1932-03-29 — Page 2

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Capital_m 48,000,000 Istund and Fully Paid-up 30,600,000 Ensure Funds

Hurling mannermanasan # 1,300,000 816.000.000

Bocorro daily of Propetators - $10,000,00

HEAD OFFICE: HONG KONG.

MARD OF DIRECTORS

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

THE HO HONG BANK, LTD.

(Eutablished 1017.)

HEAD OFFICE:—SINGAPORE. Hong Kong Branch; 18, Quoon's Rd. C.

Authorised Capital Straits #20,000,000 Issued Capital .... Paid-up Capital!

Incorporated by Royal Charter, 1855. Reserve Kabilities

of Shareholders Burploe

狮

8,000,000

4,000,000

4,000,000

2,687,000

H

Branches, Agencias and CorrerDON- .£9,000,000 | denta in the principal cities of the

£4,000,000 world.

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

TAN ENG ROOL,

HEAD OFFICE: LONDON,

Pald-up Capital

Reserve Fund

Reserve Liability of

prietors

Pro-

Agencies and Branches:

ALOR BIAR

Deputy Chairman.

AMRITSAR

*WOLING

W. 2. Bell, 340

J. A. Phimmar, Lag.

.. Compton, Esq.

Son. Mr. J. J. Paleruos, Ch.

T. E. Pearce Eng.

CANTON

MADRAS

MANILA

KEDAK

FERING (Peking)

T. H. E. Shaw, Eoq.

H. Mr. C. 0.9. Machin. J. P. Warren, Bay.

. Minila, Esq.

V. M. Graybura, Zog,

Chief aange.

BRANCHES-m

LONDON

BANGKOK BATAVIA BOMBAY CALOUTTA

GAWNPORE

OZBU

COLOMBO

DAIBEN

DELHI

HAIPHONG

KAMBURG

NEW YORK

PENANG

RANGOON

AMOT

MAYUKOK

NATAVIA

MOMBAT

DALOUTTA

Managar

THE NATIONAL CITY BANK OF NEW YORK.

HEAD OFFICE: 55, Wall Street, NEW YORK.

Capital, Surplus and

Undivided Profits U.S.$225,347,405.21

Branches in:-

SALOON

LYONS

HANKOW

HARBIN

SEMARANO SEDEMDAN SHANGHAI SINGPORE SETIAWAN SODBABAYS

MALACCA

TONG TONG

TALING

MANILA

ILOILO

TIENTSIN

MUAB (Jchors!

IPOH

TOKYO

ARGENTINE LONDON

CANTON

MUKDEN

KABAORI

TONGKAR (Dhakat)

BELGIUM

MEXICO

KLANG

18INGTAO

BRAZIL

PANAMA

OREFOO

NKW YORK

KODE

YOKOHAMA

CHILE

COLOMBO

PELPING

DAIBEN

KUALA LUMPUR

CHINA

COLOMBIA

Farsign Exchange

and General

CUBA

Banking business transacted.

DOMINICAN

REPUBLIC

INDIA ITALY JAPAN

POOCHOW

SAIPHONG

HAMBURG HANKOW

PENANO

BAGON

KANGOON

SAN FRANCISCO

BUANGHAI

HARBIN

SINGAPORE

BOXQKEW

SOUBABYA

ILOILO

BUNGEI PATANI

TIENTSIN

JOHOR

KOBE

HOWLOON

KUALA LUMPUR

TOKYO

TSINGTAO TOKOHAKI

Current Ascounts speand to Lawl Verreny and Pized Deposita esired for one your i shorter periods in Local Durresoy and Sterling in bertrik which will be quoted on epplication. Hong Kong, 17th February, 1932.

HONG KONG SAVINGS BANK.

The Basin of the sbors Bank is conducted by the HONG KONG AND HANDDAI BAKE. ING CORPORATION. Ba' may be ablelaad

Application.

FOR THE HONGKONG AND SHINOBAI BANZING CORPORATION.

