1930-04-18 — Page 7

CHINESE VIEWS ON THE COLONY'S

CURRENCY.

SOME FACTS AND FIGURES ON THE EFFECT OF

PREMIUM ON NOTES.

SILVER STANDARD SATISFACTORY BUT

GOVERNMENT CONTROL DESIRED.

Representatives of many Chinese' banks, honga and firms were present at the Chinese Chamber of Commerce yesterday "when on. meeting was held in connection with the currency problem at pre- sent facing the Colony.

The meeting, it was explained at the outset, was convened following receipt of a letter from the Currency Inquiry Com- mission inviting the Chamber's views on the questions set out in the Terms of Reference". Many views were expressed, and the answer of the Chamber, together with the questions put by the Commission, may be summarised as follows:-

The Silver Dollar,

Q: Is the present currency the| most advantageous for the purposes As regards the question of pre of the trade of this Colony

mium on notes over silver, and A: The silver currency used in whether this premium was Hong Kong is satisfactory.

Q. In what respect, if any, as the present currency situation un satisfactory?

A. In view of the answer to the first question, this question does not arise...

4

Q: If the situation is unsatisfac. tory, in what way can it be re inedied t

A. This question also does nos arise, in view of our reply to the first query.

I

Q. Is the premium on notes over silver detrimental to the prosperity of the Colony? If so, can it be controlled, and by what means!

A. The premium"on notes ove? silver is very unsatisfactory. The Government alone should issue notes and coins and the local banks should accept all wins at par with notes, and to any amount.

Q. Is the linking of the "currency with silver advantageous to the Colony? If so, can it be more closely linked?

(There was no discussion on this point).

de-

trimental to the interests of the Colony, the Chamber was unani. mous that it was. The following views, expressed by different miem bers, are interesting

1. That the banks do not accept any large sum of money paid to them in silver dollars. This ap pers unfair as the banks pay out these dollars themselves and the notes issued by them cover nothing else but these same dollars.

2. That if a thousand of these silver dollars were sold to a money changer, the seller would lose $13 or so. In the course of a day' Business, it was quite possible that

some firms have about a thousand

THE HONG KONG DAILY PRESS, FRIDAY, APRIL 18, 1930.

AN ABSENT MINDED SHOPKEEPER,

MISSING FIFTY DOLLAR BANKNOTE.

ALLEGATION MADE AGAINST EUROPEAN.

Kan Chak, storekeeper at 203, Laishikok Road, has made a report to the Police that at about 3 p.m. on Thursday two Europeans, a man and a woman, walked into his shop and purchased a tin of cigarettes worth 81.72. The man tendered a $100 banknote in payment and the storekeeper handed him the neces- sary change, among which was a 850 bill, The European said he would not accept a 850 bill and asked for 85 notes instead. Kan had not sufficient, 85 banknotes with him and the customer returned both the cigarettes and the change, say ing that he would gu elsewhere for his requirements.

Not until the couple were out of sight "did Kan think it prudent to

him. He received a count over the money returned to shock when he disoovered that among the notes returned, the $50 bill was gone!

LOCAL WEDDING.

CEREMONY AT PEAK CHURCH,

The Rev, H. V. Koops officiated

MAN WANTED IN CANTON.

EXTRADITION CASE' AGAIN ADJOURNED.

IMPORTANT WITNESS

ABSENT.

ROUND THE COURTS,

OBTAINING CREDIT BY

FRAUD,

Chan Kai Saag, a salesman en- played by Messrs. Chang Chun Chong, importers and exporters ö! s3, Wing Lok Street, appeared be Tore Mr. A. W. G. H. Granthara An important witness expected at Central Magistracy yesterday ou from the country to give evidence a charge of fraudulently obtaining in the extradition case at Central credit to the extent of $1,963 from Magistracy before Mr. B. E. Lind-the Tung Tak Knitting Factory of sell did not appear yesterday, and 23, Shaakiwan Road. the ease again had to be adjourned. Mr. E.. S. C. Brooks appeared for Mr. H. Somerset Fitzroy is ap- the complainants and asked for n pearing for the Crown case and. Mr. remand, stating that other charges F. C. E. Rendall for the fugitive, were being considered. He added Li Shiu Hing, who is wanted by that accused was one of three part. the Canton authorities for alleged ners of the Chang Chun Chong robbery at Sheung Chung Harm; the other two had left the village, Nem Tau, in Ewangtung Colony. Province, en March 7.

