1936-11-04 — Page 3

Page

MA

FOR SALE

SATINEE" IDOL. Gray, China Pouy, Good hunter, perfectly wound, hunted regularly all lastaQA»On $150 or near offer. Also a quantity of Bridles. Inspection by appointment. (Tol. 50113).

FOR SALE.

ENVELOPES for China National Aviation Corporation Service

[119:

First Flight Airmail from Hong Kong at 10 cents each.

GRACA & CO..

Dealers in Postage Stamps, Garden Seeds, Picture Books, C.

No 10, WYNDHAM STREET, Established 1895.

HONG KONG.

TAKE

ENSIGN AUTO RANGE

CAMERA

Focuates the image absolutely, aharply and automatically. It is provided with a RANGE-FINDER coupled with the lens focussing mechanism, and operated from the usual radial focusing lever.

Ask for a demonstration

A. TACK & CO.

29, Des Voeux Road, Central.

What do

you want?

If there

you seil,

is anything want to buy or small try

Classified advertisement.

HONG KONG DAILY PRESS, WEDNESDAY, NOVEMBER 4, 1936.

FREE!

Coronation Plates

25 words $100 prepald

for 3 Insertions.

LP. zz.

PEPS

for COUGHS, COLDS, INFLUENZA,

SORE THROAT, BRONCHITIS etc.

Chemiata and medicine dealers everywhart sell, Pedi

a battle.

The Most Comprehensive Survey Yet Compiled of Reconstructional Progress

in Modern China.

CHINA'S

NEW CURRENCY

SYSTEM

By TANG LEANG-LI

A survey of Chinese Currency and Banking System in Historical perspective and of the reactions of the World Slump upon Chinese Trade, Industry, and Finance, from the beginning of the depression to the Establishment of State Control of Silver-with Statistical tables relating to movements of Gold, Silver and Prices in General.

ON BALEAT

THE HONG KONG DAILY PRESS OFFICE

Publishers:

CHINA UNITED PRESS

299, 8zECHTEN ROAD, BHANGHAI

Post the coupon for full particulars of how to obtain these beauti- ful souvenirs of the Coronation of King Edward VIII.

To Nestle & Anglo-Swiss Condensed Milk Co.

Chung Tin Building

5 Des Voeux Road C.

HONGKONG.

PLEASE SEND ME FULL DE- TAILS OF THE ABOVE OFFER. Name

Address

THE

CHICAGO MILWAUKEE

ST PAUL

PACIFIC

LUXURY-WAY ACROSS AMERICA... Ride the Air-Conditioned

OLYMPIAN

Regardless of the weather, you're always cool, clean and comfortabic on the completely air-conditioned Olympian. It is an outstanding featureof this famous, roller-bearing train that traverses the most inter- esting route from the Pacific North west to Chicago. You'll enjoy equally well its 655 miles of electri fication, its delightful cuisine and courteous service, its luxurious modern equipment. Lowest fares apply via the Olympian.

For further information inquire of your next- ex stezmadip office, any Traval Basrensa, ot

Agent

ERIC MARSHA. B. C. 992 Government BL.

P. J. CALKINS, General Agent 193 Granville St., Vancouver, B. C. R., RANDALL, Dist. Pane's Agent

401 Market St., San Francisco. Cal.

J. F. BAHL, Asst. Geseca) Patel's Agent Seattle, Washington

QEO, B. HAYNES, Par Traße Mgr. Chicago, itinela

The MILWAUKEE ROAD

HONGKONG WEEKLY PRESS

AND

CHINA OVERLAND TRADE REPORT

ILLUSTRATED

PRINTED IN GOOD QUALITY PAPER OVER 40 PAGES

PUBLISHED EVERY FRIDAY

FULL REPORTS

OF

· LOCAL NEWS, SPORTS, GOSSIP, TRADE, ETC.

30 CENTS A COPY

HONG KONG DAILY PRESS, LTD.

