1934-02-24 — Page 9

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SATURDAY, FEBRUARY 24, 1934.

HONGKONG BANK MEETING

(Continued From Page 7).

into China:

cotton

of

You all

THE CHINA MAIL.

To-day's Short Story.

SPELLBOUND

By Phyllis Bottome.

After a good time, when all the

without saying, but you may not being met by the issue of Govern- aware to what extent the trade of】ment bonds and not by increased "It is to be noted that rice m-China is now dependent on that taxation, the consequence is that portations have Increased consider part. To put it shortly, Shanghai the National Debt is steadily ably and that in value this item provides one-half of the Customs re-growing and seems likely before now heads the list of all imports venue; it is responsible for one-half long to touch 8,000 million yen. Mer husband with a mas could bathe if they liked up till FRS. JÓHN BLAKE loved where he had been told that they this is a surprising of the export trade of the country: "It is not necessary for me to fact, the reasons for which are 42 per cent. of China's foreign ship- say Very inuch about trade indi-sive proprietary affection. Christmas. Mrs. Blake thought it! complicated. but although 21 mil ping passes through Shanghai, it tions in other countries.

It would have been incredible to a splendid ́iden, but not very like lion plculs of rice were imported. claims to be the fifth greatest port know how things stand in this her not to love him; partly because John. this is, according to a recent ein the world, and 50 per cent of all Colony and how little genuine she thought husbands should be timate, only about one-fiftieth

foreign investments in China proper business there is compared with loved by their wive and partly be arrangements were made, the iden the total production of rice in this are concentrated there. In addi- business as we once knew it. The cause John was a very good hus had grown so unlike John that Mary immense country.

tion to this there

thought it was her own. ** are the great finances of the Colony are, how-band, "Manufactured

goods Chinese Commercial and banking ever, in a satisfactory state and When Mary first fell in love with "I have persuaded my husband," held the leading position amongst interests, no estimate of whose the outstanding Government debt John she thought: "If this is not she told all her friends triumphant- imports for a great many years but wealth has

like John, it must be wrong." But ly, rather as if John were a kind of yet been attempted. is insignificant in amount they have now dropped to a

very The main reason for this immense

after a few years of inseparable|juggernaut under whose wheels her. lowly place-sixth on the list-a concentration of wealth

Philippines And Malaya companionship her formula. uncon- wishes were usually slaughtered--- low in value as nearly forty years port is simply stated in the one owing to their sheltered position, "Because it is like John it cannot take me to Capri. Isn't it wonder- "Conditions in the Philippines,sciously varied. She did not say, "I have persuaded my husband to ago: the increased tariff of last

word "accurity," about which sub-have May, coming on the top of previous ject 1 may

shown little change. labe right"; but what reminded her ful?" remind you tariff revisions, is probably large Feetham wrote a valuable chapter there has been a gradual improve so much as what failed to remind derful as she had expected.

Judge Malaya and the Straits Settlements of John did not always interest her, Mary found Capri quite as won- ly responsible for this state of in his report on Shanghai.

The I can ment since the middle of last year, her of him. affairs.

therefore hardly stress too strong mainly due to the rise in the price

rocky, brilliant Island suggested to China's Development ly the necessity which we feel for of rubber and tin.

They had no children, and as they "..n interesting feature, with the avoidance of friction and offin trade which

The shrinkage were both good awimmers they great possibilities for the improve any impediments to

has

continued invariably spent their holidays to- ment of Chinese products, is the running of trade at that port.

the smooth without a break, from 1926 has al gether by the sea. work of the National Economic

One year, when John had been "These remarks on Shanghai much better feeling all round. making rather more money Council, which, largely under the

than naturally bring us to the difficult direction and inspiration of

Mr.

"You will, I fell sure, appreciate usual, he suggested that they should problems which face His Majesty's how much extra responsibility the go abroad for their holiday. They diplomatic representative in China disturbing factors and the difficult had often gone abroad before, as far and to the much-discussed matter conditions under which the bus-as France, but no farther. of his place of residence. Sir

T. V. Soong, is undertaking useful investigations into industry and trade. So far it has done little

runde available for this work more definite progress will be possible. Rond construction, publle health, and investigations into rural re- construction, sericulture, and the cotton industry have been its prin- eipal activities.

at that

He can look back well deserved satisfaction at sec

last been arrested and there is a

MONDAY'S STORY

Monday's story will be "Mysterious Death In Perey Strect, by Baroness Orczy,

more than preparatory work, but Miles Lampson has passed on after ducted during the past year have where the bathing is made as at-affairs, sirens and mysterious ad- ness of our bank has been con- ! They liked the French Plages, her fertile imagination illicit love the hoped for appropriations from more than six strenuous years in thrown upon the management and tractive as possible, and falling in ventures. the American Colton Loan are China.

