1922-08-19 — Page 2

THORNYCROFT

AND CO., LTD.

SHIPBUILDERS AND ENGINEERS

London, Southampton and Basingstoke

THE HONGKONG DAILY PRESS, «SATURDAY, AUGUST 19TH, 1922.

PASSENGER AND CANGO VESSELS OF ALL TYPES UP TO 6,000 TONS. OCEAN-GOING TUOS, MOTOR BOATS (SEA OR KİVER)

UP TO 50 KNOTS. TURBINES AND RECIPROCATING MACHINERY AND PROPELLERS, MÄRINE AND STATIONARY OIL ENGINES S TO 90 B.H.P. "MOTOR VEHICLES 2 TO 6 TÔNS." WATER TUBE, BOILERS.

Fox QUOTATION, APPLY

10. KIUKIANG ROAD.

SHANGHAI,

TENNIS

SHOES

Made with the NEW CREPE AUBTER SOLES which are light in wright, very durable; and, being milled to a gri-tly texture will NOT CRACK in wear and will withstand the wear and tear on hard courts.

"WE CAN NOW SHOW YOU A SPLENDID SELECTION OF TENNIS SHOES IN ALL STYLES AND SIZES.

MACKINTOSH

& CO., LTD.

MEN'S WEAR SPECIALISTS.

Alexandra Building.

POMAGNE

H.P.BULMER & CL

Tel. 3549.

"Des Vœux Road.

TRY THIS.

A REAL SUMMER DRINK.

CRITERION, RESTAURANT

RECIPE."

1 large Bottle of Buliners Cider. 1.sarail Soda, any mixed Fresh Fruit 3 slices of Lamon. ('letries. 1 large Brandy and plenty of Ice..

Ark var Agents for a free Copy of craz Booklet. The Collen Wine of England," which gives 19.different revijies For Cider Cap..

H. P. BULMER & Co., Ltd.,

HEREFORD."

AGENTS:

A Car for every occasion!

CARTERS,

1. Chater Road,

HONGKONG

If you are in need of a Car and live in Hongkong. Call at 24, Des Vœux Road or Phone 482 or 3552.

If you live across the water call at 26, Nathan Road

or ring K. 236..

A DRAGON MOTOR

CAR

will promptly be at your Service.

There are & and 7 Passenger TOURING CARS of the following makes, "MARMON”..

HUDSON SUPER

SLX" "CHANDLER"'"

"ESSEX? andTM" DODGE," and in addition, 5 Passenger SEDANS.

Every Passenger in a "DRAGON CAR insured against accident.

Dragon Motor Car Co., Ltd.,

HONGKONG AND KOWLOON.

FRENCH EMPIRE -BUILDER'S 10.

FALL

Thers" says Pernotte, they took stock of the position and discovered that the only free tax practicable and STORY OF THE INDUSTRIAL BANK, that of alcohol and tobacco, the keystone of the vault of Chinese-inance, OF CHINA

was in the hands of the interloper. Either it was necessary to come to terms with the Banque de Chine or crush it."

TUE ALUMI

COMPANY MEETINGS, UNION, INSURANCE SOCIETY OF CANTON.

VA

MOTOR BUS SERVICES IN

SHANGHAI..

COMPREHENSIVE SYSTEM TO HE

PLANNED,

tion by the Shanghai Municipal Council.

An extraordinary general meeting of the Union Insurance Society of Canton

Motor bus services are under consider Pernotto's (ex-Chief Director of the

was held at Queen's Buildings, yesterday morning. Mr. W. L. Pattender presided

It is pointed out in the Municipal Banque Industrielle de Chine) condem.

and there were also present: the Hon, nation follows on the disgrace and dis

But, as a matter of fact, at that Mr. A. O. Lang. Mr. U... Dodwell, Mr. Gastle that under present conditions missal of Philippe Berthelot, once all- powerful head of the Quai d'Orsay, whe moment a simple third course was rek G. M. Young (directors), Hon Mr. each application for permission to run a was implicated in the same, sensational to them. It was so let Perrotte's bank

the following shareholders:-Messrs. W. merits without any regard to its bearing chinchester Gustrien. He goes on of the great slump had occurred. Shenton, P. Lauder, R. A. Dastur, on any comprehensive motor inus systemi, fait, writes the Paris correspondent of e. the short mouths since the spring league Ede (general manager), and motor omuibus service is considered on its to On a somewhat smaller scale Goods which had been ordered and F. Townend. H. B. L. Dowbiggin. e, the application is considered from W. Alabaster, the point of view of the particular router the rise and downfall of the blackleg ledged on easy terms by the "pirats. R. Mansfield, J.

