JOAN 1.
THORNYCROFT
AND CO. LTUJ
SHIPBUILDERS
AND
ENGINEERS
Leadoo, Southampton 200„Basingstoke?
THE HONGKONG DAILY PRESS MONDAY, AUGUST 618, 1933,
PASSENGER AND CARGO VESSELS OF ALL TYPES UP TO 6,000 TONS OCEAN-GOING TUGS, MUTOK BOATS (SEA OR RIVER)
UP TO 50 KNOTS.
TOBBINES AND RECIPROCATING MACHINERY AND PROPELLERS. MARINE AND STATIONARY OIL ENGINES & TO 90 B.H.P.
MOTOR VEHICLES 2 TO 6 TONS.
WATER TUBE BOILERS.
You Quotatium, 'APPLI—
ROBERT DOLLar building,
SHANGHAI.
"VIYELLA
The ideal line: for summer Suits la a safeguard against colds as with excessive Excellent perspiration it never strikes chilly. for Sports wear.
14. economial as with repeated washing it does not hriux and wears well,
We contidently recommend "Viyella," and guamates to replace any abruaken' garment. New Socks in Cream and Grey, Made to individual measure by
Mackintosh & Co., Ltd.,
Men's Wear Specialists. Alexandra Bulldlag. Des Youx Road.
PREPARE FOR THE WET
WEATHER.
BUY ONE OF OUR
HIGH GRADE
41
RAIN COATS
they have
UNRIVALLED WEARING QUALITIES
PRICES TO SUIT ALL.
THE SINCERE CO., LTD.
WHITEAWAY'S
GREAT
SUMMER SALE
WILL COMMENCE ON
WEDNESDAY, AUG. 1ST
AND CONTINUE TILL
FRIDAY, AUG. 31ST.
OUR ENTIRE STOCK. (with the Exception of our Standard Values)
be included in this Sale at REDUCED RATES,
$500,000 Worth of Goods at Sale Prices.
A This will be the only General Sale We will be holding THIS YEAR,
DO NOT MISS THIS OPPORTUNITY OF SECURING THE
BARGAINS AVAILABLE.
GALL EARLY. BEST BARGAINS CO FIRST.
WHITEAWAY, LAIDLAW & CO., LTD,
HONGKONG.
(Incorporated in England)
CHINESE FINANCE.
MEETINGS OF THE CONSORTIUM.
OF POLICY.
A STATEMENT
An meeting of the Council of the Chius) Consortium was held in Paris recently, at which were present Sir Charles Addis," Mr. René Thion de la Chaume, Mr. Thomas W. Lamont, and Mr. Kanji Yano, representing the British, French, American, and Japanese groups respectively.
REISS BROS.
NEW COMPANY- REGISTERED.
CHINESE BRIGANDS AND
TRADE, [{}
BANEFUL EFFECTS.
The following is taken from a Floine Paper:
A Special Correspondent who recently Messrs. Rei Bros. (1893), Limited, Manchester, has been registered on Janecoturned to England from Shanghai 9th, as a privato jimited company, with an
arnishes. The Times with an account initial capital of £109.000, with the usua
which throws a flood of light on the formed to acquire (1) all or part of the
The company powers to increase it.
oxtent of the disorder that prevails in the business carried on in England, China
most important commercial areas of the and elsewhere by Reiss Brothers, Ltd. (in Republic. British trule there is being
the
seriously affected by brigands and illegal taxation. He instances that on the up
CORRESPONDENCE”!
A MATTER OF INTER-
PRETATION. ·
(TO THE EDITOR OF "THE HONGKONG
DAILY PRESS."] St-in making the remark to-day that it is hardly necessary to remind Eng-
renders that to-day is the anniver sary of Great Britain's entry into the war against Germany in 1914," you surely have omitted to nid, "but other British-
A NORTHERN CHIEL Hongkong, 4th August, 1923,
A discussion ensued on the proposed con- liquidation), and (2) al or any of solidation of China's unsecured obligations, shares and securities of Holyoak, Afasy and instructions were issued to the group and Co., Ltd., (referred to as the new representatives at Peking to examine, in con-
China sultation with the fous Ministers of their and company"), registerred in Hongkong per part of the Yangtze, the great high." ers ehould take note."
and carrying on the business formerly car respective Governments, the existing float. riest on by the old company in China, ing debt of Chins, including all loara and all or any of the assets and liabilities which are unsecured or of which the of "the new China company," ete. security seems likely to prove inadequate in the near future, with a view to formulat- ing in due course a comprehensive scheme of debt consolidation.
The Council had next under consideration the general policy of the Consortium in Chias, a statement of which it was decided to publish in the form of a separate report, This statement is to the following effect
1. The Council of the China Consortium, having under review recent telegume from
Socra
The first directors are: H. J. Rei The Rise, Whitchurch, Pangbourne on Thames, cotton broker (director, Antiques, Lyos); A E. J. Reiss, 149, Gloucester Road, S.W... cotton broker director. Boers Asiatiques, Lyons); da A. Reiss, Shaw House, Tarporley, Ches cotton isroker, and C. Eckhard, Broeme House, Did-bury, eutton broker. The registered office is at 98, Quay Street Münchester. The director wit have the advantage of the assistance of an Advisory Committee consisting of 3iussts, P.
T. D. Barlow, and M. Skin- her.
company has acquired the eu-
their representatives in Peking, as well as will and marks of the old com
or
way to Szechuan's market, where so many of Shanghai's importa po, trade is being constantly, unscrupulously, and
To soothe the tender susceptibilities of "A Northern Chiel" we would suggest nelplessly penalised by illegal tuxation. It takes two forms" protection that he interprets the expression "Eng tions."
escort" fees and "voluntary contribulish readers as readers of English." The language, we believe, sis paerof the The former are levied on junks louied few things which may still be,referred to with foreign cargo whether duty paid or
as English without giving offence to the most sensitive.—Es., D.P.]" meth not; the intter on foreign-owned vessels also. Recently "escort" fees exactel from a single convoy of junks amounted to Tis. 6.000. Junks, whether escorted or not, are held up by bandits, and not THE CONFISCATION OF THE infrequently the escort demands a further fee with which to buy the brigands off.
SUNNING RAILWAY, I have personal knowledge of a case in which a body of brigands cleared 84,000 in this way and then robbed the junks to the tune of Tia 20,000, or over £3,000. Wanhaien, a few miles below Chungking, on the left bank of the river, is the cen- 2. The policy of the Consortium, namely free from all the obligations of the old
tre of voluntary contributions." A ves- the substitution of international, co-opera-The business in Chian had already, sel is assessed at no rusty authorities so much, and if she tion for international competition in the with the fall approval of the directors of forbid any boat to put out to her from economic and änancial affairs of Chinn, has the new English company, been re been definitely affirmed and endors.d in a stituted under the name of Holyoak,
the shore, thus rendering it impossible larger sense by China and the powers in Massey and Company, Limited. The two for the vessel to get fuel. As few vessels the Treaty sigued at Washington on companies are separate, but will work in carry sufficient fuel to get from chang February 6th, 1922.
elese harmony, and the necessary recipretive but to pay the money demanded. to Chungking there is usually no alterna-
Treaties and agreements which stipulate exactly how much foreign - goods- should. pay in duty are disregarded with it, punity.
Press messages and comments beating on the present economic and political situation in China, consider that a general statement of the policy of the Consortium may be at this time of interest to the public.
tire
pany, and in order to preserve continuity, has taken over certain current orders on the books, but otherwise it starts entirely
3. The Treaty is in effect an undertakingeal arrangements have been made. by the Powers to respect the sovereign: rights of China, to preserve her territorial integrity and to provide her with a free and unembarrassed opportunity to develop her economic resources and maintain for herself un effective and stable government. 4. The Consortium is an appropriate instrument for giving effect to this policy, It is not designed as a permanent organisu which China may be assisted to pass in tion, but rather as a temporary bridge by comparative safety through the dificult period of transition from an unsettled to a settled state of government.
must remain intact, and, with the approval and support of the Governments, continue to perform with patience the functions asigned to it,
5. What has already been accomplished appears to justify the belief that tCon sortium has been constructados sound lines, and may reasonably be expected to fulfil the purpose for which it was designed with due regard to the 'natural suscepti bilities of the Cuinese on the song hand and the security of the foreign investor on the other.
