1907-10-22 — Page 5

Page

INSURANCES

AACHEN AND MUNICH FIRE IN- SURANCE CO.

OF AIX LA-CHAPELLE-

HE Undersigned, having been appointed TH

AGENTS for the above Company, are prepared to ACCEPT BISKS against FIRE at Current Rater.

REUTER, BROCKELMANN & CO.

Agents. Hogkoer, 21st April, 1997,

114

NORTH BRITISH AND MERCAN TOTAL FUNDS AT 318T. DOMBER, 10s £17,837,119.

TILE INSURANCE COMPANY.

I. AUTHORISED, CAPITAL... £3,000,000 Subscribed CAPITAL.... 2,750,000 PAID-UP CAPITAL

687,500 00 II. FIRM FUNDS... 3,396,729 19 €

The Undersigned, AGENTS for the store -Company, are prepared to ACCEPT RISKS

against FIRE at Current Rates.

SHEWAN, TOMES & CO.,

·Apants.. Hongkong, 27th April, 1907.

1481

THE GLONUS INSURANCE COMPANY OF HAMBURG.

THE

THE Undersigned, having been appointed AGENTS for the above Company, are prepared to ACCEPT RISKS against FIRE at Current Rates.

CARLOWITZ & Co.

Hongkong, 18th August 1906.

-29.

BOARD AND RESIDENCE FIRST-CLASS BOARD. & RESIDENCE

AT

"BRAESIDE.”

LARGE AND COMMODIOUS RESIDENCE standing in its ove grounds, with Tennis Courts, Good Dining and Reception Rooms, Large Airy and Well Furnished Bedrooms, every home comfort: Fine View of the Harbour; Terma modorata

Apply to-Mrs. F. W. WATTS,

Braeside," 20, Macdonnell

(late of "Tang Tuen." Hongkong, 27th June, 1905.

PRIVATE BOARD AND RESIDENCE

MR

R 8.

tires

HAMBURG.

(FROM OUR CORRESPONDENT.)

September, 101.

THE HONGKONG DAILY PRESS, TUESDAY, OCTOBER 22ND, 1907.

BANKER'S CONGRESS, The third congrose of German bankers was held in this city a fortnight ago and was well attended by members of the association from all parts of the country, the presence of represents. the stato of Hamburg, the fmperial government in Berlin, the ministries of com- mozes and finance, and of the principal chambers of commeros lending 'additional importages to ite deliberations. The olief subjects brought up for discussion wore the hope for reform of the "Bürsengesetz," the renewal of the charter of the Reichsbank, and the proposed legislation relating to obeques. The first resolution moved was directed against the present Börsen laws, the disastrous results of which were dwelt upon by the proposér in an able speech of about an | hour's duration: "He explained that the law by declaring all time bargains to be invalid and lose incurred by such transactione not recoverable in the courts of justice, bad lowered the standard of commercial morality cash business alone being legal, it had increased the demand for money; had soared away a large proportion of the general public who now found it more convenient to deal in foreign markets; had led to the absorption by the large financial institutions of a considerable number of smaller concerns and private baukers, thus reducing the circle of operators and the receptivity of the bourse. The stamp law requiring foreign securities to be stamped on entering the country without waiting till a sale had been offooted, bad tended in the same direction, bayers pre ferring to leave them in the hands of their friends abroad for disposal.

FINANCE IN WARTIME

war had attained a position of international flank to the enemy. At no time has financial importance, hardly second to that of London strength played so prominent a part in politics: and Paris had since been arrested by the to it was due the rapid growth of the political Börsengesetz and no longer possessed the influence of France, he alliance with Russin necessary organisation nor the power to lend and to a great extent the entente cordiale with -material-assistance-in-floating foreign loans. Great Britain. At the confereuse of Algeciras If when the Russo-Japanese war broke out Russia was won over to her side by the prospect the shock was felt more severely on the Gor-

of a now loan and Italy had every reason to sakume a friendly attituda being on the point of Dan stock-exchanges than elsewhere, what

