1932-03-16 — Page 2

J

THE

CHINA MAIL.

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Autocad Capital

150,000. Immand sad Tully Paid-op 20,000,00G Barve Funda 1-

Avanzata £6,500,000

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1853.

THE HO HONG BANK, LTD.

(Established 1917.)

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

Authorised Capital Struits $20,000,000 Issued Capital

Liabilities

CARAMEL

8,000,000

Paid-up Capital Reserve

4,000,000

HEAD OFFICE: LONDON.

of Bareholders Durplus

4,000,000

2,887,000

berling Quiver

Besar

Liability of Proprietors. $10,000,094 REAU OFFICE: HONG KONG, -

Paid-up Capital

Reserve Fund

BOARD OF DIRECTORS:--

Reserve Liability of Pro-

prietors

Agearles and Branches:

.£8,000,000 .£4,000,000

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

TAN ENG BOOL

Branches, Agencies and Correspon- donts in the principal cities of the world,

Manager

ALOR STAR

Deputy Chairman.

AMHITHAR

EXCHING

MADRAS

V. B. Bell, Kag.

J. 4. Plummer, Zug.

Hog. Mr. J. J. Patermati.

Chair

T. E. F, Eag

PEPINO (Peking

4. R. Compton, Esq. T. . . Cham, Eng.

Boa. Mr. 0.1, 8, Mackim, J. P. Warren, Esq.

#. Mişkin, D.

V. M. Grazburn, Eng.

BANGKOK ΣΑΤΑΝΙΑ

BON BAY CALCUTTA CANTON CAWNFORE GEBU COLOMBO DAIREN HELM

MANILA

MEDAN

NEW YORK

AMOY

Chief Macuger,

ни

BRANCHE:-

LONDON

1.YONA

MALACOA

MANILA

MUAR {ckar!

BANGKUK BATAVIA HOMBAY

QALOUTTA

CANTON

CHEFOO

COLOMBO

DAIREN FOOCHOW NAIPHONG

HAMBURG UANKOW

BURDEN

NEW YORK

PEIPINO

PENANG

AANGOON

MAIDON

SAN PHANUIRCU

RHANGHAI

HARDIN

HONGREW

LILO

EPOTE

KORE

KOBE

KOWLOON

KUALA LUMPUR

KINGAPORE

SQUBABYA

SUNORI PATANS

TIENTSIN

токто

THINOTAU

YOKOHAMA

Current Ascounts opened in Inval Currance and Pized Dapowile remired for one year ol aborter periods in Loot Ourrency sad terug an terms which will be quoted application,

Hong Kong, 17th Felsruary, 1931.

HONG KONG SAVINGS BANK.

The Bunknow of the above flank It conducted

by the HONG KONG AND SHANGHAT BANK- TNO CORPORATION. Rưa may be obtained an application,

FOR THE HONGKONG AND BEANDHAT BANKING CORPORATION,

7. N. GRATBURN,

Chini Msang.

Hong Kong, 27th Felaniary, 1932

THE BANK OF CANTON, LTD.

Established 1912.

Head Office Hong Kong.

Authorised Capital, (H.X. Overmany) ...$11,000.000 Pedi Dapital

0.085,000

BRANCHES

1,100,000

Bralow,

Chaton, Shanghai, Haskow, Bangkok, Kez York and San Franciero,

LONDON BANXESS :-

The Lloyd's Bink, Limbad, CORNEAPONDENTS

In all principal bilfer of the World.

Foreign Exchange and banking bonus of

etary description transacted.

Hele Depois Buzos (various alsod) at a yearly

modal of from 85 $40.

LOOK POONG SEAN,

Chief Manager.

Reorganised October 26, 1928, under

Subscribed Capital .$25,000,000.00

Prid-Up Capital

Reserve Funda

KARBIN

¡PO

PENANG

LANGOON

70X YO

Undivided Profits U.S.$225,347,460.11

Branches lo

LONDON

MEXICO

PANAMA

SAIGON

SEMADANO

BEREMBAN

HARPHOND

SILANORAL

НАИПИВАТ

SINAPONE

Capital, Surplus and

HANKOW

MUTLAWAN

BOURABAYA

HỒNG TONG

TAIPINO

ILOILO

TIENTSIN

ARGENTINE

KARACHI

TONGKAR (Bhuket)

BELGIUM

KLAND

TSINGTAO

BRAZIL

TOKOHAMA

KUALA KANGSAR

ZAMBOANGA

CHILE

KUALA LUMPUR

CHINA

Foreign Exchange

And

General

COLOMBIA

Banking business transacted,

CUBA

DOMINICAN REPUBLIC

INDIA ITALY JAPAN

KOBE

Current Accounts spened 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.

