1933-01-05 — Page 17

1932 TRADE

AUSTINE

THE

CAR

FOR

#1933

AID TROUBLE-FAER MOTORING

Service

Hongkong Daily Press.

WHAT DOES IT MEAN TO YOUR CLIENTS ?

IT MEANS taking cars of their insurance promptly and competently. It maina eetiling lonass Inizly, without daisy, and with sympathetiò understanding." It means conßdasos, dependability and progressivonEGS.

--IT MEANS having available the facilities to obixin the many coverages so necessary in these days. It means hand- ling each transaction with a little more care and dispatch than is ordinarily given. ---

#SERVICE” means that your client feels that his businman, no inatter how all in sincerely appreciated, and that the organization with which he is dealing is capable of offering reliable and friendly advice on his insurance problems, Si

TRUE "SERVICE " basan turportant place in business, It is the most valuable asset an agent hat. Healizing this. the A. A. U., with its 23 sound and progressive instrange companies, and its 14 branch officer in the principal cities of the Far East, is always ready to render that service which helps to make friends of agents and clients.

AMERICAN ASIATIC UNDERWITERS

HEAD OFFICE:

17 THE BUND

SHANGHAI

AP

BRANCHES IN

14 ΡΗΧΟΙΡΑΣ ΟΠΤΙΚΗ

OF THE FAR EAST

ASIA LIFE INSURANCE CO.

"The following in a statement from Best's Life In

surance Guide of 1832, published in New York City and the leading undiánal life insurance statistical publication:

"The ASIA LIFE has had a moderate growth. Policyholder's surplus is sufficient for all contin gencies, and the reserve basis is good. The mortality rate is reasonable. Its investments are of very good quality (the cash item is large), consist mainly of bonds, and yield an excellent return."

The ASIA LIFE INSURANCE COMPANY, Incorporated in the State of Delaware, U.S.A is an American Legal Reserve Life Insurance Company with all that implies of safety and security for its policyholders,

Tel. 30234 Hong Kong

Asia Life Building

FETY

NOT one cent før

exchange transac-

tions, not one cent for specula-

tion; as a holder of a savings

bank passbook you are a holder

of a first lien on the most con-

servative and safest securities

and investments available.

Underwriters Sabings

Bank

ASIA LIFE BLOG

FOR THE FAR

NCORPORATED

友 邦

BI

商業

友邦銀

行

ESTABLISHED 1857

THURSDAY, JANUARY 5, 1933.

HONG KONG AND THE TRADE DEPRESSION

There is no disguising that the year 1999 as been just about the worst ever encountered by Hong Kong Commercial circles. Within few exception local firm's report not only decreased profits, but a heavy drop in business handled. On the other hand in these days the question has changed from the old how much have I made," ta can I do enough business to keep going If the letter question is answered in the affirmative then there is reason to be satisfied, especially in many lines of staple business which are hit the world over. Bearing that reservation in mind, the following summary of local trade conditions must be regarded ne less un- happy than it sounds. If Hong Kong has done badly, the rest of the world has done worse, and regards us as one of the favoured and sheltered places of the East.

This, however, cannot blind us to the facts of the situation. To begin with, the Manchurian dispute in the North undermined world confidence in trade with China The subsequent outbreak of hostilities in Shanghai complicated, matters still further and led to practically a standstill in this Colony's trade with North China and Japan. The intense anti-Japanese boycott during the rest of the year, meant heavy losses for all who had previously done, exten sive business with Japan! In some instances dealers who have been accustomed to a turnover of almost a million dollars a year have had to report a complete absence of business, phon

In shipping circles things have been no better. The companies operating steamship dines on the Pacific have reported a very bad year. One business 1180, who has had twenty five years experience of Pacific Shipping stated that he had never seen conditions like those of 1939 There was a falling off in both imports to and exports from the Colony. The tariff walls in America and Canada were factors which assisted in making business impossible. The general verdict seems to be that America has too much gold, and there is no prospect of a revival of trade with that country unless. some of that gold finds its way into other, lands.

Rice Shipments to America has been negligibla this year, silk figures have dropped to about one third of 1931, and the export of four from the United States has diminished to an alarming extent. The exchange problem, in all dealings with America, has

been most difficult during the year andt American" prices, dus entirely to the exchange, have been prohibitive in the Hong Kong market.

The depression of the Colony's trade with America and Japan is not balanced by a proportionate increase in trade with Europe. In fhet business firms dealing in European goods and products. have not had a good year. In many cases articles are offered to Hong Kong at Bacrifice prices but there still appear to be no buyers. The volume of goods passing to and from Europe has not whown any appreciable increase and in some lines there has been a decided falling off.

Compared with former years, the Hong Kong dollar maintained a fairly steady rate throughout the year, but the exchange affected business in so far as the Hong Kong dollar and the Chinese currency were concerned, and the fluctation in Chinesa silver currency was considered by many dealers the cause of much hardship in financial circles in the interior of China, where money is reported to ha tight. Most of the merchants in the Colony having dealings up-country find that they have to give fairly long credits as it has been difficult this year to collect from their clients.

