THE HONG KONG DAILY PRESS, FRIDAY, SEPTEMBER 20. 1929.
CHINESE MERCHANTS AND HONG KONG buy Hong kong dollars the all means investigate the question
CURRENCY.
ILL EFFECTS OF ABNORMAL RATES OF EXCHANGE.
IMMEDIATE GOVERNMENT INQUIRY URGED.
SHOPKEEPERS PROTEST AGAINST
HIGH RENTS.
There was a representative gathering last night at the Co-operative Society of the Twenty- Four Commercial Guilds, Hong Kong, to discuss the possible stabilising ofthe Hong Kong silver dollar. The Chairman, M Ho Kwork, made a lengthy ..speech in Chinese explaining the ill effects on trade of the inlated
value of the Hong Kong banknotes.
The mealing aise discussed the problem of the high rents paid by shopkeepers in Hong Kong and it was suggested that members who could suggest any practical method of meeting th rent ques tion should write to the Guild..
1
With regard to the currency question, aoine very outspoken Comments were made by members, one of whom, gave & number of interesting reasons for the depression of local trade,
times that the trade of this Lulung is dwindling and in October 197 he sent in a memorandum to the Chinese Chamber on trade revival. As a result, the Chinese Chamber ot Commerce approached
worse,
and
unfortunate thing for us here. an obstacle to batter business, by
Cantonese had at first to pay on and and a solution, the basis of 12 to 100. But of
EXPECTED ARRIVALS AND MOVEMENTS.
Kulmerland dus from Europe Oct.
20.
coured as more demand came along there were many factors which kent Acnens arrived from Europe Sepp Lahn due from" Europe Nov, 2,
3001!
Mr.
return to
10.
10.
Aachises due from Europe Nov. 2 Andre Lebon due from Europe Oct.
8.
Mr. Ng agreed, however, that (and this further demand came as hack Hồng Kong'
as the Mint released more normalcy, notably the increased Aki Maru due from Manila Sept. silver currency) the exchange number of direct shipping lines as Sigure rose until it reached 134 Mr. Chiu had explained. Chuton dollars for 100 Hong Kong dollara, but fortunately the Canton that when goods camo, through. Ng Aso pointed .out Governinens realised the evil and Hong Kong in the old days, mer riosed the Mine down promptly. Am sure all business men will aprake off" and niso, from time chants here were able to take their preciate this prompt action. "If to time indulge in a little specula- this silver could have been resold tion, by, purchasing on in London to make the exchange adjustment, such an articial in-
and selling from Hong Kong when the demand occurs. flation could not have occurred.
During the Strike in 1925, exporters of pro- ducts from South China were com- pelled, owing to inactivity in Hong direct or to another port for trans- Kung, to ship their goods either Up-country exports, when shipment. Many of these expor change was Bormal, were bought in Hong Kong as you well know, but now purchases in Hong Kong
la every trade this currency question is making itself felt, and yet no one seems to make any move in the matter."..
currency are not possible.
I have been informed that this qucation is being very carefully watched in Shanghai as well as in Canton, but this is only natural as any improvement of trade here, as the result of a normal dollar cally, will mean a corresponding Joss of trade to them.
Izs
Arafura dus from Australia Oct. 7. Angers due from Shanghai Oet, 5. Asia das from Shanghai Sept. 23. spec Atreus due from Europe Sept. 30.
Atsuta Mara due from Straits
Sept. 30. Automedon due from Europe Cet.
ters found that they could sell their goods much cheaper through other ports than Hong Kong and as a result of the Strike therefore. Hong Kong had irretreivably lost a good deal of the business that China. used to come from sellers in South
aess.
10.
Awa Maru due rom Japan Oct. 10, Fengal Maru arrived from Singa- Beltona due from Europe Oct. 99.
pore Sept. 26. Bengal Maru due from Singapore
Sept. 23. Benlomond due from Java Sept. 20. Benreach due from Straits Sept. 93. Bolivier due from Singapore Oct.
15.
Bremerhaven due from Shanghai
Oct.25.
Burma Maru due from Japan Oct. Burgenland due from Shanghai
Sept. 31.
12."
