BANKS
HONG KONG AND SHANGHAI BANKING CORPORATION.
Authorized Dup{[A]
Imood and Felly Paldag 9,006,000 Kaserra Funda--
Sterling ====|| #1,400,000
Silver
---... $1,000.000
Homere Liability of Proprietors ....... 190,000,000
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.
Incorporated by Royal Charter, 1858.
HEAD OFFICE: LONDON.
THE CHINA MAIL.
THE HO HONO BANK, LTD.
(Established 1917.)
HEAD OFFICE:—SINGAPORE. Hong Kong Branch: 13, Queen's Rd. G
Authorised Capital Etraits $20,000,000 Issued Capital
Resorts Liabilities
Commerce and Finance
STABILITY OF
POUND
8,000,000
Paid-up Capital
4,000,000
of Shareholdera Burplo
隐
4,000,000 The Balance of Trade 2,687,000
Pald-up Capital
+
Reserve Fund
.£3,000,000 £4,000,000
Branches, Agencies and Correspon- dents in the principal cities of the world.
Reserve Liability of Pro-
prietors
£3,000,000
Agencies and Branches:
ALON 61AB
KUGHING
NADBAB
W. H. Hall, Tag,
2. A. Plumnsar, Esq.
A. II. Compton, Esq.
HEAD OFFICE, HONG KONG,
BOARD OF DIRECTORS-
Hon. Mr. J. F. Puterson. Chairman.
T. E. Prame. Pag.
Deputy Uhairman,
Every description of Banking and Exchange business transacted.
TAN ENG HOOI,
Managar
THE NATIONAL CITY BANK OF NEW YORK.
T. H. B. Bhaw, Req.
Hoa. Mr. O. 9. 8. Karkiv. 2. P. Warren, Roy.
9. Miskia, Zay,
9. M. Guro, Bag.
Clint Maungan
BRANULES:-
LONDON
LYONG
MALACCA
MANILA
UAB (Jokore!
ANNITSAR
BANGKOK
BATAVIA
BOMBAY CALCUTTA CANTON DAWNPORE CEDU
COLON NO DAIREN
DELHI
HAIPHONG HAMBURG
MANKOW
HATUBIN
MANILA
MEDAN
NEW YORK
PENANO
BANGDON
SATOON MEMARANG BEREMBAN
SHANGHAT KINGPORE
SITIAWAN
Capital, Surplus and
THE
NO TARIFF NEEDED.
By Prof. Ramsay Muir.
WEDNESDAY, MARCH 9, 1932.
HONG KONG STOCK EXCHANGE
Opening Daily Official Quotations, March 9, 1932. NEXT SETTLEMENT DAY, TUESDAY, MARCH 23, 1933,
STOCK
Banks.
Buy-T
ero
ork
Hong Kong Bank ..............$ 1125
(Lon. Reg
H
Chartered Bank ........ Mercantile Bk. AB.
11
C. Bank of Ania .......
'suratices.
benton la ⇓
Union Ins...........$80
China Underwriters...$
[This is the second of two articles In recent years the State has China Fire Ins....... by Mr. Ramsay Muir in which been taking from the taxpayer in H. K. Fire Ins.
Sales Nom Pin.
Juar
:
Last dividend and when paid
Pel 9.9
The.Finnat 15) #11-74
makluk 20 for 101
[Mic, { Twt, 75 Nuk, to 17Des de 1981 Peet.7% 1917 L
Sat 21. 1. Norg
1420
14
105 182
10
TI
[127] Dec. for 1950
1859 Dec
ƒ Pin, gaz bola, 5 20 697 107 feterim #19afe 18......
•
80
**
14.20
600
12550
Feb. 87. 11
Final 16 for T Dec. Intering L
Dece
f gtnr? mit_8]
I for 1999 $7
Izletin de 193
12M 113 ใน 4
making it for 1929.
May 1 May 19,
י
Mar 30, $ Mar, 16,
PEPINO (Pakiug
HEAD OFFICE: 55. Wall Street, NEW YORK.
SONRADAYA.
TAIPING
Undivided Profits U.S.$225,347,466.11
Branches in:-
TIENTSIN
ARGENTINE
LONDON
TONTO
TONOKAH (Dhukat!
