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

SLUMP IN MUROVE STILL AFFECTING PAR KASTERN TRADE

The decline in European productive and consumptive power continued its depressing effect upon British Trade, and this has militated against any marked improved demand in Far Eastern and

and will become more than ever the main foundation of international business and British prestige in China. Your remarks about the staff. will be fully endorsed by the shareholders. It is an'asset of the greatest value to the Bank, and it is

THE NEW RENTS BILL ADDITIONAL AMENDMENTS.

The Government Gazette contains an amended draft of the Rants Bill which it

is proposed to introduce into the Legis

POLICY OF POWEES TOWARDS CHINA. The latter has in fact become littla more than an expression, and the group of officials who function in Peking under the name of the Chinese Government, maintain that position mainly by virtue of the recognition of the Foreign Power Indian exports, though the actual per. Pleasant to think that thare is a suffie lative Council on Thursday, 18th Febru- centage of British Experts to and Im-iency of rising man trained in the tradi-ay. This draft differs only in clause 4 ions of the Bank who will in due course from the draft which was published in the direct its fortunes. So long as that is Gazette of the 15th February. The reason for the alteration in the draft is 45 the case we can look forward with con-

follows:-

while their sole monetary resource is the precarious residue of Sält revenus after the demands of the militarists and ports from these places keeps about the same as they were in 1913 on increased clamorous creditors have been satisfied. monetary value corresponding to the Amid such conditions of political chaos, general rise in prices. and abseter of real central authority, This satisfactory to notice amid the the discussion of schemes for debt cou-maze of contradictory reports, that Rus solidation," industrial development and sin is gradually trading more freely with the like can have no concrete results. Foreign Countries, Great Britain includ-

such schemes, namely adequate security

EASTERN BANKS READY TO HELP TRADE.

Adence to the future.

ELECTION OF DIRECTORS.

It cannot be too widely known to ship./Year 1024, on the proposition of Mr. F. This would be sufficient if one could be

are

SMYTH, scconded by Mr. D. E. BLAIR."

Clause 4 of the Bill applies only to what are called "current "notices to quit, The adoption of the report and acc., notlers to quit, on the ground of in- counts was unanimously carried.

tended reconstruction, given before the On the proposition of Mr. A. DENTON commendment of the proposed Ordinance The rat essential for. giving effect to cd, and it is to be hoped that the disseconded by Mr. Ho Kox Tove, the and still unexpired, at its commençament: tinct recovery noticed in her exports and appointment of Messrs. A. II. Compton, The draft of clause 4 which was published under the control of the Ceatral Govern imports will continue. If only Europe N. L. Watson and J. P. Warres as Direc in the Gazette of the 18th February pro tors was confirmed and Mr. G. T. Edkins vidal that such current, notice to quis ment, is wanting, and must contique to can put its house in order, and as a re-

the Hog, Mr. A. O. Long and Mr. H. P.should be invalid unless, before the expira be wanting until there is a stable Central ult of Rettled conditions take more in-

dinn and Far Eastern exports, an im White were re-elected Directors. Government, able to assert its authority!

tion of the period of the notice, the lessor Messrs. A. B. Lowe and C. Beraned obtained a certificate to the effect that the ore the Provinces. Such a stable Gove proved demand for British exports must

Brown were re-elected anditors for the intended reconstruction, was desirable, ernment cannot de created or maintained necessarily follow, until there has been, dishardment of in- dependent military forces and complete readjustment of national ami provincial pers at home that Eastern Banks Enancas. The policy of tEs Powers to always ready to extend facilities to wards China, conceived in the artificial traders abroad when markets show any atmosphere of Washington, has ceased to stability. British Government trade ere eral meeting closed I have a motion to the three months period, thus keeping the have any relation to the fact. The scope of to any great extent in connection with Propose which. I am sure, will meet with lassen in doubt as to whether the notice|

the hearty approval of every shareholder, is to be valid or invalid at the end of the morts, canres now be limited to the mere Eastern trade, and it is useless for the that motion is to propose that a bearty thres months. The now draft of clause 4,

Government to advertise as they have done an extension of these credits. Sal-vote of thanks be accorded to the Board therefore, provides for the invalidating of vation does not lie that way. The East of Directors and the staff (Applause.) current notices in a second way, and un- į

ern Banks have abundant resources, avail-

I am sure we all appreciate that the year der it current reconstruction notices to able to finance every sound proposal pre-

