1937-03-01 — Page 17

THE CHINA MAIL, MARCH 1,-1937.

MOTOR TRADE AND BRITISH

STEEL

Inquiry Into A Complaint

DOLLAR BONDS

Judgement was given for the Crown in the House of Lords in, an appeal re- garding the method of repayment of certain British war bonds issued in

RUSSIA MAKING

RUBBER

The True Way To Prosperity

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION

Authorised Capital

$50,000,000

Issued and Fully-Paid-up.: 20,000,000 Reserve Funds:

Over half the rubber used in Rus- It was revealed in-r speech by Sir William Firth, presiding at the annual

sian industries last year consisted of synthetic rubber made in the country. meeting of Richard Thomas and Co. America

Sterling It is now anticipated that this year which contains that. 3-memorandam

The appeal was brought to decide Russia will advance to third place in sharp criticisms of the British steel!

the whether holders of bonds issued for the world's production of rubber. industry has been submitted by

The secret of her success lies in the Society of Motor Manufacturers and Britain in the United-States in 1917, Traders to the British Iron and Steel and containing a gold clause, were en-synthetic process, all rubber tubes and Federation.

titled to repayment upon a dollar-for- rubber boots made at the big Red

The Society suggests that represen- dollar basis, as the Crown contended, Triangle Works in Leningrad being now

tatives of the two industries should or upon a gold-value basis in currency made entirely of the synthetic material.

the hond-Many of the tyres produced at

the meet under the auspices of the Import of the United States, as

Gorky Automobile Works are 100 per Duties Advisory Committee to discuss holders submitted.

cent synthetic, having proved their the motor manufacturers' complaint The appeal, which was heard before strength in a 6500 miles test last

The memorandum complains that the Lord Atkin, Lord Russell of Killowen autumn. inferior temper of certain British steel Lord Macmillan, Lord Mangham and causes frequent stoppages in motor Lord Roche, was against a judgment of of the Federal Parliament of the Unit- manufacturing plants. It is suggest the Court of Appeal reversing part of ed States (forbidding the payment of ed that the prevailing high prices of a judgment of Mr. Justice Branson. debts by means of gold coin in the British steel have encouraged manu-

United States) is that the suppliant facturers to bring into service old and The respondent, the International holders of the bond are only entitled

Trustee for the Protection of Bond- to be paid on a dollar-for-dollar basis. British prices are compared unfavour-holders, Aktiengesellschaft, as holder "The result of that is that the order ably with American prices. It is also of three bonds for $1,000, $500 and of the Court of Appeal should be set stated that there have been difficulties $100, brought a petition of right before aside and the judgment of Mr. Justice in obtaining supplies of British steels. Mr. Justice Branson asking that he was Branson, in which he entered judgment The secretary of the Iron and Steel entitled to repayment on a gold-value for the Crown, should be restored" Federation said:

basis in United States currency..

obsolete plant.

"The contents of the memorandum were not intended for publication. Our reply, which may involve a meeting be- tween representatives of the two in-

Mr. Justice Branson's View

Mr. Justice Branson held that, as

dustries, will probably not be made one of the parties to the contract was

public.

We have no intention of hurrying to reply to any criticisms, and it will take some days before the memoran dum can be considered by us as a body in the light of our own information."

NEW DESTROYER LAUNCHED

:

a Sovereign State, the British Govern- ment, the law of England must govern the bond, but that as the United States had made payment in gold coin illegal, that part of the bond which stipulated for repayment in gold coin was void and was discharged.

The Court of Appeal agreed that the law of England applied to the bond, but held that the contract was one for payment, not in gold coin bat în gold- value in United States enfrency.

It was from this decision that the Crown now appealed.

H. M. Destroyer Intrepid was launch- ed from the shipyard of Messrs. Samuel White and Company, Limited, East Cowes, Isle of Wight, on Decem Announcing that the appeal would ber 17. The vessel and her-sister-ship be allowed, Lord Atkin said they had Impulsive, building by Messrs. White, been told, an early decision was desir- at Cowes, are destroyers of the "I"able as some of the bonds fell due soon. Class, ordered late in 1935 by the Bri-Their lordships would give their rea- tish Government. Six others of the sons for the decision on a future occa- same lass, together with a flotilla sion. leader, all at present under construc- tion, comprise a complete destroyer

Governed by U.S. Law

flotilla authorised under the 1935 Navy Lord Atkin added: “All their lord- Estimates. The Intrepid is a vessel ships are, I believe, of opinion that the 323 ft. in length, 33 ft. in besin, and bond in this

case is governed by with a standard displacement of about American law and therefore, whatever 1,350 tons. The main propelling ma- the construction of the bond may be, chinery consists of 34,000-s.b.p., twin-their lordships throw no doubt upon the screw single-reduction geared turbines, construction placed upon it by the while the main armament comprises Court of Appeal. four 4.7-in... guns, ten torpedo – tubes, and six smaller guns.-Erigineering.

"The result of the joint resolution

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA

Incorporated by Boyal Charter, 1863.

HEAD OFFICE: LONDON

Paid-up Capital Reserve Fund Reserve Liability of Pro-

prietors

Agencies and Branches:

Alor Star

£3,000,000 £3,000,000

£3,000,000

Follo

Rangoon

Ipoh

Saigon

Ka-schi

Samarang

Seremban

Shanghai

Canton

Kuching

Cawupors

Singapore Sitiawan Sourabaya

Cebu

Manila

Colambo Dalki

Meden

New York

Tarping Dontain Tongkah

Peiping

(Bhoket)

(Peking)

Penang

Amritsar Bangkok Bataris Bombay Calentia

ere bin Font org

Klang

Tokongs Zamboangs

Foreign Exchange and General Banking business translated..

