1930-01-10 — Page 6

Sleeping Suits

for present wear

The extremely soft finish of the fine Ceylon Flannel makes them feel warm when you put them on

and keeps you warm.

Fancy stripes in new designs.

$8.50 per Suit, 3 for $24,00

Less 10% discount for cash

WARM BATH ROBES, DRESSING GOWNS, SLIPPERS

Mackintosh's

THE HONG KONG DAILY PRESS FRIDAY, JANUARY 10, 1930.

ANOTHER SLUMP IN THE DOLLAR.

"EXPERT SAYS TRADE REVIVAL IS

REMEDY.

PROSPEROUS CHINA WOULD NEED SILVER.

Yesterday the T.T. rate of the Hong Kong dollar was 1/6jd., which touches the low-water mark of its value, recorded at the end of the year, 1902,

Very bitter comment is being made in all business circles on the action of the banks in forcing local currency down to the silver basis.

"No one

benefits except the banks," said a recognised local ex- pert in the current question, to our representative. It would have been very much better to leave thinga as they were and keep the silver dollar out of the place. No one wants silver. No European country has any quantity in circulation as we all prefer notes with a gold basis, and there is practically no demand for the metal in any question. Indian silversmiths require a certain ameant, but the Government of India volunteers very little about what it is doing on the silver market. I certainly won't buy more to help us out!

May... 25) June.. 24.0-16 94 July... 24.13-16 23.15-16 51% 31% Aug.... 24.7-18 Sept. 24.3-16 Oct.... 23.3-16. Nov.... 3 Ded... 24:11-15 21.8-13

sa

The Quarterly Averages for the last two years have been:-)

1099

331

301

301-

33.11-18 30

36.1-18 31

33.7-18 31.1.18

KAIPING COAL

FOR ALL PURPOSES

1918 1917

,"372

45

231 35.11-16

1013

49.

1910

To

47.7-16

10:20

801

JJ

1021

434

373

1023

- 1024

1025

10:20

31.13-16 24

1097

2$ 1

1929

293

20.1-10

1029

20.7-16 21.5-36

EXCHANGE IN HONG KONG (WIRE).

HOME,

FACTORY

SOME RECORDS OF THE DOLLAR'S

Higbeat. Lowest.

185-1

3/62 3/01

AND BUNKERS

PAST.

1855

3/7

3/32

1850

342

9/11

1667

3/42

3/0)

1898

3/11

2/11

LONDON.

1850

3/23

2/11

1800

3/101

3/0

Bar Silver

(ready) High- Low.

Bank Rate

1801

3/6

3/01

of Discount.

1892

3/08

2/B1

High-Low:

1893

2/82

9/21

est.

Jan.... 20.7-10

est.

est. est.

1994

2/34

1/11

Feb. 20.5-16 March 201 April. 23.15-16 25-5-18

06 95#

43% 43%

1805

1/11

53% 43%

1800

2/21

1897

2/13

1/01

510 51%

1898

1/11

1/91

241

5% 5%

1800

1/11

1/102.-

KİM BİN

1900

2/17

1/11

1901

2/1

1/04

24.3-18 53% 51%

1002

-1/102 1/0

93.5-16 ·01% 81%

10:03

1/10.11-18 1/6)

221

80%

1004

0% BIN

1905

8/11

53% 3%

190G

12:07

1908

1/112 1/8

1009

1/91

1/84

1929.

1010

1008.

1/101

1911

1st quarter....1/11.29.32 9/0.3-16 2nd quarter......1/11.7-32 3rd quarter....1/11.1-18 4th quarter.....1/8.0-16

1/103

1912

2/0.13-32

1913

9/0.3-32

1914

1/11

1/78.

2/0.7-32

1013

1/118

1/9

Half Year Averages.

1010

2/42

1/11.1-18-

1017

3/21

2/04

1st half.. 2nd half.

1029.

...1/11.0-16

1999.

1018

3/8

2/114

2/0.9-39

1019

5/2

3/01

.....1/0.13/18 2/0.5-32

1990

8/2

.2/11

1921

3/12

2/21

Year's Average.

1990

2/14

-2/21

.1923

9/41

9/21

1929 1028

1/10.11-10 2/0.7-32

1924

2/58

2/27

1993

2/53

2/27

1996

T.T. Eates.

བྷ་༣་

1/9

1927

2/02

1/11

The average T.T. rate for the years 1801 to 1928 are as follows:-

1001

1928

2/11

1920

8/01

1/114 1/71

1/11.0.16

1902

1/82

1003

1/83

1004

1/10

on order and will be coming into

1905

3/118

the Colony shortly."

1008

2/12

Pressed on this point our infor- mant, entirely as a personal opinion, agreed that 1/6d. was the probable minimum.

