1925-11-24 — Page 4

TUESDAY, NOVEMBER 24TH,

1925

THE HONGKONG DAILY PRESS,

BROKERS AND THEIR BUSINESS. THE TARIFF CONFERENCE AT

AUTHENTIC DRESS WEAR.

The good style so inherent in the appear aces of a well turned out gentleman in evening dress, is not obtained by haphazard methods. The knowledge and experience of experts must be incorporated in those details-small in themselves-which count so much in the finish at one's attire at theatre, dinner or dance.

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IA, CHATER ROAD,

THE JARDINE ENGINEERING

TELEPHONE:

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CORPORATION, LTD.

14 PEDDER STREET. HONGKONG.

SOLE AGENTS

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ASSOCIATED

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BRITISH MACHINE

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J. ARCHDALE & CO., LTD.

W. ASQUITH, LTD.

J. BUTLER & CO.

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J. LANG & SONS, LTD. J. PARKINSON & BON. G. BICHARDS & CO., LTD.

T. SHANKS & CO.

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STOCKS OF MACHINE TOOLS CARRIED. INSPECTION INVITED.

USE COLGATE'S SOAP AND RIBBON DENTAL

CREAM

SOLE AGENTS:

· GAY

THE HONGKONG TRADING CO., LTD.,

BANK OF CANTON 'HUILDING,

HONGKONG.

SINGAPORE COMMENT ON HONG- KONG COMMISSION'S REPORT. The following article has appeared in the Straits, Time*:-

PEKING.

TEXT OF THE AMERICAN PROPOSALS.

The text of Mr. MacMurray's proposal

low:-

tion of the Chinese Government to abolish likin. They have asked that interim aur taxes be levied and that agreements which may be concluded at this Confer cace shall be made effective at an early date.

Desiring to follow out as closely and as far as possible the programme which has been proposed by the Chinese Delega- tion, and hoping that this Conference may arrive at agreements which will make possible the realization of China's aspira- tions and at the same time properly safe guard the legitimate interests of all Powers and people who will be affected:

LOCAL SPORT.

FOOTBALL.

Bates and Officers of the Regiment, the Drums and Fifes of the East Surro, played selections on the field before the kick-off and during the interval.

The hard ground quite upset the Lord's, for they invariably got under the hall from the bounce. The first half was well contested although the Surreys took the

lead very early in the game. The Loyals, however, played up strongly and several times appeared to be on the point of scor

scored the only goal of the first half and ing, but their shooting was wild. Eaton

in fairness to the goalkeeper is it only right to say that Hargreaves ran across.

A ROBBER'S REQUEST. WANTS HIS OWN WATCH RETURNED.

That he attached great value to one particular watch, out of 20, which formed,

strango request of a prisoner, to Mr. E.

yesterday,

The robbery occurred on July 30th when jewellery, and other valuables amounting to 84,700 were stolen, of which articles worth $1,300 have since been re- covered. One man, who had been in hospital for three months as a result of being shot in the legs by the Police, was charged yesterday.

Evidence of arrest" was given by Chiness constables, and the man said: I did take part in the robbery, but I

value to it, and want it back when I want to say that particular watch is not part of the proceeds. I attach great have been punished."

Defendant was committed for trink

13.L

21

East Surrey.....ỡ Loyal Regt...C At Sookunpoo yesterday afternoon the We received the other day a copy of

East Surrey Regt. played a friendly the report made by the Hongkong Stocks to the Tariff Conference reads as fol

game. of football with the Loyal Regiment part of the proceeds of a big robbery at and Shares Commission, over which Sir,

who are passing through the Colony watch in question was his own property, a Hunghom pawnshop, claiming that the Claud Severn, Colonial Secretary of that The Chinese delegation have asked from North China to India. Colony, presided. It is an interesting in Dr. Waag's speech at the opening

