1920-05-18 — Page 2

Page

FIRST SALE IN

40 YEARS!

THE HONGKONG DAILY PRESS, TUESDAY, MAY 18TH, 1920.

AN OPPORTUNITY NOT

TO BE MISSED.

GENUINE REDUCTIONS IN

PIANOS, MUSICAL INSTRUMENTS AND MUSIC

AT A LITTLE OVER COST.

ROBINSON'S.

100

Sleep in Comfort!

SHORT SLEEVES: KNEE LENGTH

SLEEPING

I

SUITS

You'll like the feel of these soft absorbent sleeping suits, and the comfort easured by the full easy-fitting cut of the garments:

THREE QUALITIES. $3.75, $4.75 and $5.50 per sult.

MACKINTOSH

& CO., LTD.,

Men's Wear Specialists

16. DES VŒUX BÓAD.

An

when

was Indeed

we hap

Барру

happy

blt

on

Telephone 29.

bit

bap

the

for this cigarette is recognised as the IT of discriminating smokers, and it certainly hit the mark wherever

HIT BUBLEY'S HAPPY E smoked to-day.

Ask for a tin and try

IT'S TOASTED

new principle in Cigarette Manufacturo.

SOLL AGENTS;

THE HONGKONG CIGAR STORE

Tel. 151.

HEA LITH

CO. LTD.

Hotel Mansions.

SICKNESS.

BY baking our “ BOOSTER BRAND* MACARONT FASTE STARS, EGG- NOODLES, VERMICELLI, or other kinds of Soup-stuffs, REGULARLY you respe SICKNESS, at our Products being manufactured from Flour of the Best Quality and under the most Sanitary Method, can be RABILY DIGHTED and give you GOOD HEALTH and STRENGTEL

Large quantities have been exported to various parts in the World, Your esteemed Orders will receive our prompt and careful attention. Terron moderates, especially for Agencies,

THE HING WAH PASTE MFG. CO., LTD.

van

HEAD OFFICE-Hongkong, Mos. 47 & 45, Commsagha Boad Central, Tel. No, tra BRANCH OFFICE: Shanghal, Now: 430 and 421, Nanking Bond FACTORIES: Hongkong, Wing Hing Street, Casey Bags and Shan

Borth Bodenow? FOR

CHARTERED BANK OF INDIA. AUSTRALIA AND CHINA. CONTINUED PROGRESS OF

BUSINESS.

The sixty-sixth ordinary general meet ing of the shareholders of the Chartered Bank of India, Australia and China was held on April 9th at 38 Bishopsgate, London, E.C..

Bir MONTAGE CORNISH TURNER (the Chuirnin) who presided, said:-Before moving the adoption of the toport I would draw your attention to the state ment of accounts for the year 1010, which shows paid-up capital £2,000,000, in 100,000 shares of $30 each, and reserve fund £2,900,000, which, if the recommendations of the Court of Directors are approved of today, will amount to £3,000,000. This may be considered a highly satisfac tory position, but, of course, it is always capable of betterment, You will isocice that in nearly every item of the balance- sheet there is a marked increase. In cur-

rent, and other accounts we have an in- crease of nearly £1,000,000, fixed deposits are larger by 2,800,000, acceptances are almoss woube, loans payable are increased by over 200 per cent, and cash in hand and at bankers shows an improved post tion of about £4,000,000. The. total entries on either side of the balance-abeet show an increase of £20,000,000 over the figures for 1918.

SIXTY YEARS PROGRESS.

COMPANY REPORT.

CANTON INSURANCE OFFICE,

LIMITED.

The report for presentation to the shareholders at the thirty-ninth ordinary * meeting states:-

THE BRITISH

ESTIMATES.