1907

2/12

1008

1/09

---1900

3/9

1910

1/9.5-16

1011

1/9.11-16

1012

1/11.15-16

1913

1/11

PAUL ROBESON

state

Discussing the question of a gold basis it was pointed out that Hong Kong could not move ahead of China in that måtter—" and as for Nanking talking of a“gold basis, the thing is ridiculous. The cost has been worked out. It is a colossal figure, and in the present!

of China's finances, and general chaos, the thing simply could not be done."

1014

1/10

7015

1/0.11-16

1016

2/18

1017

2/7.7-10

1918

1919

3/0.7-10

1920

4/3.11-18

1921

2/7.7-16

1022

2/8.1-16

10:23

2/3.11.32

1924

2/4.7-18

1025

2/3)

2023

2/2

1927

1/11.29.32

· 1923

.2/0.7-32

1923

1/10.11-16

JUST RECEIVED

TWO NEW RECORDS

by

GRACIE FIELDS

B-3176-

B-3202-

That's How I feel about You Thoughts of

you

Oh Maggio, what have you been up to? I've got a man

Also a number of other interesting

H.M.V." records by

WALTER GLYNNE

PETER DAWSON

WISH WYNNE

REGINALD FOORT

ARTHUR MEALE

etc, etc, ete

S. Moutrie & Co., Ltd.

(Victor Distributors)

Chater Road.

The ideal rate for Hong Kong isi between 1/03 and 1/10, in my opinion. One needs that small. fluctuation and the disadvantages of; inflected value are of course obvious when you consider that we live on But the trade with the interior. present alump is hitting the Colony

every direction, and no knows where the fall will end, especially as a lot. more silver is

GOLD BASIS IMPOSSIBLE.

DISAGREEMENT. WITH

MR. HYNES.

Our informart disagreed with the opinion of the Hon. Mr. A. C. Hynes, given in our columns on Wednesday, that China was glutted with silver, and that political and economic revival would not see the dollar recover.

ין ,

POWER

HOUSE,

TUGS &

**LOCOS

5/2.13-16

1/11.0-18 1/8)

1/0.13-16

9/3.11-16 2/01

2/3.5-181/03

1/8.0-13 1/0.1-15 2/11-18 1/103-16 2/0.15-16 1/11

ADVICE FOR INVESTORS."

READERS

Aro reminded that inquiries relating to" the share market are answer- ed on page. 11 every Tuesday "by. "Kufan." Letters should be sent to this office, and must be accompanied by writer's and address, not for publication, Letters should be addressed to "Kufan," care of the Editor.

name

THE KAILAN MINING ADMINISTRATION,

Head Offles-TIENTSIN...

DODWELL & CO., LTD., Agents, Hong Kong.

SMUGGLING OF CIGARETTES.

DEFENDANTS DISCHARGED

YESTERDAY.

PROSECUTION FAILS.

At Central Magistracy yesterday, Mr. A. W. G. H. Grantham dis charged the two men who were being prosecuted by the Superintendent of the Import and Export Depart ment for the alleged smuggling of cigarettes into the Colony.

'ALLEGED ASSAULT AT

HAPPY VALLEY.

CASE TO BE HEARD NEXT THURSDAY.

At Central Magistracy yesterday, Mr. A. W. GH, Grantham fixed Thursday next at 2.15 p.m. for hearing of summonses brought by Mr. G. H. Blok, a member of the Daily Press staff, against a number of persons residing at Happy Valley.

Charges of assault were alleged against Mr. H. A. Botelho, and Mr. N. B. Maher, while Mr. A. O. Botelho, Mrs. A. C. Botelho and Mise Cissie Botelho were summoned for using threatening and abusiva language. There were four cross summonses against the complainant.

The details of the case for the prosecution were outlined by Mr. J. D. Lloyd on Wednesday. Evidence was then given in support of the opening. Yesterday when the Court sst, the Magistrate, de-

In suggesting Thursday next for clared that he found that the pro-bearing of the case, Mr. Leo secution had produced no evidence d'Almada, sen., for the original against the second defendant which defendants, said that the matter would connect him with the smug

was likely to be settled. gling.

As regards the first defendant, it appeared that the only evidence against him was that he had paid the rent of the premises and that he opened the door to Revenue Cfficers when the latter called. There was no evidence, however, to show that he was connected with the consignment which was seized, or with any previous consignment.

Mr. Lloyd mentioned that he was going to argue that the premises were those of the Wang Cheong Company who were engaged in smuggling and that it was up to the defendants to produce some evidence to show that they were not connected with the business.

Hia Warship in discharging the two men stated that the onus was not on the defendants to prove that they were not connected with the onsiness but it was up to the pro- secution to show that they were.

