1921-03-17 — Page 2

Page

TAB HONGKONG DAILY PRESS, THURSDAY, MARCH 17ru, 1991.

THORNYCROFT

JOHN I THORNYGROFT & 00, LIMITED,

Satpaulpurka' AND ENGINEER,

London, Sustua AND BASINGSTOKE.

Shanghai Ofice: 10, Kinkiang

Road:

15 B.H.P. 30 B.H.P. 50 B.H.P. Engines

in Stock

For quotation apply-

SHANGHAI OFFICE.

Special Offer

of

Hanan Boots and Shoes

Regular Price

$30.00

For one week.

In order to make room for New This Week's Price Stock coming forward, we are offering 300 pairs of Black and

Tan Hanan Boots and Shoes

at below cost.

$19.50

This offer will positively not be Repeated.

MACKINTOSH

00. LTD..

MEN'S WEAR SPECIALISTS.

16. DES VŒUX ROAD,

TELEPHONE 29.

es

CLEARANCE SALE.

To make room for new and up-to-date goods.

We are holding a large stock of Reflex Cameras and Kodaks of every description, which must be sold within 14 days from March 10th. 1921, at a reduction of 20 per cent. cash only.

Inspection cordially invited.

5931

یا

A. TACK & CO,.

26, Der Von Road Central.

SANITARY WASHABLE

HALL'S DISTEMPER

THE KING OF WATER PAINTS.

The scientific ideal of a wall covering is one that is. not only beautiful, but easy to keep clean, germ proof, absolutely fast in colour, and when applied a thorough disinfectant. No wall covering conforma so closely to these requirements as Hall's Sanitary Washable Distemper which has the important advant ages of being most economical and durable.

Hall's Distemper in applied with, a whitewash bruah, zaving much in the cost of labour.

It sots hardi, kilis microbes and vermin, and disinfecte.

It is made in a wide range of 70 colours, including rich dark as well as light tints. The colours never fade, enabling furniture sad plctures to be moved about a rGORO without showing discoloured walls,

M

Hall's Distempar decoration may be washed by lightly sponging down with clean sayk water. It remains clean, swook and fresh for years.

Shade card and full particulars post free on appiication to :--. WM C. JACK & CO. LTD.

11, DES VŒUX ROAD CENTRAL,"

SOLE AGENTS FOR HONGKONG AND SOUTH CHINA.

[19

Hotels in Japan & Manchuria

MEMBERS OF JAPAN HOTEL ASSOCIATION

SPINO 3 ✪ 2, cuttin

Average Rates for Single Rooms (without Bath) including meals

Y10-12 in cities and some popular resorts. Y8-10 in country districts.

Ohusanji (Nikko) :

Lakoule Hotel

Kamakura 20

Kaibin Hotel

Karuizawa zi

Mikaan Hotel Mobe

Driantal Hotel Tor Hotel

IN CHOSEN

Kajo (Bool)

Chosen Hotel

Fan Biation Hotel

Bhingish

IN JAPAN, PROPER

Kyoto you.

Kyoto Hotel Miyako Hotel Matraukima 200 Park Hotel Miyajiems si

Kiyajima Hotel Myanoshita

Fujiya Hotel

Bhingisha Station Hotel

Baca :. Naza Hotel Nikko

Kazaya Hotal Nikko Hotel

Omnia Hotel Shimonoeckl wur Ban-yo Hotel

اره

IN TAIWAN (FORMOSA)

Taikoku rou/Taiwan Bailway Hotel

11

Shiruoka, po

Daitokwan Hatali Tokyo Span

Imperial Hotel Tokyo Station Hotel Trukiji Baiyoken Hote Yokohama m

Grand Hotel

IN MANCHURIA

1

Changokus y

Yamato Hotel

Yamato Hotel Hoshiruara pas

Famato Hotel:

Hotel (Makdon)

Yamato Hotel

Byojun (Port Arthur) -

Yamako Hotal

(127

SPORT.

LAWN TENNIA,

YESTERDAY'S TOURNAMENT PLAY,

Mixed Enddicap Doubles.-Lieut.-Col. F. J. Bowen and Miss V. Bowen beat Capt. C. O. Olliver and Miss M. Kirk patrick, 6-3, 6-1.

i

TRADE DEPRESSION. 11-SILVER "AND TRADE.

MELTED COINAGES..

[BY MOBETON FREWEN.)

