1925-02-23 — Page 4

VAN HEUSEN

Senii-stit

COLLARS

THE HONGKONG DAILY PRESS, MONDAY, FEBRUARY 23, 1925

HONGKONG AND SHANGHAI BANK MEETING.

A Soft Collar possessing all the smartness of a Stiff Collar

Made in one piece

No seams

No wrinkling

No rough edges

No starching

No pin required

stocked in six shapes in quarter sizes by

MACKINTOSH & Co., LTD.

MEN'S WEAR SPECIALISTS.

Alexandra Building.

Banding the

Whatsioon

Take

a peg

John

Begg

The

Scotch Whisky that has been suppiled to all the Royal Palaces for 75 years.

By deb JOHN BICO LTD. GLASGOW, and

106, Faachark St, London, Saket

SILVER AND GOLD MARKETS REVIEWED.

TRADE CONDITIONS IN 1924 IN THE FAR EÄST.

11

"TRAGIC TALE OF INTERNAL STRIFE IN CHINA.”

And carry forward. to the

current year the balance-

............

The ordinary yearly meeting of the shareholders of the Hongkong and Shang- hai Banking Corporation, for the purpose, of receiving the one hundredth and ninth report of the Court of Directors together with a statement of accounts, took place at the City Hall at 11.30 am, on Satur

The rate of exchange, 2/31, at which day. Mr. W. L. PATTERDES (Chairman), our assets and liabilities have been con- verted into 8, and the silver assets and presiding.

liabilities into, being approximately Members of the Court of Directors pre-only half per cent. lower than the rate sent were:-Mr. H. P. White, deputy of last year, may be taken, far purpose Chairman. Messrs. J. A, Plummer, G. of comparison of the figures with those TAKE A PEGAH Compton, W. E Bell, T. of that year, as practically the same.

Eon. Mr. A. 0. Lang, Hön.

Des Vœux Road.

OF

position of being the chief medium of ex the rent port of Tientsin, remained, para

change for the purposes of International lysed by the suspension, of goods traffic, business transactions. During the year and great inconvenience to individuals, India has taken the greater part of the besides serious commercial. loss, has re gold available in London,, in addition to sulted from the stoppage of coal.deliveries iarge amounts direct from South Africa, in mid-winter. the total amount imported into India being £11,408,000 from

London and } . THE FUTURE IN CHINA..

213,274,000 from South Africa.

The year thus alused with no definite grounds for anticipating that speedy THE LONDON MONEY MARKET.

means could be found, for the restoration. Conditions in the London moner of peace and for creating, a form of. Go market were again. comparatively easy ernment of sufficient stability to prevent throughout the year. There was no further outbreaks of civil war. The pro- Change in the Bank of England rate which blem is admittedly both vast and di remained at 4 per cent, but the discountcult. The revolution of 1911 tore up the market, after ruling about. per cent roots of the Imperial régime and import below Bank rate during the first half of ali irto the Chinese body, politia Western. the year, firmed up to 3-1, and this ideas of democracy, which the experience level was maintained, for the balance of of the past decade has proved to bo Tho 2/3, absorbing $6,918,818:02: --- the year, thus showing the Bank rate totally unsuited to Chinese needs, Transfer to silver reserve

was fully effective. While money was in. Republic of the past thirteen years has $1,000,000.00 better demand. than the previous year, now in its turn been overthrown by the fund

the supply was ample for all require.events of the rerens war and the estab Write of bank. premises

......... 1,000,000.00inents, and there is no doubt about the lishment of the Provincial Government account

resources of the money market, being under a Dictator. It is impossible to sufficient to enable London to maintain, forecast the next development

the chief centre for the 3,390,508,14 its position.

Past experience has taught us the futility of expecting much from the good Auance of International trade.

