1921-03-03 — Page 7

THE HONGKONG DAILY PRESS, THURSDAY, MAKUH 3RD, 1991.

DODWELL & COMPANY, LD.

STEAMSHIP SERVICES.

BaBoguler Sallings to.

NEW YORK & OR BOSTON

via 9103 or Panama Ünale at Owners' Option

S.S. "EGREMONT CASTLE"

100

asiling about End of March.

LLOYD TRIESTINO

For BRINDISI

VENICE & TRIESTE. Taking Cargo,on through Bills of Lading for LEVANT, BLACK SKA 4 DANUBE

PORTS. FIUME having been re-opened for traffic, cargo in also accepted for this port on through B/Lading

8.8. "HUNGARIA"

S.S. "TRIESTE"”.

Balling on or about 8th March,

Foù SHANGHAI

saiking on "or about 156h Marsh,"

Fassengers Luggage can be insured at the Offoe of the Agents,

YEAR.

THE NEED FOR AN ECONOMIC | WHOLESALE PRICES

PEACE. TRADE AND THE WAR DEBTS.

LAST

271 PER CENT. 1IGHER THAN 1000.

Details published in the Board of Trade [BY BIE LEO CHIOZZÁ MONEY.]

Journal, show the index figure of whole- It is earnestly to be hoped that the ope- sale prices for 1920 (estimated at 371.4) to ration of an export credits scheme of be the highest on record, there being an "liberal character will not be much longer increase of 25 per cent over the previous delayed. It would be a considérable year. The advance was gradual from the factor in European trade recuperation, beginning to the middle of the year, but and it is worth more than a little risk, a decline began in August," and towards The one thing the world cannot afford the end of the twelve months the fall was in this connection is to leave Europe in much accentuated. economic chaos. That is a risk which has

The calculation is based on 100 at the already been incurred too long. The year 1900, did the following table shows cipal articles for the last forty-nine war is still with us as long as the victims the price movements of forty-seven prin- of war are unable to help" themselves, years:

Index

Index and therefore unable to contribute to the

Year, No. Your. No. useful activities which constitute the world of work. Modern Europa arrived 1872. 135.8 1908 108.8 at an artificial economy which has been 1881... 120.6 1907 broken by the war and by the peace; it 1691 108.9 1908 must be helped to recovery by liberal 1000 100.0 96.7 necessity; let us regard the matter as one 1902 that brooks of no further delay, Therd 1003... can in the nature of the case being 1004... perfect scheme.

"NANYO YUSEN KAISHA, Ltd. credits. We are all agreed as to the 1901

(SOUTH SEA MAIL SS. 00.)

Rogalar Bervice between

JAPAN, HONGKONG & JAVA.

JAVA,

8.8. "SAMARANG MARU- sailing on or about 19th March, salting or o about 24th March.

BS. "BORNEO MARU

Fox JAPAN

SB. "RIOJUN "MARU"

sailing on or about 8th March.

OCEAN TRANSPORT Co.,

(TAIYO KATUN KA(SHA)

Steamship Service Trans-Pacific.

Also to Australia, Europe, etc.

Ltd.

NATAL LINE OF STEAMERS.

TAKING Cargo or through Bills of Lading for SOUTH AFRICAN FORTS with teknahipman 19 DALGUSTA,

La conjunction with the

INDO CHINA STEAM NAVIGATION 00. "LTD.

AND APCAR, LINES

་

for Freight of Frage on any of the ahová Linos apply to:--

14

DODWELL & CO., LTD.

N. Y. K.

NIPPON YUSEN KAISHA

NE KALLINON FROM HONGKONG SUBJECY- 30 ALTERATION.

TOWARDS ECONOMIC PEACE,

100,0 103.0

96.4

90.0

1900... 104,1 1910.108.8 1911... 100.4 1912114.0 .08.2 1913 ... 110.5 1005... 97.8 1914... 113.6

Indur Year, No. 1014... 189.0

IN DO - CHINA STEAM "NÀVIGATION COMPANY LIMITED

SAILINGS SUBJECT TO ♪ ALTERATION.

