1932-07-12 — Page 2

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BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION,

Authorised Chattal van

kwood and Puls Paid-up anun

-Hosocre Faris-

theeling

£50,000 $10,305,00

1,600,000

Boterra Einbilliy of Proprietore #93,000,00

STRAD OFFICE, HONG KONG.

BOARD OF DIRECTORS:-

Hon. Mr. J. J. Paterson.

Chelyman.

T. E Pearce, Esq.

Deputy Chairman.

Hoo Hr. V. U. Ball...

Pi

11. Corpios,

Kog.

IL T. 2000, 10 J. F. Warran, Kag.

ΜΟΥ

BANDROK

V. M. Grayburn, Esq.

Chist Manage

DRANCHER :-

T

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter; 1853.

THE CHINA MAIL.

THE HO HONG BANK, LTD.

(Established 1917.)

HEAD OFFICE-SINGAPORE. LOCAL BRANCH:-

* 13, Queen's Road Central

Authorised Capital Siraits $20,000,000 Sunued Capital

Paid-up Capital ....

Reserve Liabilities of --

Shareholders

44

8,000,000

4,000,000

4,000,000

Commerce and Finance

BRANCHES and AGENCIES in the NATIVE RUBBER IN

principal cities of the world.

Every description of Banking and .£3,000,000) Exchange business, transacted.

KO LEONG HOE, ..£3,000,000)

Managing Director.

DUTCH EAST INDIES.

Always A Troublesome

Factor.

HEAD OFFICE: LONDON.

Paid-up Capital

Reserve Fund

Reserve Liability of Pro-

prietors

.£3,000,000

Agencies and Branches:

ALOR STAR

AMRITSAR

KUCHIKO

THE NATIONAL CITY BANK OF NEW YORK.

OUTPUTS FALLING.

London.

BANGKOK BATAVIA BOMBAY CALOUTTA

· CANTON

DAWNTOSE

COLOMBO

鲜花

HALPHONG

KADRAS

MANILA

KEMMY

NEW YORK

BANDOON

BAIGON

JEDU

PRIMING (Peking)

PENANG

HEAD OFFICE: 55, Wall Street, NEW YORK,

Capital, Surplus and

Undivided Profits U.S.$225,503,775.00

Branches in

ARGENTINE

ARMARANG

-AERENDAN ·

HAMBORO

SHANGHAI

HANKOW

SINGAPORE

LONDON

HARBIN

SITIAWAN

LYONS

HONG KONG

KOURABAYA

BELGIUM

MALACCA

ITATED

TAIPINO

BRAZIL

MANILA

Poit

TLENTMIN

CALCUTTA

MUAR (Johor)

KARAGHI

YONDKAH (B)

CHILE

MURDEN

KLANO

TBINGTAO

CHINA

NEW YORK

KODE

YOKOHAMA

COLUMBIA

PEIFING

KUALA LUMPUR

ZAMBOANDA

CUBA

Foreign Exchange

BATAVIA

BOMBAY

CANTON CHEFOO COLOMINO

TENANO

BANGDON

DAIREN

FOOCHOW

KAIPHONG

SAIGON

HALLURG

NAN PRANCISCO

BANKOW

SHANGHAI

BARBIN

SINGAPORE

HONGKEW

SOURABYA

UNGEI PATANI ..

TIENTNIN

TSIKO140

ILOILO

ІРОП

JONORE

БОВЕ

KOWLOON

KUALA LUMPUR

TOKYO

YOKOITAMA

Curnal Arcount opened it Laxen Curruasy and Fixed Deposita monived for one year of short periods in Loral Company and Sterling Lernca which will be quoted an application. Hong Kong. th Apell, 1992.

HONG KONG SAVINGS BANK.

1

The Brions of the above Bank is conducted

by the HONG KONG AND BHANOHAI BANK- NO OPORATION. Eu'as 'runy de obtained

application.

FOR THE HONGKONG AND BUANGHAY BANKING CORPORATION,

V. M. GRAYBURN,

Ciel Manager.

Hong Kong, 27th February, 1031.

THE BANK OF CANTON, LTD.

Established 1912..

Head Oße: Hong Kong. Authorland Capital (1,5. Currency)...@11,000,000 8,685,000 Fald-Up Capital anlamamisteks

...... 1,100,000

BRANCHEN:-

Canton, Shanghai, Yankow,

Swalow,

Bangkok, Yark and San Franci

LONDON DANKERS;--

The Lloyd's Back, Limited. CORRESPONDENTE

Es all principal cities of the World,

Folga Exchange and banking busiziven of

wey description transacted.

Bila Depous Basse (various alam) stra yaariy

Dental of desen $5. So $40.

· LOOK "POONG SHAN,

Chief Manager.

