1925-03-10 — Page 2

Page

Cross Words Made Easy

Puborge

for fede

By Drinking

Tuborg Beer

-

શ

Purveyors To

The Royal Danish Court.

The One and Only Danish Beer on the Market.

6 doz pt-18 duty paid. 4 doz q-920

THE HONGKONG DAILY PRESS, TUESDAY, MARCH 10, 1925

BRITISH TRADE” BALANCE.

FLUCTUATING. FIGURES AND HARD FACTS.

er aos cux.i

A good desi of anxiety has been ex- pressed in many quarters at the growth last year of what is known as the "ad- verse trade balance-Enutely, the excess of imports over exports. On the sur- face the figures certainly look unpleasant. They can best be set ont in tabular form:

EXCESS OF TMINTS OVER EXPORTS.

KQUITABLE FAŞTERN BANKING CORPORATION,

AN AMERICAN BANK.

CAFITAL AND SURPLUS U.S. $2,975,000

HEAD OFFICE:

ST. WALL STREET,

BRANCHES

NEW YORK

BHANGHAL

General Banking and Exchange Business, Interest Allowed on all Deporte.. Bates on Application.

1920 .....

£373,000,000

273,000,000

1922

180,000,000

1923

210,000,000

.1924

Quborg

front the Board

Thews figures,

which

344,800,000.

are

taken

of Trade returns,

D. M. BIGGAR, Manager.

certainly

suggest

thut

Great

1 kind of

Brin rakes

alls

and

LONTON AND PARIS Ågents, EQUITABLE TRUST.Co., or NY.

4

GREEN ISLAND CEMENT CO., LTD.

Best Portland Cement

SHEWAN, TOMES & CO.

ĠENTRAL MANAGERS,

HONGKONG...

TEL. C. 135

SOLE AGENTS

GANDE, PRICE & Co., Ltd.,

WINE MERCHANTS.

י

HONGKONG

DAIRY FARM NEWS.

COLD STORAGE.

From 1st March storage rates on Wearing apparel, Carpets, etc., will be reduced from 30 to 20 cents per cub. foot per month. For further

particulars apply to the Secretary.

The Dairy Farm, Ice & Cold Storage Co., Ltd.

DESHIENS' HEMOGLOBINE

FOR ANEMIA

ANÆMIA in neither more nor less than a disease of the red blood corpuscles wich are sitered and destroyed by the lack of HEMOGLOBINE, which is indispensable to their constitution and vitality,

ANÆMIA is “ THE CRY OF THE NERVES FOR A MORE GENEROUS BLOOD.

The subject of unmis within a few days of commencing the treatment, feels as if he had taken a new lease of life.

THE

PER BOTTLE

$1.40.

FRENCH STORE,

9. Beaconsfield "Arcade,

TELEPHONE 794.

PROMONTA

The most effective nerve-food and strengthening medicine.

SOLE-AGENTS:

"

BORNEMANN & CO., HONGKONG-Queen's Road, Asiatic Building. CANTON-No. 17, Teu Yuen Ha Kai.

#

THE JARDINE ENGINEERING CORPORATION, LTD.

TILAPHONE

216 & 3351.

14, PEDDER ST., HONGKONG.

BOLE AGENTS EOR

Cable: "JARDING," Hongkong.

EDGAR ALLEN & Co., Ltd.,

HIGH SPEED STEEL

STAG

SPECIAL, CHROME VANADIUM.

SELF HAEDENING.

FÉRMANENT MAGNET, ...

and

for

BRAND

WATER-HARDENING CARBON STEELS

ENGINEER, SMITHS & BOILER MAKERS STOCKS GARRIED.

Prices,on Application.

tuia is pursuing

progress, buying each year more than she

consequently heading straight

for buckruptcy. But the feeling of al- THE BANK OF CANTOR, LIMITED.

diminishes when we look back to earlier years. and observe that Great Britain

balance oys has had at "adverse"

trade. As far back as 1850,

for example, the adverse balance was £125,000,000 in 1900 it was £186,000,000. Yet in spite of these adverse bulances year after year our country went on.in. Creasing in

fa prosperity and we faced without Hinching the terrific financial burden of the Great War.