NAVAL

HONGKONG AND WEIHAIWEI ITEMS

The Naval Ordnance staff as Hongkong, consisting of eight members, will receive The General Agents and Consulting salaries and allowances to the amount of Committee have pleasure in submitting £3,041 in the coming year; the paval a statement of the affairs of the office police, £9,300; cost of dredging Kowloon made up to December 31st, 1919, in Ster Coaling Camber, £3,300; battery shed for submarines, Hongkong, £11,700; 'storage, ling and Hongkong, currency.

for oil fuel, £50,000

Capital. The call of 850 per share directed by the Consulting Committee at meeting held on May 1st, 1919, ha been paid in fall and the paid up capital of the Company is thus increased to $1,000,000:

Reserve Fund.--The special dividend, authorised by the Consulting Committee to be. at their meeting above-mentioned, paid out of the Reserve Fund amounted, at exchange 3/6), to £88, 138, 46. This fund is thus reduced to £195,313 10. The proposed appropriation of E54,837 108. to the credit of this fund out of the profits of the year 2018 will bring the Reserve Fund up to £250,000.

1918 Account-After paying an interim dividend of $18 per share on May 21st, 1919, the amount standing to the credit of this account is $1,296,175.88

For Wai-hai-wei the estimates provide the sum of 28,300 for senior naval officer's residence. residence and subordinates" Some smaller items for various works are aiso mentioned.

The numbers of dockyard officers, em- ployes, etc, to be maintained at Hong- kong will be 102. as against 99 last year, the total cost for salaries and allowances being put down at $109,940, as agninat £68,325 last year. At Wai-bai-wei a staff wolve will be kept in the dockyard there at a cost of £9,452.

Paymaster Lieutenant-Commander. E. H. Stern, Royal Navy, has been appoint Hongkong, ne secretary Bwith Com- to Commodor

ed to the

department of the Navy since July, 1903. mander Stern has served in the financial Commissioned Gunner A. E. Way, M.B.E., has been appointed to the Tamar for instruction duties. He saw much ser vice in the war, was mentioned in des- patches, and received the Order of the British Empire.

It is understood (say's a writer in the L. and C. Express) that the Garrison Artil-

This it is resolved to deal with in the ery detachments in the Far East and the following manner:

To pay a final dividend of

$12 per share To add to sterling reservo

fund £34,687 10. To add to reinsurance fund... To add to underwriting sus

to close pense account the year 1918

coaling stations abroad generally will be strengthened permanently, the present garrisons being hardly adequate fur the $120,000,00❘ proper discharge of duties devolving on

294,338,97 100,000.00

It is interesting to find that in 1880 the capital stood at 264,000, and the reservo fund at £3,000. In 1880 the capital had been increased to £500,000, and the re- In 1900 tha serve fund to £100,000. capital still remained at £800,000, but the reserve fund had increased to £525,000. By 1910 the capital had been intressed to £1,200,000, and the reserve Fund to £1,600,000 In 1920, the capital stands at £2,000,000, and the reserve at practically £3,000,000. The progress has been steady and consistent, and I have no doubt that

1919 Account-The amount standing at in the years to come the business of this bank will extend, and the reports will credit of this, account is $1,815,763,89. show equally gratifying results. There is Out of this the General Agents and Con- of course, the possibility of a set-back in

unsotted

-851,8/5.81

$1,298,175.88.

them.

|

JAPANESE CURRENCY SUPPLANTS ROUBLES. ON ACCOUNT OF SEVERE SLUMP

IN ROUBLES.

Japanese money has supplanted roublo notes as currency in Vladivostook, accord- ing to an official mesenge received by the Tokyo Foreign Office. When Japanese money was circulated by the Japanese army of occupation in 1918, the Russians strongly objected and refused to trade in Viidivostock for

A

Japanese money.. rest, however, dire necessity compels

'to accept Japanesa currency. The official message to the Tokyo For- eign Office also states thas the slump in

A

rouble notes has become much worse. the beginning of April, she ratio of the roable note to the Japanese yen was sa 27,000 to 100. In the middle of April the ratio was 30,000 to 100, while by the end of April it had risen to 12,000 to 300.

Transactions on the basis of" rouble notes havs, accordingly, become very dan- gerous, says the official message. Leading their doors lately on the pretext of taking department stores at Vladivostock closed inventory of their cargo and when they reopened their stores they announced that they priced their goods according to the value of gold. This means that they

notes as the basis of prices. In view of the adopted Japanese money instead of rouble danger of trading in rouble notes moro merchants at Vladivostock have followed this example and they ask oustamars far, payment in Japanese money. When cus tomers pay in rouble notes, they charge on them the balance-Japan Advertiser.