(NETHERLANDS TRADING BOCIETY)

BANKERB,

Establicbed 1821.

Hɔng Kene Ullow:-11, Queva's Road Central.

Authorised Caples: ............ Quilders 160,000,000. Prid-Up Deplial Guildars 90,000,000. Burro Fund............... Guilder 40,015,000

Ioad Udio-AMSTERDAM". Estars Bad Ome:-BATAVIA. Eltarber-Bandjarmasin, Baadoung*. Bombay. Caleatle Charbon. Djember, Disk jakarta The Blague Jiddah. Kobe, Makassar, Medan, Palembang, Insgan, Pasang, Rangoon, Botterdam", Bamsesng", Shanghal, &inpapore, Boers bais, Bourakarta (Solo), T, Tilap and Walloweden".

Fala

• Ybo offers havs Sala Deposit Born to Lat.

LONDON BANKERS -

H

NATIONAL PROVINCIAL BANK LTD.

Corresponderis all over the world. Banking Chal ness of ørers description transacted,

A. STOEKINK,

Hong Kong. Let Dsomber, 1931.

Manager.

THE AMERICAN EXPRESS COMPANY. INC.

Reserves.......U.S.$1,908,200

PERU

PHILIPPINE

PORTO RICO

ISLANDS

STRAITS

SETTLEMENTS

URUGUAY VENEZUELA

and

Commerce

Finance

REPARATIONS EVIL

HOW FAR EAST ENTERS

VICIOUS CIRCLE.

more

WEDNESDAY, MARCH 16, 1932.

BRITISH TRADE POSITION

SUSPENSION OF THE GOLD STANDARD.

•

Benefit Less Than Anticipated.

Reviewing British trade in 1931, and consumption.

Mr. F. C. Goodenough, on the oc- Setting aside the considerations of casion of Barclays Bank's Ltd., an- the moment, It is evident,, from the nual general meeting recently position to which international trade said:

has been reduced during the last

A

the

un-

be paid,

The al-

I will now turn to Mr. Harold Bellman, managing 1931, being no less than £614,000,- position, which is of special interest, trade policy of Great Britain as a our trading two years, that the traditional fres director of the Abbey Road Byild- 000. THE NATIONAL CITY BANKing Society, speaking last month, at

owing to the recent change in our great creditor Nation was justified, The Balfour Note.

economic situation as the result of and that the unreasonably high pro- OF NEW YORK.

a luncheon of the Hendon Rotary

"I think we may fairly say that the suspension of the Gold Stan-tectionist attitude adopted by other Club, said it appeared that the Great Britain has played a farsight- dard, and of

the alteration in our creditor Nations is doing immense HEAD OFFICE: 55, Wall Street,

value of international trade bad ed and, indeed magnanimous part fiscal system.

To-day many debtor Na- NEW YORK.

It will be under- harin. fallen by at least 40 per cent. since throughout. She has remitted ap-stood that in the case of the latter, tions are in actual default, whilst 1929. The economic life of the proximately 70 per cent.

of the there has not yet been

sufficient others are only meeting their en- world lay prostrate like a man stun- debts to her incurred by the War time for the full effect to be as-gagements with great difficulty. nod. "During the past two years," Allies, whereas the remission made certained. The tendency will ob- These developments are due, to he added, "wholesale prices in the by America to Great Britain in res-viously be to curtail imports. In considerable degree, to greater part of the world have full-pect of the British-American debt regard to the former, some benefit willingness of certain of the prin- en by something like 30 per cent, is something less than 18 per cent has accrued to certain industries as cipal creditor countries of the World and this far exceeds in magnitude "Moreover, we declared in the the result of the depreciation of to accept payment in the only form the fall in prices that has taken Balfour Note that Britain would not sterling, but it has been less than in which debts can now place in any period of depression take from her Continental debtors was anticipated, due partly to the that is to say, in goods. in the last 100 years.