THE BANK OF CHINA.

行銀國

Reorganised October 26, 1928, under

spacial charter of The National Gov ernment as art

INTERNATIONAL EXCHANGE

BANK.

Subscribed Capital .....$25,000,000.00 |

Paid-Up Capital

Reserve Funds

$24,710,200.00 .$8,820,583.82 |

HEAD OFFICE: SHANGHAI.

HONG KONG BRANCH:

4, Queen's Road Central.

Owing to our numerous branches in China and large connections in the in- portant commercial centres of the world, we are able to extend to our clienta special facilities for domestic and foreign banking and exchangBI.

We also handle the issue of Bonds and other Public Funds of the Chin-

abroad.

and General DOMINICAN

Banking business transacted.

REPUBLIC

Current Accounts opened and Fix-INDIA ITALY

LONDON

MEXICO

PANAMA

PERU PHILIPPINE ISLANDS

PORTO RICO STRAITS

TUESDAY, JULY 12, 1932.

present violent crisis is funda AUSTRALIAN POUND'S

mentally the result of the fact that

countries has departed from this programme without the slightest regard to the invitable сод Ведрейсов,

WORLD'S MONETARY in ground. An achievement of

CRISIS.

Professor Cassel on Currency Control.

DEPRECIATION

"Wrongly Kept Below Sterling."

"After 1925 the gold economizing policy continued for some tline to

particular importance was that it succeeded in preventing India from putting gold coins into circulation when that country adopted the gold Melbourne standard. India's demand for gold

London, June. 12.

At the annual meeting of the Properties Trust, Mr.

coins would probably have been so R. H. Caird, who presided, said that great that it would completely have the company's main trouble was the frustrated the whole gold economiz.

ing policy. For some years also a depreciation of the pound. The certain co-operation between the

THE VALUE OF GOLD.

Central Banks succeeded in re- main reason given for keeping the Professor Gustav Cassel deliver stricting their demands for gold Australian pound so far below the

so far that it was possible to pre- One of the greatest difficulties ed at Rhodes House Oxford, recent-vent any considerable rise in the value of the English pound was that that had to be faced in the rubly, the first of three Rhodes

value of gold, The world reaped it was an advantage to the Austra ber restriction discussions, which Memorial lectures on "The Crisis the fruits of this policy in ultimately ended in failure, was in the World's Monetary System.”

economic development in which ilian primary producer selling his Professor Cassel began by show countries had their share, and, that presented by native produc-

products overseas,

He regarded tion in the Dutch East Indies.ing how the fluctuation in the Even now that all idea of restric- value of gold brought about by the which for some countries meant a

In the that as fallacious, for the advantage great deal of prosperity. tion has been abandoned, native War had destroyed the old popu basic economic conditions there gained on the net value of produce production in Java and Sumatra lar faith in a definite and objective was no reason at all why this deve-

231

shorter periods at rates which will be3al and Travellers' Letters/Provement in values, however standard was, in the first half 01 sources, technical progress and jhoped that the Australian Govern-

ed Deposits received for one year or quated en application.

A. K. FERGUSON,

Hong Kong, 8th July, 1932.

Manager.

THE NATIONAL COMMERCIAL

SAVINGS BANK, LTD.

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

We offer good rates of interest. TOTAL RESOURCES $19,000,000

SETTLEMENTS will prove a troublesome factor, ly given value of gold as the com topment should not go on, and the sold in London was outweighed by URUGUAY owing to the rapid response which mon basis for the world's monetary tremendous productive powers in- VENEZUELA native producers make to any im-system. Yet a return to the gold herent in the world's material re-the heavy costs in Australia.. He

the twenties, the only means of of Credits, Travellers' Cheques, Bills small, states the Financial News.

capitalistic organisation, be allow The sharp reaction of native averting economic and social actaa ed to create wealth and raise the ment would not take theorists' ad- of Exchange and Cable Transfers

Current accounts production to price variations is trophe and of rendering possible a standard of life of humanity to the vice and force up the exchange. So bought and sold. and Savings Bank accounts opened and said to be especially pronounced convalescence of the world's eco-standard of their real capacity. Fixed Deposits in local and foreign now that quotations stand at such nomy.