Calchas due from Shanghai Nov.
12.
Carnarvonshire due from Europe
Sept. 28.
Ceylon Maru left for, Japan Sept.
10.
Chenonceaux due from Europe Nov. Changte due from Australia Oct.
11.
5.
Cingalese Prince due from New
York Sept. 26.
Lima Maru due from Japan Oct. Lahore due from Europe Nov, 10.
11.
13
Lisbon Maru due from Singapore
Oct. 9. Lycaon due from Europe Oct. 28.
Maccondia due from Europe CCL Lyons Maru dus from Japan Sept.
19.
11.
Machaon due from Singapore Nov.
19.
Main due from Europe October 8. Malwa arrived Marseilles Sept. 13. Mantua due from Shanghai Sept.
Menelaua due from Japan Oct. 15. Memnon due from Japan Sept. 18. Mirrspore due from Shanghai Oet.
"IG.
Mishima Maru due. from Japan
Oct. 4.
Myraidon due from Europe Oct. 8. Nagato Maru arrived from Singa-
pore Sept. 15.
VEREENIGDE NEDERLANDS- CHE SCHEEPVAART- MAATSCHAPPIJ, (UNITED NETHERLANDS NAVIGATION CO)
HOLLAND.OOST AZIE LIJN (HOLLAND-EAST Asta LINE). NOTICE TO CONSIGNEES."" FROM AMTERDAM, BOTTERDAM HAMBURG, BREMEN. GENOA
ANG ANTWERP.
THE Steamship
"GEMMA "
IT
CONSIGNEES' NOTICE.
THE BEN LINE STEAMERS," 'LIMITED. "
|FROM LEITH, LONDON & STRAITS
The Steamship “BENAVON.” CONSIGNEES of Cargo are barely
that all Goods are being landed at their risk into the hazardoaï
GODOWE COMFANT, LED whence, and/or and/or astra hazardons Godowns of the Howe Korea KOWLOON WHY AND the wharvaa Delivery may be
from
obtained.
No Claims will be admitted, after the Goodi hare left the Godowns, and sli Goods remaining undelivered after the 22nd instant, will be subject to Rent. All Claims against the Steamer sat be before the 6th October, 1920, or they will presented to the Wadersigned an or not be recognised
All broken, chafed and damaged Goods are to be left in the Godowns, where they will be examined on the int instant. at 10 M by Messrs. Goddard a:d' Dougla
No Fire Insurance has been affected Bills of Lading will be countersigned by GIBB, LIVINGSTON & Co. LTD.
Agents,
Bong Kong, 15th Sept., 1999. 78375.
"GLEN" LINE. LIMITED.'
NOTICE TO CONSIGNEES,
FROM UNITED KINGDOM VIA
PORTS.
# NELE Motor Vessel
T
"GLENLUCE"
having arrived from the above Por is Consignees of Cargo by her are hereby informed that all Goods are being landed at their risk into the hazardous
Hong Kong and Kowloon Wharf and
d/or Company, Limited, whence,
Mr. Ho Awong, the Chairman,, ently clear on this point, I m
seemed to him that if the Govern Mr. Ng went on to say, that it addressing the gathering suid- nos referring in any way to in-
ment were to issue banknotes, it "Gentlemen,-1 think it is my terest and storage charges increas duty to call your attention to the
ing the rost, that is a separate
there was no reason for them to I am also informed that manu- currency evolved the La A klet
haler. I am speaking aclely on facturers in England are alive to moment causing great hardship increased rate of exchange which the position and if this is so I
prevent the notes from standing at a premium. There were two sides During the last few years Mr. Ao lu nas told us many the end of last year as far as the notice of the Home Government, ported the motion if by so doing he made the Hong Kong article, at only hope they will bring to the
to the question but he heartily sup- up-country buyer is concerned, but it is really only a local matter
could help bring about a better identical article would be from Shanghai instead of to Hong Kong imposed on goods from Hong Kong seven per cent dearer than the and if the English suppliers sell to
condition of trade in Hong Kong. Shanghai,
Mr. Ng added that recent duties Since the middle of why should they complain It is last month the position has up to
by the Chinese authorities was an thebecante
to do something for
other important factor which was
· General Chamber of Commerce for
to-day ourselves the goods would coat threw jeant conference.. The repre- per
Every day the position is get. keeping down the Colony's busi vent. more than they didting worse and I consider it essen- sentatives of the two Chambers met last month and ten per cent, more
Chinese products, such as City of Cardiff due from Singapore having arrived from the above Porte. and/or extra hazardous Godowns of the but could not come to any under thus at the beginning of the year. tion asking the Government to
tial that we should pass a resolu-Bubjected to
vermicelli and groundnut oil, were
Oct. 14. .extra duty because In my opinion the curt must therefore be evident that investigate the matter publicly. standing.
