1924-04-30 — Page 4

White Trousers

THE

Made in your individual mensuse of reliable Baterials which are thoroughly shrunk before being cut, thus ensuring the minimum of «briokago in washing.

$16.50

Cream Five Gaberdine Cream Light Weight Serge

$16.50.$19.50

Cheam Merge with Seat

Bhic or Grey Stripest

4am Viyella" Panel

$19.30 $14.50

BLUE or BROWN FLANNEL for BLAZERS

Mackintosh & Co., Ltd.

MEN'S WEAR SPECIALISTS, Alexandra Building.

Des York Road.

GREEN ISLAND CEMENT CO., LTD.'

Best Portland Cement

SHEWAN, TOMES & CO.,

GENERAL MANAGERS,

HONGKONG.

The

APPROACH OF

is appropriately heralded by the splendid

showing

SPRING

of Feminine Fashions

STRAW HATS

SILK JUMPERS

and

SILK LACE

AT

in

THE SINCERE CO., LTD.

WHITEAWAY, LAIDLAW & (O., LTD.,

DRESS DEPT."

“NAMRIT”

THE INDELIBLE VOILE

DOUBLE WIDTH

40 INCHES

PLAIN, SHADES AND PRINTED DESIGNS.

Designs

that

represent

"TOOTALS"

GUARANTEED COTTON FABRICS.

Exclusive

Really

New

Styles

This

Season's

Very

Elegance

Distinction

and

Latest

Styles.

Dainty Summer Materials original pattem and tona, PRICE: $1.95 YARD.

Good

Taste.

GOOD SERVICE FROM EVERY POINT

OF VIEW FROM

WHITEAWAY, LAIDLAW & CO., LTD.,

HONGKONG.

HONGKONG DAILY PRESS, WEDNESDAY, APRIL 0rn, 4924

COMPANY MEETING.

the year opened with the rate for tele. graphic transfers on London at la. 4

MERCANTILE BANK OF INDIA, LTD., and closed at 18. 5 3/221. touch-

ing is 39/321. in August, which was the lowest point, and 15. 5 9:32. in Novem her, this being the highest level of the year. It is interesting to note that in framing the Budget for 1924-25 the Indian Finance Minister has adopted a rate of 18. 4. It is also interesting, in connec tion with Government of India reunit tances to this side, to observe that of the about £28,000,000 remitted, only -£8,734,000 was realised from the sale of Council Bills nul Telegraphic Trusters in London, 19.75.000 representing pur- chasis of sterling from the banks in India and the balance made up by re- mittances on account of the Paper Car- rency Reserve and a transfer from this reserve in India to the Home Treasury.

THE BANK'S STRONG POSITION. The 31st annual general meeting of the shareholders of the Mercnutile Bank of Judia, Li«l, was held, on March 29th, at Winchester House, Old Broad Street, ELL Mr. J. M. Ryrie presided in the absence of Sir Robert J. Black, Bart.. the chairman. The chief manager, Mr. J. Steourt, read the notive convening the meeting and the auditors' certificate.

Mr. RE: In the first place I am sure express the disappointment all present feel not to see our chairman here to-day and our sincere regret that his absence is cutsed by ill-health. At the end of last year Sir Robert Black had a severe at- tack of influenza, and as he did not make a good recovery, his doctor ordered him to Egypt early this year, and I am pleased to say he has just returned feel- ing inch better but not yet quite fit to take up his many duties in the City.ash in hand represents nearly 2 per Also Lied Carmichael is in the South of ceût. of a deposita, and if the invest- France and regrets his absence vas imach ments in Government and other stocks ax.we do.

are added to the cash the ratio is €5 per cent. The investments, I may mention. are male up of 23.021.083 in sterling securities, 1.383,107 in rupee securities.

THE BANK'S ACCOUNTS,

The total figures on the balance-sheet are very slightly less than at December 31st. 192, rul the deposits show in small decline, it the figures disclosed indicate The a very strong and liquid position.

It is now largely the custom of merchants in, India to draw against their shipments. by telegraphic transfers rather than hy geance bills. The net profit for the year is less by E than for 1899. lut we are able to make the regular allocations to reserve hind and officers' pension fund.

In the next place it is my painful duty to refer to the sad and antinely death, in Sovender last, of Mr. Percy. Mould, our late thief manager, to which import-nad 309,541 in Straits dollar securities. at post he was appointed in 1918. Me. Mould, Rad been in the service of the bank since 1986, and previous to his ap pointment as chief manager he was man- neer at Calcutta, our Bost intportant Wrath. I know I ran say without fear of contradiction that with all who came in contact with him in or out of luusi. and again writa £20,000 off banking pre- ress, Mr. Mould was not only popularises and not only maintain or divi but respected for his ability and charadend for the year at 18 per vent, but ter. Your directors, one and all, lamentearry forward £5,706 more than last year. the loss of a chiet manager and a friend In regard to prospects for the current | in whom they hail complete trust, and who year, I can only hope there will be a was always dignified and tactful under further improvement in trade generally, all circumstances. We were, however," and I think it is fair to expect this We fortunate in having as our London mans are, at any rate, really and anxious to nger and sound-in-command, Mr. James provide reasonable, facilities for Any Steuart, who has served the bank since sound development of trade with the 1880, having been appointed Lordin man- East. The shipments of rice frean Burma ager in 1933, and acting chief manager in are not likely to be so large as in, recent May last. and as from long experience years. but as there will be large exports- your directors know that Mr. Steuart's of rice from Siam, the chain of branches knowledge of the bank's business at we have now completed connecting Singa home and in the East is unsurpassed, and

