1941-02-27 — Page 5

Page

:

HONGKONG DAILY

PRESS

GENERAL

COMPREHENSIVE SURVEY OF FAR EAST

BY HON. SITUATION BY HON. MR.

||

J. J. PATERSON

WEDDING

Hongkong Bank's Profit REGISTRY Seven Lakhs More: Review Of Commercial Conditions

A very comprehensive survey of the Far Eastern situa- tion, vis-a-vis the European and Sino-Japanese wars, was made by the HON, MR. J. J. PATERSON, Chairman of the Board of Directors, during the course of his speech at the annual meeting of the Hongkong and Shanghai Banking Corporation held yesterday.

After referring to the fact that, despite the abnormal conditions ruling throughout the world, the profit for last year was seven lakhs more than that of the previous year, Mr. Paterson reviewed the financial, and commercial, conditions in both Free and occupied China.

Referring to Hongkong, the mark and Norway in April, follow Chairman said, I am satis- by the invasion of Belgium and the Netherlands in May: the eple

fled that the new budget has evacuation of Dunkirk; the Italian been kept down to reasonable entry into the war; the collapse of proportions considering the France: the vandalism of the onerous but necessary expen-bombings of England; the Italian

so on.

The Chairman's speech was as follows

Ladies & Gentlemen,

The marriage took place at the

Registry, Supreme Court, Jester-

day, with Mr. T S Whyte-Smith.

Registrar of Marriges, officiating. of Mr. Yeong Tal, merchant, of No. 384, Queen's Road West, and Miss Loo Lal-yung, of No. 36, Cochrane Street.

G.S.M. ESTALL TAKING UP COMMISSION

LEAVING SOON

FOR HOME

Garrison Sergeant Major C. M. Estall, M.C., one of the most popu- lar figures in the military service The following forthcoming mar- here, will be leaving the Colony riages are announced!--

shortly to take up a commission at Home

West:"

ANNOUNCEMENTS

Mr. Cheng Ip-yeung. foreman, Central Theatre, and Miss Fung Joining the Army in August, 1914, Lal-ping. of No. 369 Queen's Road G.S.M. Estall has had a long and proud service, being with the East Surrey Regiment throughout the Great War with whom he fought at the Somme.

Mr. Cheung Hon-leung, mer chant, of No. 7. Staunton Street, and Miss Chan Wat-town, of No. 10 Staunton Street;

Lane.

He wis wounded, three times in action and gassed twice. In 1917, he was awarded the Military Cross in recognition of his distinguished service, and holds also the 1914-15 Star, the General Service, Victory,

tion medals.

WAS IN BUSSIA Before seeing his first service in the Colony 18 years ago, G.S.M. Estal was with the East Surreys in Russia. In 1926 he left with the Regiment for India and was ap-

NEW RACKET REVEALED:

STEAMER-TO-SHORE CONVEYANCE

Tilee Stonreme Court

THURSDAY, FEBRUARY 27, 1941. -PAGE 5

AT: LAST!

A RUBBERLESS LIGHT-WEIGHT

LESS 10% CASH DISCOUNT

RAINCOAT

FOR

MEN

FINE QUALITY SILK POBLIN, UNLINED, "ABSOLUTELY RUBBERLESS. RAGLAN

STYLE WITH PRUSSIAN COLLAR IN A

SMART SHADE OF FAWN.

SIZES 34 TO 44 IN VARIOUS LENGTHS

$45.00

PER GARMENT

LANE • CRAWFORD • LTD.

The House of Quality & Service

Mr. Loule Park-lam, student of No. 144 Laichikok Road, and Miss Arne Chin Mak-yet, un ivo. 122 Fuk wing Street:

Mr. Tsol Tat-föng, censor of No. diture on defence measures invasion of Greece; the latter's 20 Yuk San Street, and Miss On Long Service, Jubilee and Corona-

magnificent counter-attack and Woon-pik, of No. 3 Caine Road: and the services unavoidably recently our own armles' brillant Mr. Shu Kit-wah, merchant, of incurred through the influx exploits in North Alrica which No. 151 Gloucester Road, and Mks of Chinese."

have had a most heartening effect go Wal-fong, of No. 13 Tik LAINE

Such are the high- "But," went on Mr. Paterson, in the East.

unparalleled in ** rt must continually remember lights of events that Hongkong is very susceptible our times which bring home to us to outside "Influences such as the as nothing else car how precari-

accounted for over 51%. Mean-pointed Regimental Sergeant situation vis-a-vis China, Japan, ous a world this is.

