1919-01-17 — Page 7

LA

ST. ANDREW'S SOCIETY WAR BOND DRAWING.

SALE OF TICKETS CLOSES

ON 15th FEBRUARY.

Tickets $5 each, obtainable at Banks, Stores, Clubs and Hotels.

THE HONGKONG DAILY. PRESS, FRIDAY, JANUARY 17г, 1919, .

{96

CIGARS

MINERVA

EPICURES.

actual size. In boxes of 25, $2.

This exquisite little Cigar is made from selected leaves covered with the first Sumatra leaf.

The quality is unexcelled.

Sold by-

LANE, CRAWFORD & CO.,

SULE AGENTS.

A

ESTABLISHED

1814 100 YEARS.

JOHN

1914

HADDON

AND Co.

Export and Import Agents

*

For ONE HUNDRED YEARS in the CITY OF LONDON we have acted as' Buying and Selling Agents for Traders,Storekeepers, Growers of Colonial Produce. Are you requiring the services of London Agents to promote your interests? We shall be pleased to enter into correspond. ence with a view to arranging terms to mutual advantage.

CASH

BANK CREDITS ARRANGED. ADVANCED AGAINST SHIPMENTS.

JOHN

HADDON

AND

Co.

Colonial Merchants and Produce Agents,

SALISBURY SQUARE, LONDON, EC.

#

(65

167

AFTER-WAR CURRENCY. RESTORATION OF CREDIT"

THE SOUL OF THE HUN.

A NOTE OF WARNING.

In an interim report issued recently,

BY JACQUES D'URVILLE.] Lord Cunliffe's Committee on Currency

Germany has capitulated--the ultimate and Fureign Exchanges after the War ontline the measures which they considered which was predicted by everybody. It must be understood, however, that her necessary to meet the serious currency war-harness, so carefully looked after for difficulties which will confront the country forty-seven years, despite the formidable when peace is restored. In an introdue bows which it has received, is still cap tory paragraph they state.

of

Currency

slightest sign ui weakening until revolu tion eine On the contrary, it is from the military defeat that the panic has

disorders.

GERMANY'S ONE REGREY.

This statement is sufficient to prove that, i the temneratie enirversion of Gymany is not kindred to par ideas or our prin. ciples. It has not been the autre of the rolly merulistic suggestions of President Wilson, or the salt of a combined effort

It is only the un-

The conclusions upon the subjects able of offering some resistance to outside dealt with are unanimous, and we can-ces, but the military power of a State, not too strongly emphasise our opinion as soon as its armies become formed by that the application, at the earliest the moral of its peoples and the internal armed citizens, is completejy subject to sible date, of the main principles 011

Now the which they are based is of vital necessity condition of its territories. to the financial ability and well-being ed by the agonies of fifty months of war German moral, almost completely destroy- of the country. Nothing can contribute more to a speedy recovery truth the effects and a series of heart breaking dis illusions, has given way completely bu of the war, and to the rehabilitation of

fore the menace of invasion. the foreign exchanges, than the re-estab lishruent of the currency upon a sound have been a German peace if the Imperial One can easily judge to-day what would basis. Indeed, a sound system

armies had not been`shattered. For all will in itself secure equilibrium in those the events of the last few sings have been exchanges, and render unnecessary, the the direct consequences of the non-exist continued resort in emergency expedients

ence of these arinies. In spite of this. In our inquiry we have had in view the the Panderinans unblushingly avow that conditions which are likely to prevail man militars power did not show the during the ten years immediately follow ing the end of the war, and we think that the whole subject should be again review. ed not later than the end of that period "

It is pointed out that before the wag, hringing about the Subsequent the country possessed complete and effective gold standard. The provisions of the Bank Art, 1844, operated automatic. alty to correct unfavourable exchange and to check undue expansions of credit. During the war the conditions necessary s the maintenance of that standard hove ceased to exist. The main cause has been the growth of credit due to Government degraded people to throw if the borrowing from the Bank of England and worthy product of a movethen of fury

amatle of servility. other banks for war needs The unlimited that the German population has made issue of Currency Notes has been both against the criminals, guilty of having nu inevitable revisetõence and, a seres.

precipitated them from the heights of an Mary condition of this growth of credit.

