1917-10-03 — Page 9

COMMERCIAL NEWS.

Triomph of Modty' Power. Nothing, parbups, is more remarkable to reflect upon at the third anniversary of the war than. the whole position as regarde finance, wrote the city corres- pondent of the Times on the & anniversary of the declaration of 4 war. Whatever elso may have ben taught us by the past three years, it has deficitely been shown that ench a war was not mate "impossible" by financial con siderations, as the Russian econo mit M."Bloob, followed later by Mr. M. Normon Angell and others, had previously contended. On the contrary, the more practical -view |_ that-- wär-making would never be prevented merely by want of money or by the stagger east has been abandsntly justified. Yt in one respect undoubtedly the facts have shown how correct the swamplion was that the theory that money difficulties winst ex- c'ude the idea of a prolonged war of this magnitude, even though itself WES the conclusion

wrong. For on the financial side the events of these three years of war and the contin-, zed autpouring of money that has been demanded, bave passed all the limits that would * previously have been regarded as credible. Even soon after the war started, it is safe to my that no competent economist or financier would have admitted to himalfi porrible that at the end of three years Great Britain would be successfully fnaccing it at the rate of expenditure now acrally reached. Yet the world bila learnt to think in hundrede and thousands of millions where formerly it only thought in millions and tens of millions.) "Cos thing, at any rate, may ke said with perfect confidence." In spite of all the natural anxieties that may fliot thare whe, looking to a considerable prolongation of the war, sek how even greater in< cresees of expenditure are to be met and still greater increases of debt eventually liquidated, the financial power of Britain, both absolutely and relatively, bas never been more triumphaly demonstrated than in its position of three yeare at the end

we

ONGKONG-TELEGRAPH, WEDNESDAY

OUR DAY RDAY

18th OCTOBER 1917.

DRAWING OF WAR BONDS

LANE, CRAWFORD

WILL PRESENT

FREE

ONE

TICKET

& CO.

FOR EVERY $20.00

WORTH OF GOODS

PURCHASED IN THEIR STORE

(SHIP CHANDLERY DEPT. EXCEPTED)

FOR CASH ONLY

FROM SEPTEMBER 26 TO OCTOBER 16.

LANE,

recent

the

CRAWFORD &

of war. Alone among the belligerente it in paying for a large proportion of the cost of the war out of an enormously increas „ed tax revenue, Hoge as is the beolate increase of our National Debt, its service in interest is smply covered by the increase in revenue, while, in proportion to figure given for Germany ex the nations' wealth, ite total clades) any financing of the Allies. amount is still very far short of The is still some misconcer- what the National Debt was in ion on this point, bat Mr. 1917, at the end of the Napoleonic Bonar Law's

figures Ware, proportionately to there quite clear. So far during the national wealth hundred yeare pressat financial year cur irre- It is at least reasonable to c.vérable expenditure excluding БДГ.

the long advances to our Allies and Do Euppose that, in years to come, and car minions, bee averaged about children, and if necessary. eur £4 500,000 a day, and ner daily. grandchildren, will be able to expenditure outside Wote of shoulder this borden no less Credit would increase this to #uccessfully than the generations about 25,300,000 a day. Our after 1817 in the oase of the debt actual expenditure, including contracted during the preceeding loans to the Allies, has, however, 23 years of war. What is our bern at a rate of about seven, Ectoal position to day? Voter millions a day since April I last. of Credit buve been exhausted to The most striking proof of our an amount of 4,640 millione in ability to meet this expenditure, these three years. If we add to including the service of the loss this our expenditure outside wa bave bad to raine, bas Votes of Credit, we may pat the been the increase in our *.total national Expenditure revenus BIKCA

war during the three years from began. Before the war our Bad- August 4, 1914, to August rets were balanced at about 200 4, 1917, at approximately millions for revenue add expend- 5150 millions. Towards this weitare. In the currant, year 8 re have provided about 1,250venue of 838 milions had been millione cut of revenue, and budgeted over the preceeding about 2,000 millione by so year. But already, in these earlier increase of our National Debt. months of the year, there is ap- But this latter figare has been crease of 61 millions in the re- artificially swelled by nur having renus as compared with the same lent no less than 1,171 millious period last year, so that the pro- to cur Allies and Dominions; thi bability is that the estimate will is not our own expenditure, snd be considerably exceeded and in the main may be regarded an that the receipts may be Letween invo+tment. There is certainlý | 850 and 700 million. And bow justification at this moment for about British credit-that im- taking it so part of the debt on palpalle force which has been which we shall have to find the Ibs foundation of all cur interest after the war, and we are foancial succo in the past? entitled at present to put it in a Alter three years of war esparate account. It we da, the we may feel securely that it real addition to our debt is only is even more firmly rooted about 2,730 millions, making it than in all our history. This present total amount about 3,380 single factor, we believe, is millions, as against 650 millions destined in the fature to play. before the war interindra Gor- the meet potent part in the many a debt to dead more like recovery from the destructive 5,000 millions Submanding ffect of the wer itself. Alone now at a rate of over 100,000 of the European belligerente wa 1 day and sciusti apeod i have remained du sygold basis in,

rather lem than that on sizi pite of all the difficultion, of an

nd. ex- anprecedented drain of i munay? lads, (as the / and the nzosarity for making the

CO.