they passed through Hong Kong City of Corinth due from Europe
Oct. 22, consequently dealers now vende, at the present moment. ible be cleared without this corres is the burning question of the day. pouding lous.
The rise of the value of the currency above normal, or its fall below normal are both most harm Tul to the Colony. I reuna in ime the loss of our trade and van only result in the exodus of mer- enants and merchant firtns, and with then their employees. would mention that the normal value of our currency should be the same as the silver dollar cur- Ty 111 Shanghai, sance lung. Long and Shanghai both compete tor ne rade of China.
and
ad
fs the wharren, Delivery be obtained.
rengy problems, is vitally affecting these overdue goods cannot pessi- without delay, and take whatever avoided this port as much as pos- City of Newcastle due from Europe extra-kazanons Godowas of the China and not learod by the 25th
aque
It was thought for some time that the Chinese up country" mer chants were deliberately cutting uut Hong Kong, owing to grievance but i am confident that suen as not the case; in fact, I think that such a statement is very unjust.
Trade Leaving Hong Kong, It is quite true the trade is leave ing Hong Kong, but there is no filing off in imports to China, The latest Shanghai Customs re- turns, for 1026, are a record regards imports.
I have no hesitation in saying that their figures include a good deal of business that should have rightly come to Hong Kong, cwing to our geographical position but, I am strard only Governmental action can regain this trade for
18.
On the other hand stocks in Shanghai are not accumulating to the saine extent, as apart from or- dinary silver fluctuations and in- terest, charges etc., the goods are us cheap to-day as they were at the commencement of the year. Is it not obvious then why this business has gone to Shanghai ?
action is found necessary to bring the Hong Kong currency down to withdrawing the parity of silver even if it means the note issuing issuing facilities from the banks, and bark hote.
a standard Government
" ,ן
The Rent Problem. "I also wish to bring to your notice another issue affecting the Chinese merchants and tradesmen Canton's Erratic Currency.
in general, namely, the rent pro- Even to-day with a premium in blem. foreign exchange of over eighteen fact that the rents of the commer- There is no denying the per cent. no dealer can afford toeial houses and shops, even in the take the risk of making purchases, busiest areas. Are far too high. as there is no knowing how many Looking at the matter from all Canton dollars will be needed for possible points of view, it is not one hundred Hong Kong dollars only economically sound that the when the goods arrived. other hand if the Hong Kong de- by legislature, but it is also equally On the raising of rent should be checked lers buy and simultaneously sell justifiable that the interest and to Canton dealers, and the latter welfare of the merchants and settle exchange at 131 Canter dol-tradesmen should be, safeguarded. lars to 100 Hong Kong dollars,, they may be on the wrong side by the time the goods arrive, as it might be possible at that time to uy Hong Kong dollars at a lower figure. Of course is just possi ble that the Canton dealers may have done well by settling, but it is quite enough to have the usual silver fluctuation risk to deal with, without having to contend with a further local currency problem.
Under present conditions the local banks are powerless and co- Canton merchants want to buy not assist us. Adjustment of cur
The prevalent practice of giving one month's notice to quit, on fail: ing to meet a demand for increased rent, is pernicious and harmful in more ways than one. And tenants trading under present conditions will find it most disheartening to de business in "this" Colony. One month's notice hardly gives the tenant time to adjust matters and
more often than not this short
oss of money and poential busi- notice involves no inconsiderable
18. It is time for the Govern ment to look into this matter as
in Hong Kong but cannot afford Frency in Shanghai is made possible well." to do so except from a purely sen-by silver purehrases and sales. (f timental point of view.
exchange purchases are made it
Position of Silver Dollar.