SHANGHAI via EWATOW MANILA.

STRANTS & CALOUTTA

- BANGKOK via SWATOW

TIENTSIN

SHANGHAI & TSINGTAT... KOBE

. HÀ PHÒNG VÀ BOIHOW

“WAISHING* Fel. LOUNGSANG Fri, "KUMSANG

4th Mar., D'light

4th Mary - 3-pan

"CHUNBANG Sun,

Bah Mar, 3.pm. 8th Mar

Dlight.

CHIPS BING"San, 6th Mar., D'light. "HOPSANGʻ Taos 8th Mar Ligas

LAISANG" #TROPAO

Tues. 8th Mar, D'light

Wed, 9th Mar 9

-

Singapore; returning from Calcutta steamers proceed via Strait CALOUTTA LINE:-This Line affords regular flings to Calcatta, Poleg and

and Hongkong to Japan, Ocenidonally calling as Shanghai All roamers have excellent passenger socommodation, are atted with Electric Light and Fans and carry a fa

a fully-qualified Surgeon

1014... 117.3 SHANGHAI LINE:--Sallings approximately avery" five days between Canton, and

-1915, 143.9

1018186.5

1017,... 243,0 1918 ***

MANILATM 987.4 -1019... 206.5

1920. 371.4 HAIPHONG

BORNEO

* Jan.-July, Aug.-Dec. Whole year. The particulars for the various articles are weighted, in accordance with thoir estimated consumption in 1881-00. In the majority of cases the average declared TIENTSIN value of the imports or exports of the commodity, forms the basis of estimation of price movement. It will be noted that there was an upward movement before the war.

Closer analysis of the forty-seven articles the result of classifying them into four Kroups gives the following results:

Food, Coal Textiles drink,

Year.

1000 1001 1902

The other maior factors in the Ear pean economic settlement are the trada agreement with Russia, the reparation clauses, and the war debts. The first involves a trade which was once worth £70,000,000 a year, and ought some day to count for much more. German re paration will soon again. be discussed by the Supreme Council; if is urgently neces. sary to settle figures, for an unsettled Germany 'is grave menace to herself and to Europe, and it is plainly unreason. able to expect a nation to work under an indefinite liability which is to swell in proportion to the work it doen. As to the war debts, I see that my friend Sir Josiah Stamp suggests the paying off of. or American debt by the transfer, to America of the whole or part of the debts 1903 to us of our European Allies. But, if ever the world's exchanges are to be righted, more than that will be neces Bary, The international war debts dre

96.0.197.4. 105.599.7 obligations which express the unequal

100.8... 107.0.. contributions of the Allies to a commion

121.4... 108.7 80.5. cause. France, Belgium, Italy, Russia,

78.8... 136.9 ... 100.2... 104.3 105.6 Serbin, borrowed" because they had not

74.7... 125.9... 111,6 the coal and iron, the nitrates and oil,

84.0 119.6... 110.9 ... 110.1 the food and material to conduct war.

92.5-135.0.117.7109.4 88.2 135.1... 114.5... 106.2 They gave lives; coal and iron they could *1814

88.8.116.8. 130.4... 119.1 not give. We borrowed from America. t1914

88.7.148.9 120.9, 111.3 not for ourselves, but to lead to our #1914

116.7... 119.8 ... 154.1 ... 143.8 European Allies. We gave lives and

185.S... 180.1 189.4.204.0 goods, and, let it not be forgotten, ships.