A good " document and sets one thinking. We do session of this Conference, on October number of the Loyals, including Offices after he had served his sentence, was the and that he wanted it returned to him in Singapore are similar to those in for the principle of China's tariff auto- stands, the Officers of the East Surreys W. Hamilton at the Kowloon Magistracy not in the cast suggest that conditions 28th, that the Powers declare their respect and ladies, witnessed the game from the Hongkong, indeed they differ inost nomy and agree to the removal of tariff materially, ence is that we have no Stocks and Shares They have affirmed that it is the inten-kind permission of Col. F. S. Montague The most prominent differ- restrictions contained in existing treaties. being "At Home to the Loyala. By Exchange in Singapore, and in Hongkong there were no less than three. Years ago we urged the formation of an Exchange here, possibly because some knowledge of the Exchanges in London. Hirmingham and Manchester had led us to believe that they offered the public a valuable safe- guard against those mere camp-followers in Bnancial affairs who are generally de signated outside brokers. But if we could not be sure of establishing in Singapore something a very great deal better than Hongkong has found it possible to create, we are perhaps, better as we are, though that is not high praise. As most of our readers will be aware, there was a some- what serious collapse of business in the provisions of the Washington Treaty, We are prepared, in accordance with Hongkong last June, and the objects of to authorize at once the levying of the the Severn Commission were to discover surtax of 1 per cent. and as soon as the the causes of that collapse, and to in-requisite schedules can be prepared, to dicate what, if any remedies could be authorize the lovying of a surtax of 5 perin front of the ball just at Eaton made applied The Commissioners state their cent on Mixuries. conclusions tersely, The trouble, they Say, was due to dealings by unsound

PASSENGERS EXPECTED. brokers with unsound clients: dealings by unsound brokers with sound clients: over

'THE " KASHGAR'S." LIST. financing by native banka who were in

the Loyals quite beld their own with the For some minutes in the second half the habit of advancing up to 80 per cent.

Among the passengers on the P. & 0. or 00 por cent. of the market value of the

Surreys, but unfortunately a penalty 3.5 Kashgar, which is dus hore "We affirm the principle of respect for kick being given against them for hands, Friday, are the following:-Mr. J. S. shares, and even 100 per cent, has been China's tari autonomy and are prepared and from which Eaton scored. made Beach, Miss 1. A. Blair, Miss M. Begg, mentioned,' Over and above this there to negotiate a new treaty that shall give them quite lost heart; for they had great Mr. G. A. Bell, Mrs. G. A. Clements,

The general appréhension felt by effect to that principle and which sha!! the Chinese community as to the prob- make provision for the abolition of hopes of drawing level before this in Mr. H. Coombe, Mr. G. P. de Martin able effect of the threatened strike and a

cident occurred, and with a little inck (Inspecter of English Schools) and Mrs. boycott on the prosperity of Hongkong. for the removal of tariff restrictions con- would have succeeded. Being two goals Martin. Mr. and Mra R. M. Henderson,"

tained in existing treaties and for putting been little short of a fraud upon the The Exchanges appear to us to have into effect the Chinese National Tor down, the Loyals appeared to slacken off, Mr. and Mrs. Dyson Holland, Engineer

Law

this opening the game for the East Commander C, J. G. Mackenzie, M.V.O., public. They exercised no real discipline. To carry out the provisions of the Surreys attack and Eaton soon notched RN., Mr. and Mrs. F. C. Neville, Mr. Members were permitted to trade al-Washington Treaty and at the same time Loyals defence, who had played very Mrs. P. Y. Stark. X15. F. C. Todd and though they were known to be insolvent proceed with the larger programme con-

the third goal all off his own boot, The K. M. Southern, Mrs. J. G. Sanderson, the ex-Vice-Chairman of one Associationtemplated, we suggest :... saw he objection to this. Then we are (1) That the Powers, other than mach and goals were added in quick

soundly against a strong forward line for Mr. J, H. Kemp, K.C., C. B. E. (Attorney-, five minutes, now found the pressare too General), told that although brokers guarantee China authorize the levying of a surtax of every transaction which they put through 1 per cent. to be effective on all goods on they have accepted business with clients February 1st, 1996, and that there be pre-were taking shots at gool. A breakaway succession through Humberston, Enton- and Butler. All the Surreys front line as to whose financial stability they have pared immediately a schedule of luxuries had no knowledge."