than туда

required to pay high tariffs and

other restrictions ternative method, of making pay- "Our civilisation is essentially a America, and, in fact Britain has money civilisation, the whole of its paid away nearly £200,000,000 more imposed abroad and partly to the de- ment in gold, has become virtually vast material relations being gov- than she has received. It must re-parture of other countries from the impossible, owing to a very large Gold Standard. There has been a part of the available stocks Commercial and Travellers' Lettererned by money and prices, and 80 main a matter of historical specula-considerable improvement in the of monetary gold being now of Credits, Travellers Cheques, Dins great a collapse in prices in so tion what sort of world situation we Cotton and Woollen Industries and concentrated in the hands of of Exchange and Cable Transfera short a period has shaken that civi-should have seen if Britain's first in certain other directions, assisted, the United States and France. bought and sold. Current accounts lantion to its very foundations.Įpolies of all-round cancellation had and Savings Bank accounts opened The fall in prices is the result of been adopted."

to some extent, by the political Unless some means can be found and Fixed Deposits in local and for the faldistribution of the world's

differences between China and for gold to be circulated more eign currencies

The main cause, there was reason taken at rates that. may be ascertained on application to monetary gold, two countries to believe, of the disturbed condi- Japan and the boycotting of Japan- freely, it would seem that gold ese goods by the former. There will no longer be capable of being the Bank.

France-possessing tions in the Far East was the rehas also been signs of somewhat nut to its normal use as a basis of We are also able to offer our Cus- some three-quarters of the total duced purchasing tomers the services of the Branches available supply.

power of the

ter activity in internal trade, currency and credit and as a mea¬ of the International Banking Cor-

countless millions of India and

accompanied by a reduction in un-surement of World prices. In that poration in Spain and also of The

This was a reflection of "This maldistribution of gold la China. National City Bank of New York the product of the nightmare policy the heavy drop in the price of allver employment, and altogether there is case. gold will lose Its value (France), S.A., in Paris and Nice. of War debts and reparations which and the fall in the prices of primary feeling in regard to the outlook.

generally a rather more hopeful those countries must inevitably be

faced with enormous lossc8. the world (or rather some parts of products, and thus to some extent

It is now more generally recognis Speaking in terms of value, im-ed that the industrial and trading it) has pursued since 1918, com- at least the.vicious circle of repara- bined with its equally nightmarestions was re-entered.

ports and exports for the year 1931 interests of the World are better policy of economic nationalism. In Again, with regard to armaments, were substantially lower

than for served by the greatest possible en- THE BANK OF TAIWAN, LTD. this connection two simple sata of the paychology that would impover-the preceding year, but the falling douragement being given to the ex- off in the value of the exports was change of goods for goods, and that great nation by exacting "In the years 1922-81 the net vast -sume of reparations from much more pronounced than in the there is little advantage to be the Imports. The lower gained by accumulating balances receipts in respect of War debts it was apprehensive of ultimate con-case of and reparations by France and sequences and attempts to protect level of prices, particularly of im abroad repayable on demand

an important cause of short-notice, se distinct America were approximately £650,- itself according to the old-time for ports, was

this decline, which is confirmed by manent investment. |000,000 (gold); during the same mula.

period the net Influx of gold into,

R. M. MCLAY,

Manager. Hong Kong, March 1, 1932.

(TAIWAN GINKO.)

HEAD OFFICE: Taipeh, Formosa.

Incorporat

by Special Imperial Charter, 1899.

Central Bank in Formosa.

America and

figures are significant.