BELGIUM
TSINGTAO
BRAZIL
FORDHAMA
CHILE
ZAMBOANDA'
CHINA
MEXICO
PANAMA
PERU
PHILIPPINE
COLOMBIA CUBA
ISLANDS
POPTO
PORTO RICO
STRA
STRAITS
REPUBLIC
INDIA ITALY JAPAN
URUGUAY
VENEZUELA
he discusses the "favourable this country vast sums of money! balance of trade" theory. The which are spent on equipping the
country with wonderful new roads. Dougisses first appeared yesterday.)
But for this State action the capital H. K. Steamboat ...$ To the ordinary person who is thus invested in Britain might have Indo-China (Pref.) ...$ not bemused by the superstition been invested (let us any) in Ar-| about balance of trade there are gentine railwaye, and the Invest shell Bearer.......... many kinds of transaction whichment would have taken the form Union Waterboats ...$ would be highly advantageous to of the export of millions of pounds' this country but which would worth of steel rails and locomo- SETTLEMENTS nevertheless contribute to ¡tives. Our exports of these things
an adverse balance of trade.
hava consequently gone down. Is Kailan Mining Ad. /- trader Suppose that
buys it altogether a bad thing for បទ Commercial and Travellers' Letters £1,000 worth of beads and highly that we have been spending much sha Exploration... T. Langkats (Single)...Tls. of Credits, Travellers' Cheques, Billa
cottons, and ex-'of our capital in making roads in
Shipping.
$20
Di
29
45
To
(Def.) ...$
92
Last div|·legal for enga
Pec1farligt None for var,..
12 ox. 2-1 un preturi
for 1091 al 1923 ...
Bybel for 10%
Ame 19.
War
17
ter
Final the pen. Se
B
July i
26
1 you!
@tra for 1901
Mar. 81.
Mining,
creato
111
32/6
Jan
H
Det
7. Kad for pear
2.10 loc
None
Loans T
12
190
Afr
Kart Int, iesalave-ag
124% tras IfTat Cpen 29
for yer e dhil m
[176 || Fing) T. RAY
makina tan for m antel.le year al
Deo,, $1 Die,
May 8,0
Feb. 6, Mar, 15, 1
ANOT
BANGKOK BATAVIA BOMBAY
CALOUTTA
CANTON
CHEFOO
COLOMBO
DAIREN
FOOCHOW
HAIPHONG
HAMBURG
HANKOW HARRIN
ПОНОБЕТ
доп
JOHURE
КОВЕ
KOWLOON
EVALA LUMPUR
MUKDEN
NEW YORK
PEIPINO
PENANG
HANGOON
RATION
SAN FRANCISCO
SHANQUAI
BINGAPORE
HOUHABYA
HUNGEI PATANI
TIENT IN
TOKYO
TAIKUTIO TOKOBAMA
Ourreal Amounts opened in Lovel Currency and Fized Rappily received for your of shorts perioda in Loosi Currency and Aler
an berms which will be quoted a spplication.
Hong Kong, 17th February, 1932.
HONG KONG SAVINGS BANK.
The Business of the shore Bank la conduziną
by the HONG KONG AND SHANGHAI HANH. ING CORPORATION. Bu may be obtained
application.
FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION.
V. M. GRAYBURN,
Chiol Manager.
Hong Kong, 27th February, 1933.
THE BANK OF CANTON, LTD.
Established 1912.
Bead Office:--Hong Kong. Ahorised Capital (ILK. Currency) ...$1,000,000 B.665,000 1,300,000
M&Up Orgiləl immunismesvár
BRANOKES:-
Oasica, Aghai, Hankow,
Amalow
Bangkok, New York and Ran Prancisco,
LONDON DA NEERS :--
The Lloyd's Bank, Ideiled. CORRESPONDENTS
In ali principal study of the Wak
Volga Exchange and banklog bare of
* description rated,
Bal Deposit Boxes (various sima) 41 a yearly
escalofrem $5 to $15
LOOK POONG SHAN,
Chief Manager.
BONG KONO
ILOILO
*POK
KARACHI
KLANG
KORK
KUALA BANGKAR
KUALA LUMPUR
Foreign Exchange and General Banking business transacted.
