BANKS
HONG KONG AND SHANGHAI BANKING CORPORATION,
Authorised spital
Issand and Fully Puld up cam............ 10,000,000
Reserve Funda-
Bill Silver
cramentum * $,400,000
<<b€ | {{k+×644~2 9x993} #19,000.000
Bovirto Edability of Proprietore our 390,000,000
HEAD OFFICE: HONG KONG,
SOLID OF DIRECTOR :-
5. M, 1. J. Peterson.
7.
Orasburo. Day
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA,
THE
CHINA MAIL.
THE HO HONG BANK, LTD.
(Established 1917.)
BEAD OFFICE:-SINGAPORE. Hong Kong Branch: 18, Queen's Rd. C
Authorised Capital Strafta $20,000,000 Issued Capital
Paid-up Capital
Incorporated by Royal Charter, 1888. Reserve Liabilities
HEAD OFFICE: LONDON.
BATAVIA
BONDAY CALCUTTA
OANTON
KANGOON
of Shareholders. Surplus
19
8,000,000
4,000,000
4,000,000
2,687,000
Brancho, Agencies and Correspon dents in the principal cities of the world.
Every description of Banking and Exchange business transacted.
TAN ENG HOOL,
Commerce and Finance
THE USE OF BRITISH CHEMICALS
SURVEY OF INDUSTRY TO-DAY.
MONDAY, MARCH 14, 1932.
WHAT BRITAIN HAS SACRIFICED
FOR WORLD RESTORATION
WILL AMERICA FOLLOW SUIT?
Italy
Britain France percent. per cent. per cont.
ull
3
nil
1
1
%
2
4
22
3
B
Essential Facts of Reparations Problem.
Professor Maurice Gerothwohl, pal European debtors, viz.:~~ writing In the Daily Telegraph,] Interest on Debt to America. sums up the essential facts of the Keparations problem. They should 1923-1930 3 be kept for reference.
1930-1932 At the present moment when the vantages of this position depend on
The funded war indebtedness of 1933-1940 3% slogan "Buy British" meets the eye keeping prices as low as possible, the Allied Governments to
the 1940-1950.3% increases in price have only taken United States, he writes, may be 1950-1958 32 at every tura It is opportune to
place where necessitated by the appropriately summarised,,in round 1968-1968 314 consider the important part which equivalent rise in the cost of im- figures, in the following table :----- 1960-1965 3
Owing To U.S.A. British chemicals play in the pro-ported raw materials.
1965-1970 3% duction of British gooda, and this
Total Creosote Oil. will be the main theme of the Although the exports of creosote Undivided Profita U.S.$225,347,466.11 chemical section at the British In-all have dropped, pitch shows
dustries Fair. Chemicala enter decided improvement. The effort into every branch of industry, and to stabilise the market have led to Britain
827,000,000 1,407,000,000 the prosperity of the chemical in- gradual advance in price which France
It is true that, under the Balfour 420,000,000 dustry is, therefore. intimately has been further improved since Italy
495,000,000 Note of July, 1922, Great Britain departure bound up with the prosperity of all the
from the gold Including the smaller Powers, undertook not to require of its The demand for road the funded total of the Allied war Allied debtors greater annual pay- other industries in the country, standard.
The chemical section will again tar continues to be good, and ex-debts to America was £2,871,000-ments than in combination with her SETTLEMENTS Occupy the annexe to the grand hall ports to the Continent show a con-000, in respect of which, over 62 Reparation receipts from Germany at Olympia, and will include the siderable improvement. although years, America should receive a would cover the service of her usual wide range of products. The prices romain the same.
funded war debt to America. But, were to
Paid-up Capital Reserve Fund
.£1,000,000 ......£4,000,000
Reserve Liability of Pro-
prietors
.£1,000,000
Agencies and Benncher:
Chairs.
Manage
↑
Z. Pares. Eng.
ALON NTAB
Deputy Chairman.
AMRITSAR
KUCHING
BANDEDK
MADRAR
Plummer, Zig
HANICA
MEDAN
NEW YORK
THE NATIONAL CITY BANK OF NEW YORK.
