HONG KONG DAILY PRESS
Finance and Commerce
CUSTOMS LOAN SERVICE DECISION BY CHINESE
GOVERNMENT
No Further Advance From Other Sources To Be
Made
CHUNGKING, Jan. 16 (Reuter-The Government has an- been decided not to make * further nounced that it has
loans advance for service
Maritime secured on the Chinese Customs, but to set aside sums proportionate to the revenus collected in
27e14 still under its control
The official spokesman of the Finance Ministry stated that the Chinese Government was ooliged to reject the request of Sir Frederick Mate for a further advance for service loans. The Government pointed out that the Japanese were
by
detalning
GENERAL
228-YEAR-OLD
FIRM FAILS
Government. under greatest dif- Founded By Officer
ficulties, has allowed the Inspec- torate-General of Customs ta dor- Tow money from the Central Bank of China to the amount of $175. 000,000 in the past 18 months to meet, these customs obligations.
with the View of maintaining
China's loan credit and protecting the interests of bondholders.
At the same time, the Central Bank of China was instructed to supply the necessary foreign exchange, in order that all oblign tlons under customs loans may be fully discharged.
Of Queen Anne
The affairs of a company which,
It was stated. was originally formed
1710 by one of Queen Anne's Con-
Officers of the Guard were
sidered at meetings In London Te-
cently.
They were the first meetings of creditors and shareholders under the compulsory ilquidation of Barker and Co. (Coachbuilders) Ltd., of South Audley-street, W.
of
Mr. H. P. Naunton, Official Re- ceiver, said that the present com- EAGER TO PROTECT
pany was formed in May. 1905, to All these steps show that the take over as a going concern the greatest effort has been made by business of Barker and Co., coach- the Chinese Government to pro-builders, In Chandes-street, W.C.. tect the interests of the friendly which was founded in 1710, Powers
During a period of nearly 228 and bondholders, the
years. said Mr. Naunton." It had spokesman said,
Recently, the Inspectorate-Gen- the reputation of being one eral of Customs had again wired the leading builders of private and
in coaches, and, for an advance for January servic-public ing. But the Ministry, considering modern times, of car bodies.
About 1907 the company was the tying up of large amounts of qustoms funds in Japanese banks appointed the official London re- which are not at the tres disposal tallers for Rolls-Royce cars, and of the Customs, and the utiliza-its business had consisted almost tion of these funds for Japan's entirely of the manufacture of own aggressive purposes, has in- bodies for, and the sale of, these structed that customs receipts cars. It maintained the reputation ing of foreign loans regularly to should be used for the servicing for high-class work which the Shanghai.
et customs loans.
the customs revenues collected in Japanese-occupied areas. The arrangement was a tem-the outbreak of the war. He re- porary one, necessitated
the the called that when
Japanese present abnormal conditions, and were in occupation of Peiping the spokesman said that it was and Tientsin, the Japanese hoped that a proportionate summanded the control of customs duc. from the Japanese-occupied funds there but promised to re- areas for loan service would be mit pro rata shares of these. similarly forthcoming.
funds necessary for the servic-
SPOKESMAN EXPLAINS CHUNGHING Jan. 16 ¡Cen-"
NEVER REMITTED trab-In explaining the decision taken by the Ministry of Finance The pro rata shares were never not to advance any more funds remitted to Shanghai, the spokes. for the servicing of customs loans, į man revealed. Instead, all cus- a spokesman of the Ministry in toms receipts were forcibly de- an interview declared that the posited with Japanese banks and step was entirely forced on the even those deposited with the Government by the Japanese Hongkong and Shanghal Bank- illegal detention of customs ing Corporation were not funds in war-zones, and sponsibility must therefore with the Japanese.
all re-ed to be withdrawn,
The Ministry instructed further that the Central Bank of China Will be asked to supply the neces sary foreign exchange only when pro ruta customs receipt shares from places in war zones are duly remitted and when the large amounts of funds now detained
allos-are released for the disposal of
the I-G. of Customs,
Test Not only customs funds were not }}' turned to their lawful use, the The spokesman said that the spokesman said, "but the money Ministry of Finance in the past was actually employed by the Ja- many years had steadfastly main-panese authorities, through the in- tained the credit and punctual-strument of the Japanese banks. ly met the obligations of all cus-tu strengthen their economic toms loans, On certain occasions weapon in their war of aggression
In troublous times when there was against China.
All customs receipts in places outside war zones will continue be remitted pro rata to the account of the Inspector General of
Customs.
more
original firm enjoyed, and its customers included persons of high rank in this country and abroad.
The failure was attributed by the directors to works and overhead expenses going on with no corresponding revenue, beavy lossey incurred in allowances for cars taken in part exchange and trade de- pression.
The statement of affairs showed Habilities of £81,739, of which $44.954 was expected to rank for dividend, but the assets of £36,784, were absorbed in Preferential and The spokesman in conclusion Debenture claims. explained that the above ruling.
