1932-06-28 — Page 2

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

.........$80,000,000 Authorized Cupilial ..................... Issued and Pully Paid 20,000,00 Beer Fund Commu

berting

£4,300,000 **** $10,000,

Beurre Liability of Propesalon. @0,000,000

HEAD OFVIOR: MONO KONG.

BOARD OF DIRECTORS-

Hon. Mr. J. 4. Pubecon.

Chairman.

4. E. Fourca, Reg.

Deputy Chairman.

Hoa, Mr. W. . Bell,

1. H. Dayton, tag.

"

1 T. Jones, Be

8. Wiskis, og

ANOT

BANGIOS DATAVIA

BOMBAY

CALOUTTA

CANTON OKEFOO COLOMBO DAIREN V000NOW HAIPHONG

J. A. Humm

7. B. B. Shan, 'Daq.

J. P. Warren, Kaş,

V. H. Orayburn, Z+].

Chiat Manager

BRANQUES :-

LONDON

LYONS

MALACOA

MANILA

MUAB (Jobert)

MUZDEN

NEW TORX

PRIPINO

PENANG

BANDOOK

BAIOON

BAMBURO

SAN PRANGIBOO

BANKOW

SILANCHAL

BINDATORE

GOURABYA

BUNGEI PATANI

TIENTSIN

HAHEIN BONGKEW

1701

JOHORE

KOAK

KOWLOON

KUALA LUMPUR

་

TOKYO

TSINGTAO YOKOHAMA

Current Acemats opened is Local Durnin and Feed ponite recaived for owe your or abortse periods in Tcal Company and Alerting terms which will he quoted on application. Hong Kong, Bib April, 1931.

HONG KONG SAVINGS BANK.

The Bense of the above Bank a coudrothe HONG KONG AND SHANGHAI BAKK But be able 1KG CORPORATION.

pletion.

•FOR THE MONDRONG AND HRANOHA! SAKKING CORPORATION.

V. M. OKAYURAN,

..Chand Slang.

Hong Kong, 7th February, 1933.

THE BANK OF CANTON, LTD.

Established 1912.

Head Offee-Hong Kong, Authorian Capital (I.K. Currency) ...$11,000,000 Paid-Up Capital, J Berri Ford

BRANCHES-

8,600,000 1,100,000

Canter. Shanghai, Hankow, Śwshow, Bangkok, How Teck and Des Preaders.

LONDON BANKEES :--

The Lloyd's Bank, Limited.

CORRESPONDENTS

In all principal cities of the World.

Torsign Exchange 'and banking business of stacy description fepassoled.

Bets Depot Boxse trarious alvos) së a guarly ensul of rom

LOOK POONG SHAN,

Chief Manager.

THE BANK OF CHINA: 行跟國中

Beorganised October 26, 1928, under

special charter of The National Gov.

ernment as an

INTERNATIONAL EXCHANGE

BANK

Subscribed Capital

Paid-Up Capital

Reserve Funds

.$25,000,000.00↑

-$24,710,200.00 | $2,820,503.82

HEAD OFFICE: SHANGHAL

HONG KONG BRANCH:

4, Queen's Road Central.

Owing to our numerous branches in the im- China and large connections portant commercial centres of the woll, we are able to extend to our clients special facilities for domestle

and foreign banking and exchanges.

We also handle the issue of Bonds

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1863.

HEAD OFFICE: LONDON.

Paid-up Capital

BATAVIA

THE CHINA

MAIL.

THE HO HONG BANK, LTD.

· (Established · 1917.) HEAD OFFICE SINGAPORE. Hong Kong Branch: 13, Queen's Rd. C.

Authorised Capital Straits $20,000,000 Issued Capital

8,000,000

Paid-up Capital

4,000,000

Reserve Liabilities of

Shareholders

..

4,000,000 2,687,000

Surplus

Branches, Agencies and Correspon- dents in the principal cities of the £8,000,000 world,

Every description of Hanking and ..£3,000,000

Exchange business transacted.

TAN ENG HOOI, .£8,000,000

Manager.

KEDAY

NEW YORK

THE NATIONAL CITY BANK OF NEW YORK.

Reserve Fund.. Reserve Liability

of Fro--

prietors

Agencies and Branches:

ALOR STAR

AMRITSAR

КОСВЕНО

BANGKOK

MADRAS

MANILA

BOMBAY

CALCUTTA

CANTON DAWNPORE

PEITING (Folding)

FEMAND

HEAD OFFICE: 65, Wall Street. NEW YORK.

