1920-08-12 — Page 2

Page

THE HONGKUNG DAILY PRESS,

THORNYCROFT

Joux L THORNTOROFT & Co., LIMITED,

SHIPBUILDERS AND, ENGINEERS,

Lambos. BartTRAKITUN AND Basingerorr

Shanghai Office:

65.

Szeebuen Koad.

Thornycroft Water-Tube Boilers.

Marine Motors and Motor Boats.

- Motor Lighting and Pumping Sels.

Shallow Draft Steamers,

Thornycroft Oil Fuel System.

Commercial, High-speed and Pleasure Craft.

R. E. ROXBURGH,

New Shirts

English made of a fine French Print, with one

Collar to match each shirt.

A nice variety of Stripes In various fast colours.

Barathea or Silk Crepe-de- Chine Tles for bows or knots to match,

See Window display at

Manager for China.

MACKINTOSH

&CO., LTD.

MEN'S WEAR SPECIALISTS.

16, DES VŒUX ROAD.

·SOLE AGENTS

Tuaprodn. 28.

THE FUJI TRADING CO., LTD..

(Inc, in Japan).

New Patented Invention:

Flexible, Unbreakable and Beautiful

SILK GLASS

Replaces Ordinary Glass in all purposes.

Bample on application to

THE FUJI TRADING CO., LTD. 1A, CHATER BOAD, HONGKONG.

THE LEADING BRANDS

(835

MANILA CIGARS

EL PALACIO

&

IMPERIO DEL MUNDO.

BOLE AGENTS:

THE HONGKONG CIGAR STORE CO., LTD.,

Tatarnown No. 151.

HOTEL MANƐIONE.

HEALTH V. SICKNESS..

By taking our #BOOSTER BRÅND” MACARONI PASTE STARS, HOG HOODLES, VERMICELLI, or other kinds of Soup-studs REGULABLY FOR: BROO BIGEN 688, all car Prodnata, being manufactured from Floor of the Best Quity and under the mori Bazitary Method, can be EASILY, DIGESTED and give you GOOD HEALTH 2 STELAGTEL

Large quantities have been exported to various parts in the World. Your seemed Orders will receive our prompt and estafal attention.

dermis, especially for Agencies.

THE HING WAH PASTE MFG. CO., LTD.

BRANOF OFFICE SEanghal. Now WACTORIES Higbeer. Wing Bing Street.

naught Road Central Tel, Mex

anking Road

THURSDAY, AUGUST 1stul lugu.

"REAL COST OF THE WAR” £8,200,000,000. Deducting the net cost of

BRITISH LOSS 3,500 MILLIONS.

MR. CRAMMOND'S HOPEFUL.

SURVEY,

the war as estimated above, this would leave the national wealth today about £7,100,000,000; that was to say, Italy had lost about 20 per cent of her pre-war #wealth..

BELGIUM.

RUBBER DIVIDENDS.

The following are among the dividends of Rubber Companies recently announced. in the Straits Settlements

TRONOH MINES. INCREASE IN PRODUCTION.

At the eighteenth annual general mest-

The directors of the Anglo-Johore Rabg of the Tronch Mines, Ltd., held ber Estates recommend dividend at the recently, at the Cannon Street Hotel, Mr. Edgad Crammynd recently read a

rate of 80 per cent. per annum, loss tax, F.C., Mr. Charles Vivian Thomas (the paper before the Bankers Institute on

The total lumes of Belgium due to the for the year ended March 3115, 1920 Chairman of the company) presiding, "The Read Cost of the, War." Mr. Leslie War might be estimated as £330,000,000. The directors of the Rim (Malacca} Tritton" (Barclay's Bank) Presiding.

tier national wealth before the war was Rubber Estates recommend a dividead si in moving the adoption of the officially estimated at 21,200,000,000, and the rate of 20 per cent per anne port and accounts, said it would be Mr. Crammond said that the Vat

apuming that the poet war valuation .of

noticed from the profit and low accounta ecoautuic disturbances of the past ave the frane was 50 per cent of its pre-war tax for the year ended March 31st, 1920.

