1920-02-18 — Page 7

THR HONGKONG DAILY PRESS,

THORNYCROFT

Joux L THORSTCROFT & Co., Love,

SHIPBUILDERS, AND

LONDON, SOUTHAMPTON AND

Shanghai

Office: 65,

MARINE MOTORS AND MOTOR BOATS. MOTOR LIGHTING AND PUMPING SETS, SHALLOW DRAFT STEAMERS. THORNYCROFT OIL FUEL SYSTEM,

Commercial, High-speed and Pleasure Craft.

THORNYCROFT WATER-TUBE BOILERS. THORNYCROFT MOTOR VEHICLES.

Our Motor Engineer and our Naval Architect, both. Thornycroft Carperts, now madent in Shanghai, will give attention to all inquiries.

Early deliveries can be made of 15-bhp, 30-bhp, 45-b.b.p, and 70-b.h.p. Kerosene Marine Engines.

IMPORTANT

RR. ROXBURGH,

Manager for China,

NOTICE.

IN Manufactures the most important Point is Improvement, and in Dietetica

Cleanliness, Science always insists on these Maxima

Groundaus or Peanut Oil can be used as a subed use for Olive Oil, Butter or Lard, but when Slightly Dirty is injurious to health.

In China, by the Ordinary Methods of Extraction, Dirt and Dost are not guarded against Our Method shows a great advance. By the use of New Machinery and New Methods Scrupulous Cleanliness is Assured.

Our Machinery during the Procom Filber the Oil while our Factory is Free from Dust. Our Oil is Clear, Sweet and Fragrant; and Compares most favourably with

other Ols used for Culinary purposes: there is no residue.

Prices are moderate so as to induce new businema konkr Analysis is always given before Shipment to Foreign Comberies. Foreign Correspondence wanted. Capacity per day 201tons."

NAM CHAU OIL FACTORY,

Office:-No-##7, Queen's Road Central, HONGKONG, Tėl 1902.

Factory-No. 18, Kwel Lin Street, BAMSHUIPO, The Sole Proprietorship of this concern belongs entirely to a Chinese Citizen.

HOTELS

IN JAPAN

MANCHURIA

JAPAN HOTEL ASSOCIATION.

on TN JAPAN PROPERT

Churoni (Nikkayin?

Kalk Hote

Karuizawa.

· Murses Hotel

Monocautel Hotéi

Krote Hole".

"yako Hatal

Park Hotel

"Miyajima'ifotok "Mijanoskita.”

"Yufiya Liozel D

Nara Hotel

Kaar Fotal:

FREE

Baltokia. Hotel

Tokyo G

My Tokyo Station Kolai

TAKUjt Saijokes Hotel

Sonda Henes Ifatal

KENİN TAIWAN (POKMOJAY

-Talkaka--Talwan Esliway Hosal):

Keljo (Sson! Ji-Chosen Hatef

FAKAN-PREAR Station Hotel

- S&lngisha~Bkingishm Station Máté

- MANCHORLA'"*'

- Koten. (Buhlan)~27)

Idmálo Hotel

Brojan (Port Arthur)

Book

FRENCH FINANCE THE PAPER CIRCULATION. One of the principal financial grounds for the increasing cost of living is the enormous eirenlation of paper money thas tempting but dangerous system often adopted by States in difficulty and lack ing sound financial policy to meet press ing monetary needs (writes the Paris An- ancial, correspondent, of the Bally Tele- graph). In the late summer of this year there were £10,000,000,000 worth of bank notes or bills on the State circulating în the leading countries of the world, or five times more than in the year preceding the war. But with all this mass of paper credit there is no falling-off in metal cur- rency, for an additional £800,000,000 in gold and silver has been obtained from the mines, melted into bar, and minted during and since the war. Stringent de crees among the belligerent State, against the export of gold and silver, and a su

WEDNE” DAY FEBRUARY 18TH.

THE LATEST SILENT

SURE

INDO CHINA

STEAM NAVIGATION COMPANY. LIMITED.