John thought the hotel love and swimming seem to be the hille large but the swimming un- same thing, but they thought they commonly good. had better not go any farther south. There was an English church on

However, this year John could

the island; an arrow pointed the not take his holiday before October, way to it, down a shady lane be- so that as the sea is much warmer tween cactuses; and whenever Mary in foreign countries, John suggested saw a staid married couple like their going to the island of Capri, themselves, she would point them

"As regards th trade of Man- churia, during the past year

this the commonsense view suggests that a

prospects remain satisfactory.|In His Majesty's Government. Thear two lines, with the Peking-|

out to John and may, "Look, dear; I am sure there is somehting not quite right about those two!” even if they were following the arrow.

The odd thing about Capri was

of a child's eyes.

on of overdue bonds and it make the wisest recommendation ment expresses but mildly the chao-jupon more capable shouldera than grape, and the air was the colour

Mukden Railway and the Shan-

tunate.

India And Japan

"Let us now leave China

and

us satin-smooth as the skin of 2

with staff.

now "The results

shown are ing how Anglo-Chinese relations therefore all the more creditable have improved as a result of h The able way in which the abnor efforts.

mal situation now prevailing has "The new Minister, Sir Alexan-

been met is, 1 think you will der Cadogan, only passed through agree, deserving of the greatest here on Thursday en route to his Bank in the Far East stands to

We feel confident that he the post.

higher than day

the ever and outstanding feature have been that will carry these friendly relations loyalty of the staff to the Bank is

To effert! country still one stage further. essentially export

one of the features of which we should now have an exeuss of im-

point of

are especially proud."

Corporation in the pre-eminent posi- residence ports over exporta. A great pre-

In rising to second the adoption|tion it occupies today in Far Eastern ponderance of Japanese imports is nearer than Peking to the seat of of the Report and Accounts under Finance and winning for it a place the light; it struck up through the

be desirable, shown in the Customs returna, but Government might

review, Mr. J. II. Taggart said: in the forefront of the mighty Bank-

earth and permented the leaves. these figures and in fact the whole more particularly in' view of the

"I feel confident that I voice the jing Institutions of the world. from beneath as well as from above. trade position of Manchuria should fact that Shanghai, as a consequunanimour opinion of Shareholders "In this connection, if I may be on the floor of the sea were zigzag be regarded with caution. Therence in China, is likely to be a present in stating that we have lis permitted to add a more personal rainbows; the water, however deep are, however, a number of signs focal-point if not the keystone oftened with extreme interest to the note, I would remark that a survey it was, shone clear like a precious which show that the prospects are sino-foreign relations during the comprehensive survey the Chairman of the figures presented, when taken | fairly good.

next few years. "Conditions on certain

has given us of the working of the in conjunction with the very de-stone; the sea was not all one colour of the "We know that those who hav Corporation for the last

Anancial pressed and difficult trading condi-there were strips of lade green t'hinese Government railways to deal with the many complicat" {year, of world conditions in general, tions prevailing for the period, bear and gentian blue; and the mild'azure | again showed an Improvement lasted problems constantly arising land in particular, of the trend of eloquent testimony to the fact that

Everyone lived in bathing-clothes; i Shanghai Shanghai would welcome the op events in the Far East, with the in regard to the many difficulties they swam, floated and darted here year. The Nanking Railway has been able to pay one portunity of more frequent can trade of which the interests of the likely to be encountered by the ad- and there over the clear surface of interest coupon and its revenue has sultations and advice, but we are majority of us are so intimately and ministrative head of this great or the sea in tiny little cockle-shell increased appreciably. The Shang-satisfied that Sir Alexander will

Indissolubly linked.

ganisation, the mantle of that high hai-Hangchow-Ningpo Railway consider every aspect of this has brought up to date the amor-question and will in due course been one of dim. ty and disappoint which we are passing, have fallen

"To state that the past year has office could not, in the times through boats called sandali. The water was

of light golden' wine. tic conditions which have prevailed, those of the present Chief Manager,

Mary did not speak any Italian, and it appears to me, in the circum- "Those of us of long standing rebut she thought that some of the stances, highly commendable that sidence in the Colony will have noted men who came from Naples looked tung Railway, are instances showglance at business conditions In the efforts of those responsible have with regret, doubtless of sentimen like the bronze statues in the ing how prosperous the Chinese some of the other countri in enabled such an excellent statement tal origin, the passing of the old museums, and that it was a pity railways might be were the coun which we have interests. In India to be presented to us. I consider Bank premises which have housed John did not. try to remain undisturbed and were the main factor In the exchange that the figures under review trad ta continue

to for some 50 years the business of unhindered. market

has been the continued day can be regarded with justifiable the Corporation in Hong Kong; most vanished.