bank had dropped nine-tenths of their A. E S. Alves M. Hodgson. concerned rather than from the point of bank, as its numerous enemies culle has the interest and even more certainly value. Ships and factories, pledged as R. 3. L de Cunha, V. L. Remedios, view of such route as a component, part the historical and political importaner of securities, had shrivelled in value, and R. Ribeiro, M. A. R. Souza, J. Gardner of a bus gaten serving the whole Settle sinister rumours on the situation of the H. R. Cobb A. C. Hay and J.ment and municipal roads outside th the affair of Panama.

bank had already caused uneasiness Two years ago Pernotte was the bright

among the depositors. The billion of Bentley. comet of Parisian finance. Almost deposits had begun to shrink The China aided, in the teeth of the opposition of trade by reason of the long delays be foreigu Enance and still more of an enor tween ordersand delivers, and the dif mously rich semi-State bank of his own culties of the silver exchange, was in nationality entrenched on the spot, be the main path of the cyclone of world had succeeded in eight years, in spite of trade depression, and the audacious the war in founding a bank in the Far B.L.C.. too young & have roots far-fung Past which held in its possession the key and over developed, felt the full force of stone to the financial future of the Chinese the blast. Pernotte, in his evidence be Republic. He was almost unknown at fore the Commission of Inquiry, attribut He was of rd the actual coup de grice to the Londen first in his own country. modest racans, and had a family or bankers, who, on January 7th, 1521, seized political connections. In 1910 the B.A.C.all the money on deposit belonging to paid 1 per cent, dividend, 10,000 new the B... against loans made by them clients were added to its business every to her. His London branch was obliged six months, and its activity was such that to advise the Chinese branches that they

The outlook one branch, that of Saigon, carried of must shift for themselves. by itself two-thirds of the exportation was black, but not wholly desperate. from that port.

ENTER THE BERTHELOTS.

Settlement; and that if this policy is coa The CHAIRMAN said-Gentlemen,tinued the Settlement and municipal Your directors have had in mind for roads outside will in due course be served sometime and think it is desirable lo by a conglomeration of short route sh bring the Society's articles of association vires covering only the most paying sec tions of roadway, since naturally the up-to-date and to consolidate the various alterations and amendments that have promoters of such services will pics routes that pay best and leave others alone. The You will recollect, that in 101 the result, it is suggested, will be inefficient from time to time taken place. e Society's memorandum of association was series and intensiteation of presens altered under which the scope of the traffic congestion and dificulties, and it, objects of the society were considerably is submitted that it is of the utmost in enlarged. The present articles are dated portance that the whole of the Settlement 1909 and since that date, 13 years ago, and outside Settlement roads should be several alterations and amendments have taken place in the articles themselves, carefully studied as soon as possible with and in the requirements under the Corn view to mapping out a definite system panies Ordinances of this Colony render of motor bas pautes to cover the whole ing the present articles of association not and that as soon as such routes have bees only out of date but in many cases inade mapped out, publicity should be given to quate. The present articles of assoria the fact that the Council is prepared to THE RISE OF AN EMPIRE BUILDER:""" It is at this point that Philippe tion have accordingly been re-drafted, license buses covering such routes at the Pernette, who thus ends a great career, Berthelot comes on the scene. His bro- reworded and clarified, but the altera-licence fees stated and calling for applica is what we should call an empire-builder. ther, a senator, sharing with him one of tions do not invest the Soviety with tions. He hunsell claimed to be a discipline of the most illustrious names in the Be- further powers "of any importance other As a preliminary a large scale plan has Cecil Rhodes. He went in his youth to public, was the figure-bend of the B.I.C than would be årst subject to your been prepared showing the Settlement and China, travelled everywhere, made friends Both had been granted large sums of approval or otherwise in meeting, but outside Settlement road system with road with Yunn Shih Kai, and saw the enor- money, says the accusation, as part of readers the machinery for carrying out widths marked thereon and the complete and exercising the powess it already has rail and railless tram system present and mous fature which that vast country, is Pernott's attempt to build up bound to have As late as 1803 foreign tions in the great world. Berthelot, in more effective. The present articles and contemplated also shown, and members banking in China was in the hands mainly fact, was one of the real rulers of France the new articles have been open to in- now concur that a special meeting of the of the English. Germany was only start- Ladicrously badly paid, extremely extra-spection to all shareholders as head office, Council should be held on Tuesday atxt ing to take a share: Japan was not yet vagant, with, in any case, a great as stated in the notice convening the with the Commissioners of Police and interested; American wis occupied with position to keep up, he had taken advan meeting, since the 6th July, and all Public Works in attendance and that a

shareholders outside the Colony have her own affairs.