MARINA HOUSE (3RD FLOOR) 15-19, QUEENS ROAD CENTRAL

TEL. 80251

BRITAIN MISSING OPPORTUNITIES

Trade Conditions In The Far East Suggestions For Those In Charge Of British Industry FACING POSSIBLE LOSS

TRADE- OF FUTURE WHEN CHINA ON VERGE OF DEVELOPMENT

#

By Major The Hon. L. H. Cripps, C.B.E.. of Messrs. Alfred Bolt & Co, Liverpool (writing in

the British Chamber of Commerce Journal),

יד

Impelled to do so by the great shrinkage of British Trade with the Far East, I spent from I have out- last Autumn until the Spring in those countries examining the focal conditions. lined these conditions as far as I can, and venture to put forward a few suggestions. In my submission, they merit the careful attention of those in charge of British industry.

Britain is facing the possible loss of a future trade with China with her four hundred million in- habitants at a time when, in my opinion, she is on the verge of a development comparable with that of Europe and America in the nine- teenth century; but with the dif- ferences that, whereas development in the last century was slow and unsure, science now makes that same process. a more rapid and that China is certain one, and starting her development with the assistance of all the invention's of the nineteenth century:

DICKERING WITH JAPAN China normally would represent. the most attractive development area in the world but for the rea son that she lacks credit, due to the political situation, the difficulty of internal transport and the bick-, ering which is going on between China and Japan. Whether, in fact, these credit conditions are anything like so bad as existed in most parts of the world during the early parts of the nineteenth cen- and tury is extremely doubtful. there can be no doubt as to the success which followed our giving those very doubtful credits, as a nation, though individual losses were made. Our present ideas of credit risks are very different from, those adventurous days and may require a reorientation on the basis

German manufacturer, has cover for all eventualities. If the credit is dishonoured, he retrieves his the 5 to complete outlay, less

7 per cent. premium to Hermés, whereas, if the credit is honoured, he draws 125 per cent. of the con- pre- tract price, less insurance mium. The Hermes Insurance Co. these is said to "have operated credits throughout the world on the basis of getting back 99 per cent of the money at risk, a loss of only 1 per cent and the interest on loans outstanding is covered by the German Government,

GERMAN ACHIEVEMENT If, therefore, 70 per cent. of the contract price represents raw ma- terial and Germany gets 99 per cent, of the cost back in foreign currency, she makes a profit of 29 per cent. in foreign currency. In addition, she is able to keep large numbers of skilled men employed. These men would otherwise have been engaged, in many cases, in

work such unremunerative building unnecessary roads, and other such schemes carried on unemployment by any national scheme. It is a real achievement

that

the German community is able to import a large amount of raw material, turn it into manu- factured goods, and sell them to another nation at a real profit.

The risks are naturally not con-"

we export.. No Industrialist can afford to export commodities at a loss, but there is no doubt that the more exports we have, the greater is the speed with which currency circulates. The Government, if they so desired, could divert un- employment

to money

finance special contracts for exports where other countries such as Germany are now taking the business by government subsidies. With the savings

unemployment funds, the manufacturers would be able to compete in the foreign markets with those other countries subsidized on the same basis as the Germans.

the on

It is doubtful whether the credit risk in China is any worse than millions of credit risks taken in the 19th century, which were respon sible for building up the British

Empire and trade with, say, the Argentine and Africa, Unless we compete with methods adopted by other countries, we shall inevitably be pushed.out of business. With a little courage and care we could work out the German plan on a basis which would fill the manu- facturing shops of Great Britain without affecting Germany in any way. "Japan's Penetration" (to be continued to-morrow.)

adopted by our more adventurous aned to any particular area, but AIR TRANSPORT

neighbour. Germans.

