1926-07-27 — Page 3

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THE HONGKONG DAILY PRESS, TUESDAY, JULY 27TH, 192G

CAPT. DOLLAR ON PACIFIC

TRADE

ADDRESSES AMERICAN BUSINESS COMMUNITY.

AN

COMING COLLAPSE IN

RUBBER."

INTERESTING DISQUISITION. This is the title given to a pamphlet written by Mr. LL.B. Angas, which he states is an "economie aanlysis." Captain Robert Dollar, in addressing It is published by King and Hutchings, members of the American Club and Ltd., Hillingdon Press, Uxbridge, and members of the American Chamber of disquisition on the rubber position, that priced at 6d. It is an interesting Commerce at tifin "on" the 20th" inst, in offers some food for thought. The basis the American Club, Shanghai, dwelt at on which the author works is the saturs. same length on the interlocking pros been reaching by the American market tion point which he is of opinion has perity of the United States and China, for motor-cars. Other people have dif He asserted that in the past 40 year eindes American consumption of rubber ferent views, Premising this, he con commerce on the Pacife Ocean had in has attained its limit, and that it will creased thousands of per cent." not advance beyond 360,000 tona a year. Among the guests who sat at the The rest of the world is taken to go on speaker's table were Judge Purdy; Mr. of 10 per cent, a year. He thus arrives increasing ita consumption at the rats E.. S. Cunningham, American Consul- at the period 1925-29, when the market General; Dr. §. A. Bansom, President will be over supplied, and the price of of the American Association; Mr. Julean siderable fail. Later on he mentions the caw rubber will have experienced a con- Arnold, American Commercial-Attaché; possible cut of 20 per cent in per- Mr. G. C. Howard, American Trade mitted output under the Stevenson seljem, which had not been announced Commissioner; Mr. E. C. Stocker, Pre-when he wrote his essay. This, however, sident of the American Club; Mr. F. F.he dismisses as being of no apparent Fairman, President of the Chamber of effect, because the Dutch interests would simply increase their output. Whether Commerce and the Directors of the they have the ability to bridge the gap Chamber of Commerce.

he does not say. To make his points. be sites figures in certain alternative con- sumptions and production, which the reader may select according to his view. A table is given of possible production, he means. We cannot give particulars, consumption and stocks to elucidate what

but would recommend readers who peruse the pamphlet to concentrate oa columns up to 1932 at t per cent. increase, con 2, 9 and 15, where production is estimated sumption at 9 per cent increase, in both cases cumulative, and in the third column. indicated we get the resultant stocks.

Captain Dollar made an impassioned plea for the development of commerce and trade on the Pacific Ocean, stating that the benefits of commercial inter- course reacted favourably and in an in- creasing ratio on those who took part Trade was not a matter of one nation, but of all, and the harmony of the whole was only made possible through such in- dividuals as listened to him to-day. He hoped they would all strive for still greater progress in this line.

7.8.A'S PROSPERITY. Continuing, Captain Dollar said that there was no country in the world as prosperous as the United States, which could be seen at a glance at the annual banking returns. It was a pleasure to him to note that saving banks were go- ing ahead by leaps and bounds, both in the number of depositors and the increase in individual deposits, these having doubled in the past eight or nine years Wages of mechanics and skilled artisans were as high as 12 and 14 gold dollars a day, and it was, a rare family, indeed, which did not possess a motor-car.

STRAITS IN 1925.

As we have said, the whole argument is based on the assumption that saturs: tion point has been reached in America. If this is correct he has made out some case, but failing this much is more pro- blematical than even appears to the ordi- nary person. His counsel to boards of companies is that they should not plant up further nereages, as by so doing they will only prolong the period of depres sion that must come in a few years. Against this we may set the view that rubber is no longer the luxury that it was scarcely a decade ago, or, say, before the war.. It is now one of the necessities of the world, required for economically. carrying on its business. Prospects seem to be that continued expansion in con- sumption will take place, utilising all that is produced, though the price of the commodity will probably continue to fluctuate somewhat violently as has been its wont, a condition that prevailed even before plantation rubber was placed

COMPLETE REVIVAL OF TRADE on the market--China Express and

WITNESSED.

In his report on the Straits Settle ments for 1925," the Colonial Secretary the Hon. Mr. Hayes Marriott, says:-

The year under review witnessed the complete revival of trade. A rubber boom and a steady tin market resulted in trade figures for the year of a magni- tude never surpassed in the Colony.

Restriction of the production of rubber remained in force throughout the year and the policy can be said to have fully and completely justified itself. T

Prosperity in the two great Malayan industries resulted in a temporary short- age of labour and a considerable increase in wages.

The financial position of the Colony is eminently satisfactory and the year wit- nessed the establishment of the Opium Reserve Fund.

His Excellency the Governor proceed ed to England on leave in May and re- tarned to the Colony in November.

REVENUE EXCEEDS ESTIMATE.

The revenue for the year 1923 amount. ed to $33,850,000 exceeding the Estimates by $20,653,005, whilst the expenditure was $57,683,950 being 823,264,076 more then the Estimate.

The revenue was $25;211,799 more that that of 1924, while expenditure was more than the 3924 figure by 830,887.643. The cxceas of expenditure over revenue $3,742,999 as compared with an excess of revenue over expenditure of 81,939,845 in

1924.

The revenue for 1925 was increased by

Telegraph. HONGKONG" STOCK EXCHANGE. CLOSING QUOTATIONS.