The general conclu upon which a rate of 5 per cent shall be by the Loyals had the Surreys' defence sion market has been carrying on its business July 1st, 1926.

the Commission is that "the share authorized to be effective not later than guessing, but Jordan got the ball away

The increased revenues

from a crowd in the goalmouth. Final for some time past "on a thoroughly un- thus derived shall be held by the Cus. score: East Surrey, Regt., 8; Loyal sound basis, and even if the financial crisis toma Administration subject to such dis.. had not taken place on the 2nd June. position as may be agreed upon by this

Regt., J. the time was bound to come in any case Conference. when general slump in the market would have had very serious sequences." Stock and share gambling

on takes place everywhere, and though many heads have been shaken over it, no one

WAS

with the negotiation of such an agree

We are prepared to proceed at ence ment or agreements as may be necessary for making effective other provisions of the Washington Treaties of February 8th,

192

(9). That provision shall he made for surtaxes at the land frontiers. the levying of the full amount of the

his shot which came at a great pace along the ground. Interval: East, Surneys, 1 Loyals,

The teams:-

Loyala: Pte. Brindrett; Pte. Bar greaves and Cpl. Scott, Pie. Fronstone, Keighley, Pte. Marsden, Cpl. Mar Pte. Cpl. Frafton and Pte. Roana; L.-Cpl.

worth..

THE R.A.0.8.

on

NEW HOME" FOR HONGKONG

LODGES.-

A mass meeting of members of the Royal Antediluvian Order of Buffaloes was held at the Royal Naval Canteen Theatre last evening. All the four. Hong- kong Lodges were well represented, the Pose of arriving at a decision regarding meeting having been called for the pur the hire of an institute.

(3) That a new treaty be made Anders, and Pte. Pitpladdy. has been able to put forward suggestions which shall provide:

East Surreys: Pte. Douglas Pte. At the moment the Buffaloes are prac for control which would be free from the here concluded shall come into force the Charlesworth, Pte. Eaton, Cpl. Humber. and Mr. James Oxberry, of the Palace 1-Three months after the treaty Sgt. Mitchell and Pto, Bristowe: Q.M.S the hospitality of the Canteen authorities Cooper and Jordan; Pte. Medreavy,tically homeless and have to rely upon objection of interference with pericetty Chinese shall be at liberty, as an interim stone, Pte. Butler and Bdsm., Mackles. Hotel, Kowloon, in order to hold their legitimate business. We have seen it suggested that all margin dealings should be made illegal," and that every contrast to buy or to sell should be completed by netaal transfer before a further contract can legally be entered into. Sound enough, but probably those are right who any that gambling would go on .on exports. all the same, and there would be no hene-

It looks

measure, and until tariff autonomy, shall become effective, to impose a new and uniformly enforced schedule of duties at to 191 per cent. on imports and from five rates from five per cent. (the present rate) per cent (the present rate) to 7 per cent.

2-That from the same date, the rates

time frontiers.

fit to anybody. Where there is a strong be the same as those levied at the mari- of duty levied at all land frontiers shail exchange, exercising firm and impartial discipline, at least the public are safe guarded against mere welshing. If they give their business to outsiders, they must

take the consequences.

!

4-That likin and related internal taxca which may be agreed upon shall be, abolished.