The Belgians were the tage of the convenient loans placed at bera given notice of this meeting and of decision should then be reached as to the. only serious rivals of the English. his disposal by the adventurous Pernotie

Sure to be dragged down in the ap the resolution you have just heard read, road on which the Council will be pre- France was represented by the Bank of Indo-China, a cautious monopoly bank preaching ruin, the least he could do for with ample opportunity of iuspecting the pared to allow motor buses subject always : which made most of its vast profith (on himself, for his brother, and for his own articles as the Society's various branches to the stipulation that no service will be at average 30 per cent. per annum on foreign polier in the Far Fast was to and agencies, and, as your directors anti permitted until the road surface is pro-

With these remarks, I propose the Works to be suitable. the original shares) out of the privilege make a last effort to save the bank out cipated, to objections have been received. nounced, by the Commissioner of Public Following such menting the Commis of issuing banknotes in Indo-China and in China, where the branches, without

"That the

Articles already sioner of Police will be called upon to pre- was not anxious to do business which funds, were bluffing their way through following resolution:-

approved by the meeting and for the pare a schedule of hus routes designed to would mean risk.and trouble. After the the storm. He telegraphed to the French

purpose of identification subscribed by cover, the whole of the approved roads, Boxer rising this bank had established Minister at Peking in such terms that

the Chairman thereof be and the same having regard to traffic requirements. two or three branches in Chinn purely the latter took it to mean that the French

are hereby adopted as the Articles of This schedule will later be submitted to as a favour" to the French Cabinet of Government were standing behind the

the Society to the "exclusion of and in the Council for approval and for the fis the time. Pernotte dreamed of changing B... At the same time he cabled to

substitution for all the existing Artiolesing of the route mile licence fee to be paid all this, and, by her "personal influence America" requesting, the French High

Commissioner Casehave,

thereof." with Yuan, to obtain for his country and weight with the American banks to stop

to

connee-

his

new

himself a preponderating share in the them from following the example of Lom-pleased to answer any questions to the addition to the licence ice of Tis, 100 per

financing of the new China.

bard Street.

Pernotte on his side made a last effort. He induced the Chinese Government, which still clung with Oriental tenacity

After this has been seconded, I shall be respect of each particular route in quarter per motor bus provided for in the best of my ability.

licensing schedule approved at the last. meeting of ratepayers. SHANGHAI WATER SUPPLY.

The propount was. seconded by 3r. W. E. L. SRESTO and carried unanimously. This was all the busiiress before. the meeting.

BRITISH TRADERS INSURANCE CO. LTD.

MUNICIPAL OWNERSHIP

APPROVED..

Tobacco, which Yusa Shih Kai offered. to Pernotte as a pledge for two great loans, one of 150 million franes for the municipality of Peking and the creation of

its iden an independent bank out an. inland port at Pukow, and the other 600 millions of francs for the construction side the consortium, to back him again.. of railways to join the southern pro- first with a small sun of money, later]" vince of Szechuan to the sea-2,000 kilo with 500,000,000 franes pledged on the While it was metres of line opening up a province of still free stamp duties.

The Shanghai Mairipți Guzelte says: 100,000,000 of inhabitants crowded into an being discussed whether this sum should

An extraordinary general meeting of

Members have noted that, at its meeting are roughly equal to that of France, be accepted, or rather whether it should and without any other communication be discounted or not by the French the British Traders' Insurance Co., Ltd.

the was held at Queen's Buildings. yesterday on Monday, July 31st, the Special Water but the rapid-infested river aul had Government, Pernutte turned to

Paris bankers. These insisted on his morning, Mr. W. L. Fattenden presided works Committee animously recorded roads with the outside world.

bitter enemy, the Banque d'indo-Chine, and there were also present: the Hon.pproval of the principle of municipal. coming in iu any salvage sebecie, Per- Mr. A-0. Lang, Mr. G. M. Dodwell, Mir. worship of the writer supply and that. notte was forced to accept. The first Young (directors), Hon. Min recording such approval the Committee measure of the salvage group was to Montague Ede (general manager), and confined itself to matters of principle

Townend, demand the resignation of Pernotte, the following shareholders:Messrs. P. and did not concerns itself in any way W. R. with financial considerations, which were which he gave. With his departure the Landers L

considered by it to he a matter for the Council's contera.