Resolutions were passed for the applies only to long-term obliga-appointment of Mr. C. W. Rooke. tions secured under customs re-chartered accountant, of Norfolk- venue and does not apply to loans street, W.C.. as liquidator of the specially designated by the Gov-
company.
ernment.
a shortage in customs receipts. The spokesman declared that the Government had even applied during the past year or more other revenue receipts for their China's "customs "receipts, despite
COACHBUILDERS TO amortization.
the war, were enough to meet her
ROYALTY The spokesman mentioned the an obligations had the Japanese Nearly a quarter of a million miles
Although the first coach was various illegal actions of the Jap- not detained them in Japanese without a rebore sounds like a made in England for the Earl of anese In forcibly obstructing the banks and refused to remit them. record. This is the 5-year per- Rutland in 1555. It was not until Chinese customs administration Despite the detention of the formance of a 4-ton Dennis, des- 1700 that the coachbuilding in- and seizing customs funds since funds, he revealed: the Chinespite a regular loading of 6-8 tons, dustry could be said to have
In
Mr Howard Hardling.
Engraving is the hall mark
Mr J. Cartwright.
48. Otterton, Flowend
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THE
HONGKONG DAILY PRESS
Marina House, 3rd Floor, 15-19, Queen's Road Central.
established Itself. Barker and Co. was therefore, one of the first firms in the trade.
It did work for George II, and was granted the Royal Warrant by William IV., since when it has been continuously honoured with Royal patronage up to the present year. The coach which the firm built for King George V. in 1912 was used at the first State Levee of the present King.
Most of the well-known names in English history for the last 200 years appear in the firm's ledgers, and there are also records of work executed for foreign royalties and noblemen.
A. State coach costing £1.800-a considerable sum in those days. was supplled to the first Duke of Wellington.
.
The firm still receives orders for renovations from many members of the nobility. It renovated a coach for the Duke of Norfolk at the Coronation, and has also Cone work on a coach for Eart Spencer,
SHANGHAI TRADE IN DECEMBER
SHANGHAI, Jan. 16 (Reuter)— According to the monthly returna Issued by the Chinese Maritime Customs covering foreign trade, Shanghal net imports during, De- zember totalled $34.412,767, net exports $27,785,947.
January to December figures are $269,092,315 (imports) and $222,181, 071 (exports).
RADIO IN CHILE
A chain of broadcasting stations will be established in the Pro- vince of Aysen in the southern portion of Chile. The installation of these stations, which will cost about $23,500, will be made under the direction of the Minis- try of National Defence, and will be operated by the Army.
the
Local observers state that project is no doubt related to, the contemplated air service between Puerto Montt and Punta Arenas. and it was believed that the chief function of the stations will to facilitate air navigation
that area.
NEW CANADIAN LOAN
be
in
OTTAWA, Jan. 16 (Reuter)—A resolution authorising the nota- tion of a new Canadian Govern- ment loan not exceeding $75,000. 000 has been placed on the order paper.
TUESDAY, JANUARY 17, 1939.-PAGE 11.
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LAMMERTS' AUCTIONS
PUBLIC AUCTION.
THE Undersigned have received
instructions
to sell by
PUBLIC AUCTION
ON
THURSDAY, the 19th JANUARY, 1939.
Commencing at 10.30 am.
At their Sales Room, No. 2 Connaught Road, Central
Room No. 205, 2nd Floor).
Fur Coats, Fur Capes, Fur Muffs, Tweed Coats, Leather Bags, Imita- tion Jewellery, Silver and Crystal Ware, Perfumeries and Novelties.
On VIEW from WEDNESDAY, the 18th JANUARY, 1939.
Terms: Cash on Delivery.
LAMMERT BROS..
AUCTIONEERS.
PUBLIC AUCTION.
THE Undersigned have received
instructions
TO SELL BY
PUBLIC AUCTION
ON
THURSDAY, the 19th JANUARY,
Commencing at 2.30 p.m.
At their Sales Room, No. 35, Hankow Road, Kowloon:
A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE
Comprising:-
Blackwood
Ware, Teakwood Dining Room, Bed Room, Drawing Room and Office Furniture, Car- pets, Rugs, Pictures, Cutlery, Porce- lain, Glass, Brass and E. P. Ware, Gramophones and Records, Elec- tric Lamps and Heaters. Enamel Bath, Bewing Machine, Cooking Stove, Cooking Utensils, Books, etc., etc.
On VIEW from WEDNESDAY, the 18th JANUARY, 1939.
Terms: Cash on Delivery.
LAMMERT BROS..
AUCTIONEERS.
PUBLIC AUCTION.
THE Undersigned have received
Instructions
to sell by
PUBLIC AUCTION.
OR
FRIDAY, the 20th JANUARY, 1939.
Commencing at 2.30 p.m.
At their Sales Room, No. 2, Connaught Road, Central, Ground Floor,
A FINE COLLECTION OF OLD CURIOS
Comprising:-
Old Porcelain Vases, Jars, Figures, Bowls, Cups, Plates, etc., etc.
Bronze, Ivory and Soap Stone Ornament, Carved Wood Figures, Silk Embroidered Figures, etc., etc.
Also
A FEW PIECES OF OLD CHINESE HAND PAINTINGS
On VIEW from 19th JANUARY, 1933.
TERMS: Cash on Delivery,
LAMMERT BROS:
AUCTIONEERS.
No comments yet.
Private notes are available after approval.