1907-09-05 — Page 5

Page

BANKS

THE BANK OF TAIWAN LIMITED

THE

(INDORPORATED ar SpotAL IMPERIAL-

CHARTRE

KÅLPITAL SUBSCRIBED..........Yen 5,000,000 CAPITAL PAID-UP' in

BANKS

THE HONGKONG DAILY PRESS, THURSDAY, SEPTEMBER 5тя,

THE ROYAL COMMISSION ON SHIPPING RINGS.

THE MERCANTILE BANK OF COLONIAL GOVERNOR TROUNCES THE RINGs,

INDIA, LIMITED.

AUTHORIBED CAPITAL... SUBSCRIBED

3,750,000

PAID UP

ILESERTE FUND.

HEAD OFFIon: TAIFHH, FORMONA,

3 DES VEUX ROAD.

+16

**

£1,500,000 1,125,000 662,000 170,000 BANKERS: LONDON JOINT STOCK BANK, LIMITED. INTEREST allowed on Current Accounts at the rate of 2 por cent, per annum on the Daily balance.

Os Fixed Deposits: For 12 months For 6

4 per cent. 3 per cent. 2 for cont. EVAN OBMISTON, Manager.

BRANCHES AND AGENCIES:

Amoy

Kobe

Amping

Nagasaki

Foonhow

Osaka

Keeling

Shanghai

Tainan Tamani Tokio Yokohama

Swatow

HONGKONG OFFICE.

For 3

Interest silowod

Current Account

on application.

Hongkong, 30th April, 1907.

842

THE

INT

B

Yo

LIMITED..

on

Deposits received on torins which may be

D. TOHDOW‚ ̈Manager.

Barkans, 5th April, 1907

INTERNATIONALDANKING

ORPORATION.

CORPO

Fiscal Agents of the United States in China, the Philippine Islands, and the Repablic of Panama.

CAPITAL PAID UP...

RESERVE FUND

Gold $3,250,000

24

CAPITAL PAID-Ur. Yen 24,000,000 11,550,000 RESERVE FUNDS

Osak

j'enquiry. Bir Alfred Jones, who controle the two British shipping companies in the West Africao Ring, is also the chairman of the Bank of silver imparts, and has been said by witnesses of British West Africa, which has a monopoly to use its influence to support the Ring linse, This the Bank bas denied.

t.

most

in zo sense represented the opinions of the in European Brosses established by -

·

Commercial Lutollige, ce of July Slut saya :- The Royal Commission on Shipping Rings

The rival bank, founded by the merchant, adjourned last week till November 5th next. Sitting on the 16th inst., under the presidency the Bank of Nigeria, Ltd. has been attacked in i of Mr. Arthur Cohen, K.C., the Royal Com turn, and Mr. Clifford Edgar, director of the mission heard further evidence on behalf of bank, now explained its positiu. He said the tramp" shipowners and a rigorous denunciabank was originally formed under the aus of

bo Anglo-Afries

Lid with tion

Ringa by

Egerton, the Governor of Southern Nigeria. Dir. Ponwior authorised capital of £15.00 to meet the banking S. Watts, senior portuer in the tem of Messrs requirements of the Nigeris merchants and Watte, Watts, and Co., of London, Liverpaul, traders. The formation was carried out by and Glasgow, said that under their manageurent representatives of the leading houses trading in

g from 3,000 to Nigeria at that time, to whose enterpriso steamers, ranging: they had 32

dne. The result of the bank's efforts up to 8,400 tons, which were engaged in general trades of the commercial development in Nigeria wat sil over the world. Personally he had no strong

the present tims could be seen in the increase

to Nigeria and in- prejudice against Shipping Rings, bat his Flows

Won Sir Ralph Moor gave members of the Chamber of Shipping of the the large number of United Kingdom, who had put him forward native traders. A one who uld give evidence on behalf eridence befers the Commission, he described the bank as a bogus affair, whereas its furacyor of tramp" shipowners. No doubt some prem abroad during the first five mantlis of this bers of the Chamber had very extreme year had been well over a million sterling,

There,

nothing OKOHAMA SPECIE BANK views on the matter.