1917 182.0... 970.4.. 246.9... 956.3 The nation with the sound security for

1918 204.0... 354. 250.3. 238.6 debt in the matter is America, the

1010..... 280.2373.3. 279.7... 317.8 nation which had the good-fortune to be

1920 418:3... 508.1 ... 335.3.352.2 spared much loss of life. The mutual cancellation of all the borrowings would Jan.-July. Aug.-Dec. Year 1014. not merely be an act of recognition of In the coal and metala group increases their origin: it would be justified as a are recorded in all items except copper, real contribution to word settlement, the index number for the group being

SEATTLE & VICTORIA or VANCOUVER vis Manila, Shanghal other things, good sentiment is good

& Japan port

Cargo to Overland Polate U.6. in connection with Great Northern Northern Pacific

and Chicago, Milwaukoo & St. Fazl Ballways. ̧

FUSHIMI MABU (omitting Manila)... TOYAMA MARU...

KASHIMA MARU (omitting Mania) SUWA-MARU

HU

Wednesday 9th Mar. at 11 m. Friday, 11th Mar, at 11 am Wednesday, 20th Apr,. at 11 am, Friday, 6th May, as 11 6.m. LONDON & ANTWERP via Singapore, Penang, Colombo, Sues

Port-Said and Marseilles.

KLEIST

Thursday,

Friday,

Friday,

Friday,

10th Mar., st 11 ̧ LI” 18th Mar. at 11 Kiz. 1 Apr, at il ax. 15th Apr. at 11 am.

HAMBURG, AMSTERDAM, LONDON & ROTTERDAM.

Thursday,

MISHIMA MABU

SADO MARU

KITANO MABU...

MITO MARU

TAMBA MABU

LIVERPOOL & MARSEILLES vis "does,

*

24th March..

Saturday, 12th March, MELBOURNE, & SYDNEY vis. Manila, Zamboanga, Thursday

Island, Townsville & Brisbane,

TANGO MARU

NIKKO MARU

AKI MARU

**

NEW YORK via Suez.

AKITA MAHU

SOUTH AMERICAN PORTS vis CAPE,

Shanghal, sometimes calling at Swabow Through Hakets can be obtained and through Bill of Lading are furred, so all Northern and Yangtans Ports via Shanghai.

LINEA weakly service is maintained with Manila, by vessels with good

passenger accommodation silings from both ports every Friday, LINE :-Sallings approximately weekly for passengers and cargo,

calling at Hotho han inducement after

LINE:-One wiling per month between Hongkong and Sandakan by

steamer having up-to-date sonotomodation for passengers. Carge taken on through Bills of Lading for Kundas, Jesselton Labuso

Tawso and Lahad DatuVA MONETA, & q

LINE-A regalar vervice fetran.from March to November between Hongkong and Tienwin, calling as Weihaiwal and Chetoo

CALOUTTA

LINE.

or about

· KUMSANG" will be despatched on Saturday, Mar 5th, 3 p.m., for SINGAPORE, PENANG and CALCUTTA

R

and (raw and

Miscel metals, materials), tobacco. laneous, 100.0 100.0 ... 100.0 100.0

5.3.

82.2... 93.3 100.1.

70.1.. 74.1 101.7.100.6...

02.3... 101.4

£6.3 99.5

91.7

1904 ****** 1005

70.9... 112.9... 101.2...

68.3

190€

71.3... 108.7 78.3

101:2

01.1

121.1 .... 101.0 in.

05.8

1007

1908

78.5

94,8

1909

73.6

1910

1911..6... 1912 1913

1015 1916,

recorded.

and therefore as a material gain to each nearly 50 per cent above that for 1919, of the parties. In this, amin so many when, an increase of over 30 per cent. in comparison with the figures for 1018 was Pig iron and coal show in- economy. Let it be written plainly, for it is true, that the payment of interest creases of 29 per cent. and 89 per cent. For tex- on war debt by one nation to another is respectively in 1920 over 1010. the payment of tribute. It is deplorable tiles (raw materials) an average increase that tribute should be paid by one ally of 36 per cent, is indicated in comparison to another; it is not only deplorable but, with the index number for 1910, Large in the given circumstances, and economic increases are also shown for each of the embarrassment. to all the parties concern years 1910, 1917, and 1918. Towards the ed. How curious it is, if we but think close of the year important price reduc of it, that at the end of the war Austria tions have been recorded in respect of the and Bulgaria owe us nothing. while items included in this group. The num

ber relating to food, drink, and. tobacco France and Italy owe us much. We may is higher than that for 1919 by nearly 20 sum up the whole case by saying that per cent. Increases are shown in most of it is a matter in which it is as unblessed the items in this group: British barloy to receive as to pay:

increased in price by 17 per cent., beef by 20 per cent., mutton by nearly 40 por cab, sugar by 58 per cent, and tobacco

FIQULES OF THE INTERNATIONALY

WAIL DEBTS.

