1929-02-25 — Page 4

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THE HONG KONG DAILY PRESS, MONDAY, FEBRUARY 25th, 1925.

HONG KONG & SHANGHAI BANK.

CHAIRMAN OF DIRECTORS ANNUAL STATEMENT.

(CONTINUED FROM PAGE 2).

The Nationalist. Victory.

|

Financial Disorder.

The Railways,

before

ways is among the most preming The rehabilitation of the rail- needs of the country. Unhappily it is blocked by continued military interference in the form of reten

foreign safeguards, the removal of which is not yet warranted by existing conditions in China aad" can safely come shout only by a mutual process of adjustment. Much as I hope so seo the neces sity for special foreign rights re- placed at an early date by the security afforded by a responsible Chinese administration" effective throughout the country. I do not of affairs which exists at the pre- sent moment the total disappear- ance of the existing safeguards would be dispetrous to foreigu business with China.

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THE KAILAN MINING ADMINISTRATION DODWELL & CO., LTD., Agents, Hong Kong.

At the annual meeting threeFinancial reorganisation general-hesitate to say that in the state years ago your Chairman, after ly has made, I am forced to say, alluding to the bitter and unde little visible progress, and there served attacks which the British in

are no signs as yet of the intro- Chinn had suffered, at Nationalist duction of a proper budgetary handa during the previous months, system, which must be the first step finished by expressing the belief towards effective reform. In fact,

it is difficult to see how anything Of the so-called foreign-controll

Customs and Salt Gabelle. that for all its obvious faults the Nationalist movement held the radical can be done in the way of seeds of regeneration and would, improvement so long as the mili-ed services, I have to record, with patriotically led prove the means tary drain on the country's re-regret, the resignation of Mr. Ed- of delivering Chins from her great sources remains as at present.

wardes, Officiating Inspector Gen- curse of militarism. Though it is At the point which especially ment of Sir Francis Aglen two

eral of Customs, since the retire early to speak with confidence of touches the foreign merchant, the fulfilment of this hope, we namely the irregular taxation ofs ago. He is succeeded by Mr. gladly recognize the promising ad-trade, there is no change for the ministration we tender our best Maze, for the success of whose ad- vance which the Nationalist Party better; indeed the exactions of have made in banishing civil war, iceal authorities

wishes. are, generally setting up a national government speaking, Worse thaa

In the case of the Salt Gabelle, and restoring, nominally at least, British merchants В д whole the National Government have re the reign of civil law.

realize that a high level of taxa-pudiated many of the major pro- ...Let me summarito in a few words tion is in present circumstances visions of the 1913 Reorganisation the steps which have led up to the inevitable, but what they have hit Loan Agreement and substituted present situation. Five years ago berly to complain of is the reck now regulations, drawn up with torid and exceedingly interesting addres of the Rt. Hon. Mr. Re -shortly before the death of their less and arbitrary imposition of out reference to the signatory exposition of the Bank's affairs ginald McKenna at the recent founder, Dr. Sun Yat Sen the local taxes, which are continually banks, rigorously curtailing the during the past year, and particu- general meeting of the Midland Nationalist Party launched their varied and changed. The effect in joint supervisory powers of the larly with the masterly review of Bank in London. His remarks, I as prejudicial to the authorities Chinese and foreign Chief Inspec- the political and economic condi- think you will agree, are peculiar- programme for the freeing of China from military rule and its

who levy the taxes as to the mer-tors. It is gravely damaging totion of affairs in the East generally, appropriate to conditions ob

the new Government's reputation on the chants themselves, while the coun political reconstruction

"iy, and more especially in China, taining in China at the present lines now adopted. The first or try as a whole suffers incalculable for good faith that they should "military"

stage, which began loss from the holding-up of trade. hold themselves free to alter con- Not only do we here in Hong time:"Tan years have passed with the advance from Canton in

tracts by their own arbitrary de Hong look forward to this annual since the conclusion of the most 1926, ended in June last when the

cision even when, as in this case,

meeting of the Hong Kong and recent and, we devoutly hope, the Sationalist armies entered Peking

almost a dead letter by the action the rights involved had been made Shanghai Banking Corporation to last, great war in the world's his have presented to us the consider tury. They have constituted a de We are now seeing the develop

of the authorities of a previous ed views of the Court of Directors,

cade of grave difficulties involving ment of the second stage, the so

regime the Minister of Finance the Chief Manager, and Branch problems of exceptional magnitude called Political Tutelage of the

has, meanwhile, publicly pledged also do the banking and commer have been frequent and many set- Managers of the institution, so and complexity. Disappointments country under the Kuomintang. tion of rolling-stock and the himself to provide for the services A constitution based on this prin "milking" of revenue, in regard de fons vecured, on the Salacial world generally, and I think backs have been suffered. Peace ciple and placing the whole go to which conditions are particular- Revenue, and the foreign Govern it will be conceded no better review between nations and within nations erning power in the hands of the

is a primary condition to our wel Party, was promulgated on Octoy bad on the three northern railments concerned, have noted his ber 4th and a new-Government was ways, the Peking-Mukden, Peking-undertaking.