Pernotte went with this colossal comersi sion back to Paris to tre his fortune. He found a ready ear it the Ministry of Foreign Affairs, and on July 11th, 1915, the charter for the Industrial Bank of China was granted. The Chinese Govern- ment had not stopped at the open baffled gift of one of the must juicy, con- cessions in history. Anxious to create a counterweight to the Consortium, which had arisen and seemed destined to act as its master, it agreed to take up 15,000,000 francs in the first issue of the new bank. Pernotté at his trial related his trouble in finding the remaining two thirds of this first issue of capital.

"

own

whole thing was hopeless. Every wheel Mansfield, Alabaster, AE

Under these circumstances and having: of the ntachine but been built by me, and 9. Alves, P. M. Hodgson, B. M. C. de Cunha, V. L. Bemedios, V, R. Ribeiro, I alone knew it through and through,"

M. A. R. Souza, J. Gardner, A. H. K. regard to the fact that the Waterworks he declared.

Cobb, A. C. Hay and J. Bentiry.

Company is pressing for a decision in the The Chinese offer was turned down. The CHAIRMAN said! Gentlemen, mutter, it is suggested that, instead of The reason for this is not clear, unless As in the case of the Union Insuranen waiting for the Committee a formal report explanation, that M.Society of Canton, Ltd., your directors and the decision of the Ratepayers, to Pernotte's Doumer. Minister of Finance, and his consider it desirable to bring the articles whom the report would have to be sub successor were personally interested is of association of this Company up-to-date mitted in terms of the rezolution authoriz the Banque d'Indo-Chine, is to be deand have caused them to be re-drawn ing the appointment of the Committee, the The Banque de l'Indo-Chine, thus cepted. The offer seems to have been a embodying in effect the various amend Becretary should now draft a letter to the threatened in its monopoly of the Far genuine one." and would have been a ments that have from time to time taken Company apprising them of the conclu- Eastern field on which in the future its reat diplomatic advantage for France.place and the alterations in the Company ion reached by the. Committee and invit....

It may be, as Pernote says, that the legislation of this Cclony of recent years. pticians with a view to the sale profitable privilege of banknote emission connection between the Inspection des The present articles and the new articles of the Compatry's water supply under for the French colonies would depend, Finances, a body of French financial ex- have been open to inspection to all share taking, and this, of necessity, without pulled strings with such effect that nonu of the big banks would look at Pernotte's Perts, and some banks, particularly that holders at head offer, as stated in the formal exercise for the present of the of Indo-China, is extremely close. High notice convening the meeting, since the proposals. He was, furced to go for most finance in France is a jungle through 5th July, and all shareholders cutside Powers of compulsory purchase vested in of his capital to the open market. Here be which only the natives know the paths. the Colony have been given notice of this the Council by the Waterworks Agreement was fully successful. The bank

wa Refused the offer was, in its first form. meeting and of the resolution, with ample launched, and branches opened at Shang- hai and Paris in September, 1913.

THE POST-WAR TRADE BOOM, "

of 1905.

"

The CHAIRMAN safd-Gentlernen,-

Political enemies of Berthelot (the opportunity of inspecting the articles at Royalist. "Action Francaise, at their the Company's various branches and head), eager for a chance to discredit the agencies, and, as your directors anti-The resolution you have just heard read The war stopped work on the main Hepublie in so great a representative as cipated, no objections have been received and which I sill shortly propose is the With these remarks, I propose the result of your directors' desire not only lines laid down at the foundation of the Berthelot, threw themselves into tho

to bring the articles of association of this. bank. Pernotte got himself sent to tangle. The fated Berthelot cables were following resolution:-- Chiup, and had some influence in the treacherously sold to a newspaper of the "That the new Articles already Company into fine with those of its allied.