It may be well, in view of the discus. sions on this subject, to re-state, they over 36 per cent. In the price of tea a decrease in recorded in 1920 compared figures of the international war oblige with the price in the previous year. tions, which were given in this column in- The increase of over 10 per cent. in the. completely last year. Mr. Austen Cham- number for the group of miscellaneous berlain sent-me-the-following-account-articles-is-attributable chicily to petro- leum, olive oil, hides, and bricks, in some months ago:--

Lent by

respect of which increases of 50 per cent, United

16 per cent., 16 per cent., 11 per cent, and Kingdom. 95 per cent, respectively are shown. For

Mill- £..

cotton seed a decrease of nearly 10 per cent, on the average price of 1919 is re- corded in 1020, and for rubber a decrease of 8

To

United Kingdom' France Italy Russia Belgium

Lent. by U.S.A Mill S .666

813

515

331

455

39

568

07

21

194

32

1,984

.1,850

not available ..............

Totals

Monday,

Tuerday

28th Mar,, at 11 a.m.. 19th Apr. at 11 am.

Tuesday,

· 17th May, utili azz

Tuesday,

12nd March.

Serbin

Other Allen and

KANAGAWA MARU (sailing from Singapore) BOMBAY & COLOMBO vis Singapore:

Friday,

4th March.

British Dominions

Other Loans, details

BOMBAY MAKU

200

Thursday, 17th March.

Sunday, 8th Marchi

Tuesday, 16th Mar. at 11 am

Thursday,

Monday, Tuesday, Friday,

CALOUTTA & RANGOON via Singapore & Penang.

„TOYOOKA MARU

„JAPAN PORTS--Nagasaki, Kobe & Yokohama

SHANGHAI, KOBE & YOKOHAMA.

NIKKO MARU

KITANO MARU

WAKASA MABU

HELJIN MARU``...

INABA MARU. ...

Telephons Nos. 173 & 281.

3rd Mar. at 11a.m. 7th March. 15th March. 18th Mar. at 11 am.

The American aggregate war-lending is a little larger than ours, but our aggre gató lending exceeds our debt to America by £984,000,000.

GIGANTIC FINANCE OF A SMALLER TRADE The London Bankers Clearing House figures for 1020 are amazing in their pro portion, and it is unfortunate that we have to reflect that they were concerned with traffic in a smaller quantity of actual commodities than before the war. Light

For further information apply to NIPPON YUSEN KAISHA. on infation is afforded by the following

8. YASUDA Manager, -.

PRINCE LINE FAR EAST SERVICE

facts:

1003

Weight of

Imports.

Toni.

per cent.

The general index number for 1920 com- pared with that for 1913 shows an increase of nearly 210 per cent., the number being 333 per cent. greater for the textiles (raw marials) group, 184 per cent. greater for o food, drink, and tobacco group, ADG early $22 per cent greater for the Tho group of miscellaneous articles. index numbers for 1920 are the last to be calculated according to the method adopt- ed for the series given in the foregoing table:

dollars, or 1,225 millions less than in the. corresponding months of the previous year. But £500,000,000 (in round figures at par of exchange) is a nifficiently sub- stantial margin, and it largely represents a further addition to the world's great indebtedness to America.