V. M. OBATBURN,

Chin Maungar.

Hong Kong, 15 February, 1932.

THE BANK OF CANTON, LTD.

Established 1912.

Head Office:-Hong Kong. Authorian Cupite (B.E. Currency) 11,000,000 Pull-Up Ongital maname

TRANCHEB:-

1,100,000

Bustow.

Canton, Bhachal, Haokow, Bangkok, New York and Ban Pracolo.

LONDON BANKESS :---

The Lloyd's Back, Limited. CORRESPONDENTS

In all principal oltita of the World,

Fog Echange and banking business of

story demcription kranamsted,

This Deport Bazoo (various sinus) si a pontży

! of from # so $40.

LOOK POONG SHAN,

Chief Manager.

KUALA KANGSAR ZAMBOANGA

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, 1981.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING BOCIETY) ВІХЕРЛЯ

Extebladed 1654. Bong Koon Dre :-11, Queen's Road Central

Authorised Capital . Quilders 150,000,000. Feld-Up Capital Childers 10,000,000- Baserve Fund. Ouilders 10,015,800-

Disk Kobe

Head Offs:-MSTERDAM". Return Emad Omos:-DATAVIA,

Bandung", Bombe7 Branokee-Bandjommads,

Calcutta, Charbon, Dilaber, Ikaria The Hagus", Tiddah, Mukasuse, Medan, Palembang, Fika. langan, Pang, Bangood, Betterdam* Semarang, Shanghai, Bingapore. Boere haja. Soseskarta (Solo), Tegal, Tjilatjap and Weltevreden”.

• Tome offers have fale Depoult Botes to it.

LONDON BANKEDS :-

NATIONAL PROVINCIAL BANK LTD.

Correspondante a aver the world. Banking Bual- Dam of very desculpike transsoled,

A. STOKHINK,

Rong Kong, 10 December, 1981.

THE

Manager.

AMERICAN EXPRESS COMPANY.

PERU PHILIPPINE

ISLANDS

PORTO RICO STRAITS

SETTLEMENTS URUGUAY VENEZUELA

THE CHINA MAIL.

AMERICA

Commerce and Finance

AND HER SWOLLEN HOARDS OF GOLD

HOW SHE GOT IT.

And What She Proposes to Do With It.

TUESDAY, MARCH 29, 1932.

GOLD BARGAIN WITH ALL

ROUND PROFITS

HOW INDIA'S HOARD HAS HELPED BRITAIN.

By A. S. Wade.

I think that when the history of gold created a Vacuum which no the crisis of 1981 comes to be thing but the metal would All. We written the most glorious chapter in had to refuse to send it.

Ther

it will be that telling of the way India saw that the price of gold India unconsciously came to the moved up to 1208, an ounce, writes A. S. Wade the Evening Standard

help of this country.

The their

It was this fact which made

Rarely does a financial arrango-India's sales of gold so important to ment work to a profit for all siden.¦ Britain. The Bank of England did That is the beauty of the Indian want francs-she wants them for gold sales.

repaying France short-term credits. India itself profits very greatly. Further, the Bank of France be

dismayed because

On Wednesday I wrote in City City Editor. Notes: "Never in anuncial history All her rich bullion dealers and Reviewing America Weighs Her, spoken. He reminds them that Bri- has there been a more happy coin-other citizens realised that this Gold, by James. Harvey Rogefu tish policy, during the period incidence for this country than the in price would give them a great proft

They sold. (Yale University Press, London, which England became the greatest flow of geld from India in the last on their metal. Milford, 12s. 6d. net), the Times world creditor, was one of almost four months."

