1923-11-15 — Page 3

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THE HONGKONG DAILY PREENDE

Foamite Firefoam

THE MOST EFFECTIVE FIRE

EXTINGUISHER.

SOLE AGENTS, FOR HONGKONG AND SOUTH CHINA:

THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.

Tol Central 238,

HONGKONG'S

3, Queen's Buildings.

POPULAR CAFE

THE

BLUE BIRD

HAS A NEW SHIPMENT OF

CHOCOLATES

AND BISCUITS.

CORNER OF

Queen's Road

AND

Pedder Street.

THE "STRAND" PHONOGRAPH.

Built by America's Foremost Mechanicians, the "STRAND" is the Latest Creation in the Phonograph Line, The following are but a few of its Outstanding Features:

1.--It is built of the Best Materials to withstand the climatic

conditions of Tropical Countries.

2. It is Artistically Designed and Beautifully Finished. 3.-Its Tons is Bound and Full-surprisingly Life-like.

4-It plays all kinds of Disc Records, including Pathe and Edison,

without Change of Attachment.

Call for Demonstration at the

OKEH STUDIO,

8. Das Vœux Road Central (CoRSER OF ICE HOUar Sekers).

TEL NO-CENTRA3 4453,

WORLD THEATRE

THURSDAY, 15th, to SATURDAY, 17th Nov, at 5.15 and 9.15 p.m.

THE YEAR'S DRAMATIC GEM

UNIVERSAL-JEWEL

presents

DRIVEN

with

CHARLES E. MACK

(Courtesy D.-W. GRIFFITH)

A Remarkable and Unusual Homantic Drama Set in The Beautiful Hills of Kentucy.

Admission:-

9.15 pm-11.50, & 80 ots 5:15 pm-$1. 0 & 60 otz.

BOOKING AT THE THEATRE.

THE END OF THE MARK

2

THURSDAY, NOVEMBER 15TH, 1923,

A BREATHING-SPACE.

The scheme is really a method of pro- AND AFTER

viding the Government for the next twa. "NETMARK AND ITS PROSPECTS | yours with a funded loan of 1.6 millions geld or 30,030 billions, paper marks at existing rates. This ought to spable [BY PROFESSOR M. BONN IN

them to carry an until a permanent THE ODSERVER."]

settlement of "the ânance and currency problems is reached. It is a kind of The last few weeks have seen a com- forced loan, which the subscribers raise plete breakdown of the German mark, by a pond they pledge themselves to pay All efforts to stabilise it by the use of the interest on. It would be impossible for the landers to provide the cash need- the gold of the Reichsbank have failed, ed; it would be quite as impossible to For the issue of notes had assumed such place such a huge loan even in slices gigantia proportions that the pegging of in the general market, though the loan exchange through the export of gold had is really well secured and the interest to fail, though the loss of the gold of guaranteed. For this and other reasons a somewhat complicated. form of finance the bank was considerable, The chief

has been chosen 3 per cent of the real cause of the buge deficit made good. the issue of notes was the cost of finage in Neumark notes in favour of the Gor- estate of the country will he "mobilised" ing the Rubr. These costs could not beernment. covered by the very energetió measures · Besides the Neumark, Germany, will which the new German Government have have a "gold mark, which will be tha undertaken. These reforms might haved gold mark, or the 90th part of a been successful earlier in the year. It sovereign. For the Reichsbank, being is more than tragic that financial reform freed from all Government obligations and ers in Germany have only succeeded in of all its paper money, will by-and-by. breaking down all obstacles against mone-return to its old standards, and issue tary reform at a moment when completa gold notes against the gold and the gold success is out of question. There was exchange it may own. These gold notea a hope a few months ago that by new will not be legal tender, but as they are taxes and by the issue of a domestic gold thoroughly covered they will be at par loan a provisional equilbrium of the Ger- and be greedily taken up. Whether the man Budget might be reached, so that a Neumark can be kept at par with the new issue of notes might temporarily be gold mark will depend on the financial suspended, and a kind of political development of the next few years, stability might have been created during When time is ripe, the purely temporary which the Ruhr, crisis might have been institution of the Neumark is to dis- settled.

