1919-02-24 — Page 2

Page

MOUTRIE

Unsurpassed for purity of

tone, delicacy of touch,

beauty of design.

GUARANTEED

for

FIVE YEARS.

THE HONGKONG

PIANOS

PRICES from $425.

Easy Payments can

be arranged.

S.Moutrie & Co., Ltd.

*

HENRY HEATH HATS

122-1

Are distinctive In Style and Quality. A "Heath" Straw Hat affords Its wearer a pleasing sease of confidence In his appearance.

NEWEST SHAPES NOW SHOWING AT

MACKINTOSH

& CO., LTD.,

Men's Wear Specialists,

16, DES VŒUX ROAD.

Telephone 29.

₤48

FOOK

LEE & Co.

Established 1871.

IRON & STEEL PRODUCTS, HOUSE & SHIPBUILDING

& ENGINEERING MATERIALS.

HEAD OFFICE: Nos. 2a, 2 & 4, Hillier Street. Phone 1174.

LA

BRANCH OFFICE: York Building, Chater Road.

Phone 1950.

PRICE SENT ON APPLICATION.

[101

MINERVA CIGARS

MINISTROS.

Actual size, in "boxes of 25, $3.50

Perfectly made from the choicest growths of Tobacco Leaf. CHEROOTS

}

Cortado de la Reina $2.75 per 100 Cortado Delicioso $3.50

T

#1

Sold by

LANE, CRAWFORD & CO.

Tel. No. 1743.

THE

CORONET

www:0:-

February 24th, 25th, and 26th, 1919.

FRANK KEENAN

IN

168

Tel. No. 1743.

"RULER OF THE ROAD."

HAROLD LLOYD

In

"OVER THE

FENCE.”

BRITISH GAZETTE NO. 489.

Booking at ROBINSON'S.

DAILY PRESS, MONDAY, FEBRUARY 24TH, 1919.

COMPANY MEETING.

HONGKONG AND SHANGHAI,

BANKING CORPORATION,

THE SILVER OUTLOOK.

CHINA'S FINANCIAL POSITION.

The ordinary yearly meeting of the starchuller of the Hongkong and Shanghai Banking Corporation was told on Saturday at the City Hall. The Hon. Mr. P. H. Holyoak presided and thore were present, the Hun. Mr. D. Landale. Mesars. S. H. Dodwell, J. &. Plummer, A. H. opmton, W. L. Pattenden, and 1. 8. Chubbay (Directors), N. J. Stabb Chief Manager), Sir Ellis Kadooric, the Han, Mr. Ha Fook, the Rev. Father Robert, Messrs. T. F. Hough. D. Wilkinson, A. Shelton Hooper, A. O.

friendly alliances or working arrange portam anpilzes of necratary products. which all overuments diraw from China, meats with banka uperating in other spheres than ours, and to this policy and of the considerable disbursements is one intention to adhere.

of them bave still to make account of the Chinese labour imported.

TUK SILVER MARKET.

solle

division of profits will meet with your approval. Your Directors are of opin. ion, and fell bertuin it will be endorsed by all shareholders, that it is wine LU follow a conservative policy in these

The price of silver has ruled high into Europe for service in the war zones, days. Speaking for myself, while I far from taking a pessimistic view of during the past twelve months, hru the we can surely expect they the relatively the trade outlook, it must be admitted fluctuations have been less violent than moderate supplies of silver which may The highest by newssory to make a normal meg that the future is very uncertain and in the two previous years. may contain many unforeseen difficulties and lowest quotations were 49.172d, and market in North China will be andy which make it advisable to strengthen 41.1, 2d. respectively as compared with available by the Governments which Lava

05d, and 35.13/16d. m 1917 During the at present the control of the medal our position as much as possible. Conse

frst three months the prie did 1 Ko above 46d, and varied between that and

quently, the addition of $1,500,0X)=-10

lhi tiles

THE CHINESE CUSTIOIS

The Chinese Maritime Custouts

Ete

the Silver Reserve Fund will, without doubt, commend itself to you. Full pre-41.1/2d., bet in April, a Bill, known later venue for 1018 shows a deeream of carr vision has been made for all known con

"Pittman Act," was intrudut dakwan Taels 1,300,000, the total mt. lection being, in round numbers, Ha,swat in the Senate at Washington, providing Taco a average tingencies, but we are still without any

200 5 27, 16 equal to 29,001arby as ce quaredi information whatever as to the state of for the melting into nation of

1. 360 wit affairs in our late Hamburg Office; no million, subsequently increased

Haikwan Tarl 58,190,000 doubt the situation there will be hasury riginally coined from the 429,243,468) in 1917. The wilections at all

mullion, of the silver dollars in The

average exchange-4/3.13/10, closed during the current year.

