1918-02-25 — Page 2

Page

INTIMATIONS

THE HONGKONA

VICTOR RECORDS.

THE

RECORDS OF QUALITY.

LARGE

SHIPMENT

JUST RECEIVED.

Give us a call and make your selection.

MOUTRIE'S

VICTOR AGENTS.

The popularity of

[20

Summit

Coloured shirts is continually increasing, for there is a charm and comfort about them that is Irresistibly attractive.

Made with stiff or soft double cuffs, and scientifically cut neck bands that ensure perfect fit.

MACKINTOSH

& CO., LTD.,

Men's Wear Specialists,

16, DES VIEUX ROAD.

LA

Telephone 29.

₤103

MINERVA

CIGAR FACTORY,

ESTABLISHEDVIŃSK

REINA MARIA CIGARS.

We beg to draw the special atter ¬ of Smokers to this Cigar.

"A very good and inexpensive smoke. In boxes of so $4.00 duty paid.

LANE, CRAWFORD & CO.,

AGENTS IN HONGKONG AND SOUTH CHINA.

NOTICE.

THE UNITED BRITISH INSURANCE

CO., LTD, " (Incorporated in the United Kingdom.)

HAVN been appointed MARINE AGENTS to the above Company, we are prepared to ACCEPT RISKS and Issue Policies at Current Rates

UNION TRADING CO.

Agenta.

Queen's Buildings,

Hongkonz lat February, 1918

WANTED.

A ENGINEER is required as a Shift

1381

DAILY PRESS, MONDAY, FEBRUARY 25TH, 1918.

COMPANY MEETING.

THE HONGKONG AND SHANGHAI BANKING CORPORATION:

INTERESTING REVIEW OF TRADE IN stands in round figures at 84 in) what think, the most ardent patriot teresting feature of the customs figures

crease in the latter being largely due their depleted staffs, in carrying on the which Tls. 2,000 Con were released to thes to slow mails and a consequently larger business of the country, in maintaining Chinese Government in August last, and amount in demand drafts afloat On the the supplies emential to the prosecution the balance bas since been paid inte salt other side of the account, cash (includ of the war, and at the same time in steer revenue account in reimbursement of con ing $15 mill

lions lodged with the Honging clear of financial trouble, has been | tributions previously mada towards pay- kong Government account

ole

aiduous and severe Their labours in ment of the Boxer Indemnity. An in-

ngnabat, 861 millions the previous year conle not deny, is truly war work have is

while the collections at Shanghai, bullion

in hand and in transit shows been rewarded with success, and I mair Tientsin. Hankow and one or two of thi

Our securities tain that those who still remain, those minor Southern ports show some falling no change. Our

CHINA.

110

The ordinary yearly meeting of the practic higher owing to increased who for the best of reasons have been off during the past year, those at Har

investments, and I may mention they are prevented from Fielding to their

Hongkong and Shanghai Banking Cor poration was held in the City Hall at noon, on Saturday, Mr. 8. H. Dodwell presided, and there were present The Hon. Mr. D. Landale, the

Hon. Mr. P. Holyoak Messrs. w L. Pattention, C. S. Gabbay. GET. Edkins F Hutcher, E. V. D. Parr and AH. Comp

(Directors), Mr. NI Stabb (Chief some Manager) Sir Ellis Kadoorie, Sir Robert Ho Tung, the Hon. Mr. Ho Foot

Lon

In London money has

been

fact

atural bin, Antang and Dairen show a substan

have tial inore

inorcase, the two Intter being, in ritten down to wint appears to be impulse to get to the fighting-line, have safo level. The sterling reserve fund the right to feel that

they are playing recorda. of £1,600,000 is now entirely invested in their part in this gigantic straggle 1 The net salt revenue collection fai the British Government 5 per cent. War consider, nise, that all connected with into the group banks during the year Lean and stands at the issue price of 93. commerce give a great debt of gratitude, 1817 amounted to 370,627,249, from which, Bills discounted, loans and credits are not only to those who havs kopt open aftar discharging all liabilities and main-