poorer people brought out Literary, Supplement says:

complete free trade, that under this That comment spoke what must gold to get a proât also. They are When the Professor of Economics system British industry and trade have been in many other minds.still doing so. at Yale sets out to tell us how developed rapidly and almost con- Indeed, on Thursday night the Pre- The gold comes to Europe. Its America got her gold, how she tinuously for more than half a con- sident of the Board of Trade paid Indian owners want sterling and They do not want francs; handles it, and what she proposes to tury, while British capital, export-glowing tribute to the help we had rupees. do with it, he will not lack eager ed to all parts of the world, led to received from this part of the Em-they can only use a small amount readers. For what Amercia is go- rapid growth in the wealth of the pire by reason of the loosening of of the French money. ing to do next is one of the most debtor countries, and that "a very her gold stores. important of the questions that are great part of the development of the now puzzling bewildered humanity. United States come about in this Professor Rogers la brief and lively, way. and if he is unfortunate in having Colossal Responsibilities. finished his task before his problem But there is excuse for the failure Commercial and Travellers' Letters was knocked completely out of shape of the Americans to appreciate the A lifeless hoard of metal becomes came somewhat of Credits, Travellers' Cheques, Bills by England's suspension of the goid responsibilities attached to the active currency. The hoarders not when London's needs of francs of Exchange and Cable Transfers standard, that is just the "rub of position of world creditor--that only get payment for their were satisfied there was an im- bought and sold. Current accounts i

they get higher pay-mense number of francs which and Savings Bank accounts opened the green." For financial events they were rushed into the position metal and Fixed Deposits in local and for-move to-day at such a pace that any by the cataclysm of world war, and ment than they have known India's nationals could throw on the

taken at rates that book on economics would have-to-be have hardly had time to realise the for eign currencies

years. From the

They na-foreign exchange market. may be ascertained on application to printed overnight to be really up to responsibilities. Perhaps the pro- tional point of view the Dependency were. Indeed, sufficient to the Bank.

fessor hardly makes enough allow-finds its circulation strengthened smashed the frane exchange unless We are also able to offer our Cus. clate. tomore the services of the Branches

Prophetic Remarks.

ance for the

the francs were supported. consequences of this and quickened. of the International Banking Cor- In spite of this disadvantage-sudden reversal of America's posi And Great Britain has received. This support has been forth- poration in Spain and also of The the latest date mentioned in his book tion; she was still a debtor country incalculable advantages from the coming from the Bank of France, National City Bank of New York,

is August 29-much that he says before the War, and, at the end of outflow of the hoard. (France), S.A., in Paris and Nico.

throws timely light on events that it, the creditor of practically all the How beautifully the thing have happened later. For instance, leading nations. "Never before," worked! All the more worthy he prophetically shows the absurdity as he tells us, "had a people so com admiration is it because no of a charge lately brought against pletely lacking in international ex-planned or schemed for it. the Bank of England by another perience been thus thrown into a American economist, and echoed by position of such world importance." academic gentlemen in other coun-This being so, it must surely take- tries, that it might have saved the a generation or two for the average

Manager

R. M. MCLAY,

Hong Kong, March 1, 1972.

THE BANK OF TAIWAN, LTD. (TAIWAN GINKO.)

have

which, when India had franca to ex- baa change into sterling, provided the of sterling out of its holdings in Lon. one don. Because of these operations the Bank of France's sterling assets

France's enormous appetite for have been and are falling,

HEAD OFFICE:—Taipeh. Formosa. pound if it had put up ite Bank rate American to grasp the true meaning TRADE TENDENCIES. |

Incorporated by Special Imperial

Charter, 1809.

Central Bank in Porman.

in the critical days before Septem-of the place into which his country

Competition.

ber 21, when the pound fell. Pro- has leapt at one bound. As it is, Co-Operation to Replace fessor Rogers is too shrewdly ac- according to Professor Rogers, "in facts and a world dominated, as is ours, by Bank-Notes asued Arstage amount...Yen. 15,000,000 quainted with business

Bentiment to cherish this delusion finances the responsibilities of so of the economic cloister. When high a position are as delicate as Karenko, Iling, Matong Kanto, Balochik, Taichu, Talon, general confidence is shaken, he tells they are colossal. Far from appre- Takao, Tamsul. Toea, Helto, Taito CHINA-Shanghai, Bankow. Amoy,

Below, Canton.