Pa g

Lang, W. Ross Thompson, G. W. Barton. 87 lacs to be written off Bank Premum mittion ounces of silver purchased under the principal porty shows a decreuse, X

but fu-

pame.

Account is slightly in excess of the amount spent during the A. Denison, A. H. Skelton. M. R. de

year, Journelle, J 1. Danby, A. E. Griffin,ture outlays for Bank premises will be considerable and the account will require G. C. Moxon, E. J. Chapman, D. K.

appropriations for some time Moss, G. B, Pulls, H. B. L. Duwbiggin. Plans are being prepared for rebuilding var Shanghai premies and an extension 3. H. Taggart, N. Beaurepaire, C. W.

to our office here is under consideration, Beswick. A. W. Smith, 1'. Barton. A.

besidea which rebuilding and/or exten- E. stuns will be necessary of other places in in Beattie, W. M. Humphreys, W.

the near future, necessitating the expen; Roberts, H. C. Sandford, F. H. Thomas,

diture of considerable sums. A bonus of ม. 3 Lewis, R. P. Thursfield, W

20 per cent on salarice for the year Smith, A. E.

bas again been voted to the staff and 1 Sheppard, Arthur W.

am sure this action of your Directors Paine, A. L. Bire, B. Michael, R. Swaine,

receive the hearty support it deserves. A H. W. Wrightson, J. K. Tweed, H. A.

regards the balance sheet,

•

The

Mcintyre, C. Towns, H. M. H. Nemazce, I do not think there are many changes from the 2nd July till the 21st August. Hauser under the Inspector General S

MIL, HOLYCAK'S BPURCH.

tary

the

as human provision can, the recur and your Directors consider that, in coinage, purpose has, consequently, very

of

with

*

15

kwan Taels 3,172,000,

Feel 1 cannot pass over the subject. of the Maritime Customs without a re-

Dature.

suggestions in

ગ

Bland Act of 1878 and the

the cept that of Dairen, which is a regard and Sherman Act of 1896 The Treasury shows an

ipercase of Haikwan Taels 473.000 over the revenue collected at that is under obligation to purchase, at the price of a dollar an ounce. an amount of

port in 1917. After all foreign oblign- silver equivalent to that of the silver

Ivertions secured upon the Custom Re- dollars sold under the Pittman Act.,í

venues had been fully met, a balance. but there is no stipulation us to time. Tawained a the

of the end "f in anticipation of the passing of this Shanghai Turis 6,000.00, which was re Bill, the London quotation rose rather leased to the Chinese Governmnem o

from 45.1/2 op the 10th April January 2011 Fest, the

funds bring rapidly to 49.1/4d. on the ath and eventually,

signed, amongst other purposes, to the on the passing of the Bill, the New York payment of the 1st drawing of the da quotation advanced to a dollar an ounce Year Internal Loan, payment of Chines From then onwards, the market has been Lege

Legations and Consulates abroad, finan- characterised by long spells of unchang cial assistance to silk Blatures in Shang- ed quotation; from the 13th May till the hai and Canton River Conservancy.

was the quotation; 2nd July 48.7/5d.

of the Native Customs IDIЯ revenue in the figures of sufficient interest to 45.13/16d; from the 21st Angust till the central shows no increase of over linis J. H. N. Mody, E. M. Raymond, La instify my taking up your time in 18th November 49.1/2 from the 12th kwan Tacle 196,000, the total collection Cheung

The total assets November till the 8th December, 1.3/4 reported being, in round numbers, Hai Shin, R. H. Kotewall, Ho making comparisons.

and liabilities, in ronad figures, amount from the 6th December till 11th Febe Kwong, M. K. Lo, M. W. Lo. B.

