1929-06-25 — Page 4

SUMMER UNDERWEAR

VESTS UNIONS DRAWERS PANTS

GAUZE AERTEX B.V.D. ART. SILK.

No detail of a man's wardrobe more handsomely repays wise choosing than does his underwear, yet, as all underwear looks more or less alike, men are compelled to take it upon trust.

THE UNDERWEAR WE

OFFER IS FULLY GUARANTEED

Mackintosh

MEN'S WEAR SPECIALISTS

ALEXANDRA BUILDING.

Cala

DES VOEUX ROAD

"King George IV

OLD SCOTCH

WHISKY

OPENING AND CLOSING FACILITATED BY

NEW SCREW CAP

Simple Safe & Secure

No corkscrew necessary

Possibility of leakage

faulty

or contamination through

corks

eliminated

THE DISTILLERS AGENCY. LTD...

SOLE AGENTS:

EDINBURGH

014

GANDE, PRICE & CO. LTD.

TEL No. 195.

THANK

CONG KONG

GOODNESS LAM INSURED

This might be your Car and with you în It! Inture against Accidents

with

THE GENERAL ACCIDENT FIRE AND LIFE ASSURANCE CORP., LTD

For information apply

J. H. BACKHOUSE, LTD.

To, 1738.

1 CAR HOLD.

THE HONG KONG DAILY PRESS, TUESDAY, JUNE 25, 1929.

THE GREAT SHARE CRASH OF 1925.

SETTLEMENTS STILL UNSETTLED.

HOW AND WHY THE BIG BOOM COLLAPSED.

[SPECIAL TO THE DAILY PRESS,"]

To-day is the fourth anniversary |tions to meet and needed loans plied wherever possible, but now of the calamitous June Settlement against securities, while others who there was no legislation to enforce in 1925, when the biggest financial had shares deposited in these banks it. When eventually settlement day visited the wanted them released for the June arrived, people weighed up the typhoon that ever Colony, swept through Hong Kong Settlement. All these people found position, and those who leund the with the full force of its devastat. themselves in a serious dilemma"flat rates" in their favour were ing power. Hundreds were "stricken | owing to the ready facilities hither all for that system of settlement, available for gambling and whilst others who had shares to down; scores of others were badly to crippled, and few escaped unscath-speculation and in a few cases for get rid of at pre-strike prices pro- The con- ed. The ravages of that tempest investment--being suddenly with- tested at flat rates." are still evident to-day.

drawe. The Colony was in a state sequent confusion can be imagined, of emergency and suddenly sober and let the reader not forget that ed up." and although there was some of the one-time active, specu settlement of some fifty million lators in the market wert dollars due to be cleared between nowhere to be found, and further, the brokers and their clients, no among those who were clamouring further facilities were granted.

for settlement were people who Ead advanced · full market value shares prior to June and wanted their money back. In most in- stances these shares had been sold to, and were to be paid for hy, persons who, because of the depre-

rates.”

NOW

ол

"At

The Colony has never even ap proached that state of prosperity which it enjoyed prior to the 1925 crash. Cash was plentiful, and banks and financiers were generous in the matter of credit. Money was

Settlement Day Postponed. being made and lost in a very short space of time, and there, were op

Meanwhile, the brokers had portunities galore to fritter away drawn up the accounts for June huge sums or to retrieve lost for Settlement, and all was ready and tudes. Credit was ample every waiting. The sudden more by the where for big and small enter-banks caught them "below the prises, and everywhere it was divi- belt," as it were, and for the ciation in share values, did not dent that the period of prosperity moment there appeared to be uc. want them any longer but were had caused the public to be less way of carrying through the June willing to abide by the vigilant in their trust than they Setticment. A short postponement should have beca,

Big Balance Outstanding. was arranged, but nobody saw in Then came the crash, and none that postponement the beginning of

As a matter of fact, the June paid more dearly or were more the crash which was coming. and Settlement of 1995, which was post severely punished than the share-whose effects are still felt. For one poned to July, was never effectively brokers. For them, June 1923 will thing, a number of Chinese-pure settled, and huge sums of money were left outstanding, whilst many long remain an unhappy memory.