A DISCLAIMER.
6. It is popularly supposed, and oc- casionally asserted, list the main object of the Anate al Groups composing the Consortium is to harvest undue profits reuped from leans förced upos China under i the protection of their respective Govern- On the mente, This is not the wise. contrary, it has ban by their consistently refraining from lending that their principal auccess has been achieved in courage ing the utilisation of native savings before recourse is had to foreign capital, and in arresting the profligate expenditure which was heating the country straight for bankruptcy. It is not too much to say that the Consortui hus helped to stimulate and f ster a ne suddepen dent public opinion in China, and, by putting a stop to the menace of financial penetration arsing from indiscriminate and unproductive foreigu borrowings, is helping to conserve the integrity of the
1. It is the settlel policy of the Con- artium to refrain from interference in the internal polisied affairs of Chius. The precludes the immediate here of giving prescut political upheaval in that country practical effect to any Consortium pre- pusul for administrative
15
loar,
that the Groups must always stand. Conditions, however, change so rapidly prepared for action in anticipation of the time when China shall hare again attained to such degree of political peace and security to afford a reasonable prospect of a stable Government.
THE FLOATING DENT,
DANGERS OF TRAVEL.
Another consequence of the prevailing disorder is the danger attending travel in the interior and the insecurity of pro- perty. Foreigners travelling in the in- terior in connection with the sale of
selves are exposal to the constant dan cigarettes, kerosene or sugar run increas ingly great risks. The sub-stations them-
ger of being looted. I have before uie an incomplete list of towns in the interior looted during 1999. They total sixty-two. Anhui, Chihli, Kiangsi, Maneharia, and and are in various parts of Honan, Kwangtung. In addition to these a very large number were losted in Kwangsi. The effects of disorder are also felt very acutely by firms interested in the impos of machinery.
In another way Chinese who have fail ed or do not wish to take up their con- They are said to have gone beyond Ning- tracts, have in consequence" absconded. po, to Ningpo-more-fur, Ningpo being
the name of
cut his loss, though each time he does
easier, the road of escape for other dis
honest dealers...
· DISREGARD 'VOR FOREIGN PRESTIGE. “
WHO IS TO BLAME Failing to get from the owners of the Sunning Railway a loan which the Cas- tou Government desired to meet its fiscation of the railway. A statement military expenses, it ordered the cons
signed by five shareholders of the rail Way Bates --
Since the military headquarters camped on the rivers, over 400 has heed lant by the Company as well as coal for military uses. Special reserve cars, were used at half-rates-for-trans portation of soldiers.
Besides this, extra receipts amounting to over 200,000 were taken away. The Can- ton Government, not satisfied with this, Buddenly Druered a further loan of $300,000 for military expenses, and in consequence of the Company failing to hand over this amount in two weeks,.. the Government decided to assume
beyond the ability of the Company. control of the railway Is there are any reason in this? The demands aro The Company has recently fallen into debts which have heaped up like mour- tains and can hardly maintain the pre- sent situation. How then can it find such a big sum of money "WA
AVICE MINISTER LESIONS
It is learned from authoritative sources that Mr. Wa Hok Fong, Vice-Minister 11. Industrial Lonas, in which railway
of the Ministry of Reconstruction in Ca hans are included, are in a different cate
ton, bas tendered his resignation, but gory. Provided adequate security can be
Dr. Sun has not been pleased to accept obtained, there seems to be no reason why
his tendering, his resignation is that it. We are informed that the cause of the further devolopment of railway commu-
blanc has been injustly attached to him nication in China, in if a potent means
politiedoileatin, shoull wait upon Shanghai. The refuge of Ningpo-more- Sunning Railway. The order for cam
in small Treaty port close to in connection with the confiscation of the the solution of her administrative problem. far" is much more often used today fiscation was actually issued by Tam Yiu than formerly, partly because there hasHoi, the former Minister of Reconstruc 12. It is recognisel that au essential part come into existence a class of dealer tion, on the eve of his departure for. of any scheme for the fitment reorganien. whose word is certainly not as good as Hanau, his native province. Naturally, tion of China is the consolidation of the his bond-itself a sign of the times since the order was served after the de- flating debt, and a scheme for snel con- partly because ac arm of the law parture of Tam, the officials and share- solidation is at present under consideration China stretches nothing like as far as it holdere of tho enilway company attri- used to stretch. Once a tua has gone huted the responsibility of the order to by the Group Representatives in Peking.