Current Accounts spened and Fir-
ed Deposits received-for one year or shorter periods at rates which will be quoted on application.
J. STUART,
Manager. Hong Kong, August 17, 1981.
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
(NETHERLANDS TRADING SOCIETY:
BANKERS
Batablis and 1874,
Roak Kode Oos:-11, Quwa's fund Contral.
Authorised Capital ............ Quilders 160,000,000. Paid-up Capital Outl¿wen 80,000,000. Feserve Fund Cuildora 40,018,NG.
Head Office:AMSTERDAM”. Eastern Head Mos:-BATAVIA.
Branch:-Bandjarmasin, Bandoeng". Bombay
Calusta, Charlbon, Djember, Djok jakarla®, The Hague", Hiddah. Kabe Makassar, Medan, Palembang, Paka topgan, Peng, Hangoon, Rotterdam. Bemarac, Shanghal, Binapore. Boern bala, Hoerakarta (Balo), Topal, Tillaljag and Wellerenden".
• These offhose bars Bale Depcail Boas to Eat.
LONDON DANKERS—
NATIONAL PROVINCIAL BANK LTD.
Correspondents all over the world. Backing Bel
of vory description (anoted.
A. STOKKINK,
Hong Kong, it December, 1981,
THE
Manager.
AMERICAN EXPRESS COMPANY. INC.
DOMINICAN
of Exchange and Cable Transfers coloured cheap bought and sold. Current accounts changes them in Africa for £10,000 Britain rather than in making rail-Raube and Savings Bank accounts opened worth of ivory. That looks like a ways in the Argentine or tramways Venezuela Gold Fields $ and Fixed Deposits in local and for profitable transaction. But look at in Brisbane? According to the theory elgn currencies taken at rates that
it from the standpoint of balance of balance of trade it has been a
Docks, Wharros, may be ascertained on application to the Bank.
of trade. Exports £1,000-imports ruinous thing for us: apparently Gadowns, &c. We are also able to offer our Cus£10,000: indeed, since in the case we should have done better to send H. K. & K. Whanics.. 189 tomers the services of the Branches of the imports the cost of freight out our rails even if we got little H. K. & W. Docks...
the International Banking Cor- poration in Spain and also of The and insurance will be added, the or no interest on our investment, South Ch. Motors (A) 5 National City Bank of New York true figure would probably be (say) and even if the new roads have (France), S.A., in Paris and Nice.
of
Manager.
R. M. MCLAY,
Hong Kong, March 1, 1932.
(TAIWAN GINKO,}
まち
Mar 10 13
Jo
Last vident for 12
30+
Ni
Dec. 15 cents on all
Penting
(new) $ 21
230
Doo, Interlin T. 3 AM 1920
Oct. 1
's។
Dee. T 0.2 for 1001-... PoApr.
Pending
for your 1.431
July P, 1
£12,000. What a terrible adverse given a great return in cheapened China Providents (old) $ 14.00 balance! If the trader had been transport. Indeed, so far as the longkews.........Th truly patriotic he would have taken balance of trade is concerned, it N. Engineerings ...TI. out $10,000 worth of beads and ex would be all the better if we got shanghai Docks ...Th. changed them for £1,000 worth of no interest on these exports, be-
Lands, Hotels & that im- THE BANK OF 1.JWAN, LTD. ivory. That might have ruined cause that would mean
Buildings. alports would go down and the Ar-H.K. & 5. H. (old)18 00 him, but it would have been splendid contribution towards giv-gentine wheat and meat would not
(new) ing his country "favourable be "dumped" in Britain.
H.K. Lands............. balance."
The reason why our rulers are Shanghai Landı ...Tlı. Suppose, again, that an Austra so nervous about the balance of Humphreys ¡llan has been doing badly in busi-trade is that they are afraid we H. . Realties .....$ 9.90 ness in spite of the benefits of the may be buying more than we can Chinese Estates 95 Australian tariff; quite a number pay for. But the instances set
Colton Mill.
HEAD OFFICE:-Taipeh, Formosa.
Incorporated by Special Imperial Charter, 1899.
Central Bank in Portron.