814 millions lower, and bills re- our trade routes, but also to these gallant taining a fixed reserve of $10,000,000,- in the foumor balance ions, higher than on the mercantile marine of the amount of no leas thin 668,613,370 (in- Allied nations who have faced the perils cluding contributions received from the former balance sheet. Stentiful of those trade routes with such an in-Maritime. Customs) was released to the (Ap-free use of the Chinese Government. It is, however, to be observed that, of the salt

revenue collected during the past Fear, about $8,000,000 was appropriated. by certain provinces for their own, needs in disregard of the authority either of the Balt revenue administration or ei the Central Government fact which should be set against any too sanguine inferences to be derived from the above. figures. So long as the control of the Central Government over the remoter provinces is ineffective, and they

their independence upon

plause.)

the Hon Mr. 11. E. Pellod, K.C., and Mesaro T A. 0). Lang, F. C. W. Beswick, throughout the year. The Bank of Eng- domitable and clauntless spirit.

Maitland,

H Percy land rate was reduced from 8 per cent, Shelton Hooper, D. Mac to 5 por cent on the 18th January-1917. donald, A. R. B. Hancock, Chan Kai and on the 6th April to 5 per cent. Since HW Looker, I. E. Peree, that date the rate has remained unchang N. Leefe, A H. Harris, Ho Kwon L. discount for three months' bills averaged shown no improvement during the year,

Fed at per cent. The market rate of

Ming, H. Thomas, D. V. Steavenson, Dowbiggin, G. C. Moxon, C. Morton Smith, A. II, Barlow, J. Dannenberg, Ho hom Tong, J. D. Danby, W. Dunbar A. S. D. Cousland, D. K. Moss, J. H. Saunders, Chun Tong, J. M. de C. Basto, P. K. Kwok, K. D. Gazdir, Chan Biu Ki, Capt. R. Swain, A. P. Samy, J. E. Grose,

JM. Alves, Chow

E. T. R. Smyth Lo maintained:

Ho

Lounge Lee Coop,

She Ho Yuen

for

to 32

per

EXCHANGE POSITION IN INDIA

MALAND JAPAN, EM The exchange position in India has

are

for the purposes offer them avail. cxcorded all previous records and shows change, and the efficiency of her two

either country

| obliga

Allied sets bavo

for the first half of the year £4. 16s 7d. and the rate for allotting Consols, has per cent, and for call money £4. 11s. per been raised to TT. 1/4 31-32, which is at cent. The difference between the two prosent the ixed basis for Indian ex does not allow of mich margin of profit, change. The finance of experts of na and, since the rate of discount is deter Lional importance by the various British mined by the competition of Treasury exchange banks in India has left them

which were on offer at 42

the room for handling Indian exports allowed to assert t per cent.. a condition which is likely to be the Far East, and that branch of trade every pretext, this practice will certainly

. It is

not

n disability of times to be hampered. But, on the continuo and possibly increase. It is one M. 4. Lo, Fung Lok which we desire to complain. Since the whole, Indian trade has been G. M. Young, H. I turn of the year the rate for

Treasury

active, and high prices have been which, we must hope, has the serious at

tention of the Chinese Government as Brown, G. Michael, C. A. da Bosu, H. bills has been reduced to 3 per et sa countrymen must have done well. The of the gravest features of the situation obtained forexports, *no - that the affecting its principal revenue, and as one 31. H. Nemozer, G. K. Haxton, W. II.and the rate of discount

bills of all Smith, W. S. Nicholls, A S. Gubbay usunces has declined

of cent. It absorption

Rupers

has again ben on with which it has to deal. R. A. Dastur, W. Rober V. M. Hum is recognised that in time of war it

it is a large scule..