the turnover London in the first six Hinge in the constitution

whick need

ofsarily cause

months boing about half a million. Sir Ralph or Conferences

Colonial trade, Mone had also asserted that they did not to British Or injury Although undoubtedly, when fortified with the grant banking facilities to natives, wherese of evil more tasa 400 secounts, fully 75 por cant, were for the power system of deferred rebates, was there. He thought the question whether those of coloured clients. Owing to the refoss! the evil had been sufficient to warrant legis of the authorities to grant the bank the same lation could be better answered by Chambers of facilities for the free importation of mint silvar Commerce them by shipowners. If the rebate as were conceded to the other hink established in British West Africa, the operations of their system were abolished there would be misuy

owners to tender bank bad ben seriously handicapped, but their opportunities for "tramp successfully for large blocks of rough cargo capital was quilo.sql tithe requirements of and to use the same as a basis for loading on the business, and would be increased whenever the berth against the organised lins. There the necessity arcRO would also be frequent occasions on which whole vessels would by chartered oatright to large shippers, and that would operate to the advantage of the "tramps" for the time

being: bat would it be advantageons to the trade of the United Kingdom at large He could not bal think that, if any important section of a trade desired to break away from the conference, they would make the bed ssary sacrifices in order to do so. Conferences were justified in taking all legitimate means to protect their par lionlar trades against attack, but there was no doubt that operations consider mme of them carried their

nec ssary for that ably beyond what was parpoes. Even without the protection of rebates the tendency was for most of the thoroughly developed trades to go more and more into the hands of the liners, and the tramp" had to move on a

on and endeavour to develop fresh trades. Legislation between one class of shipowner and another hardly appeared either desirable or practicable.

San Francisco Honolula

Gold $3,250,000, about Mex. $5,900,00

Tokyo Nagasaki

London

HRASCHES AND AGENCIES,

Kobe

Lyons

New York

Bombay

Shanghai

Tientsin

Kankew Peking

Nowakwing

Dalny

Antung Tieling

Lioyang

=aloat Biex, $5,999) (20

HEAD OFFICE: 60 Wall Street, New York- LONDON OFFICs: Threadneedle House, E.C. Branches and Agents all over the World

¡ ..

LONDON BANKERS:

BANK OF ENGLAND. NATIONAL PROVINCIAL BANE OF ENGLAND

LIMITED, THE CAPITAL & COUNTIES BANK, LIMITED. BRANCHES and Aera all over the World,

The Corporation transacts every description of Banking and Exchango business, receives money in Current Account at the Rate of 2% per annum on Daily balances and accepts Fixed Deposits at the following rates-

For 12 months 1 per cent. per annum. För 6

For 3

ཧ་

No. 9, Queen's Road. Central, Hongkere. W. M. ANDERSON, Manger.

HBANKING CORPORATION.

ONGKONG

Hongkong 24th July, 1997.

AND SHANGHAI

1239

PAID-UP CAPITAL

$10,000,000

RESERVE FONDS-

STERLING

SILV

£1,000,000 AL 2 $10,000,000- 11,750,000,

$21,750,000 HESERVE LIABILITY OF Paor'tors 10,000,000

GUNGI O Dinporono.

G. H. MEDHURST, Esq.--Chairman, Hon Mr.HENEYKEawick-Deputy Chairman,

A. Fachs Esq.

E. Goets, Esq.

A: Haupt, Esq.

C. R. Leusman, Esq.

A. J. Raymond, Esq.

E.-Shellim, Esq

R. Showan, Esq.

H. A. W. Blade, Esq.

H. E Tomkins, Esq.

CHIEF MANAGER Hongkong-J. R. M. SMITH

MANAGER:

Shanghai-H. E. E. HUNTER LONDON BANERS LONDON AND COUNTY BANKING COMPANY, LIMITED..

HONGKONG-INTEREST ALLOWan...

Oa Carreal Account at the rate of Two per cent. per Annum on the daily balance.

ON FIXED DEPOSITS. For 3 months, 23 per cent. per Ansum. For 6 months, 34 per cent. per Anrúm. For 12 months, 4 per cent. per Annum.

J. R. M. SMITH,

Chief Manager.

Hongkong, 17th Angust, 1907.

TH

HONGKONG SAVINGS BANK.

21

THE Business of the above Bank is condnated by the HONGKONG AND

CORPORA BANKING

SHANGHAI TION Rules may be obtained on application. INTEREST on deposits is allowed at 31 Per Cent, per annum,

Depositors may transfer at their option baiances $100 or more to the HONGKONG AND SHANGHAT BANK to be placed on FIXED DEPOSIT st. 4 Par Cent, per annum.

For the HONGKONG AND SHANGHA

BANKING CORPORATION. J. R. M. SMITH

Chief Manager.

