1923-03-24 — Page 9

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WATSON'S

Watson's

L

N°10

dclotch Whi

L

Dundee

Y

41]

No

10

ALL

agres that the best is the cheapest.

EVERYBODY

agrees that Watsonb is, a Whisky

preserving the finest tenditions of

SCOTLAND'S

BEST

BOLE AGENTS.

THE HONGKONG

&

DAILY

PRESS, SATURDAY, MARCH 2áru, 1935.

PROBABILITY OF HIGHER

PRICE LEVELS. ·

VIEWS OF A PROMINENT BANKER.

Mr. F. C. Goodenough, Chairman of Barclay's Bank, Ltd., made the following remarks in the course of his annual address to the shareholders of the Bank.

The prospect for trade improvement in the inmediate fature depends nat anly upon granting financial assistancs to others, but it turns also largely upon price levels and exchange and the

Wapproximatics which has taken place

#fatson's

NO

T

Danie

E

Tel (06.

HUGO STINNES LINIEN

Begular Monthly Freight and Fassenger Service between Japan, China, Hongkong, Manila and Straite and Hamburg and other North Continental Forta.

OUTWARD from Hamburg via Ports of Cali

Nemert

"Adalt von Bayer

Hindenburg ***

Emil Kirdort

Ludendor

Tosnags, d.w.

Arrival

9,000 tona

19.250 tons

9,000 ton 19,950 to

about end of April about end of May about end of Jane about and of July

HOMEWARD for Antwerp, Botterdam and Hamburg

*Caci Logion

Havenstein . qua

Adolf von Bayer

Hindenburg ........

#Emil Kirdorf:

Departs

about 6th April abant beginning of May about beginning of June about beginning of July

Tenang, dw.

甘しょ

9,000 tops

19:250 tons 9,000 ta 19.250 cons 9,000 tons

irger best

*Thmo steamers are fitted with all confort for the convenience of about 50

first class Fastenguk

AGEETS

REUTER, BROCKELMANN & CO.

96, Dan Yaux Boad Central.

· Phoria Quntral No. 478.

KONINKLYKE PAKETVAART

MAATSCHAPPY.

(Royal Packet Navigation Co. of Batavia), THE STEAMSHIP

"VAN OVERSTRATEN "

will be despatched to

(SINGAPORE & BELAWAN-DELI DirectĮ 80th March, 1923.

1st Class Fare to Singapore :-$100,

This vessel offers excellent cabin accommodation for saleon passengers

Single and double cabins. Wireless Telegraphy:

Fer Freight and passage apply to:-

JAVA-CHINA-JAPAN-LYN,

Telephone Central No. 1574

Agents

W. S. BAILEY & CO., LTD.

SHIPBUILDERS, MARINE AND LAND ENGINEERS ükleer of Vassels up to 1,500 Tons; Foot Steam Launcher and Motor Orads of

all kinds, Tags, Pargos, Oil Tankers, light-draft and River Staamten; Vessels built and shipped for re-erection abroad.

OLL KYLER. TUS 20AT

EVILE ET V. A. BAIEXY & DE, ZED /

Boiler Makers, Founders and Constructional Engineers and Repairer

towards a common level of prices in this country and in Americs, and the approach

LONDON BUYING AGENTS

We offer you cur services as buying age for British or Continental goods Established in 1844 but thoroughly up-to- date, our success is attained by making our customers' interests our first sima, Five expert buyers, with capable staffs manag diferent departments, buying, with greatest care every class of goods giving our customers all the advantage of wide

And experiones, earing their requirements beingrightly applied at lowest prices and beat discounts.

KEYMER, SON $00. Whitefraies, London, Telegrama “Keymar, Londen." Ert. 1846,

towards parity of the Sterling Dollar WONG SIU»WOON Exchange Fimportance

ru

of features

great!

There has been contraction here since the boom and a fall in prices and in wages and in cost of production, whilst

regained its relative purchasing power. On the other hand, there has been a rise! in Gold prices, that is to say, in prices. as measured in Dcliars, which are the equivaleat of Gold.

The Index Tables of prices here and in America show that whereas during and after the War prices rosto much higher level in this country than in America, they have subsequently fallen, whilst on the other hand prices in America, although lower than they were, have lately rison, so that today Sterling prices and Gold prices are within & per ceat of a common level,

INDO-CHINA

STEAM NAVIGATION COMPANY, LIMITED,

BAILINGS SUBJECT TO ALTERATION.

HAIPHONG vis HQIHOW TIENTBIN

KOBE via MOJI BANGKOK via HOIHOW... BANGKOK vs SWATOW MANILA

SANGHAT A NINGPO

TENTSINE ETRAITS

CALCUTTA SHANGHAI via SWATOW KORE is SHANGHAI

20

STRAITS & CALCUTTA ..."