BRANCHES AND AGENCIES: JAPAN :--Toyko, Yokohama, Kobo, Osaka, FORMOSA Oren, Kagi. Karanto, Klug, Makang. Nenio Skinsbku, Talabu, Talan, Takso, Tamaul, Torn, Helto, Tello. QILINA - Shanghal, Esakow, Amoj, Foochow
Bwatow, Caloc. OTHERS-Hong Kong. Blagapore, Someabaya,
Gemarang, Intavia, Bonbay Logo by
Bank-Sutes isood Average minoval ...fan. 44,000,000
+
York. Dairen.
LONDON BANKERN:
Barclays Bank. Lið., Linyda Barik, Lažā,," Midland Bank, Ltd., Woelminalor Denk, lúð.
The Beak hae Correspondents in all the principal
Commercial Centres throughout the woeld. K. NAGURA,
A
of Australians seem to have been forth above show that a so-called
ll his interests and retire to Bri-
cause
J
.....
哈
+
criminally blind to their blessings "adverse balance" may be caused Ewa Cattons Th 1.86 and to have lost a lot of money, in ways that bear no such inter- Our Australian decides to sell out pretation.
Shanghai Cotton... Ti.
Evidently figures about the Zoong Slog .......Th. tain to educate his children. He balance of trade must be interpret- gets £50,000-possibly a heavy loss. ed with great caution.
Public Utilities. Even if But then he finds that the Austra-
they are accurate (which it is H. R. Tramways ...$ lian Government won't let him scarcely possible for them to ba) Peak Trams (old).ặ transmit
to Britain. be-they may not mean what they are money
(new) ... this will be bad for the asserted to mean by those who are
Star Ferries, balance of trade. On the other
Yaumati Perries.......$ eager for
any excuse to put on China Light (old) .....5 hand it is eager that he, or any tariffs. hody, should transmit money's
(new)... The Balance of Payments. H. K. Electrics ...... worth in goods, because this will
What we ought to look to is not Macao THE MERCANTILE BANK OF be good for the balance of trade
So he in-the balance of trade, which cannot Sandakan Lights .... by increasing exports.
H.K. Teis. fully paid $ vests his £50,000 in wheat and be accurately analysed, but the
part paid $ wool, which is sent to Britain and balance of payments, which can be China Busca there sold on our Australian's ac accurately teated by the move-S'poreTractions(Ord.}}- count. He invests the proceeds in mente of the pound. When we im- British securities; and for the rest port foreign goods we have to ac of his life spends all the interest quire foreign currency to pay for
INDIA, LTD.
HEAD OFFICE:
15, Gracechurch Street, London, ECA.
THE BANK OF CHINA.
行 銀國中
Head Office: 65, Broadway, New York.
Hanger.
HONG KONG BRANCH:
Don Vaux Road Central, Long Rang Denarber 1, 1901.
Reorganized October 26, 1628, under
Capital
special charter of The National Gov-
Surplus
erament a3 AT
Reserves
.U.S.$8,000,000 .U.S.$1,672,454 U.S.$1,008,200
INTERNATIONAL EXCHANGE
BANK,
BRANCHES:-
Subscribed Capital
$25,000,000.00
Amsterdam AALIY
Genos
Pald-Up Capital
Glasgow
.$24,710,200.00
Ath
Haraba
Nice Naples Pirme
Besle
Hamburg
Parle
Reserve Funds
.$ 8,820,508.82
Badio
BATTA
Penang
Blarritz
Bombay
Bracte
Coterisks Jarumaios Lido
Brussala
London
Buenos Aires
Catra
Liverpool Luverne
Dažuita
Cat:
Colombo
HEAD OFFICE: BHANGHAL
HONG KONG BRANCH:
4. Queen's Road Central.
Owing our numerous branches in China and large connections in the important commercial centres of the world, we are able to extend to our clients special facilities for domestic and foreign banking and exchanges,
Luxe Kursales Dostantinopla Monte Carlo
Mentia
Copenhagen Edinburgh Kales
Florence Giners
Poking Palertas Holterdsma До
Anthorised Capital ....£3,000,000 Subscribed Capital.... 1,800,000 Paid-up Capital ....... 1,050,000 Reserve Fund and Rest 1,866,845 BANDERS:
The Bank of England & Midland Bank, L14.