PEVING (PALang? PUNANO
SAIGON
SEMARANG
HEAD OFFICE: 55, Wall Street. NEW YORK.
SEREMBAN
SHANGHAI
SINAPORE
Capital, Surplus and
91TIAWAN
TAIPING
Branches in:--
TIESTHIN
ARGENTINE
LONDON
TONDHAR Baker)
BELGIUM
MEXICO
USINGTAO
BRAZIL
PANAMA
YOKOHAMA
ZAMBOANGA
CHILE
CHINA
General A
COLOMBIA
PERU PHILIPPINE ISLANDS
CUBA
DOMINICAN REPUBLIC INDIA ITALY JAPAN
PORTO RICO STRAITS
URUGUAY VENEZUELA
W. H. Bell, Big,
A. H. Complos, Esq. . . . Bhaw. Eng.
Hon. Mr. 0.0.3 Mank J. P. Wuran, >Em,
6. Mlekin, Tag,
CALOUTTA
CANTON CHEFOO
Chief Masager
BRANCHES **
LONDON
LYONS
SUAR (Jekor
GAWNPORR GEBU
COLOMBO DAIREN
DELI
HAIPHONO HAMBURO
HANKOW
HABBIN
HONG KON ILOILO
ROOK
XUALA RAKOSAR
TORTO
MOT
BANGKOK
BATAVIA
BOMBAY
MALACCA
MANILA
MUKDEN
NEW YORK
COLOMBO
DALBEN TOCHOW
PEITING
PESANO
BANGOON
SAPHON
SAIGON
HAMBURI
BAN PHANPISCO
HANKOW
SHANGHAL
KARUIN
SINGAPORE
SOURABYA
SUNGE PATANI
HONGXXW
ILOILO
IPOH
JUNORE
TOBR
IOWLOON
KUALA LUMPUR
TIENTBIN
KYO
THINOTAU YOKOHAMA
Current Acrousie speper in Last Durress and Fice Deposit received fur are you int Tharter perioda Local CurnDoy and tarling erose walch will be quoted on spot. Hong Kong, 17th February, 1931,
HONG KONG SAVINGS BANK.
The Bustore of the shove Nexă la readersbed by the HONG KONG AND SHANGHAI BANK- But be obtained ING CORPORATION.
en application.
FOR THE HONOKONG AND SHANDRAI BANKING GORPORATION,
V. M. GRATOURN,
Chief Manager.
Hong Kong, thy February, 1932.
THE BANK OF CANTON, LTD.
Established 1912.
Head Office:-Hong Kong. Authorized Ospital (H.K. Durrency) ...$11,000,000 Tall-Up Capital sh Beserve Funt
BOLLER:-
5,888,000 1,100,000
Carton, Shanghai, Hankov, Åwalow, Bangkok, New York nad Sun Penticto
LONDON BANKERS:
The Lloyd's Bank, Limited.
CORRESPONDENTS
In all peteripal cities of the World.
Foreign Exchange and banking busem f
vary descriptioned,
Sale Deposit Boxes (patioun tisse) et à pourly
canta o from $8 to $40.
LOOK POONG SHAN,
Chief Manager.
ня
KARAOH!
KLANG
KUALA LUMPUR
Foreign
SOURABAYA
Exchange and
Banking business transacted.
Current Accounts opened and Fix.
ed Deposits received for one year or shorter periods at rates which will be quoted on application.
J. STUART,
Manager. Hong Kong, August 17, 1931.
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
INETHERLANDS TRADING SOCIETY:
BANKERS
Batabilahed 1834,
Hong Kong CH-11, Queen's Bload Canteal,
Authorised Ospita Quždarı 150,000,000. Paid-up Capitel Guilder 50,000,000 Konsera Fund ........... .....Quilders 10,011,000.
Hand mos—AMSTERDAM'. Eastern Head Office:BATAVIA,
-Banuljarala, Bandung",
Caleutia, Chaibon, Djaunbar,
harts", The Ungus", Jiddah, Kube, Kalmar, Medes, Palamlang, P longa, Penang. Rangoon, Rotterdaza” Sararang", Shanghai, Binyapots, Boars
Дракита
b. Boerakarta (8010), Tegal,
and Weltevreden”.
