1922-09-20 — Page 7

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CUSTARD POWDER

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THE HONGKONG DAILY PRESS, WEDNESDAY, SEPTEMBER 20TH, 1922.

THOS. COOK & SON.

FREIGHT

RAILWAY

STEAMSHIP

INSURANCE

AGENTS

BANKERS.

Tickets immed, Letters of Credit & Cirralar Notes Issued and Cashed, FAR EASTERN TRAVELLERS GAZETTE “

free on application.

150 OFFICES THROUGHOUT THE WORLD 150

41

Far Eastern Offices

HONGKONG, SHANGHAI, TIENTSIN, PEKING & YOKOHAMA

Chief Ofice LUDGATE CIRUDS, LONDON EO. Local Address: Hongkong Hotel Bailding,

"HONGKONG:

Telegraphic address "COUPON.

SHIPBUILDERS,

SHIP REPAIRERS,

BOILER MAKERS,

FORGE MASTERS,

OXY-ACETYLENE

ELECTRIC - WELDERS, MECHANICAL AND

ELECTRICAL ENGINEERS.

Telephone Nr. 524-5

TAIKOO DOCKYARD & ENGINEERING COMPANY OF HONGKONG, LIMITED.

Length

'DRY DOCKS. Length 787 Feet.

on Blocks 750 Feet Dept. on Centre of Sul (E.W.0.8.1) 34 ft. 6 ins. THREE SLIPWAYS -- Capable of Handling Ships Up to 3.000 Tons Displacement.. Electric Crane at Sea Wall, Capable of -Lifting 100 Tons at 70 Feet Radius.

BUTTERFIELD & SWIRE

(JOHN SWICE & Sons, Lap.),-

AGENTS. HONGKONG, CHINA & JAPAN.

TEL. ADDRESS:

TAIKOODOCE, Honaxoxo."

TELEFHONE NO. 212. Ast Fran

OVER ANS, FERNANT.

W

BAILEY

& CO., LTD.

SHIPBUILDERS, MARINE AND LANDLENGINEERS, Builders of Vessels up to 1,500 Tons; Fast Steam Launches and Motor Orait of All kinds: Tugs, Barges, Oil Tankers, light-draft and River Steamore Vessels built and shipped for re-crection-abroad

DIL-FIRED TUS BOAT "LICH” BUILT BY W. E. RAZLEY & CO. LTD.

THE BALFOUR NOTE ON ALLIED DEBTS.

FULL TEXT.

is contrary to every principle of natural justice, and cannot be expected to command- itself to the people of this country. Ther are suffering from an unparalleled burden of taxation, from an immense diminution. in national wealth; from serious want of om-

These erils are

Following is the full text of the impor ployment, and from the severe curtailment tant Note, signed by the Earl of Balfour, Acting Minister for Foreign Affairs, on the of useful expenditure. subject of inter Allied Indebtedness, which courageously borns. But were they to be was communicated on August 1st through increased by an arrangement which, how the French Embassy in London to the ever legitimato, is obviously one-sided, the British taxpayer would in evitably ask why French Government, and, with the seres he should be singled out to bear a burden sary changes in its wording, to the Gover-which others are bound to share. |ments of Italy, Serbia, Roumania, Portugal, and Grease through their representatives in London:

Nor Ara

As your Excellency is aware, the general question of the French debt to this country has not as yet been the subject of any formal communication between the two his Majesty's Governments, Government auxious to raise it at the present moment, Recent events, however, leave them little choice in the matter, and they feel compelled to lay before the Government their views on certain aspects of the situation created by the presut condition of international indebtedness.

INDO-CHINA

STEAM NAVIGATION COMPANY, LIMITED.

BAILINGS, SUBJI UT TO ALTERATION

BANGKOK.via SWATOW TSINGTAU SWATOW

& SHANGHAI MANILA

via SWATOW"

BANGKOK vi SWATOW HAIPHONG HOIHOW STRAITS & & CALCUTTA TSINGTAU SWATOW

&SHANGHAI SANDAKAN STRAITS & CALCUTTA TSINOTAU via SWATOW

SHANGHAI

144

..

