1936-06-23 — Page 11

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HONG KONG DAILY PRESS, TUESDAY, JUNE 23, 1936.

ROUND THE WORLD IN LESS

THAN 100 DAYS

Motorist Arrives In Shanghai After Long Trek

MANY MISHAPS, BUT CAR STILL KEEPS GOING

has

RAILWAY BUILDING IN CHINA

Mr. Chang Kia-ngau. On Vital Part Played In Economy

FIRST MEETING OF NEW LOAN SERVICE BODY

The belief that rallway construction played a vital part in the rehabilitation of China's national economy, and that rall ways, apart from their economic significance, were also profitable enterprises, was expressed on Sunday last by Mr. Chang Kia. ngau, the Minister of Railways, at the first meeting of the loan service committee for the Chinese Government six per and

stering Shanghai-Hangchow-Ningpo Railway Completion Loan, roports "Reuter."

car with

DI

Round the world, by motor car In less than 100 days, and with a good chance of doing it in 94 days, is the ambition of Mr. B. J. Pro- chazka. sporting motorist, who since April 25 has been racing from Europe over deserts trackless wastes, and who arrived at Shanghal on Sunday last from Singapore in the s.s. Corfu. Much

"We place high hopes on rail- of his trip by necessity has had to be made by water, but already he way construction in China" he

added "while the great span done, an estimated 14,880 China's territory. the vast diver- kilometres in his four cylindersity production, served only by car, the same type of which he won two silver cups in

of railroads, the United States two years ago.

excellent opportunity He has encountered difficulties in Shanghai in landing his car and as a result has been held up until the Tatsuta Maru leaves Shangha on Saturday for Kobe will disembark in the Japan port. motor overland. and then go on board the Tatsuta Maru once more. Arriving in San Francisco on July 8. he will make the transcontinen- tal journey to New York, catch the Berengaria and continue on to Praha, Czechoslovakia, the cit trom which he started,

He left Praha on April 25 and proceeded through Germany. Po- land. Latvia, Russia, India. and Malaya. He is the first motorist allowed to travel through Soviet Russia by car. It being the custom

to put the car on board a train and ship it through. He covered the distance between Moscow and Baku in record time although from Rostov. on there were no roads at bridges.

FIRST TO DO IT

a meagre meage afford an for investment."

"In

deserved attempts in the past in recollecting the well-

connection with che loan," he

we find ourselves in continued, "and the difficult times at present,

I cannot help but feel enthused over the sincere efforts exerted by tion, and their genuine spirit of the British and Chinese Corpora-

co-operation, their vigour and courage with which they have brought about the final issue n the loan.

"A VOTE OF CONFIDENCE" "In the course of our negotia tion and the consequent signing of the agreement, the Ministry of Railways, in a determined effort to rehabilitate railway credit. has

experienced considerable gratinca-

tion in having the opportunity to further the friendly

relations existed between the Ministry and the British and Chinese Corpora- tion, and to establish a new and closer relationship with the China He is the first motorist to have Development Finance Corporation entered Persia via Pahlave, and he The very tormation of this Coin- went through Persia from Pahlave mittee, being a distinct departure to Zahedan in record time of 49 from the past procedures, reflects hours and 35 minutes. He

was the saldsentiment of mutual lost for two days near Quetta, trust and co-operation. being caught in a sandstorm. He "We who serve on the railways was found by a rescue party and well perceive the impetus which after a ttle rest went overland 'governs the action taken by the through Lahore and Delhi to Born- bay where he took the Corfu to Penang, disembarking at that point and motoring to Singapore. Besides his experience with the sandstorm near Quetta. he had the experience of using railway bridges, to cross big rivers in Russia. and one time was almost run down by a train while on a high erabank- ment He turned his car off the track and ran down the embank ment, turning over.

Be spoke humorously of possible difficulties in travelling the 3000 miles across America in time to catch the Berengaria, telling of the fact that State police there had recently arrested the Iranian Minister and General Pershing for speeding, and he felt that his ow attempt at going round, the world In less than 100 days would not And much sympathy.