Thanks, however, to the high level of phreys, A. E. Griffin, and J. H. N. Mody requisite to pool the national resources, The foreign trade of Japan for 1917

THE CHAIRMAN'S SPEECH, and, as far as possible,

great revenue ablo' for

administrations-the cus It an excess of exports over imports of toms and the salt--China has probably State. The CHAIRMAN Buid-Gentlemen--The is a necessity of the cuse

that

our national Y.559,923,000, or Y.203,713,000 more than never had so much ready money at her report and statement of accounts having finance should be centralized in the hands us year. The tocal figures are-Ex-at a moment, moreover, when her entry ut the corrcaponding period the previ command as during the fast six months, been in your hands for some days, I shall of the Government,

ont, and as bankers w as usual, take them as road The net are prepared to co-operate, so far as we ports, V.1,683,750,000 and Imports, into the war on the side of the Allies has profit for the year, including $3,166,578.55 can, to make their control effective. 1 Y-1,093,857,000-being increases of 42 perimposed upon her new and brought forward from the previous ae will be admitted that this financial policy tent, and 37 per cent, respectively, while tions. The count, amounts to 29,920,160.33, a result is susceptible of a wider application by the combined figures show an expansion signified their

ini por which is extremely satisfactory. Ap-extension to our Allies: The closer rela- of 40 per cent, or

798 millions. The tant step by of thin

to the suspension After deducting the interim tions which have recently plause.)

been established great preponderance of exports over im of the Boxer Indemnity service (but in afvidend of 58,000

August paid in

Inst between the Bank of England and the United States during the first nine one-third) for five yeare, whereby en and the free geld market in the the case of Russia only to the extent of at exchange of 2/6], an

and 230

$30,000 federal reserve banks of the United States remuneration to directors, there remains unveil road to both countries in unit phenomenal increase in the amount of cluding the German and Austrian in

nonthe of the year resulted in

annual sum of over £2,100,000 (not in a balance of $7,745,238.18 available for greatest benefit to distribution, which your directore ring the money markets of London, and specio at the disposal of the nation, which demnities, pagaunt of whichi censed upon commend be appropriated as follows: New York and centralizing their relion greater thanion, or 1.411 the earlier rupture of relations) will

Te now tals YA1,120 A final dividend £2, 3/, plus a sources in such a way that the deposit

a year ago, nhout released to China. In addition, China onus of £1, share (applause)-

per

subof cash reserver, in

half being held at home and half abroad. hus new entered upon negotiations with ject to deduction of income-tax, making be indo the basis of a credit issue in The prosperous condition of the country her Allica for the revision of the customs & total distribution for the year to share the other. It may well be that these ex- enabled Japan to repay a portion tariff to an effective. b per cent, which holders of £686,000, or 25 9/- per share. pidients, originated by the emergency of of her foreign debt, make substantial may be expected to cosult in a substan- The final dividend and bonus are payable war finance, may eventually crystallise loans to the Allies, and to borrow on tial increase to the revenue. (Applause) at exchange of 3/...

into more permanent arrangements for advantageous forms for the development. The country's revenue is also gaining by Transfer to silver reservc

the finance of international trade in time and improvement of her railways and the slow but gradual improvement in fund

$1,000,000.00 of peace (Applause).

other works of public utility. Write off Bank premis a/c. 1,000,000.00 THE PRICE OF SILVER.

railway earning. The curliest of them IMPORTANT EVENTS IN CHINA. in which we were interested the Shang And carry forward to the pre-:

sent year

hai-Nanking Railway is now, I am glad It was not to be expected that sever

Two events of capital importance to I trust, gentlemen, this will meet with should escape the effect of the general China have occurred in this, the fourth, ay, mon than paying its way. After your approval.

rise in prices arising from the inflation year of the war, to which I may make acting all its current expenses includ Your directors are very pleased at again of credit, based on the enormous increase passing reference.

