1931-05-29 — Page 4

Summit

DRESS

COLLARS

To-day's approved dreu collar slyle—a collar with broad square-cut wings set well apart-is interpreted in a most distinguished manner by "Summit” shapes 28 and 28. Each has subile differences in the angle of the wings, the width of the opening and depth, each correct.

ير

Stocked in quarter sizes—4 to the inch- from 14 to 17 also 14, 18, 181 and 19.

Mackintosh's

THE BEST ON

BOTH HEMISPHERES

BREWERY.

DE

AMS

BREWERY

RDAM

Sole Distributors:-

15, Queen's Road C.

H. RUTTONJEE & SON,

WHITEAWAYS

SPECIAL

JUNE SALE

COMMENCES

HONG KONG DAILY PRESS, FRIDAY, MAY 29, 1931.

HONG KONG SUGAR TRADE AND THE SIGNING CHITS FOR

GOLD STANDARD.

ASSOCIATION'S MEMORANDUM TO BE SENT TO

CURRENCY COMMISSION.

FEARS THAT. A BAD POSITION

WILL BE MADE WORSE."

The following memorandum by the Hong Kong Sugar Merchants' Association has been sent to the Colonial Secretary, with a request that it be laid before the Currency: Commission :-

A full statement is made of the position occupied by the sugar trade in Hong Kong; its present distresses owing to the Chinese tariff, direct transshipment and trade depression generally.

An analysis then, follows of what may be expected if Hong. Kong adopts a gold standard, and enses are cited to suggcat the way in which such a change would injure the sugar trade,

The memorandum states:- Apart from rice, sugar occupied in former years a position second to none in the trade of the Colony, The annual import and export in this commodity comprised several million tons, and the total volume of business amounted to the value of several hundred lacs of dollars annually.

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sugar importers in the Colony have hypothecated their properties or shares to their bankers as security 1/Credit to cover sugar bills. I opening against overdrafts or

Hong Kong changes to gold stan. dard and the stabilised exchange a level with, or inte is not on higher than, the bar silver rate, the sugar merchants will have to sustain heavy losses in the exchange on which they have booked forward

MEALS.

ENGLISHMAN CHARGED AT

MAGISTRACY,

"GENERAL NUISANCE."

An Englishman named E. J. Collins was charged before Mr. W. Schofield at Central Magistracy yes terday with obtaining ments and money and incurring certain debts and liabilities to the extent of 1.83 under false pretences, to wit, by means of fraud by representing himself to be one 1. G. Allison, a member of the Royal Hong Kong Golf Club.

Defendent pleaded guilty.

Chief Detective Inspector Rey- nolds stated that the facts in con- nection with the charge were that the defendant was at present unen- ployed. He previously worked for the Vacuum Oil Company but then he had been "running wild." finished there in April and since The police, had recceived complaints about him and on Wednesday they heard that he was bathing at Deep Water Bay and they arrested him there.

Golf Club Chits. ⠀ In view of the high eest in Hong Kong during the past few years

The defendant had signed a lot to cover their shipments, Arum-of chits at the Royal Hong Kong the importation of sugar has beening, for the sake of argument, that Gelf Club and also at the Deep considerably, reduced. At one time before adoption of gold standard, Water Bay Golf Club. He had it was a common practice to ci-

the rate of Java guilders was 60 admitted signing the entire lot, port sugar from Hong Kong (e. I.K.100-00 guilders), Alter The defendent had no money and Swatow and Amoy. Finding the the local currency being stabilised the police were asking for a penal- labour charges, etc., in Hong Kong at 2/- per dollar, would not guild-ty comparatively excessive in these

ers bo double the former rate, viz. days, the dealere in Swalow and 120! In other words, guilders Amoy are importing sugar direct would then be at a discount insiend from Java, thereby depriving Hong of at a premium. The sugar con Kong of the sugar trade to some tracted at previous exchange (60) would be entailed in a great less. Such being the case, would it not be inflicting far too much hardship on the sugar merchanta↑

extent.

Ohina's New Tariff,

Simultaneously, the local dealers, on account of high cost, have re cently adopted the method of tak ing delivery directly alongside the inward steamers. This means nak. ing direct transhipnient of sugar from one steamer to another, so at to minimise storage, insurance, coolie hire and lighternge for load ing.

His Worship (to Collins):.. Do you want to say anything?

Collins: Only this; I have ere. ditors outside and I am willing to Pay them.