10 $432 millions against 8418 millions vary, 48.7/18.; and from the 11th Febr Basto, P Saroy, Ho Wing, R. A.

the previous year, and. with the excep; tory the price was 47.7/8d, until the the Dastur, D. B, Paowalla, K. G. Gardar, tion of cash and bullion in hand and yuh February, when it declined to J. E. Joseph, J. M. de C. Basto, Chan in transit on the one side and bills pay present quotation of 47.3/4d, the last lerence to the highly regrettable publio

the

attack recently made against the Head able on the other, the totale under

six quotations being the maximum price Sui Ki, Chan Shu Ming, Tang Chi different headings show increased figures. sanctioned by the British Treasury dur of the Service by one of sie late members,

and which is

to create erroneous 18 apt. price Ngong, Chun Tong, P. M. N. da Silva, We have discontinued the separate item ing these periods. The decline in

for our holdings of the Indina Govern- siner 19th November was due to lower impression, amongst thear not conversant Lee Opon, Fung Kung Un, Ho Leung, Lment Loan and all our investments now insurance and freight rates

with the great value of the work done for Although Atlantic. In August, owing to the ex.

Chiun by the Customs Bervice. In an heading Chenug 1p, La Mun lu, P. K. Kwok, appear under one

GE P. V. Botelho, O. I. Kitis, C. A., daur haldings of British War Loans have treme necessity that India and the British administration which is the growth

sixty years of compromise: hardly bene increased, the

doll

equivalent, Mint should secure more silver, the U.S. Roza, and S. M. Churn (shareholders).

owing to the higher rate of exchange, is Government fixed the maximum price at pussible that anomalies should not sur

vive, 101.1/2 cents, and nut much larger than that of

which cannot always be remedied the same time pro- year

Where these are The amount of Bills rediscounted, vizibited the export of silver, except undery a stroke of the pra The CHAIRMAN said: Gentlemen,- £6,475,000, is much smaller than for licence, for essential civil and military prejudicial to efficiency and can be re- medied, I have no doubt they will receiva count myself fortunate in the privilego some time of addressing you in the year of victory, bic past; this was due to mone-purposes, thereby curtailing the large attention in the proper quarter; and so

Home making it rere shipments required for China,

far the

the pamphlet On the 11th November, 1918, an Armistice suitable to carry, in preference to redis This prohibition of exports from the

to may welcomed, however was signed on terms which ensure the counting, a larger proportion of Bills United States was very shorts followed referred acceptance of peace, and prevent, as far than usual. In October, a Branch Office by a similar prohibition in Canada, and may regret the method of their

Pre of the Bank was opened at Vladivostock, the amounts sceured by the Allies for sentation. But the salient fact remaining that the Maritime Customs has been the bostilities. The object for which Britain and her Allies eutered the war time, it will prove a valuable addition to much increased. Owing, however, to the financial sheet-anchor of China for the has been attained. A great fear has

our list of agencies. It has already been insatiable demand for rupees in India, past thirty years and the foundation of her credit abroad; and the honourable been lifted from the earth, and if we of considerable assistance in financing the requirements for coinage still seem

record of its administration has became cannot grasp the full import and signi- the various Governments" requirements far from satisfied. This is all the more

would indeed be there.

a tradition which all of us would be ficance of tho

it

remarkable in change,

view of the enormous strange if mon's minds

THE MONEY MARKET.

amounts that were purchased during the sorry to see disturbed by attacks of this by thre

The outstanding feature of the year is past year for India and also for the and their hearts quickened utred collection of the great price at which the London money market has been the Home Mint.

CHINA'S BALS REVENUES: The signing of the Armis OF

no im- The Sale Revenues have shown remark this freedom has been purchased.

low level at which money rates have time on November 11th has bad those who joined H.M. forces from the baca artificially maintained for the purmediate effect on the silver market, norable vitality in spite of the disorders in

it likely to in the staff of this Bank, thirty-six have inade poses of war. For the First time in banke

near future; it the country. The total amount credited history

in the rear by the Group Banks was the supreme sacrifice, while many others, ang

discrimination has been

are probable that a fixed maximum 1 fear, may have been too seriously toon made between foreign and domestic price will continue for suite ira $71,804,000. Of this sum, however, about local wounded or

I need scarcely tell you, gentlemen, 15 million dollars were retained by undermined in health, to