Dị
• The offiom hare Hafa Deposit Boxes to Le',
LONDON BANKERS: -
m
NATIONAL PROVINCIAL BANK LTD,
Correspondeats all over the world. Barking Bi as of very dose-ription inserted.
A. STOKKINS,
Hong Kong. bat Daramie, 1EXT.
THB
Hausgar
AMERICAN EXPRESS COMPANY.
A
fanded capital and accrued
interest
Total payments
From 1970-1980 Italy pays 1 per cent., and from 1980 to 1987 2 per cent. Britain pays 3% per cent. 62 years 1984, and France 3 per cent.
over
£946,000,000 £2,282,000,000 till 1987.
total of £4,553,000,000.
arrangements for the section will, The position is also better in re- Great Britain, it will be observi Reparation payments Commercial and Travellers' Letters as usual, be under the auspices of gard to tar spirits, toluole, carbolic ed. has treated her own Allied cease, it would be useless for her of Credits, Travellers' Cheques, Bills the Association of British Chemi-und crexylic acids and pyridine debtors much more leniently, al- to expect any increased payments of Exchange and Cable Transfers bought and sold. Current, accounts cal Manufacturers. The Associa-bases than
a few months ago, though it was largely on their own from those Allied debtors.
and Savings Bank accounts opened tion will have an office in the sec-Much depends, however, on an im- behalf that she herself borrowed Indeed, the latter would almost and Fixed Deposits in local and for- tion to deal with any inquiries that provement in the general coal out-from America. The following table certainly declare, on that very ac eign currencies
taken at rates that visitors may wish to make, and look which again is bound up with shows the position of Allled count, their inability to continue to may be ascertained on application to the Bank.
overseas buyers may rely on the the question of iron and steel pro- Europe's funded war indebtedness pay Great Britain. We are also able to offer oor Cus-best information being obtained for duction, etc.
to Great Britain:- tomers the services of the Branches their purpose.
The wood distillation industry,
Qwing To Great Britain.
Total
Totel refunds
over
THE BANK OF TAIWAN, LTD. able
rates over
funded capital
Thus we would be left saddled with
average annuity of £38,000,000 to be paid to America from 1933 to 1984 out of the re- sources of Qur own taxpayers 62 years
instend of collecting, on An £653,000,000 £799,000,000 average, £21,600,000 a year from 611,000,000 277,000,000 Germany under the Young Plan, Including the smaller Powers £12,500,000 from France, £4,000,000
and accrued
Interest
of the International Banking Cor- The main office of the Association has also benefitted from the pre- poration in Spain and also of The National City Bank of New York is at 166, Piccadilly, London, W.1,mium in exchange (France), 3.A., in Paris and Nice. from which full information may foreign competitors, but this indus- be obtained on any point. The 1931 try is in the peculiarly unfortunate R. M. MCLAY,
edition of the Association's direc position of suffering from the very France Kanager. Hong Kong, March 1, 1932. tory which is printed in English, progress of chemical technology. Italy
French, German, Italian, Portu- The demand of modern chemical guese and Spanish, will be avail. industry for larger and larger (but excluding Russia's unfunded from Italy, and about £1,500,000
quantities of certain byproducts, debt of £900,000,000), the total from the smaller Allies. The Association's other directory such as acetone and acetic acid, funded war indebtedness of the Will America Accept?
be met regularly and Allies to Great Britain is £1,850,- If now we turn once more of British Fine Chemicals contains cannot u list of over 3,000 different fine economically by the wood distilla-,000,000 in respect of which, at the America as the ultimate creditor of chemicals and their makers and tion industry owing to the difficulty expiry of 62 years, she would have Europe, including Great Britain, it | affords striking evidence of the of disposing of other by-products received but £1,188,000,000 in all, may be asked what she would lose | progress of this key industry which produced at the same time, and it that is, less than the debts actually by the cancellation of Reparations Iluk-Notes issuadi Avatage amount...Yer. 45, is of vital importance to every other is necessary to seek other sources funded.
and war debts? The answer is pro- industry without exception, since of supply.
