1925-05-06 — Page 4

HAWKES

SUN

THE "HONGKONG DAILY PRESS, WEDNESDAY MAY 6TH,

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AN OFFICIALLY COMMUNICATED STATEMENT."',

article

The chief baoks. are the Bank of China the Bank of Communications (70 brau- (100 branches, with 380,000,000 capital); ches, $13,000,000 expital), for railways, telegraphs, services; the Sino-Japanes Bank the Sinolsalian, Sino French. Sino-Scandinavian and the Sino-Ameri- can-this last with a capital of 10,000,00 gold dollars, half paid up.

The Financial Time, has recently pub- lished an International Banking supply ment. which includes the following

officially communicated "

on Chink's Banking syncin:-

Owing to conditions resulting from the state of civil war which has tora asunder the old divisions of North, Cen- tral and South China, as well as to the fact that faction lealers in the various The Peking Bankers Association,. zones at war are exercising the most arbi- founded by eight principal China banks, tary supervision over the newspapers.tends itself-in normal times, of course ielegraphs and services in the regions to Enancing domestic enterprise and. enfrolled by them, ailequate news in China trading with the Eastern world not reaching the Central Government at generally. This group forms the Con- Peking or the foreige Consular centres | sortium, or Lending Group, It is to at the Treaty Ports.

be distinguished from the foreign In.

THE CONSORTIUM.

It is generally agreed that China canternational Consortium Bank, which is never align herself with, whything like an association composed of British, Ja- permanency with the Western world as panese, French and American elements. a practical factor in the international The foreign banks at the Treaty Ports scherpe until she has produced reform include Hongkong and Shanghai Bank and unity within her own vast borders. (Hongkong), Mercantile Bank of India. The soundest expert opinion, too, among Chartered Bank of India, Australia and both Chinese and Westerners agrees that China Bank. there is little hope for any real reform inside Chinn, until the rehabilitation, and unification of the strigney as based on the tael are permanently assured by fa- tional standardisation.

A CENTRAL, MINT,

|

The Post Office Savings Bank dates) from 1919. Between 1920 am 1922 near-. 1 $1,500,000 were deposited by about 15,000 depositors. There are now over 400 savings banks, but the civil unrest. has closed many of them, though only

OUTLOOK.GOOD.

That achievement will pred the crea-porarily, as the principle involved in tion of central national iüt for China, savings banks made from the first so strong an appeal to the placid, home turning out only one brand of legal ten- der in the North and the South. There loving had thrifty Chinese that their is no tael in Hongkong; but there are success is assured. hundreds of different kinds of tael, which The position of the Chinese Debt, ac is a weight of silver not, a coin.. in cording to the latest figures, is as fol- China proper, At present the tarl is lows: War Loans, £23,000,000; Boxer. worth 3. l. in the North, while in the ludemnity, E48,000.000; Railway" loans, South the Hongkong dollar is worth 2.37,000,000; general loans. £15,000,000; d. Standard currency of the North is Japanese, toans, £20,000,000; short-term- so severely discounted in the South, are loans £12,000,000. Total, 17,100,000. nice rerm, that trading, transactions are: not permanently, nor within

Despite the depression, both in the alle certainty at all possible between the

North and the South, there are certai inhabitants. All this naturally reacts un "foreign traile, and to the end that indications going to show that China is shall standardised ry slowly recovering, like the rest of the currency

the world, from the bad times result throughout China on a unified basis, a

The railways are movement has progressed into the practi-ing from the war. eal stages for the establishment of an showing increased profits as a result of greater passenger and freight traffic. All-China mint at Shanghai,

The 5 per cent. Hu-Kuang Railway divi- It has to be remembeard that the 2 dends are available for transmission to sent anarchie 'conditions make reform shareholders as soon as certain formalities if not doubtful, at bast a matter of dif

between the Chinese banks and the intar- ficulty and delag, nut in the actual disuntional group are completed..

the integrated state of the

tablishment of a central mint seeps an promising. Minting being a profit bearing enterprise, no Province will per- mit any other Provine to mint coins far All coins foreign to a particolar mint are at a discount in the zone of circulation of that mint. The intention ed central mint is to abolish the tael and of the authorities controlling the project substitute a Chinese silver dollar through hout All-China.

it.

country,

FOREIGN LOANS. Actually, thi Bruantial position China. Ho fax as forrige loans are con cerdd, is as follows: The foreign loans which are definitely secured amount to 02 million treks. "The loans included"

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A FOOTBALL

H.M.S. HAWKINS ' BEAT SOUTH CHINA IN FRIENDLY GAME.

On the H.K.FC. ground, the flagship team met and defeated the South China Olympic team by a goal to wil, yesterday afternoon.

[117

LAWN TENNIS.

H.K.C.C. TOURNAMENT. CHAMPIONSHIP DOUBLES SEMI-FINAL

CAPT. O'CALLAGHAN AND DR GAWLER GAWLER

ENTER FINAL

Capt. C. O'Callaghan and Dr. D. J. Gawler, defeated M. K. und M. W. Lo Again, most of the important mining

in the second semi-final of the Open In a series of games between the teams Championship Doubles. yesterday even- properties have increased their output.