Mr, Prochazka is a member of the Sporting Committee of the Czechoslovakia Automobile Club and the International Sporting Club In Monte Carlo. He, omcates at most of the French races.- (N.C.D.N.)

DEVELOPMENT OF

THE EMPIRE

PROBLEMS OF LAND SETTLEMENT

bankers, namely the Hong Kong and Shanghai Banking Corpora- tion, the Central Bank of China, the Bank of China and the Bank of Communications, is something more than ordinary Business con- siderations. There is present an element of faith. To us it is no less a challenge having the nature of a vote of confidence.

INTRINSIC WORTH OF BONDS

"The present issue. I consider, is of great importance. For many years we have not had a public issue of railway bonds. We must fealize that the subscribing public is well aware of the difference of the price and value of the bonda The value of the bonds is not to be measured by momentary price fluctuations but rather by their intrinsic worth, by which, I mean sound management of the railway and the regular performance of the loan service. Only by a strict adherence to these conditions will the public be expected to respond instantaneously with their support and subscription

"I earnestly hope that the Rall- way Administration shail function with efficiency and economy, and that this Committee shall dis- charge its duties with faithfulness to a degree that they would inspire public confidence such as we have witnessed in the days when the bonds reached 102. In briet, China needs rallways. The opportunities are 'unique. The present loan, I am led to believe, will only be the precursor of many similar investments."

A recent meeting of the Royal

Lord Bledisloe, formerly Gover- Empire Society in London was ad- nor-General of New Zealand, too. dressed by Mr. BS. Stevens, Fre-stressed this point. Millions of mler of New South Wales, who took money, he said, were lying idle on "Land Settlement" as his subject deposit at British banks, white for discussion.

Overseas there were great poten- Mr. Stevens said that there was tialities waiting to be developed by great scope for development in such resources and promising a Australia, not only for the Austra- return of 6 to 8 per cent. lian and British people, but for Another speaker. urged tmat the whole world. He pointed out

there should be established an that while Switzerland had 4,000,- adequately financed corporation, 000 people occupying territory half which would acquire control of as great as Tasmania, there were large tracts of land suitable for 325,000 square miles in New South settlement and which would not Wales with a population of not function for profit. Such a cor- quite 3,000,000. The trouble must porations, working together in be tackled in a big and courageous Britain and the Dominionis would way. If they viewed it as a ques- select, train, finance and esta- Lion of investment of capital. bilan new settlers; carry out such where was there a safer field for services as water conservation and investment than in the

transport facilities, and direct pro- duction into the best channels.

mlators?

OCT

cent.

MR. DAVIDSON'S VIEW Mr. Alex Davidson, representing the British and Chinese Corpora- tion, declared that, in his opinion, this was an important day in the history of China.

"It is many years" he added, "since a loan for railway construc- tion has been floated, and it is an important step further cementing the close friendship which has Chinese peoples. existed between the British and

U

"I wish to associate myself with that this loan will be the fore- Mr. Chang in the hope expressed

runner of others under similar conditions. The fact that we have signed his loan agreement and placed the issue on the market, demonstrates very clearly, the con- have in the Minister of Railways fidence in which my principals and the present Government of China, and I am sure that my Chinese colleagues are in full agreement with this,

"I feel that all will agree with me that this is a very important Loan Agreement and we must see that the railway will be construct- ed as economically and efficiently as possible, and that no default occurs in the service of the loan. I feel that we can count upon the hearty co-operation of the staff to carry out the terms of the loanı agreement and to make the task of the loan service committee as easy as possible.

"Your Excellency, I congratulate you again on your courage, and I feef that, under your guidance a solution will be found for the financial difficulties of the Minis- try. You have a hard task before you and I wish you the best of success,**

Mr. T. L Soong, representing the Chinese Development Finance Corporation, who also spoke, con- curred in the sentiments express- ed by the Minister of Railways.--- (N.C.D.N.)

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