1938-08-29 — Page 16

PAGE 16-HONG KONG DAILY PRESS

HONGKONG. CANTON & MACAO STEAMERS

AINT SERVICE, OF THE HÔNGRONE, CANTON & MACAO STEAMBOAT CO-STO,&THE CHINA HAYIGATION CO.LTD. TRAVEL

THE

SHORT

SAFE

SEA

WAY

by the" British Line

NDL

CANTON LINE

From Hong Kong: 8 A.M. only. (No mailing on Sunday) From Canton: 9 AM. only," (No sailing on Sunday) -

MACAO LINE

DAILY SERVICE

From Hong Kong: BA.M. & 3.30 P. M. From Macanta 7.30 P.M. 3,00 AM.. NOTE-In compliance with the Quarantine Regulations and until farther notice, the ordinary Sunday excur sion steuer to Macao will leave Hong Kong at 9 am and return from Macno/nt 2,30 pan.

Note:All vessels equipped with Wireless. QUEEN'S BUILDING, CONNAUGHT ROAD * Telephone 30101

FAR EAST EXPRESS

PASSENGER & FREIGHT SERVICES.

AFB

S.S. SCHARNHORST

will sail

THURSDAY, September 8th

for

SHANGHAI,

YOKOHAMA & KOBE.

Subject to Alteration without Notice.

For Passage and Freight apply to:

NORDDEUTSCHER LLOYD BREMEN

MELCHERSTM & CO., Agenta,

Tulephone £77,

Qnom's Building, Connaught Road.

CANTON AGENTS: JEBSEN & 00, SHAMEEN, B.C

THE

BLUE FUNNE

LINE

"REGULAR" AND "FAST FREIGHT AND

PASSENGER SERVICES |

LONDON SERVICE "AGAMEMNON" Sails 785 PT., for Yara, C'blanca,

London. R'dam, Hamburg & Glasgow "SARPEDON" Bila 21 SEPT.. for Mars, London,

Rotterdam & Glasgow

LIVERPOOL SERVICE "LAOMEDON" Sails 23 SEPT., for Harre, Liverpool

را

& Bromborough

NEW YORK SERVICE “ADRASTUS“ Sails 9 NOV., for Boston & New York.

vis Cape of Good Hops. PACIFIC SERVICE (via DAÍBEJ, KOBE, NAGOVA & TONOHAKA)

"IXION" Sails 12 SEPT., for Victoria, VaDoourer

& Seattle *INWARD SERVICE

"CALCHAR"

"IXION"

"PATROCLUB”.

M

Due

7

*DEUCALION? `31 AUG., From U.K. via the Straits

48EPT, From Gdynia & U.K.

via the Straita SEPT., From The Facião Coset 8 SEPT., From UK. via the Straits Specially reduced fares are quoted for cargo steamers with limited passenger accommodation

For freight pamage rates and information apply to

Butterfeld & Swire,

Tel 30333,

· Agente

1, Connaught Road, G

HOW LONG CAN JAPAN'S Capt. Eyston's

ECONOMIC STRUCTURE

STAND THE STRAIN?

BY Y.C. KOO

Editor's Note:This article, which is the Arst authorita- tive article on the financial and economic situation in Japan, was wristen by Dr. Y..C. Koc, President of the Kwangtung Provincial Bank. It has aroused great interest in Far East- ern Enancial circles after its translation from the Chinese original first published in "The Eastern Miscellany.""

Dr. Y. C. Koo, who was one of the Financial Mission to the United States in 1936, is regarded as one of the outstanding inancial experts in China.

1

The article will appear in three instalments.

PART ONE- BOND

ISSUES

A year of large-scale" invasion by Japan has indeed caused huge losses and suffering to our people. But our determined resistance has upset the plan of the Japanese militarists for a quick and de- cisive victory. Their gains, have not been in proportion to what they have lost, thereby placing their country in an inextricable morass.

The economic system forms the foundation of any state and is a decisive factor in the waging of war, Japan today" Ands herself at a disadvantage. diplomatically. military, and otherwise. In a short period of time, a mortal blow can be inflicted on Japan's weakening economic system.

10

Record

THUNDERBOLT TRAVELS AT

345 M.P.H.

Bonneville Salt Flats,

August 27 Captain Eyston today drove his Thunderbolt to A

new world land Apeed record

miles averaging 345,49

per hour, and covering the mea¬ sured falle in 10.42 seconds. On his northward Fun he, averaged 347.49 miles per hour. his time being 10.36 seconds and in the southward run. 345.51 and 10:48 seconds.