appear, and Germany is to have a gold currency cnco more,

These hopes have come to naught. The Cuno Government and the British Gor For the time being there is to be a ernment apparently succeeded in con- kind of parallel system, the relation of vincing each other the time did not the gold note of the bank to the Neu- matter. The grim position has not driven mark being somewhat like that of the the German Government into that finan- note of the Bank of England to the eur cial fatalism which is the greatest danger rency note. It is unfortunately a com to statesmanship, Whilst the political plicated system. It will succeed only if foundations of the Continent are rock the political situation permits of a real ing, the German Government bavo intro settlement: if this cannot be done it duced drastic financial reforms and have will fail, but in that case any system is launched a very interesting project for bound to fail.

a new currency.

:

THE NEW PLAN. A "Neumark" (originally it was called **Real estate mark' Bodenmark.") is to be introduced. This Neumark

WEATHER REPORT.

November 14th at 18.40-Pressure has in- will be a legal tender. No more papered lightly at Chefoo, and from Guam to marks will be issued. The outstanding Top. It has decreased lightly as Shanghai paper marks will be redeemable in Neu-nd over Formosa and is nearly stationary mark at a rate of exchange to be decided later on.

elsewhere

The anticyclone remains stationary over be lower Yangtze Valley.

the

Hongkong rainfall for the 34 hours ending at 18 hours, 14th November, 0.00 inch. Total dace January 1st, 106.41 inches, against an average of 81.29 Lacker.

The forecast for the 24 hours ending at 18 hours, 18th Nov., is follower

DISTRI

POZEGANT

·Formosa Channa!

N.E. winds, fr. sb;.

fair.

The Noumark is to be issued by a new,

The position of the typhoon is uncertain. Currency Bank, which is to be formed

Fresh monsoon may be expected along the by the associated corporations of 8.E. coast of China and over the N, China agriculture, trade, and industry with a Sea. capital of 3.2 milliards gold, of which sco million will constitute a reserve. This capital is to be raised by the landed interest and by trade and industry in such a way that each contributor pays about 3 per cent. of the capital value at which his land or his concern were asses- sed in 1913. This capital will not be paid in gold, but in bends; 3 per cent. of the value of each property, agricul tural as well as industrial, will be mortgaged in favour of the Currency Hongkong to Gap Rock Bank. The mortgagor will have to pay six gold marks a year to the Currency Bank on each 100 gold mark thus regis- tored. (Industrial concerns can hand in debentures.) The Currency Bank will issue gold mark bonds carrying 5 per cent. interest, which are completely covered by the mortgages or the deben- tures registered in its favour. These mortgage bonds, the yearly interest on which is secured by the 6 per cent. charge on the land or the concern, enjoy a prior lion on all estates, able to postponement only to a limited claim of

South coast of China betweż |

Hongkong and Lamocka j Beeth coast of China between

Hongkong and Haitan

do.

do.

CALABASH, B.B.B., LOEWE'S,

" DUNHILL; and FRENCH

BRIAR PIPES"

the Reparation Commission. The bonds in all Shapes, ranging from $1.50 each

are not issued to the public: for the bank

is not a mortgage bank. They are kept

by the Currency Bank, which will be entitled to issue for each bond of 500 gold mark, bearing 5 per cent interest,

Call and See them.

500 Neumark in the form of currency HONGKONG CIGAR STORE, LTD.

notes

DANGERS AVOIDED.

The Neemark is a bank note, covered by a negotiablo first-class security, and as such liable to all objections to such a scheme. The Currency Bank will be bound to redeem its Neumark notes at par against its gold mark mortgage hoods. When the general rate of in- terest is low the public will hand in notes and withdraw bonds, on which they can enjoy 5 per cent, interest..