Hongkong Bank

JULY 26TH, 1920. ...$1,180 să..

. .

Do London, Chartered Bank...

2201 bay. Marcantile Bank, A. & B......£30 nom.

Do..

......£13 nom. R. O. Bank.

£94 bay. Caton Insurance .......... East Asia Bank

buy. China Underwriters .....

$230 bay, 840 sal $1.80 buj North China, insurance ....Tin. 145 nom. Union Insurance

$291 sel Yangtze Insurance ..............33 hay. Chins Fire Laramace $200 büy Hongkong Fire Insurance „. 8590 buy, HK, U. & M. Steamboat $26) buy., Qői sá, Daugiases

$25 bay, Hongkong Tag. nom. Indo-Chinas (Pref.)$30 bay.

..$674 sol.

$16 nom 5243 buy, ..His bay.

Do. (101), .......................340 nom, Bhall Transports Btar Ta Waterboats.. Chins Bugars Malabon Bugarı` Benguet**** Kan Mining Au.. Ladyka (combined) Do (single) Shanghai doration

..50/. nom.

The 23 buy. Tis, 12 nom. 114, of nom.

is. 7 kom $31 day. .84/..bay. .8/- LOKE ..$1924 bay. 554 buy. Tls 170 buy. 5.90 bar. 11. 119 buy. $IL10 nom. $65 buy. ..35.90 sal. ..35 nom.

15 ota. sel ....814) buy. - ".$90 sal.

It buy.

Tronoh Mines FK.&. Wharts.. Ural Caspiana

&W. Docks Hongbows. New Engineerin 850 millions transferred to the Colony Banghai Docks,

&B. Hotels... m from the Currency Commissioners' funda. Hanging Lands The expenditure includes 30 millions Hongkong Realtys... paid into the Opium Revenue Reserve H.K. Territorials ..... Replacement Fund under the Head of HK. Developments Miscellaneous Services, the 830 milljons. Humphreys Estates. being made up of the $20 millions from Prince's Building......... the Currency Commissioners and $10 Hural Lands millions from the Colony's Surplus 4-Kwo Coptons Funds:

Orientalk Shanghai Cottons (old)

Tis. 51 buy.. Do.

1. 26 buy China Buses

Tls. 101 bay. Bongkang Tramways won 325; no

$104 bay, «$7.50 noul

EXCHANGE RATES.

[BRITISH WIRELESS, BERVICE,|"

T. 9 bay.

Tin 2,70 sel.

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LONDON VALUATION.

A RECORD INCREASE.

Record increases in the gross and rate-

able values of Londop are recorded as 1.

a result of the recent quinquennial valuä-! tion, The new list shows gross values

£130

FALSE BANK NOTES.

HOW GERMAN FIRMS DEAL WITH FORGERS,

BERLIN, July 10th. Apparently, some residents in British

sion that reputable German printing: firme ate prepared to forge for them an- limited quantities of bank notes.

for the county (excluding the City) overseas territories are under the impres and for the administrative county of £84,841,685 and £74,368,277 respectively, giving an increase in the first case of £10,131,142, or 18.8 per cent., and in the second of £11,842,80, or 18.9 per cent The rateable values, compare with those 10/8 buy., 12. 181 for last year as follows they be copied exactly. For example, a

Do (now).. Singapore Tractiona

BUGBY, July 24th.

Faria -Brussels

Amsterdam

1984

200

12.10

20:43

Do 310

Amusements access Canton Lees grenacen L'ements (combined)...

(old)

..811 nom „87+ nom. üşleş nomi.

18.36

China Lughts (combined);

34.42) 1831

Do

£133/64 45.7/18 2/11

Lisboa

Shanghai

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(new) ............$12 nom. China Previdenta $5.70 saiz Constructions précisevancocoažās 2- nom, Dairy Farm...... 110 bay. Der A Wings ni 1/11:3/16 Hongkong Klectrics

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1434 18.15.15/16

22.17 1642

30.871

Bombay

1/8.59/64

Hongkong

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Silver forward)

23.9/16

HK. Ropes (combined).

(old) De

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County Administrative (excluding the City). County. April, 1926 £47,858,382 285,926,427 April, 1925 43,854,407

Increases £4,201,975

Several such firms have received letters! from, Africa, India and Australia,-en- closing Bank notes with a requcet that

letter from British West Africa, to which was attached a West Afriosn und note, ordered a large supply of similar notes 80,403.031which were to be sent to Africa concealed

in concertinas 25,822,306

The firms con

These figures represent increases of 9.6 and 11 per cent respectively

concerned handed the letters: Bank which informed the British autho to the Forgery Department of the Reicha rities

a reward of £50.

In reporting the results to the London The British Embassy seat each firm County Council, the Local Government Committee of that body state that the in- crease of £5,392,390 in rateable value is by far the largest which has ever been made as the result of a quinquennial tiona to existing buildings for which no valuation, the previous highest being that figures are available. The average in- at the 1820 revaluation, which resulted in crease of rateable value shown by the an increase of £2,750,112 The, only other supplemental lists for the last three increases exceeding £1,000,000 occurred years was about £590,000. Assuming at the revaluations of 1880 and 1000. The that this increase was due to new build- increase is largely due to an attempt to ings and alterations to existing build- bring the assessments more into sccordings, and that this figure would have with post-war values, but it also includerepplied for the year 1923-25, the increase amounts for new buildings and altera in rateable value due to revaluation

(Continued at foot of neat Column) would be about £4,030,000.