the

and Companies, the l'aiou Insurance Society meeting decision taken by China to come into the Right (Echo da Parie), and violent

approved by war on the side of the Allies. It was not, scenes occurred in Parliament. M.

for the purpose of identifita of Canton, Ltd., and the British Traders' however, until 1919 that the bank began Briand, on the eve of his voyage to

tion subscribed by the Chairman Insurance Co., Lt, but to bring them. to get into its stride. Branches were Cannes, was forced to suspend Berthelot. thereof, bo and the same are hereby up-to-date. The present articles were opened everywhere, even in Rotterdam, His own fall followed, and then the grim adopted as the Articles of the Company drafted in 1914, and since then amend New York, and London. Leaving for the scene in the committee room of the Quai to the exclusion of and in substitutionments have from time to time taken place moment the exploitation of the two con-d'Orsay, where the Treaty-maker," the for all the existing Articles thereof, as also in the Companies Ordinances of the Colony rendering is desirable that cessions, difficult owing to internal Prince of "the Republic" Philippe "After this has been seconded, I shall be these articles should be, re-cast: troubles of the country, Pernotte plunged Berthelot, was dismissed by M. Poincare pleased to answer any questions to the present articles and the new articles bava into the frenzied finance of the post-war Now Pernotte has coms to his even more best of my ability

been open to inspection to all share- The motion was seconded by Mr. DA holders at head office,us stated in the trade boom. The new bank was willing disastrous fate. One wonders what will to finance any exporter that wished to happen to his Chinese concessions,

OUNHA and carried manimously.

notice convening the meeting, since the do business, Millions were advanced to a

This concluded the business before the ath July, and all shareholders outside great French shipping company. Loans

meeting. were given with an open-handed liberality

which appalled the older banks and mad THE VALUE OF GOOD SIGHT dened the rival Banque d'Indo-Chine,

›

THE CHINA FIRE INSURANCE- CO., LTD.

The

the Colony, have been given notice of this meeting and of the resolution, with ample opportunity of inspecting the articles at the Company's various bran- which saw its young riyal growing like cannot be over-estimated. Sight standı

ches and agencies, and, as your directors the fairy beanstalk.”

for everything that is valuable or enjoy. To get business Persotte did not able in life. You cannot tell if your eyes the Chins Fire Insurance Co., Ltd., ceived

An extraordinary general meeting of anticipated, no objections have been re- hesitate to give & and 7 per cent to depositors. His capital was increased to are right; you may see well yet have was held at Queen's Buildings yesterday With these remarks, I propose the 76 millions of francs. The Industrial defective eyes.. If you wish to have your morning, Mr. WL: Fattenden presided following resolution:--

and there were also present the:. Hon. Mr. Bank of China held money on deposit in eyes tested, the Refracting Boom of The AO. Lang, Mr. G. Dodwell, Mr. G. M the spring of 1920 to the lure of one Hongkong Optical Co., successors to Young (directors), Hon Mr. Montague billion francs. The Chinese: Government found moans to encourage this "outside" Clark & Co., Refracting and Manu Edo (general manager), and the follow bank (for a long time not even admitted facturing Opticians the most competenting shareholders: Messrs. P. Lauder L. F. Townend W. B Mansfield, to the clearing house at Peking), which optical establishment in South China- J. W. Alabaster, A E B Alres, stood outside the menacing Consortium.

Meanwhile, the idea of the great located in $3, Queen's Hosd, Central P. M. Hodgson, B. M. C. Cunha, VL After this has been seconded, I shall be

Remedios, V E. Ribeiro, Mr. A. R. Chinese Reconstruction Loan had not is a your service. They have the equip Souza, J. Gardner, C. Hay, J. beca dropped. The war ended theonta to test your eyes accurately. Bentley, A. A Alves, W. Gardner, C. ing members of the Consortium mes in Testing the sight and fitting glass is Hay and F. H. Farne.. conference in New York in the autumn of their spautalty, -ADUI

Germans had dropped out,. The remain-

“(Continued al fort of next column. I

That the new Articles already approved by the meeting and for the purpose of identification sub- scribed by the", Chairman thereof bu and the same, are hereby adopted as the Articles of the Company to the exclusion of and in substitution for all the existing Articles thereof. pleased to answer any questions to the beat of my ability.

The proposal was seconded by Mr A C. HAY and carried unanimously, - meeting.