1922-10-30 — Page 7

THE - HONGKONG DAILY PRESS, MONDAY,

NAPIER JOHNSTONE'S

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Take your first cup of Sanateger; to day. And remember that it is no mere stimulant-producing reaction and other ill-efects —but a safe physiological re- storative that has been proved to re-create nerve force: hence the delightful feeling of vitality and freshness which it imparts. "

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At

CABLES.

¿Continued from page 5.)

EARLIER CABLES, {TEUTUON REUTER'A ÁGENOT.]·· MR. ASQUITH OPENS THE LIBERAL CAMPAIGN. PEACE AND RETRENCHMENT THE WATCH WORD.

LONDON, October 27th. Mr. Asquith had an enthusiastic welcome A crowded Liberal meeting at Peterborough. He said Labour's manifesto was frank and open and spoke in some. matters with alpost the sans voice as the Independent Liberals,, at the ultimate purpose of the Labour Party was State control of industry. Mr. Bonar Law's polier, where not negative, was gelatinous The action of the Coalition itself hul shown that the Independent Tiberals bad been right. The great need of the country was peace a id retrenchment.

1

GOVERMENT AID FOR FRENCH COMMERCE. DEVELOPING FOREIGN AND COLONIAL TRADE.

OCTOBER·· 30TH, 1922

THE BANQUE INDUSTRIELLE.

"CO-OPERATION' OF THE SOCIETE FRANÇAISE, DE GERANCE”

Reuter's representatire at Poking recently had an interview, with Mr. Sellier, local Manager of the Banque Industriellä do Chine, when the following questions were put to Mr. Sellier and the following answers received --

Is it true that the branches of the Banque. Industrielle de China were opened in Indo- China on the 16th instant ?-They were not the branches of the Banque Tidastrielle. but those of the Societe Francaise de Gerance de la Banque Industrielle Chine" in Saigon, Haiphong and Hanoi were opened.

હેમ

What is the connexion between the Banque Industrielle de, China and the Sociote Francaise de Gerance All the buildings of the Basque Industrielle have been leased by the Societe Francaise de Gerance and the whole staff has been transferred to the said Society, hus the 'Societe Francaise de Gerance is shaohitely independent company, having u capital of its own of F. 15,000,000, and it is to transet all ordinary banking business in its own name. It will also act as agent for the Banque Industrielle to collect the latter's assets in the Far Eust.

an

de

What advantage will this scheme give to PARI, Otober 27th. the creditors of the Banque Industrielle? A congress of foreign trade councillors is | 1.-By the medium of the Societa being bekl at Marseilles nder the Francaise de Gerance the collection of the presidency of M. Cimentel, ex-Minister assets of the Banque Industrielle will be of Connieren, to discuss, disfer.alia, the made in very favourable conditions. 2.- organisation of services for commercial Thessalaries of the staff at proselt paid by espation in French Colonies and abroad, the Banque Industrielle, will be paid export eriline, transport and commercial entirely the Societe Francaise

-All the buildings, the agreements, nisilies to encourage Fretich-Gerance," men to establish business abroad. the commercial organization, etcetera. of the creation of a burean for the purpose of Banque Industrielle will be utilized instead Bending young men to Freuch colonies, and for being kept entirely unproductive. 4—All" to increase branches and agencies of Freuch the prolita mule by the Societe Francaise banks abroad and in French Colonies, de Gerance will be handed over to the Banque Industrielle with the exception of a INTERNATIONAL AIR

lamp sum of F. 300,000, presenting the fixed remuneration of the Societe Francaise COMMISSION.

de Gerance. REGULATION OF AIRCRAFT.

You have just stated that the Societa Francaise de Gerance will act as an inde.. LONDON, October 27th. pendent company. Do you mein to say The International Air Commission has that it will not le held responsible for the passed resolutious in favour of restricting former liabilities of the Barque Indus- the age of pilots to from nineteen to trille?-The Societe Francaise de "Gerance forty-five, insisting upon wireless ejuip. is a new judicial cality and it will be bound ment for all aircraft engaged in public by no other engagements than its own. transport, and forbidding the flight of On the other hand new business that may airnft belonging to on contractingle transacted by the Societe Francaise de State over the territory of a contracting Gerupce will under no circumstances bind State ualong a special convention has been the Banque Industrielle de Chine. Thus the advantages" to the creditors of the signe! which does not violate her con- tractants' rights

Banque Industrielle are seen. If profits are made they will go to the Banque Industrielle and its creditors, while if losses should occur on new business they will be borne by the Societo Francaise alone.