What is the explanation of this seem- The arst point to em- paradox! phasis

that the Board of Trade Agures do not tell the whole story. All international trade is barter- the ex- change of goods and services against other services and goods. Money whe ther of paper or gold, is merely the are chanism by which this exchange of goods and services is effected,

1

the

is

The defect-an unavoidable defect-of

Board

of Trade Bgures is that they deal with poods alone and not with services at all. But in international

erds

A

trading as well as in private life services) often count for much more than goods. A village doctor

generally larger income by, giving bis profession- al advice than the local blacksmith can by making herse-shoes. In the same way, the nation collectively carns a very larg income er account of the services rendered to the world by our shipowners, our merchants, our bankers, anil by our capital investments" in foreign coun

earn

tries.

Per

??

OVE INVESTMENTS ABROAD

The last itera alone goes a long way towards explaining our normal excess of imports over exports. According to the statement made by Mr. F. C. Good- enough in his addrem to the shareholders of Barclays Bank, our investments

tts abroad are still worth more than £3,000,000,000. At ceat. that means an income of 1150,000,000 a year. Very considerable soms are also earned by British ship- owners and sailors for the services they render in carrying goods to run from other countri Similar ayment; ne- crue to our Lerchants auch landsráðand their clerical staffs for work in dealing with the movement of goods and the movement of money,

These various factors, though they cannot be set dowa in precise figures, collettively more than cover our normal of imports over exports as re- corded in the figures of the Board of Trade So completely indeed was the normal "adverse", balance covered before The war that there was a large real sui- plus ot exports, and this we used to make further loans to foreign 'countries

and to our own Dependencies.

ELAD OFFICE: HONGKONG

Established 1912.

Authorised Capital

Paid Up Capital ..........

Silver Reserve Fund.

貼

£1,200,000 21,073,380 $200,000

Foreign Exchange and General Bank- ing businese transacted.

Interest allowed on

CURRENT ACCOUNTS

per annum oti daily faredit balance

of over $100. SATINGS

4% anaum

DEPOSITS

fer 12 months per jannum

on demand

CHINA PROVIDENT LOAN & MORTGAGE COMPANY, LTD.;

Advances made on Landed Property, Goods, etc.

Trustees of Estates, Executors of Wills, etc.

Warehousing of Goods of all Description.

For Terms and Particulars

for 6 "

H

for 3

од

27%. J1

BRANCHES

Canton, Shanghai, Hsokow, Bangkok and New York.

11

LOOK POONG SHAN

Chie! Manager.

Telephone (781.

LONDON BANIZES

"The Lloyds Bank, Limited,

SOCIETE FRANCAISE DE GERANCE.

DE LA BANQUE INDUSTRIELLE DE 'CHINI. ETABLISSEMENT FRANCO-CHINOIS, (Incorporated in France).

5, Chater Road, Victoria. Hongkong,

HEAD OFFICE:

Paris, 74, Ras St. Lazare.

Ospital. Raservos

Frs 10,000,000 ....Fr. 10,790,000 Working fund provided by THE BANQUE ÎNDUSTRIBLLE DE "OKINE:

50,000,000.

BANKERS

France: Societe Generale, Banque Nationale de

Credit, Banque de Paris et des Paya Bas. London: Midland Bank, Ltd. New York: Irving Bank, Columbia Trust. Every description of Banking and Exchange

Business transacted. Correspondents throughout the World.

M. FITZ-HENEY,

Manager, Hongkong, 12th July, 1994.

*

PACIFIC LINERS.

JAPANESE PLAN FOR 17,000-TON STEAMERS.

In view of these facts the only problem than nerd worry us at the present mo- ment is the great increase in the adverse balaren in 1924 as compared with 192 But even that increase lowes part of its importance when we compare, the figures for the different years given above. show how wide are the Auctua- tions frons year to year, and that a very high adverse balance in one year may be The committee appointed by the Ship- followed by a low balance in the text. building Association of Japan to inquire

A partial explanation of the "heavy

They sho

adverse balance in 1924 is to be found into the building of superior ships is in the high prices we hud to pay for now ready with its plan, which, subject to the approval of the Board will be Bome of our most insportunt ray mil terials, notably wool and cotton! The submitted to the Department of Commu outlay on these and other raw materials nications. According to the aka may be regarded as