Foreign and Colonial Loans issued in resolutions of reform announced at their the London market during 1994 amounted inception by successive Chinese Govern- to £131,999.62 against 129,295,613 the ments, whose plans in this direction have Amnigst the Foreign Issues invariably been abandoned when the vious year. is included the Japanese loan floated magnitude of the task was fully realised early last year for the purposes of con- but we may at least note with satisfac version and redemption of the outstand- tion that the Chief. Executive has in- ing 'balances of the imperial Japanese augurated a representative Reorganisa- Mr. P. H. Hoivonk. Mesars. B. D., F. NORMAL EXPANSION OF BUSINESS. Government 41 percent. loans, first and tion Conference as a Rest step towards Beith, and . H. Barlow (Chief Man- The items of the balance sheet indi-second series issued in 1903, and to meet unification of the country on a broade

expenditure for reconstructiun. work basis than has yet been attempted. Mur rate normal expansion in our business, Shareholders present were:-Messrs. and call for little comment. As com necessitated by the disastrous earthquake must depend on the spirit in which this F. H. Pentyerns, . B. Dunnett, Wpared with the figures presented to you in 1924. 25,000,000 was issued in Lon-conference meets, and whether a genuine L. Shenton, CA. Hooper, Chan Siu Ki, last year. Deposits are $19 millions and don and U.S. G.$150,000,000 in America, desire is shown, to achieve the practical E. A. Ram, . Arnold, G. E. Towns, Wra. cash and bullion in hand $5 millions and inet with great success in both results which are within its power, in markets.. While, no doubt, sympathy stead of weaving grandiose schemes in Anderson, Paul Lauder, Mok Kon. Sang higher. On the other hand, our invest with the Japanese in the disaster they possible of realisation. The true frienda the Hou, Sir H. H. Pollock, K.C., Mysty.

ments in British Government securities Chan Shu Ming, G. S. Archbutt, Chan show a decrease of $23 millions, due to had suffered played a part in the success of China can only follow the conference of these fotations. I think the favour with anxious and, sympathetic concern. Taun Nim, A. Davidson, E. B. Beavis, reductions effected from time to time able reception of the loans was due to and sincere desire for its success. O. 1. Ellis, Lo Chung Wan, Li Po Kwai,

in our holdings of Treasury Bills, as

the courage with which the Japanese F. . Crawford. B. A. Hale. W. E. van mare profitable cut-lets for the employ-faced the situation and the conadence DEPREDATIONS OF MILITARISTE. Eps, J. M. Alves, Lee Coon, D. F. G.ment of our funds presented themselves. felt in their ability to surmount their

During the recent civil strife, the prac Nicholson, A. Apear, P. 3 N. da Bank premises are about $18

culties. Laportations for purposes of tice on the part of the provinces of Silva, R. A. Dastur, Kon E Suen, S. W. higher. I would

reconstruction have thrown the balance

verues, which was aiready too prevalent, Churn, G. R. Layton, W. Adams Oram, Colombo premises have been completed, of trade heavily against the country with questrating, the Government Salt Re- A. Murdoch. K. S. Morrison, the Bon, and our new office buildings at Calcutta, DONNELLY Mr. H. W. Bird and Mrs. Bird, Messrs Singapore and Eaiphong should be finish a consequent depreciation, in the Japanese was widely extended, being adopted by exchange, which dropped below 1/7 the various military commanders, both F. W. Ellis. E. E. Ellis, P. S. Cassidy.ed early this year. With the exception about 33 per cent. below the gold parity antagonists and alterents of the Govern- Edgar, Sir Robert Ho Tung. Dr. of the new office we are building at Tien of the Yen Japan has a long and dil-ment, as a means of providing for the up- J. H. Sanders, Messrs. Fung Kong Yuetsin and houses for our Agents at Tien-Behlt task to re-establish its currency on keep of their swollen armies. A very W. Van der Steen, P. V. Botelho, D. J. twin and Amoy, our building programine Lewis, " 0: Stevenson, Max. A is nearly completed. In Tokyo, where the former gold basis, and the recovery appresiahle portion of the serious decline Remedios, Professor C. A. Middleton since the Yokohama disaster we have must necessarily be gradual, but once at $0,000,000 in the net Salt Revenue Smith, Mr. and Mrs. J. H. Taggart been represented by one of our staff, start on the upward grade is made, co collected during, 1924 s compared with

fidence will be inspired and Japan should Messrs. Fong Lang. John Fleming, C.

we recently opened our own office in have no difficulty in obtaining further 1929 is attributable to these depredations. H. Blason, T H. R. Shaw, Mak Man suitable rented premises.

assistance in foreign money markets in Chee, C. A. da Roza.

raising the loans needed for one purpose of reconstructipu.