RANGOOX

COLOMBO

BATOOX

DELHI

SEMARANG

HAIPHONG

SERENEAN

HAMBURG

BULANOMAI

HANKOW

SINGAPORE

HARBIN

SITIAWAN

HONGTONG

SOURABATA

BELGIUM

MEXICO <

TLOILO

TAIPINO

BRAZIL

PANAMA

TIENTSIN

KARACHI

TONDXAX (Bhuket)

CHILE

PERU

KLANG

TRINOTLO

CHINA

PHILIPPINE

YOKOHAMA

KUALA KANGSAR

ZANDOANDA

COLUMBIA

ISLANDS

CUBA

CURA

DOMINICAN

QZBJ

ITOR

HOFE

XUALA LUMPUR.

Capital, Surplus and.

Undivided Profits U.S.$226,503,776.00

Branches in-

ARGENTINE LONDON

and General! REPUBLIC

Foreign Exchange Banking business transacted.

Current Accounts opened and Fix-TALY ed feposita received for one year or shorter periods at rates which will be quoted on application.

J. STUART,

Manager. Hong Kong, 11th April, 1992.

THE NATIONAL COMMERCIAL

SAVINGS BANK, LTD.

CURRENT ACCOUNTS. Chequea Cashed in 15 minutes while you wait. SAVINGS ACCOUNTS

We offer good rates of interest. TOTAL RESOURCES

$19,000,000 EFFICIENT-TRUSTWORTHY- RELIABLE-COURTEOUS,

144-150, Des Voeux Rd. C

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

TUESDAY, JUNE 28, 1932.

avallable out of the reserve fund cost more pounds, a rise in the already built up.

general ek of sterling prices is

Commerce and by, though the

Finance

FINDING THE NATURAL LEVEL OF STERLING

World's Confidence Forcing Us to Fight to Keep & Down.

MENACE OF "PANIC" MONEY. Depreciation Provides Stimulus to Exporting Industries.

our

fund as an addition to the debt of has not yet been seen.

the country, for to whatever extent Too great a depreciation of the this sum is used there should be pound must be avoided, because our corresponding assets either in income from foreign investments, which is largely paid in sterling, foreign exchange or gold.

The fund can be largely financed must not be allowed to fall too far, by issues of Treasury bills or by a otherwise we may have dimculty in providing food for our vast popula loan.

tion. The limits within which Treasury Bills.

sterling is to be allowed to move Treasury bills are the bills of ex-must be decided upon by our s change sold each week to the banks thurities, upon whom a great re- and other financial houses by the

be

Ultimate Rate.

that

bo

Government for the purpose of borsponsibility rests. rowing money. This money i As *to the ultimate rate generally used to bridge the margin st which re-stabilisation will between current Government re-

effected,

cannot venue and expenditure.

Unless there are untoward deve-decided until the world has lopments, such as genuine, flight settled down, and the natural from the dollar or the franc, It level of the pound has been ascer- tained. Yet common honesty de- should not be necessary to utilise)

On the other mands that we shall fix the new the fund to the limit.

cable.

↓

If and when we make a composi

A little more than eight months adjustment. The nation responded

jeven £150,000,000 might prove ining regard to all the needs and cir ago we in this country saw the be admirably. We went further, and hand, if such events should occur, parity at as high a point as, hav- ginning of what might have been began to pay off the vast credits adequate to meet the demands for cumstances, is reasonably practi-

the pound which would follow. a complete collapse in our cur- previously arranged in the last

Incidentally, this is not the only rency. Only after a bitter strug-desperate effort to save the pound.

until early Foreigners were Amased. The effort the Treasury is making to tion with our creditors we must get PORTO RICO

gle, which lasted

ensure the solidity and strength of as near 20s in the pound as possible, It has but, at the same-time, we must not STRAITS

SETTLEMENTS March, was that collapse averted, absence of panic here, the balancing

writes J. Grahame-Parker in the e fthe Budget, the stability of the the London money market. INDIA

URUGUAY

Government, and the adoption of a now made an issue of Three per declare a dividend which we cannot Daily Telegraph, VENEZUELA

re-established. policy

¡cent. Treasury Bonds at alightly be reasonably sure of paying.

We cannot on any account risk a APAN

In the past few weeks, however, tarift

below par to an unlimited amount.

In conclusion, it think Commercial and Travellers' Letters & rapid succession of events has credit and prestige.