I remember a small dinner in London given in 1804 by the late Sir William Handicap Doubles.-E. Abrahanis and

Houldsworth, M.P., in honour of four J. Stalker bent Capt. H. Tomory and American visitors. the late Professor Capt. T. C. R. Archer. 6-2, 7-5, -

Francis A. Walker. Senator Wolett, Mr. Hand cap Singlesa "B."--J. H. R. Free-W. C. Whitney, and Mr. Brooks Adams. born bent H. S. Bennett, 6-3 6-3. E. F. Of the dozen diners there are at least Caville beat I. Pestonji, 5-7, 6-4, 9-1.

three other survivors. Mr. Balfour, Lord Open Doubles Championship.-R. and H. Hancock beat Ng Sre Kwong and Choa Man Ping, 63, 1-0, 6-7, 6-2, 60. Capt. Leslie Smith and J. S. Jennings bent G. W. Sewell and D. J. Valentine,

2-6, -1, 0-4, 4-6, 6-0.

יי,

Open Championship Singles.-H. K. Le beat A.. B. Raworth. 60. 7-5, 6-2. Wong Po Kung beat V. Yvanovich, &,

(+4, B.

TY-DAY'S MATCHES.

Open Championship Singles.-M. H. Lo

. A. H. Crock: A. D. Humphreys v. R Townsend.

Handicap Singles "A."-T. H. King r. L. Nelson; Majer J. R. Lloyd . Capt.

C. S. Fisher.

Handicap Singles "B"-E. A. G. May

e. D. K. Valentine.

Mixed Doubles Handicap.-C. C. Stark and Mrs. Stark v. Lieut. Col. Nicholson and Mrs. Gompertz.

יד

FOOTBALL.

MEETING OF THE R.K.F.A.

Mr. R. J. Wilton presided over a large gathering of representatives of Clubs at a meeting of the Hongkong Football Association, at Victoria Barracks, yester day evening..

Mr. J. Ralston (Hon. Secretary) read a letter from the Club de Recreio asking permission to withdraw from Division II of the League. The application "was granted, and all records of the Club for the season were ordered to be erased

The Secretary informed the meeting that Williams, of H.M.S. Ambrose had played for the Oilers United without permission from the League. The meet ing decided that the Oilers be asked for an explanation.

Bath, of the Oilers, applied for transfer to the Ambrose team. Owing to the League season bearing its close the ap, plication was not granted.

Several letters were read from the referees appointed to matches stating that teams had failed to appear on dates arranged for League matchesSecre taries of clubs were informed that," in the event of teams not turning out on dates appointed, the clubs, were liable to a fine of five dollars, and the poi to the match were to be awarded to the Team who put in an appearance.

It was decided to present the Cup and medals to the Wiltshires, the winners of the League, following, & match to be played on the Club ground on Easter Monday, at 4.30 p.m., between the win- ners and a team from the rest of the League. Mr. J. M. O. Cubbin (Club), Mr. S. Masters (Navy) and Mr. G. May (R.G.A.) were elected as a committee to select the team to represent the Rest.

Walker, whose book

Secretary Boat asked for the replica albeit the secret that the Indian minta in duplicate, and was good enough to were to sloso had been well kept betweels send me the duplicates, many of which the Home Government and the Simis

Administration, there had been during. were, and are very educational. As to the months of April and May immense the barrier imposed by cheaper silver to all that America exported to Asia, the cousular reports were almost unanimously agreed. Mr. Roger Greene, Consul at Dalny, Manchuria, sent in the enclosed rather laconic table:--

Dalny Value of Imports.

Cotton

Ex- goods. Flour.change, March quarters.

1907 $109,969 $301,193 -57 Dee, quarter,

jago.

bear sales of.. Indian Government eighty crores of those Indian Conrols" "Rupee Paper," the sterling, price of falling in a few weeks from 116 to 981 Truly the privileged fow to whom it is. permitted to play on the world's silver market need no alchemy for their in anite enrichment! But let me continue this melancholy chronicle where the- yellow man with the white money " was .. so visibly wrecking the industries of the - "white man with the yellow money," The next great silver panic was the * slump” of 1907, the world-wide disaster- that time, hardly. less than in 1993.

STORY SIGNALS.