JOHN BEGG

AND

BLUE CAP

GOLD CAP

&

WHYTE,

BOLE AGENTE.

TIL 636.

JUST ARRIVED.

FRESH SUPPLIES OF HUNTLEY & PALMERS

PEEK FREAN

JACOB'S

FANOY ASSORTED

BISCUITS.

THE SINCERE CO., LTD.

WHITEAWAY'S STANDARD VALUES

G

THE DORMITORY" BEDSTEAD

This is a very useful Bedstead for Schools, Institutions, Hospitals, etc. Very Strong, Sanitary and Useful.

STANDARD

Size 64 and 3 ft.

VALUE

PRICE

$8.50

each.

WHITEAWAY, LAIDLAW & CO., LTD.,

HONGKONG.

nger

..

After Mr. A. H. BARLOW (CH»f Man-¦ ager) had read the notice convening the meeting.

THE CHAIRMAN'S ADDRESS. TRIBUTES TO THE LATE MR. STEPHEN, AND THE LATE MR. E. G. HILLIER.

**

With

Jacs

mention that our

BUSINESS IN SOUTH CHINA.

CONDITIONS IN NORTH CHINA.

From an undeniably gloomy picture it is agreeable to turn to an invariably bright spot on the horizon of Chinese affairs. In spite of the tale of foods, In making a review of events in China famine, civil war and the virtual strange

TALE OF INTERNAL STRIFE.

It may be questioned whether, in their desire not interfere unduly in the THE SILVER MARKET

settlement by the Chinese of their in Eernal differences, the foreign powera a year of rather more pro 1924 was

oncerned were well advised'in not afford. nounced fuctuations in the "price of

ing greater protection to the authority of silver than its predecessor, the highest

It is hardly necessary for me to re-the Salt Revenue Administration set up point touched being 38.1-16d. in October, and the lowest 3d in December-a capitulate the many obstacles with which under the Reorganisation. Loan Agree range between maximum and minimum business in South China Las had to con-ment, which also provides that the Salt of 4.1-16d as compared with a maximam tend. Piracy, brigandage, sporadic war-Revenue shall in the arst place be secu- of 23.11-16 a minimum om 301d. and fare, heavy taxation and generally un-tity for tant loan and other foreign ob a range of -16d, during the previous settled conditions in Canton and the ligations. As matters stand, the security neighbouring provinces, have combined of the Bondholders is being steadily - The CHAIRMAN said: -Gentiames,—Be-year.

Notwithstanding the completion. of. to make commerce difficult, and business dermined, and the position promises to fore proceeding with the business of this meeting. I would refer with the deepest purchases under the Pittman Act, the some lines, notably piece-goods and become increasingly serious unless really regret to the losses we have sustained average price of silver was maintained general imports, has heen much restrict adequate measures are taken without ed. It would be rather overstating the delay to safeguard the collection of Salt since we last net, through the deaths last year at a substantially higher level

brighter: there are, however, indications The acquiesceace of the Powers in the of Mr. A. G. Stephen, our hate Chief than in 1923, due largely to European case to say that the outlook to-day is dues..

Continental countries coming out 2K Manager, and Mr. E. G. Hillier, our late

of increasing ennfidence amongst the assumption by the military commanders Agent at Peking, both men of trans-buyers instead of us in recent years, Chinese community, which I hope pres. of complete domination over the various cendent ability and the highest integrity, sellers of the metal.