The foreigners began to

This issue may be only indirectly second default. of Credits, Travellers' Cheques, Bilis

with the Exchange is amazing, but none the less true, of Exchange and Cable Transfers completely changed the situation,

and the problem now is to prevent that too few of their own units were connected Current accounts bought and sold. and Savings Bank accounts opened and the pound rising in value to being given for the pound, and they Equalisation Fund, but it is a cog that the initiative which slipped hastened to buy sterling while it

in the machinery which is being from our grasp only eight months jerected to husband the resources of ago again rests with as Fixed Deposits in local and foreign rapidly.

Old England has proved once The story of these startling was, so, cheap. currencies taken at rates that may be

the money market, to hold in reserve ascertained on application to the Bank.

the world now looks to her for a We are also able to offer our Cus events is the story of the restora-

If this remarkable change had for meeting any calls which may more that she is not played out, and

Thus our ability

Head. tome the services of the Branches tion of world confidence in our in our financial

to maintain a reasonable stability & of the International Banking Corpora- currency and tion in Spain and also of The National stability, as

a result of which been brought about by an increased be made upon it.

use of our financial in sterling quotations is fortified. City Bank of New York (France), much of the world's liquid money outward movement of our goods, or

an increased

Value of Cheap £ S.A., in Paris and Nice.

has returned to London.

it would have been R. M. MCLAY,

due to Incidentally, this operation opens Manager.

It is no exaggeration to say that services

But it wAS welcome. the existence of this huge mass Hong Kong. May 13, 1932,

The mere fact that the new of floating credit, ameanting to the return once again of that dan-up the way for War Loan conver THE BANK OF TAIWAN, LTD. hundreds of millions of pounds, gerous floating credit, to growing ston.

interest suggests lower yields and has been, and will continue to ba, distrust of other currencies, and to bonds carry only 3 per cent. normal lower interest rates generally, This (TAIWAN GINKO.)

one of the main menaces to world speculation.

In consequence, the pound stability. Part of this great mass of floating balances represents threatened with violent fluctuations, in itself should act as a deterrent to unchanged at 18. 3d. yesterday, and legitimats holdings of prudent for-which could but be a serious embar-the influx of the undesirable foreign the market had a somewhat easy eign bankers, but the greater part rassment to trade and to London's short-term money..

HEAD OFFICE:Talpeh, Formosa, Incorporated by Special Imperial Charter, 1899.

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

World's Money Market,

It is this "panic" money which is the real menace. It is as dan gerous as shifting cargo to a ship The Bank has Correspondente in all the principal without bulkheads which has run

into rough water

£150,000,000 Fund.

W&S

DOLLAR UNCHANGED

Easy Undertone in the Market.

The Hong Kong dollar remained

undertone, with little business

The cross-rate was 8.62.

LONDON SILVER PRICES.

un-

In London, silver was unchanged. Central Bank in Formosa. Bank-Notos Sued average amount Yen. 48,000.00 is money which ought to be used ability to function effectively as the Meanwhile, what are the advant passing.

BRANCHES AND AGENCIES:

in long-term investment, but which financial centre of the world. It ages of a depreciated pound? The JAPAN:-Tokyo, Yokohama, Hobs, Cake.

Xar FORMOSA-G

Karenko, us, through lack of confidence of its was essential, therefore, to take low level of sterling means that we Small business was reported on a

Silver prices were Makang. Nasto, Shinchiku. Taloko, Tino,

holders, is now kept in liquid steps to meet any sudden Influx or have to give more pounds to buy steady market. Taksa Tameui, Toce, Esico, Talla.

Amoy, Foochow form.

efflux of short-term capital and to our imports, while the foreigner Hankow,

market was steady. speculative movements, has to give fewer of his units in changed in New York, where the CHINA-Shanghai,

repel any Swatow, Ca OTHERS Hong Kong. Singpore. Soerabaya, Bemarang, Balaria, Bombay, London, New

For that reason, the Chancellor of exchange for exports... York, Dairen,

LONDON BANKERS:

the Exchequer decided to set up an We are, therefore, a good country Exchange Equalisation Fund, and to to buy from and a bad country to In other words, the depre clated pound acts as a tariff on all borrow up to $150,000,000 for the sell in. purposes of that fund.

In future, If sterling is in too imports and confers a correspond- It moves, according to the whim of its holders to the centre con- keen demand, pounds will be pro-ing bounty upon. all exports. sidered the safest and where it ided from the resources of this Hence it provides a stimulus to fund against corresponding amounts our exporting Industries, which as costs in those fa- can earn the highest interest.