The directors of Castlefield (Kiangy Rub- years had brought into existence a large value the national wealth might be esti

ㄗ all departments, except the No. 3 number of economia fallacies" and "misconsted at £8,400,000,000. The Allies had ber Estate hate declared an interim divi, that there had been an increase of tonnage

dead of 13 per cent. actual, less tax at transferred to Germany the debt in respect, an account of the year ending June of tin ore was 432 tone, bust, owing to the

dredge ceptions. The nominal war debt of

The total increase in the salen. belligerent did not necessarily form the of the loans made to Belgium, Bay 30th, 1990, payable July 28th to holder fall in the price realised, there was... main part of the real sove of the war, because, in so far as the debt was an £240,000,000, and in addition, she was to registered on June 30th.

receive the Bras £100,000,000 payable by The directors of the Heswood Tin and decrease in the receipts of £38,738. The internal one, it only represented a trat Germany..

item of interest and dividends received was This left a balance of Rubber Estate recommend the following mainly accounted for by a dividend which fer of wealth from one group of the in 210,000,000 to be recovered out of the apportionment of the front for the year they had been pleased to get from the Lilal habitants of a country to another. The general indemnity. After deducting the 1919-A dividend of 21 per cent actial Co., in which concern they had sub- principal inses of the United Kingdom proportion of her war expenditure taken per share, less tax; £1,000 for deprecia stantial interest of about 20,000 shares. through the war were:-

over by Great Britain and France, andtion on buildings, plant and machinery As the holder of that responsible amount transferred to Germany, it might be very 22,500 for depreciation on hydraulic in- seriously questioned whether Belgium had

Million

The capitalized value of war

'pensioon

Moneys borrowed abroad by the

British Government Asario 1,300 Hales of British holdings in

foreign investments

1,000 Losses of shipping with cargoes and loses through suspension of renowal" of railways, ports, machinery, Aworks. houses, buildings

1,600

£8,200

addition to the interim dividend of Is

fost more than 10 per ceas, of her total stallation: £300 to redemption account for they were therefore glad to find that national wealth, Belgium had emerged land mined; and £4,000 to renorve, "leay--per share which they received in April.

No

from the war with a smaller relative in-408. 28,013 to be carried forward. transe in the amount of her national debt dividend was paid for the previous year. than any other belligerent, with the excep tion of Japan. She was making a re markably quick economic recovery, and it seemed not improbable that within a few years Belgium would not only have made good the lowes caused by the war, but she would be much richer than she was in 1973.

JAPAN

tonx to 2,395,000 tons! Her gold reserves had been increased from £35,000,000 to £180,000,000, and he estimated that the national realth had bec doubled and was now in the neighbourhood of £4,700,000,000.

THE UNITED STATES.

JAPANESE IN JAVA.

very

last, at the meeting of the Idris Co. on the previous day it was announced that a second interim dividend had been de clared, and would be

Parable DO July 99th. With respect to the other side of the account, the mining cost, shareholders would notice, had increased in the extent A STEP NEARER AUSTRALIA."

of £10,000. They would observe that the Commenting on reports from Java re profit for the year was still

respect able, vi, £70,004- difference, compared with the year before, of £38,625 bat that The war bad brought a very large mea garding Japatose investments and.com Against these might be set:-(1) The are of prosperity to Japan. Her skip-ancial activities there, the Sydney Sun was practically entirely due to the fall":

in the price or tin. "During 1910, 66, per erection and equipment, of new works and re-equipment of a large number of old ping had been increased from 1.708,000 remarks that this brings Japan one step share had been distributed, and share-

Japan is gradually holders would remember that they were. works with up-to-date plant; (2) invest.

nearer Australia. ments of capital abroad during the war

encircling the island continent from the fortunate enough to distribute 10s. per is the shape of loans to the Allies and

north. It is peaceful penetration, but share in 1018. That was an average of Dominions; and (3) the value of the assets

contains the germs of a menace which may, Sa. per share for the two years, or about already received from Germany and the

In addition, in the next generation, or ten generations, 40 per cent, per annum. value of the territories taken över under

create a crucial situation. Japan has, the there was the distribution of 40,000 fully the Peace Treaty The aty together The war had produce a extrautinary Sydney paper believes pacific intentions, paid shares by way of hating On th accounted for about £2,000,000,000, leaving the net loss of wealth owing to the war at hange in the economic relations of the that Germany sixty years ago. assets side of the balance sheet they would United States with Europe. Whereas in Then the herd multiplied, tried to force notice that to the extremely low figure £3,200,000,000 to £3,500,000,000.