fare, and whatever the temporary state of trade, however, alow we created, shaped on committes lines iyan and Peking-Hankow lines.

are in solving the financial and and including in it the leading The new Ministry of Railways is

industrial problems which confront military chiefs who had combined energetically combatting this in-

us we shall look forward with un northern confederation. A national all other means at its disposal.terests are involved was increased

The root of the eril lies, however, last year by the addition of the closed in the statement of the when the better relationships now. congress of the Kuomintang has

shall become the in the existence of the regional Anglo-French loan of 1908 and the affairs of the Bank, which clearly established been summoned to mort next month

its strength and fally foundation of general nad per- to determine future policy.

armies for whose payment and Crisp Loan of 1912 Five of the proves Manchuria under Marshal Chang support the individual military railways leans are also in arrears justifies its position in the front manent well-being." Mr.. Chair- and the total defaulted payments rank of the world's financial man and Gentlemen, I have very Hauch Liang, who succeeded his leaders are forced to indent on re-

venue procurable from the rail- for 1998 on the British portions institutions to-day, of which fact, much pleasure in seconding the father Marshal Chang T Lin after the tragic death of the lat-ways by sequestrating the earnings alone (not including unsecured, in Hong Kong, are naturally adoption of the report and state ter by the blowing up of his train and by refusing to merchants the loans) amounted to £1,160,000. It proud.

use of wagons except against heavy is to be hoped that the Govern-Whilst we note with regret the The motion was carried. on the retreat frem Peking, hás hoisted the Nationalist flag, al payments. Until military expendiment will not delay in taking in result of the year's working is

OTHER BUSINESS. ture comes under the control of hand a scheme for liquidating the somewhat less favourable than the. though for all practical purposes, Nanking in accordance with, the large body of arrears on these preceding years this however, can Mr. H. R. B. Hancock proposed it still retains administrative and

we can foreign debts.

no surprise to inancial independence.

these ac- that the appointments of Messrs. Thus, by the adherence to the

It may not be out of place to

quainted with conditions that have J. A. Plummer, B. D. F. Beith

Nationalist cause of all the re-

mention in round figures the out-

ruled in the principal fields of the and B. Lander Lewis be confirm- standing amount of long-term Bank's operations during the pasted, and that Messrs. H. P. White, Chinese loans raised on the Lon-year, and we can well congratuT. G. Weall and W. H. Bell be Mr. K 8. late ourselves on receiving the re-elected Directors. same dividend as allocated for the Morrison seconded, and the motion

was carried past few years, and I would here. and all associated with him in the Mr. C. Bernard Brown and Mr. congratulate the Chief Mariager, Mr. J. H. Taggart proposed that attainment of this very satisfacJohn Fleming be re-elected Audi- tory state of affairs, bearing in tors. Mr. E. L. Sim seconded, and mind the undoubtedly diffenit and the motion was carried.

This was all the business, and disappointing year just passed. Chairman announced We share with you the hope that the during the present year there will dividend warrants would be ready be such a revival of trade as will on Monday. justify the continuance of the Bame level of return to Share- holders as is now, recommended, and that the warning you DOM give that without that "revival,

כו ...

Foreign Debt Defaults. The list of defaulted Chinese

of the situation has ever been pre- sented than that which we have just now listened to.

The Bank's Strength.

I will not attempt to analyse

against Chang Tao Lin and the cubus by means of publicity and foreign loans in which British in the formidable figures that are dis-shakable confidence to the time

Government programme,

not hope to see the railways restor- ed to normal conditions

of

gional military commanders, China eficiency and earning Capacity, is enabled to reappear before thence they are freed, however, from world as a unified nation.

Reconstruction,

debt.

Spirit of Progress.

Causa

I count it a great achievement the high level of past years may in itself that the Nationalist party" not be possible" will be found to and its military supporters have have been unnecessary, held the country together since their victory of last summer and

-Customs,

..

ment of accounts.

that

outside interference and their re- don market. The total is between venues made available for the pur-30 and 40 millions of pounds pose of their own improvement, re-sterling, of which roughly one-half After political unification the cover should be rapid. The out-relates to loans used for railway pressing need was for economic standing railway debts could then construction. and financial reconstruction. A easily be provided for and the If my review of the Chinese promising, start was made by the Government would be free to "ap- situation has been less tinged with holding of conferences in July, at peal, with confidence for the finan-optimism than some of my hearers which the opinions of leading busi-cial assistance required to recon-might have hoped, let me remind neas men were freely and boldly dition and extend the lines.

you that I have been dealing with voiced, existing abuses exposed and Already the Shanghai-Nanking the facts of to-day rather than the proposals made for essential mea and Shanghai-Hangchow Railways, promise of to-morrow and, fur- sures of reform. These as con- which are under the more immedi-thermore, that A transitional densed in programme put out ate control of the new Ministry at period is always a difficult, and'

THE EXTRAORDINARY by the Ministry of Finance, includ-Nanking and on which an effective often a disappointing, time.

