1932-02-29 — Page 7

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יד

HONG KONGA

PRE

DAY FEBRUARY 29, 1932.

SERIOUS INCIDENTS IN SWATOW.

THE HONG KONG AND SHANGHAI

BANK.

CHAIRMAN OF DIRECTORS REVIEWS WORLD POSITION.

"WORLD THREATENED WITH DESTRUCTION OF ITS

WHOLE CREDIT SYSTEM.”

CHINA'S TRADE SUFFERED WITH THAT OF ALL THE WORLD.

The Chairman of Directors of the Hong Kong and Shanghai Banking Corporation, the Hon. Mr. C. G. S. Mackie, gave a masterly review of the world economic position at the anus beeting on Saturday of shareholders of the Bark. While expressing the hope that, as in the past, ✡

period of doubt Lax depression would be followed by an era of prosperity and stability Mr. Mackle emphasised the gravity of the world sitaation. He said:

It is universally recognized that President Hoover's plan for the postponement for one year of Government War Debts saved the world at the edge of a precipice. We are still perilously near the brink and something more is required than a mere extension of the moratorien as froin June of the present year. It is now perfectly apparent that the burden of inter-allied debts" and of German "reparations has become intolerable and must be adjusted to what present, conditions and a sense of reason demand if confidence is to be restored.

Referohen was made to the growth of Communism in China, owing to the distress arising from wars and flooda, and the urgent need for peace and good government was stromed. Tho imposition of increased Custom dhities, way held to be partly responsible for the decrease of trade, and while the revenue was increased the commares of the country was hindered. undue development of Shanghai was, further, regarded as an unhealthy sign.

The

In a passing reference to Hong Kong's currency probleni the Chairman deprecated any ishange of our present, monetary system.

SOUND POSITION OF THE BANK.

Mr. Miekia said:-Before provaluos, but I regret to say that it, tariffs and government control of

ecoding with the business of this meeting, I would refer with the deepest regret to the loss we have sustained since fast we met through the death of Sir Newton Stabb. As many of you, will remember, Sir Newton was Chief Manager of the Bank from 1910 to the end of 1920

has been necessary to utilise current profits to the extent of £110,000 to write them down to present market level, and at the end of the year our bock value and market value were practically identical,

APANESE MOBBED AND BEATEN UP BY HOOLIGANS.

OUR CORRESPONDENT SUMMONSES POLICE AID.

(From Our Own Correspondent, k

SWATOW, Feb. 23.

Two incidents ocourred here this wook, a result of one of which two Japanese are now lying serious ly wounded.

220

Ono

Inter when the excitement had died. down. Hori was walking past the E.P. Mission when one man started to shout "Beat the Japanese! The victim made a dash away buu What maybe called the a big mob confronting him provent. motor-boat incident ended with ed his escape and he was verely out serious results. It happens pounded. Bamboos, alube and iron od last Monday afternoon, to & roads, were brought into use, in- Japanese who was going aboard ficting severs injuries on phe head, the Hoan Marn for Formosa. A hands and the whole body. Two arranged, "the Consulate motor-boat responsible Chinese citizens checked had come to the Kindet foreshore to the crowd to a cartain extent, transport him and his luggage. In but Hori was found standing this print of the foreshore sandbags under a verandah in a side street. have been erected and two or three with the mob facing him, bleeding

profusely from the head.. Chinese soldiers werd on duty. Aspolioman had arrived bus was no soon as the boat approached signs match for the odds against him. ware made by the soldiers "not to Pandemonium reigned in Kwang: come near, but apparently duo to chow St, for a good hall hour. a misunderstanding a ride shot Lady residents were terrified and rang out when the boat made a feared for the consequences should Boond attempt to approach: Time the victim sucumb to his wounde. was too short for explanation and Many of the Chinose onlookers, negotiation there, and then conse- were soldier billeted nearby. They shouted to it not to molest Hori, quently the motorboat withdrew, And the Japanese wont by road but did nothing. More and more from the foreshore eastward of the jeering and force gestioulating Consulate and was asfoly brought went on, when the writer, who bud on board the Hozan Maru. It is heard of the affairs, succeeded in not known whether the shot fired summoning police sasista-100. A was a blank one or a live cartridge strong armed foros soon arrived". one which fortunately misses Ita and got the situation in hand. target. The following day the Japanese Consulate lodged in a strong protest with the Mayor, and the outcome is anxiously awaited.

