1935-02-25 — Page 11

HONG KONG DAILY PRESS, MONDAY, FEBRUARY 25, 1935.

HONG KONG & SHANGHAI BANKING

CORPORATION

¡Continued from Page 7)

under way a considerable amount or ambitious new work in extend- uning existing

systems and com- mencing new lines,

Road-building continues apace; China is also becoming more and more air-minded and there is a steady growth in air passenger and mall traffic. At least two airplane factories are under way in-different Darts of China, and two others are contemplated, but I fear that he Government expenditure on air craft and on munitions generally

was successfully placed.

Trade conditions here are unfortunately merely a reflection of the condi- tions existing in China. The Eco- nomie Commission will shortly be issuing its report which will no doubt contain some useful sugges-. tlons, but we cannot do 's very great deal to hasten recovery it China lags behind. Considering the vast possibilities of that coun- try, I cannot be really pessimistic about the future. The deplorable situation now existing in Shanghai

is out of proportion to their finan-is of course serving as an addi- cial resources.

Other Places

tional drag on trade, however, I feel that some way out will soon be found and I think you will agree

that we owe a great debt of thanks to our Chier Manager for the suc- cessful way which he baş managed to keep Hongkong from being involved in similar currency difficulties. (Applause).

In conclusion I wish to convey to our Principal Executive Officers and members of the Staff our great appreciation of the excellent ser- vice they have rendered to the Bank, over a most difficult period. (Applause).

SECONDER'S SPEECH

WEEK-END FOOTBALL

Uninspired Display

S. CHINA "B" DEFEATED

Football during the week end was not productive of the usual brillant and interesting games usually associated with senior league football in Hong Kong, but instead uninspiring and scrappy games were witnessed.

Club defeated, 5. Chlaa "B" by two clear goals which game was played without any combination and cohesion. One saw the hard kicking and running type of football so closely asso- ciated with Junior Games,

Kowloon sprang a surprise on the Navy by winning in a listless game. Play was far below standard.

After holding the Gunners to a goalless first half Recreio with the wind in their favour penetrated the Gunners' defence twice and deserved victory.

As expected, S. China "A" were "too `good for St. Joseph's College and won by four clear goals. The game was very un- . impressive and the form of S. China did not belle the fact that they have not been playing to standard,

In the other Sunday match, between Lincolns and E. Lanes, some clever football was seen which resulted in a victory, for Lincolns by the odd goal in three. Gorman was given march- ing orders allegedly for using abusive language towards the re- force.

YESTERDAY'S RESULTS AT A GLANCE

FIRST DIVISION

S. China "B" "o Club Kowloon 2 Navy Recreto

*Athletic

2 Artillery SECOND DIVISION

from the Chair that the Report Lacoins and Accounts now before this Meeting be adopted.

revenue it is indeed dimeult to imagine. For over 20 years the Customs Administration has dertaken the custodianship of the Chinese Government loans without ever failing in its duty to bond- holders, and its integrity is so un- questioned that it has placed the Customs loans on the London Mar- ket in a position coraparable to the Government loans of any country. We all hope that, this fine record will be maintained at all costs. I is good to know that Sir Frederick Maze. the Inspector-General of Customs, who has just returned from home leave after a long un broken spell of duty, is still in full! Let me now shortly review trade vigour, and that he enjoys the en conditions in other parts of the tire conadence of the Chinese East where we have branches. Government in his responsible. In Manchuria, that is Manchu- position.

kuo, Japan naturally continues to Flotation Of Loans

dominate trade and to invest large During the year we have seen sums the country, especially for the successful fotation of the Chi-railway and constructional deve- nese Government 6% Sterling In-lopments. The Mission sent out by demnity Loan of £1,500,000 for the the Federation of British Indus- completion of the Canton-Hankow tries last October rightly drew at Railway. In view of the loan being tention to the heavy drain on the issued in Shanghat and as the sale financial resources of the new state of British materials for the railway which this rapid development en- in question was dependent on tails, but presumably we shall see funds for the construction work a slowing up before long. The being made immediately available agreement for the purchase of the In seconding the Report and to the Ministry of Ralways, H. M.