盥 Hongkong 12th January, 1907.

EDERLANDSCH-INDISCHE

HANDELSBANK

NETHERLANDS INDIA COMMERCIAL BANK ESTABLISHED 1863.

Authorised Capital F. 15,000,000 (£1,250,000): Subcribed Capital Fl. 10,000,000 (Paid up) Reserve Fund FL 2,112,570.35 (£176,048)

HEAD OFFICE: AMSTERDAM. THE HAGUE. SUE-OFFICE: HEAD AGENCY: BATAVIA BRANCHES at: Siugapore, Sourabaya, Samarang, Indramajos, Bandoeng and Weltevreden. CORRESPONDENTS at: Cheribon, Tegal, Pacalongan, Macassar, Pontianak, Padang, MedBo Penang, Rangoon, Caloutta, Bombay, Madras, Colombo, Karachi Djelds, Bangkok, Saigon, Shanghai

BANKERS:

TER WILLIAMS DEACONS BANE, Loudon: SWISS BANKVEBEIN. Paris: COMPTOIR NATIONAL D'ESCOMPTE DR

PARIS,

Berlin: DEUTSCHE BANK.

Brassels RANQUE DE PARIS ET DES PAYE

BAS.

"Vienna: UNION BANK.

Rome: BANCA COMMERCIALE ITALIANA,

THE BANK buys and sells and receives for collection Bilis of Exchange, issues Letters of Credit payable in all important places of the World-and transacts every dosoription of Banking and Exchango business:

INTEREST ALLOWED,

On Current-Account-at-the Rate of 2% per sroom on the Daily Balances.

On Fixed Deposita: 12 months 4% per annum.

Likefoo

Chang Chun

Port Arthur Makden

HEAD OFFICE-YOKOHAMA

HONGKONG-INTEREST ALLOWED.

On Current Account at the rate of 2 por cont per annum on the daily balanca. Un fixed deposits for 12 months 57 per sanam

*ן '

MI

".

580

3 TAKEO TAKAMICHI

Menager. Hongkong, 5th April, 1907, TEDERLANDSCHE HANDEL MAATSCHAPPIJ. (NETHERLANDS. TRADING SOCIETY).. ESTABLISHED 1824. PAID UP CAPITAL FL 45,000,000 (£3.750,000) FL. 5,000,000 417,000 ESSERTE FUND'

N

at.

The Chairman: The system of deferrad rabatas given shipowners considerable power over hippers, becanes there can be no effect competition -YAE.

The next witness, Mr. Ernest J. Schuster, LL. D, Munich, spoke as to Grase law lu regard to shipping Rings and other traite com- binations. Be exid no specific legislation existed e to Rings, Trusts, or other trade com binations, but the question of the legality of such combinations had frequently been raised in the Courts. There was one decision of the Imperial Court, which seemed to lay down the rule that the imposition of mal freights on persons using the ships of competitors might hi restrained by the Cencts, but that decision was not based on any general rule again 1. trade combinations or attempts to create monopolies.

The Chairman (Mr. Arthur Cohen. KC.). The Ring and the system of deferred rebates are not illegal according to the existing law in Germsay? I should not go quite as far as that. Witness expressed the opinion that the subject for the next twenty years. There there would not be any legislation on was no decision, se far as he know, which legalised Rings or deferred robates generally.

ware main

The last witness was Mr. F'A. Edelsten, who HEAD-OFFICE: AMSTERDAM. HEAD-AGENCY BATAVIA

Now Zalaud tr.des as a general merchant inco Branches:-Singapore, Penang, Shanghai,

said he had been engaged in the Australian and He expressed him f as not merely Rangoon, Samarang, Sourabaya, Cheribon,

The Chairman: If this systens were a serions 1867. Tagat, Pecaiongan Pasoeroes, Tjilatjep,

grievance, the shippers-weald probably forfeit satisfied, but diligated with the system of con- Doli), Palembang, Kota- Medan Padang,

their

rebates, and in that way do away with ferences su robite. So long as the prasant

"excellent services and conditions Radja, (Acheen) Bandjormasin

the Bombay, rebate system -T think so. Macassar, Correspondents

to further questions the witness tained, he had no desire for any alterations, reply Pondicherry. Caloutta, Colombo, Madres,

remedial Bangkok, Saigon, Haiphong, Hanoi, Amoy, said that he would not advocate any Gorenthe sirly dismissed the other sile by avowing Yokohama, Kobe. Melbourne, Sydnor, Now ment interference with the present state of that there was no ganerat desire for

aff'ra If the rebate system were abolished, the action "on the part of those most compotent to York, Ban Francisco, &o, &c.

probability was that it would also disappear in judge and most interested in the maintenance BANKERS: LONDON

If the antes word bold in gective tortices. gamitind dish THE UNION OF LONDON AND SMiths Bank, LIMITED

wanld not get the orders, and their rates freight wars had been in progress he had affared would have to be reduced eventually. The tan- no incareuienes, nor had his correspondents.