Chaplin, and Lord, Desborough, and they will. I think. still recall the words with

201,901 73,869 -47 which that great American economist

CHINA'S EXPORTS. concluded an impressive speech. Prof. the problem of exchange, thun Sir has fallen catastrophically has fallen an

Perhaps a man living knew more of Now again for the third time silver- "Money" is clasic, and has been translated into at kong and Shanghai Bank. In his orid. every storm signal is flying. We have 4Thomas Jackson, chairman of the Hong-entire 50 per cent inside the year-and least eight languages. said:" I regard nce before the Singapore Currency had the rent exchange crisis of last this problem of silver is far more than

Commission in 1902 Sir Thomas said: vene. but what clever men are asking is, " that with its right settlement is bound up now the low exchange enables them to should, subjected to this huge gold drain Any mere problem in finance: I believe only items of export were tea and silk Potomac created by the Act of 1913 I was in Shanghai in 1867. Then the have we ridden out the gale! What if the great Federal, roïervoir on the wide the very progress of civilization for the export all sorts of things-hides, tallow of Reverse Council Bills" break its Western Nations." The great Eastern will find tea and silk net 5 per cent. of these novel Council drafts. The ordinary wax; in fact, in a ship of 6,000 tons you harks? What. indeed! A word about exchange catastrophe of the past twelve the cargo. There are a hundred and one Council drafts are for silver rupees, the months is eloquent of the soundness of articles exported from China now that property of the Indian Government, lying Professor Walker's view. It has really impossible to export thirty years in the Indian treasuries: these drafta you think the advantage is permanent." Reverie Council Bills" are sales in: Chairman (Sir David Barbour): Do are sold to the highest bidder at weekly sales in the Bank of England. But the Sir Thomas?

Answer: I think it will tend to in Government, and involve the transfer of Calcutta of gold belonging to the Indian creas as time goes on. India had stayed out of the silver market gold ha renched India the year past by

fa 1007, because the Government of York to India.

large sums of gold from London or Now At least £25,000,000 of for two years and bought na silver, this novel exchange mechanism. the price fell 10d. per ounce, the greatest fall in a period so, short in all the his. And all this "yellow peril" because be useful to quote a paragraph from a Washington. will not pass an eight-line tory of the metal until last year. It may two Western Ingislatures: Paris and w letter written me by that brilliant young Act restoring the Grat Prime Minister of China. Tong gave to France, and through which the beautiful, simple mandarin, Tong Shon Yi, alittle later mechanism of exchange which Calonne writes (February 13th, 1909):~

France gave to the world for seventy as those of last year are, of course, very metals. The French Mint Law rends as In China fluctuations in exchange such rears a fixed exchange between the two still, no dogbt last year's fall in silver troublesome for our importing merchants; follows:--

our mills and other

出

•

Such, was the French Mint Law of

mechanism which would in a moment There, indeed, we have an exchange

clouded the entire atmosphere of our economics and of our sociology too. But what is it that has overwhelmed thus suddenly the world's silver market at a time when every student of economic science was counting confidently on the price of silver rising still higher than in 1919 The reply is simple, France and her partners in the Latin Monetary Union have in the last few months melted and sold practically the plains why India has been able to goin whole of their sileer, curioney." This ex- 138,000,000 oz. of silver ("Economist," January 8th) in her last financial year, although the production from the mines greatly assisted

as kilo of gold nine-tenths one the same -To every person bringing to the Mint was less than 143,000,000 uncen, prac. manufacturing industries, which might be shall be given back to him transformed tically the whole of which was absorbed damaged by the competition of imported into 155 gold disks of 20., of which the by non-monetary uses. It appears that a Thus the fall in exchange is even as an all persoas bringing one kilo of silver foreign gonds if the exchange rose. total shall be reckoned at 3,100. And to novel consumption of silver for "Alms" increasing tariff, but, unlike a tariff, our nine-tenths fine the same shall be return is accounting for very large aggregates. exports are not reduced, but are, so to ed to him coined into St. pieces, of which

I know of no method by which to ascer, speak, subsidised. tain the actual amount of silver obtained Of all the world's currency problems, debtor may tender these gold and silver the total shall be equal to 900f.: The by melting silver coins, for no figures that of securing a permanent, fixed rate disks at his option, and can obtain for were in existence of the amount of the of exchange between Great Britain, them a full receipt for his debt. Latin Union silver coins current, but it France, Anierica, and all Asia is at once is probable that the French sales last year the most important and the simpleat. It 1803. Divide the 3,100. of the gold kil may have amounted to at least the total was the one point on which the Gold and by the 2001. of the silver kilo, and lo production from the world's mines for Silver Commission of 1885, a really the last three years-8, 200.000,00e brilliant and competent Royal Commis. the 1.6 133 (ratio" which; until des- ounces. This parricidal work must be by sion,

troyed by the Huns in 1971 worked per- unanimous (Seo Report. now nearly completed, but I learn Part I., Section 192).