That for the purpose of abolish. ing kin, funds from the Customs re- provinces in lieu of likin. venues shall be apportioned among the

-That if he collected any where in violation of agreements entered into for its abolition, the taxpayer shali be entitled to a refund from the Customis Administration of the full amount which be paid as liken,

revenues derived from putting into effect 3-That the increase of the Customs these provisions shall be accumulated by The Hongkong Commission does not the Customs Administration, and applied favour legislation. It recognises that for the purposes hereinafter specified. speculation takes place in many things besides stocks and shares, and may be a good deal more harmful when commetti- ties, for instance food supplies, are the subject. At the same time we find our- selves agreeing with the report in saving that if the Exchanges do not discipline themselves and do not carry out their rules, "It would be possible by legisla tion to enact rules which would be bind ing on every association of share brokers. whether incorporated or not. A meniber of any recognised Association or Ex. charge should be a reputable person. He ought not to act for a principal who to bis knowledge is in default. If he is unable to fulfil his engagementa, he should be publicly declared a defauiter. These are essential features in the London Stock. Exchange rules, and we have heard it said that they save brokers from temptations to recklessness, and are the very hest anfeguard the public can have. One point" in the suggestions by the Commission seems to be of special local interest, Dealing on the margin basis, the Hong kong brokers were understood to guar antee all transactions, and in view of this the suggestion is made that there should he rule in all Exchanges. whereby.'n 115 broker is required to obtain from his client t

further

יי

Referee: P.O. Smyth, R.N.

YAJETING..

SECOND DAY OF LADIES' CHAMPIONSHIP.

A find race was sewn yesterday when a good number of yuchts competed in the ship. The course was to Channel Rocks, second race for the Ladies' Champion- Kowloon Rocks, Cust Bock Buoy, Gnish- ing at the. Yacht Club, a distance of just over six miles...

was

meetings. Now, however, a building suit- able in every way for their manifold needs. has been placed at their disposal.

Following discussion of the scheme, the Chairman (Mr. Goldenberg), who ably supported by Mr. Sherriff, put the proposal to the meeting and it was un- animously agreed that the scheme to take over the new "home for the Buffaloes should be proceeded with.

WEATHER REPORT.

Last night's weather forecast" and re- marks by the Royal Observatory, Hong- kong, stated :-

The race for the Hayward Hays and Gaels was spoiled by a nasty foul which

The anticyclone has moved eastward accurred between adanac and the Gindýr. The main and jib sheets of the Gladys and is now central over Vladivostock. were carried away, and she was helpless Fresh to moderate monsoon may be ex for a time. At the time of the accident pected in the Formoss Channel along the she stood a good chance of winning, but South-east Coast of China and over the owing to the time she lost she could do Northern China Sen. nothing except come in last."

Local forecast: East "wind, fresh to moderate, fair.

The details were as follows:-

HANDICAP.CLASS.

Finishing Corrected H'cap. Time. Time:

LAWN TENNIS. 4.11.35 4.10.03

J Casumbhoy, the youngest and most 4.18.16 4.10.10

4.14.14 Promising of the Indian exponents of the 4.14.27 Same, met S. A. Rumjahn, a more ex. perienced player, in the Final of the 4.15.58

Singles Championship of their Club, ve Sunday morning.

1,50.90 4.10.32 4.10.01

HAYWARD XAYS AND GAELS.

4.30.00 4.27.48

I

That the increase in the Customis revenues derived from the increase in Dia (Est)....1.31 rutes of duty shall be devoted to the Colleen (2nd)....8.06 following purposes:

Dorothea (3rd)....8.08. (a) Compensation to the provinces in Entena.... .8.05. lieu of fiki

Li Linda......3.03 (b) Payment of rebate charges: (c) Refunding of the unsecured debts: Theta (let) 4.31 (d) Administrative expenses of the Seatark (2nd)....1,01 Central Government. "That, subject to the fulfillment of Garl

Bluennar (3rd)....1.01. the provisions of Articles 4. 5, 6, and "T the Chinese tariff shall cease to be eller above, the present treaty restrictions on

Joun Gladys tive and the Chinese National Tariff Lav. Adannes shall rome into force on January 1st, 1923.

Pussed by the Chinese Delegations

an effort be made to devise

4.28.40

4.02 4.31.52 1.31 4.32.18 .1.01 4.33.47

Did not finish.

GOLF.

