CHINA'S EXCHEQUER
Problems For The Powers
HONG KONG DAILY PRESS, THURSDAY, JULY 18, 1935.
AQUATICS
C.B.S. Annual Sports
The annual swimming sports In matters of this kind, and it is at the Central British School were held before a large gather- upon the exigencies of the future that the policy of the Governmenting at the YM.C.A. Bath yester- will be based. China's biggest day when some good sport was
The decision of the Foreign | za pledge a country irrevocably- Office to send Sir Frederick Leith- Ross to China in order that he may be able to advise the British. Gov- ernment on the financial and econòmic sluation of this coun- try has drawn attention to an aspect of the Chinese situation of which comparatively ttle has
been Heard in the outside world.
The financial complications com- mon throughout the world exist in China, though not for exactly the
as in other coun- same reasons tries. China, migh; have been able to carry on, embarrassed as she |has been for years, but for the dis- turbing rise in the price of silver. which has affected both her cur-
Item of revenue is derived from the duties on foreigh impures, and as the decrease in the volume of·
seen.
imports. is party due to the in- creasing · duties, higher duties 3
would not avail to produce more revenue. On the other hand two items collected by the Customs, ex- pert duties and coast dut'es, which average $25,000,000 (about £2082,- 800 and $18,000,000 (about £1,- 333,000) a year respectively, direct- ly handicap the export and the interport trades, and the Govern-
4
The results, were:-
Senior Boys 100 Yards. Handi- dap:-1, Millington, 2. Summers,
Wilson.
Time 74 sec-
10
CROSSWORD PUZZLE
17
Senior Girls 0 Yards Handicap NOTE-Figures in parentheses indicate number of letters. In the -1. R. Jordan, 2," C. Bone, 3. A. Martin.
Time 53 secs.
Inter Boys 50 Yards Handicap: -1. Kennard, 2. Kempton,
Time 344, secs.
Inter. Girls 50 Yards Handicap:
B. Houghton.
*
rency and her internal economy.ment is committed to abolishing.J. Brewin, 2 E. McElvie, 3. Ch'na's financial difculties have both at the earliest possible date little direct effect on those prevall-which would mean a further re ing elsewhere, though of great im-duction of Customs revenue. portance to the Chinese themselves.
'It is not for financial reasons that
the world is new interested in the
affairs of China, but for the much bigger matter of her stabilty as
China
A BANKER'S WARNING
Sp..
The present campaign in Szech.
Time 46 seLS.
Junior Boys 50 Yards Handicap: 1. Fuxman, 2, O'Dell, 3. Thom~
son.
Time 461 secs..
wan is costing a great deal of Junior Girls 50 Yards Handi- money, and is holding up funds recap:-1. B. Goodwin, 2. D. Craig..
a factor in the Far East, the poli-quired for reconstruction enter-3, B. Jones, tics of which have become an in- prises and the reduction of taxa-
Time 52 secs. ternational concern of Arst* im- tion, both essential for the Im- portance.
provement of internal conditions.ners): 1. M. Liang, 2. E. Buyers. Junior Girls 25 Yards. (Begin- The adverse balance of trade for
3 F. McElvie. the present year is still very bigh, Time 28 secs. largely on account of the Importa-
Senior Boys Diving:-1. Wilson, tion of commoditles which ought|2. Arnold, 3. Ketwo. to be grown at home. The gener-
: Sentor Girs Dilving:--1. al depression is causing an all-
Lakeman, 2. A. Martin, 3. P. round contraction 01 гетенце.
Stringer. while anything like a wholesale cut 'n expenditure seems out of the question.
What would happen, it is asked became financially paralysed and there followed such weakness of the central Govern~ ment as would result in a rever- ston to Internal chaos? Would there be join. foreign asistance to help the Chinese Government, so that the foreign trade and vested Interests might not be irretrievably damaged? Or would the world ac- qu'esce" in Japan's playing the Good Samaritan, in much the same way as Great Britain did in Egypt half a century ago? ..
FEARS OF DEVALUATION
J.
nard. 2. Brewin, 3. Kempton.
Inter. Boys Diving:-1, Ken-
Inter. Giris Diving:-1. E. Mc-
Junior
gram,
il
In the circumstances it is invle, 2. B. Houghton, 3. J. Bre- structive to turn to a recent speech in of the general manager of the Bank of China. Mr. Chang Kalson, 2: O'Dell, 3. Egan
Junior Boys Diving:-1. Thoin-
ngau is by no means a pessimist. but he perceives that there is n Sanger, 2 E Buyers, 3. W. In- Girls Diving:-1" H easy road to a restoration of pros- perity. He attributes the financial troubles to the country's adverse balance of international payments, which has arisen because her pur- chases from abroad over a period of years have been much out of proportion to the value of her ex- ports. To meet the debit balance precious metals have been export-
ington, 2.-Summers, 3., Wilson.
