1930-05-20 — Page 1

Page

MASON'S

DELICIOUS

O.K.

SAUCE.

Library, Supreme Court

Hongkong Daily Press

No.29410號給在百肆式萬弍第 日式廿月肆年午庚

"AQUARIUS "LIMESODA "

The Perfect Hot Weather Drink.

Telephone Central 75 Auto 20075.

THE HALL MARK

TRADE

WW WW

MARK

Sole Agents -

OF PURITY."

NEW BANK

ESTABLISHED 1857.

+ !!

Registered as a Newspaper at the General

Post Office in the United Kingdomh

7. Evans

Mazajing Breactur

20

N. LAZARUS,

OPTICIANS

18, Queen's Road Central -

# TAGETELTOX Fuck; $3 PER MONTH"

INTERNATIONAL

HONG KONG, TUESDAY, MAY 20, 1930.

FOR SETTLEMENTS.

BUSINESS END OF DAWES PLAN.

HOW FUTURE PAYMENTS OF WAR DEBTS WILL BE MADE.

The Bank for International Settlements, which will act trustee for the Creditor Powers in the final and definite liquidation of the world war reparaticas problem, formally and officially opened its doors in an old hotel building in Easle, Switzerland.

The International Bank, the name ay which it is most commonly known, will serve as the business and of the Young Plan. The bank

(UNITED PRESS.]

Will Function as Ordinary Bank.

In the transaction of this busi- ness, the bank, will function as any similar chartered bank whose tusi ness is to realize profits on its shares, although certain stipula tions are in force regarding the control and distribution of the hank's profits.

For the purpose of handling the reparations moneys, Germany will

The International Bank will start with a capitalization of 100 million dollars, of which 58 million dollars will be distributed among the seven principal countries equally in lots of 16,000 shares, valued at $300 each

2,300 Swiss francs, since the bank is in Switzerland. The re- maining 44 million dollars capital will be offered later to the entire world. The shares will carry voting

CALDBECK, MACGREGOR & Co., Ltd. will receive from Germany and place annual certifientes of in- Privileges, and the "distribution of

(Incorporated under the Companies Ordinances of Hong Kong) SHANGHAI, HONG KONG, TIENTSIN, HONG KONG, CANTON AND MACAO STEAMERS.

JOINT SERVICE OF THE HONG KONG, CANTON AND MACAO STEAMBOAT Co.,LTD., AND THEOHINA NAVIGATION CO.,LTD.

HONG KONG-CANTON LINE.

Sunday (10,00 r..only) (Sundays

Germany's allies during the war, upwards of 33 billion dollars, and will supervise the disrtibution of this sum among the Allied and Associated Powers, more than two- thirds of the money being destined to pay inter-allied war debts, of which about 10 billion dollars will go to the United States, for credits advanced during and after the war.

t

Unique International Finance.

Sailings from Hong Kong: Daily, at SAM. & 10.00P.M.) Bailings from Canton: Daily, at 8 AM & 4.30 PM 4.90 P. only) sixteen men is composed of the

HONG KONG-MAÇAO LINE. SAILINGS From HONG KONG-Daily at 8 a.m. & 4p.m. (Sandays excaptel) SAILINGS From MACAO1— Daily at 8 a.m. & 2p.in. (Bundays axcaptǝd)

EXCURSION TO MACAO :—""

SUNDAY, 25TH MAY.

8.8. "SUI TAI"

Will depart from the Company's Wing Lok Street Wharf at 9 AM, and from MACAO at 4.00 PM

Norz-All Steamboat Company's Steamers are fitted with Wireless.

THE HON. TREASURER,

HONG KONG BENEVOLENT SOCIETY, 525, THE PEAK.

Enclosed please find cheque for twelve dollars being subscription to your Society for the current year.

TELL THE SHROFF

to make out a Obit for T.50 and send it with your Home Address to 11, Ice House Street, In return, we will send

you the Weekly Press for Six Months

IN

CRETONNES

Where to have Tiffin To-day ?

LANE CRAWFORD'S

RESTAURANT.

MENU.

From the Joint Waggon Roast Saddle of Lamb, Mint

fauce and Vegetables...95 eta.

Today's Tiffin--$1.35. 1-Vegetable Clear Soup.

2-Fish Balod

N

LATEST DESIGNS

3. Grilled Lamb Chop

4.-Kai Sze Tee Min

6-Roast Log of Véal and Dressing

6-Curried Meat Ball

-Boiled Potatoes

AND

TAFFETAS JUST RECEIVED.

ARTS & CRAFTS

LIMITED. (INCORPORATED IN Hose Kome).