The Fushun Colliery each have won one, the other game be in the past year.

ing, thereby qualifying for the final in Manchuria produced 5 million tons ing drawn three goals all. There was round, in which their opponents will be more than in 1923, and this is generally the usual crowd of Chinese or the sur-the Rumjam Brothers. The Lo brothers the case with the coal mines, which have rounding slopes while the stands on the won the first set by 2, O'Callaghan net

A fair increase ground, were well filled.

being in his best form. Matters were re- had a prosperous year.

The game opened very fast and in versed in the second set, the Lo brothers tote being 960 thousand "half-chests in favour of the sailors bus shooting was being beaten by 8-1, both Callaghan in the top trade is also to be noted, the

Both teams made good open and Gawler playing well. There was a 1024 as against G13 thousand half-chests' erratic. in 1923, Provincial. ros-oking has led,, ings, but failed in front of goal. Offside hard tussle in the third set, O'Callaghan within the past year, to remarkable re- play by both sets of forwards nullified and Gawler winning the first two games sults, and has veritable recreated a new some good openings. Lau Hing Cheung, They lost the third game, but won the inspirit of industry in the vast com in the South China goal, had more to fourth. The Lo brothers then won three manity. Coast craft building has also do than Heathcote, but few scoring shots garage in succession making the score thriven..

were sent in.

Smith, on or occasion, 3 in their favour. Afterwards. how- bad Lau beaten, but the shot just grazed | ever, their play fell off and they lost the top nf the crosshar in its Bight. the set by 6-4. The fourth set was also The question of consolidating China's Corners fell to both teams, but were fully cured by the Customs reven considered on the basis of finating a fund-terval there was no

O'Callaghan and Gawler won the next and also by the Salt Gabelle, There

two games, and took the set by 6-4. From the restart South China put on

The final between the winners and the remain foreign debta amounting to 291ng loan guaranteed by a 24 per cept.

The adequacy pressure and Lai Wai Tong sent in wide, Ramjahn brothers should be an interest- million tarls which are not debanely tax on the Customs.

Government is of revenue derivable from this source when nicely placed. Ane run down ur effectively secured.

ing game. arcused of gross negligence in regard to was, however, seriously questioned until the Held by Smith was negatived, when

Other games decided yesterday are an over the bar.

follow:- payment of interest on these unsecured recently, in view of the internal instabi- the winger lifted the ball.

fity in the provinces and the activities, The Harkan forced a corifer, but Wong.

Handicap Doubles.-B. D. Evans and The position as regards internal nanes of Bolshevik propagandists, who more Shiu Wa brought the ball out and sent W. Flyde (3/6) beat S. E. and D. S. is the following: Ever since the Chang particularly in Southern Chin, where. Fang away; but Wright cleared. coup d'état in 1917, the Central Govern traditionally, rebellion is easily fomented, teated Lau Hing Cheong, with a fast Green (-2/8), 5-7, 6-1, 5-6.

Open Championship Singles.-T. Honda -for long infuenced the people. ዓ.

South China got well beat E. C. ingher, 6-1, 6-3, 6-2 ment at Peking has had to face an an

down before Pang Kam Wing lobbed Handicap Singles "A" Major Hat uttal defeit in revenue, after payment has this element dying out, however, a ten- been made for interest on the secured ¦ dency to take matters less philosphically the ball over and it landed on the toptersley. Smith (-3/8) beat E. Grimble

Hyde got through the de- "foreign loans. The revena is derived and a consequent increase of industrial of the net. from the Customs, the Salt Gabelle, energy, prospects for 1925 look much more fence, but his shot was wide of the up-~~3/6), 6-1, 61.

The Hawkins took the lead Here, promising than was the char in January, right wines, tabacco and stamp tax.

misunderstanding between

in this sum (roughly £123,000,000) Jotnestic and foreign liabilities has been "invariably sent over the bar. At the ip/well contested but after 4 games all,

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wary, 1925, is the situation so far as iz han be described..

A SERIOCH POSITION.

1924.

ground shot.

through

+

BCOTS.

Ball

Tho

TODAY'S GAMES.

The following games are down for

Handicap Singles "B."-th round)

It may be repeated: the immediate the hacks, Hyde passing to Tel. Smith dreision to-day-

Mixed Handicap. Doubles.-(Final)'= future of China depends very largely on and Lay coming out of goal was beaten Mr. and Mrs. G. R. Sayer (1/6) -- the progress which is actually being and the ball sent into. net. made with the establishment of the Baking elated with the success made Mr. and Mrs. Ironside (+4/8).

Club Championship Singles (Third - The salt revenue of 80 million tale Shanghai Central Mint. A conference aber line for the South China round): Major Hattersley, Smith, F. shows a dearense in 1924 by over 20 mil. of Chinese bankers was recently held in and Lau had to clear from a shot by Redmond.