Japanese Mobbed,

Local Police to the Rescue.

They first started to disperse the dense crowd which had by this time collected in the vicinity. Hori was driven to the Public Safety Bureau a police car and after being in questioned, was escorted back to the Consulate where he is now receiv ing medical attention.

Still Another Affair.

oxchange used to redress, adverse trade balances. The fall in world

The second, and perhaps the most prices of about 30 per cont, during the last two years is unprecedented serious incident, since the start of in the ambi-Japanese movement and all attempts to solve the resultSwatow, took place yesterday after- noon at about five o'clock when ing problems-industrial, commer

bera of the Taiwan Bank staff, wore Owing to the wide differance in excial and social-have till now been Mosers. Mitzoi and Heri, two mem-

In the meantime news had reach- change values compared to the pre-baffled. Great Britain's volums of suddenly and without any provo vious year, it is more difficult than trade and industry in 1931 was cation, attacked by a big crowd of ed the Consulate and three sou- same time. both gentlemen were in different directions, Scarcely returning home from the Bank had one proceeded arp the road along, the musinroad as usual when when he was attacked by a different a lucior of the two and, though very serious affaiz Apart from the unexpected happened. Mitzoi mob. Timely arrival of the police was ahend first and appeared to be averted what might have been a roughly bandlod by the mob, man- some qute and praises on the sam aged to slip inside the Japanese and hands the constdale is done the School premises and returned home worse for his experiongo,

when he went home on leave; during 1921 he took over charge of London office, where he remained until his ever to make a comparison between less by 20 por cent, thas in 1980, hooligans, Though not quite at the stables wore sent out to investigate untimely death on December 1 last. In the City of London where are so many toon of note, it is no sx- the Aggeration to state that in

Banking World, Sir Newton was outstanding and conspicuous for his ability. He was ever ready to help both by word and deed, and not only have the City of London and all connected with business affairs in the East lost an extraordinary able adviser but all who knew him have lost a staunch friend.

The Report and Statement of Ao- counts having been in your hands for some days I shall, with your permission, take them as read.

Net Profits Decrease..

It will probably not come as a surprise that the figures we are abie to put before you are not so satis factory as you have been accustomed to; after making full provision for losses and contingencies, the net pro- fike for the year amount to 818,480,481, or about four and a quarter million dollars less than

in 1930, while expressed in sterling they show a decrease of about £20,000.

After deducting the interim divi- dend, paid at 170 and Directors' rumuneration, the amount available for distribution is $10,399,772.02 which it is proposed to deal with as follows:-

To pay a faal divi-

dend of £3 per share

(subject to dedue-

balance sheets, but he figures shown

this year reflect the absence of trade Taking an international view the in a marked degree. Investments very roots of economic relationa are. £17.1/2 milionay while his rethreatened with the destruction of are considerably higher at some being attacked and the world is ceivable show a decline of about £2 million and our liability on bills its whole eredit system. rediscounted is reduced by over £1 million, which is not a very healthy sign of the times."

A Warning.

It is universally recognized that President Hoover's plan for the postponement for one year of Gov- ernment, War Debts saved the world at the edge of a presipice. We are still perilously near the brink and something mora is required than a mare extension of the moratorium 18 from Jane of the present year.

ST. PATRICK'S BALL.

ARRANGEMENTS FOR MARCH 17.

LOCAL SPORTSMAN MARRIED.

SAPSED-CAMERON.