MEETING, et the following: Redemarcation measure of foreign expert superri of central and provincial revenues, sion is still maintained, have made

Subsequently, an extraordinary with the adoption of a budget; a substantial improvement and

general meeting was held, at which revision of the Customs tariff with have cleared, off their arrears of

the resolution passed at the meet- abolition of likin; disbandment of losa service.

ing of February 2nd was confirm- troops; rehabilitation of the rail-

-ed. -- ( The Military Problem. ways, the regulation of taxes, and

Reference is made to the Chinese. The Chairman proposed the con- Consideration finally, the creation of a central situation brings me to the questionside the range of politics the pro-

of the railway one can see in many directions out- Maritime Customs returns of laat firmation of the resolution, which bank, reform of the currency of the armed forces, the existence mise of rapid advance to take Taels, being a rise of 133 millions and unanimously agreed to..

year at over 82 million Haikwan,was seconded by Mr. T. E. Pearce consolidation of the unsecured of which at their present strength material examples, in the opening over the previous year. Although of over 1 million is the funda up of the country by extensive constituting record and remarkable

THOSE PRESENT. "Hardly Encouraging."

mental hindrance to progress and motor roads and by the aeronau figures, these should not be exag Compton (Chairman) Messrs. N. Those present were Mr. AH. Translated into action, this pro-lies at the base of the reconstruc- tical development of which we have gerated for the reasons you have S. Brown (Deputy Chairman), B. gramme would form an admirable tion problem. Apart from the had a striking example in the groundwork for national recon-economic burden to China of hav- successful Bight by Chinese pilots until there is clear evidence that Lander Lewis, C. G. 8. Mackie, given furthermore, unleas and D. F. Beith, H Bell, B. struction and one looks anxiously ing to support these unproductive across the entire length of the merchandise is moving into the in W. E. L. Fatteriden, J. A. Plum for signs of its being carried into legions, the militaristic system country from Canton to Mukden. terior markets of China it cannot effect. I regret that the indica- which they represent must, while There can be no doubt that the be confidently asserted that a (Court of Directors) Hón, Mr. A mer, G. Weall, H. P. White tions are bardly encouraging, even it lasts, block all important spirit of progress is when allowance is made for all the schemes for improving the state of throughout the country. Mag-period of prosperity is immediate-C Hynes (Chief Manager), and initial difficulties

The country. Ar I have hinted conclude by saying that those who und but given a firm the following shareholders Hon. agreement with the Treaty Powers commander clinging to control of this progress and of restoring lewed industrial peace at Home and Hughes, Dr. R. A Castro Basto, Taking the various points, by ready, an independent military bear the responsibility of directing use of political stability in China Sir Henry Pollock, Hon. Mr. W. throughout the year, with continu- E. L. Shenton, Hon. Mr. J. Owen the new Customs tariff came into the sinews of war in his district order and prosperity to the coun- force on the 1st of this month. Fi an insuperable obstacle to try have our genuine sympathy, in Europe generally, and the Messrs. Ho Kom Tong, J. F The import duties are based on national reorganisation so that that we realize the peculiar difi-faithful carrying out of the new Wright, J. E. Joseph, Chau Shu the proposals made during the in real reform depends on the cen-culties of their task and, in follow-Customs tariff without the imposi-Ming Fung, Song Un, J. Ormis terrupted Tariff Conference at tralization of military

tion of any further vexatious taxes ton, A, Keanedy, G. G. N. Tinson, control ing the situation, we strive to Peking in 1925-20 and are to re- coupled with reduction of the maintain. an outlook essentially on Imports, the coming year should DV Steavenson, J. S. Me- main in force unaltered for one armies. We may welcome the at broad-minded and free from petty on past years, and bring a much Kwok, M. Manuk, 4. B. Baworth, show a considerable improvement Eachran, R. A. Dastur, P. E. year. Regarded as a whole, the tempt made to grapple with this or biassed views: new tariff appears to be conceived problem by the. Disbandment Con- cinally I would ask for your needed relief to both Chinese and K. Stewart-Smith, Po Cheung on moderate and reasonable lines ference held. at Nanking last confirmation of the action of the

foreign merchant firms.