Chinese Eastern Railway from So-Statement of Accounts, Mr. A. L. Treasury raised no objection to our

viet Russia appears to have satis- Shields said:-I have much plea- supporting the dotation. The se-

fled both parties, but this also im-

sure in seconding the proposal curity was a portion of the British plles further financial aid from Boxer Indemnity-a Customs se-Japan to enable payment to be curity ranking only after the effected. The port of Dairen has Anglo-German Loan of 1898. The benefited, considerably by the in- loan was floated by our Shanghai, creased foreign trade and its pro- Office in conjunction with the gress is worth watching. Central Bank, Bank of China and Bank of Communications. We have In Japan foreign trade continues long had close relations" with the to expand in a remarkable way, leading Chinese Banks in respect and although last year Imports ex- of local and internal financial arceeded exports by 110 million yen, Bricks cannot be made without rangements and we

have been shipping and the tourist trade both straw nor can profits be made un looking forward to the opportunity dourished and it is thought that less sound business is obtainable, of co-operating with them in the these invisible exports-have-en- and we should congratulate our flotation of a foreign loan. While abled the balance of payments to selves that the rate of dividend this loan does not properly speak-remain favourable. It is a striking can be maintained in these moss ing belong to the latter category, reflection of the progressive indus-difficult times. We appear to be it is nevertheless a first step in this trialisation of the country that the getting a fair share of profitable direction and "we trust that it will increase in exports is almost whot business in places where we are prove to be the forerunner of furly in manufactured articles while established. "ther joint ventures of a more the increase in imports is mainly Ambitious nature. In this connec-in raw materials and semi-manu- tion I should mention the formal factured goods. It is also to be inauguration last June of the noted that Japan is increasing her China Development Finance Cor-export trade largely by the ex- poration, which is a combination ploitation of new markets. of Chinese Banks formed to finan- ternal conditions are not B- Since the war, trade and finance ce commercial and industrial en- together healthy, owing to the have been largely controlled by terprises and to collaborate with depressed condition of the silk in-Governments trying only to solve foreign interests on purely bust-dustry and poor rice crops. Fears their own immediate problems and ness Imes. Recently this new Cor- of inflation have not materialised poration has joined with the Bri- and the finances of the country tish and Chinese: Corporation in appear to be safe enough at the signing an agreement with the moment, but the growth of expen- Ministry of Railways for the flota- diture оп unproductive objects tion of a loan to provide funds for should be checked if this satisfac the completion of the Shanghai-tory position is to be maintained, Hangchow-Ningpo Railway, Here again we shall be co-operating

In Malaya the improvement of with the Chinese Banks and we

trade has continued throughout hope that market conditions in 1934. The outstanding event or the Shanghai will before long enable year was the introduction of the the flotation there of the loan en-Rubber Restriction Scheme which visaged in the agreement.

"

The Sal; Administration The Salt Administration con tinues to function smoothly and by increased taxation to maintain

Japan

Malaya "

The reduction in profits for 1934 while regrettable, is partly due, as the Chairman has told us, to dif- ference in exchange, but otherwise |

Eastern Navy

Engineers

R.A.M.C."

it merely reflects the condition of Recreio trade as shewn by statistics which Raliway are available for the period,

The depression however is still with us and, like colds and other inflictions, it looks as it it must run its course and cannot be cured over night by legislation and poll- In-tical expedients.

without much considération to the difficulties of the other fellow. This has led to retaliatory measures, such as ill-considered tariffs, trade restrictions and manipulations of exchange which bring further cou- tusion with no real benefits to the trader.

The trade of China with which our affairs are so closely allied, is at a low ebb and the financial position of the country has never been more critical,. Let us hope that wise counsels will be sought and acted upon to bring about an early improvement.

has put new life into the rubber industry. It is obvious that the Malay rubber and tin on which future of the two main products of the prosperity of the country is so dependent, rests, for the time being at any rate, on the continuation of artificial measures for the restriction---

India

increased revenue. However, the

•production of salt by illegal mea- sures is becoming a serious-Potion of these commodities, blem. The Ministry of Finance is to be congratulated on having at length released funds to meet the

In India trade also continues on defaulted amortisation

the mend. The enforcement of payment overdue on the Anglo-French Loan necessitate additional taxation to the new constitution may possibly of 1908 and part of the default due on the Crisp Loan of 1911. We look meet its cost unless trade improves

the Chairman has given us em- The comprehensive review which phasises a number of the problems which call for careful considera

flo long as silver is subject to political manipulation and is not allowed to find its real value as a commodity, we cannot expect set-

in the Far East tied and profitable trade conditions

B. China

Kowloon

1 East Lancs.

2a Club

4 University"

THIRD DIVISION

Lincolns !