The Chamber of Mines of Western Australia, would be to lower the rates.

great mining industry of that State, have replied to certain questions submitted by the Royal Commission on Shipping Rings special committee went into the matter.

Australian skipping & mppies in the In the course of their reply, the Chamber say coastal trade and the P. and 0. and Orient Companies in the trade with the United King- dom work in agreement, and competition in coastal freight ben practically ceased to exist. The passuger traffic to and from the United Kingdont hat is for the Suez Canal route-is practically confined to four companies, the P and 0, Orient, Froach, and German lines, and the sales of charg sa are càn si... -

The Bank buys and sells and receives for den Chairman: Do you agree that the system a body which is thoroughly representative of the !

collection Bills of Exobangs, issties letters of orodit on its Branches and Correspondenta in the East, on the Continent, and in Great Britsin, America, and Australia, and transacta Baking Business of every description.

INTEREST ALLOWED.

On Current Accounts 2% per sanam on daily

Dalandos,

On Fixed Deposits 12 months-44% per annum,

·4% 6. do.

do. do,

do. 3 do. 33% do.

J. L. FAN HOUTEN. Agent. Hongkong, 8th June, 1907.

DE

28

EUTSCH-ASIATISCHE BANK. CAPITAL FULLY PAID UP...8h, Taels 7,600,000 HEAD OFFICE SHANGHAI BOARD OF DIRROTORS, BERLIN

BRANCHES 4 Berlin, Hamburg, Calcutta Haukow Tientsis, Peking, Tainanfu, Tulog, Kobe, Yokohama, Singapore.

Founded by the following Banks and

Bankers:

BOSTIGLICHE SEEHANDLUNG (PRBUSSISCHE STAATSBANE) Berlin. DIRECTION DER DISCONTO-]

GESELLSCHAFT,

DEUTSCHY BANK

8. BLEICHEONDER

BERLINER HANDBLUM.

GESEFLSCHAFT.

BANK LUER HANDEL UND

INDUSTRI ROBERT WARSCHAUER & CO. KELON& C2

M. A VON ROTHSCHILD

SOEN NE

Berlio.

Frankfurt 1/M.

The

37

in

the

A

is

of deferred rebate enables the conference lines to charge excessive rates-It certainly enables them to charge higher rates than they would be likely to get if there were free competition.

Governor of Sir Walter Egerton, the who followed Mr. Waits, ssid that the oliveria, tion of competi lon was badin any trade, and must be prejudical to the customers of the monopoliste. He had ment 28 years in the Straite. Nettle ments, and when he first went there Singapore and Penang wore the ports of shipment for a very large portion of the trade of the Dutch possessions in the Malay Archipelago. Nearly the whole of the carrying trade was done by Brilish ships; the freights wors very low, and The

In the trade with Great Britain, practically ateamers ** tramp

called frequently. establishment of a conference by the chief all chartering of vassels is in the hsals of a shipping lines with deferred rebates compelled Shipbrokers Ring established in London. In marchants to ship by the conference lines, as 1884 local trators formed an association, and these were the only lines giving quick and rechartered vassals for this colony, and consider gelar communication with Europe, The renitable competition resalted. Erantasily the was that "tramp" ateamers were nuable to obtain local association was merge is the Luden return freights and ceased to call. The very combination; the profits on ebartering are now freights favoured the establish- divided, the London brokere taking four 1fths large increase ment of direct lines from the Dutch possessions and the local company one fifth, the latter to Europe, and, when those lines were establish- being divided between the sbazobolders and ad, Bingapore lost valuable trade. As some of freight contributors.