1914. America owed Europe £2,000,000,000, way out, and wrecked Europe. One of £8,000 at which the whole of the Tronoh It was impossible to

at what point prevent Europeared America thing alone will give Australia the right Mines, machinery and plant new stand, prices would become stabilised, but he £2.000,00,000. It was not suggested and the might to talle to the Eastern races there had been added the sum of 15, 06, assumed that the real value of money to fare, the war that the United States our frontiers and that will be the ability was being built, but which would probably when the wave of immigration piles un.00 entirely in respect of a new dredge which day for the whole of the United Kingdom a bankrapt country, and, as a matter of

not be in commission till the end of the was 40 per cent, less than it was in 1914. fact, Europe, found it to her advantage to say that she is making full use of the Taking his own estimate of the pre-war to continue to lend this large sum to Ane land and to point to great and powerful year. With regard to the mines, the No. national wealth at £16,500,000,000, Mr. rica until the war compelled her to call populations. Only thus can the crisis be mine had worked under great difficulty Crammond wad this would represent in it in The American investóm showed, said i averted,

during the year Heavy rain. Ead post-war money £9,500,000 He had Mr. Crammond, an extraordinary incapa

-brought down large quantities of lower- estimated our net loss in the war at $3,500,000,000, leaving a net balance of y to realize the great advantages which NORTH BORNEO STATE BANK. would accrue to their country through the

covered up the Karang in the working £24,000,000,000 representing the intelligent investment of capital abroad. It is notified officially that the Court face. There being a large catchment arra, tional wealth at the present time. The In 1914 the national wealth of the United

these rains had necessitated increased real cost of the war to the United Kingdom Stats was computed at: £42,000,000,000. Or, British North Borneo have pumping charges, and the depth of the sum which was equal to 125 per cent, or 70,000,000,000 to £80,000,000,000. Am Borneo ineir antenir o meet the pre- the good ground might, therefore, said to represent a Today it was in the neighbourhood of telegraped to the Governing --workings made is difficult-to-work-out-nl!- However, the general Father more than one-eighth of the na-ing that the post-war purchasing power of one uemalt er amproved banking facili- mannger reported that there were still the dollar for internal purposes was 20 ties to State by the establishment of some 300 ft, to 400 ft. is the northern ex- per cent, of its pre-war value, might Dank to be know as the North Borneo tension lead to be worked, and, given fair sonditions, this should inst the company The war had exercised a profound in said that during the past five years thereotate bametimicer vil ne opened for some time yet. From recent advices.

Sandakan "and" Jesselton as had been an actual increase in the na-

they learned that the heavy rain was still arrangements can be made. The opera tional wealth of the United States of

the approximately 30 per cent,

tions to be undertaken by the bank will interfering with the working, The Imses of Germany might be estis accounts, the making of advances agnisht

include the ugening of the peit general manager was nor considering

scheme for working the remaining grou mated as follows:--

Ds or fad.ng or other approved security available on No. 3 mine by gravel

The No. 1 dredge continued to work on the granting of loans for agricultural Parthe bank of the Selensin River: 180 tons poses, the counting of cheques and the of tin were recovered by this, dredge dur

of drafts on Singapore and Honging the year, the value of the ground The heing 0.82 cattic per cubic yard. profit made by this dredge for the year. Was £12,600, so that the expenditure" in lengthening and strengthening her had been more than amply justified. The No.

tional wealth.

BRITISH EMPIRE. ·

Buence on the economie development of the Empire, particularly Canada, South Africa, Australia, New Zealand, India, Malaya, and Egypt, and he gave the fol- lowing estimate of the national wealth in 1019, wgether with the relative figures for

1010-

United Kingdom

Kakšen

في المالية ولا

GERMANY.