KOBE via SHANGHAI

BANDAKAN

N

LAISANG

"CHUNSANG Minday

24th Mar Noon. 28th Mar, 10 am. Mar Noon $7th

3.p.m. 29th Noon.

Enturday, ...Saturday,

Batorily.

sith Mar, 20 m.

95th Mar Noan.

"FOOSBING

Tuesday

"KWONGSANG

"CHEONGISITING

Batt

LOONGBANG.Thursday,

Od

"KUTSANG

FOOKBANG NAMNANG

•HINSANG

ednesday Saturday,

Saturday

Thursday, Friday,

SOLD

Bist

Noos

4th Apr-Noord

7th Apr

14th Apr, 3pm.

10th

Apr, Now

20th Apr., 9.pm. '

CALCUTTA LINE – 14 Lhe acros, regular, eatingai to Calenus, Fenaris

Blagapore: returning from Calcutta steamery proceed-via Strašia and Baphong to Japan, cecasionally calling at Shanghal All steamers bara excellent pamenger, socommodation,

Sally qualfed Burgoon.

AN

fitted, with Wireless and G6** 1hree days Des Whed", "Canton sho

SLAROBA) LEE\-§.lings approxiZADORE

BOOTS, SHOES, & SLIPPERS | MANILA

FOR LADIES, GENTS: & CHILDREN

BEST DESIGNS, PRICKS MODERATE. 31 POTTINGER ST

PHONE 1474.

PEACH'S CURTAINS

„benā De Bayern! Guide FreeS Showing Lasest Series and Prices Dienes from.She Loɑras. “CURTÁRSAN Mahon." "CASEMENTS,

· MADRAS. · CREDINES, CARPETS. WORSENED LINERS.- UNDERKTAR. LACES, L. Ber Dieser The Weve that Wars" #3 Jança" Rupstation Special Shipping faciliter, Delfvery Guaranted

SPRACH & BOMS, * - The Locm, NOTTINGHAM, Kugland.

Correspondingly, the Sterling-Dollar Exchange has reached the equivalent of $4.06 to the £ Sterling, as compared | with 84.88 representing par of Exchange. The difference in Exchange is, therefore,. about the same figure as the difference in the level of prices, vie. 5 per cent, This shows the close relationship which exists between price levels and Exchange, and you can understand why, in order to reach a common level of prices with America, it has been refissary to reduce wages and costs of production here, and it is easy niso to understand that it is necessary to reach a common level with America, in order to prevens unemploye

tment here.

A personal effort of reonomy or the part of every individual in the country should serve to bridge the gap which still remains in price levels and in Exchange. and there would then bo & standard of prices, both in this country and in America.

common

After, we have reached a common standard, there will be many factors: which are bound to affect subsequent; price levels in, both countries, and which may gradually. tend to raise them to a yet higher level; on the other hand, there will be counteracting influences which will have the opposite effects on t

It is not posible to forecast with absolute certainly, the future of price Fevels.It is, however, without question that there never has been n War. in which...as in. the Into War, 36, much of the accumulated production of human energy has been destroyed, and so great a burden of unproductive debt has been left to fall upon the shoulders of future generations. Further, than this, thera has never been any great War which has not left prices higher and the purchasing power of manby lower than before, because of the unproductive debt that has been left upon the shoulders of the people whilst fresh dobt; was created to arry on fetare. trade. There seems to be no reason to anticipata, any other course of events to-day. So far as prices

094

MARTIN'S

MARTIN'S

THE NEW FRENCH - REMEDY.

THERAPION NO. THERAPION No. 2 THERAPION N13

Mo. 1 for Mobile Calmazko Me: 5 for stond à

261 TRAKE MASTER WORD AYTAPIDE WILDEE BICE, ORIENTAMY ATTIRED TO RIOBOZIER PACKED

PREPAID

ין

** WANTED ADVERTISEMENTS

AR

TICLES of Any Description FOR WANTED DONATIONS and SALE for Dr. EZENARDO's HOMES. Thess may be sent to Mrs. Potioca, 128, The Peak.

147

in this country in the immediate TO LET in Fowloon at Eeginning of April

are concerned,

future

canno

ROGHED FLAT, Modern Santa

be sure that the downward movement tion. Moderate, Bent to one willing to which has accompanied a period of purchase Furniture at Reasonable Price. Apply deflation will, not before long due to an Box WQ, pola Donly Prem Ofice. end, if it has not done so already, In****

that case there may be an upward turn is again well balanced, there must be a at all events of wholesale prices, and & great uncertainty ns to our ability to renewal of activity and expansion.

free Gold. Nevertheless,

It would be of great benefit to the return to community that there should be a rise in return to a free Gold market should bo as one of our wholesale prices, but on the other hand, consistently before us, every effort should be made through objectives. personal economy and through: botter organisation, to keep down retail prices,

so nu, if possible, to reduce them to even

lower level than that of to-day.