In the Committee's opinion it is im-glory to

ambitious and nearly realised trean of abyss of failure and perative that after the war the conditions disorders. necessary to maintenance of an offer- tive gold standard should be restored No dare to-day than yesterday due's he Dock the Han possess a sad an all? without delay. Unless the machinery which long experience has shown to be the pet of the atrocities that he has com

mitted. He is only worried by the respon. only flective remedy for an adverse sibilius whil he has so neared. The balance of trade and an undne growth of only sivre, regret that oerapies his credit is once more brought into play, thoughts in the from that he has being Elser there will be grave danger of a progres war. And his principod orenpation is to sive credit expansion which will res save as much as he cap from the ruin in a foreign drain of gold menacing the of his Enquire. He has not shown a convertibility of our note issue, and so single fling of gratitude to the Eatenby, jeopardising the international Trade posiwhich a riglu should have completely Lion of the country, The pre requisites annihilated everything tertana, and could for the restoration of an effective gold have, ander the name of reprisals, carried standard are laid down by the Committes on the war in the bemy territory. na follows: --

a erward for this generous malevation, ()The

uf Government the Press of the lands beyond the Rhine borrowing as soon as possible, after the has had nothing but somason, It has made war. We recommend that at the earliest allusion, in the feerfulness arising from possible moment an adequate sinking fund reality, of Bone ambiluring arthage, should be provided out of wevenue, eo and while, even after the signing of the that there ay be a regular annual re-aristice, a furious babardment brought duction of capital liabilities, more death and ruin to the inhabitants “gďď especially those which constitute the float Mezieres and of Charleside, while the

debt.

German soldiers rubbest and murdered the (5)-The recognised machinery, name in Belgians in the streets of Brus ly, the raising and making effective of sels, the German women, wh anv never the Bank of England discount rate, which lifted their voices the hellf of the before the war operated to check a foreign, thousands plictions of theit 451 drain of gold and the speculative expaph bave ten left to the tone mercies sion of credit in this country, must be of dranken soldiery, have appealed for. kept in working order. This necessity metey from the women of the Entente, cannot, and should not be evaded by That is the nature of the Jan [?exp« any attempt to continue differential rates has not modified him in the slightest, and for home and foreign money after the we binst still be very careful in ang deal-

ings with him. (c)--The FABUL of fiduciary notes should, as soon as practicable, once more Besides, everything #jyears to be more be limited by law, and the presentar less faked in this oan Revolution, arrangements under which deposits at the where the resolution yes, min sented by Bank of England may be exchanged for the German propaganda as slaaperoas and legal tender currency without affecting bloodthirsty Bolsheviks, kad s the The reserve of the banking department

as of should be terminated at the earliest pos sible ment. Subjeet to transitional arrangements as regards currency hotes and to any special arrangements in re gard to Sotland and Ireland which we nay lave te propose later, we recommend that the nut issue (except as regards hate for England, at long way spyke of

ing

war.

A PAKED REVOLI PION,

Sur-X

d

flag of Curn.de Caff fraternising with da ergens and of gaining power, cilor by the accomplish- lents of Socials ik Sidman Or Erzberger, or by to offats of Pontier- manists like Bolt on the Regent Vienneole for of the Emp. Bert sinn, in his

7

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[118

existing private issues) should be entirely nothing he buy the burning of London. “ASAHI BEER.”

in the hands of the Hank of England. Now that the Prussian Imperialism and

The notes should be payable in Londen militaris only and should be legal tender through

out the United Kingdom."