ing the payment of interest on its deat being able to recommend an increase in in the fiduciary noto issues of all the the bonus, on this occasion an increase belligerent nations and to the urgent and the United States and Japan the special that given cificient management, similar confident of 10/-, making the bonus £1, but share- insistent demand for the raw materials interests of the latter in China are re results will follow in the case of the other holders' should remember that bonuses are of silver using countries, especially India.ognised, and the integrity of China and fnctuating quantities, liable to be re- During the year the silver quotation has the maintenance of the Open Doorways as soon as it is possible to com- duced as well as increased, according to

their constraction and to resume the The frank interchange

plete radgod

from 35 11-16d in March to Bad. are reaffirmed. circumstances.

en. Although the amount in September-n variation of 106-16d. views has been received with satisfaction development which has now been tempor

ionarily arrested by the restriction of war paid away in dividends for 1317 is per ounce. From 160. *260,000 in excess of

tinnace. in September of the previous

vious year, ary. U price rose until ce in danu by all concerned. It dispels the Atmos

Phero of suspicion and understanding With conditions so favourable, both in the dollar equivalent, owing to the higher that price the silver content of the traits

to the higher it culminated in a quotation of God. At which those unfriendly to these tivo great ers were apt to foster in the In adding $1,000,000 to the silver re in India, of the dollar in the Straits past, and supplies an assurance for the serve you will bring that fund up to Settlements, and of the yen in Japan was future that America and 3

will work $79,500,000, and I trust we may be able in excess of the parity of the gold es together for the security and equal op upon which the development of to continue increasing it as time goes on change standard of these several econ Ample and liberal provision ham sure coing and sell them as bullion. It be would have paid to melt the trical Wit

The internal trade-

with China depends. made for contingencies, which, I can sure

On the 14th

August, 1917, China formal you will agree is a wise precaution in necessary for these countries to take y ranged herself on the side of the Allies their respec Thearation of war upon Gormany.

by those days. The $1,000,000 which it id

gislative atien

to prordingly, the proposed to write off Bank premises active currencies; and, count represents about 80 per cent. of the export of silver, except under

licence, hu year's there re still heavy outlays

3,223,239.16

exchange ad to the it

to

By an interchange of letters between surplus of about £17,000. I

in sterling, the accounts for 1910 show

apan

at

feel

魏

respect to her fiance and her foreign relations, it is more than regrettable to to admit that these are largely neutralised by the deplorable state of fact, reached the stage of civil war China's internal politics, which

has, ju leaders, military governors and

of liticians

етсту rank, cach with his own formula of democratic

government, struggle for

place and power. which China has already consequence that the efforts and with the. bring to the Allies not of the Central Government, expenditure on premises, and, as on prohibited in India Japan, the inconsiderablé On Tami Chinese Inhar basing wholly devoted to administrativo Lappis sound and wil the Strait and Siam, as well as in Great corns have rendered valuable service at reform and the common cause of the

was even mercantile marine in the transport political dissensions, suppress armed

out

The

with

commend itself to you. figures before you are in these re

I am sure you will all approve of our

been well and loyally looked after, and from oint was reached, the price feti

highest Action in again voting the staff (excinded. in four days. Wide fluctuation for ing Hamburg office) a bonus of 20 pas loved in the succeeding month, a rise cent, on salaries for the past your. (Ap on the Oct. 30th marking the largest plause.)

rise recorded in any one day since 1893 The general tread, however, toare a lower level had votre has been

been able to

Our

العالم

resources

instead

of

of

Britain and the United States. The im the front. On sea no less valuable nesist

at so important

Allies mediate danger has been averted

angs has bean gives by, Chinese sailors to expended in the attempt to perfor The fall in the

of

to reconcile I think we suflicient evidence that your interests have more rapid and than the China upon a stop the moral significance ancial demands of military coRVICE

may congratulate

late position to authority, and satisfy the of which transcends ita material import. We are ardent believers in the deepening that our warfare is a great great natural resources, and I am fully anco (Applause.) The conviction in China, with her industrious people and the right of every fint for an idea persuaded that these are destined

ot

every nation, small as

to: a great part in the economic sajastment to its own achieve its own destiny, and to mould ite of Ituse a shower, the war, but

of the world after the cas cade, own civilization in accordance with the theorists may

political genius of its people. It is idle to dený, to be hoped thas Chinese politicians may

led, and it be

earnestly

differemony in favour of the wider gimes which the interests of their own country and of the world at large alike demand from them. (Applause)