Ish

.

and

or

from per- In many

"As to the redeeming features of the statistics prepared by the Board cases, such short-term lending has Sanik. Nolan Savured Average amount. Yes. 16.00.000 these two countries was approxim- the crisis," he said, "we might yet of Trade, which show that the given rise to much difficulty wh

was slightly over the lending country decided to ately £550,000,000. France and come to regard the forcing of this volume of imports America have been the principal country off the gold standard as greater than in 1980; on the other withdraw its balances. On the other Tichong, Hente. Mochiles Thicho, Te beneficiaries from the payment of a blessing in disguise, in so far as hand, the volume of total exporte hand, permanent investment of a War debts and reparations their it was prompting us to seek a really was about 21 per cent, lower. The sound character is greatly needed. reduction in exports in both value In any circumstances, it would be and volume is not surprising when in the interests of international

Earenko,

BRANCHES AND AGENCIES: JAPANI-Toko, Yokohama, Esha, Onaka FORMOSA Gims Bag

Takso, Tameul, Toen. Helto. Talto. CHINA-Shanghai, Henkow, amoy. Facebow,

Swalow, Canton. OTHERS:-Hong Kong, Singapors, corabaya. Samarang, Batavia, Boobay, London, New York, Delva.

LONDON HANEERS:

Barclays Bank, Ltd., Lloyds Bank, Lid.. Halland Bank. Ltd., Wasimilostne Bank, Ltd.

The Bank has Commepoedenis in all the principal Commcat Contiss throughout the world. K. NAGURA,

THE MERCANTILE BANK OF

INDIA, LTD.

HEAD OFFICE:

15, Gracechurch Street, London, E.Ç.A. Authorised Capital

....£8,000,000 Subscribed Capital

.... 1,800,000 Paid-up Capital 1,050,000 Reserve Fund and Rest 1,688,845 BANNERS:

THE BANK OF CHINA.

行銀國中

Head Office:-65, Broadway, New York.

Manugur.

HONG KONG BRANCH:

8, De Vaux Road Central. Hoog Hoog. Dauber 31, 101.

Capita!

special charter of The National Gov- artment as an

Surplus

13.3.$3,000,000 ..U.S.$1,572,454

INTERNATIONAL EXCHANGE

BANK.

BRANCHES:

Amelerden

Солов

Ho

.$24,710,200.00

Antwerp Askans

Gangam

Naples

..$ 3,820,508.82

Beats

Piraeu Pri

Berlin Blac

Fobant

Botabay

Brea

Brusla

Во Ага

Cairo

Caloutta

Pozing Patora Futterda Bom Blambou! Bhanghai Bouthausplo Raspore

Bangkok

Ipoh'

Panang

Rafaris

Kandy

Elara bay

Calcutta

Катасы Kota Bharu

81. Morile

Calomba

Hi เ ด

Dati

Kuala Lipis Kuala Lumpur

Vienas Vatic Yakobaza Barca

Galle

Hoeg Keat Howrah

Port Louis

Rangoos Shanghai Kizain Kustin Pabang! Singapore Madras

Bouraboys

New York

ness transected.

HONG KONG BRANCH, Every domcription of Banking and Exchange bust- Traveliams Cheques lasued.

taken.

INTEREST owed on Current Accounts and

BEAD OFFICE: SHANGEAL

HONG KONG BRANCH:

4, 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 our clients special facilities for domestic and foreign banking and exchanges.

HATED Hamburg Havrs Interlaken Jerusalem Lida Londont Lleerponi Luzce Luzia Luxor Marseille Constantinople louts Carle Oupang

Manila Edinburgh Munich Flow.com

Montreux

Calambo

Branches of American Express Com-

We also handle the issue of Bonds pany in Principal cities of United and other Public Funds of the Chin-

se Government both at home and States of America and Canada. abroad.

Hong Kong, 6th March, 1931.

The Bank of England & Midland Bank, Ltd.

HRANCITES:

combined net receipts to June 30, workable currency system.”

|HOURS OF WORK AND WAGES IN; SOVIET RUSSIA.

metal industries/we remember the almost prohibitive trade that there should be a general

the coal and will be introduced in

due account will be taken

tariff barriers and other restrictions reduction in tariffs, and this might

branches of national activity, but!which have been raised by certain even extend eventually to the tarifa of the countries, with the object of exclud-imposed or about to be imposed on of foreign-made some imports into this country, al- The existence of these though safeguards should be con- especially those tinued to avoid Great Britain

also again

being exploited through

barriers.

The

opportun-

of

An Order issued by the Soviet special conditions in each branch of ing the entrance Government on November 21 au-production.