'

The previous mile record was 311.42 miles per hour. The world specd record. previously 312.00 m.p.h. was over a kilometre.

Captain Eyston's "new world record, its 345.49 m.p.h. for the measured mile.

MONDAY, AUGUST

FOREIGN MAILS

29, 1938.

'Air mail letters may be posted in the orilinary posting boxes.. They should be clearly marked "By Air Mail" and bear sufficient postage. En- sufficiently prepaid letters may be taxed with double the defciency or forwarded by Steamer Service, at the discretion of the Post Office. Air Mail Services to Shanghai. Nanking, Tsingtau, Tientsin and

Peiping are temporarily suspended. "

Letters and Postcards for Europe and South America are forwarded

via Siberia" if so superscribed.

From

INWARD MAILS

Haiphong, Pakhol and Hoihow.............. | Kwangtung. Shanghai

Java and Manila.

Shanghai

Shanghal and Swatow

Air Mall by "Imperial Airways

Por

Dua

·28th Ayy

Min....

19th Aug.

Tjisadane.

Rays

29th Aug.

29th Aug.

Sulyang.............

30th Aug.

Airways Plane

18th Aug.

Allpore.

30th Aug.

Santhia....

30th Aug.

Glenshiel.

30th Aug.

Anhut..

30th Aug.

Tanda..

30th ang.

Ninghai.....

30th Aug.

Sulang.

30th Aug.

Soudan.... Deucalion.

31st Aug.

Stat Aug.

Direct Servico "—London date, | imperial 24th August. Japan

Calcutta and Strait. Shanghai

Straits .... Japan

Japan Straits

Captain Eyston had a grand re- ception at the timing stand hun-Shanghai and Swatow. dreds clambering over each other in their efforts to shake his hand. "I was never in difficulties dur- ing the runs and am tremendously pleased at the record because it represents

advance & notable

"Now we technically," he said.

8,000,000,000 yen. Under the prevailing circumstances the Japanese farmers and labour; ers have nothing to save. TAXED TO LIMIT From January to April of the are learning more about the car,

Mukden outrage Since the 1931, the Japanese army and navel expenditures have been mounting annually. The annual budegetary deficits have been made up by the Issuance of pubic loan bonds. The national debt of Japan in current year, the increase in we are finding each outing more April 1937 stood at 13,500,000,000 | Japan's postal saving deposits did interesting, and productive of use-

not reach 30,000,000 yen. These ful information." yen

Captain, Eyston added that he The capacity of the Japanese are conclusive proofs that the people to absort loan bonds" was capacity of the Japanese people never had the throttle full out.

The Thunderbolt is capable, of already very low. After the out- has been taxed to the limit.

The car shot A section of the Japanese hold greater speeds. break at Lukeuchiao, Japan's state

of economy rapidly' degenerated. [that the demand of the war on through the measured, mile like an salt The average monthly expenditures them is not tremendous for it is arrow leaving. showers of Japanese fighting forces known to them that during the spray in its wake. of the

War, the military ex) Captain Eystön may make a. have been about 800,000,000 gen. European Such heavy military expenses were penditures of the Allies reached 20 further, attempt to increase the solely paid by the issuance of pub to 95 per cent of the annual in

come, whereas the war expendi- lic loan bonds.

In the fiscal year 1937-38, bonds amounting to 3.400,000,000 yen were Toted by the Japanese Diet to be Issued by the Government.

STAGNANT MARKET According to Japan's current budget, ordinary expenditure add up

to" 2,800,000,000 yen. The two items, total 7,600 000, 000 yen. The amount of bonds which will have to be issued in the current year cannot be less than 5,500,000,000 Jen. Add this sum to the anunt voted last year. and Japan will have issued 8.900.000.000 yen in iwo

years.

ture of Japan in the present in- stance is only 33 per cent of Ja- panese people's annual income.

They rail to take into account that the income of the people of the Allies was much higher when compared to the income of the Japanese people. It was possible for the people of the Allies to save by reducing the standard of living. But the living standard or the Japanese people cannot pe fur- ther reduced because of its orf- pinal lowness: If the Japanese Government insista on finding buyers for all the bonds issued. then the Japanese people will sure bondly face starvation.

But Japan's domestic market has long become stagnant. After the commencententi hos- tilities, the Japanese Government has employed all devises, including compulsory allotments, to disposé of the bonds. The amount absorb- ed by the general public, however did not exceed 500,000,000 yen. The heaviest buyers of bonds have been the Bank of Japan, the commercial and savings banks and the Deposit Bureau of the Japan- ese Ministry of Finance." But even then the amount disposed of was very far from the amount issued.

