1924-02-25 — Page 4

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THE HONGKONG DAILY PRESS, MONDAY, FEBRUARY 25TH, 1924.

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HONGKONG AND SHANGHAI

BANK

MEETING.

CHAIRMAN'S REVIEW OF TRADE CONDITIONS.

THE BANK'S SUCCESS IN A YEAR OF

UNCERTAINTIES.

THE DEPLORABLE STATE OF CHINA.

Bank

THE BANK'S VUILDING.

THE REVENUES OF CHINA-

That Japan has received a staggering

I will refer to political conditions in blow is undeniable; there are very few China later. The Maritime Customs re- countries. to which such a. stupendous turns at last disclose the effects on trade catastrophe like the earthquake would of the chaotic esoditions in many of the not have meant a staggering blow. There provinces The total "revenues show an may be difficult years ahead, but that increase of Tis. 4,700,000 but the 5 per Japan will get on her feet and meet the cent. duty was effective, throughout the now situation in a spirit of year and the increase, if trade had been backed by the combined efforts of her permitted to follow its normal course, people and a sound ·ñanacial policy, is should, I estimate, have been at least the hope and belief of her friends. Tls 23 millions.

courage,

THE BANK'S LOSS AT YOKOHAMA, With regard to the Salt Revenue fur-

I would like to mention here the ap- ther inroads on the collections have been preciation of the Directors of the gallant made by the Provincial Authorities, and and efficient way our Yokohama staff in some cases the efficient organisation, coped with the appalling state of affairs established by Sir Richard Dane has been during and after the great earthquake. broken up and replaced by the nominees The British Navy also rendered as in- The annual general meeting of the

premises show an increase of of the independent provinces in defiance valuable assistance in salvage work, and Flongkong and Shangbai Banking Corpor ation was held at the City Hall on over millions, due to the completion of all international agreements. Conse I wish to record our thanks to Admiral Saturday morning. There were present: of our new Shanghai premises and to quently it is difficult to estimate the Leveson and his officcts and men' for their The Hon. Mr. A. Q. Lang (Chairman of work in progress on the important build-xact amount of revenue actually collect untiring efforts which saved a crition! the Court of Directors), who presided, ingy at Calcutta, Colombo and Singned; we only know that about 853 millions situation.-(Applause.)

We propose to rebuild our pre-reached the hands of the Peking Govern- Although matters have not been alto- Mr. D. G. M. Bernard (Deputy Chair- pore. man), the Hon. M. P. H. Holyoak, Mr.mises ac Tientsin, where our business ment of which, 89,498,000 with paid by gether straightened out, we think our H. P. White, Mr. J. A. Plummer, Mr. largely exceeds the accomidation for it, them for the service of the Reorganisa-lossea will be surprisingly small when the magnitude of the disaster is considered, W. L. Patienden, Mr. J. P. Warren, then our progress will be complete and tion Loan of 1913..." ̈

"A CONTEAST: CHINA AND BONGKONG. bat in any case a very liberal provision Mr. N. L Watson (Directors), the Hon. nothing farther of any importance need

In Hongkong, local industries are pos-has been made for them. Mr. A. G. Stephen (Chief Manager), and be undertaken for many years to come,

The Management at Yokohama is to Mr. A. H. Barlow (Manager); and the apart from replacing the buildings des-pering and additions to the Chinese pa following shareholders: The Hon Mr.troyed by the earthquake in Yokohama. pulation coutinue to flow into the Colony.be congratulated on having the affairя The price of land is still high, but the of the Bank there in such a sound post-

I may mention that I have received many agreeable compliments on our magnificent peak has probably been passed. It is new premises in Shanghai, and I think a relief to record that the long-outs:and- it is generally considered that, aparting question of the Military lands is at from any question of British prestige last on a fair way towards settlement.

In the neighbouring province brigand in that International Settlement, the

age and piracy are still rife, and, apart is very greatly hampered. from the important silk, industry, trade

Directors made a wise decision when they decided to develop the very valuable site the Bank possesses there.