1923 has been a very difficult one for quit will become invalid, not only upon sented to thein. Shippers can rely with business generally and it must, therefore, the failurs of the lesser to obtain a certi- confidence on these Banks who are in be exceedingly gratifying to us as share cate of desirability, but also upon the close touch with their customers abroad, holders to know that in that year we have obtaining a curtificate of undesir- to extead credit facilities, while giving realised a net profit of over 13 million ability, a, a certificate that the intended

of the Tarif Conference, whenever it

consideration of a 21 per cent. Custom

surtax, which is of minor importance beside the vast and complex problem now calling for polation, and is would be a eseless tax on trade unless accompanied by measures for fiscal and administrative refory. The fanucial problem, which is the direct outcome of the prevailing military tyranny, and which in the minds of foreign creditors" overshadows-every- thing che, cannot be effectively dealt with except in conjunction with other reforms, and a Customs surtax of 2 per cent.

dits cannot, we think, have been availed

overy encouragement to open up business on sound lines without hidebound restric- tions which only serve to cripple it.

It is reported that the speeches of the Chairmen of the greät London Banks are

BANK STAFT THANEED.

The Hon. Mr. H. E. POLLOCK said; Before the business of the ordinary gen-

dollars. (Applause.). These results are due to the efforts which have been made "by the Board of Directors, our Chief Manager, and the general managers in

their wise direction of the affairs of that important concers, and whilst we are

sure that lessors would apply promptly for certificates, but some lessors, possibly through negligence, may delay making their application until towards the end of

reconstruction is undesirable. This gives

the lose an opportunity of taking steps himself in order to obtain an early deci sion on the question.

An apprehension has been expressed...on the part of the tenants that certificates of

is nua utterly inadequate fur that put optimistic in tone, but none of them base giving our thanks to them we must not desirability may be applied for and

1950.

THE CHINESE MARITIME CUSTOMS.

attention throughout

subscribe to them.

THE DANK'S PROSPERITY.

NOTE 19BUE TO BE INCREASED,

lowed, the same directors and share An extraordinary general meeting fol- helders being present.

The notice of meeting having been read. The "CHAIRMAN said:As a result of the natural expansion of our business and of the ever-increasing demand for our notes, it has been found necessary to approach the Government with the re- quest for some modification of our Ordi-

I think, however, that, like the Chair-nance. I may say that I anticipate no men of the London Banks, I can legiti-objections to our request from the Hong- kong. Government, nor from the Colonial mately conclude with an optimistic note.

reached us yet except a condensed ex- Indeed it is difficult to see how any- thing short of the full 74 por cent cerpt from that of Sir Walter Leaf, the forget the rank and file, remembering btained without their knowledge, so that surtax proposed by the Mackay Treaty Chairman of the Westminster Bank, that the results are due likewise to the they may not know up to the last moment whether any certificatè has been obtained, will meet the case, accompanied by pro whose pronouncements on all mattere hard work and loyal co-operation of and it is pointed out that there is no pro- visions for a just apportionment of re

nue to the provinces in return for the concerning business and finance command every member of the staff of the Bank vision in clause 4 for the servion of the the from the highest to the lowest.(A certificats on the lessee. The question of abolition of all international taxation on respectful trade, and the relinquishment to the world. We know that £130 millions of plause.) Under these circumstances, I providing in the clause for such service has Central Clovernment of what may be pre- Foreign and Colonial Loans were issued

am sure that shareholders will most been considered, but there are difficulties perly classed as national revenues. The in London during 193 and that London price to be paid may seem at first sight proved to be the best market for the cordially approve of the proposed bonus in the way, and it is thought that the

Sir Walter's opinion to the staff-(Applause.)" large, but it is insignificant compared to foreign borrower,

In closing the meeting, the CHAIRMAN point will be met sufficiently by the adop the gain to foreign trade resulting in is that these borrowings form the best

restoration to peaceful conditions and foundation for an expectation of the ex-announced that dividend warrants would tion of the following procedure. If a cer tifica of desirability is granted to the good Government throughout the coun pansion of British export trade, but he ready on Monday. try, which must be the indispensable while the outlook is good, any real ad-

lessor, the Building Authority, or the vance would be conditional upon the guarantee demanded.

absence of serious labour disputes which

will endeavour to communicate the decision Governor-in-Council as the case may be constitute the darkest spot on the hori

to the lessee as soon as possible, and will, Amidst the prevailing internal dissen-zon. It was vain, however, to talk of sion and civil strife, the Maritime Cus prosperity while the shadow that veiled