THE BOLD STANDARD.

Returning again to the subject of the approximation which has taken place in the Sterling-Dollar Exchange, we should be in a position to take Gold from America so soon as Sterling has reached a point slightly above the parity of exchange.

Before, however, it would be safe for us to return to.a. free Gold market, we abould have to consider. very carefully what would be the effect. So long as wel continue to grant Foreign Loans and it is, I think, admitted that it is desirable that we should do so-so are ineffet in the position of giving long credit, whilst on the other hand, whatever vs buy from abroad is more or less paid for in cash Exports reacting from such Loan would not provide the immediate resources needed to pay for the imports which they Kecemarily entail. There would therefore be a danger of our favourable trade balance being negatired, and if a troo Gold market had been restored, the tendency would be for Gold to feare this country.

Such a position, if it is coupled with that of a free Gold market requires strong reserves, otherwise we might soon too that which we had gained. It seems to me that not only would it be necessary to strengthen our reserves against cur roacy, but also possibly to empate addi tional gold reserves to be hold by the Treasury or by the Bank of England; before it would be safe for us to return to a free Gold market. This strengthen ing of reserves. would serve to tide over a simo of difficulty, such as might ocent, and would help to make it wrtain that there never should be any question of our having to fall back upon prohibition of the export of Gold, once we had re sumed a treo Gold market, but even so, until our trade; position is restored, and (Woatimmed en nest column.)

thoughal, scmetimes calling at Swatow. Through tinkete our Le phtained ad hrou via By

B of Lailing are farned Noribers sal Yangiase

LINEA weekly service is maintained with handle by vasch with good

Penger

HAIPHONG LINE-LAKI TERVERSJONSSPhasengers" "and" cargo

BORNEO

TIRATHIN BANGKOK

elling as Hothow when inducement offers

LINE - Fortnightly alloge to and from Bakan by two 5,000, ona

TORSTAIS LAMBINTANG" anda. "LAUBANG" both stommers having excellens pasenger accommodations Carga, Inten el through Bills of Ladies for Endst Jemalie, Labasa, 1.00 Labad Data

LINEA regular service in zun frèm March to Monster between Hongkong and Tenidin, calling at Websweland Chefor LINE:~ A weekly service la provided between Hougheng and Bangkok, sla Ewatow, by dve simmers ditad wlih up-to-date passengsa accommodation.

CALCUTTA LINE

#

:t

$.5, KWAISANG" will be despatched on or about Saturday, 31st March, at 3 p.m., for BINGAPORE, PENANG

& CALCUTTA.

Through Bills of Lading issued to RANGOON, MADRAS, PORT SWETTENHAM and DUTCH EAST INDIES:

For Freight or Pastage apply tom

Jardine, Matheson & Co. Ltd.

Tagarmony: CENTRAL No. 115

GLEN

GENERAL MANAGER.

AND SHIRE

A, CHINA & JAPAN

"GILENARIFTE". *GLENOGLE”,

GLENAMOX*...

SERVICE BOMEWARDS.

Das Hongkong Valla Laste H'kong, Dischargin "PEMBROKEÉB FREE 10th April; Gebes-Lavion, Robinrdam AlHamburg: GEENÄTZE. 4. 2018 April - Infidan to dara Hub, Bosterdensmad Hamkoma *GLENARIFFE 8th May, Cleon

Lindon, Rotterdam and Hamburg-

... 15th Mar

04 April. *** Pará April.

Movements am sõbject to change without naiise.

For troight or fiiber parlieuble minase apply, tem

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

Telephons Central No. 315 subex. ##fand, Contraí 2000.

The HONGKONG & WHAMPOA DOCK Co., Ltd.

TELEGRAPHIC ADDRESS: «MANIFESTO,” HONGKONG.

CODER USED - AI, Á.B.O. Fifth Edition Engineering. First and Second Edition;

Western Union and Watkins,

Dock Owners, Ship Builders, Marine and Land Engineers, Boiler Makers,

Iron" and Brass Founders, Forge Masters, Electricians.

Steel Twin Ocean-going Tug and Salvage Steamer.

Henry Keswick ".......

Built, engined and equipped complete by The Hongkong & Whampoa Dock Co., Ltd, Hongkong for their own, service, 1921 Length 165 B.P., Breadth 34 (m) Depth 17 (m) LHP, 2000. Fitted with electrically driven submersible and centrifugal pumpa, air compressor, wireless, searchlight and all modern appliances for Balvage Work. Please address enquires to the Chief Manager:

B. M. DYER, B.Sc., MINA, KOWLOON DOCE, HONGKONG.