1.20.1A The match went to four sets of which 4.28.15 the younger contender won the second in 4.97.39 convincing manner;" Rumjahn served 4.29.40 first and claimed the opening game as 4.30.46 well as the second. The third and fourth 4.39.46ganes were keenly contested and some

at the time when any forward contract is n plan whereby it may reasonably he

In the "particulars we gave yesterday made a deposit equa to ten per cent of expected that this treaty will go into of the qualifying round of the Club Chum the adiount of the contract plus brokerage force at an early date after signature. pionship which was played at Fanling and stamp duty, and to require

10. That if proposed by a majority of on Sunday it was inadvertently stated deposit if the price drops to near the ten the Contracting Powers before January that Mr. W. Ironside, 177, was among per cent margin. less to say was not welcomed.. A majority

The suggestion need. 1st, 1998, there shall convene on May 1st, the competitors who qualified. The nace

1928, of the members of the Hongkong Stock the Contracting Powers, for the purpose

Conference of representatives of should have been Mr. J. U. Ireland, '177, Exchange are said to take the view, that of deciding whether likin has been THE SHANGHAI GOLF CLUB the proposal would hamper forward abolished and of negotiating any further business to such a considerable extent as agreements that need to be arrived at

CHAMPIONSHIP. practically to cripple it, and without with regard to subject matter of this forward business it will be impossible to treaty." keep the market up Thir," say the Commission, is an unsatisfactory point

of view. What seems to be of importance associations to deal mother things. It is not keeping the market up but etmay be that the laws in general would be suring that business shall only be enter all the better if greatly stiffened against ed inte by persons who can honour their every kind of speculative dealing, but it obligations"

It does not appear probable that any which will serve that purpose and yet not is extremely difficult to formulate rules very definite results will follow the report act in undesirable restraint of wholesome of the Commission. There is no hone trade. This at any rate wo conclude, that apparently of the three Exchanges uniting unless an Exchange is based upon the to form one strong exchange, and the view London principles and gives a real status is expressed that there do not appear to to its members-in fact guarantees them be adequate reasons for denying to any as far as that is practicable we are better. group of persons the right of forming, and with the system which prevails in Singa association to deal in stocks and shares pare, where the good repate of a firm is when there is an unlimited right to forni the best safeguard that the dealer,

(Continued nt foot of next Caluma.) ·

stocks and shares can hope to have.

LEADING PLAYERS ALL IN FORM,

The first of the match play rounds of Club took place at Kiangwan on the 15th the championship of the Shanghai Golf inst. with the following results:

J. B. Ferrier beat T. W. Mitchell, H. R. Malcolm beat J, Uswall, 3 and 1.

and '8.

G. F. Harrison beat W O Lancaster,

11 and 9,

M. W. Budd beat F. V. Chamberlin,

13 and 11.

J. F. Filcher hent L. Parbury, 5 and 3. J. Dewar beat R. A. C. Watson, 7 and

W. H. C. Huggett, beat R. J. Dlower-

man: 2 and 1-

A. E. Blinko beat F. C. Colam, 10 and

hard hitting and clever tactics were seen, Cassumbhoy very creditably "winning both. S.A, however, won the next four games and the first sut. The second set was the best. Casnumbhay found his true form and was the aggressor Rumjabu won the first game on his service, but the younger finalist kept a good length in the next threo games and placed with unerring accuracy, Rumjaha was on the run all the time and had to yield all three games finally He won another game on his service again, but Cassum- bhoy was in great form and after many long rallies won another three games and however, Rumjaha struck form immed the second set. Unfortunately for him,

comparative ense. Final acores 6-2, 2-6, iately and won, the next two sets with 60, 6-3.

This is Casumbhoy's first year in the Championship and he has, therefore, done principal avent exceedingly well in reaching the final and

HOCKEY.

The following will represent the Club U.S.E.C. ground to-morrow (Wednes against the Nayy at 5.p.m.. sharp on the day):-P. W. F. Mills, D. H. Sherman, B. Mitchell (capt.), Rev. EW L A. PT. Farquharson, A. 8. Hett, E. J. Martin, H. Owen Hughes, B. D. Evans, W. Woodward, A Dyer-Ball and G. R. Vallack