EARTHQUAKE LOSSES FULLY PROVIDED 708

H. E. Pollock, Mrs. Pollock, Mrs. J. H. Taggart, the Hon. Mr. A. R. Lowe, Mesers. C. Montague Ede. J. M. Alves, R. M. Dyer, C. A. Middleton Smith, the Very Ber. Fr. Robert, Messrs. C.-A. da Roza, F. C. Ball. Capt. Neville, IL B. L. Dowbiggin, DA, J. H. Sanders, Messrs. Ho Fook, F. S. Cassidy, F. M. Crawford, E. Piercy, W: S. Brown, J. Arnold, D. V. Steavenson, G. M. Young, D. K. Blair, G. Potts, E. E. Ellis, Mok Man Chee. A.

The gilt-edged securities, forming our Denison, C. A. Hooper, W. Var Eps, Lo Sterling Reserve Fund have depreciated Cheung Wan. P. K, Kwok, C. H. Blason, is valde during the year, but no pro R. H. B. Hancock, D. H. Cooper, F. R. vision from the profits has been necessary Marsh, W. L. Leask, H. A. Cartwright, on that account as we have still a very E. M. Raymond, E. Sira Netto, B. A large margin in hand. All ascertained Hale, Chau Siu Ki, A. W. da Boza, Holosses, including those caused by the Kom Tong, F. Smith, F. H. Pentycross, appalling earthquake at Yokohama have Capt. Bell Smith, V. M. Graybarn, D. been fully provided for... M. Dalgety, Ho Wing, P. V. Botelho, Lo Cheung Shiu. E. A. Ram, E. LSim, Chan Lim Pak, Chan Shu Ming, J. M. C. Basto, V Sorby, S. M. Churn, Eong Shuen, W. H. Bredin, K. S.. Morison,

THE CHAIRMAN'S FEW

..THE SILVER MARKET.

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tion.

TRADE IN VITE STRAITS SETTLEMENT. Turning to the Straits Settlements, last year I stated that conditions, although still leaving much to be desired, were

ago, and the same remark applies "this certainly brighter than they were a year

year. The prosperity of the two great products, rubber and tin-especially the former-may be considered the trade barometer" of Malaya and during ex both commodities have commanded con-

There bave been many enses of success- Eul piratical attacks in neighbouring waters or vessely lying the British flag. The efforts of our Navy and of the local police seem powerless to put a stop to them without the co-operation of the siderably higher prices than during 1929, Chinese, authorities on the mainland there has also been a slight improve- which, so far, has not been forthcoming ment in the prices obtained for the next

It is very largest export, namely coprn. any efficient form. humilitating to have to undergo this flouting of the British flag. I am sure our Government must agree with me and will use its utmost endeavours to devise means of dealing properly with a situa- tion which is becoming intolerable.

THE COTTON TRADK.

Rubber restriction has been in force

during the whole of last year, and, nl- though errors have been made, it has on the whole worked smoothly and has un- doubtedly served. to keep prices of a more steady and profitable level. It ean. however, never be an unqualified success without the co-operation of the Dutch Indies.

Silver, which plays such an important part in the Far Eastern "exchanges, has

In North China general export trade, been a comparatively quiet market dur-

by restricted markets ing the year under review and fluctus-handicapolitical unrest at home, spas G. W. Swire, J. C. Taylor, Choa Potions in the price were confined to narrow modic and uncertain supplies, cannot be Min, Lo Cheung Ip and G. E. Brown. limits compared with recent years, the said to have been entisfactory. On the

The in industry has been prosperous highest and lowest sterling quotations import side, a amsiderable improvement

but there has been little doing in the marked improvement during the year. The CHAISMAS is moving the adoption being 33.11/16 and 30), while the News reported in piece goods and sundrian, and prices have shown a steady and Stocks held by the Federated Malay of the report and accounts, said: The York prices varied between 4 and 623 Engineering section.