In order to maintain China's financial stability she has been forced to limit imports by the in- position of heavy import duties.

in China thirteen of the fourteen large contracts which I was able to analyse showed that the Ger- man price was 15 to 20 per cent.

and American below European

RECORD

and even this method has been competitors; there were no German Imperial Airway Sets

Ineffective owing to the breakdown of the customs in those areas in which Japan has interfered with Chinese Internal administration in North China and opposite Formoss. With the limitation of importa she has naturally Umited her exports until Anally, at the end of 1935, she reduced the value of her currency, which should at least tend to balance her external trade for the time being. But no- thing can really assist unless she can make her Customs service operative and achieve some stabilty in her central government.

AGRICULTURAL CIVILIZATION

China has no real desire for in- dustrialization; her civilization is an agricultural one. Such indus- trialization as has been carried out has been forced upon the nation by circumstances beyond her con- trol She has found it impossible to import what she wants and her only reply has been to industrialize. is more or less Hiraited so far, to the Shanghai and Canton "districts.

The movement

Germany is the only nation at present trading extensively with China, and the Germans are lend Ing China large sums of money for the purchase of material in Germany, and, financing power, water and rail transport schemes on such conditions as to give them what they consider reasonable

security. As the service becomes operative and produces income, the security improves, and the capital loan can be repaid out of profits within five years from the incep tion of the scheme.

work.

tenders for the fourteenth con- tract. This ability to underquote The cost of manu- needs study. facture in Germany or the gold mark basis has been stated to be between 4 and 7 per cent, above the corresponding British price, so that the ability of Germany to underquote is due presumably to the credit arrangement between the German manufacturer and his government. The that the particular profits made in this business should be used to re- duce the price where necessary, so as to obtain business in foreign competitive contracts.

latter insists

BRITAIN SHOULD DO SAME It may be desirable that the British Government should Zo something of the same sort. China represents the greatest undevelop- ed consuming power in the world. huge population living it has a under almost barbaric conditions. England had the same amount as of rallway per square mile China, she would have one rail- way line extending from London water to Swindon Power and plants are almost unknown except in a few of the leading towns, and construction is centuries behind that of modern times. Should China in the next two decades develope. her transport system by building roads, railway and river transport, it should inevitably tend to develope a stable government and stable conditions of, trading.

LET TRADE GO?

New Mark

2.070 MILES IN 18 HOURS

London, Nov. 2. An Imperial Airways liner has set up a new air transport record | by covering 2,070, miles in a single day.

The air liner "The Danao" is in service on the London, Marseilles, and Erindiai route and on a recent outward journey from Croydon, it was delayed overnight at Mar- seilles. The following morning the liner flew to Brindisi, where a load of mall was picked up. Making a quick turn about, it arrived back at Croydon snortly pecore mid- night on the same day.

2,070 miles were covered in 18 hours, despite five halts for re-

fuelling and traffic purposes, British Wireless!".

TELEVISION IN ENGLAND

London, Nov. 2 The British Broadcasting Cor-

poration's television service from Alexandra Palace, which has pré- viously been in operation only, for short experimental periods, was formally inaugurated to-day, when speeches-and the

official

LAMMERTS AUCTIONS

PUBLIC AUCTION.

THE

PRE Undersigned cave received

Instructions

TO SELL BY

PUBLIC AUCTION:

ON

FRIDAY, NOV. 6, 1936

Commencing at 2.30 P.M.

AT THEIR SALES ROOM,. DUDDELL STREET

A QUANTITY OF EDUCATIONAL

AND INSTRUCTIVE BOOKS

Comprising

Volumes

5

Practical Business Library 16

Busieces Harms worth

Flacyclopedia Concise Universal Encyclopedia 1 Harmsworth House Doctor Coucise Household Encyclopedia 1

Modern Master Piece Modern Motor Repairs

Motoring Encyclopedia Newest Complete Wireless Waverley Children Dictionary Universal Dictionary Universal Outline Bistory of

the World

TERMS:-CAsh on DelivERY.

LAMMERT BROS.. AUCTIONEERS

6

2

7

1

PUBLIC AUCTION.

THE Undersigned have received

instructiona

TO SELL BY

PUBLIC AUCTION

FRIDAY, NOV. 6, 1936

COMENCING AT 2.30 F.M.