A goal for South China seemed lior: tacks. The decrease is regarded as Peking, with the result that towards the Hyde. sprinus, inasmuch as it shows the inability completion of the mint, the Enanciers certainty for Chan Kwong lu was nice. of the Central Government at Peking to agreed to advance a sum of about ly placed, but lost control of the ball deal with arbitrary interference by fae000,000, providing the Peking Govern close in and lifted it into the hands of tion leaders in the collecting of the rment gave them what would practically whistle sounded with the Hawkins win- Heathcote, who easily cleared. The final venues. Until such interference is stop amount to a monopoly for minting coinners by a goal to nothing. ped, revenue cannot be estimated or calunder Government supervision. When lected; this may ultimately entail West is realised that there are in existence

Mr F. Smith: was the referee. This afternoon the South China team

Kick-off at 3.30 p.m. Durban.

Capt. L. W. Bennett (+3/6) C. W. E. Bishop (1/6): A. C. I. Bowker (-2/6)

G. de Man (ser.)...

Handicap Singles "A."-(3rd round):" L. Forster (3/6) #. Dr. D.' J. Valentina e (1/0).

Handicap Doubles-(Semi-final): E Col. Montaguo Bates and Capt. R. H. P. West (-15)..

tere intervention. All the obligations several provincial mints, all practically are playing an eleven from H.M.S., Evans and W. Hyde (-3/8) +. Lieut-

A TRAGIC PICTURE,

A HUGE TOYSAL.

GOLF.

secured for foreign lonas by the salt antagonistic, and that the coinage of one revenue ($21,000,000) have, however, been province in only changeable at a severe fully met. Surplus funds over the loan-discount in another, it will be realised "Apart from foreign loans secured on dues released to the Central Government that something approaching the drastic the Customs and other national revenues, amounted to nearly $85,000,000. The nature of a Government monopoly will, China's tetal unsecured indebtedness total amount due for the redemption of in its preliminary stages at any rate, be now amounts to at least 8500,000, The third qualifying competition for various kinds of Treasury notes, for miliin all probability, the only resource of 4100,000,000); foreign debts, of which the Adamson Cup was played at Happy tary subsidies, amounted in all to the Central Administration if it can $58,000,000, leaving a balance for the prove itself effective. The confidence of payment is in default, equal to half that Valley on May 20d, 3rd, and 4th, when Peking Government (according to D the foreign banka in floating loans for total. No serious attempt is being made P. Morrison (19-24-75) qualified.

to cope with these obligations and In the play for the Captain's Cup at Yen) of $7,000,000. That is to say, the internal development can only be fully the strong objections which the Chinese Fanling from May 2nd to 4th, J. Smith Central Administration's expenditure is sured by a unified and consistent our have to foreign supervision have hitherto (81-15-76) and D. G. Bruce (85-1976) on the estimates, about seventeen times

rency. Tac one thing needful now is prevented any scheme from materialis tied; and other scores wero: H. P. Win- its income. Indebtedness on the insecur political rest. China's prosperity is

slow, 96-1876, and Col, R. A. Dobbin, ed foreign loans is still heavy.

then a matter of certainty.

69-0-80. There were "14, entries. The BANKING SYSTEM.

"In addition to the unsecured debts, a pool, for which there was one entry only Backing, which is, in the Western sense.

of $300,000,000, ia An official Consular statement as to sum

respect of was cancelled. new institution in China, has made the conditions at present prevailing in domestic loans to which preferential some striking advances during the past. China gives the following-extraordinary treatment has been accorded under the That fact itself placed beside the other picture of the dificulties which actually

Debt. Internal

Consolidation service; fact that many European banking houses confront the Central Government at Pek must be added to China's floating in- are establishing branches in China, is

debtedness, making a total combined of ing:-

$800,000,000... No progress has been, a reasonable argument that the Wes- ternimation of China is a fact with which.

In particular ment towards bankruptcy proceedes currency, and it is regrettable that the "Boon after night-fall a spectacular pro- the world must reckon. has the growth of the China Trading steadily during 1994, the situation being hopes founded on the establishment of a cession of boats shaped in the form of a Bank, with international: ffiliations, but little removed from financial col- Central Mint at Shanghai show no pros long, and apparently, unending dragon made great strides within a few accades. Japan. The pay of the troops and the Beet of falliment in the near future. floated up the river from the East Fund There are now altogether about 125 banks, salaries of officials are heavily in arrears, financial difficulties and political have, accompanied by continuous fusillades of with over 400 branches, throughout China, even the Legations and Consulates in it is understood, prevented, the comple fire-crackers. It was one of the prettiest How they grow is shown by the fact that foreign countrice being left without tion of the installation, but in any case sights seen on the river for a long time." since 1921 over 60 new banks have been funds, Large sums are due from t them in charge of the scheme have fail. The fire boats wendel their way up to created. Naturally, the civil war has railways and Government Departments to to realise the necessity of ensuring con- the West Bund and heyend and provided interfered with their progress, and to foreign and Chinese creditors.

fidence in the Mint by providing adequate a delightful spectacle to the people ashore the point of closing up many.

and afloat." (Continued on next Column)." foreign supervision."

3

DELIGHTFUL SPECTACLE BOATS LIKE AN UNENDING DRAGON. Describing the Labour Day celebrations The progress of the Chinesh Govern-made in regard to the reform of China's at Canton, the Canton Gazelle says: