1954-05-05 — Page 9

One Hundred Years Of Banking

In The Far East

THE CHINA MAIL, WEDNESDAY, MAY 5, 1954.

TRADE and

COMMERCE SECTION

A Review Of Sir Compton Mackenzie's "Realms Of Silver", Routledge & Kegan Paul Ltd. 25/-

Wars, es

Quite apart from revolutions, Parthquakes, taumphantly survived"

typhoons, Tidak

H crowde history

was then circulating. complication

that WON

the Chinese put a slamp or seat on

Another

The Chartered Bank end all their dollars. Ench time thus plagues, famines and econo- the doors of its first branches | ehopping wis done. Sir Camastoji

a minute mle slumps and recessions, utt und 25 unbay in 18582-51

bil of crin

Tip when India was impart. with 107 ved so that over a leng

which f varying degrees have shaken the Far East | Kodi

in the last 100 years, Chartered Bank of

The

Luria.

| muge than goods from the Buited period It lost an appreciable

amunt of its

and value

115 bap imefimmer reserabis that of a rauere The "elen" dollar therefore commanded a premium

Australia and China suffer-

an wet mal am, at one ; lates

a'most crippling han

demp in sourly years,

11.

The competit ca finan

The 12 R

13-s

D

daring the early

with the focales directal Hena!

konk

ink belen v

graph, tha Chapered Bond,

at a distinct disadvantage

offering for newA

Too oft not

who

vitwe lae

ין

ייו

וד

and exporting op

1. end re

tt. China hd mov

TE was 101

1

1

Thi the Bank found A few years Wilh ti. QUAW JA

12...

1.

21 20

J

the "chopped" dollar

2

At any rate, the Brith dailor 1

shemalla pert anf the ra dal wife whole the dismantled and wild Jatrat

Div 1

leaving two years later

the Mex can teller preme for expansk 26

Another

1 dl

sured a bitte later

Whe the Jupati Hulver som tagia ensulting. The TUNA had a mad

the ne The tapt them.

wiver

1

or put tog nu How with whit qui epper, leath and trs mask the That the dr basıl ve no bak 173

ursulat cu

BRITAIN IS MAKING ONE CAR

EVERY 11 SECONDS || CAR

NEW YORK Industry's Output

STOCK

MARKET

New York, May 4.

A strong rail group sus- tained the stock market advance today, contributing heavily to the total gain of

$1,000,000,000 nearly

i: the value of all listed stocks

Individual gains in the rolls ranged more than 3 points As group, they average $1,00 higher-their best since 1.1 September 16 and they ended

their highest level

Aire

Up

-

July 9 last year.

Lockheed Aircraft mal I po

at one closed 1

Jower

un realising out the fm, The Comp ny lade higher day reported fi al e taaks

drvetors

dey Laret the sisual qualeny dividend,

Stvels were Kenerally lower Utthties WODA Trackonta By higher an rule.

**་

Rate Jumps In

March

EXPORTS HIGHER

The rate of British car output in March dwarfed all previous monthly figures with an average of nearly 14,700 a week. This meant that one new car came off the nation's production lines very 11 seconds of the working period. Commer- vehicle production averaged nearly 5,000 a

eek.

1.

ut of th.. burgos,

Ape 19

.

Brunch was opened on

M

:

Maket

1

Bevept the P

Rank

art war 15 what

Stems per the ante

421 1 Ita Shanghe.

11

During all thi

In the 1, s

the early mail

.....

thousands of de

1.

E.

th Camis m (esim.

t

Le London and

ment but th

the

Freepandis

Thilage Bands auf M Se SetleridN ord

$1

1.4

TH

and by the end of

with operating

There were are the front with

th,

Kupat Slice October profit-taking

for this

22, 1929, cul back

attegg

1.181

-410

lower.

Trading was slow the session

ARN

early in will prices

Jasit each con

night's

Cost,

but ked

"

11.