Wan, B. I Seton-Winton, E. S. and British merchants as a whole month,

Directors in voting a bonus of 10

One of the most gratifying Abraham, Chan Lim Pak, J. M. have sequiesced in the increase in

Foreign Relations.

per cent. on their salaries to the features of the speech is the pre Alves, H. E. Hills, E. Thomas, -J. no grudging spirit. The position

In Sino-foreign relations the staff. The year has been a very nouncement that the anti-British Fleming, S. M: Churn, H. Dixon, will be totally changed, however,

difficult one to all concerned and agitation of two or three years agoHo Leung, Chua Seng Chu, J. B. if, as there seems some reason to year has been eventful, new treaties fear, the new seale is rendered having been signed with all but. I feel confident you will approve has practically vanished, and that Montargis, P. S. Cassidy C. I. one or two of the Treaty Powers, of this recognition of their ser a new spirit of friendliness is now Cookes, R. A. Green, W. Yan nugatory, by the addition of extra

Our own Government concluded the vices. I now beg to propose the making itself felt.. I am inclined Eps, J. M. Castro Basto, V. M. taxation on imports under some

new tariff treaty on December adoption of the Report and State to say rather that the old spirit Grayburn, H. R. B. Hancock, K. other name.

20th, followed on the next day by ment of Accounts. After the pro- of friendliness is becoming more 8. Morrison, J. H. Taggart, EAL. the presentation of letters of posal has been seconded and before apparent. Whichever it be, we Sim, T. E. Pearce, D. J. Lewis, Another proposal put into effect credence by H.M. Minister. Gen-placing the motion before the meet- are in entire "agreement that we

G G. E Towns, Ho Wing is the founding of a Central Bank.eral, as well as diplomatic, re- ing, I shall be pleased to answer to are much indebted to HM. Repre- Mancini, Chan Wing. Keu, EI. The Bank, which is capitalised lations between the two countries the best of my ability any ques sentative in Peking, and, as re- Summers, W. S. Bailey, E. M with $20,000,000 supplied from may happily be said to have re tions that shareholders may have gards Canton and South China, to Raymond, A Stevenson, J. D. Treasury funds, is charged by, its turned to normal.

II.E. the Governor of Hong Kong Kinnaird, A S. Gubbay, H. R charter with the duties of issuing The anti-British agitation of twe

We congratulate the Directors Stuart, E. W. Stapleton, D. H. currency notes, holding Governor three years ago has now prec SECONDER'S SPEECH.

and Chief Manager on the open-Cooper and O. I. Ellis. - ment funds, minting and the font-tically vanished and a new spirit

ing of the new Kowloon Sub- ing of national loans, while it is of friendliness is making itself The Ifon. Mr. J. Owen Hughes, Agency, which, I am sure will be also allowed to engage within felt, for which I believe we are in seconding said: Mr. Chairman of service to the ever-increasing

With regard to the disposal and specified limits in ordinary bank no small part indebted to the per- and Gentlemen: Before formally population on the mainland For ing and exchange. There is every sonal influence of HM. Repreeen seconding the adoption of the re my own part I am sufficiently op-accommodation of the large number hope that the new Bank will be tatives in Peking and, Hong Kong port and accounts, I feel sure it timistic of the future of Kowloon of disbanded ombers and soldiers a valuable instrument to assist the. The recognition of tariff auto will be the wish of everyone, pre as to predict that before many conseguent to the carrying out of trade, improve the finances and nomy follows logically from the sent that I should express our years, it will be necessary to have the dishandment programme, report has it that the disbanded men will enhance the credit of China, and British declaration of policy in sympathy with the Chief Manager our own premise... I have strong faith in its future Chinese affairs made at the end of upon his unfortunate accident, and I am sure this meeting will con- if the management profit, as they 1928 and is a first and major step" to express our admiration for the firm the action of the Directors in may, by the experience which has in the treaty revision which H.Mananner in which he has, notwith-voting the bonus of 10 per cent. recently been gained in Europe of Government then accepted as being standing, carried out literally on the salaries to the staff. If the the functions of Central Banking due in justice to Chino. It is single-handed his onerons duties Bank's staff, in all its branches are in the regulation of currency and much to be hoped that the conces (applause) and to wish. n speedy as hard worked as they are at exchange, the essential element of sion will be taken in this sense mending of his right arm. Head Office, they well deserve this which is an administration which and not made a stepping-stone for I am also equally certain that recognition of good service shall be independent of govern demands for the prompt, and un-shareholders will join me in con I cannot do better than conclude ment control.

onditional surrender of essential gratulating our Chairman on the Imý remarks by quoting from the

The Central Bank,

to ask.

be principally employed in land re- clamation and road construction work as outlined by General Feng Yu Hsiang The organization will be effected, of a Reclamation Com- mitteo and a Road Construction Committee, which will be entrusted with the duty of providing work for soldiers who are desirous of steady employment.