1922-02-25 — Page 2

THE HONGKONG DAILY PRESS, SATURDAY, FEBRUARY 25TE, 1923.

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ניל

"SIR CHARLES ADDIS IN

PEKING.

FULL REPORT OF A NOTABLE"

SPEECH..

CHINESE GOVERNMENT'A CREDIT IN FORSIGN

MARKETS.

remarkable and Shanghai

in his honour at Pekmg cent. Chinese Railway Lo & per

at sa isaue

I hope I may be pardoned for recall- ing with what I trust: is a legitimate sense of pride that under the old régine the book with which I have been so We have already published a telegra connected, the

long phic summary of the notable speech

Bark,

was then considered Achieved delivered by Sir Charles Addis at the ther

of banquet

Chiness Bankers Association and price of £100. That is to my the "credit the Prking Chamber of Commeren, but of the Chinese Government in the foreign we have no doubt many of our readers markets of Europe had been raised not wild welcome the opportunity of reading so many years ago to a basis of five per the full text of the speech which is now

cont

Contrast that with the position of to hrad by mil

Chinese credit to-day, and consider the enormous saving to China involved in making use of foregn credit.

In his address Sir CHARLES said: I d sensible of the honour you have done me in the evening to meet the Chinese Rink ers Association and the Chinese Chamber that the Consortium is a combination of What are, the objections? Is the fact of Commerce. On Monday night I had banks one of them? I would say, quite the pleasure. of speaking in this room frankly, upon this point that, while com to representatives of the Young China petition is a vital element in ordinary Party. Chinese students who had been operations of trade and banking, thera educated abroad, and I am glad that my are transactions in the field of govern last public words in Beking-I am lean mant finance in present conditions i ing on Saturday-should be addressed to China where combination of interests, bas members of my own profession. "I regard to be recognized as preferable, since it the juxtaposition of these two bodies on tends to unify financial strength in deal- the eve of my departure from China aging with problems of great complexity A happy augury.

and wide dimensions.

Lay

J

The complexity and magnitude of these problems of public finance led many years ago to the grouping of the foreign banks of countries principally interested Fin the trade and development of China.

This grouping together of interests has admittedly its disadvantages. It limits Freedom of action on the part of all con- cerned and presents the difficulty of bay..

possible. divergent aims and points of view. On the other hand its advantages outweigh these objections.

thes who are for ever athy withing to adjust and harmonize, as far as

THE ARTICULATE PORTION OF CHINA. i For it is the men of idens and the men of affairs, the intellectuals and the men with a stake in the country who are the representative or at least the articu. late portion of China, and in them and thair agreement upon say common policy are to be sought the elements of an efire tive a united and a stable government. I have never felt

at the young

Chinese intellectuals and subject ing them to a standard would never

they accept for themselves. It will not do to dismiss them on the grounds of the paucity of their numbers. ''n mere hand- full of returned students" as they have been described, or to assert that because the great bulk of the Chinese peasantry care nothing for Governments or politic wo may therefore, fold our hands and do nothing

avid of ideas. The

SAFEOLARIS AGAINST RECKLESS BORROWING.

it prevents, to a considerable extent, imprudens transactions, and offers a safe guard against reckless borrowing for public purposes. It is because those in authority in China, in recent years, have not availed themselves of this safeguard that the finances of the government are

The indiference of the peasant popula-in their present position of difficulty. tion is not peculiar to Chica, it is charac To find a solution of these financial teristio, in a greater or less degree, of difficulties is the problem of the moment, every agricultural country. It is also and while the foreign Consortium stands true that there is no more potent forent ready to co-operate with Chinese banks in the world than, the force of an idea, in devising a theans of dealing with this and that, historically, the greatest reproblem. we feel that the principal pro- forms "have been the work of small and sent aim of the Consortium must be to devoted minority”. am, not disposed to assist in finding capital for productive cavil, therefore, at Younger of political

China for being puposes, especially railway construction.

It must, however, be recognised that - idens is a sign of life, and even the pre-if foreign and Chinese capital is to be sent confusion, deplorable though it be attracted to this field of investment the has in it more hope than would have & investor must first be satisfied that he state of political apathy. There are the will receive his interest on due dates, and growing signs of adolescence. The first the ultimate return of his capital. He effects of education are" nearly always

the bank to disagreeable-to other people. That is from which he will buy bonds to protect or group of banki, because it generally begins with censure. his interests in this It is only when it is complete, as Negel

respect, and it is ys, that is seen the positive in every moral obligation of such banks to thing.....

safeguard bis position. Hence we get the frequently expressed distortion of the truth that the conditions of loan agree ments ans arbitrary or onerous, while, in point of fact, they are-if handled by responsible parties-no more than the cir cumstances of the case demand. EFFECTIVE DEGREE OF FOREION SUPERVISION.

THE TRANSITION STAGE.