Capitalized value of ter

ritaries ceded under

it

the Peace Treaty £3,500,000,000 Low of shipping, "goods,

metallic maney, railway rolling stock. and

other properties ............................. 800,000,000 Depreciatios of

XALA Gyal Suljonini, sonilimsel

**

Anstric

tun

312

Lunits wh Alekea

New Zea

ไฟ

Tow...

1,21

Um

Kryst

Jak

turies, railways, houses, buildfogs, etc

Quem repertunin

Capitalized value of "war",

·$1,095.

3.

ماهی

د الله

The figures, Ba.d Mr. Cramond, were the "not strictly comparable, owing to

in the i changes waich had taken place value of money." Moreover, the extent of the aevaluation had not been unatora in the different parts of the Empire, might, however, be conndently affirmed that the war und greatly increased the economic strength of the Empire as a whale, and the prospects of its economic development in the future were particu- larly hopeful.

TRANCE

Mr. Crammond estimated the total lose of France as under :—

Pensions and allowances Damages to property, shipping,

·éto.

.600,000,000

pensions ལཾ༧༧ ཛཱསི : 2,500,000,000 Loss on investments in

former

German

colonics and invest-

ments in foreign coun- tries

1,500,000,000

£8,700,000,000

he

kong Danks.

BA

which made her the great centre of the world's commercial activities were still at work, and they would rapidly transform

the economic Ktuation, in Europe, (2

Brade ground, and from time to time

dredge had been working during the year on the extension of the Tronoh South The war terminated an era of 44 years lead, with the result that for a smaller of intensive economic development. This yardage 13 tons more tin was recovered. period witnessed the great development of The value of the ground was 1.06 cattle the international financial system with per cubic yard, as compared with 0.85 last. Londen as its centres it was also marked year. There was reason to believe that the by & great development of railways and dredge. was now leaving the course of this suipp.ng and manufactur.ng production, Tronoh South lead, so that during the and a great incrcame of wealth, There current year it was not expected that the was no nanlity in economic development, output would be so good. He would be a In 1913 the national wealth of Germany and they were at the beginning of a new foolish shareholder who would look at u was estimated at £16,500,000,000. In order fera which, in bis opinion, would greatly mine with the record which this one had. to compare the post-war economic postion surpass the expansion during the 44 years and be disturbed by inevitable conditions of Germany with her position in 1914, it preceding the war. This development such as they had had in the last three was Decesary to assign some relative would depend in the main on transport, months, and which came to every mining valuation to the mark. For that purposo, and it was a misfortune that the peoples enterprise. it would be assumed that the post-war of the world had become so short sighted Mr. Walter James Faya seconded the mark would ultimately possess an intrinsic as to allow their railways to become prac-motion, which was carried unanimously. value of 50 per cent of its pre-war value. tically bankrupt by enforcing uneconomic It should be emphasized that that value-rates, and in this way discouraging the tion was only used in the relative sense. provision of capital.

Millions. £2,150 -

-9,200-

The pre-war-wealth of Gertiany would

that be expressed as about £33,000,000,000.

in terms of post-war money. On that basis

DEMAND FOR CAPITAL, USA

· GENESIS OF DISEASES.

"with

Moneys borrowed abroad and

·zales of föreign investments ... 1,400-

Sir Clifford Allbutt, the famous scientist, The British Empire was destined, con- Arrears of upkeep of houses," the German people would have lost, apartinued Mr. Crammond, to fulfil a great suggested, in his presidential address to They had the British Medical Association at Can- buildings, ste

from the war indemnity, about 28 per cent, part in this economic era. 500

of their

including the re-stocked themselves with raw materialshridge on June 29th that it is recuseLTY, whole of tional wealthy including the and manufactured soch, and were her in 10 order to combat the diseases to which £6,250

whole of their colonial possessions, and a position to supply a large part of the human beings are subject, that animal Against these might be set the capital practically the whole of their investments needs of the world. They had a surpluses must first be studied. Dealing value of Abace-Lorraine, which might be abroad. If the figures suggested at the of production over commption, and in a comparative pathology** Sir Clifford. provisionally estimated at £800,000,000, Hythe Conference, that was, £6,250,000,000 short time they would have to face the maintain that if light was to be thrown leaving a net loss of £5,450,000,000. The should be finally adopted