***

"CHAKSANG Walnesday,

*HOPSANG" Friisy,"

"YUENSANG

"CHIPSHING"

“WINGSANG.

DRUFAR

..."MINGSANG*

**FOOKSANG

"YATS SING*

"MAUSANG " ". "KUTSANG"

Friday, Saturday,

Tues iny

20th Sept., Nook

8p

$9nd Sept. Noon. 22nd Sept 23rd Søpt, 4 p.m.

26th Sept, Noon Tuesday 26th Sept, Noos ...Wednesday, 27th Sept, 8am Wellnesday, 27th Sept. 3 p.m.

...Thorday, 29th Sept., Nooo. Thursday, th Sept 3 pm ...Saturday, 30th Sept 3 pm

To such a question there can be but one auswer, and I am convinced that Alliol· opinion will admit its justic. But while his Majesty's Government are thus regret- fully constrained to request, the Freuch Government to make arrangements, for dealing to the best of their ability with Anglo-French loans, they desire to explain that the amount of interest and repayment for which they ask depends not so much on what France and other Allies owe to Great CALUUTTA LINE –– This Ling affords regular jailings to Calcutta, Fane sna Britain as on what Great Britain has to pay America. The policy favoured by bis Majesty's Government is as I have already observed, that of surrendering their share of German

KUBE KOBE KOBE

146

146

"HANGSANG” `.....Sunday, "LAISANG" ...Thursday, "NAMSANG" Tuesday, "HOSANG ...Sunday,

1st Oct. Noos 8th Oct

Noon.

10th Och,

13th Oct...

Noon. D.L.

Singapore; returning from Calcutta atsamers proceed via Biraite and Hongkong to Japan, occasionally calling at Shanghai All atomers have eroallant parenger accommodation. sa Etted with Electric Light and Fans and carry a fully-qualidad

reparation, and writing off through one SHANGHAI LINE - approximately every three days between Canton and

great transaction, the whole body of inter. Allied indebtedness. But, if this bo found

Speaking in general terms, the war debts exclusive of interest, due to Great Britain at the present moment amount in the ag- gregate to about £3,400,000,000, of which impossible of accomplishment, we wish it to Germany owes £1,150,000,000), Russine understood that we do not in any event | MANILA £650,000,000, and our Allies £1,900,000,000. | Jesire to make a profit out of any less sat- On the other hand, Great Britain Sewes the isfactory arrangement. In no circumstances HAIPHONG United States about a quarter of this sum- do we propose to ask more from our debtors say, £550,000,000 at par cf exchange toge than is necessary to our creditors. And, BORNEO

while we do not ask for more all will admit ther with interest accrued since 1919.

No international discussion bas yet taken that we can hardly be content with less. place on the unexampled situation partially For it should not be forgotton, though it disclosed by these figures; and, pending sometimes is, that our liabilities were TIENTSIN" a settlement which would go to the root incurred for others, not for ourselves. The of the problem, bis Majesty's Government food, the raw material, the munitions requir- BANOKOK have silently abstained from making anyul by the immense oral and military effort demända upon their Allies, either for the pay of Great Britain and half the two thousand ment of interest or the repayment of capital. millica sterling advanced to Allies were But, if action in the matter bas bitherto been provided not by means of foreign loans, but deemed inopportune, this is not because by internal borrowing and war taxation. his Majesty's Gorernment either underrate Unfortunately, a similar policy was beyond the evils of the present state of affairs or be-the power of other European nations. cause they are reluctant to make large sacri. fices to bring it to an end. On the contrary, they are prepared, if such a policy formed part of a satisfactory international settle ment to remit all the debts due to Great Britain by our Allies in respect of loans, or by Germany in respect of reparations.

Appeal was, therefore, made to the Goveru. ment of the United States and under the arrangement then arrived at the United. States insisted, in substance, if not in form, that, though our Allies were to spend the money, it was only on our security that they were prepared to lend it: This co-operative-| effort was of infinits value to the common cause; but cannot be said that the rile assigned in it to this country was cue of special privilege or advantage.