0

Reca sio... Lincolns

Fusiliers

16 7 1 4:41 37 78

17 872 33 33 18 .... 14 5 4 · 5 31 27-15 Athletic .... 14 5 4 5 38 20.15 Artillery 178 10 1 31 53 13 Navy........... 14 4 7 3 23 23 11 East Lanca... 17 3 10 4 97 39 10 St. Joseph's 15 39 3 15.30 B Kowloon

WHITEST

Gordon's

GIN

GORDONS

PUREST

THE HEART..

OF

The Club lead by one goal scor-

14. 2 10 19 35 8ed through Bickford in the first

SECOND DIVISION

3 Lincolna

...

East Lancs

1

Navy

D

Artillery

0 E Lancs.

0

2 Air Force

-5 Engineers

4 R.AO.C.

* Not played

Police.

FIRST DIVISION

half after Wong bad saved from Howe and the winger receiving sent in a difficult shot from an acute angle.

#

"

P. W. L.D. F.A.Pta. 15 15 0 0 62 16 30 16 12 3 1 54 18 25.

The second half was a repeti- 16 11 3 9 50 37.24 16 8 6 2 32 26 18 tion of the first and Howe, accept- South China...... 13 8 4 3 34 20.15 ing a pass from Elliot, scored. Fusiliers

13 5 4 4 31 19 14 easty. Athletic 13 6 16.1 97 23 13 Engineers....... 33 5 6 8-25-25 14 3 Club....... 17 2 9 6 18 48 10 0 University ... 13 4 8 1.20 318 Eastern, 15 2 12 1 14 535 Kowloon ........ 14 1 11 8 49 4

THIRD--DIVISION-

East Lance

South China "A" 17 14 0 3 51 14 31

P. W. L. DFA Pts South China "B" 16.9 5 2 40 31 20

P. W. L. D. F. "A.Pts. Club .......

18 10 177 20 31 16 7 3-8 34 70 20.4.S.C.

18. 13 3 2 48 29 28 156 39 34 25 18 Lincolns ........ 19 12 4 2 60 29.26- RAMO.... 178 7 2 28 34 18 Fusiliers.. 13 9 4 0 44 19 18 Air Force Recreio..... R.A.O.C.

Police..... Engineers. Railway ......

The

Chairman--The

business

now before the meeting is the elec- tion. of Directors.

Sir. Henry Pollock-I beg to pro- pose that The Hon Mr. C. G. s. Mackle, Mr. G. Miskin and Mr. A. H. Compton be re-elected Direc- tors.

Hon: Mr. T. N. Chau. I beg to second the proposal

The Chairman-The re-election of The Hon. Mr. C. G. 8. Mackle, Mr. G. Miskin and Mr. A. H. Comp-. ton as Directors have been pro- posed by Bir Henry Pollock and seconded by the Hon. Mr. T. N. Chau.

Those in favour? Those against?" Carried unanimously. The

In another uninspiring game Kowloon was victorious by two goals against a strong Naval ele- veni,

After several raids were made by the Navy Kowloon returned to the attack and G. White scored a good goal when he ran through from almost the centre live.

Kowloon continued to press and 16 7 5 4 28 24.18 Jones made a opening for V. White to increase the lead. There was no further scoring for the re mainder of the game.

18 611 20 48 13 17 10 3 37 46 11 18 4 11 118 44 9 17 3 13 1 19:56 7 ... 16 2 12 2.18 61, 6

YESTERDAY'S RESULTS

SENIOR DIVISION

6. China "A" 4 St. Joseph's Lincolns 2 E. Lancs

Senior Division

Ü

1

&-BES

GOOD COCKTAIL

ATHLETICS

St. Stephen's Hold Annual Meet

St. Stephen's College, held their Annual Athletic Sports on their own ground at Stanley on Satur day at which a large gathering was present. --

In the course of the day's sports. no less-than-two-school records" were shattered, by Yap Chiao-ho, who clocked 2 minutes and 25.4 seconds. in the 800 metres, that is 2 seconds better than the former. record, while in the 1,500 metres. be bettered the previous mark by 7.8 seconds.

"At the conclusion of the events, Lady Pollock, wife of Sir Henry B.: Pollock, K. KC., distributed the prizes, and at her request the pu Although the Gunners managed pils of the college have been to hold the Recreio of for the granted a holiday Among thosSE: Arst half their citadel fell twice present were Sir Henry Pollockc before the concentrated attack off and Dr. 8. W. Tso, OBE, LLD: the Portuguese the second stanza.