I have heard it suggested that means silver is being sold instead of the banks are anxious to inflate geld, and to make the adjustment the value of the currency of the, the inks sell in London or America Colony still further, but such a the equivalent of the silver they viewpoint is ridiculous. Are not fought when they sold a gold cur- the banks here anxious to do busirenes, thus the position is evened ness? Can anyone imagine serious-up. ly that any bank would adopt a policy that would result in closing up in the course of time; but there it is, business is fast disappearing. Eight Por Gent. Too High. At the end of 1928 the Colony's *crency was standing at“ over eight per cent, higher than it should have done. Of course this eight per cent, way set off by a higher exchange rate with foreign
Outspoken Comment.
sible.
Consignees of Cargo by her are notified their risk into the hazardous and/or that all Goods are boing landed at
Lost Mortgage Co. Lout ence and/or from the wharves, Delivery subject to Rent hence
Se tember, 1929, at
A P. will be Coblenz dne from Shanghai Sept. ber, 1929, will be subject to Bant
hai Oct. 6.
be obtained.
All broken, chafed and damaged
Sept. 94.
Provident
"The resolution to approach the City of Norwich due from Shang mada not aleared by the 23rd Septem Packages are to be left in the Godown
Government was then put to the meeting and passed unanimously.
THE RENT QUESTION: Opinion seemed divided on the rent question, in number of mem. bers sabes for the shopkeepers.
standing up for the landlord
On the one hand it was "contended that shopkeepers who found they could not meet high rents should seek to trade in districts where the rent was low. But instead of do ing this, shopkeepers, wanted the best sites and apparently would not like to pay for it. The land- lords' position was that if the shop- keepers did not like to pay the rent, they were at liberty to go, ling to pay high rent for a good as there was always someone wil
locality.
For the shopkeepers it was argu- ed that retailers were really the back gone of the local hongs and firms and every step should be taken to give them ne much op. portunity to cake money as possi blo.
The chairman suggested that sug; gestions be written and forwarded to the Guild by such members who think they have something practi- cable to suggest. This was car ried.
IMPUDENT DAYLIGHT
ROBBERY.
TWO CHINESE CHARGED.
Jir, T. 8. Whyte Smith at Kowloon Two Chinese were charged before Magistracy yesterday with armed rubbery at 681 Nathan Fond, and stealing a gold ring and a pair of gold bangles. Both men denied the Charge.
gathering said that he did not Mr. Chiu Chi ̧ Fan addressing the
think the Hong Kong Dollar was the only reason why the trade of Hong Kong Hong Kong was not a producing was running low.
centré but only handled goods that came in and went out ngain. At one time it was the key to South Of course the opposite is done if China and although it would still salva of gold currency are made by called by that name, it was speculators or export dealers in Shanghai. In Hong Kong such an adjustment is not possible under
Up to a few years ago, most of existing condicions, de although for with it, receive five silver dollars Chias, or coming out of South a five dollar note you can, if you the cargo intended for Bouth from the note issuing bank, you China, came through Hong Kong. cannot give five silver dollars and This meant business countries and therefore prices in weive a five dollar note. In fact godowns, the stevedores, the ship-moned her mistress, but the latter
Hong Kong were less than in Shanghai, This however means dog eating dog.' Hong Kong cannot live on trade confined to Hong Kong. It must sell to China!
2
nevertheless true that Hong Kong had lost a good deal of its former business.
for the
com-
Inspector James said that on the morning of September 3, two men (or possibly three) went to the second floor of 681, Nathan Road, and said that they had a parcel and & letter for the occupier. The amah opened the door and sum.
close by, ran out. The two defen
dants were coming down the stair- way at the time and were arrestedi. The stolen property was found on them.
Later a search was made and two
27.