Senior Boys Obstacle:-1. Mill-
Time 18 secs.
Senior Girls Obstacle:-1, P. Stringer. 2 D. Moss. 3. J. Lake-
man.
Time 28 secs.
It is not surprising that China should desire a loan now. Some of the Powers are sympathetically interested and China has been re- quested to make proposals and to state how she would use the money, and how she would repay it. China has no plan ready, and it is problematical whether a loan merely to relieve present neces-ed during 1933 and 1934 to the Hurley. 2. Kempton. 3. Kennard. sitles would be of fasting advan- | value of $394,000,000 (about £32,- In any case it would 820,000), to which amount be fore gn Governments est mates
$200,000,000 another. some me to study the proposals (about £16,660,00)) should be add-Buchanan, and to decide whether or not suched for gold and silver smuggled
rages to her. take the
a loan would be effective. The out of the country. As regards conditions of any loan are bound the silver, valued at $260,000,000 to be onerous in view of the huge (about £21,858,600), wilch was 'ex- amount in default on
ported by the "foreign banks last existing loans and other obligations, bus year: Mr. Chang observes that the Chinese are averse from giving much of this amount was derived any kind of security which could from the sale of imports and was be regarded as impairing their temporarily held in the foreign sovereign independence. Lastly, banks, which, naturally, remitted is uncertain whether Japan would it abroad when the rates made ex- be prepared to make a loan joint-por: profitable.
ly with o.her Powers or whether. Temporary relief from present s'nce she has recorded her disap-difficulties, Mr. Chang said, might proval of Western foreign finan- be obtained by means of a foriegn cial assistance to China, she would loan, but if this was not forthcom. stand aloof and see the others going, China must depend upon her in without her. This they certain- own resources. These words were ly would not do while the atmos- phere in the Far East is so ob- scure.
accompanied by an indication of the measures which ought to be taken, notably the improvement of domestic production and a rising tariff on rice, wheat, and cotton intended by degrees to render
Inter Boys Obstacles Race:-1
Time 22 secs.
Inter. Giris Obstacle Race:-1. Brewin. 2. E. McElvie. 3. P.
Time 24 secs.
Junior Boys Obstacle Race: -1. O'Dell, 2. Thomson, 3. Mycock.
Time 261 secs,
Junior Girls Obstacle Race:--1. Shand. 2. H. Banger. 3. B. Goodwin.
M
Time 27 secs.
Back-
Senior Boys 50 Yards Stroke:-1, Milllrigton, 2. Sum- mers, 3. Wilson.
Time 39 secs.
Senior Girls 50 Yards Medley: 1. P. Stringer, 2. J. Lakeman, 3. D Moss.
Time 47 secs.
Inter. Boys 25 Yards Back- Stroke-won by I. Millington,
Time 21 secs. Inter Girls 25 Yards Back- Stroke:-1. E McElvie, 2. P. Turn- bull, 3. P. Buchanan.
But if a loan is doubtful there is no getting away from the stral- tened conditions which exist and from the possiblity that the Gay- ernment, which has severely re- stricted" the export of silver, may
currency. The leaders of the Cov- and agriculture, the general in-Stroke:-1, B. Goodwin, 2. B. ernment have declared that there effectiveness of which is largely Jones, 3. F. McElvie.
Time 22 secs. Junior Boys 25 Yards Back- China independent of supplies Stroke:-1. Fuxmän. 2. Thomson. from abroad. Mr. Chang urges 3. Mycock. practical administrative control of Time 24 secs. take further steps affecting the the ordinary processes of trade Juniod Girls 25° Yards Back-
is no intention of adopting a po-responsible for the present danger- licy of currency devaluation or of Ous decline in the internal departing from a stable currency system. No statesman, however,
ZAM BUK "Rub If In
HERBAL OINTMENT
FOR
ACHES PAINS STIFFNESS RHEUMATISM CHILLS
Joother A PAIN LIKE
MAGIC
etc
economy.
PASSENGERS
EMPRESS OF ASIA'
The following passengers arrived
in the Colony yesterday from the North by the R. M.S. Empress of Asia:
Time. 29 secs
Boys Inter-House
Relay:-1.
Red House, 2. Chocolate House,
3 Blue House.
Time 1 min. 44) secs.
3
Girls Inter-House Relay:-1, Blue House 2 Red Hause, Chocolate House.