Good football was impossible in a very unimpressive display due to the strong wind prevailing. S. China "A" defeated St. Joseph's College by four clear goals, thanks ed with the wind and the Gun- After the first half Recreio play- to the dne display given by Tanners goal had many narrow shaves Kong Pak Bouth China did not Finally B. Gosana obtained postes play up to Champion form and slon from. D'Aquino scored with a St. Joseph's with a little more well placed shot. Towards the steadiness in front of goal should end Delgado added the second- have at least netted the number of goals.

same JUNIOR DIVISION

"Attacked for the greater part of Mr. F. C. Hall-I beg to propose the first half the Chinese were that Mr. John Fleming and Mr. Hlucky when a penalty was award- F. Forsyth be re-elected Auditors.

Mr. H. R. B. Hancock-I beg to second the proposal.

Chairman-The business now before the meeting is the elec- tion of Auditors. "

of Mr. John Fleming and Mr. R The Chairman-The re-election Forsyth as Auditors has been pro posed by Mr. E. C. Hall and second by Mr. H B. B. Hancock.

Those against? Those in favour?:

8. F

ed them for hands against Dellar and Tam converted. Shortly after the same player scored a 'snap' goal

In the second half Ip sent in

lege custodian In the last two minutes of the game saw Tam scoring again.

Eastern received another de- feat, this time at the hands of East Lancs, by three goals to one. The first half was devoid of goals due to lost opportunities. Griffin, Rydings and Thorpe scored for the soldiers in the second half and Sing Ning Sing for Eastern.

Thanks were expressed by the committee in charge to the follow ing who generously contributed to " the prize fund or presented, prises".

Willam Shenton, Hon. Mr. WH His Excellency the Governor. Bir

Bell, Dr. R. J. Wong, S.,K. Wong, Esq., Dr. Han 8. Wan, Eu Tong Seng Esq., Li Lan Bang Esq, Rev. G. K. Carpenter. Messrs. Lee Yu Kee, Messrs. Yew Shing, Mesars.. Kwong Hing, Yip Hing Ah Ship, The. China Emporium, China Sports, Mr. Hui Chak Chuen" and The Dairy Farm Co.

La Salle College Meet

slow trick shot to beat the Col- The Navy was one goar behind The Fourth Annual Athletic the Club until the last ten minutes Meeting of the La Salle College, of the game when concentrated took place on Saturday and a rallies enabled them to score two large gathering of pupils, parents goals to turn the tables on the and relatives were present to wit Club

ress some keen and exciting. and Ryan and Males for the Navy, all round success

Williams scored for the Club finishes. The meeting proved an

The Sincere Co., Challenge Cup the Engineers from start to finish metres race,

The Varsity was outplayed by was won by Ulrich for the 800

and left the field with four goals against them. Darby (2), How- lett and Lester scored.

THIRD DIVISION -

Carried unanimously.

The College was well served by The Chairman That is all the played well and Tsang in gost their defence, Souza in particular business gentlemen. Thank you brought of many hard saves A healthy export trade from for your attendance. Dividend. forward hopefully to the day when tion of the Reserve Bank for India troubles and I hope the goose will

rapidly. The forthcoming institu- China will cure many of our Warrants will be ready on Monday, and was more of

Victor was completely off colour" the record of the Customs Admin-

a hinderance THOSE PRESENT than an help in the forward line. istration will extend to all loans regarded with mixed feelings by not be restrained from laying the Those present at the meeting issued under the auspices of the exchange bankers. It is however golden eggs by currency troubles were The Hon. Mr. C. Gordon Chinese Gofernment.

expected to be in full operation by and trade restrictions

Mackie (Chairman), ár.

Lincolns defeated the East There has been a steady impro- for this event the Government pass without expressing our regret Hon Mr. WH Bell. Mr. A-after a very scrappy start.