The marriage took place at Sic. Andrew's Church, Kowloon,

The Committen, of St. Patrick's Society of Hong Kong are hay Saturday afternoon, of Miss Ailsa porfecting their arrangements for Mary Edith Cameron, daughter of their forthcoming Ball to be held Mr. and Mrs. G. Cameron, of Ply. in the Peninsula Hotel on March

Quest-lists have been sent out mouth, and Mr. Reginald Wilfred

The Currency. Since our last Annual Meeting the British Government sent out small Committee to look into our currency problems and their raport was published towards the end of the year. Without going into de tails I would merely any that IIt is now perfectly apparent that think it would be wiser to let well the burden of inter-allied debts and alone in this matter of currency. of Gorman reparations has beconfe The high premium on our dollar intolerable and must be adjusted to which raised the discussion has not what present conditions and a sense been in evidence during the past of reason demand if coudence, is year, neither is it likely to recur, to be restored. The gold reserves of so I cannot think it would be wise the countries concerned have proved to depart from a currency which quite inadequate to provide the a functioning satisfactorily in meane for maintaining the balance favour of one, the utility of which of international payments by to members of the Socialy and by Sapsed, eldest son of Mr. and Mrs. must be problematical for quite a normal movements of gold. long period.

transfer from one country to an It has not been customary for the other of the immense sums involved in the payment of war debts and Chairman at these annual meetings"'| to make more than a passing referreparations, which produce no com- ence to international financial and of payments and intensifies the pre- pensating return, upsets the balance secromic developments the subject vailing disorders. of so much expert analysis and highly informed comment in the speeches delivered by the hands of the leading banks at home. The

The

Statesman at Fauli.

Unfortunately, in this respect, the

17.

the responsa looks as if the popu- F. Sapsed, of London. Mr. Sapsed, larity of the 1931 Ball will be sur passed this year.

וי

His Excellency, the Govertier and Lady Poel have again graciously consented to attend the Ball.

who in, employed in the Exponas. Accounts Department, Naval Yard, is a prominent hockey player while

the brids was a member of the teach Dancing will commence at 8.30ing staff of the Pooi Sun School, p.m. and will continuh to The Rev. W. Walton Rogers official next morning. It has been docided

to limit the attendance to 700 toed.

avoid overcrowding with its atten Given away by her father, the dant inconvenience to dancers. To.

tion of income tax) 86,076,200.87 walfare of an exchange bank such statesmen of Europe and America avoid disappointment, meräbore who bride was attired in a dress of pale!

Transfor to Bank Pre-

mises Account ....... Carry forward, to new

Account

000,000.00

as our own is, however, no more exempt from the influence of world conditions than that of those other banking institutions and at a time 3,421,611.35of sch profound disturbance as the present I feel that a few remärks 810,509,772.02

are called for.

The usual phrase that not profts

have been arrived at after making

World Trade Shrinks.

have shown themselves loss states-- manlike than the bankers, who have. consistently maintained that cua- collation of war debts and 'repara-. tions is the only way out of the imposse If a compromise is at- tompted, much as a temporary pro- longation of the Hoover "mora-

This year, the Committee, with a torium, this can only have the effect desire to remove much of the tedious of piling up future liabilities and formality connected with such fun

Pleasant Innovations,

provision for losses, hus rather more I shall refrain from quoting perpetuating the oxisting apprehenfione, are, trying the experiment of and hate to match. Miss Norcen significance this year. We have statistics which, in any case, arusion and distrust, been called upon to provide for ox-not needed to illustrate a state of ceptionally heavy and unusual affairs only too well realized by all losses, otherwise the result of the your's working would have compar ed favourably with 1000..

Causes of Losa,

are curtain facts and conclusions

have not done so are advised to send pink georgette and lace, with tone. in their guest-lists without further crinoline hat and shoes to delay.