Time 2 min. 08 secs, Total Points:
Red Blue
Chocolate
118
ச 81
Mr. N. D. Gye, Miss Balihachie, Mrs. F. E. Bowman, Captain W. D Watson, Mr. and Mrs. A. C. Davie, Mr. J. A. Fair, Mrs. MA Mr. A. Ainsworth, Mr. W. F James, Ferrar, Mr. R. J. Gully. Mr. and Miss ML G. Alves, Miss R M Mrs. F. J. Halliday, Miss 8. Muller, Xavier, Miss L M Da Roza, Miss Mr. and Mrs. E. Pohlman, Mrs. M. A. M. Da Roza, Mr. R. J. Keswant, C. Scholes, Miss M. Ehelden, Miss Mr. Wan Pock Shun, Mr. Y. N F. Sheldon, Mr A Thomson, Mr. Chu, Mr. J. RC Hamilton, Mr. J. and Mrs. H. Thomson, Lady V. RC Winkfeld, Mr. K. Beitzer, Bruce, Miss H Gibber Comdr. R Mrs. L. Bocock, Miss H R Tatt A. Grail, Mr. and Mrs P. Healey, Mr. T C Chao, Mr. X. C. Chuang, Mr. Lit Phin 8am, Mr. T. F. Phon, Mr. C. Y. Chen, MT. C. T. Chwang. Comdr. FL. 8. Marks Mr
Mr. P. Chan, M. D. Dao, Miss E. Shepard, Mr. D. H. C. Dirishaw, Ford, Mr. Hutchison, Mr H 8. Dr. JM Gray, Mr. K. K Planter, Howe, Mr. Y Hau, Mr. Y C. Mrs. W. F. Aldn, Mr. D. G. Fizzên | Liang, Mrs. Liu and Infant, Miss MHWFriend, Mr. HwE. Lee, Master B, Lee, Mr. Liu Wal Howard, Dr. K. Klatchto. Mr B Miss Moore Monsond Mme. Hoy, Mr A Nel, Mr. M. Saba, Mr. Rodger, Mr S M Tani Mr and SY Ho, Mr Wu Tea Shu, Mr. Mrsica. Tal Mr Weber,3drs. As Boyman, Dr. C. Mitrakul, Miss Al Ayers Mim Ayers.
ACROSS
5-Short sentence (6). 8.--Bearing (8).
words required.
9-A watch or a weapon (8), 10 The pedestrian's way over
(8)
The following is the solution of yesterday's puzzle:—
Across-1, Non-stop: 5, Fique; 8. Extol; & Sundown; 13, Abode: 14, | Obey; 15, Fore and aft; 18, Tran- sitory; 21, Foll; 22, Up-end; 23, Vagrant; 27, Leave: 28, Hithe; 29,
14-A kind of tea (8). 15-Passed without payment (71. Rightly. 19-State of Germany (7). 23-Divert (5).
26-A high point (8).
28. Taking a roundabout way to get "mar stout" (anagram)
(8). 29-Lavish (8). 30.-Fast (8).
DOWN
1-Heraldic fur (4) 2-Earthenware far, (5), 3.-Relation (5).
4-A danger to shipping (4). 5-A horse-dealer (5)..
6--In all haste (3). 7-Kind of riddle (5). 10-Specle (4). 11-Disclosed (4). 12-8lang for a sovereign (4)] 13-Close at hand (4).
15. Bubbles (4),
16-River of Sussex (4). 17-Sharp (4). 18-Bewilder (4). 20-Somewhere near (5). 21-External (5). 22.-Call but (5). 24-Less (5), 25-A black fluid (5), 26-Detect (4) 27-Comes up to scratch (4).
NOW
ON SALE
Down-1, Nis; 2, Nun; 3, Tho; 4, Penn'orth; 5; Plain 6, Quota; 7, Event: 10, Umber: 11. Doyen; 13. Sea-rover; 18, Defer; 17, Feign; 18. Tough; 19,, Avert; 20, Sidle; 24, Gig: Apt; 26, Toy.
SHIPPING MOVEMENTS
The m.v. "Neptuna" from Mel- bourne, Sydney, Salamaua, Rábaul, Sandakan and Manila; and is due to arrive here on 23rd July, 1935.
•
The steam ship "Takada” will leave Amoy for this Port on the 17th instant, and is due here on the 18th instant.
·
The steam ship "Bangalore" left Shanghal for this Port on the 16th instant at 3 p.m., and is due here to-morrow at about 6's.m
*
The B.I. & Apcar steam ship "Takada" will leave for Bingapore, Part Swettenham, Penang, Ran- goon and Calcutta on or about Saturday, 20th July. 1935, at 10
am
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