Before concluding I may be permitted to offer one further observation in order to make still clearer the spirit in which his Majesty's Government desire to deal with the thorny problem of icternational in- debtedness:

calling at Holabel weekly for passengers and

sarca

Shanghal, sometimes calling & Swatow. Through tickets om

tored be obtained and brough Bill of Lading are Northern and Yangtze Ports via Shanghal LINE-A weekly service le maintained with Manile by vessia with gcon

passenger accommodation, sailings from both ports every Friday.

when indrament offeri, LINE-Sallings LINE-Fortnightly sailings to and from Bandaken by two 5,000 -

· steamery 2,L EINSANG and ..MAUBANG" both skemmmern. having excellent passenger accommodation Cargo saben, of through Bill of Lading for Kudat Jarralten. Labuan Times" and had Datu LINE-A regalar sarvice is run rom March to Movember between

Hongkong and Tientsin. calling at Waibelwei and Cheloc, eta Ewatow, by fire teamers fitted with ap-to-date pastengsa- LINE-A weekly service is provided between Hougtong and Hangrok

- ROCCMAJUANTYOU

CALOUTAN MA

LINE

1.5." FOOKSANG" will be despatched on or about Wednesday, 27th Sept., at 3 p.m., før SINGAPORE, PENANG

& CALCUTTA."

Tärough Bills of Lading issued to RANGOON, MADRAS, PORT SWETTENHAM and DUTCH EAST INDIES.

Far Traight Pastage 'apply t

Jardine, Matheson & Co., Ltd,

Recent events, however, make such policy difficult of accomplishment. With the most perfect courtesy ted in the exerciso of their undoubted rights, the American Government have required this country to pay the interest accrued since 1919 on the Anglo-American debt, to convert it from an ucfanded to a funded debt, and to repay it by a sinking fund in twenty-five years. Such a procedure is clearly in accordance with the original contract." His Majesty's In an earlier passage of this despatch I Government make no complaint of it; they pointed out that this after all is not a recognise their obligations, and are pre- question merely between Allies. Ex-enemy pared to fall them. Dat erileate, they countries also are involved; for the great: cannot do so without profoundly modifyest of all international debtors is Germany. ing the course which, in different circum Now lus Majesty's Government do not sug. stances, they would have wished to pursue. gest that cither as a matter of justice or ex They cannot treat the repayment. of the pediency, Germany should be relieved of Anglo-American loan as if it were an her obligation to France or the other Allied isolated incident in which only the States. They speak only for Great Britain; United States of America and Great and they content themselves with saying Britain had any concern. It is but one once again that, so deeply are they convinced D.K.-STRAITS, CHINA & JAPAN SERVICE.

of a connected series of transactions, in which this country appears sometimes as debtor, sometimes as creditor, and, if our ündoubted obligations as a debtor are to be enforced, our not less undoubted rights as a creditor cannot be left wholly in abeyance.j

PURPOSE OF THE LOANA.

of the economic injury inflicted on the world by the existing state of things that this country would be prepared (subject to the just claims of other parts of the Empire) to abandon all further right to German reparation and all claims to repayment by Allies, provided that this renunciation formed part of a general plau by which this great problem could be dealt with as a whole and find a satisfactory solution. A general settlement would, in their view, bo of more valus to mankind than any gains that could accrue even from the most successful enforcement of legal obligations..

His Majesty's Government do not conceal the fact that they adopt this change of policy with the greatest reluctance. It is true that Great Britain is owed more than it owes, and that, if all inter Allied wat debts wore paid, the British. Treasury. would, on balance, be a large gainer by the transaction. But can the present world situation Le looked at only from this Mr. Hughes, the Australian Prime Minis Barrow Enancial standpoint? It is true ter has reiterated his uncompromising op- that any of the Allied and Associated position to coloured immigration. People Powers are, as between each other, creditors, who claim that the tropical regions of thet or debtors, or both. But they were and are, Commonwealth are only fit for coloured much more. They were partners in the people have never been there, ho declares, greatest international effort over made in the and added "Australia would not be worth cause of freedom; and they are still partners a twopenny damn but for the white in dealing with some, at least, of its results. Australia policy." Their debts were incurred, their loans were made, not for separate advantage of par ticular States, but for the great purpose common to them all and that purpose his been, in the main, accomplished.

