1921-04-12 — Page 7

TITE HONGKONG DAILY PRESS. TUESDAY, APRIL 1218, 1921.

DODWELL & COMPANY, LD.

„STEAMSHIP SERVICES.

Regular Ballings to"

NEW YORK &/OR BOSTON via 830s, or Panama Canals at Owners' Option.

เ

LLOYD TRIESTINO

For BRINDISI VENICE & TRIESTE. Taking Cargo on through Bill of Lading for LEVANT, BLACK BRA & DANUBE.

PORTS.

.:

FUME having been re-opened for traffic, cargo is also accepted for this port on through B/Lading

6.8. "TRIESTE "

sailing on or about April 2ładł.

8.8. **PERSIA "

sailing on or about May 19th.

Fox SHANGHAI

& JAPAN.

8.8. "PERSIA ”

sailing on or about 19th April. Fassengers' Laggage can be insured at the Office of the Ageuts

OCEAN

TRANSPORT Co., Ltd.

(TAIYO KAIUN KAISHA) Steamship. Service frans-Packie. Also to Australia, Europe, ebe,

NATAL LINE OF STEAMERS.

TAXING Chigu or through Bills of Lading for SOUTH AFRICAN PORTS

with transhipmen si CALCUTTA,

In conjunction with the

UNDO CHINA STEAM NAVIGATION CO., LTD.

AND APOAR LINES.

For Freight en Fransige on any of the above Lines apply to:-

DODWELL

CO., LTD.

Agents,

N.

Y. K.

NIPPON YUSEN KAISHA

BALLIKES' YEGE. BONGKUNG KORJEC) 20 ALPEVATIRIR.

8⭑

INTERNATIONAL FINANCE. VIEWS OF LONDON BANKERS. REMEDIES FOR UNREST AND RESTORATION OF TRADE,

"MIYORIEVOUS LEGISLATIVE, PROPOSALS,

INDO - CHINA

STEAM NAVIGATION COMPANY' LIMITED.

SAILINGS, SUBJEÛT TO “ALTERATION

TIENTSIN.... STRAITS & JALOUTTA HAIPEOND A FOIHO Y SHANGHAI TRINGTAU VIA SWATOW MANILA

TRAITS & CALCUTTA „ BANGKOK via SWATOW

*CHEONGSHING". Ta, 12th April, Noor.

Tues, 18th April, 3 pm "NAMSANG" "TAKSANG

Wed., 13th April, 10 m "OHOYBANG" Thors, 14th April, Noon. *LOONGSANG Fri, 15th April, 3 pm.

Bahi FOOKSANG

16th Mar S p.m. * FOOSHING“...Sub, 17th April, D'light.

It is to me amazing that, at the very moment when theso plans are before us, we should be disturbed by rumours of further proposals to hamper the free ex- change of goods on which not only these schemes, but any possible hopes of restor- Sir Richard Vassar Smith, Bt.- Chair-ing our own pre-war position, are en- man of Lloyd's Bank, Ltd., in a very tirely dependent. The fundamental prin. interesting speech at the annual general ciple of international barter, which in meeting of shareholders discussed the normal times is perhaps somewhat cb- changed conditions of trade, and referred scured by the smooth working of the to the remedies for unrest and restoration exchanges, is that if thou wilt nat buy, of trade discussed at the International neither halt thou sell." It is most dis Financial Conference held at Brussels. tressing to fail that, at the very moment when one would have thought that this maxim was forcing itself upon the in- telligence of the blindest, we should hear **key - talk about anti-dumping, dustries," and the like, all of which is simply a demand for hampering or even prohibiting the insports which are needed CALOUTTA "LINE-This Line affords regular sailings to Calcutta, Penang and to pay for the goods of which our ware houses are at the moment full to overflow. ing, and for which a large part of Europe is hungering: (Cheers.) Plainly, if legislation to this effect is passed, it will put an effective stop to the Ter SHANGHAI Meulen scheme, or to any modification of it. It will effectually bar any prospect of an improvement in the

position of the Coutinental exchanges It will, more: | MANILA

ver, by keeping means of coms, titin BAIFRONG

competition a most powerful means of in all neutral countries in the hands of nations whose exchanges are at a dis. BORNEO count, and will probably be immediately effective in crushing our foreign trade, which is surely burdened enough as it is