For many, many years, London of foreign exchange and/or gold.lasts as long has been supreme among the On the other hand, if sterling is dustries are not permitted to rise,

As, however, foodstuffs and raw monetary centres of the world, offered for sale, the necessary sup- tele-partly owing to her geographical plies of foreign currency will be materials which we buy, from abroad rate was quoted #1--G$8.8114. .1. 20,015,000 grams are lying at the Eastern Ex-situation, partly to the natural

tension Telegraph Co.'s office:

(NETHERLANDS TRADING SOCIETY}

BANKEES.

Established 1994,

Hong Kong Offs:-11, Quana's Bond Central.

Authorized Capital

.1.150,000,000

.f. 80,080,000

Paid-Up Capital Reserves

Head Othe~STERDAM", Easter Houd OS:-BATAVIA.

Besnokon :---Bandjarmasin,

Commerola Centres throughoss the world. I. NAQURA

HONG KONG BRANCH:

B. Des Vex Road Central. Hany Kony, December 9, 1981.

Manager

UNCLAIMED TELEGRAMS.

The following unclaimed

characteristics of her people, and

the soundest, the most efficit and most highly organised capital

The Far East Trading Co., partly to the skill of her bankers French Bank Building, 3rd floor, and merchants, which made her Bandong" Bombay;

Djember, Dick from Birmingham. Calouts, Che:bols jake, The Esquo*, Fiddah, Kobe, Palembang, Fake Mali. Medea,

·Longon, Bonang. Hangers, Butterdam"; Besarang, Shanghai, Bingapore, Sown! Mia, Gosenkarta, (Holo), Tegil, Tyliehjøp and Wallerroad",

*hone othoou have Bale Deposit Boxed to Let

LONDON BANKERS |----

NATIONAL PROVINCIAL BANK VID. Orrespondante all over the world. Banking Bual- wow at every description izanaanted.

A. STOKKINK, Hong Kong, 21st June, 1982.

THE

C. C. CLARKE, market. As a result of these fac

Manager.tors we were the world's creditor

Hong Kong, June 28, 1982,

(Limited)

on balance year after year.

What was more natural, there The following unclaimed talefore, than that foreigners should grams are lying at the ance of desire to place their funds in Lon- the Great Northern Telegraph don?

of Den Company mark:-

Camperlane, from Shanghai. Sovfracht, from Hamburg. Havlicek, Peninsula Hotel, from Polping.

F. V. JENBEN,

Superintendent.

and other Public Funds of the Chin AMERICAN EXPRESS COMPANY, Hong Kong, June 15, 1932. ~ ess, Government both at home and abroad.

SHOU J. CHEN,

They did so to such an extent) that, in August last, it war' cal- culated that, we owed something in excess of £600,000,000, which had been lent to us by foreigners op short-term loan. Then came the crisis!

The world depression had in- creased our debt balance on trad- ing account the natural outcome of our excess of importa evRE ST ports of goods. It had also reduc

COASTWISE ed our foreign investment income,

INC.

Head Office: 85, Broadway.

Hong Kong, 5th March, 1981.

New York.

Capital

THE YOKOHAMA SPECIE BANK,

Surplus.

LIMITED.

Reserver

.IJ.S.$6,000,000.00 „U.B.$1,832,832.04 ..U.S.$1,458,116.78

Established 1888.

BRANCHES —

An

Reserve Fund

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

.................... Yen 117,300,000

Head Oos--TOKOHAMA,

Branches and Agracias at:

Alexandria

Nagasaki

New hwang

New York

Batavia

Berlin

Nagoya

by

"ALGIR" BENNETT.

interesti

book

of Cartoons "Happenings on the Chma Court,

PRICE $1.00.

Now on ante at BREWERS,

TEAWAY, LAIDLAW

OR BOOK-STORE.

thi Publishers

which was £250,000,000 in 1929,

in and $295,000,000

1930 to £161,000,000 last year.

Foreigners Amazed.

By the combination of these two factors our favourable balance on all accounts, which we previously enjoyed because our foreign in- vestment Income and the earnings from our banking and other finan cial services more than offset our trading, defefency, fell from over $130,000,000 in 1929 to $89,000,000 in 1980

year it disappeared alto For the first time in our therefore, we

21.30

23.25

*** London, June 27. Closing silver prices in London to-day were:

Juba 25. June 27. 16% 16-11/16 Forward 16-11/16 16%

Spot

The London on New York cross

AO FC Average of Shanghai Stocks

1212

TWENTY! KVTOYSANSAINVE

STOCKE

Bombay

Calcutta

chun

(Delay)

uping

•Mangoen.

(Mullen) Rio de Janeiro

Branches of American Express

pany in Principal cities of United

States of America and

All classes of

OREL

yond our

the beginning

past week, and the same applies to

fons in