To generous minds it can never be agree able, although, for reasons of State, it may perhaps be necessary, to regard the mone tary aspect of this great event is thing apart, to be torn from its historical setting and treated as no more than an ordinary. commercial dealing between traders who borrow and capitalists, who lend. There are, moreover, reasons of a different order, to which I have already referred, which in- crease the distaste with which, his Majesty's Government adopt so fundamental an altern- tion in method of dealing with logusto Allies. The economic ills from which the world is suffering are due to many chases, morál and material, which are quite outside the scope of this despatch. But among them must certainly be reckoned the weight of international indebtedness, with all its unhappy effects upon credit and exchange, upon national production and international trade. The peoples of all countries long for a speedy retam to the normal, But how can the normal be reached while conditions wo abnormal are permitted to prevail? And how can these conditions be cured by any remedies that seem at present likely to be applied?

"ONE-SIDED" FROCEDURE IMPOSSIBLE,

For evidently the policy bithorto por- musd by this country of refusing to make demands upon its debtors, is only tolerable so long as it is gerally accepted. It cannot be right that one partner in the common en-. terprise should recover all that he has lent, and that another, while recovering nothing, should be required to pay all

Boller Makers, Founders and Constructional Engineers and Repairer that she has betrowed. Such a procedure

4)

MOTOR BOATS

FOR SALE.

The Twin Screw Tunnel Stern

Motor Launch "ENRICA

(Built of Steel). Length overall 56′ 0′′. Breadth mouldıd-11′ €”; Depth moulded 6

Draught moulded-18′′ to 19′′.

D. W. capacity cn above draft-3 tons.]. Epood-8ole.

Engines-Twin sot Kelria" Motors, bach 30 h.p.

Installed with Electric Light

Price $10,000 or near effor

The Motorboat KEIKUNG

(Built of, Teak). Length overall -99.8/10. Breadth 2.5/10. Draught (approximate) - Engine Kelvin" Parafin Motox.

Price $1,800 or fear offer.

NESTLE & ANGLO-SWISS. CONDENSED MILK CO-3

11, QUEEN'S BOLD CHITRAL,

TALYONS CENTRAL NO. 215.`-

GLEN

"GLENOGLE” “GLENAVY "GLENAPP

GENERAL MANAGERS,

AND

SHIRE

Joint Service of Steamerr

OUTWARDS.

HOMEWARDS.

"Leaves Hongkong

Dae Hongkong

... 22nd September.

25th September.

8th October,

Discharges

Vensel

"GLENADE" ... 24th Sept, GarDA, LONDON, ANTWERT, BOTTERDAM & Banryks. "GLENARIFFE" ... 18th Oct, 004, London, Antwant & Hamru18,

Movements are subject to changa withoɛ) notics

fer freight or further particulari please apply to pain

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

Telephons Central No. 216 mut-oz. 37 Kad Central-8894.

YAMASHITA KISEN K

KAISHA

'(THE YAMASHITA S.S. Co, Lto.).

REGULAR FREIGHT & PASSENGER SERVICE

BETWEEN

KEELUNG HONGKONG 2 HAIPHONG.

Sailing frem- Hongkong.

FOR HAIPHONG"via" Holhow & Pakho!

LAN TAIKWA MABU "

| FOR KEELUNG- via SwatoW

"HOZUI MARU **

For further particulam,

Branch Onesi Ho.27 Banham Birand, Wast." Tal Centra Fe. 165.

IVETARZO

ANG KALS À COSTURE MAYORATIO

DR. LECLERC Eleye and mana

on or about 28th Sept.

́on or about 23th Sept

8. METARAI

Top Floor, King of Building

Tel. Central No. 160.

OSALE

BWEEKLY PRESS, July to Dember OUND VOLUMES of the HONGKONG

1921.901

With iDr Price $750,

Or sale at the Hongkong Daily Press.