Britain's Losses.
vided, indirectly, by the Young
(TAIWAN GINKO.)
HEAD OFFICE:-Taipeh, Formosa.
Incorporated by Special Imperial Charter, 1899.
Central Bank te Formosa.
URANCHES AND AGENCIES: JAPAN --Toyko, Yokohama, Eska, Osaka,
Taman, Toan, Heita,
Midland Back, Lid., Pestisinster Bank, Ltd.
Coinmortal Contros throughout the world,
INC.
K. NAGURA.
Bead Office: 46, Broadway, New York.
Manager.
HONG KONG BRANOK:
4. Do Your fland Central, Hong Kung, December 94, 100).
Reorganised October 20, 1928, ander
Capital
THE BANK OF CHINA.
行銀國中
special charter of The National Gov ernment as
-INTERNATIONAL EXCHANGE"
Subscribed Capital.....$26,000,000.00
Reserve Funds
HEAD OFFICE: SHANGHAI,
Surplus -Reserves
i
.U.S.$6,000,000 U.S.$1,572,464 ---U÷8:42;408,208--
Dyestuffs Industry. The dyestuffa industry shows a welcome bright spot in regard to
to
She
FORMONA:-Girao, Rag). Haresko Belus, fine chemicals, even if they are not These were found in the achieve- A further interesting comparison Plan and the agreements made at
Maksan Nasio, Chachiku, T, Tainan used directly in manufacture, are ments of the modern chemical between the British and American The Hague embodying it. CHINA-hanghai, Hankow, Avoy, Pooch, event!al for analytical control. | manufacturer in making acetic debt-funding settlement is afforded would forfelt a series of annuities
Sestow, Canton. OTURNS ---Hong Kong.
acid by two different methods, the by the following table, which shows from her: European debtora“ rising, Singapore, Severalya,
Effects of the Slump. Bemarking. Bularla, Bombay, London, New The following brief survey of the production of acetone by fermenta in percentages, exlculated OD trom roughly £48,000,000 at the Yeer, Datron.
LONDON BANKERN:
position of the chemical industry|tion, and the manufacture of uniform basis of 5 per cent. in-present date to £85,000,000 in Barclays Bank. Lid., Llords fak, Ltd., will indicate its close relationship synthetic methyl alcohol. The re- terest, what proportion of its debt 1983-84.
to the general trade situation in the suits of these latest successes of to America cach country is paying:¦ Will America, for the sake of The Bank Correspondante in all the peripa country. In common with all other the chemist art will be on view at Great Britain pays U.S.A. 72 world restoration and prosperity,
industries, the chemleal industry the British Industries Fair.
per cent.
acquiesce in such a loss?
Great has suffered from the effect of the
France paya U.S.A. 42 per cent. Britain, it may be well to add, has world economie upheaval, but there!
Italy pays U.S.A. 21 per cent. practically lost every penny of the jare signs of improvements ahead.
Of her total debt to Great £900,000,000 owed-her by Russia, The Board of Trade index of exports, an increase of 13 per cent. Britain:
and has paid out to America production figure for the chemical over 1930 being anticipated for
France pays Great Britain 38 £200,000,000 more than she has re- industry, which reached a maxi-1931. This would seem to indicate
per cent.
coived from her combined European mum of 115.8 in 1929 (1924 being that British prices compare favour- Italy pays Great Britain 14 per debtors. That already represents taken as 100) fell to 102.2 for 1920.jably abroad; at home, of course, cent.
n sacrifice of £1,300,000,000-spart The average for the first three British makers are fulfilling their Especially instructive are the from the generosity of her conces months of 1931 shows a further re-undertaking to
rates meet the fair comparative
of interestisions to France, Italy and duction to 96.2, but it is anticipated foreign price, but here again the charged by America to her princi-European Allies generally. that the figures for the last quar-advance in price due to the depre- tor will show an appreciable im-ciated currency la expected to lead provement not only in Immediate to the subscription of foreign pro- price advances conferred by the ducts by British equivalents which Close Co-operation With British abandonment of the gold standard, the' British manufacturer has long but because the chemical industry, claimed to be quite equal to the being a supplier of raw materials so-called foreign "specialities." for every industrial purpose, will The fine chemical industry shows the annual meeting of F. W. Wool-company had never since its incep benefit from the revival now taking perhaps a more striking advance. worth and Co., the chairman (Mr.tion borrowed money or issued de-
The total imports of fine chemicals w. L. Stephenson) defined the com- Ientures.