In order to prevent their with

it is for all of us, for mer. authorities, including those in Krang- permit of their undertaking work abroad. drawal it was agreed with the Bunk of how important it i To the relatives and friends of those we England to allow a per cent, on foreign chante es mich as bankers, that the price tung. Szechuen and Yunnan, and certain mourn I take this opportunity of tender-balances held in the country, and this of silver should be reasonably stable, minor amounts were lost, owing to mili- ing our deepest sympathy. Before pro rate has been maintained throughout the herause on that necessarily depends the tary operations or attendhat causes. A reserve of $10,000,000 was maintained rates of exchange with gold-using coun- ceeding with the business of this meeting, your

tries. I have also to refer

Ae regards domestic money, the Rank great regret

We consider a low rate of ex.throughout the year. to the loss we have sustained by the death of England, on the 2nd January, 1915, change is on the whole more beneficial of Mr. J. R. M. Smith, our late Chief reduced the rate of interest on banks to trade out here, especially so in the Manager, which occurred at home in balances from 4 per cent. to 4.1/2 per the of certain industries where Inhour August last Mr. Smith joined the cent, and, the 14th February, the rate figures largely in the cost of production; 4th, 2010, an a protest against the intro

To but whether the rate be high or low, what Eastern Staff from London in 1832, and, was further reduced to 3 per cent.

with Treasury is of paramount importanee, and what after occupying many important posta eliminate competition in the Bank,

we do, above all, desire, is a steady ex- was appointed Chief Bills, which were being offered at the re Manager in 1902. Ele conducted the duced rate of 3.1/2 per cont, it was change: trade and prices of commodi affairs of the Bank with marked ability arranged that banks generally should not ties adjust themselves in time to any and

success until his retirement at the offer more than 3 per cent. for time of his death continued to render circumetances

Notwithstanding the legislation of the valuable assistance in Lendon as a their large holdings of long term de- last fifty years, silver is still a power in member of the London Consulting Composits, we recognised by the concession the world, and has to be reckoned with.

Owing to the high exchunge and the mittee of the Bank, where bis great ex- that current deposits might be renewed But it is in no sense the rival of gold.

collection by the Mari- perience and sound judgment were freely at existing rates for periods of not less On the contrary, it is a most friendly surplus

Assistant and shares wtih gold in nonly been called upon to pay about

time Customs, the Salt Revenue bas placed at the disposal of the Manage than one year. The result of these

his death, the Bank loses a rangements. bag been a saving to the inconsiderable degree the burden of million dollars during the year in respect. ment. By

It very able counsellor and like his pre Government of about 14 per cent. on carrying the commerce of the world,

by legislation silver were entirely dis- the other hand, nearly million of the obligations charged upon it. On decessor, the late Sir Thomas Jackson, their borrowings from the market

carded as a medium of exchange in the bis name will occupy a very prominent compared with the previous year,

Reveres and successes on the field of prosent silver-using countries, the whole dellara were refunded to the Sale Ro- place in the history of the Bank, whose welfare and best interests he had ever at battle have had very little effect upon burden would be thrown on gold. The venue by the Customs in respect of pay ments made for the Boxer Indemnity in heart. He shauned publicity and public the rates for money and diecount. Under volume of the metallic medium of ex- thanks, but those who know tie boat will influence of Government control, the change in the world would be diminished 1916. remember many instances of unostenta. London market has become a great auto-and prices in terms of gold must fall tious kindness and generosity. He had matic money machine, in which the per-all round. This would be particularly un. the affection of many and the respect of senal question of the individual banker desirable at the present moment when the Inspector of Salt Revenue and

or Snancier counts for very little. It gold supply shows signs of slackening, succeeded by Sir Roginald Gasible, late mains to be seen how far and how soon and when, as we hope, the commerce of of the Indian Civil Service; the admin- As usual, I propose to take the report it may be possible, once these irksome the world is about to enter on a period istration which Sir Richard Dane built and statement of accounts, which hate restrictions are removed, to restore the of great expansion. No such fears, up during five years of laborious work been in your hands for some days, as old froc conditions which prevailed be however, need be entertained; on the is a monument to big executivo ability the demand for silver for with which big name will ever be connect read. The result of the year's working, fore the war and mad, London the Buan- contrary,

ed. He won the regard and confidence including 83,223, 238.18, brenght forward cial centre of the world. The interim surrency purposes is likely to grow. ed.

with alike, of report of the Committee on Currency and Though excluded from the curreneice of of all, Chinese and foreigners from 1817, shows D nat proft