pore, Bangkok, Batavia, Surabaya and that the interests of the bank always hongkong should benefit. Then at Singa- come first with him, they had no hesita

pore and Penang trade has improved, and tion in appointing his to sixceed the if recent prices, of rubber and tin are late Mr. Mould as chief manager in maintained, the results should be satis. December last, and in the confident he fetory, though there is still rooin for lief that under his coatmol the bank is improvement in the price of rubber. But in good hands. Then se have cause for in China business is at a low chh, and roueratalition in that Mr. James Mur until some kind of order is established doch, another nid and able officer of the the development of that great countrys loank, who has been cur inspector of must be retardel. On the whole, and as lunches in recent years, has consented stocks in consuming countries must be to fill the position ‘of London manager, law, it is fair to, ipak for an improvement until such time as we can make other in trade generally this year, and, in any arrangements. I have also to mention case, the position of this bank is so with regret the death of Mr. Scott Swith; who, after vacating the position of man- ager at Calcutta and carrying out a visit of inspection to our branches in the Enr East, bu just come home an leave. Mr. Scott Smith was a popular and efficient. officer of the bank who will be much missed by a wide circle of Friends.

«DENTRY'S MIONETARY POLICY,

In attempting to review the events of last year in which we are interested, find it difficult to know where to begin. Money has been comparatively cheap the bank rate being maintained at 3 per cent. until July, when it was raised to 4 per rent, the rate today, and con sequently rates of discot it. which are of materia Linterest to us, have been equally steady.

Trade generaly has improved, there has been some reduction in tax tion, and unemployment has decreased, but prospects are overeast, by strikes and threats of industrial was, with the result that onlers are going abroad. The cost of production in this country is still high, and I noticed that in a recent speech Mr. Baldwin said that whilst our imports rost is 53 per cent over 1914 prices, we have to ask 80 per cent, more for our exports. The question of how to deal with the large amount of unnuployment still existing is a serious problema, and In afrail that until there is more self. help and self-reliance and less tooking to the State for assistance, this problem will always be with us. As the result of the last General Election it is clear that protection for home industries is at least out of the question for some time to come, hat I venture to say I hope Imperial Proference will survive.

It is too soot to indulge in remarks are to expect from the upou what we

¦

sound that we can look forward to the fature with confidence, and "our- branches will, I hope, prove helpful.

ད་་་ TRIBUTE TO STAPP.

16

I cannot kit down without, referring to our staff at the head office and branches, frour Mr. Stewart downwards, and saying how much we owe them for their efficiency

and devotion to the interests of the bank. Besults achieved depend largely upon the staff, and in the first place upon the chial manager, who, in turn, depends upon the London manager, the sub-umger, aer countants and other heads of departments in London. whilst last, but not least, we bare to rely upon the judgment and tact of our managers in the East and their subordinates. I have now to propose: That the report of the directors, with the audited statement of rescounts and balance sheet at December 31st, 1923. presented to this meeting, he and the same are hereby received, approved and

opteil, and that a fipal dividend on the ́A, B,' and 'C' shares of this hank of s. per ent, he paid, making 16 per, cent. for the year, less income tax, as recommended in the report, and the same is hereby confirmed.”

Sir David YULZ, Bart., reunded, and them being no questions, it was put to the meeting and carried nesummusly.

Mr RYRIE proposed, and Mr. P. R. CHALKELR seconded, the re-election of Mr. H. Melvill Simons and Lord Car- michael to the board of directors. The resolution was unanimously agreed to, and the auditors re-appointed.

Mr. F. J. WALKER proposed a vote of thanks to the chairman and directors and also to the stiff for their able conduct of the affairs of the bank during the past | year.

Labour Government, but on the whole Mr. Ryu, for his colleagues and him- they have made, a good start upon more self and the staff, thanked Mr. Walker

1

REMOVAL SALE

GREAT REDUCTION

ON

DRAWN THREAD WORK HANDKERCHIEFS ? MANDARIN COATS

SILK SHAWLS

MANILA HATS

IVORY WARE

AND

ALL KINDS OF LADIES' FANCY GOODS,

<

ETC.,

KTC.

JUST A GOOD CHANCE TO YOU

Come Early. Don't Fail to Visit.

THE SWATOW DRAWN WORK CO.,

18, Des Voeux Road Central.

GREAT REDUCTION SALE

ALL KINDS OF LADIES' FANCY GOODS

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

DON'T MISS THIS OPPORTUNITY.

CHINA DRAWN WORK CO.