One night the still weather Oth, raflways have been less for large shipments of gold which have pride, and that they display, in the of us having entered its kindly porand shrieked across the sea; A scirocco aprang kept exchange up and enabled the circumstances, no mean achievement tals from time to time, at times wind flung itself upon the waters "We understand that a serious Government to finance cheaply on the part of the personnel of the doubtless in a state of extreme tre-till they rose up in great effort is now being made with excommodity prices as a whole mov Corporation.

blue pert foreign assistance to review

pidation. Nevertheless, it is re ridges; above them the flying foam »d during the year in sympathy With a view to offering tongible cognised that the demands of busiran separately, thillingly the financial position of all the

white. with the trend in the United States evidence on the progress made, not-ness expansion and progress nust slanting towards the land. Around Chinese railways, and we trust that and the future remains largely dewithstanding the deplorable state of he fulfilled, and by way of a salve the rocks the waves formed into pale this will produce some concrete

pendent on the world

economic trade during the past two years, Ito any sentimental pining. results and bring about the rear-

green hollows, and then, with a ter situation.

should like to compare briefly cer- ganisation of the present system.

"I feel we can confidently antici-rifying hiss, flung themselves in "The ten restriction agreement tain Balance Sheet figures at Decem- which permits the railways to be regarded as the plaything of poltas improved the prospects of that ber 31, 1933, with those at the end hate that the new building due to broken rainbows upon the tiny emerge will in every respect conform beach. It was impossible to bathe, Industry and it tical intrigue and

is satisfactory of 1931. In selecting the latter year to the dignity and importance of no Mary sat on the terrace in front as a perpetual

that the cotten conference source of supply for military vor

be for comparative purposes, I have acity. External causes have little tween India and Japan eventual- been prompted by the fart that the our undertaking and in time remind of the little hotel and watched the

that the high degree of foresight sen. or nothing to do with the deplory reached a mutually satisfactory respective Sterling exchange rates demonstrated by a past generation It was a beautiful sight, and

conclusion.

ruling were practically identical who dedicated their working lives to unlike any storm she had ever seen. "The Japanese trade returns for the rate being 1/5% for 1931 and the business of the Bank remains a because, although the air rang with "China has only herself to the year 1933 are remarkable in 1/5% for 1988. The slight differ-propelling power in the administra the shrill voices of the wind, and blame. With officlent manage-| that another record turnover is ence of % permits an effectual com- tion of the affairs of the Corporation the waves plunged and fell with a ment and the elimination of poli-shown giving an increase of well parison, although, due to the mag-

shattering violence, the sunshine to-day. tical interference the Government over 900 million yen as compared nitude of the figure Involved, such

"I am sure that we are at one lay just as usual on the brilliant would soon be able to wipe out the with 1932.

represents with the Chairman in his tribute to yellow rocks of the island, and stigm of default and would find) The adverse balance is, however, roughly £600,000 in Sterling or ap the Staff. We are indeed particu- danced on the ravenous bright sen. that her formal guarantee would greater than was anticipated proximately $8,400,000 expressed in Jarly fortunate in possessing a per- Mary Blake thought, of a great| once more be a valuable asset.

sonnel second to none in capability many things: her breakfast-she "Work on road-building has con-partly to the unexpected decrease "Current Accounts and Fixed De tinued actively during the past in silk exports in the latter months posits at the end of 1931 totalled and loyalty to the interests of the wished she could have tea instead of Bank, a feature ensuring that a coffee; Eastbourne, and how cold yea. generally under the supervi- of the year, as the result of un- $773,481,398, whilat the figures for Sentors duly retire, offices vacated and grey the quiet seas of England sion of the National Economic favourable conditions in the Unit 1988 under this heading amounted will be assumed by men of equally looked compared to this mad flutter- Council. There are now said to ed States, and partly to heavy in- to $878,958,654, an increase of

e nearly 16,000 miles of first creases in imports of raw cotton;$100,472,261; On the contra side high calibre, an effectual guaranteeing jewel,

of the Balance Sheets, Cash, Bullon that this Corporation will continur She thought of men other men to be the tower of strength to East than John. How strange they done in the provinces centering on "An outstanding feature about and Securities which totalled $458,; Nanking is certainly opening up the Japan trade has been the op- 634,509 in 1981 amounted to $614. ern trade and enterprise in the fuwere! How they did sudden won- ture it has been in the past derful thingy, and how, especially if the country in a remarkable way, position aroused in many countries 130,077 at the end of 1988, repreWith these few remarks, Mr. they were Italians, their faces It is however, regrettable that al-by their being flooded with Japan-senting an aggregate increase in Chairman, I take pleasure in second moved, and behind their faces their ready there are reports of unscon-jese goods at cut-throat prices and these item of $155,496,168,

ing, the adoption of the Report and quick, fierce minds

able accummulation of debts many of the railways. z

on

few months

exchange difference

ago, this being due Dollars.