BRANCHER:
Glamboul
Bangkok
Ipola
Penang
Batavia
Randy
Port Louis
ibaoghal
Bombay
Нагией
(Mauritius)
Southamptos
Galoutta
Kota Bharu
Rangoon
Kingapore
Colombo
Kuala Lipis
SL. Monts
Delhi
Kuala Lumpur
Firstl
Vizabe
Galle
bimia Kuantan (Pabang? Singapore
Venice
Hong Kon
Stadraw
Bourabay's
Yokohama Zuriab
Howm
New York
HONG KONG DRANCE,
Dass trahempted.
Travaliers Choques issued.
taken.
Montrout Milan
Branches of American Express Com.
Bhall
12
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Feb. 10, 32
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Oct.
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June T. 789 for year M1-5-59 ............
Dec. 8
Oct. 8, 31
(Prof.)/-
Industrials. Malabon Sugara 5
128
"
Pref....Tis.
in Britain, on the upkeep of his them in exchange for British cur-ald, Marg, Ord.... Tts.
of rency, and when foreigners buy house and family, the wages servants, and the education of his British goods they have to acquire Centos lot
British money to pay for them. At Caments (com.) ......$18 children. The uninstructed person
(old) ......$ would be apt to say that these any moment we are demanding Shanghal
(Dcw) .... transactions would be bad for Aus more foreign money for our importe tralia but good for Britain. But he than the rest of the world is da H. K. Ropes ameri China. Agriculture......$ would be forgetting the all-manding of British money to pay
Aus- for our experts, then we important balance of trade.
Stories, &.c. Every description of Becking and Exchange bustralia would have £50,000 exports either have to pay the balance in Dairy Farmt
are off the gold Woni and no balancing importe; a splen. gold or, Trustec and Executorships under-did contribution to 1 favourable standard and are refusing to ex-Der A Wings.....
Britain INTEREST allowed on Current Acovate and balance!
would have port gold, the value of the pound Lane Crawfords (old)...$ All classes of Commercial Banking on application.
Fized Deposits at Rates that may be ascertained £60,000 imports, and no balancing will go down until our imports be-
Mackintoshe Transactions undertaken.
C. L. SANDES, exports; she would be shoved far-come so dear that we stop buying Mansgother down the easy road to ruin, and our exports so cheap that they because her adverse balance would, are greatly increased, and in this be increased.
way a balance ia automatically reached.
We also handle the issue of Bonda pany in Principal cities of United and other Pubile Funds of the Chin-States of America and Canada. ese Government both at home and
abroad.
SHOU J. CHEN,
Manager.
Hong Kong, 5th Marsh, 1981.
THE YOKOHAMA SPECIE BANK, LIMITED.
Established 1880.
Capital (fully paid-up) Yen 100,000,000 Reserve Fund .................... Yen 110,200,000
Head Ofles-YOKOHAMÁ.
Branchen and Agenétés -at:
Bombay
Alexandria
Batavia
Berlin
Balcutta
Canton
Changchim
Datron (Dalny)
Hamburg
Nagasaki
Nagoya
Newchwang
New York
Onks
Parla
Personal handled.
investment secounts
7. Queen's Bond Central.
Hong Kong, 2716 Aprill, 1971.
The Company offers to intending Travellers the use of its "Travallers Cheques" and Letters of Credit and, la addition, the world-wide services of a thoroughly equipped Travol Department.
E. W. DUGGAN,
Manager.
THE BANK
Bring Your ́ PRINTING Problems to Us
THE NEWSPAPER · ENTERPRISE LTD. GEINK MAIL BEAM. - A WINDKAN
If we
J
(new)
miss
Sliceres
Wm. Powells
Miscellaneous.
H.K. Amusements... 19,00 Foreigners' Factories in Britain.
Therefore, the real question is: C. Entertainments (Old)$ | We are constantly told that
(New)F foreigners are erecting many fac. Is the pound going down? It went [tories in Britain, and that this.la down suddenly when we went off 5. C. Enterprises...$ Ju splendid thing for us. But how the gold standard. This was part❘ Constructions (Old)...$5.20
does this process affect the balance ly because we had been trying to
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15.60
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Apr. 1)
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...