RENTRICTION OF BORROWING.

left at the dot the tum in the field. is be more an Hindenburg,

has he not spoken his but word Ebert. Scheiden, and their supportus after

On the subject of Government burrow revolutionnes seatinents, biting de point ing, the Committee remark that it is of of their soldier's helroet, under the Phry- the atmost importance that repayment of gian cap. Whatever might be the etiquette debt should not be offset by fresh berros-Feind which they ar sheltering, their ings for expital expenditure. They are urls zemain like their ambitions. their aware that immediately after the war lusts, and their hatrols. Du auf forget there will be strong pressure for capital that as a result of the deneratie ove expenditure by the State in many fursment of this there cate the man of iron for reconstruction purposes. But it is who brought about German unity. which] essential to the restoration of an effective was the prelude to the worlkambitions gold standard that the money for much of

expenditure should not be provided by the pent-day Germany.

The

creation of new eredit. and that, in a Germany of eighty million inhabitans,

it should unfortunately happen that] far as such expenditure is undertaken retaining her unity, her prestige, her. at all, it should lae undertaken with great power of economic and military atten caution. The necessity of providing for tion, shall be left to prosper by the side our indispensable supplies of food and of young nations founded from the ruins materiny from abroad and for of Austria and Russia, France and Eng- nervars of repairs to tunnufacturing pinut land, in fifty your time, will have to nad the traiport system at home will battle one more as the wight of a limit the savings available for new capital reconstructed Germany, Let us remem- expenditure for nconsiderable period.bor Turkey and the Balkans --Coveant This enation is particularly applicable cusut." Pall Mall Gazette, to far-reaching programs of housing and other development schemes. shortage of real capital m

Having carefully considered various be made propanis pinced before them as regards good by genuine savings It cannot be the basis of the fiduciary note issue, the het hy the creation of fresh purchasing Committee recommend that the principle wer in the form of lank advances to of the Bank Charter Act. 1844, should he the Gernment or to manufacturers maintained-namely, that there should be under tiverament gunrunt or other fixed fiduciary issue beyond which notes wie, and any sort to such expedients should only be issued in exchange for can only aggravate the evil and retard, gold. Provision for an emergency should. possibly for generations, the recovery of however, be made by enabling the Bank the country from the losses sustained durof England, with the epsent of the Trea ing the war.

A regards the control of the note isguy. the tegal limit. Publication by the banks sary, temporarily, to issue notes in excess the Committee make the following ob-of n munthly statement in a presaribed.

(form a advocated

What the obligation 19 pay iph| As it is met endret practicable to: Bank of England notes and currency fix any procis is for the fiduciary notes in gold un romand should be munin-note indue immediately after the war, the lained, it is net necessary er desirable Commitice think it desirable to fix the that there should be any early resump: naount which should be aimed at as the t of the internal circulation of gold central gold reserve, and suguest, in the win

Arst instance, £150.000.000. -While the import of gold should mount has been reached and maintained) Until this by free from all restrictions, it is con-enuently with satisfactory foreign venient that the Bank of England should exchafike position for at least a year, thái have cognisance of all gold exports, and policy of cautiously we recommend that the export of gold covered note, isstres should be followed.

reducing the un-1 coin or bullion hould be subject to the When the exchanges are working noentally Pundition thing such enin and bullion has on the basis of a minimum reserves riff been obtained from the Bank for the £180,000,000, the position elid again be prpose The Bank should be under ob-reviewed in the light of the dimenEMŽIŠK ligation to supply gold fur export in of the ducines issue as it then exists. exchange for its not

In view of the withdrawal of gold has bron reduced to a amont while ex

When the Aduciary portion of the jepun fuga elreuintion we recommend that the periente shows to be consistent with they Hold derves of the stuntry should be maintenance of a central gold reserve ní Jedd by one central institution, and ns1000.0) the outstanding

SENER BEF

ASAHI

SPECAURY

all banks shank transfer any gold now putes around te regard and EMITSU ired by them to the links of England.' Bank of England notes of low dehomini A

(Cautioned at fout of neat column.)