HIGHWAYS OF JAPAN.

VIEWS OF MR. SAMUEL HILL,

Motor can running through the streets of Tokyo on a rainy day may be likened to submarines navigating the Yellow Sea,” said Mr. Samuel Hill to the members of the Road Improvement Society of Tokyo, at a reception given to him at the Jesui- kan, Hototsubashi, Kanda-

* In dry weather clouds of yellow dust are raised covering everything: when it rains, the entire city is a sea of dirty mud."

I have been discussing the question of the roads of Tokyo of all Mr. Tokonami, the Home

Minister:

SIR FRANCIS PIGGOTT IN "THE BANKRUPTCY COURT. PETITION BY MONEY-LENDERS,

A'meeting of creditors was held recently at Bankruptcy Buildings (London) under a receiving order made on the petition of firm of money-lenders against Bir Francis Taylor Piggott, barrister-at-law, and have impressed on them the import Stone Buildings, Lincoln's Inn. Mrance clean and well-ordered roads exercis trade after the urgent and immediate sulting Committee have declared an world-wide demands for raw material and interim dividend of $18 per share abour E. Parke, Assistant Official Receiver, who in the welfare and interest of a nation. manufactured goods, have been met. The political situation all the world over is ing $190,000. The balance of $1,835,763.52 presided, said that the debtor, who was Frankly speaking, the bulk of the Japan formerly in the Colonial Service, had one are quite indifferent regarding the We may have troublous times will be carried forward.

lodged a statement of affairs showing condition of the roads and take things in ahead, but, in spite of all, I look forward

Consulting Committee. Mr. White reliabilities expected to rank £7,567, and sort of fatalistic, shikata-ga-nai spirit with confidence to the fature if all classes, especially in this country, unite to deal signed his scat on account of his departure assets valued at £94. The debtor stated To this must be attributed largely the bad that apart from these assets be was condition of the roads for if the people fairly and aquarely with each other from the Colony and. Mr. G., W. Barton interested in certain business which he do not clamour for it, the authorities will (Hear, bear) Touching the results shown

hoped would come to a head in a week or not be ever-malous to improve the streets. The thorough improvement of the for the past year, I am confident that was invited to all the vacancy. shareholders will fully appreciate the The Hon. Bir Paul Chafer, C.M.G., two, and out of which he expected to be

Нол excelicat: services rendered by the staff Sir Robert Ho Tung, Messrs. Barton, able to pay hie debts in full. The credi- roads and thoroughfares will mean a huge trs passed resolutions for bankruptcy, butlay, but the gain in the end will be far None the less, until the people both at home and abroad, whose loyal and devoted labours have contributed so appre. Compton, Gubbay, Maitland and Pearce and the appointment of Mr. David Hart more. ciably to the success we have won. (Hear, retire but, being eligible, offer themselves sccountant, as trustee, but the Official themselves uk for better roads and show?

Receiver explained that the debtor would that they are not content with walking Accounts have been receive notice of the application for an alternately in pools of mud and alter Auditors-The For the managers, especially those at

place his reasons for delay before the until then, the roads will remain baɖ”. head offies, it has been a period of unusual audited by Mr. H. Percy Smith, F.C.A, adjudication in bankruptcy, and could nater in blinding clouds of thin dust

Registrer anxiety and harassment. The unprece and the flon. Mr. A. R. Lowe, F.0.A., dented fluctuations in the price of silver who, being stigible, offer themselves for and gold have been very remarkable, re-election. and ine volume of busincas which Tell

bear.)

CURRENCY AND EXCHANGE

to the lot of this bank in connection

in

for re-election.

Sir ALFRED DENT, K.C.M.G., seconded the resolution

U.S. TRADE WITH SOUTH

-CHINA.

TWENTY MILLION JEWS.

WHAT-PALESTINE CAN HOLD

There is room for 20,000,000 inhabitantes in Palestine, according to Max Nordau the famous author, who is keenly interest ed in arousing the interest of dewa in this project throughout the world,

This is the hour before the dawn for the

thanks to the English-speaking. Jew," nations, declares Doctor Nordan. For a thousand years the Jews have looked for the coming of the Messiah and I feel thes

is coming is about near. I hope it will Dot prove a false Messiah. The Jews aro just beginning to realise what this Zionist movement really is. Zionism for the Jews world have assimilated the habits and is their real salvation: The Jews of the customs of all nations, but they realise that Palestine is their real home. masses of Jews hail this movement and there should be any deception it would be tragic. Those not wanting to go to Palestine may easily remain where they are and God bless them.