His Worship (to the police): Has be any friends here?

fairly long period and not only concern one man but several. The defendant has made himself a gen- eral nuisance in the way of getting why he should not be banished. money and the police-se no reason

labour was imposed.

A fine of $10 or four weeks' hard

Chief Detective Inspector Rey holds:

We have been unable to locate anybody. I may point out As a consequence, after stabilisn that there is also a question of for tion, the value of properties and gery which we have not proceeded non-sterling shares in bonad to de-with. These chita extend over o precinte, and this depreciation would ultimately affect securities deposited with the bank and the prospect of trade in the Colony.

Besides the usual method of draw Then, again, since the new tarifling for full value of sugar ship- in China has come into force, the ments through banks, importers are sugar trade in Hong Kong has incedat, times handling sugar on consign- rather desperate depression. Should Hong Kong change to gold stan dard before China, the sagar trade would surely go from bad to worse, which in turn would disrupt ship ping as well the outlook of the Colony in general.

Dealings on Oredit.

changers, because the emailor the import of sugar into Hong Kong. the fewer arrivals of ships at this port, resulting in lesser amount of foreign hanknotes or specle passing through this market.

of

Kong nadopts gold standard, sugar they also grant loans against sugar on storage godown. If Hong

business will certainly dwindle and in turn will rob the bank of its usual portion of trade.

Causes Unemployment.

ment Insis, similar to the practice of Nam Pak Hong; in which case the consigners will require advance payment of 70/80 per cent. basing on the market vatus of their con- signments. After arrival of the goode, for which advance payment has been granted, if Hong Kong Against Gold. Standard. : changes to gold standard abruntly. Java' has an enormous production In submitting their views against would surely be insufficient to cover help business extending to the Far the value of the goods then realised of sugar annually and in order to adoption of gold standard in Hong the money advanced. The import-Eastern markets, two Dutch Banks Kong, the primary object of the ers would in that case have to hear have opened their branch offices in Sugar Merchants Association is the brunt of the difference. not only for their own interest, but

Ilong Kong for the purpose also for all other lines, which may

developing the Dutch Colonial have connections with the sugar

trade and giving facilities to the So far as regards dealings on importers of Java sugar. Some- trade in one way or other.

The members of the Association the local firme of Northern impared to negotiate sugar bills, but credit instead of cash payment with times, these banks are not only pre dealers, 203 brokers and 100 yoki firms in the South, the business as compose of some 40 importers, 30 porters of the buyers for interior in the employ of importers and aiready leen affected to a degree. denlers. There are also a great owing to the prevailing high rate number interested in the trade hut of exchange on Shanghai combined have not yet become members of with the low value of Canton silver the Association (without taking into coins and the new tariff in force ascount those firms that handle If after stabilisation, the Shanghai sugar as one of their side lines). exchange rate and the discount of At the beginning of this dixens- In view of the preponderant in Canton silver coins are getting sinn mention was inado that owing terest in sugar trade referred to more unfavourable, how could the to the high cost and the putting ahove, it is eminently advienble to their outstanding accounts with the have been obliged to adopt the dealers make full settlement of into force of the new tariff, dealers nake representation to the Fong importers! The burden of the loss method of, taking overside delivery Kong Government as regards the would again have to be shifted on deterrent factors entering into the the shoulders of the importera,

from the steaners. The first to issue, if the local currency it

suffer on this score are the stove- changed to gold standard before closed leiween Importers

It is customary that transactions dorea and the workmen under their China

and employ. This bears out precisely dealers are for forward delivery what the Secretary for Chinese Price and Exchange fluctuations, within a few months. Let us the predicament confronting the Affairs has sometime ago said of pose that at the time of negotiating As there is little production of business, the Java sugár quoted at inbouring classes at present and that augar in China, Hong Kong neces guilders ner picul st exchange ber of unemployed ever since the there has been a considerable num- sarily depends on its supplies from 60-H. K.89.33. The exrbange for almond, and by reason of this fact, the transaction was forthwith freed Chinese new tariff has come into the principle of supply and demand with the bank, through whom force. obviously plays an important role, Irrevocable L/Credit without re-

Bimilarly. steam launches and and price hinges largely on the course on drawers was opened in

cargo crafts are affected Public Buctuation of exchange on the pro- favour of the shipper as a form of Godown Companies are getting less ducing countries. For instance, the security aforementioned. After ar- tonnage than before, because of the price of Java sugar is based on rival of the shipment, if the local direct transhipment as abovemen- tioned. In such case, insurance exchange of guilders, Philippine currency were placed on a gold sugar on peios. Japanese sugar on basis at 9/- per dollar, and Java business suffers equally as much. yens, Cuban sugar on US. dollars the price per picul would be slight being brought into effect, there were sugar market remained unchanged.. and Mauritias sugar on rupees. ly more than 84. Now, setting this more than ten sugar candy works Then, also, the price follows the rate against the contracted price in the Colony. At present, come During the past two or three would it got? And how could the Kong at the moment is practically

difference would be, tremendous,others have moved elsewhere.