AMOUNTS TAKEN UP

According to statistics, the Bank

MORE PAPER NOTES At the moment when the savings of the Japanese peonie are negligible while the da... mands of war are mounting steadily, the Japanese Govern- ment has no choice but issue bonds through the Bank of Japan, which in turn pays for them by the issuance of more paper notes. The dangers of vicious inflation are dally be- coming more acute.

record later.--(Reuter). COLONY SWIM

CHAMPIONSHIPS

The following is the programme of events in the heats of the 1938 annual swimming championships of the Colony:- Wednesday, August 31, at 6.00 p.m."

100 Yards free-style (ladies) 100 Yards back-stroke. Thursday, September 1, at 6.00 p.m.

220 Yards free-style. Friday, September 2, at 6.00 p.m. Relay Race (4 men x 50 yards); 100. Yards breast-stroke.

(In connection with the breast- stroke event, competitors are in- formed that ûnder A.S.A. Rules the use of the Butterfly Stroke 's pro- hibited).

Wednesday, September 7, at 6.90

p.m.

50 Yards free-style.

• NEW POSTAL RATES

As a result of the introduction of the all-up air mail the new postal rates were issued in the Govern- ment Gazette on Saturday. The changes are slight. For all British The notes issued by the Bank of countries, possessions, mandated Japan in April, 1937 was 1.444,371, territories and protectorates served 000 yen, but in April of the cur- by air routes, the charge for letters rent year, they have increased to will be 15 cents for each half of Japan bought, in the period 1,986,291,000 yen. Taking the price ounce, and for postcards 10 cents

1 index in Japan of 1913 as 100 the each. end, of from April 1937 to the March 1938, bonds amounting to index of April, 1937 was 226.7, and 950,000,000 yen. The amount taken that of April this year rose to 241.7..not served by air routes, the old up by the different Japanese com- Meanwhile, the price indices mercial banks for the same period American and European countries reached only 250,000,000 yen; while have dropped substantially. the atmount acquired by the sav ings banks did not exceed 140,000, 000 yen.

The Deposit Bureau of the Japanese Ministry of Finance; has used the total postai sat-" ingsdeposits to purchase bonds, but the increase of de-. posits from June 1937 to April of the current year was" only about 300,000,000 yen, wherðas the increase in, bond holdings

·was 770,000,000 yen. : ***

OBVIOUS DIFFICULTIES The practical difficulties of the Japanese Government in attempt ing to dispose of public loan bonds amounting to more than 7,000,000, 000 yen in this current year are obvious. The annual Income of the Japanese people during normal times is around 13,000,000,000 yen. After deducting production costs, and, expenditure on consumption, the annual savings do not exceed

.,500,000,000 yen.

If the entire savings of the Ja panese people is earmarked for the purchase. of bonds, the volume of bonds absorbed this year' will not cover one fourth of the amount issued. At the time when ostil- les are proceeding and when pro- dúctive enterprises are rapidly on the wane, there is very litle sav ing by the people to speak of..

Recently, the Japanese Gov- ernment organised's commit- tee, composed of high officials and Kaders in the fields of commerce, industry and cul- fure, with a view to en- couraging the Japanese people to save an aggregate sum of

EMERGENCY ISSUE

For all other British possessions

rate of 15 cents for the first ounce and 10 cents for each "additional ounce or part of an ounce remains in force for letters, while postcards. It is also noteworthy that the are 10 cents each: amount of notes issued, by the The old rate for other countries Bank of Japan in the second half not including 'China and Macao of the fiscal year is usually very and the above specified countries much bigger than the first half also remains, namely 25 cents for If hostilities continue, at least 3, the first ounce and 15 cents for 000,000,000

will yen

have to each additional ounce or part of be issued by the end of this an ounce. year,

The Japanese Government has sued directly by the Japanese Gov- recently decided on the issuance of ernment for financing the war. emergency notes and coins which The trends of vicious infiation so marked will not be redeemed until the end have already become of the first year after the cessation that it will be dimeult to arrest.

(To be continued tomorrow) of hostilities. These tenders are is-

BOYCOTT JAPANESE GOODS.

An anti-aggression demonstration was held in Boston, U. B, A., re- The above picture shows 38 cently, by students of Boston University cases of Japanese goods were cast into the harbour in sympathy with China.

".... Straits and Manila Straits and Europe via Suez (Let-], ters and Papers) London date. 4th August and London Farcels -London date-28th July Manila

Balgon

Japan and Shanghai......... Air Mali by "Imperial Airway¬

Direct Service-London 28th August.