ust one expect in case of a war in which converting her rante. The access of France was there on that occasion dus more to her the country itself was engaged? Only a strong financial power than to her diplomacy. How bourse aided by a powerful coulisse and largely the faniil qussion entered into numerous banking firms of greater or lesser im-ths negotiations for peace at Portsmouth portsace with a widespread clientèle at home and would be remembered by a. abroad could insure the successful issue of a required to be randially strong in or foreign loan, not a few large financial institu- der to bear the steady increase in her tione by themselves. The French loan after military expenditure, to enable her army the conclusion of peace in 1971 was taken up, to not boldly on theofonaire in the not by the public, bab by bankers and speculaevout of war and to sure the country from tors and it was not until even or eight years later that it gradually passed into the hands of the public. It might be mentioned in passing that the graimarket too had lost its elasticity by the suppressian of time bargains and that this would be sorely felt when in time of war large quantities of cereals would have to be importel

RADICAL RECOMMENDATIONS,

Germana

servies tended to educate the masses by teaching total oallapes in case of defeat. As military

later on when returned to civil life stood them them discipline, order, cleanliness, habits which

in geċd atea?, soa sound financial policy calulated To ensure the means. for a possible war would teach them to assist in the 'conomic development of the country. Germany had prospered during the last twenty years to an extent that permitted bor to look with equa nimity on the possibility of war and there could be no doubt of her ability to raise not caly the seven milliards of Marka

necessary for the first year's esmpaign, as stated for several years more; what she wanted however ja the beginning, but to contious the struggle

her resouros so asta miks krancially strong was a thorough and «Uciant organisation of

at every point along the line.

Merchants and manufacturers, he thought, should endeavour to hold reservas, eally convertible in case of need. The unparalleled development of the trade of the country during the last thirty years had led to the greater part of earnings and savings being placed in îndustrial and commercial enterprizes while the remainder had been invested in mortgages and in state and corporation loans, none of which wore easily turned into ready money in critical times mors especially as the sums raised by towns had been looked ny in the erection CHINA AND THE GOLD STANDARD,

of public buildings and sanitary-and-other- works. Saving banks were in the habit of The most interesting paper of the session how placing their capital on mortgage whence it ever was one read by one of our leading pritats could not be withdrawn at a moment's notice. bankers on the mobilisation of the financial re- Ho suggested that they should in fat are invest a portion of it at least in treasury bends at sources of the nation in time of war. He fully and endorsed all the previous speaker had said long daten, to be issued for the purpose, which concerning the deplorable effects of the in cases of emergency might bɔ discounted like Börsengesetz on the bourao, When the law bill of exchange, a mash simpler proceeding was passed eleven years ago war almist than that of "obtaining advances by the sected an impossibility, but the Morocco hypothecation of "mortgage deeds. So much troubles last

demonstrated clearly that serious complications might still arise at any moment. Trus to the old adage, that to secure peace one should be prepared for war. the military expeniliiture of Germany had been increased every year, until it now stood at (100 million Marks for the current twelve months. This was in time of peace, should a war break out, the mobilisation of the army, would necessitate a concomittant mobilisation of the

GILLANDERE

*CLAREMONT,"

1530

2 & 4 KENNEDY ROAD. Hongkong, 9th February, 1907.

NIGHT STEAMER TO CANTON,

S.S. SAN CHEUNG. New Twin Ferow Steamer, Capt. J. MoG:NTY, Leaves Hongkong for Canton at 9 PM on MONDAY, WEDNESDAY AND FRIDAY

Leaves Canton for Hongkong at 5.30P.M.pn TUESDAY, THURSDAY & SATURDAY. Fare 1st Class - $3 single pasSALV Meals

$1 sach.

ALSO

SPECIAL EXCURSIONS TO MACAO on every SUNDAY Leaving Hongkong at 9. A.M. Returning from Macno at 6.00. P.M. Fare 1st Class $1.50 single passage

80 10

Bod

zt

+

Maala Si och.

Servants' passages must be paid for,

CHEUNG ON STEAMBOAT CO., LD.,

No. 222, Des Vœux Road Central. Hongkong, 19th September, 1907.

