steadfly diminishing demand, andį

that commodity is gold.

If the reverse were the case, that PORTO RICO STRAITS

is to say, if the prices of the most SETTLEMENTs important raw materials and food- URUGUAY

stuffs stood at a favourable level and VENEZUELA

gald were as good as worthless, the

Commercial and Travellers' Letters

of Credits, Travellers' Choques, Bila of Exchange and Cable Transfers

bought and sold. Current accounts 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 Back.

We are also alla to offer our Cus- tomers the services of the Branches

position would be far more logical.

Production. “ Cut.”

to the ultimate drying up of pur-ability to borrow abroad to any said a prominent whisky broker.

great extent has also deprived them chasing power.

of a form of assistance upon which "The distillers have cut down Factors in Wealth.

production to the lowest possible The origin of real power, of they had been accustomed to rely,

Many of them are engaged prin- margin consistent with the demand, tangible wealth, is determined by three factors. World prosperity has cipally in the production of primary but stocks are still increasing.

products the prices of which have, "Usually Scots distillers produse. on the whole, fallen much more 30,000,000 gallons a year. Last year severely than those of manufactur-only half that quantity

In May last-long before Britain and other countries went of the Gold Standard—Sir Henri Deterding wrote a striking article in The Daily Telegraph: on the "World Obsession for Gold."

In this article below this leading figure in the oil industry carries forward his argument.

source,

which

was dis ed goods. They have, therefore tilled." been in the unfortunate position of Here are some other effects of the receiving a much lower return for present prohibitive price:

Only thirty their exports without securing a

distilleries were at corresponding · reduction in the work in Scotland last season, com- twelve with three prices of their imports, with the pared

ninety-four

But the present state of affairs is only one of the International Banking Co- the Inevitable consequence of estab-tributaries join to unite into one result that in many cases they have months before, and 1,200 men were poration in San Francisco and Spain and also of The National City Bank lishing as our standard of value a powerful stream. The creator of had to take steps to restrict the thrown out of work

Thousands fewer acres of barley of New York (France), S.A., in Paris substance of which adequate quan- wealth is labour. But the full value inflow of goods from abroad. and Nice.

titles are not available, and of which of labour is not brought out until U.S. and French Setbacks. will be grown this year, and hun- F. McD. COURTNEY. the bulk of the present stock has its products have been distributed This development has been partly dreds of men will be thrown out of

Manager. been concentrated in two countries. by commerce. Commerce, however, responsible for deterioration in employment. Hong Kong, June 16, 1981.

This fact is quite natural, but It must have credits to unite the three the balance of trade of certain of Fifty per cent. of the men would pass all logical understand-sources of power.

the leading creditor nations. The formerly employed in the coopering

·

decreased demand

THE BANK OF TAIWAN, LTD. ing if the other countries fall- The banks are only the connecting contraction In the case of the United Industry in Scotland are out of work

(TAIWAN GINKO.)

ed to take measures to shake off the links between labour and commerce. States has been particularly pro- because of the dietatorship of gold.

Their services are valuable, but nounced, while France has also for casks, World's Gold Shortage. must not be over-estimated. Bank- suffered a severe setback in her ex- If the whole of the world's com-ers are not always the best practical port business, which has been only INTERNATIONAL ASSOCIATION merce were based on payment inj advisers of a Government. They partially offset by a reduction in the OF ROAD CONGRESSES. gold ("gold values"), instead of on cannot help thinking in terms of value of her imports.

HEAD OFFICE:-Taipeh, Formosa.

Incorporated by Spacial Imperial Charter, 1899.

Central Bank in Formosa, Bank-Notas issued Average amount „Yan, 45,008,000

PRANONES AND AGENCIBA JAPAN :--Toyko, Yokohama,„Koba, Osaka, FORMOSA -Okna, Kari, Karosko, Kehung

Kakong, Nanto, Eliashiku, Talibu, Tainan, Takan," "Tamsul. Toen, Heilo, Talto, CHINA 1-hangbai, Hashow, Amoy Wonchow

Ewatom, Csa kan.

partial credit, then we should re-money, and thereby unconsciously Moreover, although there are as The Permanent International As- quire exactly ten times as much gold neglect labour, the most important yet no reliable data upon which to sociation of Road Congresses, the ns. there is in the whole world. factor in the triple entente. On the base any estimates of the move- headquarters of which are in Paris, Before the war there was a gold other hand, Industrialists cannot ments in the Invisible earnings and comprises in its membership the cover of only about 10 per cent. for avoid thinking in terms of labour, expenditures in 1931 of these two Governments of fifty countries, in- all the various credit obligations, the element in which they live, and countries, the developmente during cluding Great Britain, as well as OTHERS-HOOK COOL, Singapore, Sourabaya, including all the bank advances to shaping their actions accordingly. the year have undoubtedly influenc-large numbers of county councils,

Eamareng Bavla Bobay, London, New

Tork, Dairen,

LONDON DANKEES:

Barclays Bank, Ltd.. Lloyds Bank, Lid., Midland Bank, Lol.. Westminster Bank, Ltd.