The year 1997 has been the worst ex- report and statement of accounts having In both cases the lowest point touched

perienced by cotton mills in China for States Government, the Netherlands In- been in your hands for two weeks I will, was practically the same as in the pre- years and, with many Chinese mills short dian Government and the other signa with your permission, follow the usual vious year. Purchases under the Pitt of working capital, and faced by severe tories to the Bandoeng Agreement, have many Act in America were completed losses, due to yara values ruling far be procedure and take them as read:-

prising that a number of such mills have seems to point to reduced stocks and an The past year has been even less about the middle of the year, some los manufacturing costs, it is not sur-been largely liquidated and the outlook. favourable than its predecessor for the months earlier than anticipated, but the either closed down altogether or are increased demand.

cotton prices the outlook for 1924 is profitable working of the Bank, which so actual deliveries to the U.S. Government working short time. At the present level largely depends upon the free movement of the silver contracted for have not yet net at all favourable, we can but hope 1923 was better, but the lack of confidence and finance of international trade for been finished, so the full effect of the that a greatly increased demand for

American production coming on the both yarn and cloth will restore the in the local dealers prevented importers

market values of these commodities to a from increasing their commitments. the employment of its funds.

reasonably profitably level. . In view of the generally adverse con-market has not so far been disclosed."

India was a strong supporter of silver, ditions ruling throughout the year, your

of

sane extent as usual, but sufficient is

As regards imports the demand, during

THE PHILIPPINES.

JAPAN'S TRADE AND THE EARTHQUAKE In the Philippines, trade has been Directors are gratifed at being able to the net consumption of that country for Owing to the disorganisation and loss prosperous owing to the high prices"still place before you a balance sheet showing the year amounting to nearly St. oz. caused by the earthquake, figures for the obtainable for their principal exports a moderate expansion of nearly all of 100,000,000 as compared with St. oz. 74 trade of Japan are not available to theagar and hemp. Should their political its items including profits and loss which millions in 19. Direct shipments from known to form a fairly accurate estimate position as regards the U.S. tariff bo is a little more than $3 lachs over lasc New York to India increased very con- of the course of-trade in 1023) which was maintained, a few more years should year's total. This enables us to pay the siderably. Indian operators finding the chiefly notable for the record-breaking see a complete rehabilitation of the

same dividend, and bonus as last year, víz., £8 per share, and allocate $10 lachs to Silver Reserve and $10 lachs to the writing down of Bank properties I hope this proposed allotment of the profits will be approved of by the share- holders

THE BALANCE SHEET.

in 1922.

THE YEAS VOLLAIL

:

1922.

status remain as it is and their favoured

•

CONDITIONS IN CHINA WORSE.

ception of the two provinces of Shansi

adverse balances and the consequent

on the country's accumulated Ennace of the Islands.

This favoured position is the mainstay New York market cheaper than London owing to the low rate of freight on direct wealth. The chief contributing factor to

this state of affairs was, of course, the of the export trade of the Islands and earthquake in September. The total ad-should it be withdrawn for any reason the outlook for merchants and agricul shipments from New York to India.

During the year China absorbed, as verse balance of trade for the year a heavy decrease of Yen 100,443,000 or 13 early as we dan estimate, St. oz. 7amounted to Yen 538,048,000 representing turaliste would be extremely disquieting. millions compared with St,oz 86,700,000 per cent, in exports and an increase Yen The record of events in China during 04,142.000 or 5 per cent. in importa, Tais the year 1923 continues to be one of From the foregoing figures it will be ing the unfavourable balance by Yen anarchy and politient intrigue, in which one searches in vain for any sign nf Of the con- The items of the balance sheet call for seen that India and China absorbed 1741284,587,000 as compared with the year