The total amount of silver imported age better times ahead in the not too railways, built with foreign camtal and,

for which the railway revenges form the their death leaves a void in the ranks of into India and China during the yearį distant future.

security, has also beca much criticized the Foreign Community in the Far East,

was standard ounces 1801 millions-against

Certain it that the Chinese merchant which will not readily be filled.,

After 35 years work in the Bank's standard oz. 1904 millions, in 1621 Of

Had it not been for the severo summer class, no less than the foreign community, Eastern service, which included most this total, Ching is estimated to have ab- able management of our Shanghai, Office sorbed standard oz 12 millions as com floods in North China and the set-back would have welcomed any measures ca from 1911 to 1020. Mr. Stephen was apparer with standard oz. 744 millions the due to the outbreak of active hostilities culated to prevent the disorganisation of pointed Chief Manager at the end of 1920. previous year. From the figures it will in the districts round Shanghai and Tien- the railways which followed on military be seca that the total amount taken by tain, in the autumn, favourable trade con- control and mismanagement, and the in- During his years tenure of that very these two countries represents a large ditions might have been reasonably ex- calculable fosses to Chinese and foreign business interests which have been the responsible and onerous post, the Bank's prestige was still further enhanced, while proportion of the world's output of the pected in those important centres.

But with trade very much restricted inevitable consequence. the results achieved during his all-too-metal, estimated for 1994 at standard

during the last four or five months, 1921,

"A BRIGHT SPOT ON HORIZON. short term of office, witness his successful uns 256 millions.

settled more

conditions in was not on the whole a satisfactory year administration through a period beset Europe, the need is being felt for in for the Chinese or foreign business com with extraordinary. difficulties. Mr. Stephen proceeded home in May last for increase in the depleted metallic curren-munity. a few months' holiday, and died in Lon-cies of the various countries, and already don on the 27th August after a very short considerable purchases of silver have liness, Mr. A. H. Barlow, who is well been made for coinage. It is not poss- known to you all and in whom your ible to estimate at all accurately the during 1924, it is difficult to avoid repetation of trade reported from may se Directors have the utmost confidence, has amount of silver required to build uption of what was said from this Chair tres, the figures of the Maritime Customs The tragic tale of internal Revenue for the past year show an in- crease of H Tix. 6,050,000, or, at a been appointed to succeed the late Mr.these, currencies, but it is likely to be last year.

on a scale sufficient to be an important strife continues. Stephen as Chiel Manager of the Bank.

factor in the silver market for some time to During the earlier months of the year, somewhat higher average of exchange,. Unlike Mr. Stephen, whose service ex-

come. During the latter months of the year interest was focussed chiefly on events about £1,700,000 over the previous high- tended over a large number of our

India was not a keen buyer of the metal, in South China, where a situation of est collection, which was that of 1923. Eastern

The remarkable "success achieved by Offices, practically all Mr.

due no doubt to the large demand for great difficulty was created by Labour Hillier's 42 years

the Bank were pase for gold. This demand for the precious Linions acting under Bolshevist influence. the capable and conscientious adminis

It was not until mid-summer that deve-tration of the Customs might well induca ed in Peking. He achieved a unique metal is not surprising in view of the position as trusted councillor of both

present level of Indian change which lopments in Central and North China Ching to disregard the foolish agitations Chinese and Foreigners, while the mon enables the Indian natives to secure gold attracted particular attention. It ap-so frequently raised by misguided extre- mental work he accomplished, although handicapped for many years by total on cheaper tering than ever before. Inpeared indeed in these parts of the coun-mists, and employ a greater measure of pre-war days, with Indian exchange at try, during the first half of the year, as expert foreign advice and assistance in blindness, will long survive him.

The Directors wish to avail themselves 1/4, it took 15 rupees to purchase a though a period of tranquility might the increasingly difficult task of debt con of this opportunity to express, on behalf sovereign, whereas at the present level possibly be approaching and we might solidation.

The potentiality of China's trade is of the shareholders and themselves, their of Indian exchange, approximately 1/6, witness a fulfilment of the Chinese belief appreciation of the great services of thewond sterling exchange with Amerien at that this year, the first of a new cycle almost boundless, and, could she be in two gentleman and the deep grief felt 4-163. sovereign costs only about 13 in the Chinese annals, would introduce duced to set her house in order, the re-. venue resulting from an adequate increase nt their death.

rupees 10 annice. Should Indian exchange an era of peace.