Mainichi, the committee recommends for temporarN penditure which will be refunded when San Francisco route vessels of 6731t. in the manufactured goods are sold. We length, 2ft in breadth and deft in cannot expect a similar refund of the depth with a gross tonnage of 17,000 tons high prices we have had to pay for im and engines of 20,000 h.p. Such vessels ported foodstuffs and for those foreign would be smaller than the Emprese boats manufactured goods which were import on the Vancouver run, but would have ed for direct consumption. But there a larger capacity, space being economis does not seem to be any sufferent grounded by the use of Diesel engines. The for the assumption that even these ex-engine would be imported, the home pensive transactions have involved as shipyards and factories being drawn in debt; for in the course of the year upon for the rest of the work. several foreign or colonial loans were The Committee estimates that a sub- successfully Boatril ON the London sidy of Y.1.200,000 a year per bout would

market.

be orgaired, making .3,000,000 for the three which the Committee recommends.

A weekly service is proposed.

In order to carry out this plan, it is

... POCIALIST MENACE TO TRANK. ~. The broad conclusion is that we need not greatly worry about the Board of Trade figuren of imports and exports as necessary to make changes in the uxiat they stand, At best they tell only parting law, or to frame another to deal with of the tale; and at best their accuracy this special case,

is only approximate. In the majority

of tases the business firms which tinke

the retures

ros have no inotive for even try- ing to secure "accuracy,

.!

THE "PRESIDENT. BOATS.'

NEGOTIATIONS FOR PURCHASE BY

ROBERT DOLLAR INTERESTS.

Years ago Ihad occasion to in quire into the details of this subject and I found that it was a not uncommon practice to leave the work of filling up the other forms to the uncontrolled dis cortion of a junior eterk. It is also im- The negotiations between the Robert portant to remember that the figures for Dollar Jaterests and the United States exports urea only supposed to represent

sent Shipping Board for the purchase out- the value of the goods before they leave right of the ten "533" type Shipping this country; whereas the figures for Board liners-known more familiarly to imports represent the original cost of residents in the Far East as "President gaoila, plus the cost of bringing them hoats on the Pacific service still hang across the sess. So that even if the real fire. Reports received in Shanghai from Values exactly balanced, the Board of San Francisco, says the F. Daily Trade figures for imports would come New state that bids aggregating over out highly important

than those for exports. G.$15,000,000 have been made by the these fluctuating Earthing is not what Dollar interests for 1 ships of this type, say, but what including the five vessels operated for our manufacturera nad their workpeople the Board by the Pacific Mail Steamship do. The people of the United King Co. These five vessels-the President dom are dependent for their daily bread Taft, President Wilson, President Pierce, apon their power to produer gooda

The

export at a price that the world is willing President fanenin and President Cleve to pay. That power will waniab if we land, go to provide a difficult, though allow our industries to be held up by meaty bone of contention, inasmuch as Socialists who have captured the trade the Pacific Mail interests are bidding unions, or to be crushed under the strongly against the Dollar interests' for burden of taxes.-Daily Mail,

their purchase.

Apply at the Head-Office-

"St. George's" Building.

Telegraphic Address: "RELYAT:"

Telegraphic Address :

"LIGHTERAGE"

HONGKONG TUG & LIGHTER

Telephone No.

C. 781.

CO., LTD,

Stevedorage and Lighterage Work undertaken.

·Tugs and Lighters available at all hours.

Apply at the Head-Office.

"St. George's" Building.

Telephone No. Chinese Branches : C, 4885.

· K. 622.

HONGKONG & TERRITORIAL ESTATES, LTD.

(Property Owners, Estate Agents, Land Valuers, etc.)

WILL UNDERTAKE THE

Development and Improvement of Landed

- Property and attend to all Branches of

Real Estate Business.

TELEPHONK

C. 781.

For terms and particulars

Apply at the Head-Office,

"St. George's" Building.

Telegraphic Address; “ESTATES.",

You could.

dip this?

Protected withi TRUSCON

TRUSCON WATERPROOFING PASTE For rendering con- crète impervious to water..

TRUSCON STONETEX - For dampproofing "Preserving, Decorating Exterior Masonry Walls.

TRUSCON METALLIC FLOOR HARDENER Hardens and. increases the density of Cement Floors, providing greatest resistance to wear.

TRUSCON AGATEX is a Chemical Floor Hardener tat will Transform a Dusting or Granulating Floor to a Hard Smooth Wearing surfacing.

"SHEWAN, TOMES & CO.,

Representatives,

St. Georges Building,

HONGKONG.