The interim dividend, Foreign Exchanges, recently published, Western nations, except for subsidiary whom he came in contact; and it is sid.09.

in August Inst, of £288,000 at ex is warning against any speculation coinage, there are still large areas of sincerely to be hoped that, after he has. 3/3.1/4 absorbed $1,677,879.82; based on cheap money in the near futuro. the world where silver is required and enjoyed his well-carnet rest, he may ba where it is the only acceptable and satis induced to return to China and to place after deducting that amount, and $30,000. The remarkable series of amalgama factory medium of oxchange. The ope his ripe experience again as the disposal remuneration to Directors, there remains

arranged between the leading rations of our armies in Palestine and of the Chinese Government in other much a balance of $2,212,841.30 to be dealt tions with, which, as you have seen from the English Joint Stock Banks have natural. Mesopotamis, and in what was German needed directions. Decounts, your Directora recommend ly excited a good deal of controyaray. East Africa, have already created & new As usual in such cases, there in much demand for silver, and as these regions ehall be appropriated og follows.

The figures of the Customs and Sald A final dividend of £2 6s, plus a bonus to be said on both sides, and since any become settled the demand is bound to

is subject amalgamation.

to continue. With security, the production Revenue collections for the year 1918, of £1 108. per share, (subject to dodre tion of income tax) payable at the rate governmental sanction, it would be un- of foodstuffs and raw materials will although they show some falling-off in necessary for me to refer to the question rapidly increase, trade will expand, and the case of the former, cannot, ou the whole, be considered unsatisfactory, of 2/4.1/4.

at all were it not

that

you are aware, money in the shape of silver will be re. whe Transfer to silver TeDCITE

all of thero amalgamations have not been quired to carry it. The same may be especially when taken in conjunction with fund

$1,500,000.00 ornaned to the English Joint Stock said of other large parts of Africa. the high level of exchange. But it must review of the Write of bank promises a/c 750,000 0 Bank: in some cases they have involved Hero, in China, when the political turbe frankly confessed that

the transfer to the Joint Btock Bank of moil is over and railway construction deterioration in Chios's general Ananciall past 12 months reveals a very serious And carry forward to the

current year

3,270,071.48 the control of British banks trading be resumed, and, whon exports position, the reason for which

Bow, it in to It is proposed to increase the final abroad. Without going into the pron held up are again free dividend by 2/- to £9 ta and make the and cons of this new development of certain that the balance of trade will far to seck. The exnetione of a futile bonus 10s, higher at Ei 108., bringing banking, I should like to any that your call for considerable imports of silver. civil war which would seem to be kept the total distribution to shareholders up Directors are firmly of opinion than uld to hang out shortage of ourroney and despotic Tunkuns, and the mainten that the In Shanghai and the North there is likely up chiefly for the benefit of rapacious to Eo 1s, per share, or £700,000 ngainn Hongkong and Shanghai

of anco # luge army which it is unabla £00,000 for the previous year. Almaintain perfect freedom and in no way unless fresh and substantial supplies though the sterling amount distributed barter its liberty of nation or more its silver are forthcoming from Amerien, to control and has not the means to dis in considerably larger this time, the identity in that of a partner. We he and it in to be honed that China's needs band, have imposed upon the Control dollar equivalent, owing to the higher lieve that all the advantagee claimed for in that respect will receive the sympathe Government a monthly burden of Roma- level of exchange, is less than a year amalgamations can be secured without tie consideration of the American and thing like twelve or fifteen million ago. I trust, gentlemen, the proposed any snoelhos of our Independence, by British Governments. In view of the im. dollar, to meet which practically the

231

end of 1910; and from then antil the of any kind, long or short. The rate.

all.

THE BANK'S FINANCES,

further

LI,

the Eastern banks,

BANK AMALGAMATIONS.

r-

DA

GROWING DEMAND FOR SILVER.

The eullection of duty in the Swatow area of Kwangtung was voluntarily dis- continued for the time being on January duction of objectionable monopolies of role under the ausp

auspices of the Canton Military Government. In the adjoining of Fakien control is at the moment rendered impossible owing to the pre- vailing disorder and to the actions of the Yunnanese troops, but the revenue deriv. ed from these arene has, in any case, been comparatively small

TOER

In November last, Sir Richard Dano retired from the post of Associate Chief

CHINA'M ONLY HOPE.

Was

noti