"
All broken, chafed and damaged Pack-where they will be examined in the Cremer due from Swatow Sept. 23. ages are to be left in the Godawes, where Goddard and Douglas, on 24th September, prosonce of Consignres by Messrs. Delta due from Europe Oct. 6. Diomed due from Europe Nov 10.
will be examined on the 21st 1920 they September, 1929, at 10 am, by Messrs. Duisburg due from Europe Sept. Goddard and Douglas, Hong Kong. Duchesen d'Aosta due from Shang-presentoval of Steamer, otherwise they Claims against the Steamer must be within Ten days will not be recognized.
No Fire Insurance will be affected by the Undersigned in any case whatever.
Bill of Lading will be countersigned by JAVA-CHINA-JAPAN LIJN General Agents.
hai Oct. 5.
Emp. of Asia arrived Yokohama
Sept. 11. Emp. of France due from Manila
Sept. 20 Emp, of Russia due from Vancouver
Sept. 30. Esquilino due from Shanghai Oct.
:15.
Eumaeus due from Europe Oct. 25. Formosa due from Europe Sept.
Franken dus from Shanghai Oct.
IL
Fulda due from Europe Sept. 24. General Metzinger due from Saigon
Sept. 21.
Genoa Maru due from Japan Oct.
7.
Gingo Maru due from Singapore.
Oct. 15.
Glenapp due from Shanghai Oct, 2 Glenbeg due from Europe Oct. 11. Glenluce left for Shanghai Sept. 19, Glenshiel due from Shanghai Qet.
16.
Haruna Maru due from Japan:
Oct. 4.
Hector due from Japan Oct. 2. Imperial Prince due from Singa-
pore Oet, 10. Japanese Prince arrived New York
Sept. 18.
Javanese Prinese due from Singa-
pore Oct. 24.
Kalyan due from Europë Sept. 27, Kamo Maru 'due from Shanghai
Oct. 18.
Kanagawa Maru due from Japan
Sept. 23. Karmala due from Japan Oct. 12. Kashgar due from Europe Oct. 23. Katori Maru left for Shanghai'
Sept. 15.. Khyber arrived London Sept. 0. Kidderpore due from Singapore
Sept. 25. Kitano Maru due from Shanghai
Sept. 20.
NOTICE TO CONSIGNEES.
· QUEAN STEAMSHIP CO., LTD.
AND
CHINA MUTUAL STEAM NAVIGATION CO., LTD.
JONSIGNEES por Co.'s Vessel
"AENEAS",
was seized by one of the on. The CONSIGNEE NOTICES. legal tender of this Colony you can Nowadays direct shipping although the silver dollar is, the ping companies and cargo coolien." pair of them robbed the inmates but not pay Government taxes with manication can be found between the amah alipped away and shorted silver dollars, for if you refer to
save life." Another amab heard almost any two ports in the world your account for taxes you will and Mr. Chiu inelaneed the case
her and raised an alarm. Police note it distinctly states
whistles were blown and police from this ac-
of rice from Bangkok, which The Two Ports Compared. count must be paid by cheque or formerly had to pass through long
the Mangkok Polion Station just bank notes" I know for a fact and you all
In view of the enormous differ. Kong before going North. Now direct shipping communications know that there are large overdue ence between the value of the bank with Northern ports have deprived stocks in Hong Kong-not large in note and the silver dollar it is the Colony of a good deal of rice comparison with pre-inflated car-hardly fair to expect a bank to business, and it was not surprising rency times, but nevertheless large, give & note in exchange for silver, when compared, with the trade the
as dealers in Shanghai and else daggers were found on the stair- but if at the time note jasuing where could save about 30 cents a Colony is doing at present. facilities were granted to the bankspicul by imparting the rice direct. Compare Hong Kong with such an exchange had been made The same remarks could be applied.
The bearing was adjourned. Shanghai. At the end of 1928 compulsory by legislation, the posi Java sugar which was former! goods were imported into Ilong tion in which we find ourselves to- shipped to Hong Kong for dis- Kong, thanks to the higher ex-day could never have arisen. change rate ruling, at about eight
tribution. Now, steamers run The normaal adjustment of ex- per cent, cheaper than they would change would be inevitable if a
direct to the various buying centres. Lost in Shanghai. Immediately large import business was being
Business Morality. 'the goods went into China, this done in the Colony, but without eight per cent. advantage was lost, this brake, the inflation can go on marks to the effect that Shanghai as in Canton money the up-coun- unrestricted, and there is no know- enjoyed more trade than Hong ing to what treight the Hong Kong Kong, Mr. Chiu said that perhaps
try dealer had to pay eight per
cent extra, in buying Hong Kong dollar note value ingy sour. dollars. Now let us suppose the Hong Kong and Shanghai deaters both held the identical goods in stock at the end of 1998.
