1924-04-02 — Page 3

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THE UNITED ASBESTOS ORIENTAL AGENCY, LTD.

Tol Central 238,

BRIGG'S

3, Queen's Buildings.

AGENTS FOR

BITUMINOUS

ENAMELS & SOLUTIONS.

SOLE AGENTS. FOR

*

UNION"

ANTI-CORROSIVE and ANTI-FOULING COMPOSITIONS

FOR SHIP'S BOTTOMS.

JUST RECEIVED

A GREAT ASSORTMENT OF

EAR RINGS, PEKING BLUE BEADS, MANILA HATS,

SILK LANTERNS AND LAMP SHADES...

THE

WATOW LACE CO.,

Manufacturers and Exporters

OF

LACES, DRAWN-WORK AND

EMBROIDERIES.

17a, Queen's Road Central.

GREAT REDUCTION SALE

OF

SWATOW DRAWN WORK

SILK, EMBROIDERIES

MAH-JONGG SETS

ASD

HAND-MADE LACES IVORY WARE MANDARIN COATS

is

All Kinds of LADIES' FANCY GOODS.

Those desirous of obtaining

+

VALUABLE GIFTS

Should not fail to Visit

SWATOW DRAWN WORK COMPANY,

8711-

16, Des Voeux Road Central,

BICYCLES

Telephone Ladies', Gentlemen'S OR TANDEM

FOR HIRE OR SALE.

NEW RACER JUST ARRIVED.

HANG LEE CYCLE CO.,

33, HaraonG ROAD, KOWLOON.

Next to PALACE HOTEL,

THE HONGKONG DAILY PRESS, WEDNESDAY, APRIL 2ND, 1924

Telephone K711.

PIANOS FOR SALE OR HIRE.

TSANG FOOK PIANO CO. TEL. 2127.

94a, Wasonal Bean,

The CITROEN.

The Last Word in Car-Economy RUNNING COSTS LOWER.

Less Tyres

Less Oil

Winner 3 years running 1920-11-22. Grand Prix for Low Consumption.

Cars for Sale:

LEPACK CO., LTD.:

50-52, Queen's Rd. C.

U.S. BANKS.

ABANDONING THE FOREIGN

ge

FIELD.

COMPANY REPORT.

HONGKONG ENGINEERING & CON

STRUUTION-CO., LTD.,

Your Directors herewith submit n Statement of Accounts and Balance Sheet for the ball year ended on the 31st December, 1924

After writing off 811,358.00 for depre ciation, which is charged in the Working Account, the Profit and Loss Account for the half-year shows a credit balance of $12489.07. Tho adverse balance of 847,226. 18 as on the 30th June, 1923, is therefore reduced to 331,737.41, which aniount it is proposed to carry terward to next year.

Abandonment of the foreign trade busi The report of the Board of Directors ness by our bankers is geen by financial to be presented at the second ordinary writers in the retirement of the Asia Bank-yearly meeting of shareholders states:- ing Corporation and its absorption by the Laternational Banking Corporation, which is now left practically alone in the field. The situation is symptomatic of foreign vad in the news Frads conditions, columns of the New Fork Journal of Commerce, anil represen distinct chango from the ideas

held when our export prispects were

ere still considersi flour antal there was a belief that we succeed is taking over a consider fraction of the trade and fancy which had for London, Pany years centred around ww stand, the tread wholly in the apposite direction, and branch banking activities have been shift- ing from the foreign to the domestic fuld." This decision on the. we tend on, has part of our bankers, ben unfavourably received abrogu, as it greatly curtails access to our markets on the part of foreigners who want to use American capital in deve loping business or increasing investments

نهادات

abroad,"

Is its editorial discussion of the tread away from foreign banking The Journal of Uvamerer says it is not altogether strange that our bankers should have left field which showed no immediate proat, and yet it hits that the time may oumu when they

will

regret it.

it expects 4 return

normal trade conditions in Europe, and when this happens, and wo neel foreign banking facilities, we will have to depend on the foreign banks with results that may not always be satisfac tory. S