. ין

Court's Caution, and conservad vi policy resulted ik lenger get.

in this tung tea branches districts already Levers Flex

competion who were ask

the 19 appraise

the period

situnion d

Yet S. Compton Markenzei "Realms of S

ituti

perseverance

business

almost restricfive Court's

The natural

tנין

nita of the

steady progeny in opt

wout. e. ch -lack

CA pertenre: between 1860 ad pe The "Merry Ruter. the Foy "M, W H. Young was the Bank's Bret nilleer bell { Mar

were gay old days in Maniin. In his dust two yer: H. nekus

Sar Compton he experienced

cholen Markenzie fetis of the opium | epidemic, grunt

ย

five thast

Gay Old Days

יi

frand 111 1862. fun Instance. destroyed much of the city, und

were 12

instor

car

EXPORTS, TO OVERSEAS MARKETS

1400t

375

$330 2376-

300

(275)

U.K

250

225

1200

}175)

(150) U.S. A

1100)

IS FRANCE

1949 - 1953

10.6 A

WERMANY

FRANCO

SO W.GERMANY

25:

CANADA

STALY པོ་ན་

JITALY

CANADA

1949

1950

1951

1952

1923

Wes!

U.K.

U.S.A. France

1949 257,922

140,21 70,201 120,285 #8,585 216,073 93,196 141,020 82,766

*104,459 $1.339

The Society of Motor Manufacturers and Traders announced this in London last week.

Over the first quarter of the year

af output 183,000 units was up by 51,000 and commercial vehicle production at 61,700 units was up 3,700 on the numbers

atle in the first three months of last year.

1950 398.302 The 1st expor tigu: at showin world markets.

30.737 (01 Quality,

1932 itif.4 panning, and saleymanship any

309,802 teams are facing up to alte

1907 service are the main renons foe

302,223 frunt I

petition

งเร

Total 1,627,016 m mufacturer" rising Ox- average

port dgures

ከነ። jare the month of March an ense forch competition.

w.ut to OTTE

"It is highly satisfactory the highest figure frems

the upward trend on sad a gih since January 1962.

n the industry's principel inar- 11.000 le

And bukety

Wutern Europe. he 250 sh pued abroa ́l,

very home ground of continentul Le first quarter of thepreduces

ac v. lume of mot

"The British motor In fustry exports weg mlso great r is not resting on Its laurels,

than in cuse

the same provide cor of prouction do 1963; an increase

ta dainut rise it is all set

mke

י!

there were 450 lugher,

erally running below

The gath in ruils, particularty. pleasing to market men they have laggal badly in re months, Lifter Allanu Coast Line 34 points. Illinois Central rose 2.

Lars

PRODUCTION

مي

ira

later. Turnover of 1,990,00% 2000 cars, 84,800 In all, wire today's buyers' markets buy shures rompared with 3.870,00%ported, while an extra 0.350 British.

Jums relal

vehicles brought yesterday.

total o ne rly 33.000. | PRODUCTION

(wiu - weekly average), The same comparison show.

CARS jew thị caning of import restri .- Lions in Australia

and New Lea.end resulted in 14,000 more British motor vehicles going la Dominions, and pro- those two vides some revealing facts Gn the industry is faring in ..OW other markets.

cent

The NY Stock Exchange benu volume was $3,783.000, and the American Stock Exchang

and Kogan Paul 113, 1. endoc 25/-) a history of the Chartered

Then, the amputation of oplum an earthquake which weeked Bask alnce its inception 100 ven

*** lep and accepted by the

the the roof of the Chartered Bank. ugo, is an eloquent tribute to the i jan

Bank: perating in the Far East One can picture Young's dis- Busk's first agents and steers

a secunts against which ad-comfort when heavy rains set in who

the hod

foresight

might be made. There the next day. He was seated on thef

ability to Vances

godowns develop and expatid the Bank

inja high stool, pen is his right Hongkong them and N it was hand, umbrella in his left, his withi

111 hulks lying in the feet in rubber bouts dangling

77515 Harbour.

oplum warnver the fair covered with early policy.

as inches of water, writing up ha hypothecated to the banks dibusters of the security for

any advances they ledgers! FAL Eual era WITH Common to

made to owners and therefore The pace of the story develops merchants. traders.