į goods.

tariff barriers, thorised all Government offices and

Payment at piece rates or job erected by creditor Nations, institutions to make a temporary rates

will be made whenever explains, in part, why the volume foreign goods being thrust upon us change, as from December 1, from technical conditions allow, and the of our imports has been maintained below the cost of production. the five-day uninterrupted week to proportion of workers paid at jobat so high a figure. a six-day week, consisting of five rates, which in May, 1931, was countries, in order to obtain funds strengthened to a considerable ex- Many debtor ties of Empire could, no doubt, be working days followed by a rest day. roughly 64 per cent. (63 per cent. for the settlement of their inter-tent by the granting of some pre- Rest days will fall on the 6, 12, 18, in 1980) will be raised on an aver national obligations, have been comference in certain articles to the 24 and 31 of each month. Actual

age to 80 per cent. As from Janu-pelled to use every endeavour to sell hours of work in institutions adopt-ary 1, 1932, two distinct rates of their goods abroad, and as, until re-peoples of which receive so much great advantage of the Empire, the ing a alx-day week will, in future, wages are introduced in all branches cently, Great Britain was the most benefit be reduced to six in the day, as of industry, one for workers employ-important free trade country, their of ideas

from the community compared with the six and a half en by the job, the other for workers offorts have been mainly concentrat-also banking and financial faci- and. intercats and for officials and employees under the employed by the hour. These ratesed upon British markets, five-day week. The offices of all are calculated so as to make piece however, of using the sums received ities

Instead, Hitles,

which give departments and institutions adopt work more advantageous for the from the sale of these goods in the preference even than tariffe.

for extending greater (Mauring the six-day week will, as a rule, workers. All allowances and extra purchase of commodities from Great would also be an advantage if the It be closed on rest days, but a certain wages are abolished, as well as extra Britain, they have expended them war Debts and Reparations, which number of officials and employees pay earned by workers on time in satisfying the debts due to other have no commercial value behind will be on duty on. auch days. Goy-rates, for whom, however, a system foreign creditors, largely because them, could be satisfactorily dealt ernment offices and institutions in of bonuses for good work is estab- the latter have been unwilling to with, as this would lead probably direct touch with undertakings lished. Methods of calculating wages accept payment in goods and have to workit g a five-day week must main are simplified, so that the worker established trade

re-distribution

gold Trustee and Executorships under-tain the same system. This will be may ascertain each day what he has general fall in prices has

The to form the basis of fresh eur- the case for State and co-operative earned."

added greatly to the burden of all debtor follow an automatic rise in prices rency and credit. Then should BROU 3. CHEN,

Fixed Deposits s Bates that may be scertained trading institutions, restaurants All classes of Commercial Banking application. Manager. Transactions undertaken.

and dining rooms, the transport ser-

On October 1, 1981, a graduated countries, whose commitments of C. L. SANDES,

of commodities, which would help scale of piece rates, under which principal and interest payments the return to normal conditions, |vices, municipal undertakings res- 7, Queen's Bond Sentral.

Manage ponsible for the lighting, water and work performed in excess of the have been thereby greatly increased and to a situation in which all the Hong Kong. 29th April, 1081.

sanitation services, theatres and Prescribed task is paid for accord-in terms of goods, and this has been peoples of the World would be in a ing to a progressive scale, was al-an additional cause of the high level position to trade freely with each cinemas, fire station, etc.

ready being applied to 25 per cent. of imports sold in British markets. other, which is in the best interests The weakly organ of the Inter- of the total number of workers. Moreover, it is important to under- of mankind. national Labour Office at Geneva. This system has led to a consider stand how Imports have

The recognition and been states that, at present, the questionable increase in output, and has stimulated by the inflation of credit cularly by certain of the principal application of these facts, parti- of wages is one of the malu pro- towered the frequency rate of stop- arising out of too large a Fiduciary creditor Powers, would soon lead blems confronting the Russian So-pages

As a result, much harm to a real and permanent Improve- viet authorities and the trade union Nominal wages increased by 11.8 has been done to our industrial in-ment in international trade.

unjustified absence. suc. organisations. Early in 1981, the per cent during the first seven terests, and an immense amount of trade union Press suggested the months of 1981. The trade unions money has thereby been lost.