speculators-who had large out. That unlucky month spelt absolute standings to meet took the opportu found themselves teft with a parcel ruin to some of them, while to

nity to leave the Colony, with the of shares rapidly falling in value others it meant the loss of almost result that in many cases further and which were in a sebee "not a lifetime' effort. Share valuce

re-adjustments of June Settlement negotiable" because of the com came down with a precipitous rush

accounts were found necesary plate absence of buyers. To add during the months that followed. But the gambling and speculative to the general confusion, the and have never regained their old spirit had so firmly seized upon the July Settlement followed 1 quotations-nor are they likely to share market that between June 25 days later, and although this was for a long time to come. The variand the date fixed for the post not so heavy as the June Settle- ous factors which accounted for the

poned settlement, a matter of only meat, it put the finishing touches crash are detailed below.

a few days, quite a number of new on the muddle and dissatisfaction

The transactions were put through.

already existing.

August settlement was comparatively small, but added still further to the con.

The General Strike. Just a few days before the June Settlement came the General

went

of

Another Postponement. As was to be expected, the posi-

rates," 30

few

that shares for this

Strike, an experience never to be tion was Do better when the most fusion, due to the absence of "fit

those who forgotten by

poned date came round, and it was settlement were negotiated at pre through it. Chinese workmen

June rates, which had by this time all classes-skilled men and manual and necessary to arrange yet a further postponement. Meantime

fallen almost 50 per cent. Ener. labourers, amahs and houseboys—all

another menace arose. The th mous amounts were added, to out- walked out. They went in a mais

to Canton, thousands leaving by the tenes of cash business and curtailetanding accounts of the unfinished day and night steamers and by the i ment of activities of the share mar- June Settlement,

trains. They took with thear what money. they had, many drawing out their savings in the native banks to get funds to make the journey.

There was only

one actual case of bankruptcy, but a number of those who were badly involved refused to throw up the

ket had led to a fall in prices. At first the fall was gradual, but later it took a very sharp turp, and it was soon realised that the value of sponge, nursing a faint hope that

To meet this run, the native banke practically all local stocks would be the market would one day revive,

went for funds to their bankers, the foreign-style Chinese banks of the Colony.

very different at the end of the month. Settlement had been post poned for a month, but owing to the rapid slumpy some system had to be devised to mitigate the hard-

and they would be able to liquidate all accounts in due course.

Four Years of Depression, It is now four years since this

The Best

Dance Tunes Ever!!

That's what you'll say when you'vollstened to a few of these new Victor dance records for June. They've all got "t" . just the kind of “it” you like. Some are fast and peppy: Some are slow and rhythmicr Some are just plain low-down mean! Whatever typo of dance music you like you'll be able to find it on these snappy new Victor records. And be sure you notice the orchestras!... The ones you They're all the very best in the gaine

read about! Play some of these records and you'll be con- vinced that they know their stuff. We would be glad to play for you whatever of these selections especially attract. you Come in and let us do this!

بود

With a Song in My Heart-Fox Trot Vocal Refrain · Your Sincerely-Fox Trot Vocal Refrain

LEO REISMAN AND HN ORCHESTRA No. 1923, 10-Inch .**** Walking with Susie-Fox Trot With Focal Refrain That's You, Baby--Fox Trot (from "Fux Monctone

Follies of 1929 With Vocal Refrain

CEORCE OLSEN AND HIS MUSIC No. 197, 10-inch The Wedding of the Painted Dell--Fox Trot (from

Metro-Goldwyn-Mayer picture, "Broadway Melody") I'm Ka-razy for You-Far Trat With Vocal Refrain

HORACE HEIDT AND HIS ORCHESTRA No. 21957, 10-inch

Breakaway-Fox Trot With Vocal Refrain Big City Blues For Trot (from "Fat Mosicions

"Follies of 1929) With Vocal Refrain

CLOACE OLSEN AND HIS MUSIC No. 21961, 10-inch

Underneath the Russian Moon-Waltz Vocal Refrein The One That I Lore-Lovedale--For Trot Fazl Refrain ROPY VALLEE AND BIS CONNECTICUT YANKEES