I have referred at this length to the work of this commission, he said, to show what has been, and is being, done to unravel the causes of, and to suggest T medies for, the present state of unrest One of the first things to and trouble the restoration of trade be- tween the different countries; and to this end I refer to the credits scheme put forward by Mr. Ter Meuleo, a banker in Amsterdam and a representative at the conference, the primary purpose baing to provide guarantees so that sa exporter may be sure of payment when supplying merchandise to the impoverished coun- tries on credit. It provides for the cren tion of an International Commission with power to control and, administer certain assets which Governments are prepared to pledge with a view to obtaining im ports on credit for themselves or for their nationals. The Commission will examine the securities to be pledged, and deter mine the gold value of the credits which it would approve against the security of these assets. The Government concerned. having agreed to the gold valuation, will prepare honds with a currency of five, ten, or fifteen years, bearing interest. The principal and interest on the bonds would have to be payable in each case in the currency selected by the exporter. The bonds will then be countersigned by the International Commission in proof of registration by them and as evidence that the particular transaction in respect of which they are issued is approved by the Commission. The Government may then lend the bonds to its nationals on ita own terms as to security. The importer. having possession of the bonds, is thus free to negotiate with the exporter as to the rate of interest and maturity of the credit desired. After having received bonds duly countersigned, the importer may pledge them with the exporter,

La

Briefly, such are the main features of the scheme. To render it more practical, however, as the exporter might wish to borrow upon these bonds, it is suggested that a, syndicate should be formed of the Government, insurance companies, and bankers to gurantee them. Of this prin- ciple I thoroughly approve, and I should advise your bank to join should a fair To assist in recovery from the present dangerous deadlock must be the duty of all, and it is necessary that something should be done at once. Political differ ences between countries donbtless cause much of the present trouble; but, could industry and commerce be revived, I am sure many of these would be lessened or removed. The League of Nation has been inaugurated since our last meeting. Its

SEATTLE & VICTORIA or VANCOUVER via Manila, Shangha and equitable proposal be formulated.

& Japan porta

Cargo to Overland Pointe U.B. In connection with Great Northern' Northern Pacio and Chicago, Milwaukee & St. Paul Hallwayk KASHIMA MARU (omitting Manila)

BUWA HARU

FUSHIMI, MARU (omitting Manilä)... KATORI MARU

Wednesday, 20th Apr., "at 11.

Friday, Tuesday, Friday,

8th, May, at 11 am.. 31st May, at 11 am. 17th June, at 11 mm.

LONDON & ANTWERP vis Singapore, Penang, Colombo, Sues assistance must be sought in the further

Port Said and Marselles

KITANO MARU...

INABA MARE

KAMO MABU

IYO MARU

Friday

•Friday,

Friday,

Friday

HAMBURG, AMSTERDAM, LONDON &

LIVERPOOL & MARSEILLES, vis Bues,

#

15th Apr. at 11 am . 29th Apr., at 11 am

18th May, 1 11 0. 27th May, at ilac, ROTTERDAM.

ance of the scheme I have now placed before you, and I trust its infingpes will be so far-reaching as to compel considera tion of the objects mentioned in the re part of the Brussels Conference,"

THE DANGERS AHEAD.

Singapore; returning from Calcutta stemmers procood via Štrals' and Hongkong to Japan, occasionally calling at Shanghal. All teamers have excellent passenger accommodation, are fitted with Electrio Light and Fane and carry a fully-cuallfed Burgeon LINE:-Salling approximately avory Avs days between Canker and Shanghal, sometimes calling as Bwatow. Through ticket csa be obtained and through Bill of Lading are issued is all Northern and Yangtase Forts in Shanghai. LINE :—A weekly service is maintained with Manila by vemeals with good passenger accommodation, flings for both porta every Friday, LINE-Eailings approximately weekly for passengers sad jargo,

calling at Hoihow when inducement offers LINK:-One sailing per month between Hongkong and Sandakan by

a steamer having up-to-date socommodation for passengers, Cargo taken on through Bills of Lading for Kandat, Jocesiion Labuan, Tawao and Lahad Datu

LINE:-A regular service is enn from March to November beiwarn

Honekoax and Teolata, calling at Welhalwal, and Chotos,

CALCUTTA

It is not merely my own opinion which TIKETRIN I am expressing. Only a few months ago there sat in Brussels a conference of all the best financial intellects of Europe. They drew up a series of resolutions on which alone the economical restoration of the world was possible. With all their resolutions I believe that the best opinion everywhere is in agreement. The econo- mic depression of the Continent in largely due to the artificial barriers which the new States are setting up between them- selves. This we are all agreed is wrong: this is the resolution which the conference passed unanimously:-

that,

The conference recommends within such limits and such time as may appear possible, each country should aim at the progressive restoration of that freedom of commerce which prevailed before the war, including the withdrawal of artificial restrictions on, and diseri- minations of price against external trade"!