£

مجناح

While it is easy enough to understand and sympathise with the policy of those. bankers who find it peevsary to cut their lowes and reduce their overhead, and to see no reason why they should costinue in a field which for the most part hobis out risk and does not furnish ponding From

mise of advantage, the general tion is none the regrettable. We are evidently scrapping * important equipment of trade-machinery which is ortain to be wanted at sothe time in the future, even if not very active to-day. When the time comes that we do feel tho teed of it, we shall, as before, find our selves without the necessary sources. The opportunity provided by recent legis Iation will still, no doubt, be avail able, but we shall have to make an entirely new beginning in acquainting ourselves with its proper uses.

|

the aft The estimated value, on December, of Works in Progress on that date, as shown by the Balance Sheet, amounted to 8605,097.34. In arriving at this figure, credit has been taken for a proportion of the necrued proāts on vers Lain contract nearing completion. but in the case of one contract, which is not expected to cover expenses, the value bas been written down accordingly.

י.

Directors. Mr J. H. Taggart resigned from the Board on the 8th February last, and the vacancy has not yet been filled. The Ilon. Sir C. Paul Chater and Mr. J. Scott Harston retire by rutation and, being eligible, offer themselves for re-

election.

Auditors.-The Acccents for the hali- year have been audited by Messrs. Lowe. Bingham and Matthews, Chartered de- countants, who, being eligible ofer them. selves for re-election.

The report is signed by Mr. Robe Shewan as Chairman.

DIVIDEND ANNOUNCEMENT.

Messrs Lowe Bingham & Matthews advise us that the annual general meeting of the Gula Kalumpong Rubber Estates, Ltd., will be held in London on April sth. The Share Register will be cloed frem Monday the 24th March, 1924, to Friday, April 11th, 1924, both days in- plusive,

The balance at credit of proft and lose account is £56,878 16. d. from which it is proposed to pay a dividend of 2/- on fully paid shares, and Ed. on partly paid shares, less income tax at the rate of 1/73 the annual general meeting, to all share holders registered on April 5th and bearer compons No. 2, dividend payable on and after April 15th.

But to Another writer on business and finance, the abandonment of the foreign field seems perfectly natural and desirabo.in the pound, subject to confirmation a As the writer of the Chicago letter on the Philadephin Public Ledger's Anancial page tells the story of the experiment in foreign trade financing, now apparently

at na end:

It is proposed to carry to Reserve Fund £10,000, and to carry forward £42,911 10s. ed.

PENSIONS FOR EX-PREMIERS.

MR. MACDONALD AND SIMPLE LIFE:

resume

Authorization for the establishment of foreign bräaches of American banks was given in the Federal Reserve Act, and the war gave impetus to foreign branches and the organization of banks for foreign trade. The movement was of both kinds. Several of the larger banks established branches as stockholders in the organiza. tion of banks and foreign agencies Many banks joined as

as stockhollers in the A personal opinion, the Central News organization of banks for foreign traders, was on February 7th by Mr. There was great hubbnb and he couHamsay MacDonard on the question of

is I petition. The pioneering was not success- Fensions for ex-Premiers, would be

bo said,

to

** ful The griefs and losses were many and perfectly happy" small income. beavy, and the present situation show's few former

mer private life on a detest the idea that a man cannot serve survivors and loss enthusiasm.

The reasors as not so easy to discover.his country in its bighest offers without Whether inexperieren or the business dis-an insome of several thousand pounds a locations incident to after-way trade or year. The expenses are, of course, egor- both were among the reasons is a matter ons, but on demitting office why not go of opinion. However, thero always seemed back to the simple bife, with its porridge to be one great defect. The fashionable and plainess? It is a great mistake to idea that foreign trade could and would make public service an avenue for an ex- be developed if the banking facilities were travagant manner vf life.” provided was an exact reversal. 4 the nor mal order of development. Banking is result of busines, not a cause of it. Banks as pioneers in business development are miscast. The cocktail may have followed the flag, as George Ade testified, but bank- ing follows business.