J

IMPROVED CONDITIONS

IN INDIA. TRANQUILISING INFLUENCES.

Would it not have been better for the Banque Industrielle to reopen its own doors after having obtained from its own creditors some sort of moratoriti?-No. That would not have been possible as the bank is faced with many lawsuits in France, which will take a long time to settle

SIMLA, October 27th. The internal situation is now eacier, Moslem feeling having come calmer with the prospect of a settlement of the Near, Easton prolina. The Sich troubles in the Panjsh are also dying down. The Unite Provinces "Tauriclitare, in view of From your statements I gather that not going to the improvement in the situation, passed the Societe Francaise is a resulation against Government opposiáez as a liquidator but as tion, requesting the Governor to exertise dian?—Yes. You may consider be clemency towards political prisoners. Societe de Geranco as a kind of trustée in charge of the business of the Banque Industrielle.

AMERICAN TACHT'S

WORLD-CRUISE,"

1:

a kind of guar-

All this sounds very well as far as new business is concerned, but what about the

DEPARTURE FROM GIBRALTAR.creditors, of the Bangue? We have to

GIBRALTAR, October 27th. The American Jacht, Spee Jack, has arrived, having areomplished 38,000 miles of her world-erase. She is leaving on Saturday for America.

DEATH OF EMINENT PHYSICIST.

Losnos, Delober 27th. The death has occurred of Dr. Cargill

Knott

[Dr. Cargill Gilston Knott. Dora 1856, was General Secretary of the Royal Society of Edinborgh. From 1833 to 1691 he was Professor of Physics, in the Imperial University of Japin, of which country he conducted a magnetic survey.)

Shia Zabel'Adortal (a 30155

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follow the French legal procedure in that we have to ask our creditors to vote for or against the proposals for the settlement we soon shall submit to them,

What will these proposals be?-We shall offer to all our creditors payment by means of bonds redeemable in twenty five yeare but carrying no interest.

Is that likely to prove acceptable to your creditors?---Certainly not, but as you probably know a provisional agreement fas been signed between the French Legation and the Chinese Government, according to which the French Government will offer to all our Far Eastern creditors to exchange their twenty-five year bonds against new bonds bearing interest at the rate of five per cent and redeemable in twenty-two years by means of the French portion of the Boxer: Indemnity.

Would it not have been better for the Societe Francaise de Gerance not to open its brunches until these bonds have been handed over to the creditors of the Banque Ladustrielle?-The agreement with the Chinese Government has to be ratified by the French Parliament and the bonds may not arrive in China until five or six months. have elapsed. To wait so long would mean new unproductive, expenditure and loss of time.

Why has the Societe Francaise opened its branches in Indo-China and not in China --All the creditors of the Banque Industrielle in Indo-Cho are foreigners who perfectly understand the position of the Societe, Francaise and have requested. its immediate opening, whereas most of our creditiors in China are Chinese, some of the uneducated people and it might be vary difficult to make them understand the legal difference between the Banque Industrielle de Chise and the Societe de forance. Accordingly w might fear that the opening of our doors would be followed by a rusb of claimants and to prevent each a rush we must undertake a kind of propagan la work. I must, however, say that our Chinese friends, particularly the Chir bunkers, have greatly helped us in this matter.

TIM BORITE

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IN BROWNS

IN GREENS

WOOD PRESERVATIVE

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PREVENTS DESTRUCTION OF TIMBER BY WHITE ANTS.

Stocks carried by

4

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HONGKONG, SHANGHAI TIENTSIN PERING & YOKOHAMA.

Chief Officer-LUDGATE CIRCUS, LONDON EG

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HONGKONG:

Telegraphic address: “COUPON

and will make known the date of its open- When do you think this propaganda ing in China, which will certainly not be work can be deemed to be sufficient?Our much after the 1st of November. oral efforts have already been sufficientWe understand that negotiations are Consequently I am preparing circular letters taking place in Paris to adjust the forego to send to all our creditors in China, to ing terms so that may be suitable to the foreigners as well as Chinese. These Hongkong branch and any other branches circulars will confirm all I have told you under foreige jurisdiction. The foregoing about the Societe Francala de Gerance, terms are only for branches under French

(Continued, as foot of nes coletimn), jurisdiction Bo. H.D.P.]

Telephone No. 6245

SERA