fectly. This system was described to New York from the weekly circulars of The Bate which forms the dividing line me by the late Sir Louis Mallet as "an Mr. Srinivas Wagel that the sale of silver between an epoch of approximate fixify exact scientific truth" in the mechanism through the Bank of France alone is still in the relative value of gold and silver

of money and exchange. Proceeding at the rate of half a million and one of marked instability is the year ounces weekly.

when the bimetallic system which had house of its best friends, America and Union ceased to be in fall operation; and this abolish in the next quarter of a can- Thus has silver been hetrayed in the previously been in force in the Latin restore and fix the world's exchanges between gold and silver, and in doing France. The former, in order to meet we are irresistibly led to the conclusion the piteous appeal of the Indian Govern- that the operation of that system, estab-tury the premium on both gold and silver ment, had already parted with practically lished as it was in countries the popula in the case of a score of nations now all its coined silver dollars, and now tion and commerce of which were con- cursed by inconvertible paper currencies. France has also sent to the melting pot sidrable, exerted a material influence, It is the only bridge over which the world about all of its fine old five-frane pieces, upon the relative value of the two metals: might cross safely and rapidly from an so full of cherished tradition for the pea- So lang as that system was in force we indefinite era of "soft money" to a metal- santry of France. These are the two think that, notwithstanding the changes secured money of exchange. With its great nations which so lately as 1899 in the production and use of the precious passage would also pass the financial The report of the referee appointed to the free coinage of silver at 15% to 1 it approximately steady at the ratio, fixed by the honest merchant.

offered jointly to reopen their mints to metals. it kept the market price of silver dominance of the gambler to be replaced the Kowloon S.C.A. match, played on the Club ground, on March 5th, was and coin an honest rupee. It is this ter-

we would but reopen the mints of India by law between them, namely. 151 to 1: read. It stated that the referee had occa-rible and unforeseeable catastrophe which sion to order Mair (Kowloon) and Wong has capped the climax of the deflaters the dangers ahead. At the First Mone- The world has not lacked warnings of Pak Cheong (S.C.A,) off the held for and through the prostration of the silver tary Conference in Paris in 1878 the late fighting, and that he stopped the game exchanges has cut down the effective Lord Goschen, representing our Govern- two muutes before time. After a lengthy demand for our goods and the goods of ment, addressed these words to the discussion the meeting decided that France and the United States in all the assembly: The general effort which **Mair (Kowloon) and Wong Pak Cheong markets of a thousand million Asinties. would be made on every hand to get rid is occupied by the Japanese under a (S.C.A.) be suspended for the rest of the No wonder, then the trades across the of the white metal might occasion the League of Nations mandate.. has become The little Pacific island of Yap, which season, and that each be ined five dol-Pacific with the Orient languish and that greatest disasters in the economic world, subject of controversy in the United lars." The match to stand, S.C.A 1:1 Kowloon 0.

Lyons as well as Lancashire is clean in and produce a crisis more disastrous than The case of the fracas at the Indians done.

any within the memory of man." #. S.C.A. Res. match, on the same day,

In 1803 we had the last of the Inter he attended the negotiations in Europe "President Wilson declares that when was placed before the meeting, and the re- But grievous though the set-back to national Monetary Conferences at Bras he agreed to the former German islands presentatives of the S.C.A. informed trade, I maintain with entire confidence sels." It points a moral for another north of the Equator being occupied by those present that at the commencement that the absorption of all this melted League of Nations to-day! From remote Japan, but made the reservation that. of the season they had circulated printed ver by the East may require at most regions of the earth came delegates who having regard to the number of cables. slips among their supporters to control three years, and that my forecast of per had never seen a gold coin, and hardly passing through. Yap that place should themselves at the football matches. manent "five-shilling silver" and thus even a silver, coin, in their currencies, be internationalised. Diligent search The case was discussed at length and of high exchanges and brisk trading with but who were quite prepared to tell us has failed to reveal any record of such it proved that several players got out of Asia, will not long be delayed. and that how to secure a lasting "parity" between a reservation. bund and attempted rough tactics, efore from Asia comes our best promise of a the metals! A gentleman from Guate- the actual fracus happened. The meet revival of industrial prosperity in the mala, or was it Honduras, occupied two Communications Conference at Washing- The subject came up at the recent ing directed that representatives of these West. The very best investment to-day hours. My relaxation during this inflicton, and a deadlock occurred. Clubs should send out circulars to their is silver board. whether coined or un- tion was in enjoying the bitter anguish Britain's representative was invited by Great supporters informing them that, in the coined. The stimulus which is afforded of that illustrious case of a repetition of disturbances, the to a country's export by reason of the Bertram Currie. Bored and contemptuous United States, to co-operate with them gold-bug" Mr. the representatives of Japan and the Association would have to suspend them depreciation of its currency-this has in almost to tears was this oracle of Glyn's in trying to find a basis of settlement, from taking part in football matches in financial commonplace. It was, however, sentatives was Baron Alfred de Botha