BRANCHES AND AGENOIRS ( JAPAN |—Toyko, Yokohama, Kobe, Quaks. FORMOSA-Iran, Kag!!

OTHERS-Hong Kong, Singapore, Borsbays,

-York, Daims,

LONDON BANKENS:

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

In the course

on of a paper "Modern Trade Tendencies

And

TAX ON FEEDING-STUFFS.

Minister's Defence.

Sir John Gilmour, Minister of

the

Foochow us, "high rates, Instead of attract-ciating them, however, being ignor- where they are Leading," read be- Agriculture, recently addressed the Jing funds, by creating suspicion of ant of the position which begets fore a meeting of the London Sec-Central and Associated Chambers Semarang Batavia, Bombay, London, New monetary or credit disorder, lead to them, we certainly do not include tion of the Society of Chemical In- of Agriculture in London on

an outflow instead of an inflow of its responsibilities among our wor- dustry recently Mr. H. A. F. Lind-Government's agricultural policy. foreign credits." Another prophetic ries. We are neither knaves nor say, the British Trade Commission-Lord Liverpool presided. utterance that has been confirmed care-free morons. but simply chil-'er for India, said that the prevalling In a reference to his forthcoming

need for economy lately The Bank bas Correspondents in all the principal Mellon, was on the British debt to our

by a statement issued by dren. It is not a matter of shirking

had forced all Whest Quota Bill, the Minister said international responsibilities; intermediaries in the long chain he hoped the agricultural America:-

we do not even know that we have which links the primary producer munity would realise that for the with the manufacturer, and the first time agriculture was placed on any."

manufacturer with the ultimate con an equal status with industry. He sumer, to reduce their stocks of would say to those who were press.

Commerlal Dentres thinughout the world.

INC.

E. KAGURA.

THE BANK OF CHINA. 行銀國中

Alanger.

Head Office:-65. Broadway, New York.

HONG KONG THANG:

3. Do Your Road Central. Hong Kong, December 24, 1981.

Reorganized October 26, 1928, under

Capital

special charter of The National Gov- srnment as an

Surplus

Reaarves

.U.S.$6,000,000 .U.S.$1,572,454 .U.B.$1,908,209

INTERNATIONAL EXCHANGE

BANK.

BRANCHES:-

Amsterdam Осо

Pald-Up Capital

$24,710,200.00

Actwerp

Achana

Reserve Funds

.. 8,820,509.82

Reals

Olanow Havi Hamburg

Slow Napla

Pirmas

Peria

Berlla

Prang

Barri

Interlaken

Peking

HEAD OFFICE: SHANGHAI.

Bombay

Jeruzalem

Paleras

Lido

Loodas

Holleedazo Borsa

HONG KONG BRANCH:

Subscribed Capital.325,000,000.00

4, Queen's Road Central,

Brabi

Brussels Historiewe

Liverpool Lucerie Lup Lux

Constantinople Fonts Carls

Golobe

Cairo Calcutta CALDA

ستانی لا

Stamboul

ghanghai Southampton Blopper

BL. Morit

Xantein

Copenhagen Kalh Edinburgh Monich Parasca

Vienne

Yeale

our

Kosinus

Yokohama Villas

Zurfch

Branches of American Express Com. in Principal cities of United

Owing to our numerous branches in China and large connections in the important commercial contros of the world, we are able to extend ellents special facilities for domestic and foreign banking and exchanges.

We also handle the issue of Bonds | pany

and other Public Funds of the Chin: States of Americs and Canada. Bee Government both at home and abroad.

SHOU J. CHEN,

All classes of Commercial Banking Manager. Transactions undertaken.

Hong Kong, 6th March, 1981.

THE YOKOHAMA SPECIE BANK, LIMITED.

Established 1880.

Регзода! Investment secounta handled.