No. 21963, 10-inch

I Kiss Your Hand, Madame-Fox Trot Focal Refrain Josephita-Fox Trot (from Metro-Goldwyn-Mayer picture, "Tide of Empire") With Vocal Refrain

LEO REISMAN AND HIS ORCHESTEL No. 150, 10-inch *·

Bye and Bye Sweetheart-Walts With Vocal Refrein My Time is Your Time-For Trot With Vocal Refrain

RUDY VALLGE AND HIS CONNECTICUT YANKEES

No. 1925, 10-inch Pagan Love Song Waltz (from the Metro-Goldwyn- Mayer picture, "The Pagan") With Vocal Refrain

THE TROUBADOURS. The One Girl-Fox Trot With Fecal Refra

NAT SHILERET AND THE VICTOR ORCBENTHA

No. 21931, 10-inch I Get the Blues When It Rains-Fox Trot Vocal Refrain The Things That Were Made for Love-Fox Trot

NAT SHILKRET AND THE VICTOR ORCHESTRA.

No. 21942, 10-inch

Mean to Mo-Fax Trot With Vocal Refrain That's What I Call Heaven-Fox Trot

Pack Focal Refriin

19.

LDO HEISMAN AND HIS ORCHESTRA No. 21921, 10-Ench

S. Moutrie & Co., Ltd.

(Victor Distributors) Chater Road.

MODERN CHINA.“

THE LEAGUE AND THE KUOMINTANG.

FOREIGN CONCESSION'S

United Press.] Geneva. "The world at large has as much to gain by the modernising of China on has China itself."

This is the declaration in a state-

ment to the United Press of Mr.

It can be said that the new Nationalist Government at Nanking" as it exists to-day is recognized by all China as its National Govern- meat in regard to all that affects China from without. Even those provinces that are still at war with the Nanking Government recognise it as the representative government- for the settlement of the two great aspirations that are at the basis of the reawakened, Chinese national consciousness, namely the restora tion of China's territorial inter-

در

Power of Nanking!

"In the same way I had the dis- tinct impression that the authority of the new Nanking Government is becoming every day more strongly For the and strongly entrenched. moment, one of its greatest handi-

Days of Easy Money." During the monthe preceding ship falling on those who had large disastrous June Settlement, but the June, sharebrokers had been doing parce's of shares to take up. A market is still crippled, and buri- a roaring business, buying and sel!.

ness is confined entirely to cash "flat rate" on all shares was UK items. During the long" interval ing forward in large amounte, it

gested, and the Hong Kong, Stock being quite a commonplace occur Exchange and Hong Kong Share brokers have worked hard to re rence to put through one or two brokers' Association drew up when store confidence amongst all classes baks of business in one working they thought were just and equit of people, particularly amongst the day. This activity in speculation ahe rates for Hong Kong shares. Chinese, but their efforts have not was mainly due to the fact that Legislation enforcing adoption of met with much success. Towards almost anyone was able to obtain these fat rates" was sought, and the end of last year the market

grity and the abolition of the J. A. Avenel, Under Secretary of regime of inequal treaties which ail credit from brokers for large a Bill to that effect actually passed appeared to be shaking off some of the League of Nations, who has just China feels is a sort of slavery that amounts. Many of these speculaite Aret reading.

its lethargy, but the announcement returned from a visit of courtesy to has been imposed on her by the tors vanished if the settlement went

of the proposed Stamp Ordinance China undertaken for the purpose I foreigners. "Flat Eate" Settlemant. against them, but that was a mat

had a very depressing effect on the of establishing direct contact be- tween the League of Nations and Settlement accounts were once ter of little moment at that time. It was quite sufficient for the again altered in order that, so far market. Those who had begun to the Nationalist Government of Nan

Come out of their hiding-places to king

I believe I met," continued Mr. as was practical, no shares were to brokers that "buyer" or 7

dabble once more in the local

Avenol, all of the leading men seller" could be found. The change hands,, but settlement made

Rialto quickly disappeared again. at the head of the new Government, general impression was that there in dollars. This system also had

Since then the market has been and I can say that, without excap was easy money to be picked up, ite drawbacks, since many people absolutely dead," business during tion all of them are remarkable caps is the lack of finances, due and many men gave up reminers had to deliver shares for June the last month or two touching new men, of great intelligence and largely to the control of various pro-

Some brokers have tive, positions to become share Settlement which had been lodged low records.