Although, for the reasons I have. calling of a conference on wages, are, however, required to see that I think it is necessary to realise tein may prove unavoidable, for a given, a tariff system in Great Bri- which, however, did not take place this does not lead to a rise in costs, the extent to which the difficulties long time to come, care, should be until October. Again, at a confer-The general wage fund will be in of all kinds which are now experi-exercised in the imposition of duties, ence on management held at the creased to 25,000,000,000, roubles In enced in the settlement of Inter-and their effects will have to be end of November, a number of re- 1982 (19,000,000,000 roubles in national Debts have been caused by carefully watched, as indiecrimafuate ports were subinitted on wage ques-1931), but the rise in wages in the the tariff barriers imposed by use of thein would do us an im tions. Still more recently, the Gen other branches of production will creditor Nations, and why it became measurable amount of harm. eral Council of Trade Unions issued not be so high as that recently in necessary, in many instances, to re-necessity for avoiding the creation The guiding principles to be adopted by troduced in the coal and metal in strict the free import of foreign of any obstruction in the trade union organisations at the dustries. The present system, which goods into this country, for it was our

the way of next renewal of collective agree provides for a simultaneous revision essential that, to meet the exigencies tomers discharging their obliga

debtors and our ments. These principles, like the of individual standards of efficiency of the moment, we should safeguard tions to us must be borne resolutions adopted at the above in all branches of industry, will be our own Interests and prevent the in mind, and, whenever pos conferences, are based on the recom- dropped. When collective agree- exploitation of our market by other sible, we should exert mendations made in June by Mr. ments are renewed this year are countries to the detriment of our Influence in the direction Stalin, General Secretary of the vision will be made only of really selves. It becomes increasingly cal action for the removal of Communist Party. They are in-landequate standards or those which clear that, looking to the future, It barriers, so as to stimula! tended throughout to replace the can no longer be applied as there would be wholly impossible for sab-change of goods for old wage system, which favoured suit of rationalisation. All efficiency atantial Reparation and War Debt which is the essend the equalisation of wage rates, by standards will be fixed for, one year payments to continue to be made ternati new methods, making allowance for and will not be modined, exces otherwi the differences between easy and when

THE YOKOHAMA SPECIE BANK, LIMITED.

Established 1880.

Capital (fully paid-up) Yen 100,000,000 Reserve Fund ........Yen 117,800,000

Head Office:—YOKOHAMA,

Branches and Agacles at:

Nagnanki Nagoya

Alexandela

Batavia

Berlin

"Bombay

Calcutta

Canton

(Dalny)

Fangtien (Mekden)

Hamburg Hankow

Harbin

Hong Kong

Πομολαία

KELYuen

Londen

Los Angeles

Handia

Newchwang

New York

Oraka

Partn

Регзодл Investment accounte handled.

The Company offers to intending

Cheques" and Letters of Credit and in addition, the world-wide services of Its thoroughly equipped Travai Department.

Travellers the use of its "Travellers QUALITY PRINTING

E. W. DUGGAN,

Manager.

With Quick Service

THE NEWSPAPER ENTERPRISE LT1-. ENINA MAIL SLAG: DA WETURILAI, RE.

THE BANK OF EAST ASIA, LTD.

Established 1918.

HEAD OFFICE:

10, Des Voeux Road, Central. HỒNG TONG

Palping Rangoon Rio San Francisco

de Janeiro

Capital and Surplus Total Resources

Shangha Shimonosil Singapore Sourabaya Sydney

Thatela

Takyo

Interest allowed on Current · 45- couchta.

Eleposita, received for finit periods

et rates to be obtained on application.

Hong Kong, 11th March, 1932.

over: H$ 8,000,000.00 over! H:$30,000,000.98

Every description of Banking and Exchange busicass trapaacted.

Current and Fixed Depoel Accounts in local and for ́eign currencies opened for clients.

Savings Account and: Safe Deposit Boxes. 'Branches' and Arenales all over, the world.

KAN TONG PO,

arduous work and betwedi

Chief Manager.

and una

Iabour.

similar to those recently app

and

than in goods, which must of the population of

be alowed free access to try and our dependence upon over

caults of rationalisation, there Dezemres ––resulting in an the creditor count

Individual

(which have seas supplies make it essential for een receiving payment our own prosperity, to have a large gold) for their own use and growing export trade