13. A curtait portions of the Chinese to "Ningpo-more-far" he is for all prac- Mr. Wa, na he was Acting Minister dur tical purposes beyond the reach of the ing the absence of Tam, and pending the public appears to be under the delusion
arrival of the new minister. Being that in some way or other the object of the law. The foreign importer is obliged to Consortion is to obtain control of China's.80, of course, he broadens and makes would create trouble Mr. W resigned aware that confiscation of the railroad finances and railways. If such a delusion
immediately he learned of the intention really exists, it fan only be due to a
of the authorities. That was about two mistaken reading of every public announce
weeks ago, Dr. Sun refused to accept ment which has been made on the part of
As a result of all these factors there is his resignation, but Mr. Wu has insist the Groups.
14. It has repeatedly been stated that ring us an increasing disregard for ed that he be relieved of his post as he foreign prestige, and that at a time when
does not wish to be associated with any interference with the domestic politics of Young China is more than ever anxious action of the Government that would China has no part in the programme of the to recover for the country what are term- create friction between the people and 7. Much still remains to be done, and Consortium. that the reorganisation of ed its sovereign rights, the consequence the government, particularly in a case until their work has been accomplished the China's finances must come from China being that questions other than purely of the Suaning Railway, he being a native several Groups of the Consortium are con-herself, and that the role of the Consortium commercial ones in which business men of that district. vinced that they would not be justified in is limited to on endeavour to assist there vitally interested have reached a baving regard merely to their own con- Chine Authorities, if requested ti do deadlock. The status of the ex-caemy re.catablishing economic and concessions at Hankow is one of them; Tenience by resuming their freedom of Ro, in
the extension of the foreign settlement independent action. They are reinforced in financial equilibrium.
at Shanghai is another; the future of this conviction by the consideration that
Wei-hai-wei--to judge from recent enhles the Cousortium appears to form the chief
15. It would be futile to ask the foreign badly need a trade-mark law in China, has now to be added to these. We barrier between China and the policy of Spheres of Interest which prevailed during investor, to whom the Consortium stands
but what hope is there of getting uns! the last decule of the XIXth Century. It in the relation of quasi-trustee, to sub-
What needs cophasis is the fact that, a Chiness loan until he is as between the three chief Competitors will be remembered that it was during that scil to period, known as the Battle of the Con- satisfied that its proceeds will be properly in the China market, the circumstances cessions," that definite claims to exercise expended and his capital duly returned to are most prejudicial to Great Britain preferential rights over specific geographical him at maturity. It is indisputable that In the first place, Britain has sunk more areas of Chins were advanced by different this necessitates, some measure of super-capital in China than Japan or America. chiefly for Fancy Goods, but the voluine Powerk. If the claims had been vision, but no more control than the in the second, it disorder affects British of business which has resulted in disap maintained the disintegration of China must inimin actually required to provide this and Amaritan trade equally, our market pointing Manchester prices, especially have followed. Any backward step towards adequate degree of security without which in China is more important to ma than for staples, have declined, Clearances the resumption of a silimar policy might it would be impossible to issue a foreigners is to her; while, on the other have fallen off. Local values are practic
bund, disturbed conditions in China ally unchanged. well be expected to produce similar results lon
fock the outle: much more in our case 16. It is the policy of the Consortium thau in Japan's. Japan's proximity to 8. The pressure upon modern nations to discover and develop outlets for their tride
country,
PROTECTING THE INVESTOR.
source of
her control of Manchuris gives hors region on which she can rely far more than we can on any part of China pro- her. It is British business men who are most interested in the question which have reached deadlock.
A.
S.S. “SEISTAN" RETURNS.