Current Accounts opened and Fixed Deposits received for one year or shorter periods at rates which will be quoted on application

The Bank's Head Ofos in London undertakes Executor

and *Trustee business. and claime recovery of British Income Tax overpaid, ou terms which may be ascertained at

azy of its Agencies and Branches..

A. BREARLEY,

Manager. Hong Kong, 1st January, 1985.

THE BANK OF EAST ASIA, LTD.

£6,500,000 Hong Kong Currency:

Reserve

$ILD,000,000 Reserve Liability of Pro-

prietors

$20,000,000

HEAD OFFICE: HONG. KONG.

BOARD OF DIRECTORS, G. Miskin, Esq.,

Chairman.

M. T. Johnson, Esq.,

-Deputy Chairman.

J.K. Bousfeld, Esq., K. S. Morrison, Esq., A. H. Compton, Esq.,

Hoa. Mr. J. J. Paterson, Hon Mr. S. B. Dodwell, T. E. Pearos, Esq. J. E. Masson, Esq.. AL. Shields, Esq.

V. M. Graybum, Esq., Chief Manager

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BANGKOK

BATAVIA

BOMBAY

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CALCETTA

CELEFOO

MBO

ROOCHOW HAIPHONG HAMBURG HANA FARBIN HONGKEW

ILOILO IPOH JOHORE KOBE

KOWLOON

BRANCHES

KUALA LUMPUR -

LONDON LYONS MALACCA MANILA -MUAR (Johore)

MUNDÈN NEW YORK FEIRING PENANG BANGOON SAIGON SAN FRANCISCO SHANGHAI SINGAPORE SOURABAYA SUNGEI PATANI TIENTSIN ΤΟΚΤΟ TSINGTAO

FOKOHAMA

Current Accounts opened in Local Currency and Fixed Deposits received for one year or shorter periods-in Local Corrency and Sterling on terma which will be quoted an application.

ALSO up to date SAFE DEPOSIT BOXES in razieds sizes: TO LEL-

Hong Kong, 1st March, 1997.

HONG KONG SAVINGS BANK

The Business of the above Bank is conducted by the HONG KONG AND SHANGHAI BANK- ING CORFORATION. Roles may be obtained on application.

FOR THE HONG KONG AND SHANGHAI BANKING CORPORATION,

7. M. GRAYBURN,

Chief Manager. Hong Kong, 1st March, 1957

THE YOKOHAMA SPECIE BANK

LIMITED

Established 1880

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

Yen 130,900,000

Head Office: YOKOHAMA

Branches and Agencies st

Alexandria

Bangkok

Batavia

$10,000,000.00 $.5,598,600.00 *2,586,875,62

Berlin

Bombay

Calcutta

Moji

Nagasaki

Nagoya

New York

AMERICAN EXPRESS

COMPANY

TRAVELERS CHEQUES

IN US. DOLLARS

AND STERLING

CAN BE CASHED

THE WORLD OVER

THE AMERICAN EXPRESS CO. INC.

porated with Limited Liability in USA.

No. 4, Des Voeux Road, Central.

Authorised Capital

Paid-up Capizad

Reserve and Undivided Proŝtar

HEAD OFFICE-HONG KONG."

10, Des Voeur Road, Central.

BOARD OF DIRECTORS—

Hon. Sir Shou-son · Chow, Chairman; Li Koon Chun, Esq., P. L. Kwok, Esq., Wang Zan Tong, Esq., Chan Ching Shak, Esq., Li Lam way End Woa Chu San, Erg và Ea Ying Po, Eag

Kam Tung Po, Esq., Chief Manager. Li Tse. Fong, Esq., Manager.

BRANCHES AND AGENCIES

Amoy

Batavia

Bombay Calcatta Canton Haiphong

Hackow Honolulu

Kobe

Kowloon Londen

Manila Me

Melbourne

New York

Sex Fris

Canton Dairen (Dainy)

Fengtien (Mükden) Hamburg Hankow

Harbin

Hong Kong

Honolulu

Hsinking

Seattle

Karachi

Scarang

Shanghai Singapore Sourabaya

Kobe

Londoa

Manila

Ickyo Vancouver Foichams

Every-description "of Banking and. Bai business" transacted. Losza granted ou

securities.

Current Accounts, opened in "Local and Fixed Deposits received · for one shorter periods in Local and Foratga on terma which will be quoted on appli

Sale Deposit Boxes To Letur

EAN TUNG PO

Chief Mans

THE WING ON BANK, LTD.

Head Office: Hong Kong.

Des Voeux Rozd, Central Authorised Capital $10,000,000

-LONDON-BANKERS:

Westminster Bank Ltd. "oreign Exchange and every des- tion of banking business transa

Current Accounts. and Savings Ac- counts opened Mixed Depozits -Te- ceived at rates which will be. on application.—- *

Trusteeship £ Execu

taken. Safe Deposit Boxes for

PHILIP GOCK

Chief Manage

Los Angeles

Osaka

Oart

Paris

Peiping Rangoon

Rio de Janeiro

San Francisco

Seattle

Semarang

Shanghai

Singapore

Sourabaya

Sydney

Tientsin

Tokyo..

Tsingtau

Yingkaw

Interest. allowed for Current Ac-

counts.

Deposits received for fired periods at rates to be obtained on applies tions.

Y. KANO,

15 Manager Hong Kong, 13th November, 1988.

THE-

SHANGHAI COMMERCIAL

SAVINGS BANK

(Incorpo

Capital paid up Reserves Capital Saving Reserv

5,000,000. 7,500,000.

000

ept. = $500,000.