Japan and Shanghai... Australia and Manlia.

Straits

Shanghai Shanghai

Japan

Japan

Amoy Straits

Carthage. Emp. of Russia Marechal JoATE.. | Aramkom

date, Imperial

Corfu...

Nankin.

Kutsang.

31st Aug.

31st Aug.

1st Sept

1st Sept.

Airways Plane

2nd Sept.

2nd Sept

3rd Sept.

Calchas..

3rd Sept.

Conte Rosso.

3rd Sept

Ixion....

5th Sept.

Africa Maru,.

5th Sept.

6th Sept.

............ Tibadak.

6th Sept

Van Heutaz

6th Sept.

Plane

7th Sept.

Agamemnon

7th Sept.

8th Sept.

Emp. of Japan.. Tilawa..

9th Sept.

9th Sept.

Air Mail by Pan-American Air-

ways

Direct · Service” ---- San | Pan-American.... Francisco, date 31st August Japan and Shanghai...... U.SA, Japan. and Manila-Son

Francisco, date 12th August.......Pres. Cleveland.. UBA.. Honolulu, Japan and Shanghai (Vancouver BC...date, 20th August) Japan

OUTWARD MAILS

REGISTERED AND PARCEL MAILS are closed 15 minutes earlier than the time given below unless otherwise stated, and where mails are advertised to close at or before 9 am., registered and parcel mails are closed at 5 pm on the previous dayā

For

MONDAY

Per

Date and Time

Monday, 29th

Tai Hing...

8.15 AM

5.30 AM

10,30 AM

11.00 AM

1.00. PM

Samshui and Wuchow Holhow, Pakhoi and *Halphong.... Szechuan... Formosa and Amov

Kongmoon

Fort Bayard

Tyosa Maru.. .....Tai Lee..

Wing Wo.

Air Mail for Slan, Lanchow,Chang- sha and Chengtu, etc. (via Han- kow) by the "Eurasia Airways Service (To further points by surface transport as Services per- mit).

Air Mail for "Imperial. Airways

Direct Service"-due London. Imperial 3th September.

Airmail for Malaya "and Australia by "Imperial Airways Direct Service"-due Sydney, 5th Sep tember.

TUESDAY

Samshui and,Wuchow.

Fort Bayard and "Haiphong

Kongmoon

k

Shanghai and Japan. Haiphong

Swatow and "Amoy

G.P.O.&EP.O.

Jez.

4.30 PM

Eurasia Plane

Und

*** 6.00 X

K.P.O...

Beg.

5:00 M

6.30 PM

GP.O..

Reg.

6.00

Airways Plane

Urd.

7,00 PM

Hez.

5.00 PIL

Ord.

5,30 M

G.P.Q.

Imperial

Beg

6.00

· Airways Plane

Ord

7.00 M

Tuesday, 30th

Kongning... Jean Dupuis On Lee....

Eumaeus....

Canton.....

Halching.

"Swatow, Shanghai and Tientsin... Sandviken. Haiphong.

8.15 AM

0.30 AM

10.00 AM

10.30 AM

1.30 PM

(3.00 PM

210 PM

2.30 PM

Chaksang.

6.00 PM

WEDNESDAY

Wed, 31st

Kongmoon

Fook On Shantung.

10.00 AM

Amoy

Parcels only for Straits & Calcutta Suisang. Swatow

Noo

Anhul..

4,30 PM

Thur 1st Sept.

Sandakan (Papers only).

Shanghai and "Japan.....

Hinsang Carthage..

8.30-AM

10.30 AM

Tal Lee......

LL00 AM

Kongmoon

19.30 PM

120 FMC

8.00 PM

THURSDAZ

"Swatow, "Shanghai and Tientsin. Tingsang.... Shanghai and Japan...............Marechal Joffre. Swatow. Amoy and Foochow

Salgon

OPO.SEPO.

Belatan.

Bhanghai, Japan, USA., C. and B. America and (Parcels and Papers only for Canada)-due Vancou ver BC, 19th September

Emp. of Russia

Beg 4.15 PM Ord5,00

G.PO&KPO, Beg 4.15 EX Ord

6.00

5.00 PM

Ord

5.30 10

Reg.

$,00

Airways, Plane Ord

7.00 2

*Superscribed Correspondence Only.

Airmail for -""Imperia Airways

Direct Service"--due. London, Imperial : 8th September."

Printed and Published by Henry Lloyd Murrow, for the Hong Kong Daily Press, Ltd., at Marina House, third floor 15-19, Queen a Boad Central, Hong Kong London Office: 53, Fleet Street, E.0.2.