a disposal was nonunally under with the opening of the tele- and bonkers facturers

who

London to Chino followed In the wake

Kraph from of the

and the opening of the Suez The swindlers of the pionerrs

In 1862 the opium in the hulks

Canal, beima, slumps, financial Orient fleeces all of them, Many was fraudulently released with- firms fuccumbed to these early

crashes, wars, the Indian muting out

Dhe

od knowledge

followed in

wake ye The treke vicitudes,

their Chartered Bank and the other

The sure hands of Mr under petition resulted in the survival banks

concerned. As a result,

Gwyther the bank' of only

most when the frin owning the stock.

business expanded steedly and substankal.

fallet, the security for the as the "Chartered" had beccine u With

fresh every

disaster.

i had been granted vanished. econamie every

slump,

powerful and the The Chartered Banic lust £50,000 national insitution, by the turn

respected inter- Indo-China Chartered Book's rivals crashed

Over that.

of the century.

the Attest

ind

4710734-

sim-

their control.

for "culpable negligence" this caused a stormL.

The

and

محمد

A New Era

arsund them. And in these cir- cumstances the Bank's main The Bank's manager in Hong- weakness proved also in be Its kong-very popular with the greatest

For while carly strength.

residents-wos dismissed The Bank's

and con. caut on

An insight into the man da been servatiim might have

provided by his views on te

While rebellion. Boxer barrier to expansion and growth,

dc. "This action by the Colony's ploring the cruelty of the Boxers at least this policy, coupled with the skill and determination of residents come as a surprise be- he pointed out there were two hitherto sides to every question. The local officers carried it through cause Hongkong had all the early dansters,

remarkable for the bad Chinese had suffered great pro- The fact that the Chartered! feeling

s nong the leading vocation.

he said, "ere in their Bank holds the strong position residents for one another. The impotent wrath they turned to It does today In Eastern banking | Attorney-General had been dis- rond their enemies."

bern

volume was 510,000 shares.

Dow Jones closing averages WCTC:

30 industrinis

20 Falta

16

xlock

40 bunch

60

It

MORE TO SWEDEN continen', On European

January

w/h

February w/a "March

==

1931 33,504 40,832 (15.878) (10,713)

1933

*

TOTAL

50,130 40240 (14,033) (10000) 73,404 €1 (1403) (0.017)

184.039

129,170

C.V.'

January

20,005

for

w/a

February

[ 0.013) 20.320

W/R

w/o

2,7

(0,002)

24.30

( 4,058)

TOTAL

64,713

01.013

319 example, car exports to Sweden 100.19 rose to over 8,000 trom less than "March

10

60.49

182% 5,000, bringing thet market 119.46 100% third place in the list of prin-

-United Press

Navigation

Dividend

cipal

countries after buying Austraila and the U.S.A.;

ith car sales to

the hotly contested Belgian, Dutch, իում Danish merkets ciso increased- to Belglum and Holland by over 1,000 in each case, and by

700 to Denmark. 2,000 more models Irish Republic at u went to

of almost 4,400. total of

exports Car

to the U.S.A. lately

he DA

upward end, were over 2,000 down on

quarter's comparison the

with other last year; to Canada, on the oth hond, there was an increase of more than 500 units to nearly consignment

ΣΕ is announced by Messrs Jardine, Matheson & Co., Ltd., The General Managers of The Indo-China Steam Navigation hough Company Limited that the Board of Directors have Te- commended the following ap- propriations

confirmation for

annual 6,000 following Company's 69th general meeting to be held on Friday, June 18. At this stage, a new era was

cars the highest monthly the Registrar-General of mobbing with pirates, and the the financing of purt

opening for Far-East banks with Dividend of 6% for the year

months. eight loans to the 1953 on 247,945 Cum, Preferred Lleutenant -Governor himself

Apart from the higher Itve, and the Ordinary Japanese Government

£14,877; Shares, been charged with taking

of trade with had

Australia Republierns tr dividend of 10% for the year New Zealand the commission on the stall-rents to coining of the

China. And although in the 1953 on 495,890 Deferred the Central market," writes Sir

case of the Chinese Government Compton.

is also a tribute to the officers missed not long before for ac-

of the last

of the lotter century and early part of thi century.