To the Royal Commission's question, "Have the

principal firms in the Straits had agencios for lines belonging to the conference, they combination of and co-operation by shipping supported its establishment, and thus the companies been productive of any benefit! mercantile commnuity offered no undivided results to British or Colonial trade during opposition to the conference, and we kened the recent years by securing stability of rates or power of the Government to take messares services, or in any other way?" the Chamber against the ring. The establishment of the replies na follows: With regard to coastal conference helped the le mans gemont of the traffe, it has proved a disadvantage from. North-German Lloyd to double the number of the fact that, the trade baing motopo owing their steamers and increase their size Heised, fewer ships are running, us believed British lipes could work at lower rates to the absence of competition the trade Lhen foreign ones, and that, but for the carrying practically soured to whichever vesela, irres

ownership, is on turn. We are not pective of trade having been made so profitable by the increased conference rates, the increased foreign gars of advantage resulting to shippers or In the otes of trade-with-Great- tonnage would have been much lost. He did passengers.

, the offset of the not, Sir Walter continued, blame any shipowner Batais, it is estimated that t for striving-to-establish and maintain a mono- London, Brokers' Ring is to increase the most of poly of the carrying trade at high rates, but all freight, on general cargo from the United such arrangements were bad for the Colonies Kingdom to Western Australia by-8s or a per ton. This is calculated to adversely affoot. affected. The monopolists were enabled charge what they liked, sad, in addition to the trade with Great Britain and to favour the large ordinary freights, most extortionate rates placing of orders, particularly for heary lines of were quoted for any unusual cargo that was, all difficult to handle. He favoured the making of any agreement for robates in the event exclusive shipments by one or more lines illegal and void. He would legisista to autores egen! tros ment to all shippsis, and would establish. some kind of board of control to which shippers might appeal against sash a matter as tanaf rates, and so that the granting of soret rebitor to any firm or on account of exclusive ship- meals should render the line grauting auch

all rebates liable to be sued by other shippers to recover similar rebates. The rebate system. had made shipping an extremely profitable. trade, and had sitracted foreigu steamere. By the rebate system the conference lines were able to charge excessive rates, but the merchants a very did not combine because it would head

the Com large amount of capital.

In reply to questions put by

Sir Walter gave the opinion missioners. that the systems of conferences lines and deferred rates had come to slay unless some action was taken by the Government to defeat them. It was a mistake for the Government to accept rebates; they should refuss them and. endeavour to insist upon lower rates. Unhealthi ness, and the difficulty of landing at the West Africs, amongst other things, INTEREST allowed on Current Account Pustined the gates of freight being sh

5 per cent, at the rate of 2 per cent. per annum on the higher than elsewhere for the same distance. Daily balances.

On the 23rd fust, the Royal Commission On-Fired Deposits for 12 months 4 per cont

heard some evidence about Nigerian haak affairs, some information with regard to the German- law on trade combinations, and the views of another Australasia merchant. Nigerian bank sffaire are one of the interesting side issues which have been developed in the coarse of the

Jacon S. H. STEEN NORDDEUTSCHE BANKIN HAMBURG, Hamburg SAL OPPENHMÍN, JB., & Co., Kosla. BAYERISCHE HYPOTHEKEN UND WECHGEL:

BANE, MUNCHEN.

LONDON BANKERS: Messrs. N. M. ROTHSCHILD & SON: THE UNION or LOND IN AND SMITH'S

BANK LIMITED. Deutsche Bank (BERLIN), LONDON AGENCY DIRECTION DER DISCON CO GESELLSCHFAT, INTEREST allowed on Current Account, DEPOSITS received on terms which may be learned on application. Every description of Banking and Exebenge business transacted.

Hongkong, 7th January, 1907.

F. JUNG,

Manager

25

THE CHARTERED BANK OF INDIA 1 AUSTRALIA AND CHINA. [VOORFORATED BY ROYAL CHARTER, 1853, HEAD OFFICE-LONDON,

PAID UP CAPITAL Shortly to be increased to £1,200,000 BRSELVE FUND

LEA Shortly to be increased to £1,475,000 RESERVE LIABILITY OF PROFRIE

£800,000

£1,075,000

£800,000

do

6 do. 31% do:

..

do.

๓.

3. do 3%

do." J. HOETHE, Manager No. 16, Des Voeux Boad Central

મ

for 8 for 3. JOHN ARMSTRỌNG..

Manager, Hongkong, 18th May, 1907;

-115

дай

to

1907.

goods, with foreign countries, the ships belong. ing to the latter being able to carry cargo at s lower froight. We are informed that French- subsidies on certain conditions, which places and German ekipawnors are paid Government those countries in a favoured position as cora. pared with Great Britain."

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