STRANDING CAUSED BY
to assist in building up the general credit the country enables her to taks much is increasing, and China presents to-day ball outside intervention may be gradually ties to requirements and opportunities of Chins on such secure foundations that shorter views and to adapt her activi far the largest undeveloped field for com eliminated ned the entire control of loun much more readily than we can; while mercial oxpansion. If the restraint at pre- sent cxercised by the co-operative action of service and expenditure may tally pass the Consortium is removed, the resort to into the hands of China herself. the pressure of individual agents in com- 17. There appears to be some misunder petition with each other would appear to be standing is China with regard to the sur. inevitable. From that it might be but a stap Jestion that the Land Tax might at some to the intervention of foreign governments future date be utilised as a in order to protect the vested interests security for a supplementary administra acquired by their nationals in different tive loan should the other revonbes of the parts of China, and Spheres of Interest, country prove insufficient for that purpose, with consequences disastrous to China, or be already fully pledged. That the col "would once more be established.
lection of Land Tax should be remodelled on the lines of that of the Maritime BUILDING UP CHINA'S CREDIT. Customs, ..., placed under foreign supervi 9. It is more in the interests of China sion, formed no part of the suggestion, and for the Fowers to deal with her as u whole was not even discussed. Neither the rather than separately, in co-operation application of foreign control to the rather than in competition with one collection of Land Tux, nor specifle another. It is the aim of the Consortium hypothecation of that security, came within to assist China in the building up the scope of the conclusions reached at the of her credit until sous day like other Consortium Conference at New York in nations she can borrow for her require October, 1920. The project of a lean ments on the strength of her national secured on the Land Tax was not then, and credit, without the necessity of recourae to is not now, ynder" consideration by the specific security or supervision of ex. Consortium. penditure. When that day comes it will
Le time enough to talk of disbanding the Consortium. Until then the Consortium (Continued at foot of scat Column.)
C. S. ADDIS R. TH. DE TAX CHAM THOMAS W: LAMONT, K. YANO.
HONGKONG TRADE. CHAMBER OF COMMERCE REPORT
The fortnightly report issued by the Hongkong General Chamber of Com serce says:
:
Cotton piery goods and fancy cotton goods-There has hacer a fair enquiry,
Cotton Yarn-The cupture City by Sun Yat Son's troops has created of Wuchow better feeling and a fair number of In sympathy with the decline in the price balcs was put through at previous rates." of American Cotton, buying bus crased and quotations are purely nominal.
Quotations are:No. 108 104/191. No. 128 8172/202. No. 168 $195/907. No. 20s 8182/200. Arrival 4,250 Lales: Ship- ments nil, Sales 3,000 bales, Unsold stocks 11,000 bales. Bargius 7,000 bales.
Woollens.There is a considerable amount of enquiries and some lines of suitings have been hooked, joLA Raw Cottoas.-There is, to business to report and quotations are unchanged.
Metals.-The market has been gotive chiefly for spot cargo at prices which in many cases show a loss to the importer. Local prices are auch below replacing. cost as it is difficult to negotiate for future delivery
Flour Market Heport-Stock: estimat ed at 350,000 Backs.Market teady.
UNUSUAL TIDE.”“
Thus Seistan, which recently ran ashore in the Hainan Straits, returned to Hongkong on Friday afternoon. Dar ing the last typhoon: the vessel made for nina Bay to geek shelter. The wen ther cleared and the ship continued her voyage down the Straits when aunt navigators on the China codat, ne of those extraordinary tides which during typhoon weather carried her bout twelve miles out of her course, and the grounded on a sandbook. She was able to get off after a short while with- out múel" difenlty, and procceiled to dull. Hoihow. From there she stained to Saltpetro, No. 1 Blight improveme Hougkong. The damage was very sight. since last report.
Quotations American Fatcat 3.68 per sack Anierican Straight 83.00 pos Shanghai Flour $3.15 per sack, Austra Back; American Cut off $2.95 per Back lian No. 1.83.00 per sack
Sundries: Window Glass-Few unin portant sales. Market quist
Sugar-Java Rough White Marki
No comments yet.
Private notes are available after approval.