1-3, WYNDHAM STREET

S.U.M.P. BLDG,

Pross 24178,

9.-Indian Corn

10.-Chocolate Cream Pie

11-Frait

18-Coffce

debtedness with the bank, entre sponding to each year's annuities, and these certificates will form the negotiable values against which transfers of credit will be made to the various countries. These trans- fers will be checked off against Germany's account, just as would be done in the case of any big client of any big bank of proven solvency. The countries concerned and the International Bank itself, will act as a double check on the accuracy of the accounts carried.

them will enable the various coun-- tries and big banks to take a more active interest in the International Bank's facilities. The first lot of shares were subscribed by the seven countries during April

"Germany's Deposit,

In addition to the 100 million dollar capitalization, the bank will start off with of 40 million dollars as a basnee from S. Parker Gil- bert's reparations accounts which In as much as the funds to be hand, had not been distributed. Ger- led by the International Bank are many will deposit 20 million dollars payments for war reparations, each in a non-interest bearing deposit, receiving country will be given, an, and it is expected that France will account at the bank into which it soon deposit from 75 to 100 million individual share of repurations franes with the Lank, as an evidence payments will be deposited Thos of good faith and mark of con France, Great Britain, Italy and sidence directed toward those who other countries will have sig as may be skeptical. Central banks counts, with growing deposits at will probably make early deposits the bank. It is from these accounts with the International Bank for that the inter-allied war debts purposes of engendering early cop- be paid. It is obvious fromfidence, so the bank will have ample

THE

HONGKONG

PENINSULA HOTEL; HONG KONG HOTEL; REPULSE BAY HOTEL; PEAK HOTEL

AND

SHANGHAI

ASTOR HOUSE HOTEL; PALACE HOTEL;

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IN ASSOCIATION WITH THE GRAND HOTEL DES WAGONS, LITS, PEPING.

The Only Hotal in CANTOU Directly under European Managemant

THE VICTORIA HOTEL

SHAMEEN

Guide

And Trip Arranged for

and Special Care

Taken, of TOURISTS. Cable Address:VICTORIA.”

Make your old gun NEW.

Guns repaired and reblued by expert gunsmith. Satisfaction guaranteed.

THE HONG KONG SPORTING ARMS & AMMUNITION-STORE, 5.6, BEACONSFIELD ÁRCADE.

SUTTON'S FINE GRASS SEEDS

for

GARDEN LAWNS, ETC.,

For Sale at

GRACA ̃& CO.,

DEALERS

IN GAIDEN Bax, POSTAGE STAMPS, TOYS, PICTURE BOOKS, ETC) KTC.

NO. 10, WYNDHAM STREET, P.D. Box No: 620 HONG KONG.

38

COME TO WORTHING FOR RETIREMENT OR LEAVE

ON TRE ENGLISH GRÅHÄTÀ FÀCINC DDE SOUTH" 1834 HOURS OF SUNSHINE Antags for past 5 years.

BIS, Smart à much favoured by BIS

Retired ANGLO-INDIAN and COLONIALS, BOU, Hunting, Pleasant Society: Good Shops, Pier, Pavilion and Dally Orchest. Concerts, etc. Exceptional Educational facilities. Illustrated Guide and Full Information Free from TOWN CLERK, No. 10, MUNICIPAL OFFICES, WORTHING.

Courtesy, Comfort, Bervice and Luxuries of Modern Hotel

• Construction

this system, that the interdeper-finds with which to start its regular THE HOTEL RIVIERA

Mobilization Loan.

The International Bank is unique experience in international finance, and next to the great cen- tral banks of issue of the various countries, it ranks as one of the largest banking institutions in the world. Its board of directors, of governors of the central banks of the seven principal countries in terested in reparations; namely, Germany, Great Britain, France, Belgium, Italy, Japan and the United States. These governora have selected a second director each, while Germany and France avail deney of reparations and war debts banking business.

must be recognized, Originally, the themselves of the privilege of an United States. was inimical to this poiating three directors. The Uni-relationship of German payments

After the formal election of the ted States, having no so-called with Allied outpayments for war President and the General Man- central bank of issue, but having debts, but the councils of the debtor ager, who is Pierre Quesnay, of the a corresponding organization know nations have prevailed, and the Bank of France, the directors will as the Federal Reserve Board, is tacit interdependency of these reproceed to get out the first roobiliza- represented by Gates W. McGarrah, parations payments and war debt farmerly director of the Federal Reserve Bank of New York. Mr.. payments must continue as the bank

functions, McGarrah will act as President of the International Bank, and his alternate is Leon Fraser, who will net as president in the absence of MeGarrah. Mr. Fraser is pro- minent bank. lawyer and economist, and was Paris representative of S. Parker Gilbert," agent "general for reparations, under the Dawes Plan, whose functions have been superseded by the International Bank:

Method of Payments Not Yet

Settled.

tion loan of 300 million dollars. This will be similar in form to the 200 million dollar mobilization Icon "which started off the Dawes Plan.

of which Germany has already paid, one fifth.