FOR SALE.
Stanley Gibbon's Postage Stamps Catalogues
BANK.
BRANCHES
Pald-Up Capital
.$24,710,200.00
Amatardacy
fonos
Antworp
Olango
$ 3,820,508,82
Azhana
Hatan
Beale
Wamberg
Badia
Bundits
Bombay
Bremon
Druwel
Buenca Aires Calro
Calcutta
Haven Interlaken Jerusslora Lida Loudon Liverpool Lunerhe Lugano Luzar Colombo
Marillas Canalantooplr Monte Carlo Copenhagen Mualla Edinburgh Floreco
Nic Neol Picsour Para
Fello
St. Moritu
Manito
Vlants
Munish
Vauice
British Empire Foreign Countries
.$ 5.25
.$ 8.00
Montres
Yokohams Eurich
HONG KONG BRANCH:
1. Queen's Road Central,
Owing to our numerous branches in China and large connections in the Important commercial contres of the world, we are able to extend to clients special facilities for domestic and foreign banking and exchanges.
We also handle the issue of Bond
our
Cannes
Botterdam Hame
Stamboul Shanghai Sonthampton Singapore
Milan
Branches of American Express Com-
and other Public Funds of the Chin-pany in Principal cities of United
ese Government bath at home and States of America and Canada. abroci.
SHOU J. CHEN,
Manager.
Hong Kong, 5th March, 1931,
THE YOKOHAMA SPECIE BANK, LIMITED,
Established 1880. Capital (fully paid-up) Yen 100,000,000 Reserve Fund
Yen 117,300,000
Esad Office:-YOKOHAMA,
Branches and Agencies at:
Alexandria
Batavia
Berila
Bombay
Calcutta
Canton
Changchun
Dairen (Dalny)
Fangtien (Makdon)
mburg
Harbin
Kong Honoluln
Kai-Xnon Karachi Kabe London Los Angeles Manila
Nagasaki
Nagoya
Nowchwang
New York Diaks
Parla
Peiping
Rangoon
Rio de Janeiro
San Francisco- Seattle Semarang Shanghai Shimozessk:
Sourabaya
Sydney Tiontain Tokyo
Tsingtau
Interest, allowed on Current. As- count
Deposita" received for fixed partod
at zatos to be obtained on application.
'HL MOEL DRY
Manager.
Hong Kong, 11th March, 1989.
مجھے
All classes of Commercial Banking Transactions nudertakan.
Porconal Investment accounta handled.
The Company offers to intending Travellers the use of its "Travellers Cheques" and Letters of Credit and In addition, the world-wide services of Its thoroughly equipped Travel
Department.
Ри
2. W. DUGGAN,
Manager.
for 1932
Whole World
.$12.00
GRACA & CO.,
Dealers in Postage Stamps, Garden Seeds, Picture Books, Toys, etc, etc.
No. 10, WYNDHAM STREET.
P.O. Box No. 620, HONG KONG
RELIABLE PRINTING
no order too suall
THE NEWSPAPER ENTREPRISE LTD.
DUMA BAIL ORG. · AK WYKONANE WY.
THE BANK OF EAST ASIA, LTD.
Established 1918.
HEAD OFFICE:
10, Des Voeux Road, Central, TONG TONG
Capital and Surplus
over HS 8,000,000.00 Total Resources .............
over H.$30,000,000.00 Every description of Manking and 'Exchange business transacted.
Current and Fixed Depoal Accounts in local and for- sígn currencies opened for clients.
Savings Account and Safe Deposit Boxes. Branches and Agencies all over the, world.
KAN TONG PO,
Chief Manager.
place in other trades.
WOOLWORTHS POLICY.
Manufacturers.
In the course of his speech
at
the
undertaking had been brought from small beginnings to its present robust condition through its policy of putting back into the business
a substantial portion of the profits made, and this explained why the
BOVRIL DIVIDEND REDUCED.
