1920-03-25 — Page 3

THE HONGKONG DAILY PRESS,

THORNYCROFT

Joan I. THORNTOLOFT. & Co, Lazad SHIPBUILDERS And EroirxzZS, LONDON, SOUTHAMPTON AND Basingstoke

Shanghai Office: 65,

Szechuen Road,

MARINE MOTORS AND MOTOR BOATS. MOTOR LIGHTING AND PUMPING SETS. SHALLOW DRAFT STEAMERS. THORNYOROFT ČIL FUEL BYSTÉM.

Commercial, High-speed and Pleasure Craft.

WATER-TUB THORNYCROFT WATER-TUBE BOILERS. THORNYCROFT MOTOR VEHICLES.

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

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

**

B. B. ROXBURGE

Manager for China.

JOHNSON MOTOR WHEEL.

Make any Bicycle.

a Motor-Cycle.

arriving.

Manufacturers Representative:

UNION ENGINEERING CO., LTD..

13, Chater Road

IMPORTANT NOTICE.

1.95

TN Manufactures the most Important Potat Is Improvement, and in Dietetion

Cleanliness Bolence always insists on these Mageless,

Groundnut or Peanut Oil can be used sa a zubeti ats for Olive.Oll, Batter or Lard, but when Blightly Dirty is injurious to health.

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

Our Machinery during the Process Filters the Oll while our Factory is Free from Dest. Our Oil in Cleazy Swool and Fragrant; and Compares most favourably wiŁK other Oils used for Culinary purpower 3. there is no residus.

Prices are moderate so as to induce new busine Acalysis is always given before Shipment to Foreign Countries. Forsign Correspondence wanted. Capacity per day 20 tons.

-NAM CHAU OIL FACTORY,

Office:—No: 597, Quoer's Road Central, HONGKONG, Tel. 1200

Factory?—No. 26, Kwai Lin Bizoet, SAMSHUIPO.

The Sole Proprietorship of this concern belongs entirely to a Chinese firen.

INSTANTANEOUS

FOREIGN EXCHANGE

PROBLEM.

THURSDAY, MARCH 95m, 1990.

the only month in the year that estab lished a new repord for excons of importa, while from March onwards every month has shown record exports, with the result that the excess of importa is now being reduced to quite reasonable Agures The fact is that the apparently abnormal excess is now entirely due to high prices, and it must be remembered that our "invisible" exports, are correspondingly increased by the same cause.

WAN MEASURES.

WAR AND BALANCE OF TRADE,

Professor John A. Todd, who is Lecturer on Economics at Balliol College, Oxford, and author of the standard work The Mechanism of Exchange," has contributed amerim of four articles on "The Down fall of the Foreign Exchanges" to the | Daily Telegraph. In the course of ons of these articles, Prof. Todd says that the pre-war system of the foreign exchanges Our carlibat attempts to face the was based on the normal equivaleries of | abnormal situation produced by the war indebtedness between different countries, have already passed into history. Wa which was maintained" by a continuous tried early in 1915 to apply the old dog- process of exchange of documents of debt man Gold was exported, and the Bank rate was raised in the attempt to prevent when the "balance" of visible imports or exports swung to one side or the other. the exchanges going, against us, but it did It was shown that under this system the not take long to show that such a poliny was worthy only of Mrs. Partington: We were forced to realise that to maintain a balance of " traze.” under such conditions was beyond the power of any invisible ex- port, accept ong, namely, the sale of secu during the whole subsequent history of the war that is what we have been doing First of all, we sold back to America (and to other countries) as many as possible of the securities we held representing our former loans to them, which they were now able to repay. When these were ex hausted, we frankly borrowed money from them to pay them for the goods we were importing.

WATER HEATERS. UNLIMITED HOT

WATER

Demonstrated in our Shop.

CALL & SEB.