lo

An

gradually the

play

to

A Free Rein

"Realms of Silver" la not only

the Hongkong and Shangha on extremely Fascinating book

example of the Bank's Bank held a monopoly of the anyane interested In the early policy i caution is revealed early business, gradu history of the Far East in the soon after the establishment of Chartered Bank began to play last 100

Branch also years, it

the Hankow 2

in 1868 its part in the vast reorganisa- rough Fid detailed treatle when the Court of Directors Intion and reconstruction of Far Eastern banking and London put a stop to authorising for the country it had served economies in that period."

further Joans

Chinese for more than fifty years. merchants--many of whom were Another noteworthy feature

Earlier the Bank. helped than finance shipments of Sir Marcus read for pages men

men of greater substance is that une ran

"Sheil" keroseno many of the Europeans to whom Samuel's without encountering the name ut the

"Chartered Bank"--0 loans had been sanctioned." The Fiongkong and Shanghal. It had

Court refused to allow its branch

tho such, the book is

Interior of advanced Into a remarkable

discount Chinese bankers' departure from the general run to

Malaya and with this change o of publierten issued to mark orders.

polley (previously the Bank had arm's centenary,

"Inasmuch as these banker's kept itself almost exclusively to It is apparent that in commis-orders had warned 16 per cent per the ports of the East) it struck Boning Sir Lumpion Mackenz.c annum in Interest

for several inland In India and Slam. this undertake

work the years without loss to the Bank

story of the Chartered Bank gave the outhor"

in a large turnover It would

ould carried through free reln io

his appear that the Court of Direc- riots, the disorder in China be- pursue research and to design the book'stors in London at this dato was tween the two world wars, the ultimate form. One can detect, manifesting an excessive degree great depression of the thirties however, that Sir Compton dearly of caution out of keeping with

at it and, while rivals toppled wished for more hunch interest the spirit of commercial adven- each of which struck grout blow material than a short h story u

the Chartered Bank with some

carried disruptions

to

A

The

Bank i the Amritsar

turo and talling to becamslig ual".

It would

one of the cardinal features o. "business 89 the Bank's policy to encourage

senso

CI

the Spankh-Amer.can war and that belore extract from Mr W. H. Young' book "A Merry Banker in th

The Bank's history since 1945 busaces with Chinose merchants is dealt with only briefly. It is Far East" could provide.

and industrialists" sald Str

an uncompletes 'Menima of Silver" traces the

Compton Mackenzie. history of the first early efforis

chapter which will perhaps be With the Inter years came men ( written at some later date. of James Wilson to establish

There are new problems and the Bank in face of the oppost-of the callure of T. H, White ton

inflicted

in

the

serve,

Or

In the month of March itself o

for

**

• (5 week period).

30.40

1 51501

20,137 (5,030)

20 2.23 (4.040)

HONGKONG STOCK EXCHANGE

Germany Canada Italy

13,988 17.487

15,017 68,850 2+1,005 19,600 91,140 37.1111 100,336

20,906 41,600 25,007

137.869 27,077 772,954 422,146 412,210 148.376

30,155 118.734

* Prelbatuary figure.

Germany Wants Common

Approach To

Convertibility In Europe

Bonn, May 4.

The necessary conditions for making the Deutsche mark fully convertible are analysed in in article published in Bonn by the West German Government's official information services.

The article notes that the Deutsche mark has Teen by far the most stable of the European cur- rencies since free exchange dealings were introduced one year ago. By the end of 1953 the German currency reserve had been built up to 8.2 million marks, the equivalent of almost six months imports.

In recent months the Govern- will join us on the common road ment has substantially and pro- to convertibility." gressively reduced its currency Other difficulties on the road restrictions. Since the London | to convertibility Include "hat Debt Agreement of September,

which has made an money, 1953, crtain transfer barriers appearance in Germany. But impeding

both the debt service the "promptness with which the on German commitments abroad remaining steps to full converti- and the transfer of proceeds bility of the mark can be made, from foreign assets in Germany

depends largely on the develop- have been lifted by stages.

ment and polleles of our most

A start has been made on re-important trading partners,” the adds. China Mall

leasing blocked foreign assets in article

Germany,

Issued

The

Special.

on

the

(From Our Correspondent)

Pending further developments

The Government's goods im- transactions at Geneva the market was dull ports and service and featureless with

have been liberalised, and in Singapore Rubber only D small amount of business trans- February, 1954, one third of the and acted.