July 7st next, and in preparation I cannot allow this occasion to Dodwell (Deputy Chairman), the Lancs by the odd goal in three vement during the last two years have been strengthening the cur- in the London Stock Exchange

at the impending departure from Compton, Mr. G: C. Knight, Mr. G. The game started with the Lin- quotations of prices of the various my position by increasing their the Colony of the Hon. Mr. C.G. 8. Miskin Mr. K. B. Morrison, Hon colas attacking and soon Ridley the Third Division between RAM Chinese Government Railway

boldings of gold bullion and by the Mackle. He has served for many Mr. J. Paterson, Mr. T. E. Pearce was giving he East Lancs a har-C and East, Lanes which resulted loans, and good profits have been purchase af sterling securities.

years on this Board and on more (Directors) and Mr. V. M. Gray-rowing time. The same player in a goalless draw. made by those who bought at low

The Philippines

occasions than one has been our burn (Chief Manager),"'"

was responsible for Lincoln's first Reports from the Philippine Chairman. His departure will be prices, but in some cases the marIslands are inclined to be pessimis a loss, not only to this Board but 'Hon Mr. TN. Chan, Mr. Pur be sent the ball into roof of the Ordnance by four goals

Hon. Biz Henry Pollock, Ko, goal; after eluding several players Recreto had the better of the ket is very obviously a speculative

to one. one and in view of the losses suf-tie and it is feared that the Into the Colony generally which it Hall, Mr. B. R. B. Hancock, Mr. A

Campos (3) and Santos from penalty scored for the Recs, and

met

A very fine game was seen in

fered, by bondholders in the past, dependence Law which was accept will be dificult indeed to All L Shielda Mr. T. A Mitchell, Gorman was not long in obtaining | Duzeld for the Ordnance, t

40

J. Alves, won the senior Cham pionship while R, Marques carried. off the Junior

At the conclusion of the mees The Hon. Mr. J. P. Braga distri-- buted the prizes to the successfuly entrants.

Musle was rendered during the afternoon by the St. Louis Indus- trial School Band

LOCAL HOCKEY

This lead was short lived for future flotations will have to be ed by the Philippine Legislature (Applause).

torney for Mr. D. O. Russell, Mr. made very attractive, to meet with harmful effects on the economic seconded the resolution before the A Dastoor, Mr. Fung Kong Un, Mr.

on May 1st last will only hare As I have already formally H, Dixon, Mr. A. Stevenson, Mr. The game was more evenly The Airmen Just managed to

the equaliser

Punjabe Beat Police success. At the same time condi

The Police Indian tions on the railways have of welfare of the Islands. The sugar Meeting, I will conclude by expres- M B Montargis, Mr. Fong Lang, fought out in the second half and gather, two points from the Rai defeated by the Punjabs by four

team course improved and freight and industry has been adversely affect sing on behalf of shareholders, our Mr. ED. Kotewall, Mr. D.

Lancs defender had the way by the odd goal in ave. Allen, clear goals in a scrappy. passenger revenues have on many ed by the Bugar Control Act which thanks to the Board of Directors. Stevenson, Mr. J. T. Bagram, Mr. misfortune to head the ball into Walsh and Starks (penalty) were played on the Marina Ground lines shown good increases. It is limits the entry of PT sugar into the Chier Manager and the Staff, J. Fleming, Mr. A. D. Stewart, Mr his own goal thereby giving the their marksmen and Tung Chee Saturday: Considering that however, a regrettable fact that in the United States and the industry for the satisfactory accounts pre L. Raymond, Mr. Lo Ghang

Lincolns Victory.

and Laut Chong scored for the had three Interpor many cases the bondholder has seems to face a somewhat anxious sented and for the able way they Wan, Hon. Siz WEL. Shenton, Following an argument Gorman Railway.

Singh, Dallán Singh failed to benent to the extent that period

have looked after our interests Mr. 8, 7. Williamson, Mr. G. G. N. Was given marching orders for he should. It is true that various

playing against them the Hongkong

during a very difficult year. (Ap-Tinson, Mr. E. P. Forsyth, Mr. Asing alleged abusive language to

natch for did well to keep the shose Railway Administrations have, ex- Finally as regards Hongkong. In plause).

B. BU, Mr. 2. E. Josepla

Wards the referee. Chum

as their goal was born) pended considerable sums to put spite of the continued depressed The Chairman-There being no Wing Kes, Mr. W. Eta

tinuously their rolling stock and roadways state of trade the Government has questions as proposed by myself MP Cassidy Into better condition after years of not had to steady depreciation, but it in of retenne. doubting wisdom to pay so little Hongkong Do regard to the Just claims of bond approved granting holders and to the formal guaran- the Legue of toe giren by their GoT ent" amount of 2

ordver, the Ministry of Raliways shortly afterwards hás been able to fed fund to puts the first issue of 14 D

dous lost and

15th the the motion now before the meeting

for:

total

god

by M2 A. L. Shields Professo

ption of the Report and

Accounts as present

Bird

SATURDAY'S GAMES

Engineers

*

the Line