SHORTAGE IN STAFF.

all other British banks and frais, closed with the quotation at 4310 into 'do our enemics, that the Allied allse be warned by this example to sick their

ELS

CURRENCY REFORM IN CHINA. It redounds to the credit of the Peking Government that amidst the distractions of all these damnestic troubles it should as find itself able to give serious attention

and

Like

The amount of silver imported we are suffering from a shortage in our staff, and as there has been no diminution China during 1917 was 0.23,000,000 in the work (in fact, it is in some cases minile ons.54,750,000 wore exported the encouragement when an ancient people heavier than previously), A great straining in a reduction of the

in the is thrown upon our men, while it is next country by ozs.31,760,000. However, protected from the scene of conflict by even in the eases of those long overdue silver from China in the near future untouched, deliberately take their stand tus non unnengoed, a choir of national Polity for it. The position is dificult one, present indications do not point to large on the side of the Allies and declare their and it does not look as if there is likely imports of the metal being no belief that our interests are theirs, the to be any improvement for some time to The China exchanges, although general conviction that without human HAVE YOU SEEN come, bat als Britons realise that sacri at a discreet interval, have, nouns life would be as interes ha man try

to be made in such times de lens, followed these erratic and sudden in Europe. It is a decision as wise as to the two most pressing reformas of the have the present, and

make

is bold. (Applause) them willingly (Applause)

I sincerely moment the reform of the currency, hope that the Chinees Government will, the rehabilitation of the reserves of the deep

that I ha regret

have to record the deaths of several of

Notwithstanding the many disabilities, in her own interests as well as in those two Government banks. The vajus of the men,

such as exchange fluctuations, political of her Allies, take immediate steps to in Peking notes of theen two hanks awing the past year disturbances, foods, shortage and uncertern or deport sil enemy subjects still in to the continuous and heavy demands Since the commencement the colours tainty of tonnage, THE LATEST IN LIFE ASSURANCE from this Bank have been killed fighting has been carried on the past year, Tages engineered and connived at by Government, have for months past, stea

under which it Chinese territory. The numerous out made upon their reserves by the Central with His Majesty's forces in the various trade in China has been satisfactory on Germans in altid and neutral countries to declined to about.00 per cent. of Ser

OUR

DOUBLE PROTECTION

ENDOWMENT.

POLICIES ?

fece

twenty-eight men who

fluctuations in silver.

⠀⠀⠀⠀ TRADE IN CHINA.

ITHE SUN LIFE ASSUR- is extended to their families. raw mater needs, it is not scient and unscrupulous foes as the Germans hanks of a large portion of the indebted

ANCE COMPANY

OF CANADA

N. ELECTRICAL or MARINE

Engineer at the Generaling Station of the HONGKONG ELECTRIC CO., LTD, Funds: £19 Millions

Does the largest Life Business in the British Empire.

Apply in writing accompanied by details of experience and copies of testimonials

THE MANAGER, HONGKONG ELECTRIC CO., LTD.

St. Georges's Buildings.

FOR BALE.

1608

TSED POSTAGE STAMPS (all different)

USED

1000 Stamps

8,00 2500 Stamps 8 50.00

3500

18.00 / 3000.

1800

100.00 175.00

2000

22.00 14000

25.000

GRACA & CO..