Market Imports into Germany from the quarter's Apart from Yauma Ferries. Dollar Area were liberalised.

com- which

At least 75 to 80 per cent of yesterday's

Singapore, May 4. confirmed

The market onsed off dinary Shares, £49,000; bonus of comparisan for the main

mercial vehicle

and markets shows strength by tacking on fresh German Foods Imports 5% for the year 1033 un 405,890 shat expor s to the Irish Regains,

have been quidation by trodo speculators un-service transactions prices remained Deferred Ordinary Share, public more than trebled at a changed.

effectively liberalised, in that and nervous holders. Offerings £24,785; grant

ant to Floating Staff total of just over 2,000 units.

Business amounted to $587,- Heences sti formally required fairly well absorbed and Provident Fund, £12,000; trans- On the Con Inent, too, both 703.55 Noon quotations and the are

automatically on market closed steady. Future

closings; fer to Ships Replacement Re-Belgium and Holland cach in morning's dealings:

request,

No. 1 rubber per ib. May 0234-81%% £40,000; transfer

cressed their purchases by

major part of the ro

June 014-62 Underwriting Reserve, £12,000; several hundred units.

maining restrictions on

July 611-621 goods MORE TRACTORS Forward 1o 1054, £70,306.

services carry

transactions no No. rubber per ib. May 58-60

No. 3 British The net profit for the year

agricultural tractor

1660 20 4 1869 longer result from currency No. 4

170 December onded

31, 1933, į manufacturers also contributed

policies as such, but from special Spot rubber unbaled ...

Blanket grepe and amounted to £153,680

o nows of the motor industry's

020

protective pressures and, directly No. 1 pale repa after adding the sum brought Infor export BUCCESSES. The

Underwriters 750 forward as at January 1, 1053,20,700 tractors rent abroad by

.1.073% Asta Nov there remained a balance of March this year topped by 3.000.

DOCKS, ETC.

Dock £220,827 available for alloca the number sont in the first

10.00 three months of 1953.

Provident (0) tion as above.

S'il Dock Commenting on the latest

Wheelock of the Burs, the Dires'or Society of Motor Manufacturers LAND. ETC.

Ik Hotel.. B.93 0.0 500 8.60 dollars. and Traders, Mr R. Grechtmi

500 64.6H 1000 € 8.00 Cooke, said: "The magnificent

DO COLL achievement is the answer those who say that the British motor industry is losing ground

LONDON METAL

PRICES

London, May 4. The Un market was Armer while the rest of the markets wore stepdy. Pricca closed to day in sterling per long ton as follows:

buyers sellers [1.

720 7223

710

717

03

འགག་ར

241

时

DOEK

New York Sugar Market

World No.

SHARES BUYERS BELLERS BALES

BANKS

IK Bank East Asia.. INSURANCES

Union

SHIPPING

50 ars

and

cur

от indirectly, from the non- convertibility of foreign rencies," the article says.

094-0015 40-004 81-0134 503-5735

--United Brass.

NEW YORK MARKET

New York, May. 4.

For example, the remaining Rabbar futures closed today restrictions от two-thirds of 30 points, lower to 10 points 7.21 Germany's surplus with EPU higher with sales of 77" con-"

17 12.00

62 + 12.40

7.00 1000

1500

countries could be converted into tracts.

100 60hunder'

however, Dollar Arca

Liquidation and hedge selling In a narrow conditions.

market softened

prosent too rapid a further prices after a buoyant opening, of Imports from the at 2% cents a pound, Prices:

Spot No. 1 Rsa were quoted

would strain our

to

301 Land

&

600

RU

S'hai Land Humphreys

33

483 6 3415

215

dollar balance of payments and

D

10,10 38.40

2

11.2001 10

500 g 10.10

at the same time reduce our im- ports from other countries, thus increasing

May July

21:90

22.45

Hept.