...THE WORLD'S BREAD.

pound sterling the medium of payments abroad on behalf of oar Allies as weil sa caresÏvea.

There would be plenty of work The frot that British credit has for everybody after the war, said stood the strain as it has done Mr. Sidney Wabb in an address during this critical time will delivered at the Hampstead establish it more firmly than ever | Garden Suburb Summer Meeting throughout the world after the recently. There was going to be war. It is not merely a question a world shortage in raw material, of the rates at which this country and the country would have to could borrow daring the emer- wake up and produce. There gency of the war, it is shown must be no cancellation of war directly in the continued smpre-bnaases, which were given cat macy of the pound sterling as the | for the duration of hostilities, bat basis of our own and of inter- to meet high prices arising from national fuence. Gorman credit them. There would be an insur -particularly as tested by the reotion if wages were reduced, depreciation of the murk abroad Famine would probably take to a mere half of ita valne, under place, and all the nations most conditions of an overseas trade agree that there must be no practically killed and therefore equitable distribution of their not calling for payments abroad, exportable surplusss to those wheress British imports have been other countries needing them. bagely increased has traeived s There must be no priority either blow from which it is not likely to class or country. It must be

recover. in our time. Bat

case of nobody having cake till British credit ia undimmed.

Leverybody had bread.

to

VISITING

THE HOME OF

PRIMO BEER

Stocked and sold by all Win

& Spirit Merchents; Hotels

and Clubs,

RUTTONJEE

OCTOBER 3, 1917.

HONGKONG SHARE REPORT

SBELLERS; SÅ BÅLES: B-BUYERS; N.—NOMINAL,

OFFICIAL PRICES. BANKS,

Indo's (Del.) Indos (Pref.)

Shells

***

BANKS.

BANK OF CANTON,

LIMITED.

HEAD OFFICE, HONGKONG

FOREIGN EXCHANGE and General Banking Business | Fransscled.

INTEREST ON FIXED DEPOSITS:

Chief Manager.

BANQUE INDUSTRIELLE

*

DE HINE.

行銀業實法中

H. K.& S. Banks sa

$600

MARINE INSURANCES.

Cantons

$320

North Chinas n. 1.110 Unious

$770

Yangtszes, 8x 75 $19)

FIRE INSURANCES.

China Firea

H.K. Fires

b.

180 $290

SHIPPING.

Douglases

b. x. d.

Steamboats 庄。

$73 $17)

na. $931 94

D.

♫.

$35 107/6

For 3 Months 3% per annum.

For 6 Months 4% per annum.

For 12 Months 44% per annum LOOK POON SHAN;

Ferries

+1

+

REFINERIES.

Sugars

B.

$85

Malabona

6.

$29

다

MINING

Kailans

b.

Langkats

401- 614

Raubs

Tronohs

Urais

$2,50 281-

$21-

281-

DOCKS, WHARVÉS. GODOWNS, &C. H. K. Wharves: as. 3823 & 85 Kowloon Docks n. $115 S'hai Docks

t. 72

LANDS, HOTELS AND BUILDINGS.

Centrals

b.

H. K. Hotels

Land Invest. · 1.

$89 294 $28

H'phreys Est.

$6

K'loon Lands

S'hai Lands

Y.

West Points

b.

Reclamations

30.

$23 £74. $85 $115

• COTTON MILLS.

Ewos

t. 169

Kung Yiks b.

1. 14/

Oriental Cons. b.

S'hai Cottons b. x. d. t. lli Yangtszepoos b.

Orientals

MISCELLANEOUS

Borneos

China Light & P.. Providents

Capital ( Paid us) Fanos 45,000,000 - (1/5 of the Capital subscribed by the Government of the Chinese Repubicl

Chairman of the

Board of Directors Andre Berthelot, General Manager & J. Pernotie. HEAD OFFICE:

74 Ru Baint Lazare, PARIS

BRANCHES:/ PEKING. SHANGHAI, TIENTSIN. HONGKONG, and SAIGON.

BANKERS

In FRANCE: Société Générale pour

favoriser le Développement, da Cam merce et de l'Industrie en Frupos.