THE BREEDING OF FEARS. There is such a thing, as I have ven London tured to indicate before, as the-Booming Bankers' of Slump. I hope this may reach the. Clearances. attention of those who are engaged in .... 154,500,000 £10,430,000,000

publishing scare, anticles on trade depres 102044,100,000 30,018,000,000 sion. Nothing fails like failure, and I It is sufficiently odorous (ne), this com- shudder to think what sort of a reception parison of a decline of 10,000,000 tons in a commercial traveller is likely to get from a shopkeeper who has just read the fall in coal output) with an increase of hundredth article assuring him that ruin £22,582,000,000 in the exchange of coun-is well on the way. Each unit of an in- ters.

Regular Sailings to Boston and/or New York by far the weight of imports (accompanied by a freight steamers

(via Suez-or-Panama)-

AMERICAN OVERSEA COMMERCE.

dustrial society working for private profit who is persuaded to despair is a factor, The American trade returns for Novem- of distrar and unemployment. Those ber-Bro-markod by a considerable deling, who preach ruin make ruin. The home. The imports were the lowest for 1920, fall market can be well sustained if buyers ing to 321 million dollars as compared are not counselled to refrain from enter with 395 million in October and 425 princ. Let the purchasing power of the millions in November, 1918, Exporta also public beliberated by a fair adjustment decided to 675 million dollars as com of wholesale and retail prices, and much pared with 739 millions in October and good may be done in maintaining or even

Tha 740 millions in November, 1919.

increasing the home trade The crowded American excess of exports exhibited con- shops and record takings which--havo (FAR EAST) LIMITED, siderable declins in 1920, as was anti-followed the break it prices are witness cipated in these notes In the first eleven of possibilities. Some things have gone months it amounted to 2,500 million below cost, it is true, but it is equally (Continued at foot of nest column.) true that most things have nots Observer::

: For NEW YORK

For Freight and full partle ulazu apply to

TURNE

Telephone 3165,

George's Building.

[198

Ji

Through Bills of Lading issued to RANGOON, MADRAS, and DUTCH EAST INDIES.

For Freight or Pusinge apply: tom

TELEPHONE... Na Dil

Jardine, Matheson & Co., Ltd.

GLEN

GENERAL· MANAGERS"

AND

SHIRE

Joint Service of Steamers.

U.K.-STRAITS, CHINA & JAPAN SERVICE.

Verse!

8.8. "CARNARVONSHIRE" 8.8. PEMBROKESHIRE 8.8. "GLENIFFER: 8.1. "GLENGYLE"

Vessel 8.S. "GLENARIFFE". 8.S. GLENAPP”

OUTWARDS.

HOMEWARDS. Lesvos Hongkong

11th (Mar. 25th Mar.

Das Hongkong

15th. Mar.

28th Mar

12th Apr.

28th Apr.

Discharges

Grina, London & RotzinnAM. GENOA, Lenox, Rordax & E'rong.

Movements are subject to change without madon.

For freight or further particulars piena apply to:

Jardine, Matheson & Co., Ltd. The Glen Line, Ltd., AGENTS

Tel. No ab. 5 er 23. and 2894,

Cable Address

Kawakiacz Koba.

Beatley's A.B.C. 5th Ed.

and Scott's Codes.

KAWASAKI

100

اد

KISEN

Telephons: Sansamly 1844, 8933,

(KAWASAKI - STEAMSHIP Co.)

CAPITAL PAID-UP

KAISHA

--Y20.000.000

President Mr. Y. KAWALAKL. --Vice-President: Mr. K. MaxSUKATA,

Managing Directors Mr. Masaya Ax

The Company has on hand's Large Namber of-

NEW

CARGO STEAMERS

.

WALWAYS READY FOR · CHARTERS of all descriptions.

The following are comprised in the Company's Wieckim.

Eleven steamers of 9,100 tons each deadweight. And ander the Company's managemenś p

1:

Twenty ateam yrs of about 9,100 tons deadweight each. Two steamers of about 8,400 tona deadweight each

(Belonging to the Kawasaki Dockyard Co. Ltd.) Charter Bates and all other particulars apply to the

KAWASAKI - KISEN – KAISHA

Na 8, Bu, Kaur,

$71