22.10

Doc. Mar

PIAD

23.40b

37 270

200 0-27.10

surpluses In other the article BDYS.

*---United Pre

LONDON MARKET

...... 15.30 13.30 800 © 1985

300 or 10.20 Jointly.

last lap of roid convertiblity

the

London. May 4.

tu

other with

be сать

New York, Mry, 4.

4 sugar. futures

clored today 2 points lower to

Tin

Root 3-month Copper apet J-month Lead May Aus. Zinc May

791 70% one point higher with sales of Aug.

703 79

16 contracts, -United Fress, NEW YORK FUTULES

New York, May 4 Prices of metal futures closed today in US 'cents per lb.as follows:- Lead May Juno Tin May Juno Kine. May

of the powerful East India head in the Far East and J. H. dimculties today as great as any Company, up to the present day. Gwyther in London and it took of the past but with the tradition Wisely Sir Compton Mackenzin all the skill and understanding of 100 years in the Far East has not attempted any predie- of these officers to overcome the the Bank balloves that British tions on the future except to handicap the early years in enterprise in Asia is still a vital say "The time will come when China had

upon the force, mellowed though it bo the Governments of the newly-growth of the Chartered Bank. by the wisdom slowly and often

painfully gathered from emancipated national States, will

perlanco of the. restore some measure of economie

past." "Indood the very fact that in Copper May co-operation

In Quite apart from the catation a world, so different, from the the political of the London Court, the Hong-world: familiar to its founders

will thus

resume mulig trading,

the

meanwhile fragmentation

Unique Problems

nx.

px-

of that immense kong branch of the Chartered | and under conditionis undredeand;

Bra, to the Pacifte Doon must problems, unique in banking is, milli pale, to tuint an inter</

1

June

Domestle No. 0 sugur futures closed unchanged to 1 polni lower with sales of 02 contract

Trading in both contracle was restricted, Although prices showed in softening tendency in D line with the raw market. 12 cob Future closinga: 10.900 Contract Nó, a (world)

July

13250

June

***United: Prem,

truding area from the Arablan Bank had to face a series of of by Khom he Churtured Bank Exchange Rates continue to offer the Gibortore/i | punto 100 nosso AI MOROG; IRÁable, to škarive - should · unofficial : «Kaharue » j-market - thiế

of management, and SA

Brak andlar Intricate

CuRoma of the

Were the

Jocal

ational

function and,

For instarice, in 1866 when a knowle be Bentish dollar was minted, and with ot Taput into circulation for the nest Marana: Goodfulles

cantiary your with the seconsume tha Chinns rejected, them her charter foe Belithi coondence inspired by a hundred, for the - Mazioan dollar, which inv

¿wna donis in the local

Realty UTILITIES

"TRITI

Bar Forty ..

C. Light (0)

XU

C. Light (N)

XD Electrio

WAR maritel The rubber stendler with No. 1 Rat spot

Prices:

100 ir 15.70 countries only when a suficient quoted at 18-9/10 pence per lb. 11.70 12.00 2000 * 12.00 number of our more important. No, Tina pot. 3014 3015 2010 trading partners are likewise Bolilement house tenni

30030 prepared to make their currencier June

STORES, ETC.

Dairy

331

Watson COTTONE Textin

Awford 1710

MISCEL

Yangie

Yeumati

301 fully convertible without, at the July/Supt. 306 3014

30 same time, restricting their Im-Tan/Mar. Apr/luna

„Coporal markata, elf plan,

pound Sterling, highly bay

: amoralle not, yet June,

fully convertible currencies, will no doubt

Hoed to

participant. But this will

-United Fron%.

not suffice, to solve the London Foreign".

790 of then convertible

100 @ 14 2001

furpluses, for in the dope run the

Exchange

Foderal Republie probably, must anileipate a permanente deficit New York on 1 transactions with the e Sterling Arealovers

our we hope that offer 0010 countles, especially European $150. Continental countries, with Which Germany ·ham, UVarplus,

Allled Lovers: 2.30 2.96 1000 ST