"BAILINGS (BUBIECT TO ALTERATION,

STIENTAIN

MANILA

SHANGHAIT..!

KOBRA

STRAITS & CALCEMI

BANDARAN

CHEONGSHING Thurs, 19th Feb., D'lights

GSANG"Thura, 19th Feb., 3. p.ci.

HANGSANG Taes. Sith Feb., D'light KUMSANG Tues, 24th Feb. 5 pm. "CHAKBANG Tuca, 24th Feb, 3 pm HINNANG "Fri. 97th Feb. Noon

L

QALOUTTA ["INE. –This adne afforda ragnar sailings to Calenta renang wad Blogapore; returning from Calcutta stesmers proceed vis Straite and Hongkong to Japan, omasionally calling at Shanghai, All steamers have excellent passenger commodation, se Atbed with Electrio- Light and Fans, and carry a fully-quallied. Burgeon

SHANGHAI LINE-Sallings approximately every five- between Canton and Shanghel, sometimes calling at Swatow. Through ticket can be obtained and through Bilis of Lading are named, so alf Northern and Yangters Forba vis fihanghal MANILA LINE —A weekly service la metatlined with Manila by vassale with good

passenger accommodation, sailings from both ports every Friday). HAIPHONG LINE Salibagh Approximately wonkly for pamangera mud:onego, calling at Embow when Inducement offers.

BOBSED LINE ----One mailing per monin notween Hongkong and Bandskan by

seamer having up-to-date socommodation for passengers Cargo baken on Shrough Buls of Lading for Kundaty Jouselton, Laban, Tawao and Lishad Daus.

pension of repayment of notes in gold, has C. E. WARREN & Co., Ltd. TIENTSIN LINEA regular service is ran from March to November D

immobilised a large mass of gold picoes and bar gold, and has caused the precious fiatal to be replaced by paper money. But bank notes soon" vastly exceeded in nomina) vaine the gold imprisoned

LLA the

30 & 32, Dos Vaux Road, Central ESTABLISHED 1900.

gings-framed cases down to unit of ASAHI BEER

the bank or sent abroad to pay for rood- atiffs and war materials,

When the war burst upon the world there were, French banknote in, circula- tion then valued at £240,000,000... The garan for this fiduciary circulation was represented by E150,000,000.01 gord in the Daar's reserve, and the balance of the covering was composed of commercial bills payable in the yellow metal The State had then only porrowed £8,000,000 from the Bank of France-a trifling sum compared with the present debt, but con- sidered at that time to be the maximum amount the bank Abould be entitled to lend to the Treasury. On the declaration of war the Treasury at once claimed £120,000,000,000, to which it was entitled under the secret convention existing with the bank; bahis figure has never ceased to grow. Consolidation, loans during the war and armistice did not stop the in- creasing of the fiduciary circulation. At the time of the armistice the Bank had already avanced to the State £740,000,000 and had discounted French Treasury notes valued at £140,000,000, correspond- ing to advances of money made to foreign Governments. Altogether the State's debt to the bank was £380,000,000 During the war the practice of borrowing was inevit- able, but the most distinguished econom- ists and financiers, such as 3. Raphael Georges Lévy, consider that other methods should have been adopted on the war coming to an end. In the middle of last summer the Staten owed the bank, £1,080,000,000, an increase of £200,000,000 in the eight months after the last gun had been fired in the war, whereas during the previous four and a half years of actual fighting the war debt had only grown in the sum of £140,000,000. Parliament tot- ed in last July anyw financial law carry- ing the already buge debt of the State to the formidable total of £1,000,000,000 ewing to the Bank of France.