A letter written by the fugitive during his remand at Victoria Gaol was read at the hearing. It was addressed to an older in the fugi- tive's native village, and in it the fugitive asked the elder to plead on his behalf, saying that he was innocent of the charge on which In regard to the he was held. jewellery which was found on the fugitive at the time of his arrest, be explained that it was given to him by another man in the village to have it converted into small ornaments..

Accused told the magistrate that the firm had gone, bankrupt but he was not a partner. They had closed down because there were no funds, and he had nothing to do with the firm's doings.

1.

The magistrate ordered a week's remand, and allowed bail of $3,000 ensh and three sureties in the sum of $10,000 each.

A FEMININE FAILING.

When a Chinese appeared before Mr. Lindsell yesterday on a charge of hawking without an appropriate licence, be claimed that he was 16 years of age. All might have gone well, however, but for the fact that defendant's aged father, who was

The village elder, Cheng Ngok such dollars paid to theas by numerat Penk Church, yesterday, at the said that he was a justice of thein Court, told the magistrate that

Ting, who was present in Court,

ustomers. If they loss $13

William Robert, pence for a number of villages, his son was 23 years old! per day on this money, the Chan wedding of Mr.

is naked to see how much is Greenhalgh, of 11, Cararvon Build which included Sheung Chung Ha Inspector Bloor remarked that lost per month through the bank's ings, Kowloon, and Miss Doris village. Witness knew the fugitive attitude.

Diana Farrow, daughter of Mr. George William Farrow, of Ports- for about six months, but he had not known his occupation. He

3. The merchants point out that they did not ask for the issue of these silver "dollars...

Au out

4. The small businessman, the hawker and the grocer, are only able to realis 90 cents or

f every silver dollar. Yet in the course of business they are bound to accept silver dollars. If a per son made a ten-cent purchase and tendered a silver dollar, for which he received change of 50 cents, the ceiving six cents,

mouth.

case for the granting of a licence, be thought this was a deserving as the old man was dependent en his son. The magistrate, however, decided that the man deserved ro.)

The bride, who was given away went on to say that after he had sympathy after telling a lie about by Mr. T. S. Whyte Smith, looked charming in

KIDNAPPING HIS OWN

4 long white satin received information of the fugi-his age and imposed a fine of $3 gown in medieval style, a veil of tive's arrest in Hong Kong he or ↑ days' imprisonment.

trimmed with pearls tile,

and obtained a photograph of the man She carried orange blossom.

from the Po On photographer's bouquet of pink carnations.

The three bridesmaids, Misa Jean shop in Nam Tau in order to send {ies Catherine it to witness' clanamen in Hong Whyte Smith, Wayte-Smith

Miss Fielder, wore dresses of pink satir, ong who desired to know the

and

Mutel dollar be stabilised If so, en any hawker or dealer was actually re replicas of the bride's dress; they identity of the arrested person.

Q. Is it desirable in the Intëresta of the Colony that the value of the

effective stapa be taken to that end": A. In view of the answer to the arat query, this question also need not be discussed,

Committee's Views.

5. If each member of the popula tion of Hong Kong lost ten cents per day through the circulation of the silver dollar, and since the It was explained by the Chair-population is about a million, the man, Mr. Li Yick Mui, that the less sustained by the Colony is Cominittee of the Chamber, had met about $100.000 per day.

arlier to discuss the currency ques tion generally and that they had arrived at the following devisions which they had intended to bring to the notice of the authorities through the Chinese members on the Legislative Council:-

1. That foreign notes and coins be prevented from entering into the Colony for the purpose of local circulation.

2 That the power given to foen: banks to issue. notes be withdrawn.

3. That the power to issue notes and ruins be vested entirely in the

Government,

It was stated that the Chamber had received two letters since. the announcement of yesterday's meet ing. In one of these letters, the Vegetable and Hankers' Guild cum- plained that they were suffering heavily through the circulation of silver dollars, as in the course of siness they had to accept the silver dollar, but this was not, ac cepted in the markets outside of Hong Kong unless a premium was paid.

4. There should be no" differenes between the notes of the Colony and the silver dollar, no matter what its origin-Mexican, Chinese, Straits.

or

7. That the Post Office, should recognise the silver dollar and Recept it.

Control Desired.