The state of local industrial companies does not give much scope for encouragement and, generally speaking, very few entor prises can bonet of a good year. The local share market report, which appears in this Trade Supplements, ready like a tale of woe and already the Committees of the Hong Kong Stock Exchange and the Hong Kong Sharebrokers' Association are taking steps to ban forward business as conducive to gambling, thereby endangering an already deflated market.

But while there are means and groans on all sides there are also quite a number of smiles.

trade repor

maile notable

has

South China has

be having d

novelty of radio app

parts of the world:

year,

#dem

for

The - motor British aTA

Accessories

go which is the centre for “

Pradio stores appear.

of the trade depression, and the

in Hong Kong as in other, of unner of radio soža is increas

ings daily and there appears to be a good demand in this line. In. scents and compties, also there is now 4 bigger demand than drer, this reason being the fact that Chinese women are stepping out more and require all the subtleties of their European sister's in the „arp of make-up.

shops and dry good

have had a good year to demand is big, the compet price has been cutt

there

and the

ing Japan

dow

filip to the trade of

Everywhere

the Hong Kong. blio every line

standard of qua

led to huge ingresos, as this flour sells nt. from other countries very limited one.

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at all bright and the diffɑ be the precursor of égalo

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Registered as a Newspaper at the General

Post Office in the United Kingdo

TAKING STOCK:

A NEW YEAR ARTICLE OF

1927:3

The following article by u well- known resident of the Colony appeared in a trade journal "The Meteor" at the end of 1947—16: appeal and interest, remain fresh and applicable).(~A)

The beginning of the year is the usual time, for taking stock. It is then" that the merchant and the manufacturer review the past months, estimate their assets and their losses, write off doubtful accounts and ascertain whether the "year" has been a profitable one or: the reverso Corporations do the sime, and, by comparison, know whether there has been advance or recession.

The individual, also, impelled by. the spirit of seriousness and hope. fulaoss which pervades the New Year, reviews the past and braces himself for the challenge of the coming days; for, although every day in benne, fresh begin- ning, the New Year furnishes a convenient and an opportune time for individual stock taking for balancing of books--not only me- terial books but that immaterial book into which we make innumer- able if unconscions, entries, In this operation, we are our own auditors, our own appraisers, our own judges of the success or failure of twelve months in this great ad- venture of life Mar

At this time the average indivi- dual is introspective and asks him- solt. some serious questions. What have I gainedt What have I lost? What man I write off and forget! What have I gain of life. Not- merely of the means of living. No reasonable man would despise or minimize the means, of livinga There is much fluent and hollow praise of poverty and much depre ciation of wealth; but mainly by those who have never experienced either. It is difficult to be happy in lenky "boots, and a man is only following a normal instinct who strives by all fair and honourable means to make his lot easier for Heaven knows the lot of the great majority is hard enough. We have every sympathy with John Doe, who declares that he feels happier for cvery dollar honestly earned; but if all that life has furnished, is money with which to fill our purse, we are not far removed from the plunder ing, hoarding self-styled Chinese General. But, since the greatest thing in man is mind," any esti- mato of gain or loss must take into account that which is distinctive of man. The pertinent question, therefore, is what has one gained for mind, imagination and culture, and those qualities which make one not only a tolerable but a positive, useful, helpful and agreeable ment- ber of society 1 The thought-wealth of the world is ours for the taking; the moral wealth of the world is ours for the assimilating; the cul tural wealth of the world is open to him who will but receive. For twelve months we have been in a' gift shop What have we carried away that will add to our intan gible assets intangible and there fore permanently

But Bfe is not a rosy path, nor was it ever intended so to be. We hava" had struggles, which werd severe, days when the impingement of circumstances threatened to rob us of every vestige of satisfacti Competition was keen and "fions "were many,2-and the seemed an ugly, place / lay emerged victors over circumi and, especially ove PA, Ya Rago we started

buoyancy and ideal "time" afspiedi

zons and high quently the resoli matter.bf pleasant: jest

glow of idealiumi

and high

GE 2

EVENTHING

Disinfectant

HARRY WICKING & CO-

AGE

'NOT

EXPERIENCE

BETWEEN the sunrise and sunset of your business life lie the year during which you should provide a compétence for the time when earned income will cease. Why not invest 50 cents a day in Endowment Insurance for a secure evening of life

The Manufacturers Life Insurance Co.

SEMAD OFFICE

TORONTO, CANADA, Branch Manager:-Mr. E.J. R Merowe, Asiatic Building, Hong Kong Canton Represenative-Mr. V. E FERIER, 2, French Concession, Shamisen.

Sian Culbertson & Frits

Investment bankers and brokere in securities and commodities, Dasty New York and London Stock Exchange Service, Commodity Futures on the principal American markets

Members of New York Cotton Exchange Members of National Raw Silk Exchange Inc., New York Members of The Rubber Exchange of New York, Inc. Members of The National Metal Exchange, Inc., New York Members of Chicago Board of Trade

Correspondents for Hayden, Stone & Co.

Cable Address: Swanstook Asia Life Building, 14. Que

Telephone 27253

Hongkong.

METROPOLITAN

LAND COMP

{Incorporated under.

AUTHORISE

UED

Estate Management

Property Development

and all Phases of th Real Estate Business

Shanghai

Houck

Asic Li