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

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

Head Office:-YOKOHAMA.

Branches and Agenels at: Alexandria

Batavia

Barlin

Nagasaki

Nagoya

Newchwang

New York

Osaka. Paris

Pelping Rangoon Fangilen (Makden)- Blo de Janeiro

E. W. DUGGAN,

Manager.

UNCLAIMED TELEGRAMS.

The following unclaimed tole

gram is lying at the office

of

the Great Northern Telegraph Company (Limited) of Den mark*****

Silverlead, from Kobe.

F. V. JENSEN,

Superintendent. Hong Kong, March 23, 1932.

The following unclaimed tele gram is lying at the E.E. Tele graph Co.'s office.

Nicolson, from Helmond.

C. C. CLARKE,

Manager. Hong Kong, March 18, 1982. :

'Brink Your PRINTING Problems to Us'

THE NEWSPAPER KIITERPHIES LTD, UNIRA MAIS, ULAR » SA WYNDHAM, ST.

THE BANK OF EAST ASIA, LTD.

Established 1918."

.HEAD OFFICE:

10, Des Voeux Road, Central

BAHÒNG KONG.

Bombay Calcutta

#

Chingchun

Dairen (Dalny)

Hamburg

Francisco

Hankow Harbin Hong Honolulu

Senttia Semaran

Konz

Batmans all

Capital and Surplus- Total Resources.....

Karachi Kobe..1

London

Los Angeles

Tantile

Singapore Soerabaya Bydney Tientsin Tokyo:

Thington

Interest allowed on Current Ac counts, y

Deposits received for fixed parlod at rates, to be obtained on application.

Hong Kong, 11th March, 1939.

***** Over ELF 8,000,000.00.

******, over, HL.$30,000,000.00 ° Every "description of Banking and Exchange business transacted.

Current and Fixed Deport Accounts in local and for-

elyn agrrencies, opened for ellerta, ...!!

Savings Account and Bafe Deposit Boxas. Branches and Agencies all over the world,

KANTON

W18

com-

forgotten that every exception

He

A Powerful Argument. "One powerful argument for the

Ingenious Hoax. reduction of the British War Debt Nevertheless, in the eyes even of to our Government cannot, however, this somewhat acrid critic of his goods, whether in the raw or in the ing them to add to the free list be placed in the sentimental cate countrymen, there is hope that de-manufactured form, to an absolute under the Import Dutles Bill that

minimum. In gory. Since the various instalments pression if continued long enough. position was different, and it was fact that there

pre-war days the they must not be unmindful of the of that debt were negotiated and may force the achievement of cer-the custom for each Intermediary necessity for a revenue tariff and an urgent spent in this country our price level tain reforms. He shows that it is

to stock anything from four to six that, whatever the arguments-and has fallen by perhaps 50 per cent., becoming increasingly clear to the months' supplies. Nowadays, when many of them were valid-for this thereby approximately doubling the great American industrialists that stocks were kept at a minimum, two or that exemption, it must not be actual repayments demanded. Hence, high protective tariffs are no longer cardinal results emerged. In the while price level movements for the an aid but indeed a severe handicap: Arst place excess and deficiencies of might reduce the possibility of re- future moet certainly cannot be that the even more powerful inter-primary production were thrown venue. On the free list at present forecast with any assurance what national banking houses are con-into violent relief. In the second they had included the basic founda- ever, much sound argument can be vinced that, if American Investors place, and, by implication, producers tions and the moat extensive of the advanced for reducing the debt-are to be paid interest on their for-and consumers were at much closer feeding-stuffs in cottonseed, and which alone was settled at nearly its eign loans, the country's tariff policy grips, because the intermediaries lizace

had face value-to about one half its must be radically changed; that were no longer selling or buying abstained from putting imported dallberately present total, and for placing its even for the Middle Western farmer from stock. Owing to the change cake on the free list. The Govern future payments on a sliding scale "the ingeniously concealed boar of conditions, Mr. Lindsay did not ment desired above all things to which would keep them in canson- seems at last to have become transsee any chance in the near future, encourage ance with price movements in this parent"; and that the

the manufacture of country. In the present severe working man is learning that the revival of the practice of stock-knew with certainty that the or to any appreciable extent, of things in Britain, where they crisis with which the British Gov-high protective tariff is not only holding by intermediaries. Similar- ernment is faced, such a move would responsible for prolonging and ag- ly, in tif question of "future" trad production were sound and good. gravating the present depression,ing he saw little prospect of a prove most constructive,"