The interest rate and quotas for The method of making war debt payments, according to the various various markets will he decided at war debt agreements, has not been the first directors' meeting. Criti settled. As an example, France cism regarding these mobilization can write cheques to England and bonds has been answered by the Bank officials 'who point out that to the United States. as her war

it is erroneous to assert that the payments fall due. But it is as sumed that when the bank starts United States or any other receiv functioning, each country having country pays interest on these ing way debt agreements will bonds. Germany pays the interest. In the case of Dawes Plan loan.. simply leave a standing order with

The International Bank will, as far as possible, take the, répara- tions payments and their distribu- tion out of politics and administer the banx, to payments as they fall the bonds were issued at 92 and this vast business enterprise exactly due, and thus the International paid 7 per cent. interest. They as any legally constituted charter Bank may probably be charged are now worth 8105, that is, an ed international bank should do.

with the routine of paying off the investor who took 81,000 worth of The Young Plan, having definitely war debts. The money that re- Danes Plan mobilization, bonds has established the annual amounts maine in the accounts may be earned $116. Forty million dollars which Germany and the central utilized for the retirement of the of these Dawes plan bonds have nowers must pay, the International actual reparation bonds which each been paid off by Germany Bank serves as the cash drawer, country issued to its inhabitants and its directors will pay out the immedately after the war for recon- noney according to the quotas of struction work The actual repara- each country receiving reparations, tions or reconstruction costs is not until the expiration of the an-covered by the balances which will nuities and the completion of the be left over from the war debt pay- Young Plan in 1988.

ments.

In the case of the present mobili- zation loan, 200 million will be for the service of the Young Plan, while 100 million dollars will be applied to Germany's rairoad and postal sarvica improvement.

(Continued on Page 2)

Diary of Coming Events.

To-day."

(May 20.)

Interport Cricket at Shanghai.

Queen's Theatre: "So. This Is College.?

World Theatre: "Zander the Great."

Great,"

Star Theatre Just Tony."

Wednesday. (May 21.)

"Public Band Concert at Kowloon Football Club ground, 2 p.m.s} Queen's Theatre: "Locked Door World Theatre: "Zander the Star Theatre: Just Tony" TennisB" Div.: M.B.K.. Majestic Theatre: "Manhattan H.K.C.C., C.C.C.U.S.R.C., Cocktail:

European Y.M.C.AC.B.C., Nip Ten Dance: Peninsula Hotel, spon Club S.C.A.A., Recreio

University TC.. LR.C. v. K.C.C., p.m.

Dinner Dance: Peninsula Hotel, C.S.0.C. R.E.S.C. "C" Div: : German Tennis Club v. University 18..

TLINA, DEAD BAAA T

European Maits:

World Theatre ?" "Girl on the Barge."

Star Theatre Wild: Orchids." Wah Yan College Athletic Sports, Caroline Hill

Ordinary General Meeting of Mid Residents' Association. Levels. McKars. Shewan, Tomes! Board Room, 5,305.m.

European Mails:Inward: Europe vid Siberia (Ranpura),

Triday. (May 23.)

Europe via Marseilles (Sphinx), loon C.C. 1.R.C. C.R.C.Development, Building & Savings 2:30p.m. (superscribed correspon.I.T.C. Mixed Doubles K.O.C.

dence only).

VAL.R.C. The de to ke

Tides: High, 1.38 p.m.; Low, Tea Dance: H.K. Hotel, & p.m.

Dinner Dance: HK,Hotel, 8 Pe

10.46 p.m.

European Mails:-Outward Europe tid Marseilles (Sphinx), 4.30 p.m.; Europe vid Siberia (Andre Lebon), 2 p.m.

Thursday,

W

(May 22) Queen's Theatre: "Lacked Door."

Society, Ltd. (In Liquidation).

Queen's Theatre: "Locked" Door.".

MACAU

Cable Address “ Riviera, Macau."

THE STANDARD LIFE ASSURANCE CO.

New Scheme for Children's Early Endowmenti-

Principal features: Small Premium, Liberal Surrender Value, Return of Premium in the Event of Deatli. Write for Pamphlet and Full Particuları to

DODWELL & CO., LTD. AGENTS, QUEEN'S BUILDING.

Bigger & Better Than Ever

CHRONICLE

and

DIRECTORY

for

1930

PRICE

TWELVE DOLLARS.

World Theatre: Girl on the "Hong Kong Daily Press' Office,

Barge."

Star Theatre: "Wild Orchids." European Mails:-Outward: Europe vid Marseilles (Mantus), 10.30 ..