Invitations are now being issued. She carried a bouquet of pale pink roses and carnations, with: aniden- hair forp. As matron of honour, the bride's mother was attired in pastel shade of green georgeto and lacor, with lace coates, shoes eliminating speaches. Another in Chath, daughter of Mr. and Mrs. While it is only common sense to novación, which, it is considered, W. Coath, from Plymouth, as dow of us here. We are, perhaps, still realize the gravity of the present will conduce to the general enjoyer girl, was dressed in a pale blue situation, it would, at the same ment, by making the atmosphere satin Victorian costume, and car. too close to the events of the past time, be foolish to exaggerate it. somewhat that of a large family ried a poer of sweet pour year to be able fully to appraise or There is no instance in economic party, will be the provision of a Mr. H. Evan Lewis, of Messrs even comprebend them: yet there history of a crisis, no matter how running buffet from 11.30 p.m. to Lane Crawford, Ltä, discharged which, in my opinion, stand out rest, which was not followed by 1.00 am. The male guests will sure the duties of best-man

poriods of stability and prosperity. ly appreciate the previlege of at A reception was held at the The causes of the losses are not clearly emphasized because it is. But, as things are at the present, tending to the wants of their fair bride's residence, 7, Humphrey's far to souk-soms are due to the upon their recognition by the world the sands are rapidly running out parizers and will see that they are Buildings. Those present were heavy drop in commodity prices in at large that our whole economic. The attempt to re-instate the gold well supplied from the many ap mainly the bridegroom's office col the middle the year, others to the structure in the immediate future standard has failed, and for the petising items which will be provid-leagues, members of the Motor-cycle sudden ries in China exebange very largely doponds, ¿

| first time in history we may be ed.

Beotion of the Hong Kong Volun vis-a-vis Sterling caused by Great The major fact to be faced is that brought face to face with a situa During the time the buffat will be toer Defence Corps, in which detach Britain going off the gold standard. the cause of the disastrous con- tion in which debtor countries might open, dancing will continus in the ment Mr. Bapsed is a popular Cor- Speculation and over-trading ditions of 1931 is no mere concatina- consider that they were justified in Ball-rooms; an orchestra will also poral, and the head master and brought many large operators to tion of local and transient evils refusing to acknowledge liability be provided in the Dining-room to staff of the Pooi Sun School. grief with the result that quite a mere swing down of the scale-but for debts, finding themselves unable regale, the guests with solections of Later, Mr and Mrs. R. W. Sapsed number of these disappeared and

left for Canton for their honey- is something fundamental. Again to pay either in gold-gold being no Trish music. left the Bank to shoulder the loss. and again we have seen a break in longer available-or in commodities, It is proposed to include two moon. The bride's travelling dress. The only pleasing factor is that we the clouds only to have our hopes the export of which may be render Irish dances in the programme one was a two-piece suit of nigger. have been able to most these excop incontinently dashed Taking Brind impracticable by the tariff policy in each half. In order that those brown silk, tional losses from current profita, tinh trade in particular, the depre-of the creditor countries. A return interested may have the opportun. The bride's gift to the bridegroom which shows that the earning power ciation of sterling has stimulated to the gold standard or a reatora ity to practice, dances are being as a gold buckle ring, while that of of the Bank is in no way impaired. exports but, like most. stimulants. tion of the nemal value of inter ranged in the Helena May Institute, the bridegroom to the bride was a With regard to investments, we its effects are largely evanescent national trade must remain extreme the first taking place on March 4 white gold wrist watch Duber gifts have naturally felt the depressión in and as other countries follow in ly unlikely until the chatructive at 5.18 p.m. the depreciation of gilt-adged socuri- our wake, are bound to diminish in forces of reparations and inter-18s hoped to have a large at tics. Last year my predecessor state farce. World trade continues to allied debts have been swept out of tendance N these practices and the ed that our investments stood in our shrink under the influence of fall- the way.""

(Continued on Page 11.) Books at a figure much below market ing prices, inoressing dational

on-operation of all members is ask ed in order to make them & success

rocoived "ware "a canteen of cutlery

CADDY BAGS

$0.50

$8,50

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SPORTS DEPT.

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FOR SALE OR HIRE

ANDERSON PIANOS

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