TOO MUCH INFLUENCE.

with the hanneing of exports, raw I need not dwell at length on the

Mr. George E Anderss, Consul materia, foods:Es, etc., required for recommendations of the directors contain national purposes, hae been fared in the report. There can be no doubt General of the United States in ong above the average, and the demands on whatever that as long as circumstances Kong, in report dated January 8th lase, states that the prospects of the American the resources at the bank have been a permit we should add to our reserves. every point rar in excess of the ordinary. The superannuation fund must also be trade in houth China during 1920 coincide During 1919 the price of user rose from maintained, and the extra amount car in general with the prospects of such 741d. per oz. to Bid pez oz, a rise of marked for premises account is frly justi- trade throughout the Far East and to 65.70 per cent, and gold, when the restricted when we bear in mind the necessity some extent, the world over. During the tions on its movements were withdrawn for providing increased accommodation

war the United States built up a large trade in nearly all lines of exports to this the fall of the year, commanded & pre and the opening out of new branchen, wium of 43 per cent. Of course, in one which entails in many cases the purchase geld, and during the past year it has held parts of the world, not only in the East of sites as well as the building of pre- most of this trade, Its pre-war trade the #uctuations in exchange bave been

mises. le concusion, I desire to express which consisted mostly of four, kerosene, extraordinary. The Hongkong dollar, the thanks of the directors to the staff lumber, and a limited line of machinery the Chinese tael, and the Indian Fine both home and foreign, for the splendid largely disappeared under war, conditiins have all been jumping about, so that you manner in which they have worked during Kerosene has revived, lumber is regaining never know where to catch them. Look the past year. Our appreciation has been at the American exchange, which even to marked by the grazing of bonuses and position slowly, and flour will con day shows that the dollar is worth over of an improved seals of pay to meet the tinue so long as prices remain what they 58. compared with its ordinary value of greatly increased cost of living. We know now are in the United States on the one about 45. Look at France, where the hat the strain must have, been. We know hand and as long as Australia (which franc is worth a little over 4d., Germany that the extra time and increased work now furnishing the chief foreign supply

"It is expected that a method will be with mark worth-ld-not quite that have been cheerfully given, and especially of four) has a surplus stock to export and Italy with the Hirn at sid. Of course,

re thank the managers at bead office for The prospect really hinges upon the ques

tion of how much of the business the devised of giving citizenship in the new Austria is simply unquotable; her cur;

they have. the unwearied attentement of the bank. United States has secured during the state of Palestine to see no to tot we rent coin is worth less than 1d. I met tion these facts to show you the difficul With those remarks I beg to move war can be held ondor post-war condi- to go there right away. ties that exchange hinkers have to contend "That the report how presented, together tions. In the solution world-wide condi with, and the absurdity of people think with the balance sheet and profit and jo tiene aturally enter to a controlling ing that exchange banking means simply account, be approved and adopted, xtent. It may be that special conditions 100.000 FORTUNE TELLERS.

will prove of assistance. A present "the coining money; it is very often the revers. (Applause).

exchange value of silver and the shortage In addition to this we have other difficul-

of supplies of silver the world over are ties There was the uncertainty as to the ultimate standard value of the rupes In reply to remarks by Mr. FEEDERICK the chief questions affecting all trade in