One member said there should be some power or authority responsible in Hong Kong. for the issuing of notes and silver should know exactly how much is This authority

Colony and issue the notes and wanted for the purposes of this silver accordingly. A proper pro portion of each will, therefore, be on the market and neither would be at a premium.

Another member pointed out that there was a difference between the Hong Kong dollar and the Shang hai dollar. He saw no solution to the question, pointing out that if we solve the foreign exchange ques tion, the exchange with China re mained to be considered.

In another letter, the writer suggested among other items that For and Against Fixing. if the currency were placed on gold basis, the problem for mer that at prsent the dealer in Hong One member expressed the view chants in Hong Kong would change Kong had to gamble both ways in from a Gold-Silver" question to a "Silver-Gold" question. By this exchange. First with the seller in he meant that while the business Europe and then with the buyer is with Europe and America might be China. He thought if the currency rendered more easy, the busincas were placed on a gold basis, the with China would he made so much merchants of Hong Kong would then only have one problem to deal

more difficult.

with.

"

Against this the view was 4x- pressed that if Hong Kong went on a gold basis, much of our busines would be diverted to seaports with a silver currency basis:

Present Currency Batisfactory. Regarding the first question be fore the meeting-that of whether the present currency was the mos: advantageous for the purpose of trade of this. Colony-a member The Chairman pointed ont that asked what was meant by, the the view of the Committee had been words present currency," and Mr. that the silver and notes should Chau Yue Teng, a member of the stand at par, and this could be Currency Inquiry Commission, who possible only if the Government, was present, indicated that it meant

and not the banks, were responsible the ilyer currency of Hong for issuing such notes and silver. Kong."

The meeting expressed agreement

Mr. Ip Lan Chuen stated that

If the silver currency was changed with this view.

tiso wore bracelets and wrist- watches, presents from the bride- groom, and cirried bouquets of mixed carnations.

matron of honour, wore a dress of Mrs. Whyte-Smith, who acted as navy blue and white, with navy blue and beige hat trimmed with blue velvet. She carried a bouquet of African daisies.

NEPHEW.

months hard labour and twenty

A Chinese was anntenced to 19

strokes of the birch by Mr. Lindsell

of the charge of kidnapping' his yesterday when he was found guilty little nephew, aged 5 years,

referred to a part of the evidence Mr. Renall, in cross-examination, of the witness where he stated that immediately after the robbery was

It was stated that the defentiant wharves watched for any bad char-in Shaukiwan about three weeks reported, he took steps to have the took the boy away from his home neters who might attempt to get

ago and later sold him in Amoy for away. Asked why the fugitive was 850. not searched before he got away

The child has not yet been re- from Nam Tau, witness said that covered. perhaps the guards were negligent in their duty.

The duties of "best man were carried out by Mr. E. W. Coulson.

The reception took place at 107, The vas was adjourned until next The Peak, and many friends of My-Thursday at 2 p.m., so as to enable and Mrs. Greenhalgh were present. a representative of the photograph- Later in the afternoon Mr. ander's shop in Nam Tau to be pre- Mrs. Greenhalgh departed on their sent to give evidence." honeymoor tour to England ein Canada, by the s. 8. Siberia Maru.

The bride's going-away costume was of navy satin, with white satin to match. taxk-in blouse; and shoes and hat

TIN HOW FESTIVAL.

COINCIDES WITH EASTER

THIS YEAR.

The Tin How festival, this year, coincides with the Easter Holiday, and such being the case, steamers running to Chekwan are expected to do a very big trade.

A SQUABBLE AMONG GAMBLERS.

PONTOON PLAYERS DO

NOT SEE EYE TO EYE.

the

Two Chinese appeared before Mr. A. W. G Grantham, at Central Magistracy yesterday for snatching money from two Chinese women who were playing pai-kau on the pavement of No. 0, Wing Wah Terrace, Hospital Road, in the afternoon. It was alleged that the Practically every steamer on the first defendant went near the women Kongmoon run will ply between this and snatched away 824 and then port and Chekwan during the holi-dropped the money into the pocket of the Caaton boats, including the then bolted but were caught by an days, and it is believed that some of the second defendant. The two Sai On and Tung On, will do the Indian foreman of the Sanitary De- sanie,

partment.