*The Saty of Satas“

1627

Abbey's Salt

Effer- vescent

No more Constipation! No more Dyspepsia! No more Bilious attacks! No more Headache! No more Kidney and Liver trouble!

You can be as certain that Abbey's Salt will conquer any disorder arising from the Stomach, Liver or Bowels, as you arc that the sun rises. in the East.

Costs but little to convincé yourself, buy a bottle if in need.

Sold in two sizes by all Chemists and Stores, and by Watkins, Ltd., and A. S., Watson, I'd Hong Kong.

Fie Abbey Fruit Salice Co., Ltd.. 144, Opeen Victoria Street, London, E.C.

335-3

SANTAL MIDY

These tiny Capsules -superior to Copaiba, Cubebs, and Injections-cure

the same diseases as these drugs"

in forty-eight hours without incor-enience,

Bach Saphale beans the name.

LADIES

*. SATE

REMEDY

For functionaltroubles, delay, pain and those irregularilles paouliar to the 882.

APIOLINE

CHAPOTEAU!!

Prescribed by the highest French Medical authorities a 1 superior to Tansey, steel. Drops and Ponny royal.

CHAPOTEAUT, 8, r. Vivienne, Paris

17

Fole

financial resources of the sountry. It was cal calated that in 1922 Germany would be able to put 10 million man into the field entailing an expenditure of 22 milliard Marks for a twelve months campaign; taking the present effective

sevan

of three millions, the cost would be milliards, an estimate confirmed by the com palation of a French military writer with Fegard to his own country. Provision for thi should he made in time of peace whilst moreover means should be prepared beforehand to counteract the effects of pinic in

of the capital of the country being locked up in the several ways indicated constituted a serious dangar when the exigencies of war called for ready money.

It was evident therefore that Germany did not poses

The speaker ended amidst general applause.

ago that China had determined to adopt the gold The Globe says-It was denied a few days standard, but it would not be surprising if one of these days China did actually take a stap which would probably be attended with great trading classes may be expected to fight s altimate advantage. For the time being the change of this character tooth and nail, their argument boing that if the China exchange is be unfairly benefited. Mr. A. M. Lindsay. fixed the exporters of silvernsing countries will C.I.E., & well-known authority on Indian currency, long ago pointed out the fallacy of function of money, is to act as a median of pay... chis contention. He laid down that the proper ment, and as standard for deferred payments, both in internal and foreign transactions, and that its work in connection with foring foreign exchange is steady. It is not the duty exchanges cannot be properly performed unless Bancient uncial recoures in time of war

of money to stimulate exports, and as there are and that the boures owing to the concentra

two parties & each payment, and money is tion of business in a limited number of hands merely an intermediary, it is obvious that what was not in the same position to afford sub. one geing in this way another must loss, A

wealthy firms of bankers and brokers kept temporary. Japan, with a sum of £18,000,000 stantial aid as were those of England, France falling exchange does sometimes impart an un- and the United States where

healthy stimulus to exports-unhealthy because numero as prices rise se silver falls that the effect is only the capital rolling.

in hand in gold, was favourably circums isnced. it is true, with reforonce to the establishment of a gold standard, and the task of replacing silvor Gold currency has for bias many extra- ordinary diffoalties; but the time mast even. tually arise at which the example of Japan will be followed.

FOREIGN INVESTMENTS.

It was highly desirable with a view strengthening the nation's reserves that invest. menta in foreign securities should be made en a more extensive scale than hitherto, as they afforded this means of drawing money from abroad when needed; but the government mist assist the banres with respect to anoti ingaat.. ments by keeping it informed as to passing evente political and financial circles should be in constant touch with eroh other. This being the case in Loudon stock exchange there had

COLONIAL SECRETARY'S DEFT.