Thus the continued inflation of the paper in circulation, the gulf between the debt of the Bank to the public represented in banknotes and its other assets, apart from its credit account with the State; needs urgent remedy. The Bank's credit on the State just before the war was only one-thirtieth of the notes then in circala tion, whereas now the debt of the State equals four-fifths of the circulation. It is recognised that the credit of the State is no doubt the most reliable, but it ought not to be used for Educiary issues of paper. M. Lévy.and other specialists lay stress on this point. Metal currency bas a value of its own, but paper money must be always repayable in the precious metal on demand and at sight in order to main- tain its face. valno Bourers of bank- notes cease to have confidence in the basis of credit itself when they apprehend that reimbursement in metal currency will be eluded. Notwithstanding the growing fiduciary circulation during the war, people fully trusted the Government's in- tention rapidly to repay the Treasury's debt when peace returned. It was 50 during and after the Franco-German War. Amortisation began two years later, and the debt of the State to the Bank was extinguished in the cOUTES. of the five following year, less a sum of some £3,000,000. It would be regrettable if the solid belief of the pablie, founded years ago upon the excellent finances of Adolphe Thiers, should be shaken.

Credit is a fine and sensitive instru- ment, and even if the repayment of the bank wore spread over a long term of years the signature of this great institu- pion would be equal to gold All finan ciers agree that the operation of reimbur sing the Bank of France must begin shortly, otherwise, instead of saving bank notes as they did in the war, people will try to exchange them for tramfer able securities, household property, real estate, foods, clothing, furniture, hard ware, commercial and other goodwill. This tendency would further deprecista the banknote. Under the directorate of the great Revolution this actually occur red; the population traded in everything, bought anything, for money had lost ite value; people preferred property in kind, and all endeavoured to rid themselves of the assignats, which no longer repre santed their nominal value Merchandise instead of money was stored with the corresponding and inevitable scarcity and great inflation of prices. The present banknots must not be allowed to run any risk or to be depreciated like the notes Issued under the First Revolution, for it did the French wou'd try to render permanent the face value of their money Enbstantial by putting at into mor things thandiganera - Fi views exprecedy above I

Levy: zuć mberleading

the

PILSENER BEER

TRADE

PRIZE

4SAHI GER-BEER

SPECIALLY BREWED For LOPORT

WERY

COMPANY

SOLE AGENTS: MITSU BUSSAN KAISHA

SAVARESSES SANTAL CAPSULES

APIOLINE

(CHAPOTEAUT)

LADIES

For fanational trouble, daKY? PRÊN and those irregularities peculiar to

4. Prescribed by the highest French Mdical authorities and„superior; to Tansey, stout Drops and Pay royal.

133

Hongkong and Tiönudo, eşlilagat Weinstwal and libalin,

CALCUTTA

S.S.

LINE.

CHAKSANG".

will be despatched on or about February 24th, for SINGAPORE, PENANG & CALCUTTA,

Through Bills of Lading issued to RANGOON, PORT

SWETTENHAM and MADRAS.

For Freight or Passage apply to-

TELEPHONE No. 218.

Jardine, Matheson & Co., Ltd.,

GENERAL MANAGERS

SHIRE

GLEN

AND

Joint Service of Steamers

U.K.-STRAITS CHINA & JAPAN SERVICE.

OUTWARDS.

Vermel

Vessel

"GLENSTRAE"...About

П

HOMEWARDS. Leaves Hongkong

18th February

29th February.

Dae Hongkong

Discharges

LONDON GENOA

"GLENAVY"

GLENABIFFE":" Beginning of March GENOA, ANTWERP & ROTTERDAM.... "FEMBROKESHIRE" Middle of March..............GENOA, MARSEILLES & LONDON.

Movements are subject to change without notice.

For freight or further particular please apply to

Jardine, Matheson & Co., Ltd.,

The Glen Linc, Ltd: AGENTS: The Royal Mail Steam Packet Co:

Owners of "Shire" Line:

Tel No. 215, sab. ax 23.

7

THE 1920

FORD

Price

$1,000.00

If the price of the Ford had advanced slace 1914,

In the same ratio as standard Plecegoods, the Ford would cost about $4,000 to-day Made la Cannda-

SOLE AGENTS;

ALEX. ROSS & CO.,

NEW FRENOM. RENSE

HONGKONG

ON BALE:

OUND VOTIMES of the HONGKONG

BWERKE EESS, January to Jane,

* With Lumex, Prios: $1,50.

Dai Balogne the Hindu kowa Darz