"But as regards the latter, my brokers or "runners" and "igh- with them as securities, and against sought new fields of activity in nearly all of modern European edu- vinces by the wär lords.

* Inquence of Culture."

observation was that their day is bers." these being the dignified which they had probably advanced Shanghai and elsewhere, where the names for "touts." The net result the hill market values. There were markets, which also suffered as

"Under the leadership of such passing, that they are on the decline, of all this was that settlement days quite a number of shares carried result of the 1925 upheaval, never men who are already acquainted and that little by little as the vast grew heavier and heavier as the in this manner, and those concern dropped so low as in Hong Kong with European culture, development provinces where they exercise a sort months went by, and the fateful od naturally would not hear of "fat and where conditions

and education the modernising of of pro-consul rule, come under the June Settlement was already to rates," since their transactions almost normal,

China and the opening of this vast control..of the Central Nanking heavy prior to the General Strike were purely cans, A large num

and remarkable country to western Government, with the possibility -that even had not the Colony her of people had their shares car.

What is the solution of this ap-influence and possibility becomes a of imposing taxes, the latter will been visited by this catastrophe, it ried up to the June Settlement who is doubtful whether the settlement. also had bought and sold shares, happy state of affairs?. Many, ideas task of tremendous importance for be able to begin the great, construc- would have been carried through so that the position of this class have been put forward, but few will the entire world, and I am con- tive work necessary for the re-or- without a bitch!

was that, in regard to purchases and close scrutiny. There is one, vinced that the, League of Nations ganisation and up-building China. and sales, the fat rate was ap however, which deserves further will offer the best intermediary for For the time being the great problem for the foreigners in China" Banks Stop Payment.

plicable, but when shares were car consideration and which, if adopted, the contact necessary.

"No one can visit the new China is how the make the concessions However, as things happened, due ried such special rates were not has been suggested that all out that has just reawakened without which are demanded of them while

may perhaps, solve the problem. It to the "ru on the banks already applicable. The "fat rate" sys. described and to the state of penic tem, which at one time looked quite standing accounts and promissory: being struck by the veritable wor at the same time securing in return which the Colony was in at the just and equitable, began to bristle notes amongst brokers and their ship that exists everywhere for the the necessary guarantees of security. outset of the strike, the Chinese with difficulties, and the next thing clients be brought together in a doctrines, the personality and the and justice. It is a difficult problem for it is probable the modernizing banks or a good number of them the public earned was, first, that clearing house where a general set ideals of Sun Yat Sen

"While a great deal of the or- of China will take place in an stopped payment two days before the Government had been approach off he arranged, this to be followed settlement day in hopes of checked with a view, to cancellation of by cancellation of all outstanding ganisation and mechanism of the almost precipitous manner and there ing the effects of the strike. This the legislation relating to the "Bat accounts on payment of 10 per cent, new China is of Russian origin yet I will naturally be a period of crisis The scheme appears to be worth I had the distinct impression that 1 for the new readjustment of foreign decision of the bankers was a dis- rate scheme. and second, that it astrous blow to the brokers. Many had been cancelled!

serious consideration by those com this Bussing influence, and especial interests in China.

But with tact and patience the cerned, as it brings 10. per cent, to ly that of Bolshevism is on the ware of their clients had accounts with

the pockets, of creditors, wherese and there is, little if anything in period can be passed and the Cine bakargando Dumber of others had arranged to Thrust of front intensified rating likely to come to them I common between the men at the modernising met Chin will beunyeating deposit thares against certain mar- the muddle, for it was understood if the present deadlock continues head of the Nanking Government Befcht both to her and the work

and communism.

at large.!! gins. Still others had heavy obliga that "fat rates" were to be ap-much longer,

„Speculators Disappear!

are. 10W

A Suggested Bointien,

cation.

J