INFORMATION se been received from

the Military auté bois, tactice FLD

trade and on the stock exchange which slmost invariably precedes and follows a deels ration of war, -causing the withdrawal of experienced less violent flaotuatione during FIRING will be carried out as under

no reason.

the Russo-Japanese war and the losses incurred foreign and home capital. Although it might | had been been less heavy than in this country. still be true that "inter armas ellent leges" At present foreign securities and foreigu drastic measures such as an increased issue of bill of exchange were chiefly held by govern bankuotes, forced losus &o. were no longer to ment institutions and by largo banking and be thought of, Germany must be in a position commercial firms but there was financially too to show a bold front, so that after why the general public should not place the first shook her credit might remain part of their savings abroad or well, only arimpaired and this could only be achieved it would have to be done judiciously, confining through the agency of a powerfal boars, which, investments to such securities as are easily it was sud to confess, no longer existed owing large amounts of forei in stock may even serve disposed of anywhere. The pression of to the Börsengesetz. The means at the disposal to avert war; it will be remembered that Great of the government in case of war were in the Britait replied to President Clevaland's pro first place the war fund of 120 million Marks rosati se message anent Venezuela by throwing deposited in the Julius Thurm-in-Spandau-after--enormous amounts of American socurities on the the war in 1970; then increased taxation and a market, which did not fall to have a calming reduction in unnecessary expenditurs such as the erection of public buildings &e; requisitions

effect on the other side of the Atlantic.

MORE PAPER MONEY,

On the slope of Beacon Hill in North Westerly direction, between AM and 1 P.M.. on the 19th and 25th instant,

From Custom's Fass in a Wostorly direction towards Kau-lung Peak on the 21st, 22nd, 23rd, 24th and 25th instant.

F. H. MAY, Colonial Secretary. Hongkong, 19th October, 1907, 1687

WAR DEPARTMENT CONTRACTS.

TENDERS will be received at the Hond Quarter Offices until 12-'olock Noos, on TUESDAY, the 12th of November, 1997, for the supply of

GENERAL SUPPLIES, "A" except Milk) including Indian food-stuff. of stores, horses, shije ko. as provided by law and An extension of the system of payment by For the period from 18th November, 1907 to last but not least loans through the median of cheqt or by bank transfers would, by supple- 31st March, 1918. the Reichsbank or by public, subscrip-menting and in some measure taking the place obtained on application to this Office, personally Forms of Tender and any Particulars can be tion. The Reichsbank it is to be feared of the ready money in circulation, strengthen or by letter. addressed to the Offlear Comm wid would find herself in a most difficult position the position of the state in the event of war, foring Arms Service Corps, between the hours having to assume the functions of bankers the money itself would accumulate in fewer of 10 A.M. and 4 P.M.

hands and be therefore more easily available The Tenders must be properly fillet op when required. Indressed deposits in the signed and dated and no tender will be notiosd unless delivered upon the propor form at the the above date, in a closed envelope marked "Tender" on the outside.

The right to reject any or all Tenders) is reserved. Head Quarter Officer,

Hongkong, 19th October, 1907.

to the slate at a time when she could have to meet the increased demand of other banks and

the general public, although to some extent the Reichsbank would permit of a greater amount Head Quarters Offee by 12 o'clock Noos on

strain would be lessened by the influx of money generally agreed that on the outbreak of war of notes being issued and it was therefore withdrawn from other establishments. A plan the gold stored in the Julius Thurm in Spandau for the organisation of loan and deposit bank ought to be handed over to that institution as a for the purpose of relieving her of part of the basis for nu increased issue of banknotes. The work, should therefore be prepared in time of object of hording so large an amount of gold peace in order that they, may commence opera.. se the so-called war-fand was of course tions without delay on the outbreak of war. Internal lose might be raised in the form of treasury bills at long or short dates, according to the state of the market; til forced loan only in the shape of promissory nites for ators chased or work done.

C. THE CASE OF JAPAN.

to have ready money at hand in case of sudden emergency but reserves of gold kept in foreign countries would have answered as well"] and it seemed, donhtfal under the altered oir wise to allow the MC 120,000,000 to lie idle for .cumstances of modern times whether-it.was

the last thirty-five years, for if placed abroad, even at the moderate rate of interest of 3 per cent, capital with compound interest would at present amount to 31. 350,000,000.