Our London office is carrying on while the export position is Major in 1930. Indo-China. the shortage of ton-

In 1937 be was appointed Garri- nage, movements of population and unscathed in the direct line of the clouded over by monopolies, con-

war and the fall of France of trols and extraneous Influences son Sergeant Major th Hongkong the withdrawal of which naturally have a serious A farewell presentation in his "It is therefore of importance course meant that fresh commitments should be the British members of our staff effect on the balance of trade and honour was given last Tuesday

branch on currency exchange.

evening at the Police Recreation at Lyons; otherwise our scrutinised with great care and

offices have not been affected.

LOANS TO CHINA

Club. The programme of enter- that economy should be the

Here in Hongkong. in Shanghai In view of their bearing on ex-tainment included a concert and watchword on all sides."

Referring to Japan, the Chair-and in Singapore, where your three change and trade balances. I should an exhibition of all-in wrestling.

G. S. M. Estall will leave a bro- man said that "recent regulations main offices are situated. results here mention the various credits Issued there seem to be designed have been satisfactory in spite of and Icans which China has receiv-ther in the Colony. Mr. A. F. Estall. to restrict or to drive foreign banks abnormal conditions, and in other ed during the year from foreign who is a Detective Sergeant attach- out of business altogether in the countries our branches have not sources. Detailed particulars have ed to the Water Police Station.

any serious complications not been made public, but you must same way as banks, in Manchuria met have already been restricted and until recently in Japan, as I w be aware that such loans were.

mention later on.

made chiefly for political. reasons. in some cases driven but."

The COURSE FORETOLD

published. announcement Developments in the Far East dealing with the most recent of have followed the course which the United States loans showed and that the donors were desirous that I regret to have to record the careful cbservers expected

for purposes of} death since our last Annual Meet-foretold two or three years ago."arrangements

was They perceived that the trend of monetary protection and manage- ing of Mr. A. C. Hynes, who

events would bring increasingly ment" (the words actually used Chlef Manager from 1927 to 1930,

to trade. But should be completed. That is sa- and of Mr. E. J. Davies less than serious, obstacles two weeks ago. Mr. Davies was optimists can rightly claim that tisfactory so far as it goes but that

fact proved so is all the information which is at or being robbed when travelling well known to many of you here trade has not in

bad as recent political develop present available. his death while still Joint)

The Shanghal Foreign Exchange Junk was Manager in London causes a real nents seemed to foreshadow, Both loss to the,, Bank.

claim to be right. If you look high mark of 4.29/32 pence and Magistracy yesterday when Wong The Report and Statement ol

Yuk-kun was points back at some of your former 8.1/16 U.S. cents, which in Accounts having been

your hands for some days I will, with Chairmen's Speeches you will be were touched in January, and a manding money with menaces and

low mark of 3 pence and 4.31/32 alding and abetting. surprised how often there have

Det-9gt. A. Bethell, prosecuting, A Colonial been gloomy stories about "uripre-U.S. cents in May. The year end- read.

cedented difficulties", "adverse ed with "rates about 3.1/2 pence said that a seamun, Tuen Kwal, munique issued yesterday states the fact After making full provision for

circumstances", "abnormal condi- and 5.1/2 U.S. cents.. The Stabl-arrived in the Colony on board a that having regard to losses and contingendes. the net

zation Fund continued to carry Holland steamer on Jan. 4. As he that European children over ten tions", "uncertain outlook" and so profits for the year amount to

deck, two years of age do not normally re- $13,999,869.99. an increase of about on. Yet if you, as a man of some out its stabilizing operations as was waiting on the

considering that boatsmen necessary and,

approached him and side in Malaya and should not be [ years' experlence in the East, your-

self think back and recall the the proceeds of exports are being lagreed to take him to shore for $2. allowed to enter, new instructions After deducting the interim dimany turbulent perices of the last largely monopolised both by the When the junk started to sail six were issued on Jan. 18 providing

authorities in the occupied and persons boarded the junk.