To think of

(YUEN CHEONG)

40, Queen's Road Centr

SEA-GRASS and BATTAN FORNITURE that will give you the Utmost SATISFACTION in etary point of EXCELLENCE in

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 as` the STANDARD OF MERK

HONGKONG HOTEL GARAGE

ARROL-JOHNSTON & GALLOWAY CARS

THORNYCROFT COMMERCIAL VEHICLES

CADILLAC

STUDEBAKER

MATHIS

GRAY SPARE PARTS for above Agencies

COMPLETE LINE OF ACCESSORIES.

OVERHAUL

Under European supervision.

REPAIRS.

-

Tel. 32.

PAINTING

The Hongkong & Shanghai Hotels, Ltd.

or less. Conservative lines, and if they for the kind remarks he had ninde HeCE. WARREN CO., LTD,

can see their way to reduce the present repeated that the thanks are chiefly dụn high taxation and this help to bring to the staff for the satisfactory results.

down the cost of living and cost of pro duction, and, at the same time devise better machinery than exists at present fur the purpose of averting strikes and between bringing about confidence capital and labour, they will deserve our congratulations and thanks. We may not all agree with their decision to abandon

TR

་

DOUBLE SUICIDE AT SEA.

TRAGEDY IN STRAITS OF MALACCA

the proposed extension of our naval base There was a tragic occurrence on board at Singapore, but it is satisfactory to the Namazie ship Gorjist in the Straits know they adhere to the policy of the of Malacca carly on April 2ad. Two Cunliffe Committee and do not intend Chinese passengers, said to have been to proceed with their idea of imposing father and en, suddenly jumped our a capital levy. I hope there will be unbeard, and both men with drowned. The attempt at nationalisation of railways, Gurjat was then atou a day's sail mines, etc., as if this were carried out frota Singapore on uorage from Rán- political influences would always be at goon. work, and as the molives which lead to success in private enterprise are absent in "Government enterprise.

POLITICAL SITUATION IN INDIA.

"A

Cinema-goers must laugh their laugh over Buster Keaton in The Iu referring to India ennnot ignore Scarecrow and sigh their last sigh over the political situation-which is giving so Lon Chaney in. Nompts of the North" much trouble and causing some anxiety this evening, for these two excellent pic as if it continues the credit and trade of fures will have been replaced to-morrow the country must suffer. So far as the by the great University, picture The Ginancial position and trade is concerned, Hunchback of Notre Dame" Everybody India has made a splendid recovery from who has seen Buster Keaton in The the depression of previous years. The Scarecrow" is agreed that it is an un. Budget for 1923-4 has been practically usually good comedy, in its own way halnated, and that for 10245 is expected equal to the heat produced. Nomads Toaw a surplus of over three crores of of the North" is a First National picture rup, and permit of a reduction in the and that is sufficient warranty for most. salt duty. In regard to Indian exchange, cinema-goers.

SANITARY ENGINEERS,

MONUMENTALISTS., &c. OFFICES 98A, Wanchai Road

GODOWNS.

TEL No. 289_",

HONGKONG.

ALL KINDS ·OF BUILDERS' REQUISITES IN STOCK,

い

Soil, Vent and Rain Water Pipes. Floor and Wall Tiles. Baths, Basins. Buth Fittings. Waterheaters for Gas, Oil, or Coal Fuel. Also A Few Chip Hestors.

ÜPEN AND CLOSED GRATIS, COOKING

Ranges.

ESTIMATES FREE FOR ALL HANITART

INSTALLATIONS, HOT WATER:

Srema, .

GENERAL REPAIRS. PROMPTLX »).

"ÁTTENDED TO,

Specialists in Monumental Work-Cut in Italian Marble or Hongkong Granite. Iver RECEIVED: A BHIPMENT OF ITALIAN MAZELE FLOOR TAK. Prices on Applicatica. ARTIFICIAL WELATHS FROM 8 to 18" DIANETTE IN 'Brock,

Tel.-33.

BOWERN &

Nò 8, Muszvu ROAD, SHANGHAI

Member, British Chamber of Commerce (Shanghai). 3. T. W. BOWERN. Fellow of the Institute of Chartered "Shipbrokers, Incar- |porate by Royal Charter, London.

·STEAMBI-AGENTS AND SHAPEROK ÉKS

For the Purchase, Sale and Charter of Vermel of any Tonnage, Fanenger and/or Cargo, New and/or Old, with delivery Chins at Very Lo Price

SALVAGE Operators, Maung SortemEŃ, AUCTIONEERS, Cona"MERCHANT, FARIGHT BOXERS, METAL MERCHANTS Machinery For Sale, New and Old in First, Class Condition.

IMPORTERS AND EXPORTERS, SHARE-BLOKLA (Members, Shangbai Share Brokers' Associa tion),

SOLE AGENTS FOR CA "Green's PATENT ANCHORS.

SAMUEL WARREx & Co., Loo. (SheBell), High-Class Steel Manfactures Tank Brand),

Catalogues and Prica-Lists'on application.

(Engures Welcomed.):

CABLE ADDREAN: Bowra, Buise WAL

Costa Bentley's, Bott's, A.B.C.-

5th Edition and Improved,