But an indispensable condition for far as he knew, the preponderance currencies taken at rates that may be

To understand this Return to the gold standard had ascertained on application to the Bank. a low level,

such a development was always of banking and commercial opinion We are also able to offer our Cus-state of affairs it is necessary to required that greater stability of & tomers the services of the Branches realise that so far as the natives value should be provided for gold, that a certain degree of stability was averse from Government inter-

were secured for the world's ference... of the International Banking Corpora of Java and Sumatra are concern- The United States carried through tion in Spain and, slap of The National ed, rubber production is merely a process of deflation by which the lack of insight into the true nature An appalling monetary system. City Bank of New York (France) part of the family business, and price-level of commodities was re-

generally la not the sole source of duced, and consequently the value of the problem prevailed. Most breathe a more conddent air. The to be income. Native smallholders de-of gold increased from about 40 governing circles paid no attention stability of politics seems vote their attention to food and to about 67 per cent. of its pre-economic science and some of the of

to the very explicit warnings of assured and the general speeding up necessary measures towards other crops besides rubber.

War value. Other countries de- The extent to which individual sirous of restoring their currency most important countries complete-Budgetary equilibrium should be- THE BANK OF TAIWAN, LTD. natives are dependent upon rubber to a gold standard basis had to fix ly failed to grasp both the neces- come feasible. There is good reason sity of international co-operation to endorse the confidence of those for their livelihood naturally their commodity price-level in B and their particular responsibility who believe that Australia will be for the fate of the world's among the first countries to emerge monetary system.”

from the depression.":

EFFICIENT TRUSTWORTHY---- RELIABLE COURTEOUS.

144-150, Des Voeux Rd. C.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING SOCIETY)

BANKERS.

Established 124

Hong Kong Olow:-11, Queen's Road Content.

Authorized Capital Pald-Up Capital

Reserves

Calmulia,

.1.150,000,000)

9.A., in Paris and Nice.

B. M. MCLAY,

Hong Kong, May 13, 1932.

Manager.

(TAIWAN GINEO.)

HEAD OFFICE: Taipeh, Formoen. Incorporated by Special Imperial Charter, 1899.

varies greatly.

certain proportion to the American, The dollar was originally a paper Outputs Falling. If, however, the fall in values currency regulated so as to main- continues unchecked, as in recent tain a definite parity with gold. years, the number of natives who The connection was now reversed, cease production increases gradual- the paper currency being regulated! | FOR HOBA-Glenn, Engh Karenko, Xouluns, ly until only those are left who independently, and the dollar being

Contral Bank in Formoss.

BRANCHES AND AGENCIES:

Bank-Notes Jamund Average amount. Yen. 45,300,000

JAPAN 1-Tokyo, Yokobama, Kobe, Osaka.

Halong, Foto, Shirobiku, Talchu, Tainan, are almost entirely dependent stablised at a purchasing power Takao, Tamaul, Ton, Belto, Taits.

absolutely by the CHINA:Bhoghal, Bankow, Ainoy, Facebow, upon rubber for even the bare determined

Swalow, Canion.

York, Dairen.

OTHERSY Hong Kong Singapore Bourabaya. necessities of life; indeed, the U.S.A.'s management of its cur Semarang, Batavia, Bantay. London. New natives included in this category rency, while the value of gold had tap their trees all the harder. In simply to adjust itself to this value the effort to maintain as far as of the dollar.

LONDON BANKERS:

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

poisible their standard of living. "Quite clearly, under modera

The Bank he Correspondents to kill the principal When prices begin to rise, on the conditions the world's gold market

Commeralal Centres throughout the world. A. NAQURA,

HONG KONG BRANCH

12, Den Vaux Road Central. Hong Kong, December 24, 1991.

.1. 80,080,000] THE NEW

.. 20,015,000

"

Head OfAMSTERDAM”. Easter Hand Oos:-BATAVIA, Brasche-Bendjermasin, Bandown Bombay,

Chertbon, Damber, Djok jsker The Hague, Jiddah, Kobe,: Makmur, Medza, Palembang, Paks. jangka, Penang, Bangoon, Botterdam”, | Samarang", Shanghal, Stagspore, Spers bala, Cvrakaria (Boia), Tugal, Tatjep and Weerreden”.

*Those offes bare Safe Deposit Boxas is Tat

LONDON BANKERB:-- NATIONAL PROVINCIAL BANK LID.

Correspondsoit all over the world: Banking Busi new of avery descripting transected.

A. STOKKINE. Hong Kong, 21st June, 1999.

THE

MADA

ese Government both at home and AMERICAN EXPRESS COMPANY,

SHOU J. CHEN,

Manager.

Hong Kong, 6th March, 1981. -

THE YOKOHAMA SPECIE BANK,

LIMITED.

Eatablished 1880.

Capital (fully paid-up) Yen 100,000,900 Reserve Fund

Yen 117,800,000

Head Office:—YOKOHAMA,

Branches and Agencies at:

Alexandela.

Batavia

Barter

Bombay

Calentia

Canton

Changchun

Dairen (Baby)

Hamburg

Hankow

Now

Nagasaki Nagora Newchwang

York Osika Paris Peiping Rangoon

Fangtien (Mukden) Rio de Janeiro

Baz 'Francisco Seattle Bemarang Khangha Singapore

Kobi

London

Los Angeles

Manila

Shundnosaki

allowed on Current

INC.