AT THEIR SALES BOOM, DUDDELL STREET

A QUANTITY OF VALUABLE HOUSEHOLD

FURNITURE

Comprising :--

Teak Drawing Room & Dining hoom Furniture, Chesterfield Suites, Black Wood Ware, Bed Room and Office Furniture, Silver and E. P. Ware, Gramophones and Records, Pictures, Old Paintings, Cutlery, Clocks, Table Facs, Porrela, (iinse Brass and Aluminium Ware, Orná- ments, Mirrors, Electric Beaters, Ice Chests, Typewriters, Curtains, Car- pets, Rugs, Roller Skates, etc., etc.

alio

One Set of 7 Photographic Views of

Hong Kong in Sixties Ono Norge Refrigerator in Working

Order

TERMS: CASH ON DELIVERY.

LAMMERT BROS.,

AUCTION MERS

NON INTERVENTION

SUB.COMMITTEE ·

The question for Great Britain the is whether we should retain a cer-speakers-were broadcast on both tain *mount of goodwill and the Baird and I.M.I. Marconi ays-

London, Nov. 2. Under modern conditions Ger- friendship, in China, or whether tems.

The following communique was many recognizes that while the we should let their whole tende The Postmaster General wished issued at the end of to-day's meet- individual firm cannot face losses, pass into the hands of more en- the service well, and Lord Selsdon, ing of the Non-Intervention Sub- it may well be in the interest of & terprising nations. China would Chairman of the Television Ad- | Committee. “As arranged at the nation to divert money, which have no difficulty in absorbing the visory Committee, assured listeners last plenary session of the Com- would normally be required to meet whole surplus capacity of the world that the television service which mittee, the Sub-Committee's re- unemployment doles, to productive in those constructional they re- 'wag being introduced was undoubt sumed consideration begun at their quire, once conditions were allowedly ahead of the rest of the world. meeting on October 24 of the pru- METHOD FOR FINANCING ed to become stable.

The British Broadcasting Corpora, posal for the establishment of a British prosperity in the past has | tion, he declared, would be re- | system of supervision, designed tor The method adopted for in-

secure execution of the agreement. ancing these loans is simple and been dependent on lending money solute to maintain it so.

Just how wide the area served After a full exchange of viéWE Ingenious. A loan is made to the to finance developments through-

Station regarding the character of the manufacturer, representing the out the world. The conditon of from Alexandra Palace import value of the goods on order England in the last ten years has would prove to be. he could not proposed scheme all the members from China. The manufacturer been gravely affected by her un-predict. "Roughly London, with a of the Sub-Committee agreed, at insures 75 per cent of the loan willingness to give credit abroad. population of about ten millions, the request of the Chairman, to with the Hermer Insurance" : "Co., As a great importing country, it but there may be some surprising questions raised in the course of which undertakes this service un- is vital that we should extend our extensives. For instance, I should the discussion on which decisions. der government control. Mean exports credits, in every possible "be unwilling to lay heavy odds would be required.

further while, the German Government direction, so that our exports and against a resident in Hindhead in collects a 2 per cent, turnover tax,imports may rise continuously and Surrey viewing the Coronation agreed to invite members of the and out of the fund so accumu- enable our imports to be divided procession next year." In the light Main Committee also to obtain the lated it makes a "zusatz" or pre- amongst our population so that of experience at Alexandra Pa- Instructions of their respective mium payment to the manufac each unit, should get a continually lace, the Corporation would pro-Governments on these questions.

ceed with the location of a second The whole question will be further. turer undertaking the contract, increasing share.

and subsequent transmitting sta- considered by the Sub-Committee which probably represents the FINANCE/SPECIAL CONTRACTS other 25 per cent, he has at risk." The amount we purchase is in- tions-ae public interest justified as soon as possible work

· British Wireless. The grant is absolute, so that the evitably controlled by the amount British Wireles.

* 2

The Sub-Committee