The Sugar business Hong years, an immense portion of the Importers meet their obligations?. local sugar trade has been diverted The alternative would be either to af a standstill, and in case Hong to Shanghai, as a result of the high suspend business or face bank- Kong adopts gold standard, this rate of exchange on Shanghai, Įrupley. whilst sterling not being on n level with that of Hong Kong and the Cauton ailver coins are heavily Speaking of brokers, their ser- No matter whether the Hong Kong dollar be stabilised either depreciated. Furthermore, what vices are obviously dependent on with the new tariff, the levying of business being done between im above or below the parity of the extra duty on imported sugar and porters and dealers, If the market bar silver rate, the former pros the chaotic conditions: prevailing

lies idle, they, too, have nothing in perity of the anger trade will not in

restored to Hong Kong, so long China, the purchasing power in the Prospect but stark starvation. interior in severely crippled. For There are also others who are standind, as the price of sugar gen- 8 China has not yet adopted gold these reasons, no sooner stabilise class allies of sugar trade, namely:erally follows the exchange on the tion goes into effect than the sugar relation with Sugar Importers, notdused and from which it is ex First, the banks have an intimate countries, where the sugar is pro busincas in Hong Kong will most only in sdling to them exchanges probably be diverted either to such as Jern TT. Japan IT. Manila Port Shanghai or Canton, where the T., etc, but they also have to to show plainly some of the atten

The foregoing brief survey serves rates of exchange are, however, cover themselves in purchasing exdant ills affecting sugar and its more advantageous.

port bills or banknotes or specie of

allied trades, if Hong Kong changes Inconvenience and Hardship.

various foreign currencies, the latter being generally obtained to gold currency before China; the Again, in the event that the local from the money changers. On a sub-committee of this Association are to use their discretion to dis currency is stabilized, -the-eugar count of these banking transactions, importers will be confronted with the lack of sugar business would cuss the details carefully before sub- endless inconvenience and hard-likely affect banks and money misting them to the Government for transmission to the Currency Tabipe: Take as: 60-x'xample, many Gantinued on mezi Column:) Hjuston.

Prior to the new Chinne tariff

MONDAY, JUNE 1st exchange on Shanghai and the dis (2010), tone the of them have closed down while

FOR

12 DAYS ONLY

ENTIRE STOCK INCLUDED

AT

GENEROUS REDUCTIONS.

Thousands of Special Bargains.

WHITEAWAY, LAIDLAW & CO., LTD.

count of Canton silver coins.

17

. Brokers and Banks,

מן

fine will be put to the saddest light, which will mean a serious loss to Hong Kong,

..

KAIPING COAL

FOR HOME, FACTORY, & POWER HOUSE

HOME FACTORY

AND

BUNKERS

POWER HOUSE,

TUGS & LOCOS.

THE KAILAN MINING ADMINISTRATION.

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

Dr. Mei Lan Fang

is kindly giving a performance

at the LEE THEATRE on

MONDAY, JUNE 1st

at. 8

p.m.

Proceeds in aid of the following charities:-

The Ministering Children's League The Tung Wah Hospital

(Eastern Extension)

St. John's Ambulance Brigade

Prices of Admission: $10.00, $6.00, $3.00, $2.00 and $1.00.

Tickets from Messrs. Moutrie and The Lee Theatre.

The Lee Theatre has been kindly lent by Richard Lee, Esq., and executors of the late Lee Hy San, Esq.

JUST LANDED.

CALIFORNIAN FRUIT

Lettuce. Celery, Grapes, Pears and Apples

also

IN

CARTONS

FRESH CANADIAN STRAWBERRIES

$2.00 per carton

To avoid disappointment please telephone or call early,

LANE, CRAWFORD, LTD,

Grocery Dept.

Tel 28151.