The main cause for the decline in the dawn of better things

trary, the conditions of the little comment. The rate of exchange million standard ounces of silver. Should it which the sterling assets and liabilities the consumption by those two countries export trade is found in raw silk and for tically, financially and economically, has

the increase of imports by the continued are converted into dollars, and the silver continue on this scale the mining interests expansion in the principal lines of raw grown appreciably worse. With the ex- assets into sterling, is about 42 per cent. will have no great cause for anxiety, lait material, a condition which can only and Chekiang, brigandage has become the silver market will always remain an rectified by a revival in the oversea's firmly established throughout the country, over the rate of last year, so a compari- uncertain and speculative one, owing to panied by a real effort in Japan to get has been followed by a series of similar markets-particularly China accom and the Lincheng outrage of May last son between their totals and those of the output of silver being more or less down production costs, beginning with outrages, at frequent intervals, in which the previous year is easier than usual steady while the demand is spasmodic. raw silk The total sterling is over millions The revolution in Mexico in December was made for commodities needed in the which they are entitled, are made the After the disaster in September a rush the persons and property of foreigners, so far from receiving the protection to, higher and the total dollars in over $8 caused a temporary stringency of sup restoration, work, almost all of which are main object of the raids, while herds millions higher than the balance sheet plies and an advance in the price.

expected to arrive within the ex-duty of defenceless peasantry are driven off presented to you last year.

period on March 31st next. The result was that Japan's exports, visible and in to untold cruelties in the brigand strong- holds until released by ransom, or by visible, and its available resources abroad death. At all this the Tuchans, ruling were unequal to the strain, causing a serious depreciation in the value of the over these infested Provinces, and with.. more than ample military forces at their currency and consequent hardship to steadily throughout the year. It is rene ndustries dependent on foreign command, look on with indifference. Their one concern and preoccupation is to chtain funda with which to carry on the Rail- 8rettable to find that there has been a countries for their raw materials.

struggle for military supremacy. continuous depreciation of the weight.

ways are robbed of all their accessible revenues and, owing to lack of funds for deteriorat maintenance, and wanton destruction by troops, have, in several cases, ed to an extent which renders traffic dangerous at anything but the lowest the resources of the country and in the speed. This gradual destruction of the record she has established for a scrupul country's greatest potential asset, crent- on sterling at the rates of interest paid Since the beginning of 1920 China has ous observance of all her obligations. In ed by foreign capital, is a symptom of

the by some of our neighbours. Our secur- absorbed over 392 million standard July last we assisted-in floating a loan ities show an increase, mainly due, I ounces of "ailver, early, all of which has for Et millions in London for that great is going on.

the South Manchurian Rail- While the apollation of the Railways regret to say, to larger holdings of British Government Treasury Bills. Bills gone to the coinage of the dollars. It way, which, needless to say, was fully happens to be particularly conspicuone discounted and loans are $12 millions is obvious that in default of a more taken up. Last week we similarly assist by its results, it is but a part of the higher, which is entirely gratifying, and reliable, form of currency and of safe ed in the Botation of a loan for £25 mil wholesale appropriation by rival military lion for the Government, which received leaders of national revenues such as salt, Bills Receivable lower by $20 millions; this also gratifying, indicating as it conditions in ordinary life, the savings a very Battering reception, the subscrip- and wine und tobacco, which should go does that the liquidation of the boom of the lower Chinese classes are taking tion liste remaining open for only a few to support the administration of the

Central Government, years bias practically been completed. the form of boarding these esins.

SJAPAN'S CREDIT.

Notes in circulation have increased by The Canton Mint has not been oper over 88 millions, a rather inconvenient ating but the Nanking, and Hangchow but gratifying tribute to the popularity Mints have been coining Yuan dollars of our notes among the Chinese of Hong kong and China-inconvenient because it must not be forgotten that it is an ex. pensive matter to maintain a large gote

and fineness of these coins, especially of It was inevitable that the Imperial circulation in a moderately clean oondi- tion which we endeavour to do. Deposits those of the Haugehow Mint This Japanese Government, while utilising its show little expansion Silver deposits makes the retention of Sycee all the own internal reserves to the greatest ex tent, should have had to resort to borrow bave increased normbly, but in view of The dificulty of securing employment for more necessary although the Yuan dollaring abroad for rehabilitation purposes our resources and of the cheapness of is becoming to a greatly increasing extent She has an excellent basis for credit in money in London, we have not cared to the national currency of the country. compete for deposits in currencies based

enterprise,

houra

general process of disintegration that