the problem of the investment of cspital upon the generation of diseases in men national wealth of France before the war amount of the German war indenuity international trade in the next 10 years" We must, he declared, discover and abroad. The dominant characteristic of it must be by study in a far larger field. was estimated at £12,000,000,000, and if the total losses of the German people

be assumed that the value of the frame arising out of the way woud be equivalent would be the tremendous world demand for compare the elements, and phases of disesse would ultimately become stabilized at: 00 to about £15,000,000,000; that was to say, capital, and their internal financial policy in animals, and plants of the Inwest of mk of ita pre-war value, the national Germany xould have lost nearly one-half should be framed with dud regard to world living things up to the highest. The per es wealth of France before, the war in terms of her national wealth, It was difficult conditions.

money loss year after your caused by the postwar money would amount to to believe that the new Germany, would be Befure the war the fund of mobile capi. depredations and the citesses of eximala 5224,000,000,000.

the estimated in a position to remit abroad £365,000,000 tal available for the financing of the trade and plante is enormousy, but there is no komm of 40 400 the national wealth million per annum in payment of interest one. It fulfilled ita functions admirably lightenment: among investigators, no big

of the world was an extremely limited

organisation of research, no mutual ene of France to-day would be

about on an, indemnity of 28,250,000,000 but it only did so by means of the high £18,500,000,000. That was to way France Boikom GENERAL SURVEY:" had lost about one-fourth of her national The world survey of economic conditions development of the international monetary gudook The power of suggestion was wealth, subject to the indemnity to be did not present a picture of unrelieved system, of which London was the centre. also dealt with by Bir Clifford Allbutt." received from Germany. Franes was still gloom. Just as in the case of the United This delicate and highly organized Wo hardly realise he said, “that very rich, far richer than was generally Kingdom the war had brought about great, machinery enabled the instantaneous trans every hour, we are living upon suggestions behoved, and he felt suured that her redistribution of wealth, so throughout mision of capital from any part of the as we do spot the statosphere. Liood and economic recovery would be as striking as the world there had been a great redistri world to London, where it was redistri evil suggestion affects us most vividlys it 容器您

after 1870.

my in the experison of active life, but it is bation. So far as the British Empire was bated with the same rapidity and economy concerned, there had been a large actual to the centres in which it could be most potent also in the written word." loss of Italy might be estimated increase of wealth in the Oversea Domin. afficiantly utilized. Today we had & state

of

Pentions, etc......... £600,000,000 Destruction of property,

shipping etc

Forsign debt and moneys

borrowed abroad

Arrears of depreciation

pose

:

with confem

spotted The winner at the rby... has enused" much;"amusement at: Wesminster:

pons and possessions, and a moderate of affairs in which it required three times. decrease of wealth in the case of the as much capital to finance trade as it did United Kingdoms, giving on balance a sub- before the war. Moreover, the liquid ME. ASQUITH AND THE DERBY. stantial increase of real wealth for the capital of the world was now distributed in Empire as a whole. They must bear in centres which were unaccustomed to the find the fact that the Empire and seam exercite of their new powers London wak Ed fresh responsibilities of unknown slowly and surely re-establishing Ita magnitude under the Peace Treaty,tion as the money centre of the world, and ponsibilities which could not fail to make it should be the policy of their Govern the development of the Empire a farment to do everything in its power greater strain on the economic resources assist in this direction particularly The capitalized value of the territories of those islands than it was before the war, encourage the deposit of foreign mons allocated to Italy under the Peace Treaty In the case of Europe several important London. The deflation of the curren might be enti

£200,000,000 leave countries-Spa-Holland, Switze the reduction of the national det lag the net.

and maintensace

would

d

7000

200,000,000.

£2,100,000,000

a London correspondent. His ignorance of anything to do with the Turf in walls mowa, but now, I suppose, bis advice will be sought by every member who pat bit on a horse, To tell the it was Mr. Asquith's first visit to Derby He had always wanted to sen race and the yielded to the temptation of a lovely day Beveral of his party s am told' accepted his tigzfoy: Spion": andricky omen not a pla verbially fortunate in his frat

glad they had.

uction of wage and unem

self, backed the