But it was only a lull before the storm.in the Customs tariff should furnish a be maintained at 1/6 when the "pound sterling is re-established on its former From July onward the record is one of solid foundation for the solution of this

urgent question, gold basis, the value of a gold savereign flood, famine and civil war. Rains of The report and statement of accounts in India will be under 13 rupees 6 annas exceptional severity during that month

Advices from India report a satisfac- having been in your hands in some days, price which might bring out hoard- inandated vast tracts of cultivated land TRADE IN OTHER PARTS OF ASIA. Ishall, with your permission, take themings of silver for exchange into gold. In in the Northern provinces and rendered

the circumstances it seems possible that homeless and destitate village com-tary year in Exports, the country's pri as read

cipal products finding good market The year under review has been even we may se'n falling off in the Indian munities estimated at 30 millions.

The outbreak of Civil War in the abroad. The finance entailed was hand more difficult than its immediate pre- consumption of silver for a time, though decessors but in spite of this, thanks to venture, to think it will only be tem-autumn in the vicinity of Shanghai was led by the Exchange Banks without much the sound basis on which our business borary, as lodia must continue to be a followed by inconclusive fighting on a difficulty, thanks to the policy of the has been built up your Directors are large absorber of silver, the more pre large scale, in the neighbourhood of Indian Government who, by buying sterl in the gratifying position of being able cious metal being too expensive to supply Shanhaikwan. Treachery achieved what ing on a large scale from the Banks, actual warfare failed to accomplish, and greatly assisted in providing the neces to place before you a balance sheet show the needs of the poorer classes.

the defection of one of his most powerful sary funds. ing results which they have no doubt you'

In the absence of Government measurem commanders brought about a debacle of. will concur with them in regarding a

The amount of gold available for enle Wu Pci Fu's forces. With the eclipse of to ensure a fixed rate of exchange, the very satisfactory.

Including $3.370,314.45 brought down in London for purpose of export is limit its principal supporter, the collapse of sterling value of the rupee has been sub from the preceding year, the result shows ed to the amcant imported, and to that the thez Central Government speedily jected to fairly wide fluctuations.

net profit of $18.383,862.01 as compared extent the market is a narrow one. Dur-followed; to replace it a Provincial steady exchange. would appear to be to with the net profit of 816,853,873.49 for ing recent years gold has been treated Government was established by the win the benefit of the trade of the country

as a commodity in Great Britain, and ning side under the leadership of Taan but there are so far no indications of this This Government, recognised desideratum being attained in the near Af ar deducting the interim dividend of this will continue to be the case until Chi Jui £3 per share paid in August last, viz., such time as the embargo against its ex-informally by the Treaty Powers as the future. £480,000 at 2/4-24,094,454.15 and $50,000 port is removed and the currency rede facto organ of government, had shown Trade in the Straits Settlements showe retanneration to Directora, there remains established on its pre-war gold basis with little evidence by the ends of the year, Rigas of improvement the "prices of tim for distribution $72,300,427.80 which, with a free market for gold in London. The of capacity to deal with the dire confu- and rubber, the two chief industries, have your approval, it is proposed to deal with appreciation of sterling during the latter sion into which the country had been advanced considerably and now stand at

part of the year lends ns-to hope that plunged. Though it assomed office on a profitable level for producers,

With trado in a healthy condition and as follows:

Pay a final dividend of £3 per share the law prohibiting gold exports, which November 23rd, nothing effective had and a bonus of £2 per share, subject expires at the end of this year, may not been accomplished by the end of Decem a good rice crop in view, the outlook for to deduction of income tax, together be re-imposed, and that we may then bar to free the railways from the incubus the coming 12 months may be confiderk

The trade of ed as distinctly encouraging. amounting to £800,000 and payable at see sterling restored to the former proud of military interference.

1923.

THE BALANCE SHEET.

THE GOLD MARKET.

...

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