[83

When in doubt about your eyes or your glassos Jonsult

CHINESE OPTICAL CO.

Eye-sight Specialists.

In its original shape the plan evolved 67. QUEEN'S EOAD" CENTRAL

by Dr. Helfforich was an extremely dangerous scheme in the interest of agriculture, and to a lesser degree of industry. The Government schemo has, however, avoided most dangers. The amount of the new. note, issue will be very limited, and the Currency Bank is really not a bank at all. It is rather a corporation organised for the "purpose of Tending money to the Government, for it is not allowed to do any banking business except with the Government, and to a limited degree with the Reichs bank. It may lend most of its capital up to 1.0 milliards Neumark to the Gov ernment. It will advance to it immed iately 300 millions Neumark us a loan.

This will enable the Reichshank to stop the "discounting of Treasury Bills and the issue of new paper marks. The Reichsbank will receivu from the Government the 300 millious and cancel the outstanding Treasury Bills against it, substituting the Neumarkt ne cover for its notes, and decuro ita willingness to redeem them at a certain rate. This may be done, to quite a considerablo degree. The total note issue outstand ing was alent 1200 billions, and the value of 300 millions gold-mark at the present rate is about 10.000 billions. If there are no unlimited "new" note Issues, there is bound to be a serious scarcity in circulating medium, and very few paper marka will be presented for, re- demption. It will be possible" to raise the value of the paper mark, and, with it to a cortalu degree, diminish this marcity. Of the Nenmark remaining with the bank: abort 1,300 millions ́may be lent to the Government as needs may arise during the next two years, whilst a reserve of about 10 miliona will be kept by the currency bank.

Hongkong

[

JUST AS SOFT AND FLEECY AS WHEN TWAS NEW!"

YOUR FAVOURITE AUTUMN SHAWL JUMPER, COSTUMES, EVENING GOWNS AND WRAPS CAN BE RESTORED TO THEIR ORIGINAL SMARTNESS

BY GIVING OUR

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THE STEAM LAUNDRY CO.

HEAD OFFICE and WORKF, YAUMATI, Tel K3%. HONGKONG DEPOT:16, Stanley Street, Tel. O 1879.

62, Praya East

KOWLOON DEPOT: 19, Canton Road."

CANTON: 19, Sharki Central, Fast.

GREAT REDUCTION SALE

FOR 15 DAYS ONLY.

From October 25th to November 10th.

ALL KINDS OF LAD ES' FANCY GOODS

including Swatow Drawn Work, Canton Embroidery, Hand-made Lacas, Ivory-ware, Beaded Works, etc., etc.

DON'T MISS THIS OPPORTUNITY.

CHINA DRAWN WORK CO.

(VUEN "CHEONG)

40, Queen's Road Central.

PIANOS FOR SALE OR HIRE.

TSANG FOOK PIANO CO.,

TEL. 2127.

WANCHAL BOAD.

'DO BE CHAIRFUL" COMPANY

Makers of Durable Seagrass and Rattan Furniture, in which the harmonious blending, exclusiveness and artistic designing are so pleasingly evident.

A visit to our Store at

51, QUEEN'S ROAD CENTRAL.

will convince you of the "8--in-1" principle. successfully applied.

:

SOME DISTANCES IN THE SOUTH CHINA FEA-

AND PHILIPPINE ISLANDS

Un Bale st

BT CAPT. G. E. PENNEFATHER,

BREWER & Co., Feilder Street,

YE OLDE 'PRINTERIK, LTD, Queen's Road,

S. O. A. E. 0.

THE FAR EAST OXYGEN AND ACETYLENE CO.,

LTD.

DEALERS and MANUFACTURERS of Oxygen, A Acetylene, Carbonio Acic, "Ammoniae, Anhydrous sulpurous gases, Carbide

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Tel Central, No. 2344,

Prompt realling at moderate prices of all kinds of Motor

Cycle soetylone tanks.