The failure of most of the foreign trade banks to justify themselves either by se vice or profits recalls with emphasis the grand culminating plan of the entire move ment-the organization of one great for eign trade

with a capital of $100,000,000. Only the prophets are pri vileged to my what might have happened had it ever been organized, but it might have been disastrous. As it is the country is well over the lad. It has had a bitter and costly experience, but the experience may well be worth all it cost.

SAYINGS OF A WEEK

The present phase of Russia might be called a gradual reversion to Capitalisin. 1. C. Sfarshal (Managing Director of Beers, Ltd.).

Trade has always been the greatest agent of civilisation, and also the most faithful barometer of the progress of manking.- H.R.H. Mi Prince of Wales.

Britain has been the greatest trading country, and that has led to the power and forgo of her voice in the councils, of the nationer. S. 3. Bruce.

#

How often in the last bundred years, in the imagination of men of weak knees and little faith, has this country been on the verge of ruin-Mr. Asquith.

It is just the bankrupt countries of Europe which are "clinging with almost pathetic faith to the ideal of a return to gold.-Festminster Bank "Resiew."

If confidence in British stability, Brit ish common-sense, and British credit is seriously shaken, traders in the farthest corners of the world will modify their activities.-Sir Erie Geddes

For me little time there have been in dications that the depression in trade has passed its lowest point and symptoms of improvement have been visible. These signs aro now becoming more distinct.. Midland Bank "Review."

If we are to maintain the great prestigo of British commerce, wo' must see to it that the engaged in it have za fall a knowledge of the technique of Commerce as their rivals. For commerce is no longer a haphazard affair, but calls nowadays for a cultured intellect and a great power of mental concentration.---HRH the Prince of Wales,

PASCALL'S

SWEETS

AND

EASTER

EGGS.

A

Large Assortment

Just

Landed.

BLUE BIRD

CAFE

CHINA BUILDING.

GREAT REDUCTION SALE

ALL"KINDS OF LADIES' FANCY GOODS

including Swatow Drawn Work, Canton Embroidery, Hand-made Lace Ivory-wars, Beaded Works, etc., sto.

DON'T MISS THIS OPPORTUNITY.

CHINA DRAWN WORK CO.

To think of

(YUEN CHEONG)

40, Queen's Road Central

.

SEA-GRASS and RATTAN FURNITURE. that will give you the Utmost SATISFACTION |- every point of EXCELLENCE is

to think of

"DO BE CHAIRFUL" COMPANY

51. Queen's Road Central,

Makers of Furniture, the QUALITY of which has long been accepted by knowing Furniture-buyers sa tha STANDARD OF MERIT.

WEDNESDAY, THURSDAY, FRIDAY and SATURDAY

2nd, 3rd, 4th and 5th APRIL

THE WORLD'S HAPPY LAD

IN

THRILL-A-MINUEE

LAUGH-A-SECOND

COMEDY CYCLONE -

HAROLD LLOYD

in...

"SAFETY LAST"

INKWELL COMEDY

TRAPPED

Admission:-

9.15 p.m.-81.50 & $100.

5.15 pm-81,00 & 70 cts.

AT THE

WORLD

M. Y. SAN & CO., LTD.

PRESENTED CHOICE SELECTE BEST YOUNG STEM BINGER THIS SIDE OF WITH CARE MYSAN & G

MADE IN HONGKONC

MANUFACTURERS

OF

BEST PRESERVED

STEM

M.Y.SAH

ADE DE HONGXI

STEM CINCER.

.Y.SAN &

HONGKING

HEAD OFFICE: Nos. 92 to Ice Queen's Road Central

Brasches at: Manila, Kingapore, Shanghai, Canton, Chins.

FACTORY: Canton Road, Kowloon.

PERFUMERY

Manufactured by RIGAUD, PARIS:

* AIRE

EMBALSAMADO"

"MARY GARDEN"

*BORA CARIBOSAL”.

DULCE MIA"

"LILAS RIGAUD

Obtainable from

VICENTE ATIENZA,

TEL. K. 155.

18, NATHAN Ró., Kowlook,