·ADHERENCE TO ECONOMIC LAWS.,, It is recognized that one of the chinf causes of the lamentable plight of Austria to-day is the action of the nations into which the Austrian Empire has split up. in closing by tariffs the free interchange It has been for us of their products. hitherto to show other nations the better way. The prospect that we may follow their example, and interfere with the fren exchange of goods is one that fills me with the gravest apprehension. We have surely had enough of Government inter- ference with trade-(cheers)-that in this critical moment such intervention should be extended to the most vital and most delicate part of our commerce seems to me only too likely to lead to dianster..

Tadies and gentlemen, I do not wish to sit down with the word "disaster" on my lips: I do not believe that there is any need for disaster. I am. Đồn vinced that, if our difficulties are allowed to work themselves out on the natural lines, we can see our way through the all. But one great lesson of the war is that economic laws will have their way in the end, and that Governmental at- tempts at interference with them, if they postpone the inevitable result, only ag- gravate it. We have had an outery,

MELBOURNE & SYDNEY via Manila, Kamboanga, Thursday carry on, to prevent a break, and which has largely attained its end, for

Island, Townsville & Brisbane.

NIKKO MARU

AKI MARU

TANGO MARU

NEW TOBE via Suez.

YAMAGATA MARU

Trendisy 19th Apr, at 11 km. Tuesday,

17th May, at 11 Tuesday, 121st June, as 13 aut.

SOUTH AMERICAN PORIS vis CAPE,

Middle of May.

KAWACHI MARU. (miling from Singapore) Wednesday, 11th May. BOMBAY & COLOMBO via Bingapore,

WAKASA MARU

104

CALOUTTA & BANGOON vis

RANGOON MARU

JAPAN PORTS—Nagasaki,

Friday, 22nd April Bingapore & Penang

18th April.

Monday,

SHANGHAI, KOBE & YOKOHAMA,

AKI MARU .....

KAMAKURA MARU

DAKAR MARU

IYO MARUI

TSUSHIMA MARU

YAMAGATA MARU

& Yokohama,

Tuesday, 17th Apr,

Friday,

15th April.: Friday,

15th April. Friday, 16th Apr. at 11 am. Friday 15th April. Sunday, 17th April.

For further information apply to- NIPPON YUSEN KAISHA

Telephone Nos. 291 à 203:

8. YASUDA, -- Manager,

NANYO TUSEN KAISHA

(The South Sea Mail §.8. Co., Ltd.) REGULAR FREIGHT &PASSET SERVICES

BETWEEN

JAPAN, HONGKONG & JAVA,

FOR JAVA. Ports of call-Batavia, Samarang, Soerabaya, Macassar and Balikpapan.

"CHERIBON-MABU * 88MACASSAR MARU”

sailing on or about 16th April sailing on or about 20th April:

FOR JAPAN.

Parts of call:-Moji, Kobe and Yokohama

8.9.

SAMAHANG MAHU”-

BA

BORNEO MARU” -

Fer further particulars please apply to:-

alling on or about 25th April. sailing un or about 8th May,

SUZUKI, Manager,

No. 6, Queen's Road Central

[707

I do not attempt to make any forecast of what may happen. We are faced with enormous dangers and difficulties;,we can. only recognise them and endeavour to meet them. It is not a time for panic; it is a time for earnest determination to await the day when conditions may be more normal After the wars in the early part of the last century, this coun try made great progress and accumulated much wealth, may we not hope that in early years there may be such develop. ment of the resources of this great Em- pire that gradually our difficulties ofay be swept away?

ANOTHER BANK CHAIRMAN'S VIEWS. Mr. Walter Leaf, Chairman of the London County Westminster and Tarr's Bank, Limited, said at the annual general meeting of shareholders of this Bank:

To tell the truth, I see no radical re medy for the present discontents except in world-wide disarmament; and it is in the League of Nations that our best hope lics. (Cheers.)

"TER HEULEN" AND

SCHEMIA

L

MOUNTAIN

the removal of all political interference with trade and industry. Do not let us, at the moment when the removal of the last of these mischievous interventions in in sight, recur to the bad old plan. Let as he far-sighted enough to resolve that we will have no more attempts to bolster up sound positions, and set our facea boldly to the task of working out our. own salvation.

COMPULSION TO WORK.

A LABOUR. BILL.

[BY A STUDENT OF POLITICS.]

WESTMINSTER, February 23rd... Mr. Clynes introduced a Bill in the The international situation is at the House of Commons to-day dealing with root of everything that most disturbs our unemployment, of which the principel view. A year ago I said that all depends provision was one for withdrawing the on our getting the current of interna, unemployment benefit from any who re tional trade once more flowing freely; but fused to take the employment offered by the last twelve months have seen far too local authorities, who under the Bill are Mr, little advance in that direction. No pre-empowered to start relief works.