The Indian foreman, in evidence,

During the festival, thousands of worshippere make the trip to Chek said he was inaide his house when wan when a pilgrimage is made the heard s police whistle being the famous shrine there, and as the blown. Looking out from his win- result of this exodus," shipping dow, he saw the two defendants. companies have, during the past few years, done a brisk business on this running, with the complainants in particular run.

pursuit. He came out from his house and managed to hold both men, The second defendant pro- duced a police whistle and told him that he was from the Police De- partment. Witness released him, as he thought that he was probably a detective and was, chasing the first defendant.

VENEZIA FOR MACAO RUN AGAIN.

TRIPS TO CANTON ON

WEEK-DAYS.

A welcome announcement to the hundreds of people who make the regular week-end trip to Macao is the fact that the owners of the 8.8. Venezia have again decided to place the "river greyhound" on the Hong Kong-Macao run every Sunday. The vessel will leave Hang Kong at 9 am, and will return from the Portuguese port the same even ing, leaving there at 5.30 p.m.

into gold, it would mean bringing Chamber's Representatives... Amerien and Europe nearer Hong

As regards the question of link Kong, but it also meant the driving away of Canton and other Chinese ing the currency with silver, it was rities to a farther point. Until thought that this question called for China changed her currency into an obvious answer in view of the the gold standard, it would be in. carlier discussion, and no further advisable to make any change in discussion took place on this point. Hong Kong.

The last question of stabilising On week-day's, the vessel will run the dollar brought forth the view to Canton as usual, her starting that if the silver currency was satis times in this case being:. Leave factory, there was no object in dis Hong Kong 3 a.m.; leave Canton 4 cussing this question.

p.m.. The two representatives appoint. Before she went into dock recent ed by the Chamber to go before the ly, the Venezia 'made several week Commission in regard to the views end trips to Macao, and this an expressed by the Chamber were nouncement will no doubt be well Messrs. Li Koon Chun and Li Hoi received by all who have travelled Tung.

by this vessel before,

With the exception of one mem ber, who thought the assistance of a currency expert desirable before answering the question, the meet ing agreed with the view. expressed by Mr. Ip Lan Chuen, M

The second and third questions on the agenda, in view of the answer given to the first question, were not discussed.

that

Giving a totally different atory, the first defendant stated he and the second defendant were walking along Hospital Road when he saw a crowd engaged in a game of Pontoon, After instructing the. second defendant to wait, he joined the party. He noticed that he was not given a square deal, as one of the complainants, together with an- other man, was drawing out cards from the bottom of the pack. He remonstrated and expressed his in tention of withdrawing his money and his interest in the game. The crowd showed their disapproval and pounced upon him with blows.

The Magistrate did not accept the story of accused and sentenced the first defendant to two months' im. prisonment, with the option of paying a fine of $100, and the second defendant to four months' imprison ment, or $30 fing.

TRANSLATION COSTS DISALLOWED.

}

PUISNE JUDGE'S VIEWS ON

THE POINT.

An application for costs of making translations of accounts was made ut the Summary Court yesterday before Mr. Justice Wood, when his Lordship remarked that he saw no reason why he should allow it and thereby increase the costs.

Mr. J. M. Hall pointed out that the translations had been made at the request of the solicitors who previously acted for the defendant in the case, and that the accounte had to be gone through in order to make the translations,

ין

His Lordship disallowed the ap plication, remarking that there were Chinese interpreters in all solicitors' offices, and his rule was not to allow such COBLA unless he ordered trans- latina to be, minde.

The case was one in which the Sum Wo Hing, or 2, Sai Street, eved Li Chun, of 11, New Market Street, formerly trading under the name of the Tai Sang firm, før

defendant was the proprietor. 9317.85, being an amount overpaid to the firm at the time when the

Mr. Hall appeared for the plain- tiff and defendant conducted his

own case.

After hearing evidence, bis Lord- ship gave a judgment for plaintiff with costs, execution being stayed for a week if the costs were paid forthwith, and defendant "being given liberty to apply for a recon- aideration of the judgment.

A DOUBLED NOTE AND INTEREST.

WOMAN DEBTOR NOT IN COURT.

Assa Singh, & money-leäder, sued Rore Chan at the Summary: Court

yesterday for $200 due under a two- year-old promissory note. Defend-

ant was absent.

Plaintiff stated that he actually': lent $100 and followed the usual custom of getting a promissory note for double the amount. The 800 was the amount of interest due.

In reply to his Lordship,

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since the loan was made, and he did not know the whereabout of the defendant.

Judgment was given for plaintiff.