The Bank has Correspondozdo in at the principal Commercial Centros throughout the world. K. MAGUNA.

INC.

Head Office: 65, Broadway, New York.

Manager.

HONG KONG BRANCH:

8. Doe, Your Bond Central, Hong Kong. December H, 1981.

Reorganised October 26, 1928, under

Capital

special charter of The National Gov- ernment as n

Surplus

Reserves

U.S.$8,000,000 U.9.$1,572,454 U.S.$1,908,209

INTERNATIONAL EXCHANGE

BANK.

BRANCHES:-

Обоса

Nice Naple

Authorised Capital

Fiznes Parka

Subscribed Capital

Paid-up Capital

Bubscribed Capital .....$25,000,000,00

Pald-Up Capital

Amsterdam Antrop Achoo Dealy

Glasgow INTROS Sambung KAYTO Inteluko Jerusalem Lida Zoning Ilverpool LALCOTT Lugano

Penns Piking Falerar Rotterdam Rome

Slamsbout

THE MERCANTILE BANK OF

INDIA, LTD.

HEAD OFFICE :

15, orchurch Street, London, E.CA.

£3,000,000

1,800,000

1,050,000

Reserve Fund and Rest 1,606,845

BANKERS

The Bank of England & Midland Bank, Ltd.

Bangkok

Bataris

Boubey

Reserve Funds

.324,710,200.00 ....$ 3,520,508.82

Berlin

Flinto

HEAD OFFICE: SHANGHAL

Bombay

Bema

Bromela

HONG KONG BRANCH:

Bonaca Árs

Only

4 Queen's Road Central.

Ot

Cannes

Colorata

B. Morita

Colombo

China and large connections in the Important

commercial centres of the world, we are able to extend to our clients special facilities for domestic

Continopla Konte Carlo

Total

Delid

Сорванно Mandla

Vienos

Galle

Edinburgh Florance Depor

Munich

Yanion

Montreue Milan

Yakobsta Zurich

Owing to our numerous branches in

Lattint

Marseille

Shanghai Spathamploo Singapore

and foreign banking and exchanges. Branches of American Express Com-

We also handle the issue of Bonds and other Public Funds of the Chirpany in Principal cities of Valbed

ose Government both at home and abroad.

States of America and Canada.

Calon ta

Howrah

ABANCIES:

Ipoh Kandy

Karachi Kota Bhar Kuala Krai

Knala Lipha

Kuala Lumpur

New York

Penang

Port Louis

(Kimurkcí)

Rangoon Shangha!

Stale

Kuaniwa (Pabang) Blagupor Madras

Bourabaya

industry. Recognition of that fact led to measures which have more or less gradually produced the present situation.

This opposition of view, which is fed them considerably. The Repara-corporations, and similar bodies. It not always taken into consideration, tions and War debts moratorium makes the arrangements for inter has been the cause of many tactical has deprived both France and the national, road congresses, which are errors, which may be avoided in the United States of an important held every three or four years, the If this system were to continue, future, provided that the problems source of revenue, while, as a result most recent meeting, the sixth, hav- then raw material prices would have are viewed from the correct angle of the economic depression, their ing taken place at Washington, to sink ever lower and lower, and and treated in the correct mannor. shipping earnings, as well as the U.S.A., in 1990. The seventh con consumers to become ever poorer The moral of these reflections is return from their foreign Invest-gress is to take place at Munich, and poorer, and all that would obvious. We must not rush from ments, must also have been reduced Germany, in 1984. The British ultimately be left would be gold, one extreme to the other, and re-jsubstantially.

Organising Committee represents dead and invisible in the vaults. gard as a trifling thing that whichj Expenditure by United States the feading organisations and in- Not many people realise that the we have formerly over-estimated. citizens on foreign travel, which, stitutions. in Britain, concerned value of gold is based on an illusion The value of gold must not be in former years, has amounted to with highway finance... traffic, road of their own, and that the scramble denied, though neither must it be very large figures, has probably construction, and the like. It is for the yellow metal is but a waste placed above that of labour. been sharply curtailed, but the say-responsible for promoting British ing in this connection must have interests, not only while the con-

on something no more

Courting Ruin.

Engineering.

of energy

Products and Values. real than a ghost.

The price movement in the raw had its repercussions on the French gress is being held, but during the To enable our generation to pro-material markets will bring about position, for, in the past, France has lengthy preparatory stages which ceed on the path of progress opened a new orientation in the policy of derived a handsome income from these international gatherings in-

the last generation it is the future. Vitally necessary pro-{this source.

volve. In view of the important up by necessary to discard as soon as pos-duets will resume the position that Therefore, it would seem a réa position of the British Organising alble this false ideal, which un-is due to them in the table of sonable assumption that not only Committee, it is interesting to re- intelligent application has turned values; calculations will be made will the visible trading balance of cord that Mr..P. J. Pybus, C.B.E.. into a menace to all that is sound not in dead figures, but in kinds of both countries in 1981 be appre- the Minister of Transport, has and progressive.

energy. There can be no doubt that clably worse than in 1980, but also agreed to accept the office of honor- in normal circumstances oil (in a that their invisible earnings will be ary president of the Committee.-. Sterling was regarded and relled figurative sense) ought to be worth substantially smaller. upon as the Ideal standard, not only its weight in gold. by Britain, but also by the rest of the world, because it was believed plest and most powerful form. It

THE SALERNI PROCESS OF LOW to be backed by gold. The revela- has endless possibilities, and, in tion that that cover was incomplete view of the enormous quantities in

TEMPERATURE CARBONISATION. has led to doubts and uncertainties, which it is available, it representa But only temporarily. Britain in a great blessing to humanity if not going to lose confidence in her exploited to the full.