Since this was written, the argu- but is also, least indirectly, caus-revival of the regime. From modern

On the other hand, if it were ment has been strengthened by the ing the migration of a highly Im-developments it seemed likely that found at a later stage that those depreciation of the pound, as was portant portion of American Indus stability would come not so much industries which were manufactur- so opportunely pointed out by Mr.try itself. Thus for the first time

from any revival of speculative ing in Britain' were treating agri- Mellon. On the subject of the in America's history the serious effort as from the spread of the culturists unfairly in the matter of foibles of his own countrymen-the evils of her high protective policy practice of long-term contracts. those commodities such as, cake, it. corruption and injustices which he are becoming

would then be open for the agricul- Lack of Co-ordination. akows to be tolerated in connection numerous and powerful en-

Another serious feature of world turists to state their case and for with their tariff polley, and their ough to seal its

doom. Let markets to-day, said Mr. Lindsay, foreign cake, if necessary, to be eagerness to export capital combin-us hope that Professor Rogers was the lack of co-ordination in put on the free list. He did not ed with a determination to maintain will quickly be shown to be right, price levels which presented itself in think that would be necessary.

American

clear to those

trade - chaticles and so make pay for the effect on world trade of a ment diffkult of debts due to them- lowering of the American tariff wall' Professor Rogers is frank and out- would be incalculably beneficial.

qualities and circumstances of

many forms: Until the prices of The problem of maize was not raw materials and manufactured quite so simple as it appeared. goods drew closer together, trade The Interests of some parts of our could never be established on a real- Empire were vitally bound up with ly satisfactory basis. The most im just this problem of maize. Was it states tho Roview, that between Portant factor in reducing the cost asking too much that they should the end of September, 1981, and to the pubile was the cost of disallow that problem with many. Checking Growth of External Debt, the middle of January, 1982, the tribution, but in some extraordinary others to be considered at Ottawa? note circulation increased by about way the laws of demand and supply Between September 21 last (when £24,000,000, while the Government's seem to have got jammed; but until - Britain suspended the gold stand silver boldings in the paper cur the public was able to secure the

INDIA'S GOLD EXPORTS.

ard) and the end of January India rency reserve decreased by about full benefit of a fall in the whole-at which he was often compelled to has exported gold to an amount £10,000,000. Part of the Increase sale prices of any given commodity, sell, would secure their own natural exceeding £80,000,000. states the in circulation may perhaps be atit was useless for the producer to readjustment through increased de- Midland Bank Review.

tributed to a rise in commodity hope that the low wholesale prices, mands. It seems likely. It is ended, that prices since the suspension of the Continued at foot of next column) most of the gold so far exported gold standard, as well as to the

has come from stocks bald dealers and other large or wer holders. The gold premium offered speculative proût on amount to trading stocks ordina held to meet Internal, demands. It is perhaps not mere ace

seasonal expansion at the end of, the year. T

KOMPSAAME from the gold salen.” "Nevertheless, taking into ac-The get result of India's gold

the depressed condition of exports on her position relat -cons able proportion the rest of the world is tha

tend to reduce, or at least. the increase must be ascribed to the demand for currency Krising

In his concluding remarks Mr. Lindsay expressed the view that the laws of economics, as we have in herited them, were base fundamental e alowly passing AWAY new princi

tition.

growth of her met external debt.

trada perunter

extent on co-