The evidence did not point that

wiv

Mr. FC. E. Rendall, for the complainant, replied that it was the first time he had heard about it.

Mr. d'Almada: Perhaps fr. Rendall does not know, but there is a third party who is intervening in the matter.

In reply to the Magistrate, Mr. d'Almeda" said that there would be no further cross-summonses.

Referring to the cross-summonses, Mr. Rendall told the Magistrate that three of them were received on Tuesday afternoon for appear- ance on Wednesday morning, but when his client, on his directions, attended Court, he found the "com-. plainants were absent. Had it been the other way about, a warrant might have been issued against his client for not obeying the order. As it was, his client had wasted time for nothing.

Mr. d'Almanda suggested that there had been a mistake in the date and the Magistrate was prepared to

leave it at that.

CATHAY HOTEL

THE BUND – SHANGHAI

214 ROOMS " AND SUITES, EACH WITH... PRIVATE BATHROOM.

Rates ruling on, December 31 of the following years:--

WHITEAWAYS

DO NOT FAIL

TO VISIT

WHITEAWAYS

GREAT

WINTER SALE.

ON

MONDAY NEXT

ENTIRE STOCK INCLUDED

ᎪᎢ

GENEROUS

REDUCTIONS

WHITEAWAY, LAIDLAW & CO., LTD.

1008

1/8

1909

1/91

1310

1/10

· 1911

Political Chaos the Cause. The whole, trouble is the chaos in China. Of course, Shanghai is Hooded with dollars; recent letter from there puts at 200 million dollars, half sycee or bars, and half in minted dollars (Mr. Hynes' figures-also an estimate were a total of 230 millions). But I do believe there is a shortage of silver up country. It has not been safe to ship it for years, and Manchuria in particular is crying out for silver. When you get famine and war de. wastation, of course people will buy necessities with what they have. If you are really hungry you'll give A handful of silver for its weight in rice or beans-and silver still has some value.

1/10/

THE MOST MODERN

3012

2/01

1013

1/11.3-15

HOTEL IN CHINA -

1014

1/01

1015

1/11

1016

2/41

7017

3/-

(1918

3/42..

.1919

4/10%

1020

3/11

1921

2/7

1022

2/21

1023

2/31

1024

2/32

1925

2/43

1920

1/114

1927

2/08

1028

**2/01

.....1/71

NOTES WITHOUT BACKING.

"The reason why the bottom is out of native notes, and has been for years, is that all the silver is in Shanghai, or some Concession, and. the paper has no backing. But if we could get peace and security, then the country would need all the silver it could get. The thing would come, slowly, but that is the back of it, the fall in the country's pro- ductive power and the lack of security."

1929

Silver and Exchange Rates From

1884 to 1929.

BAR SILVER IN LONDON.

Highest. Lowest.

31.5-18 27.3-15.

311 27

31.9-16 292

20.13-10 238

وار

1894

511 404

1985

50

48

1960

47

42

1887

471

43)

,1888

44.0-10

419

1880

442

41.15.16

1800

549

434

1801

483

43

1802

431

371

1833

38.13-18 301

1804

THE DOLLAR'S HISTORY.

1895

1800

Metara. Stewart Brothers have kindly supplied us with the follow- ing records of the fluctuations of the dollar and of bar silver.

1807

1808

281

24

1839

20

209

1000

30

1801

20.9-16

#5

1002

24

21.11-16

1003

28.

21.11-10

Months. Highest, Lowest. Average. January 2/0 2/0 2/01 February... 2/0 1/11 1/13.13-10 March 1/11 1/12 1/112, April 1/12 1/11 1/11

-1904

48.0-10

24.7-10

1005

30.5-10

25.7-10

1000

33

20

1007

J008

32.7-10 27.1-10

24.3-10 INO

May

1/11 1/11 1/11.7-32

1009

24%

Junc

1910

1/11 1/10 1/10.31-32

201

July...

1/11 1/11/11.3.18

1911

201

23.11-10.

August 1/114 1/11 1/11

1012

2011-10 234

September 1/11 1/10 1/10.20-30

1013

201

25.15-16

October..... 1/10 1/81

1/9,9-32

1914

27.

CATHAY HOTEL

SHANGHAI:

November

December.. 1/8 1/7 1/7.15-10.

(Continued on next Column.)

1929 Movements. HONG KONG T.T.

23.1-10

23:3-10

HOTEL

RESTAURANT with Spring Dance Floor opening on to the Roof Terraces.

"TOWER" a la Carte. RESTAURANT on the Ninth Floor.

BANQUETING and PRIVATE DINING ROOMS on the Tenth and Eleventh Floors.

E. CARRARD, Manager.

it

CABLE ADDRESS:—

CATHOTEL."

SHANGHAL

"