Head Office:--65, Broadway.. New York.

Capital

Surplus

Keserves

Amatorkam

U.8.$6,000,000.00 ..U.S.$1,832,832.04 ...U..$1,458,116.73

BRANCHES -----

Berlin Marita

Hamburg HATIE Interlake Zerosales

Yhden

Branches af American Express Com- pany; in Principal ocitias cafe United States of America and Canada.

All classes of Commercial Banking Transactions undertaken.

handled.

Investment

OPEL

THE NEW

Маладос

Product of General Motors

OPEL

THE NEW

For Economical

Motoring

OPEL

THE NEW

For Minimum Cost

OPEL

THE NEW

For Maximuth Mileage

OPEL

THE NEW

Tél:-3-0-2-2-8.

OPEL

The Dragon Motor Car Co., Ltd.

other hand, families which former can no longer be considered a free ly had kept out of the market be-market, governed by objective eco- gin to tap their trees again, and nomic forces, in which a definite if the advance should continue the value of gold emerges automatical

Those who cherish the hope number of families re-entering the y market increases progressively.

that the world market for gold will Thus a report by the Agricul-gradually return to some such con- tural Department of the Dutch ditione grossly delude themselves. East Indies on Native Rubber Gul- The, gold standard of the future tivation In the last quarter of will always be a 'controlled or standard 1931 states that in the areas where managed standard, a the sources of income other than subject to deliberatt influence,"

The most natural object for rubber are important, rubber pro- duction has fallen off most; but in monetary policy was doubtless a the remaining districts where rab- certain stabilisation of the pur- ber la the chief or only source of chasing power of money. How far income, production has been better stabilisation would prove possible maintained. It is satisfactory to in the future we should only know notice, however, that on the whole when we had applied a rational exports of native rubber during policy of stabilisation for decades, the third and fourth quarters of and thus won experience and skill 1931 were less than during the in the matter. Obviously we could. first two quarters. This la es-never attain anything of that sort pecially pleasing, as during the if we never started that work. closing month of the year prices Hitherto the matority of economists were inclined to harden under the had been content with producing a influence of restriction hopes, whole literature on the difficulties, Since then there has been a fur- and had paid very little attention ther decline in production coinci- to the immportant results already!

attained by the stabilisation policy. dent with a fall in values.

Gold Production. Troublesome Factor,

The annual gold supply for the Nevertheless, native production future, however, was not likely to is going to be a troublesome fac be sufficient as a basis for a stable tor in the next few years, for with value of gold. "Roughly calculat- production in other directions fall-ed," Professor Cassel said, “an an- ing off rapidly, the trend of values nual production of gold equal to 3 will be to higher levels, although per cent. of the accumulated stock) the huge volume of stocks will of gold will be required for the necessarily result in the advance future to ensure that, without dis- being small. But, however small turbance of the general price-level the advance, native producers will of commodities, the world may ad- respond enthusiastically to the vance at a rate of progress corrès- position and will increase their ponding to that of pre-War days outputs gradually, and thus nega-namely, at about 8 per cent. per tive an improvement in values. annum. The world's gold produc- Therefore, native production, in: tion to-day is actually about two- creasing, as it does with any riso thirds of what we have found to in prices, will provide a factor be normally requisits to keep the which will keep quotations low level of prices constant. The de- your pending a revival in consumption. ficiency is so enorminus that ordin- Of this long-awaited expansion in ary, discoveries of new gold mean demand no signs are yet die little towards its repair. M cernible, and in this connection Experts are unanimous in their the sales tax of 8 cents per Ib. on opinion that gold production from tyres and 5 cents per lb. on inner present sources will sink consider- tubes which the U.S. Benste Fin-ably in the next decade... Of course ance Committes has approved, no man can say that the discovery after jettisoning the proposed of a new goldfield of real import tariff, is not, likely to assist conance is quite impossible. But the Bumption, as the tar

world has been, explored certainly be

contheroughly in search of golde

the price

lor to; for any other of Nature's resources,

sëri

and the pro

tion enveries, especi

ample supplies of

our

The Financial Times says: "Mer cantfle advices from Australia

DAILY CROSS- WORD PUZZLE.

(This cross-word puzzle has been made by an expert but readers are warned to look out for occasional phonetic spellings, such as harbor,' plow, and altho,)

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(abbr)

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truth

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(abbr) B-Fatigue T-Male descendantu

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YESTERDAY'S SOLUTION.

ANDACHAM FALLS TO ATTACK

Garrison Surprised By Enemies.

Last nigh

tured

W. DUGGAN

from eftir