1888

THORNE'S

OLD VAT

Japan during the recent war effected savings in ber internal administration to the extent of 125 million yens; she raised 212 millions by

THE BOURSE MIGHTY AS THE SWORD, additional taxation and 1134 millions by loans, 440 interual and 694 external, the total cost of stance susare success in war which depended on Finnicial strength did not in the first in- the campaign amounting to 1932 million the training and spirit of the army and ability yeus, Russia relied chiefly on loans of which of its leaders, but it was of the utmost import 684 million, Roubles were placed abroad und

ance that the movements of the forces should 575 at home. According to the carefully pre- not be hampered by financial considerations. served records of the British government the It therefor was the boundon duty of their six wars from 1638 to 1785 cost the nation association to point to the government again £311,741,470, and the Napoleonic dampaigns and again tho inadequate financial organisa. £831,446,440, stupendous sume considering the tion of the country and to convince them sparsity of the population-and-the-geester and the people generally that the bonrso

anpplied by additional taxation and two thirds the state that it should be national in its were raised by loans. Germany would pro spirit bat international in its valations. A bably be obliged to find the means in the powerful bourse would ever prove, a powerful.

the army,' but a weak bourse | HONG KONG, CHINA & MANILLA, country itself, for the development of the ally to Berlin bones, which during the twenty-ive would not only be unable to afford it any years following immediately on the French assistance, but would present an unprotected

THIS VAT WAS CHARTED BY THE LATE ADBERT THORNE

BY GREENOCK AND HAS BECK BOLD AS MA SINGE, JOSE. "

value of money at the time; one third was was an important factor in the defense of SCOTCH WHISKY.

3DLE AGENTS IN

A. S. WATSON & Co,Lro.

129

EXCURSION

TO MACAO,

Fast and Splendid Stasmer of The COMPAGNIE FRANCAISE DES

Trip to and from Magad viz :—

TINDES ET DE L'EXTREME ORIENT will make the following Excursion Leave Hongkong Теате Маски.

8 A..

Tuesday, 22nd October. "CHARLES HARDOUIN "

2.1.

Return tickets are available by the Company's steamers on any day during the excursions. Meals and refreshments supplied on board.・・

The Steamers will be beriked at the Company's Wharves, both here and at Macs › Passages can be booked 0% the Office of the Undersigned or on board, For Further Particulars, please apply to- BARRETTO & CO. Agusta

Hongkong, 17th October, 1907.

1-402-1675

JAPANESE BEER.

“YEBISU "

“SAPPORO"

AYAHI"

AND A NEW BRAND OF SPECIAL Light Beer

PEACE

99

IDEAL AND WHOLESOME.

-Evole Brand-bas obtained the highest AWARD at International Exhibitions The largest demand in the whole of Japan. Quality speaks for itself. -PRICE EXCEEDINGLY MODERATE.

THE MITSUI BUSSÁN KAISHA,

Hongkong, 12th Angust, 1907.

BOLE AGENTS,

Exshaw's Brandies.

IMPORTANT NOTICE.

PRODUCE OF FRANCE

JOHN EXSHAW

RED LATER 8 1.

No1 BRANDY

All my labels are signed

Johulishanz

Messrs. John Exshaw & Co. have

to announce that order to protect

the public against Imitations of their

well-known No. 1 Brandy they have

adopted the label herewith shown.

From October 1st, 1907, all Shipments of

JOHN EXSHAW No. 1. BRANDY

will bear this label-

PRODUCE OF FRANCE

JOHN EXSHAW

GISTEREO

N°I BRANDY

All my labels are signed

Johudrohanz

MARTIN'S

APIOL&STEEL

Tor Lagiless PILLS

A Pranch Bamady for a lzzogulmritisa.. Thousands of Zadis key a tvx of Martin's 19 in the house, so that on the kn aign of any regulaty of the System a Bucely dose may be dilisteaed Those who use the resend them, hence the

sento. At all Chris and Stores, or past tree a MARTIN, Chemkt, BQUTILAMPTON, NAGLEND

ON SALE.

1329

DOUND VOLUMES of the HONGKONG WEEKLY PRESS, January to Jano

With INDEX, Price $7.50.

1967

On sale at the HONGKONG DAILY PRESS " Office

Hongkong: 26th July 1907,