1
As regards the Chairman's re-
that was due to the low standard of business morality in South China. He gave several instances of "sharp practices" by Southern Chinese and concluded by saying that he was not surprised that foreigners preferred to deal with North China.
way,
DON'T LEAVE HONG KONG
without giving an Order for the Weekly Press, to be sent to your Address for
THREE MONTHS SIX MONTHS ..... TWELVE MONTES
FROM UNITED KINGDOM VIL SINGAPORE
are hereby notified that their Cargo wüil be discharged into Holt's Wharf, Kow. loon, where it will is at Consignees risk and subject to Terme and Condi tions of Storage at Holt's Wharf. The Cargo
will be
be ready for Delivery from Godown and after 20th Septomber.
Optional will not be landed
Chargo here, unless. Notice has been given prior to Vessel's arrival, but carried on from
D
to
port to port the final port of call to
which the option extends.
Hong Kor. 16th Sept., 1929. (8381
EXPRESS
Veses! including those for Cargo 1929, at 10 am. Claims against the
otherwise they will not short delivered must be presented on the Special Form provided, and must also be submitted within 30 days of arrival
be
recognized. by us in any case whatever,
No Fire Insurance will be effected Bill of Lading will be countersigned JARDINE, MATHESON & Co., LTD.,
Agenta. Hong Kong, 18th Sept, 1929, [8385
hy
EARBER
LIVE
PURA
SERVER
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LINE.
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Passengers desiring to travel by this interesting route will find the accoinmodation provided well up to their expectations, and at a cost most reasonable.
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KONINKLYKE PAKETVAART
MAATSCHAPPY.
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THE MOTOR VESSEL
"CREMER"
All broken, chafed sed damaged Goods Due to sall to SINGAPORE, BELAWAN.DELI and
are to be left in the Godowis, where
they will
be
And
examined on any Tusadays
Fridays between the hours of Offers 10.48 and Noom within the Fres Storage period
Action By Cantón Government. I am very glad to see that the Canton Authorities are taking Unless the Hong Kong goods steps to avoid assisting this Hong were cleared before, they would Kong note inflation. To show the cost the up-country denier seven friendly and personal interest that per cent, more in Canton currency, is being taken in our problers I The exchange on the Hong Kong than would the identical Shanghai may mention that the Canton Mint dollar might be one of the reason goods. That was the position up has been working for some time, for trade depression, but Mr. Chiu to the middle of last month. This turning out silver currency to re did not think it was the only rea higher cost is entirely due to cur- place the present Canton note ron. rency values, as of course the, issue. But as soon as this silver Mr. Ng U Cham, another mem- Hong Kong dealer received no
ba surrency was exchanged for Canton ber, said that he was glad the 1, Ice House Street. more dollars than he would have notes the silver holders immediate Chairman had brought up received at the end of last year, Ily bought Hong Kong bank notes question and he would second the hope I have made myself suffici for investment, but this was a very rezolution, for if the currency was
the
No Chims will be admitted after tha 28.75 Goods have left the Vessel's Godown, and all Goods remaining undelivered $7.50 after the 20th September, will be subject
to Bent ..$15.00 All Claims against the Vessel most be presented to the Undersigned an of before the 10th October, or they will
rooognized No Fire Insurance will be effected. BUTTERFIELD & SWIRE,
་ । 4।
Agente, 20th September, 1929, (9392
PENANG, on 26th September, at Noon.
excellent Saloon accommodation.
All lower berths.
Doctor carried.
English' cuisine.
Wireless telegraph.
1st Class Fare to Singapore--$125.
In connection with the Royal Packet Nav. Co,'s (EP.M.) Service to destinations in the Netherlands East Indies. and Australia.
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