class roads in China and the work wool, iron and steel,

up the

AT

TO-MORROW THE

KING'S

"WHY SHOULDN'T YOU FALL IN LOVE AND DO WHAT YOU WANT BEFORE YOU GET TOO OLD?"

· TO...

THE

POWER

SPEAKE FOX

AND THE

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The Fist Narratage Picture

with

SPENCER TRACY COLLEEN MOORE Ralph Morgan

MOVIETONE

NEWE

Helan Vinson.

A Jesse L. Lasky Production

Directed by WILLIAM K. HOWARD

Prase the original serous play by PRESTON STURGES

ALSO

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Caseldy, J. W, C. Bonnar, A B. Cassidy, seconded by Mr. A. B omic competition between roads the consequent attempt to exclude Financial Stability Preved Accounts as presented, and that your Mrs Blake was still 's very pretty Raworth G. G. N. Tinson, G. de la Raworth, the confirmation of the and railways.

these goods by tariffa" or other, Whilst recognising that the Cash recommendations for appropriation woman, and she had seen these for- P. B. Fitzgerald, B. Decks, N., appointment of Mr. E. 8, Morrison "Commercial Aviation continues measures, This mater is, we un position reflects in some measure of the amount available for diatri eign men looked at her son in A. Croucher, A. Staven LNs Director, and the re-election of to develop. It goes without saying deraand, now being taken in hand difficulties encountered in the satis:bution be carried into effect. their eyes what John never slowed Murphy, GEBrown, E. A. Dastur, Mr. T. E, Pearce, Mr., T. HE that China's air services, have not by the Japanese Government, who factory employment of funds under Mr. T. E, Pearce, was supported in his. She wouldn't, she supposed, 1 Fleming. A Murdoch, B. Shaw, and Mr. W. H. Bell as Direc yet reached the paying stage and the are bringing strong pressure to present conditions, nevertheless, 1 by Mr. T, IL. R. Shaw, Deputy have liked it if he had at least not Williamson, Professor C, Middleton: tors was passed unanimously. (*) cost to the operators cannot be light, beer on the Trade Guilds with venture to say that the agures quot Chairman, W, H Bell, A. H. Comp in public, she said to herself, for Smith, E. Joseph, P. M. N. de Auditors Re-Elected The establishment of aircraft fac view to the control of productioned display not only convincing evi-ion, Hon. Mr. C G. 8. Mecide, Mr. she always tried to be reasonable. Silva, PW Stapleton, H. Dixon, Mr. John Fleming, C.A., and Mr. tories in Chips seems likely to come and of exports

dence if such be necessary-as to G. Miskin, Mr. K. 8. Morrison, the “I know what John is like. These FH, Kew, D, 0, Bussell, W, J. R. H. Forsyth, Gian were re-elected in the near future and great acti-State expenditure stiil, con- the financial stability of your Hon. Mr. J. J. Paterson, Mr.-I. P. men only interest me because I don't. Kaswick, W. H. 8. - Dent, C. Cu Auditors on the proposal of vity, is to be observed in the pur- tinues at an extravagant rate and dertaking, but prove further the Warren, Directors), and Mr. V. M. know what they are like. I always Knight, H. R. 8. Law J. D, Danby, J. C. Bonnar" and seconded" Mr

how-year large measure of success schla 1983/4 is estimated at 1 over 700 by the continuity of million yen *s compared with a byta succession of

chase of military aircraft and in the budget deficit/

the training of Chinese pilots.

Shanghai's Importance

That Changbai plays an impor, deficit of 659 millio tant part in the trade of China ross previous year, -. The

scentional

son Instrumental in: plantigséthis!

Graybur

know

ctly what John will do, and II. 5. Hills, IL Gittins Chan Lim: Wong Ping sun. ver, doen: ing wrong" or pak, Chung Wing-ku, Fung Kwong." At the close of the meeting the

Btil qr, Chua Beng-choo, Lo Chung-wan Chairman stated that dividend war-

rants would be raid

Monday On the proposal of Mr. 8. morning.

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