June 18, 11
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Dec. $s for 1931
Feb. 11, 12
88
Dec. 1.36 0 1930 mare -
June 18 3.
21
Sept.no ute. fur jeni 909-1
Dec. 81,
... 761
Deo.50 for 1931
las
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Box. 10, 11
Maco "Greybounds" ${
(New) ...$ již of trade? When Mr. Ford or au- keep the pound at an unnaturally. Ind. G.$ Bands .... other decides to erect a £200,000 high level, on gold parity, at the H.K. Govt. Loans... factory in Britain he has to pay cost of our industry, and partly the British contractor and his because there was a very large sud- workmen in British money. He den withdrawal of foreign cur-
Der, Jr 1970..
Apr. 97, 8,
of
**
in tarmt half yearly,
Polping Rangoon
Fengtien (Makdon) Rio de Janeiro ·
Hankow Karpla
Hour Kong
Honolulu
Kal-Juen Karachi
Kobe London
Los Angeles
Mandia
San Francisco
Seattle
Bemarang
Shangbat Shimoniali Singapore Sourabaya
Bydney Tientsin Tokyo
Tangtan
Intăreat allowed on Current As.
Deposita recolved for fixed periods
at rates to be obtained on application.
EL MORI,
Hong Kong: LEAN' He
Manage
géta the necessary British money rency and credits from this country position of Parliamant made this foreign currency in exchange for But since impossible. Even so, cur exports. sterling has not brought the pound from his bankers, in exchange for for political reasons. American dollars. But how does then the pound has remained pretty were expanding because foreigners down,
OF EAST ASIA, LTD. the banker get it? He can only steady. It has shown a slight de- could buy our goods cheaply since Since the pound has been able to
Established 1918.
HEAD OFFICE:"
10, Des Voeux Road, Central. TONG RONG
Capital and Surplus Total Resourcós
over EL.$ 8,000,000,00 over $10,000,000,00
Every description of Banking and Exchange business transacted.
Current and Fizad: Depoll" Accounts in local and for- eign currenoles opened for ellents
Bavings Account and Safe Deposit Boxes, Branches"and" Agencies "alf over the world.
KAN TONG PO,
Chief Manager.
⠀ the repayment of 250,000,000 of
get it from American traders who cline, but not a serious one, And we went off the gold standard, and stand, (a) the extra drain, dus to than in these circumstances there was abnormal imports under the threat have British money or credits paid this slight decline is more
probably no need for emergency of a tariff and (b) the extra drain to them as the price of American accounted for by two facts.
no due to so colossal an operation as Imports to Britain. That is to say, In the first place, after the measures, if there had been when a foreign manufacturer general election it was expected other cause of difficulty. builds a factory in Britain, what that a tariff would be put on which But, in the second place, the foreign credite, without any serious he does, is to keep In Britain the would raise the price of imported Bank of England, having borrowed decline in value, it must be obvious value of an equivalent amount of goods. Therefore British mer- £60,000,000 in francs and dollars that our balance of payments is in foreign imports, instead of leaving chants and manufacturers who last September in the hope of pre- a véry healthy condition, that we them to be jild for by British ex used and needed there goods bought serving, the gold standard, was are paying our way, and that there portą and services. The affect upon in excess of their immediate re striving to pay off this loan and, was no need whatsoever för slap- the balance of trade (in the case quirements. This meant that they to do so without exporting gold, dash emergency measures, which supposed) is that importe to the made larger than normal demands: It could only do this by acquiring only tend to reduce still further value of £200,000 are unbalanced for foreign currency, and that tende foreign currency the payments the volume of International Irads. by exports, visible or invisible. "Is ed to drive the pound down. The held by British exporters for↑ The balance of trade theory la that a bad thing for lis?: Accord- process would have been; stopped. British exports. It hni done so the slilfest and most Ing to the theory of balance of by an announcement that no tarins successfully, and the amazing thing superstition by which ́trade it la a ruinous thing for us! were to be imposed; but the com- is that this abnormal demand for have ever been bemused
angerous tésmen
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