that in the future European wo vidend paid at 12.7/8 and Directook at forts' like Hongkong and unoccupied parts of China, It is Mid-way.complainant was asked men and children will not be per- tor's remuneration and including

Temarkable that the value of the to pay his fare which he did. ¡mitted to enter from the United Shanghai and their trade and $3.411.329.55 brought forward from last year, there remains for distri-shipping returns. you will realise Chinese currency has been main-Atter paying $2 the boatsmen said Kingdom unless possessing - exit that it was not enough since they permits valid for Malaya, or from that the upward curve of progress tained with so little dieulty. bution $10,876,745.77 which it is

has shown a continual advance, The establishment of the new had paid several tens of dollars other countries pless, possessing written or telegraphic authority proposed to deal with as follows:- Dictators and others with pervert Central Reserve Barik in Nanking for complainant so as to prevent

on January 6th 1941 and

of the Immigration Officer, Singa- ed ideas may slow the movement;

in his luggages from being searched. January 20th had

REFUSED TO PAY

pore. Fermits will be issued only.. down, but on the disappearance of Shanghat on

(a)-to. European women who Complainant refused to pay sad them and their like the rate of little serious effect on the Shang-

are normally resident in the advance will again at once accel-hal Exchange Market, but it can he was assaulted. They took out not be gainsald that the estab his wallet and robbed the contents

Colony, Labuan, Malay States. Brunei, Sarawak OT British erate to make up for lost time.

Tuen was taken No-one would however be so bold lishment of this Bank, coupled of. £2 and 10s.

North Borneo, or who are the as to claim that the graph of pros-with the existing currency situa- to Mongkok where the boatsmen

wives of persons normally re- perity is at this particular moment tion in North China, has made for hired a small sampan to take com-

sidents of these places; and pointing upwards at Shanghai or uneasiness since it is feared that plainant ashore. As the numbers Hongkong. The foreign

further measures-may follow. All

of the junk were covered up com- figures for China in 1940 are at the leading banking interests in plainant failed to identify the

junk.

? rst sight amazing, even allowing the Far East lay stress on the im- for inflated war-time

prices of Dortance of the continuation of

Acting on information the Police the existing free market.. at goods and for exchange deprecia

sailed to a Holland steamer an-

and

"your permission.

take them

as

$7 lacs compared with the previ ous year.

To pay final dividend

of £2.10 per share subject to deduction

of Income Tax 8.453.781.51 Premises Account $1,000,000.00 Carry forward to New Account

Transfer to Bank

.$ 3.422.064.23

$10,876,745.77

great

"While there, is no very change in the total of our balance sheet, there are quite.considerable

changes in the individual items on

either side.

That passengers were in danger

Malayan

irom a steamer to shore on board Restrictions

revealed

before Mr.

the pessimist and the optimist can Market in 1940 fluctuated between D. J. N. Anderson at the Kowloon On Women

two or three decades, and then

trade

from

were arrested.

charged with de-

And Children

Secretariat com-

(b)-to chlidren under the age often who are children of persons" normally Tesident in the Colony, Labuan, Malay States, Brunei, Sarawak" or Bri- tish North Borneo.

through

ΟΙ

tion. But for many reasons, some Shanghai. Any rash action, pre-chored in the Victoria Harbour on

The ban does not apply to of which were mentioned here last cipitating its closure or tending to Feb. 22. A junk was pointed out On the liabilities side there is a

transit passengers its restriction, whether substantial increase of $72 millions year, it is almost impossible to

or Nanking. might to them and eight people on board with a maximum or 14 days) or make a reliable estimate of the Chunging in Current Account Balances which real value of China's trade in terms

to children of residents' in Thai- regalt in unfortunate reactions pot

In an identification parade, and or the Netherlands East In- is largely offset by decreases of

of gold or sterling currencies.

only in Shanghal Itself but also

complainant pointed defendant as dies previously entered as pupils $32 millions in Fixed Deposits and

one of the persons who assaulted in Malayan schools. $24 millions in Bills Payable..