0. E. WARREN & Co., Ltd.,

30 & 12. Des Voeux Road, Central. Established 1900,

123

world had settled down into two classes, dreditor countries and debtor countries, | countries which normally had an excess at importa, and others with a corresponding-rities or the incurring of new debt, and ly normal excess of exports. But the war completely upset this system, and the place of different countries in the classification. British industries had to turn over to the production of munitions in place of the other commodities she used to export to all the world, while, on the other hand, we had to import more than ever of the raw materials and food supplies for which these exports had helped to pay. At the same time, our shipping, severely reduced by submarines, had to be turned more on to the carrying of war materials, well as other war services, and the freight services which we had formerly rendered to all the world were diverted into entire ly different channels. The result was that the whole trade of Great Britain suffered an entirely new orientation. Our balance of trade with America was turned com pletely round, the exports falling off and the imports increasing more than ever; and our position with regard to the other neutral countries was on similar lines.

VICTORIA THEATRE

LAST NIGHT:

LAST NIGHT!! TO-NIGHT at 9.15 pm.

Telepathic Seance of the Celebrated Telepathist

EUGEN DE RUBINI

before starting for the United States of America. BOXES and STALLS (first two TOWS) $3,

81, DRESS CIRCLE 50 cts.

A FIT

STALLS $2

The main facts that stand out in l this history are the complete failure of the foreign exchanges to regulate such utter impossibility of paying for such an abnormal trade situation, and the abnormal excesses of imports in gold. A already pointed out, even if we had the gold to send, our creditor countries were not so foolish as to take it in payment, for it must be realised now that gold is the most useless of all commodities except for its own special purposes. For any country to go on selling its valuable.com modities and being paid in gold," for which it has no ase except to carry it At the same time, our relation to our about in its pockets or pile it up in its Allies was turned round the other way. What, then, is any nation to do under

bank vaults, would be economio suicide Our imports from these epantries were re-such conditions? There is only one pos duced to a minimum, while our exportssible way; it must sell the goods on credit, to them, especially of munitions, in- creased enormously. The result was that and accept promises to pay at some future instead of being more or less creditor of met by ultimate payment in goods. If it date, hoping that these promises will be all the world, we were rapidly running does not see its way to accept the trade out pur credits against America and on these terms, its only alternative is to running into her debt instead; while, on keep the goods. It cannot be paid in any the other hand, our credits against the Allies were piling up probably as fast. other way America during the war could America, on the other hand, was changed not eat the whole of bar wheat crop, nor over just as completely, owing to the rise spin and use the whole of her cotton crop, in prices of her raw materials and the but England could not pay her in im- mediate exports for either of them, and high price she was able to command for there was nothing else for it but that munitións partly or completely finished. Her exports rose enormously, while at the America should accept I:O.U.'s and look. same time she was unable to get from to the future for ultimate repayment in| INDO-CHINA. Europe the imports she had formerly taken; thus her balance of trade, from being permanently a debtor balance, very quickly became a large credit balance.

EXCESS OF IMPORTS...

some other form.

This, then, was what happened during the war, and the effect on the foreign ex- changes was only kept within bounds by arrangements between us and America, on the one hand, and us and the Allies on the other, under which the exchanges were "pegged," 1.6, they were prevented fall- ing below a certain point by the Govern ment concerned creating new credite to meet its own bills, and buying up any commercial bills which could not be placed through the ordinary channels, at or above a certain minimum price. Thus the American exchange was kept artificially throughout the greater part of the war at. about 84.16.

The result of all this is seen in the rapid rise in England of the normal pre- war excess of imports to figures mány times as large; but it is necessary here to enter a word of caution against accept ing the published figures of foreign trade as a complete and accurate statement of the position during the war. Owing to military necessities, many items, such as munitions of all kinds, were inevitably not included in the published statistics of ex- ports and importa. It is impossible to tell what effect these omissious would have After the armistice, however, "it was on the total, but it is quite certain that felt that this artificial support of the the &gures given during the war did not exchanges by the use of Government credit represent the whole truth, nor are the must come to an end, and the American figures even since the armistice as come exchange was anpegged in March, 1819. plets as they need to be before the war Since then it has fallen by rather ill- Subject to this, however, the following defined stages, untill in December it touch- table shows how the apparent balance of nd 83.67 The history of the other ex exports and imports has moved during the changes has been similar, though in dif war and since. In order to show how far ferent degree, as shown, by the table in the apparent excess of imports is due to the first article. But to account fully for the rise of prices, the Board of Trade In- the different degrees of severity of the fall, dex Numbers for each year and month are it is necessary to bring in another factor given in a parallel column. For pur-in the situation, namely, the varying de poses of comparison, the figures of 1900 grees of inflation which have taken place are also inserted, and the last column in the different countries. gives the excess of imports reduced to the basis of 1900.price

1916

(la 2 MILLIONI,).