No WINDHAM YEREKT

HONGKONG

1516·

New Business, 1917:

Over £11 Millions

battle fronts, and our heartfelt sympathy

As

THE BALANCE SHEET regards the figures in the balance

whole for both foreign and native have taught us all the danger of allowing face value. Arrangementa Merchantsk

The world's production of liberty of movement to such savage made for the reimbursement to the two

have How being now, barely sulf for the

surprising have proved themselves to be. tral and Northern China-cereals, ontton, CHINA'S POINT OF VIEW. that the demand for the produce of Cen THE FINANCIAL YEAR FROM

nem of the Chinese Government by the issue to them of short term 6 per cent. ful comments that I can make, exchange

bonds to the plays such an important part in the totals

tained despite-

upon auspended that comparisons between the figures of change, freight, and insurance In form Year as even a more prosperous one for indemnity service, which will be held by

China than its predecessor. the different years are of no great value Jeans a high

high level of exchango tended

The total the Inspector-General of Customs, and Maritime Customs collection for 1317 was applied by him to their redemption by but this together fixed

and stand at £9,840,000, was not so in 1917, and

Haikwan The 38,177,000, equivalent at half-yearly drawings. It

Bingerely change of 4/3 13:16deale two banks in question to resne

hoped that this

his arrangement will en- silver, current accounts are 634 millions the prices asked

sheet, I do not think there are many oils bides, etc. should be main From a financial point of view the past bonds being nt, of, there

rates of ex- higher rates

Gold current accounts and to curtail exports from area thu verage. rate of e For year ago, while the AmNO MITATS have been able to po to 25241857, 8 gast & collection for

against

from this in

For Particulars concerning above higher at 6187 millions, and silver is to be hist

and other policies-`

Apply to

F. M. WELLER, Manager. Powell Building, 12, Des Vœux Rd,

Hongkong.

ORCHIDS, PLANTS, & SEEDS

1660

Nurserymen desirous of shipping the above-mentioned to this country are cordially invited to apply with particulars to

SHOZABURO WADA

89, Tennoji mars. Higashinarigan,

OSAKA-FU, JAPAN.

the previous

year

of

fixed deposita 84 millions lower at 251 has onsumed Jargo quantities of Chinese07,764.000, -equival of HaiwanTmmediately sperie paynient of their

millions, I would

ading

of

carrent

accounts are included the

market only in Europe. The result has been that the native merchant han receiv

than he

to

nt at the average Peking notes, thereby relieving a sitan-

tion which was daily becoming increas 8 Considering the

China trade by

traile

out that under Produce which, before the war, found rate of exchange of 3/34ete ugly detrimental both to credit and figures of countries which were formerly ed higher prices for most of has produce the ing a dearth of tonnage. on a alver basis but have for many He has there for many years past less remarkable than that of the storhng With regard to currency generally, Consequently the title change basis, higher pres required for imported com-cheat due to

been established on a

fixed

La hardly

past

been able to pay the

modities, and, considering the dificul

in the actual collection is no

extraordinarily

of exchange venue during the

CURRENCY IN GENERAL

scheme for the unification and reform of to this the currency has been laid befor the in-

And it is our intention to die experienced in the supplying z latter factor, the aritime Customternational- banking groups by the ee the practice & relie of the

of showing gold and other met the service of the various t only Ministry of Finsure which, although separately.

old and silver balance imports has been satisfactory, which are a first charge apen it, but bad likely to admit of immedinte realisation,

loans, under present war conditions is

11633

with

the

FIBING-LINE.

will be given, vig dollar total against DEBT OF GRATITUDE TO RAILORS

the whole of the Boxer Indemnity is an encouraging indication of the im Exed deposits and current accounts, thus AND THOSE BEHIND THE conforming with one system in dealing

Fervices and for the last six months of portance attached by the Chinese Govern the

year, the service of the reorganisa met to this argent measure of reform- statement of accounts Notes in circulation are 64 millions. The risks and difficulties, inseparabletion Joan, which, by a special clause of and it is to be hoped that the joint de from the interchange of commodities, the loan agreement, is charged upon aer liberations of the Government and the smaller than the corresponding total already greatly increased by war condi plus custam revenues. After the dir groups will result in evolving a practical. of the previous year, while bills payable tions, have been intensited, and the strain charge of these fiabilities, there still programme which, so soon as conditione are about $5 millions higher, the in borne by merchants and bankers, with remained earplus of Tls. 10,000,000, of permit, will be carried into its