In any propor case, endeavour to com- municate with the lessen before granting a toms still atands out ** the symbol uf

war hung over Central Europe. Those honest and efficient administration, the

are the views of one of the wisest men

certificate of desirability, bulwark of foreign trade relations with Chira, and her hope of financial salva in the financial world and we may well tion in the future as it has been the foundation of her credit in the past. Any measure which, by recognising the claims of seceding Provinces to a divi sion of the Customs revenue after inter- national obligations secured upon it have Amid all the political and financial dis. Office, nor from Iis Majesty's Treasury, been satisfied, would be a retrograde turbances in China and throughout the and if the resolution which I am about step in the direction of further disunion world, the Bank stands powerful and to propose is "passed by you, the Attor So long us the Peking Government run flourishing. No disorganisation of expey-General will prepare a Bill embody tinues to be recognised by the Treaty changes, or dislocation of business, seeming it for consideration of the Legisla. Powers the de facto Government of the to seriously affect its prosperous career, tive Council. The resolution is

entitied to and I am confident that, as it has greatly "That the Directors of the Hongkong country, it must be held receive the whole Customs revenue. But grown in strength since the world, went if its claim to do so is to be challenged to pieces in 1914, it will continue to be by provincial secessionists, and pressed equal to any fortune that the future may by them to the point of endangering the have in store for it. present administration of the Custeras arevice, as defined by international agree Tents and the prescriptive sanction of Lixty years, then the "reinedy would ap pear to be in withholding the Customs surplus from all contestants, to accumu; Zate in reserve until they have composed their differences, and military operations throughout the country have ceased. Such a step would, I believe, have the approval of all who sincerely desire to see an end to the civil strife now disrupt ing and ruining a great country which, with no external enemies and almost limitless potential resources, should he one of the most prosperous in the world.

LONDON MONEY MARKET.

The London money market ruled easy throughout the year, the only change in the Bank of England rate being an ad

the

CHILDREN'S HEALTH CON- FERENCE IN HONGKONG. A. Children's Health Conference, under auspices of the Chinese Young Women's Christian Association, is to be held to-morrow, Wednesday, Thursday and Friday of this week at the YWCA From two to four each afternoon there will be a child welfare exhibit and lectures followed by demonstrations. Thorough and Shanghai Banking Corporation be examinations will be made, of children of and they are hereby requested and pre-school age, and the mothers advised as to their care, but no medical treatment authorised by and on behalf of the Share- holders of the Corporation to take the nor medicines will be given. Dr. S. To Before sitting down, "I would like to steps necessary for the introduction of Wong is the conference physician and pay my tribute to the staff. In a book Ordinance into the Legislative Coun- other doctors giving their services are, ing business such as ours with branches cil of the Colony of Hongkong and for Dr. Wan Man Kai, Dr. Y. H. Hoashoo, in London. New York, etc., whose trans- the enactment of the zame by the Gover Mrs. I. Mitchell, M.D., Dr. T.. P. Woo, actions are all directed and controlled nor of Hongkong with the advice and von Dr. Gladys Fraser. Dr. Chau Wai Cheung, from one central office in Hongkong, sent of the Legislative Council thereof Dr. C. C. Wang, Dr. Wong Tax Chuen, great responsibility rests on the man at to effect the amendments necessary to the Dr. S. C. He, and Dr. Edward Law.

This conference is part of the pro the head of your affairs the Hon. Mr. Ordinance under which the Corporation A. G. Stephan and the accounts we have is incorporated and carrying on business gramme of health education which has been able to place before you to-day must so as to allow of the ordinary note issue been carried on through two. Baby of the Corporation being increased from Clinics, held weekly during the past, 15 be a source of great satisfaction to him.

a room lent by the During the last few years many of the $20,000,000 to 835,000,000 and to modify months, one in senior members of the staff have gone the existing requirements na regards the Y.M.C.A., and the other in the Y.W.C.A. At present these clinice have into retirement and their places have deposit of security, in respect of its note rooms.

fifty babies on the roll, forty of whom been taken by younger men, and we have issue in the following manner.