In LONDON: London County & West-

minster Hank, Ltd,

In NEW YORK: Redmond & Co. In ITALY: Banca Commercials lialiana. Telegraphic Address: CHIBANKIND.

Interest allowed on Current Accounta and Fixed Deposits. Terms en application Every [description of Banking and Erchange business transacted.

M. ROUET DE JOURNEL, Manager.

HONGKONG BRANCH Queen's Building. Tel No. 2352

3. Chater Read. Hongkong, 20th August, 1917

NOTICES.

NOTICE.

15,13 t. 36

1.

$61 *$4,50

-B

$714

Dairy Farms b.

$21

Green Islands

*$7.25

H. K. Electrics

b."

48.

'H. K. Ice Co., Ropes

п.

$ 149

Π.

$26

$10

位

Trams, Peak, old 9.

$83

է

Trams, Peak, new s

cts. 90

130 A 10.

Laundries

b.

$13

8.

8.

$6,50 $29

1.JS P.W.

.100.3.

5.00 10

Steel Foundries

Trams, Low Leve) sa

U. Waterboats Watsons

Wm. Powells Morning Posts n.

CORRECTED TO DON TUESDAY OCTOBER 2, 1917.

BENJAMIN & POTTS, Share and General Brokers,

Princes Building.

ว่า

T/T

Tel. address: Broker.

PEAK TRAMWAY CO.

LIMITED.

TIME TABLE.

2.30 AM 1

11AM 10

TA

10,00A.M. 11.00 AM 31.467.1.

1.168. LAS PAL

BANKS

HONGEONG&

BANTING-

VIATION.

Paid-up Capital". RESERVE FUNDS Starling A

$15,000,00

£1,500,000 ML 25-

-815,000,000

BilvériL818,500,000 |

Reserve- Lizbility of

Proprietors...

$33 500,000

000.00%

COURT OF DIRECTORS.

Hoe. Mr. S... Dotwall, makalenine, Hoo, Mr. P. & Halyos-Depety

X. REMEMB

EV. D. Pan, Erge W. L. Baton A, E Compton,

URIED MANA REIK Hongkong-N: J. Ma, 120

*MANAGEM

Shanghai G. Crapher, Eme London Baker London. Operet 168.

Wustakawer Rank, Limited.

Hongkong-Termast Allowed 1 On Carr commits at the ružu MED De "Lauam on the Billy balança.

For months, 24 per cent, per DENTAL, For months, 24 per cent, por ALKA Foris month. I per ceAL DA CİNSEL

N. J. STABBA

•Chief MinaRET.

HONGKONG SAVINGS BANKN

THE Emine of the above Hank'i fonducte by the HONGKONG AND SHANGRY BAXING

CORPORATIO Rules may be obtained on applic BILLEST on doin ich có thể n inthly balance at Sri DU OUL. DU! SECURI, Deposkors may itsaster, di cheir option, kelamere efon of more to the Mosghag ant - Naught Bank sobe, placed on FIXED DEPOSIT W coat. parano

For the Hongkong and Shurghat Bankir Corpora Hos

N. J. STABE

Chief Manager-

THE CHARTERED BANK OF INDIA, AUSTRALIA AND CHINA.

„„„Jacorporated by Beyil Charter Tags

PRAD CUTTI —J OP DOR - ! PAID UP CAF). 100,00 RESERVE FORD

RESERVE LABILITY OF

PROPELETORA

FOREIGN EXCHANGI m¿ Quarai Bexitos

business manaCTOR.

CUNALNI ACCOUNTS opennő, unë ja DEPOSITS received for 1 year or abentur parices, s rates which will be casted on appliedON

T. Q. DOWNING,

Hongkong, 11th April. 1912

THE MERCANTILY BANK OF

"

INDIA, LIMITED-

Head Office 15, Gracecharel Street, London.

Authorised Capital ................£1,300 NOS Ontariibed

Paid Up

Reserve Fund.

n'

1.125,00€TMTM

SALSIC

600 001

BANKERS The Bark of Esterd The London Jim Stack Bank, Lincks wi

BRANCH

Hongkong

Corbay

Cricuria

ZYT ta X

(nib>

10 MIN

Delhi

18 Mr.

Селе

16 MIX.

10 MIX

18 MIN.

30 MEM

IB MI

#

10 M

MIGHT CARE. 182.x, and 1, TAL RM 10 11.80 236 ovary half hour.

13.00 to 11:48 9.3. every quarter bi su bour, SUNDAYA:

1.2.10 10.30 4.3. 11.00 AM. $5.00 Noon

1 to 100

4.00 J.

LEPK 14

4.30 9.35 10 1.00..

Megat is Mix.

10 3:

12 Mxx.

10 Mxx.

->

10 MIX

IB MIX.

LO MEX

BIGEST CARE as on Wook Days

SATURDAYO:

EXCHANGE.