Cloti.

BOLE AGENT

BUSSAN KAISHA.

SALES AGENTS IN

CANTON.

Established 1794.

FRANCE

Maison Fondée en

RÉMY MARTIN

Brandy

E

SOLE AGENT

MANNERE & BackHOUSE, LTD.

THORESEN & Co.,

Queen's Boikings,

Phone 450.

[94

NOTICE TO CONSIGNEES.

8.8. VENEZUELA VOY 10-OUT FROM SAN FRANCISCO, vix YOKOHAMA, VLADIVOSTOCK and MANILA.

THE above-mentioned vessel having arrived

from the above-mentioned park, consigbee of cargo are hereby informed that their Cargo will be landed at their risk into the Hazardous and/or extra Hazor- dows Godowne of the Hongkong and Kowloon Wharf and Godown Co., Ltd., Kowloon, and stored at consigneer risk.

Consignees of Cargo are hereby nokißed that they must produce an Import Permit signed by the Baportendent of Imports and Exports, Hongkong, before Uids of Lading CÁI BÀ countersigned.

All broken, chafed and damaged goods are to e left in the Godowns, where they will be skaminad on 16th January, 1918, at 19:4.M.

All Claims matant be presented within à mon fih of the Steamer's arrival bare, after which they sannot be recognised.

No Claims will be admitted after the Goode nave left the Godowns and all Goods remaining undelivered after the 1th January, 1919, will be subject to rent.

No Fire Insurance whatever will be elected. Consignees are requested to send in their Bill of Lading for countersignaİTLETI immediately.

PACIFIC MAIL 88. 00:

J. ORAM SHEPPARD,

Acting Agent, Hongkong, January 11th, 1919.

[199

8.8. "PORTHOS." COMPAGNIE DES MESSAGERIES MARITIMES.

NOTICE.

CONSIGNEES of Cargo from MARSEIL

LES in connection with above Steainer are hereby informed that their gooda with the exception of Opium, Treasure and Valuables are being landod and stored at their risks

into the Bazardous and/or extra hazardous Godowns of the Hongkong and Kowloon Wharf and Godown Co., Ltd., at Kowloon, whence delivery may be obtained immediately after landing.

Optional Cargo will be forwarded in unless intimation is received from the Consignees before Noor To-DAX requesting it to be landed here.

Bills of Lading will be countersigned by the Undersigned. Goods remaining unclaimed after the 18th inat, at Noos, will be aubject to rent and landing charges.

All claims must be sent in to me on or before the gardist, or they will not be recognized

All damaged packages will be examined on SATURDAY, the 18th inso, at 10 AM.

No Fire Insuraoco has been effected

J TOURTET,

Acting Agent.

Hongkong. 19th January (ID.

NOTICE TO CONSIGNEES.

OCEAN STEAMSHIP CO., LTD.,

CHINA MUTUAL STEAM NAVIGA-

TION CO., LTD.

AND

ONSIGNEES por Stainer

" SITOCHONDO".

are hereby actified that the Cargo will

be discharged into Holt's Wharf, Kow- loob, where it will lie at Consignee's rist. The Cargo will be ready for de livety from Godown on and after anth

cargo will be landed, unles notice has been given prior to steamer'

ΑΠ broken, chafoe, and damaged goods aro to be left in the Godowns, where my will be examined on any Tuesdays sad Friday between the hours of 10.45. and NOON within the froe storage period. No elsims will be admitted, after the Goods have left the steamer's Godown, and all Goods remaining undelivered after the 2196 January will be subject

to rent

All Claims against the Steamer muet bo prosented to the undersigned on or before the 4th February, or they will not. be recognised.

No Fire Insuravog will be effected.

BUTTERFIELD & SWIRE,

Agente Hongkong, January 14th, 1919.