TOO EFFUSIVELY

him.

HOLDINGS INCREASED

Smuggling, exchange and trade in China generally.

controls, unrecorded imports and

་

Convicted on the second charge, sentenced to two

exports (which must have reached The record Revenue collection of On the other side holdings of big proportions), variations in the the Chinese. Maritime Customs has Cash and Bills have increased by methods of valuing goods, the em- been welcomed perhaps too effu- defendant was $32 millions and $52 millions res-ployment of special exchange rates sively by those who have not months' hard labour and to be ex-,

studied the situation sufficientlypelled from the Colony. pectively, against which Securities linking imports to exports and so

carefully. Although a record in and Loans show deelines of $30 on, all affect the issue.

One even

Chinese dollars, the millions and $36 millions respec- finds considerable difficulty in terms of tively brought about by the neces-dealing with single port like gure of 475 millions represents sity of keeping a quid position Shanghai: some of the anomalies only about seven & three quarter. owing to the war and the many disappear but other complications million pounds at the average rate of the year, whereas the previous pitfalla in finance which war arise. brings in its train.

E

i

UNCLAIMED

TELEGRAMS.

The following is a list of un- claimed telegrams from Shangbai

GAOL AND CANE watting claimants at the office of

FOR ROBBER

the Great Northern Telegraph Company (Limited):-Ku Yi-kien, 515, Kowloon Hotel; Tal Hung-to, Found guilty by a jury com- a/s "Tai sang," c/o Tuen Wo Rice One anhealthy feature stands year's collection of 331 millions prising Messrs. E G. Price (Fore- Firm, West Point; Madam Wong, By the proposal to write down out clearly. Shanghai last year was equivalent to about eight and man), Johnson Lee, Chan Shu, 5, Carnarvon Road, Kowloon; Fau, our Premises Account by a further imported from abroad large quan a quarter million pounds, and the siu Ho-ming, A. F. Baptista, Ng 509, Luk Kwok Hotel. one million dollars, that account titles of native products which the average, value in Sterling over the Pak-ming and Peter Cheung, on will be brought to the lowest figure hinterland can normally provide ten years prior to the Sino-Japan-a charge of robbery by two or shown since our Balance Sheet of For example, not only in value ese conflict was no less than 18 more, Mok Chung. 26, was sen-

tenced to 18 months' Hard labour gold finger ring and a shawl, four 1922. We feel this is a wise pre- but also in quantities the Imports million pounds. "caution seeing that a considerable to that port of rice, cotton, coal, Moreover, owing to the continu- by Mr. Justice Williams at the men ran away. "A bricklayer, Au amount of our property is in dan tobacco, sugar, flour and artificialance of the Sino-Japanese conflict. Criminal Sessions yesterday. Mok Aung followed one man from Sat silk in 1940 were all higher than in the position of the foreign loans was also ordered to receive ten Yee Street Into a lane. When *ger zones.

has in no way improved in the strokes of the cane. During the year changes have 1936, the last normal year. In that

arrested He had in his possession occurred in Europe which no-one year cotton, cereals, tobacco and lars are still set aside by the said that after relieving a woman,

past year. Quotes in Chinese/dol-

Mr. J. Reynolds Crown Counsel, $5 and a whistle. could possibly

foreseen. coal accounted for only

Defendant denied that he had There was the Invasion of Den-Jot import value. In 1940 they Cont'd Page 7, Col. 5 Ip Hung, of $9, keys a whistle, a anything to do with the robbery.

have

13%.

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HONGKONG BENEVOLENT SOCIETY

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ICE HOUSE STREET

10 to 12 Noon,