SELLING.

2/1014

Barra Car at Midnight

2/1156

BFECIAL OAKS.

2/1094

2/107%

BY LITAGESICSut i the Commoy's OCION,

Alexandra Sing

2/11

Nom. 12234

Demand 30 dis........ 60 d/s........ 4/8...... T/T Shanghai. T/T Singapore

T/T Japan............ 13394 T/T India........... Nom; Demand, India...... Nom. T/T San Francis-1

co & New York 5816 TT JAVA............. 134 T/T Marka........... Nom. T/T France 3.98 Demand, Paris 3934

BUYING.

4 m/s. LC........ 2/1134

4 m/s. D/P.......

2/1174

6 m/s. L/C

31-16

30 dfs. Sydney &

Melbourne..!

3-16

30 d/s. San Franc-1

isco New York

6934

4 m/s. Marka

4 m/s. Francs ......

Nom. -4.15

6 m/s. France

4.20

Demand, Germany..

Demand, New York. €83% TIT Bombay

Demand, Bombay.... Non- T/T Calcutta

Demand, Calcutta... Nom. Demand, Manila... 137 Demand, Singapore, 12294

On Haiphongan WAY. DEBIT On Saigon. .................. tih, prem. On Bangkok. 534. Bovereign

6.85 Nom. Gold Leaf; perom..., 48,49 Bar Silver, per oz... 4732)

SUBSIDIARY. COINS.

DISCOUNT FER $100:

Chinese Chip Ho

Der Teus. Hood....

*Bez kad punch ticketą «'vallable for all ALTE DOR ALFAty foż, rauning at the time stated in the Company a time tables bar not for special mars, can be blazed on application/at the Company Office Na Kauno dieven will be YAPURNA ERE! IMyzen; thiopetre has been "inade 1 Faal Nos or by Che-jue or Compradore ovdar Tegebentes back time

JOHN D. HUMPHRETS & CON

THE CHINA PROVIDENT LOAN AND MORTGAGE CO., LTD.

(Capital Paid up......$1.250,000.)

Lonza en Mortgags of House Property, da, Geoda reavad on Blopace. ARVADINI Made on Matoliandise. LAANA KIKĜE RE 104 PTOFICATE A FALELİ

CETRE, KIECITOR OF WILLS, LTTOKERI, Kɛ, Undartakas and Ramzah, Bases and Particulare on application

To, tha Oflen of th SHEWAN, TOMES & CO.,

General Managers.

“MARTIN'S

APIOL SSTTEL ZEPILLS

masa da, A23 Chevanta sad klovne suis

Howrah

Kandy

Port Lola (Maarideal

Ranchi

Kota Bhar

Kuala Lumper

Madr

HALTIGE

+bangbal

Kingsport

HONGKONG EXANCH.

Berry description of Basking and Exchang. business transacted.

Interest allowed no Current Accomata at 's paren persanum on Daily Balances, and on Fixed Depos at rates which may be sadersalnad on application

C. CHAMPKIN,

Acting Mansor.

INTERNATIONAL BANKING

CORPORATION,

HEAD OFFICE:

Is, Wall St, New York

LONDON OFFICE:

Bishopsgate EL

CAPITAL & BUPPI.US US, 35,300,001 UNDIVIDED PROFITS U.S. $1.348,004

1,8,* $7,748,000

BOMMAT CALCUTTA

CANTON CEBU POLOS

BRANCEPS :-

LONDON MANILA.

FAN PEDRO

DE MAYORIS. SAN FRANCISCO

"PANAMA. SANTO DOMINOF

PFKING.

RANKOW PUERTO

HONGKONG PLATA.. TIENTSIN

KOBF.

SHANGHAI SINGAPORE YOKOHAMA Thomes its close allation with The NATIONAL CITY BANK OF NEW YORK, the Back is able to offer Eervices of the Bianches of that fardenio Cars South America, and

BAHIA BUbers. Amal

AIRES, GENOA, BAYANA MONTEVIDEO. RIO DE JANEIRO SANTIAGO DE CUBA, FANTOR, SAC PAULO, PETROGRAD VALPARAISO,

"..

All kinds of FOREIGN & LOCAL BANKING BUSINESS transacted.

CURRENT ACCOUNTS speed and PIXEL DEPOSITS TOIVOÉ EL CALOS to be excarialaed or applicative.

GEORGE HOGO) Manage

Hongkong. 26th September, 1916

THE

YOKOHAMA SPECIE BANF.

LIMITED.

Established 1880. Autliorised Capital Yer 48,000.000 Paid-up Capital .... Reserve Fund

36,000,000

22.100,000

F98 Office-YOKOHAMA

Brinchi Antung Malan Bombay

Galerni

Dalrem

and