Wednesday, January 18 1982. cipally in the dyed styles. Very currency, and the rest of the world To-day oil and gold are contrasta, Throughout the week the tone of little business has been under con will return to it again.

because we have established a stand the market has been decidedly firm sideration for Bombay, but there As over-estimation of the value of ard of value that is incompatible er and values all round show are indications that an improvement RELIABLE PRINTING gold diminishes we are approaching with a correct appreciation of the slight increase. Although business will be felt when the present die

HONG KONG BRANOLL Evory description of Blanking and Exobeago busi- So sad.

Travaliers Chequon junaad,

Trustee and Executorships under-

taken.

INTEREST allowed Current” Account and

no application.

SHOU J. CHEN,

All classes of Commercial Banking Fixed Deposits at Bain, that may be shorts Manager. Transsetions undertaken.

Hong Kong, 5th March, 1981.

THE YOKOHAMA SPECIE BANK, LIMITED:

Established 1880.

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

..Yan 116,200,000

Head Offen:----YOKOHAMA,

Branches and Agencies at:

Alexandria

Bataris Berlin

Bombay

Calcutta

Canton

Nagmaak

Nagoya

Nowchwang

Paris

New York Omka Felping Pongtion (Mukden) 'Rio de Janeiro. -Hamburg.

Changchan

Dairen (Dalay) Bangoon

Hankow

Kong

Ban Francisco Seattle

Allowed on Current As

received for perioda kham to be obtained on application.

Personal investment accounts handled.

The Company offers to intending Travellers the use of its "Travellers Choques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped Travel Department.

E. W. DUGGAN, *

Manager.

C. L. SANDES,

7, Queen's Road Centex),

Hong-Kong, Mia apel), 190.

Manage

no order 100 vital:

ONIA KASI, BLDG.

12

Petroleum is energy in its sim-

a normal view of the value of silver. value of power and energy, With has been rather slow in developing turbances have passed over. Whilst The rise in the price of silver will the departure from the Gold Stand- the general prospects are regarded there has been little doing in whites continue until the vital adjustment)ard we are on the way to sound as more hopeful, and with a little for China, moderate lines of greys is made. I am convinced that, in economic development.

more confidence on the part of over have been booked for Shanghal, scas buyers a fair trade should which market has also taken a few result. A great deal of interest has fancies. Lawns and speciality styles situation and it is felt that the whilst Java has booked old lines of chances of a satisfactory solution cambrics and light styles. Egypt

MANCHESTER WEEKLY MARKET REPORT. naturally been taken in the Indian have been under offer for Rangoon

THE BANK OF EAST ASIA, LTD. recently at the University of will prove to be the salvation of the being arrived at is more likely than remains quiet, but there has been

Established 1918.

HEAD OFFICE:

10, Des Voeux Road, Central..

Capital and 854 HONG KONG.

· Total Rewo

ALL OVER ELS 8,000,000,00 over H.336,000,000.00

* Every description" of Banking' and Exchange business transacted.:,

urrent and Fixed Deposit. Accounts in local and for

rrencies opened for ellenta

rings Account and Säfs Deposit Boxes; -,

and Agencies all over the world.

KAN TONG PO,

பேப்பர

At an interesting Conference held! It is believed that this process Sheffield, the Chairman, Sir William coal industry and Sir Eric Hambro, at any time previously. More en- a little more enquiry for West Clegg, made reference to the pre- the well known banker, has underquiry is reported from some of the Africa and some nice lines of liminary experiments leading up to takes to find the necessary capital larger markets and a fair amount of prints have been arranged for South the successful Invention of the for a-trial plant, Madras and Karachi are making ed clothes have been ander offer for price testing has gone on Both Africa. White shirtings and print- Salernt process for making hard Sheffield's proximity to the coal semi-coke smokeless fuel of high fields of South Yorkshire which offers for fairly good lines of mulls South America. The Continental density, which have been carried produce the fuel suitable for treat and jacconets but-dhooties save outlets have been quieter out in the Fuel Department of the ment by this process, as well as the not been in any great demand the unsettled political situat Calcutta has taken a few light only a limited volume of Shofield University, We excellent railway, and watat righ

The problems connected with low make it an ideal centre for thi temperature carbonisation have been development of what promises.

continuous research a new, Industry,

the

at this and the

Imme

Fother side

to clai

the success of this

retical #ide

metho

ods, prints and fancies, whi oma of the up country

shown a greater interest

has been received. markets have shown Interest in some Knes but the