If the public autho gress has been made in setting on foot Clynes is logical. the

exporting power of the cafeebled na rity is to carry the responsibility for tions of the Continent; in consequence finding work it must also have the power their exchanges have gone from bad to of punishing those who refuse it, and worse, and our own exports are crippled. when he said the other day that there They are driven to further issues of a was no unemployment in Russin be was Bay. discredited currency, and to the process speaking advisedly, as the Scots there seems at the moment to be no end. He does not adopt the Soviet remedy of Our endeavours are being directed to forced labour; he is, however, prépared some scheme of barter in which goods to force men to work by the docking of can be exchanged for goods. At the mo- their unemployment benefit, ment we are discussing what is known The debate on Dr. Macnamara's Bill as the Ter Meuler scheme, under which for increasing unemployment benefit the depressed Continental countries shall yielded the logical alternative to this make themselves responsible for the pur course, and it was put best by Colonel chases of their nationals, by the issue to Page-Craft, though Sir Edward Carson them of bonds, under the auspices of the had briefly indicated it too. The two League of Nations, which they can give alternatives are State Socialism, in which in payment for the goods they buy. An-case there must be, as Mr. Clynes's Bill other alternative, brought forward by recognizes, penal compulsion to work, Sir Edward Mountain, is also before us, and support by a trado of its own un- and has the advantage that it does not employment, in which case the compal- depend

upon the rather ponderous son to work would be exercisable by machinery of the Ter Meulen scheme, but disciplinary measures taken by a man's enables us to face the position on our own fellows. Sir Edward Carson, always ground, with support in reserve from our kind and humane where labour questions own Government, with the aid of a part are concerned, told a story of how he felt of the £20,000,000 which they have already as a young, almost briefless and newly- earmarked for the assistance of exports married barrister, when he did not know to the ravaged countries. Other pro when his nett brief would come. posals are before us. But the ultimate guarantee for all plans is the same. It is essential that all purchases made from us by formiga countries should be balanced by equivalent exports from them

The Government's Unemployment In- arance Bill did not pretend to be based on any particular principles ar to be a contribution to a cure for unemployment. Dr. Macnamara distinguished himself by

to us, which will enable the respective his command of the facts and figures of

his subject, and confirmed his title to dent with unemployment by being him. self obviously a model of industry ----

issuing countries to provide funds for the due redemption of their obligations It is on the maintenance of this equiva- lout export that all schemes hang. Times

LINE.

s "NAMSANG" will be despatched on or about Tuesday, Apr., 12tb, 3 p.m., for SINGAPORE, PENANG and CALCUTTA.

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

:

34. "FOOKSANG" will be despatched on or about Saturday, Apr., 16th, 3 p.m. for SINGAPORE, PENANG & CALCUTTA

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

Fer Freight or Paùnge apply to-

TELEFON "Np.-31

Jardine. Matheson & Co., Ltd.

GLEN

GENERAL" MAJAGERS

SHIRE

Joint Service of Steamers.

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

Versal

8.8. "GLENIFFER S.1 "GLENGYLE”

Vennel

8.8. "CARNARVONSHIRE”

OUTWARDS.

HOMEWANDE, Leave Hongkong

24th Apr.

Dao Hongkong

18th April.

18th April.

Discharges

GHOA, Loon & Horzienam,

Moversonis are eatjach se clangs wilkeyi motion. For freight or further particulars please apply be:--

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

Tel No 31 sub. 5. ex 23, and 2006, "

Cable Address

Kawakisen, Kobe.

Bentley's A.B.C. 5th Ed. and Boott's Codes.

KAWASAKI

KISEN

'(KAWASAKI STEAMSHIP CO.)

CAPITAL PAID-UF

Telephone: Baw

KAISHA

Y20.000.000

Prutidsuti Mr. Y. EXWARKE Vice-President i” Mr. E. MatsuKAZA. Managing Directors Mr. Meraya Axu

The Dourpany, has on hand a Large Humber of

NEW CARGO STEAMERS

ALWAYH READY FOR CHARTERS of all descriptions,

The following are comprised in the Company's Fleet som

Eleven staamers of 9.100 tons esch deadweight.

And made the Company's

Twenty steamers of about 9,100 tons deadweight esch Two steamers of about 8,400 tons deadweight esch

(Belonging to the Kawasaki Dookyuril Co.-Löl)

For Charler Besten und nil ciher parilovlars mpply to the

KAWASAKI KISEN KAISHA