Nor... 143.6 107.4

58.7 299.7 20

FOREIGN EXCHANGES,

Boy'.

Bring my Essex Car.

HAVE YOU

Have YOU seen the Essex car. A high quality car at a low price. Wire wheels.

The Golfer Fully equipped Gold $2,400. - On view at the DRAGON.. MOTOR CAR Co.

NOTICES TO CONSIGNEES

STEAM_NAVIGATION CO., LTD.

MOTION TO CONSIGNEES.

From KOHE,

THE Steamship

*KUMSANG

having arrived from the aboveport, Consignees of Cargo by her are hereby informed that all Goods are being handled their risk into the aardous and/or extra hazardous Godowns of the Hongkong and Kowloon Wharf and Godown Company, Limited, whence, and/or from the wharres, delivery may be obtained. Goods not cleared by Mar. 28th, will be subject to rent.

All broken, chated, and damaged packages are to be left in the Godowns, where they will be examined Claims against the steamer must be presented within 10 days of arrival,

will not recognized. the ill be closed by us in

any case whaleraz,

Bills of Lading will be countersigned by JARDINE, MATHESON & Co., LTD.,

Mr General Managers." Hongkong, March 19th, 1918,

[004

NOTICE TO CONSIGNEES,

HEP. & O. & N. Co.'s Steamer

"MADRAS".

Arrived Hongkong, on March sind, 1920.

FROM CALCUTTA, RANGOON A

steamer.

STRAITS.

Agents for Hudson, Essex, Dodge Brothers and Siddeley Armstrong. Motor cars.

Tel. 482.

Tel. 482.

[935

NOTICE TO CONSIGNEES SS. "WEST MÖNTOP" VOY. 1.OUT. FROM LOS ANGELES via JAPAN PORTE and SHANGHAI

THE

HE' above-mentioned vessel having arrived from the above-mentioned Forts, Consignees of Cargo are hereby informed that their cargo will be landed at their riak into the bazardous and/or extra hazardous Gedowns of the Hongkong and Kowloon Wharf and Godown Company, Limited, at Consigneer' risk.

Consignees of Cargo are hereby notified that they must produce an Import Feranto signed by the Superintendent of the Imports and Exports. Hongkong, before Bills of Lad- ing can be countersigned.

to be left in the Godowns, where they will All broken, chafed and damaged goods are be examined on March 27th.

All Claims must be presented within s week

of the Steamer's. arrival here, after which they cannot be recognized.

No Claim will be admitted after the Goods

bave left the Godowns and all goods remain. ing undelivered after March 27th, will be subject to rent.

No Fire Insurance whatever will be effected...

Consignees are requested to send in their Bills of Lading for Counter-signature in- mediately.

LOS ANGELES PACIFIC NAVIGATION,

COMPANY As Operatora. U.S. Shipping Board, Hongkong, March 20th, 1820, 618

NOTICE TO CONSIGNEES.

8.S. "ECUADOR" VOY. 16-OUT, FLOW SAN FRANCISCO, via HONOLULU JAPAN PORTS, SHANGHAI AND

MANILA

HE above mentioned vessel having arrived from the above mentioned

Apparerib Appurest Index Ex of No. of on 1300 Period fasports. Exports Importa, prices.

IN THE MELTING POT. 1900... 523.1 864.4168.7 100 · 189

Consignees of Cargo by the show 1918 ... 788.7 634.8 1839 116.5 115 Writing nuder date February 19th., named rest are hereby informed that 1914.698.6 526.2 170.4 117.2 145 our London correspondent says: 1915... 651.9 483.9 868.0 149.9 256 The importance of, the question of the their goods are being landed and placed as their risk in the Hongkong and ...948.5 603.8 344.7. 188.5 185 foreign exchanges makes most other mat

Kewloon Wharf and Godown Company's 19171,0642 596.8 487.4 248.0 192 ters seem. of minor consequence for the

Godowa 34 Kowloon, where each consign. moment. The 19181,319.3 -629.4 780.9 267.4 293

newspapers devote columns every day to this one subject. But a goodent will be sorted out Mark by Mark Ports, consignees of cargo are bere 1919.

and delivery can be obtained as the goods informert that their Cargo will be landel deal of what is published is rather wide

are, landed on to you at their riale into the Pacific Mail Jan. 134.5. 51.9 82.6 288.5 29 of the mark; and a good deal more

Optional goods will be landed bere un. Steamship Company's Godawas, at 52.0 Fob... 107.1

65.3 289.8 19 betrays lack of knowledge of essentials.