Bovril had put up such a vigor-
A serious fall in the price of in 1929 and 1930 were respectively pany's policy with regard
to the sulphate of ammonia has led to a £1,340,000 and £823,000, a drop of purchase of goods of British and decreased production of sulphuric nearly 40 per cent.
'of foreign manufacture. For many acid and this has caused a hasten- While part of this decrease can years now, he said, the company had! ing of rationalisation, the resulting be attributed to the fall in price been developing to the utmost the ous resistance during the slump concentration of production in values and the reduced demands of production of its supplies within years that the preliminary figures larger units having led already British industries, production statis these isles, not for the purpose of for. 1931 may come as a disappoint- to a lowering of cost in spite of tica collected by the Association of popular appeal to sentiment, but ment to many shareholders. a considerable increase in the price British Chemical Manufacturers actually for the reason that they final dividend on the Defermed of raw material.
show that there has been an actual considered it would beneft the capital of £1,000,000 is reduced The position in regard to the increase in production of about! heavy chemical industry has shown 15 per cent. which indicates that Their experience was that if instead the year, against 18 p.c. for each company to operate in this way. from 8 to 5 p.c., making 10 p.c. for a marked improvement since we a considerable proportion of this of giving the British manufacturer of the five preceding yeare. The left the gold standard, and since advanca has resulted from an im- odd fragments of uncertain busi-smaller dividend, of itself, is not manufacturers realise that the ad- provement in the industry itself.
FINANCIAL PSYCHOLOGY.
France Hesitates To Isse
Gold Coins.
The
ncas, one was prepared to offer him surprising; the disappointment lies the same kind of treatment which in the transfer of £150,000 from the Importer was compelled to give reserve--which was augmented by correspondent, I have heard a more to the foreign factory, such as £30,000 from the proâts for 1980- subtle explanation, concerning the orders for large definitive quanti-and in the decline of £21,485 to gold coins at any rate. "
ties, close co-operation and prompt £60,703 in the carry-forward. It is suggested that before put-cash payments, he could produce Home sales, it is explained, were ting gold coins into currency the things even at the low price limit actually higher than in 1980, bat which the export trade suffered severely Government will wait for the pass-imposed by Woolworthe ing of the generation which used would astonish those who had some from world trade depression and The depre It is common knowledge that the to handle the old gold "Louis" kind of feeling that our British exchange difficulties. Banque de France has already a worth twenty franca each. In the manufacturers were trailing along clation in the value of overseas vast store of silver coins ready to new gold coinage, when it is issued, with no enterprise ir organizing stocks, as a result of abnormal ex-
Mr. Stephenson said his change conditions, has been ” pro- » be put into currency as soon as the a coin slightly lighter than the old ability. Government gives the word. It is "Loule" will be worth a hundred board did not feel that the import vided for partly out of the year's also known that the French mint france. This, it is realised, will tariff situation was one that would profits, and partly by the transfer has made all preparations for strik-certainly cause those who knew the trouble them at all seriously. If from reserve. This explanation re- Ing gold coins. The design has old regime to make bitter reflec-the company, did not import any-veal the figures in a better light, already been chosen, and the gold tions upon the new, and probably thing from abroad they had in their for it is clear that the sharp con- is lying in strong, rooms ready to to tell young people how much vast range of British-made goods, traction in pront was due to non- be minted. Many people have ask better it would be to have five comprising as it did the great recurrent factors, which should not ed why such coins are not issued gulden "Louls than a hundred bulk of the articles, dealt in, suff Jeopardiae earnings when the tem- immediately. It is often suggested trade note. It would therefore ap-clent variety and high value to con porary difficulties are surmounted. that the Government is afraid that |Pegr=
rat present that the issue of tinue to maintain their volume of This aspect of the resultsap they would he hoarded as coins in the gold currency is Indefinitely trade. In defending the company's parently was not fully realised precious metals always have been postponed for paychological rather action in continuing to build up recently, to judge from the fall of in France. But, writers Paris than financial reasons.
the chairman said the 2a,, to 30s, in the shares.
.
No comments yet.
Private notes are available after approval.