the last two or three years become a Banic But another of Britain's repre- but was unsuccessful. future.

The meeting decided that the two not so generally recognised twelve years child; the tradition of that house, do Contrary to the statements øy Ameri- players, who started the fight, be suspend. KO. In 1907 the Government of India skilled in exchange, has always favoured real interest in the matter, since both can newspapers, Great Britain has no. ed for the rest of the season, and that the digious "ball" market in silver. That Calonne. When it had become evident friends,

was once again responsible for a pro the "Joint Standard" of France and Japan and the United States are our match in question be abandoned, the Government in 1907 had purchased eighty that the attitude of "The City" was internationalisation is that if Japan re- The American argument for teams not to meet each other again this million ounces of silver, the total vield about to render the Conference entirely tains sole possession of Tap the will be

which the silversmiths had taken eighty the surprise of his friends, donned the valus to America. of the mines being 170 million ounces. of abortive, our Mr. Alfred," greatly to able to secure information of commercial million ounces. but in 1908 India had prophet's garb: he said: purchased for fresh currency a merely nominal amount, so that the price had that the stock of silver in the world is Gentlemen, I need hardly remind you fallen as much as it had advanced In eatinated at some thousands of millions, 1908, after the great fall in silver. Mr. and if this conference breaks up without Elihu Boot. Being United States Secre-arriving at deinite results there..may be tary of State, at my suggestion sent the a depreciation in the value of that com you would shoes. Many defects of the eye following circular to all the United States modity frightful to contemplate, and out ara revealsi only by a careful examination, and Consul in the Far East

of which a monetary panic might ensue, State Department. the far-spreading affect of which it is can only he corrected with specially ground

impossible to foretel-

MISCONDUCT OF PLAYERS.

ведкод.

St. Joseph's College were reminded that they were seven matches behind in their League programme,to date. 1

A vote of thanks to the Chairman con- cluded the meeting.

BILLIARDS.

In the Ho Kom Tong handicap, at the Palace Hotel, yesterday, A. J. Osmund (300) beat Ho Shai Cheong (50). Bcore 230-117

To-day's match:---W-- G. „Gerrard E. Guimaraes.

"The toicphone is an excellent cure for irritability," said Mr. Eustace Milea, speaking in London on " Nervousness and Irritability." When you are called up and, after waiting, you are told, Wrong number, it is a splendid occasion for stretching up the head, breathing deeply, smiling, and keeping happy."!

AN EARLY REACTION.

May 14th, 1908, 1.What as shown by index numbers,

A WARNING OF THE PAST.

PAP..

.

DEADLOCK OVER A LITTLE PACIFIC ISLAND.

States.

DON'T BUY GLASSES

Within six months the Government of lenses. If your eyes trouble you, have them or the price lists of wholesale commo India closed its minta to silver, and in thoroughly examined and scientifi ally tested in dities, has been the tendency of prices forty-eight hours silver had fallen 5d.

since 1866 measured by silver currency-sa-ounce, the depreciation frightful to the Refracting chamber of the Hongkong Optical the trol, the dollar, the rupee 1.

contemplate" showed itself in a bank

2.Whether arm importing from the panic in Australia, which closed every Co., Surchasers to Clark & Co., Manufacturing United States, Great Britain, and bank but one, and went far to. ruin & Refracting opticians (the only competent Germany have during the past twelve British shareholders there in a dozen

months found the great fall in the price great mortgage companies, whila 15,000 optical manufacturing bone in the Colony) of silver matter for serious disturbance miles away, in the United States, where lo sted in 53, Queen's Road Central, and a pair to their business: whether also this fall our railway investments were preponder.

ha considerably stimulated the exportant, one-third of the whole railway mile of lenses will be specially ground to correct their

age passed into the receiver's hands. And defecto,-ADTT.

traden?

· (582.