Consignees March.. 105.8 62.1 43.7 296 3 15 All sorts of ingenious expedients are sng less instructions have been given to the West Point, and stored at April... 1122 71.8 40.4 298.314 gested to restore the £ sterling to its former contrary 6 hours before arrival of the risk

Consignees

are hereby notified that Gen May 185.7 75.8 59.9 274.7 22 proud position. One is that we should Good, not sleared within eight days, ineral Average has been declarar and before June... 122.9 78.5 48.4277.717 hand in our watch chains and other per July 153.1 78.0 291.4 27 sonal articles of value to be melted down sluding date of arrival, will be subject to delivery of Cargo can be given they must gon sign General Average Bond, furnish, com~ 771

so that bar gold may be dispatched in August 148:8 90.1

No Fire insurance will be effected by plated valuation statements and pay settlement of national liabilities. Bept. 148.6 82.2 68.4:÷308,0-24 But how far would the gold obtained

us in any case whatever. Politogramas Goneral Average contribution of 1/8

per cent of the invoice value of the goods. [Oct 1, 153.5 98.7 64,8|| 319.3) 17 in this way go to liquidate our debts?. Damaged packages must be left in the

Consignees of cargo are hereby notified 38.2 338.4 11 Frobably in the aggregate it would not Godowns for examination by the Cop that they must produce an Import Permik Dec... 169.7 1170 82.7 340.0 *15 belp a vast deal. So far as I have been ignees, and the Company's surveyor signed by the Superintendent of the line able to ascertain, in the opinion of the Mesari, Goddard & Douglas, at 10 am ports and Exports, Hongkong, before

on Mondays and Thursdays, shade Total 1,635.5 982.6 672.9 *292.1 *230 best financial authorities, the only true

Bills of Lading can be countersigned. Estimanter in our favour is for our people to work days of the Steamers arrival bors after way in which we can restore the exchanges All slaims must be presented within ten A study of this last column brings harder than ever to produce goods for which date they cannot be regular the out some rather surprising results. It export. The public would speedily obtain

No claims will be admitted after the will be seen, for example, that the record a clearer grasp of the subject if it were goods have left the Godown breaking exports of 1913 make that a hard customary to consider the solution lesa MACKINNON, MACKENZIE & CO., year for comparisons in subsequent years. in terms of currency and more in terma As a matter of fact, if the apparent of goods and labour, of which, when all excesses of imports in recent years are is said, currency is only the instrument. discounted by the rim of prices, they When we have discharged our make a much better showing than is through increased labour and production generally believed. 1915, 1918, and 1919 themselves to the changed conditions,

the exchanges will automatically adjust are the only years that substantially There are signs that this view of the exceed, the records of the early years of question is becoming better realised, this century, expecially in the great world of industry

Again, it would be very interesting (if The Labour leaders are doing their best space allowed) to compare the monthly to drive the fact home, and in so doing records of 1919 with those of 1918. It they are undoubtedly rendering real ser would be found that January, 1919, was vice to the country-H.B

Agents

Hongkong, March sind. 1930,

THE NEW FRENCH RE

·[618]

NOS

No1

are to be left in the godowns, where they All broken, chafed and damaged goods will we examined our Warch 25th, at 10 AM,

and March 28th, at 10 am

All claims must be presented within a week of the steamer's arrival here after which they cannot be recognized No. claim will be admitted after the goods have left the godowns, and all goods" re- maining undelivered-efter-March- be subject to rent te

No Bira

whatever will be

affected,AUTADOS,

Consignees are requested to send in

their Bills of Lading for countersignature immediately.

PAUIFTO MAIT, STEAMSHIP CO

Hongkong, March 19th, 1990.