(a) So that the whole of the increase bave been coming for longer than three found that the spirit of zeal and loyalty to the service has never been mors in (namely $10,000,000) of such ordinary months, and there is an average attend- ance of about seventeen. A number of evidence than it is to-day. I am sure note issue shall be secured by coin or

the children have a remarkable attend- shareholders will agree that the bonus to bullion or approved securities staff of 10 per cent, on their salaries," (b) To provide that whatever the ance record

note issue may hel at any particular time well merited-(Applause.)

as distinct from bullion or approved securities to be deposited by the corpora- tion shall never be less than one-third of the total amount of the bills in actual circulation..

vaste from 3 per cent. to. 4 per cent. which the Directors propose to pay, is total amount of the the amount of coin al. that is to give to the Chinese parents

early in July, the exact reason for which is obscure as it did not appear justified by monetary conditions at the time and mcant dearer finance for the Government in the weekly renewal of Treasury bills.

The general level of discounts was about 3/4 per cent. below the Book rate showing that there was ample and cheap facilities available for the finance of

trade.

SECONDER'S SPEECH

The proposed resolution was seconded by Mr. H. R. B. HANCOCK and carried.

This was all the business before the meeting.

ARMED ROBBERY AT CANTON. EUROPEAN LADY TIED UP.

Two armed robbers entered the rest

The purpose of this work is education. of the community the opportunity of learning facts with regard to the care of their children, and the aim of this week's conference is to make more generally known the need and importance of per- manent work for the health and protees tion of children.

HAIGON RIJE MARKET.

The Compagnie de Commerce and do Navigation d'Extrême-Orient, in their report, dated Saigon, February 11th; stated

Notwithstanding the absence of de- mand, the market remains very firm.

Mr. B. M. Dren, in seconding the adoption of the report and account said:-Mr. Chairman, ladies and gentle- men,-1 raise with much pleasure to second your proposal that the report and accounts of the Bank for the rear 1903 be adopted. As you have said, the ac Sterling exchange with America, which counts call for little comment. They show is now a factor of far-reaching import a wonderful vitality considering the bad ance, remained steady during the first times we are passing through, and they half of the year in the neighbourhood of indicate the solid foundations on which 4.55, but weakened in the Autumn owing the Bank has grown and prospered dur to the seasonal demand for gold dollars ing the last 60 years. The communities to meet payment of exports from America of the Far East may consider themselves to Great Britain and Europe. Towards fortunate in possessing a powerful Bank the latter part of the year the weakness whose policy is dictated from their midst, dence at Tungaban of Mr. Anderson, Local transactions for prompt shipment in this exchange was accentuated by the nad to whom they can bring their manager of the Asiatic-Baltic Co. of have taken place at very high prices. uncertain political situation in England troubles with the certainty that they will Shamcen, last Thursday, while Mr An- The price of paddy is advancing day by

still higher rates be unjustified fear that there might be incision, without reference to the other side and took away sorezal diamonds, gold, period. This cohen das mrvious ex- and also to some extent owing to the receive a sympathetic bearing and a de derson and his man-servant were absent flation of the British currency. Although of the world where the ever-changing chains, "watches, rain coats and other dications stating that, owing to the large inflation was discussed in some quarters, conditions of business in the East are valuables. When the robbers entered the quantities to be shipped in February the authoritative statements that no auch hard to explain and difficult to under house, they produced revolvers and point beginning March, prices would be very polity was contemplated should remove stand. I must congratulate you on your ed there at the maid-servant and Mrs. firm. any such fear. The effect on a country's interesting review of world and local Anderson. The robbers had them both exchange of unbalanced Budgets and affairs and I think the optimistio note on tied up with strings. According to these unlimited note issues, or, which is prac which you concluded your speech was ladies, they seemed to recognize the faces tically the same. unlimited Government fully justified. The shareholders will, 1 of the robbers and remembered after borrowings, is too apparent and dis an sure, agree with me that we should wards that they were former servants astrous to tempt British statesmen to have every expectation that the Bank will who wore dismissed by Mr. Anderson follow such a course,

go on increasing in prestige and power several months ago.

The total amount of rico exported from January 1st to January 27th was 64,504 tons against 73,687 tons in 1923.

We quote to-day-White Saigon rice, No. 2 sifted, Japan "quality, Hongkong, 80.06 per picul Lob, Buigen, for Febra- ary/March shipment.

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HAS. THE CONVENIENCES OF A WARDROBE AND THE CAPACITY OF A TRUNK-BANGERS FOR SUITS OB GOWNS DRAWERS FOR OTHER GARMENTS -COMPARTMENTS FOR HATH AND SHOES-PROVISION FOR EVERY WANT OF THE TEAVELLER, PERFECTED TO THE FINEST DETAIL.

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