Young Chinese are now passing through the transition stage and they need, all the sympathy and encouragement they are entitled to expect from those who are older and, presumably, wiser than they; and

especially from experienced and practised men of affairs like yourselves. am not likely to be suspected of belittl ing

the value of Western education. It is a necessary first step towards reforma There is obviously no use giving a man a vote unless you teach him how to use

Looks

the

Since all experience of such public transactions in China has shown that an effective degree of foreign supervision is indispensible, because you have not yet evolved a satisfactory system of control of public expendituro, is appears to me that the time has come for a frank ex-

it. But we must not ask of Western change of views upon this important education more than it has to give. pojat. Education, by itself, is not going to solve

the problem of China.

At the same time I wish to make it

I spoke a moment ago of the intellec.clear that these measures are merely tem- uals and the men of affairs as the bases porary and will be relaxed as soon as

of society on which it ought to be possible it is found possible to do so, No-one

WILL BE BE RUN ON SUNDAY THE 26TH INST, to build up a sane and sound public would be better pleased than ourselves

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PICCADILLY,

without which even an effective when China is in a position to satisfy ment in these democratic days is the foreign investor that she is able to unable to het.

The antithesis, however, control the expenditure of her public is not so sharp as my expression of it loans in such a way as to afford an ade

The two are constantly overlapping quate degree of security. and to my mind one of the most hopeful UNIFICATION OF THE RAILWAY SYRIEM, features of the present day in China the manner in which the ranks of in- I wish to say a word. In my judgment There is only one other point on which dustry and finance are being increasingly the unification of the railway system.in recruited from men who have received a China would be an important step to western education. This in itself will exert a unifying influence on

public wards co-ordnating und consolidating

the security which China has to

offer

for opinion, and, by bringing them into con further borrowings. but in this tact with the realities of the market we have no intention of pressing the matter pince, help

temper and steady the generous but sometimes rash impulses of point in advance of Chinese public those ardent spirits who in political mat opinion, and, pending the general accept- ters would fain run before they have consider any enterprise on its own merits. ance of this ideal, we are prepared to learned to walk. He would be a poor! Chinese patriot who did not deplore the CHINA'S TREMENDOUS POSSIBILITIES.

to

present political division of his country and a foolish one who believed it could sion of the tremendous possibilities which, I leave China, with a profound impres be solved by a political formula. Re- forms good in themselves, may be posi tively noxious if prematurely introduced or pushed too fast in advance of public opinion.

RESULTS OF AN INADEQUATE ATTEMPT AT.

UNITY.

wonderful country, with its unrivalled as never before, are opening up to this and largely undeveloped resources, its virile and sober population, its capacity, for local self-government, its traditions of law and order, its high standard of rectitude. It is my earnest hope that the An inadequate attempt at unity, it has may prevail, and that, out of unhappy counsels of prudence and moderation boon noted, is apt to produce a particu-divisions healed and old feuds forgotten. larly large amount of conflict. Educa- there with arise a united China to fulfil tion has a part to play in healing the these possibilities and to, assume the placa unhappy division of China. but the unity among the nations to which she is called which every sensible patriot desires will by her inherent greatness. (Prolonged

not come until public opinion is ripo for it, and that will not be until the intellectuals and the business man have joined hands...

CHANCES IN CHINA

Among many changes in China there is

Applause.)

FIEUZAL GLASSES..

none more remarkable than the recent Out of doors there is nothing so restful increase in the number and importance and comfortable for the eyes as the light of native joint stock banks and their

cooperation in public finance. This reflected from green fields and trees, the movement is regarded with the highest absorption of the ultra-violet and orange Batisfaction in the West where we have

Jong felt that the administrative finance rays by the chiorophyll of the leaves; of Chinn should be provided by the hence the introduction of Fieuzal Glass, people of China themselves..

Constructive finance, on the other hand, yellowish green in colour, which is pro- is for the present beyond the powers of daced in several shades, and lenses made the Chinese banks, but oven here the political social and economic advantages

of this may be worn as a protection by

of a farther development of railways, for over-sensitive eyes where it is desirable example, are so many, so great and above all so unifying politically, that I

venture to

to tone down excessive light and glare.

for your considera Fieuza! lenses of any prescriptionin tion whether at be expelien gither regular or. Torio formas are manu even at some sacrifice of individual

in-

Lerests to form a Chinese Banking Group Iactured by the Hongkong Optical Co., to join or co-operate with the Foreign successors to Clark & Co., Manufacturing Consortium in raising until China is and Retracting Opticians, 53, Queen's able to do so for herself, the large amount

Road Central--ADyz.

[567

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A Group of British Manufacturers Co-operating together to maintain both in Chins and Britain efficient sales offices as MANUFACTURERS REPRESENTATIVES.

Amongst the Chief Co-operators there are the following firms:-

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ELLENBRAND DEVITT & MASREY LTD. Wire Clothing. OREGSON & MONK LAD. Weaving and Finishing Plast HAIGHS (OLDĦAM) Ltd Machine Tools of every kind... HALL J. P. & SONS LID. Service, Feed, Ballast & Oil Pumps HARVEY G. A. (LONDON) LTD. "Down Pipes, Perforated Sheets, eto, IRA MILLER & Co., Ltd. Small wares, Tools

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41