There are about 3,000 street, fortuna moasured in gold following on the report TOMEINION, who pointed out that the China; and the United States, as the pos tellers plying their trade in Tokyo, and of the Babington Smith Currency Con- dividend of 201 per cent, now being paid acer of the chief stock of both silver and about 100,000 in the whole of Japan. mission. Farther cause of trouble his had been earned, not only on the capital gold in the world, is in a position to This business is open to anyone with prac been the very serions delay in the frame of £2,000,000, but also on the reserves, the settle its trade balances to advantage. In tically no restrictions and requires mission and receipt of cable messages in Chairman said he purposely did not refer the long run those settlements are ar- little capital with which to stox Comme some instances ordinary telegrams be to the fact that the dividend had not been ranged through indirect channels, and quently many call themselves fortune tween India and the Far East and this earned entirely on the capital, but was hence this ability to finance American tellers who have neither knowledge nor country have occupied 14 days in trass also earned on the reserve, because he had mission, and the average has been about eletris indicated that at the meeting of trade in the Far East is less important ability, while some are even illiterate or seven days. The loss to the mercantile the book last year. He admitted that in than at first it might seem. This situs of questionable character, according to community, including the banks, owing to these days it was quite the fashion to tion is also largely favourable to Chinese the Cargo these deplorable delays, can actredy be capitalise reserves, but it was a practice exports to the United State, rather than stimated. I am glad to say that within which, while it had its merits, bad con- American exports to China Bo far the United States has held it trade rather the last few days there has been an im iterable demerite. Before such provement. The report and recommends policy was adopted in the case of their more fully then had been anticipated. tions of the Currency Commission, to which own bank it would require very careful The real test of strength in the great I have already alluded, have, on the whole, consideration at the hands of the Board. staples is yet to come. In the front met with general approval. Some of us Mr. BOBERT F. Hises, having congratu-steel trade, for example, the test has rot may have bad our views as to the doar lated the directors and the officials of the yet been reached, since normal condities ability of fixing the standard value of bank on the resulta presented, the resolu- in Great Britain have not yet been restor ed; but Great Britain has already con. the rupee at a figure somewhat lower than tion was carried unanimomra, that recommended by the Commission, but

The CHAIRMAN next moved: That a menced to secure some of its old trade the reasons given in the report in of the 2x. rupos are fairly convinci dividend at the rate of 14 per cent per again in this line, and likewise in plate annum for the half-year ended December glass. Belgium is regaining much The proposal for amalgamating the Pre- 31st last, together with a bonus of 256. of its old trade in window glas aidency Banks in India under the title

other hand, SQUAD TRAINING FOR ANTWERP of the Imperial Bank of India is one that per share, both free of income-tax be These abow the beginning of real coz

now declared payable on and after April petition. On

the United States has secured a consider has attracted a considerable amount of

·-16th #

The Japanese Olympia taam is under able share of trade in many lines it never attention The Presidorey Ben have MY, THOMAS CUNIBERTSON seconded before enjoyed, and which, for the time going a regular course of training on the always boon the bankers of the Exchange motion, which was unanimously adopted. Banks We wish the Imperial Bank Mr. J. M. G. Prophit, Sir Alfred Dent, boing at least, it is holding effectively, athletic field of the Imperial University. successful carcer, fully confident that K.UM.G. and Mr. Thomas Cuthbertson These include special food roducts athletes are working hard and will there is ample scope in India both for the cemi Btate Bank and for the British were re-elected directors, and the audi machinery, electrical and similar Japan for Antwerp in prime coneli-

tors having been reappointed Mr. Tom-machines, appliances and materisks; o change Banks Mr. J. M. G. Propuit, kinson moved a hearty vote of thanks to musical instrumente; readymade cloth- Uchida and shima, who are still elected as a member of the Board, has for the Chairman, directors, the managere, ing and haberdashery leather goods absent from the team, will arrive in Token Bany years been connected with one of the moaf important firms in Calcutta, and at and the staff of the bank, which was chemicals, hardware; paper and and take up regular work with the time and are favourably received; their trade of the ive members of the Marathon ohe time he was President of the Bank recorded by Mr. B. R Glover, and stationery Goods has been introduced members of the team Sakamoto

unanimously approved Cof: Bengal sept

The OHATAN having briefly replied, in the future depends upon comparative squad, will not be able to accompany the

team to Antwerps", price and quality. the proceedings terminated.

(Continued at 2001 of next column.)

the

In fact tho sole object of these fortes sellers is to work mischief, for the natu of the business draw customers who are in trouble and who, by following the

further misfortunes. advice of these fortune-tellers, fall into In view of these facts, the police are planning to take stricter measures with these purveyors of heaven's decrees. Tout Chuco suggests that licenses be granted only after a thorough examination.

JAPANESE OLYMPIC

J