1917-11-20 — Page 9

An Outspoken Article.

Zar com

THE HONGKONG TELEGRAPH, TUESDAY, NOVEMBER 20, 1917.

COMMERCIAL NEWS.

HONGKONG SHARE REPORT

S-SELLERS; SL-SALES; B-BUYERS; N-NOMINAL.

OFFICIAL PRICES."

BANKS.

* 868-) H. K. & S. Banks.

MARINE INSURANCES.».

L

BANKS

BANK OF CANTON,

LIMITED

HEAD OFFICE, HONG KONG

JOREIGN EXCHANGE and General Banking Business Transacted.

INTEREST ON FIXED DEPOSITS:

5.

$320 t. 1121-

$775

bex $190

$180

i!

12.

$310

For 3 Months 3% per annum.

SHIPPING.

II.

$79

For 6 Months 4% per

N.

$19

ե.

$195

For 12 Months 41% per annum

b.

$34

b.

107/6

$281

REFINERIES.

1

է:

$88

П

$294

MINING

BANQUE INDUSTRIELLE

DE CHINE.

B.

40/-

b

£ 121

3.

$2,50

Π

281-

*.

3.

"281-

A

30-

$89 $119 t. 71

b.

b.

$30 $90

B

$88

n.

#85,75

་ ་

$30

BUSINESS AND

to impossible to kiep pase. Com great apanding departments are a BUREAUCRACY, mittees innumerable with powers law unto themselves, and in all derived by a more of ancossion mattera conuented with naval from the hiddsa mandarins în and military expenditure Parlia Whiteball Üme

* pontifical ment dom not know the actual Japanese Exchange in Shanghai.. control over everything and every figures, batoisepat off with The following is from the body, Regulations made one day token estimates. The urgent need

for some... tîma past, sayɩ the Middlesbrough Monthly Ciren are often cancelled the pert, one of the day is for the vigilari con- Japan Chronielė, Mr. Oku Shige- authority overlaps another, and trol of national expenditure and sabero, President of the Kyoto- Among the many churger sil of them together would almost the resumption by Parliament of

Om Tramway Company (who wrought in the epɑikl and indus-(seem to be engaged in álcám- its duties and rights in this vital trial life of the people by the war, petition not to do the best for the matter. Some two hundred meme was several years ago President note has been greater or more country, its people, and its in-bers of Parliament, belonging to of the House of Representatives),

than the rapid growth dustries, but each to assert to the all parties, bare taken this ques and certain other infiuential Cantons disturbing of bureaucratic government. So fall its superiority over the other tion up, and it is to be hoped that Japanese business men, nesisted alon

North Chinas b. great and so complete has become In this scrsable for power the they will evoceed in compelling the control of the bureaucray in blessed word on-ordination would the Government to came to heel. by come Chimese of inflzeno, and Yangiszes sli department of the national appear to be forgotten, and official. A committee ought to be formed, of Japaness sympathier, have FIRE INSURANCES. lils, that the assertion is frequent, ism with its relentless matine on the lines of that in existence in been sogaged in a plan for the China Fires 5. ly heard that in destroying and red-tape rides triumphantly the French Chamber, to superview establishment of an exchange in H. K. Fires Prussianiera în Germany we are over all. It many be willingly expenditure, and to compel the Shanghai for transactions in running the risk of transplanting cascaded that the members of disclosure by the responsible important commodities, such sa Douglases it to Britain. Government by ex- this bureaucratic machine are permisisters and officials of the state raw catton, collon yarn, cotton Steamboats ecutive decree, seems to have sonally animated by the highest of the national finances. It is futile cloth, sugar, etc. It now sems Indos (Def.) taken the place of Government motives, but they are overpower to oriticise expenditure after the that the project is approaching Indos (Pref.) by Parliament, and even the ed by the traditions of the machine event, for this will not check the materialisation. Some particulara Shells wphere of the Judiciary has been itself-the

monster- daroura riot of extravagance.

of the proposed Exchange ar Ferries invaded. The peurpation of them all. The greatest trouble The governmental machine has | given by Mr. Oku, whọ has just power by the Executive wis sa of all is that so many of become só vast and so gumicage- returned from China, whither be Sugars unwelcome feature of Iegislative the 100 appointed toable that ministers ought to wel went on business connected with Malabons methods.before the war, for in positions of responsibility appear come rather than frown upon the enterprise. Mr. Oku aje: more than one instance in ceisin to be woefully ignorant, especially efforts to help them in the per-At present in Shangbai, be- Kailans Acle of Parliament the right of in industrial and commercial formance of their taske. It is no sides lively transactions, in stocks Langkats appeal to the Courts was delibe matters, of the subjects with time to raise nice questions of and shares. there are large Raubs rally withheld. Since the war which they are called upon to precedent or ministerial etiquette. and brisk transactions in Tronchs began, and in the interesu we dest. Hence, in contact with Such a Committee as we have colton goods, jogar, rige, and Urais are told-of its rigorous prose men who rightly understand the suggested might appoint sub other commodities for the supply Oriental Cons. cation, the liberties of the business and get their living by committees, each of which could end distribution of which Stong- DOCKS, WHARVES, people have been excrouched it, they frequently take refuge in take the direct supervision of one hai constitutes a very important - GODOWNS, &C. io innumerable directions, arbitrariness, in rapid changes of of the spending departments. Centre. Yet there is no orgin in H. K. Wharves i Under the Defence of the front, in exasperating delays and Bach committee supervision has the port for determining the Kowloon Docks Realm Act, the Munitions of in inaccessibility. In would seem hitherto been unknown in Eng. standard prices of commodities. S'hai Docks b. War Ack, and other measures, contrary to the traditions of the glish parliamentary practice, but This fact is no small chatacia to LANDS, HOTELS enormous powers have been con- machine ever to admit a mistake, its usefulness in existing circum- the development of Sino-Japanese AND BUILDINGS. ferred upon the Executive which There is no appeal from destances would be unquestionable, trade since the majority of the Centrals ensble it to isene orders sad re Loisions, however doubtful, and Unless something of this kind in commodities

mentored come H. K. Hotels. golations which cover the whole to reach the real fountain head done the financial condition of the from Japan. If the desired Land Invest. field of national activity. The is almost as difficult as find- country may become very serions, organ is provided by Britiahere H'phreys Est. liberty of speech and of the Pressing the proverbial needle in The nation is running up

Bar Americans, this will be Kioon Lands have been seriously curtailed, and s bundle of bay. As regarda tremendous bill which must not a little prejudicial to Japan's Shal Lands in the domain of commerce and the iron trade of Tees-side it inevitably fall upon the prodne interest. Accordingly, the Japan- West Points industry both employers eadem must be gratefully acknowledged tire industrise of the country. ese business men interested are played have been and are eab that the wind of boreaucrsoy has The question is, therefore, pre-arranging to establish an Ex- COTTON MILLS. jected to the strictest control, been somewhat tempered to dominantly a business man's change with the lasst possible Ewos onlil to-day there is practically traders by the patriotic efforts of question, and the business delay. At present Japanese mer- Kung Yiks no free market anywhere either several captains of industry, who interests of the country ooght chants and manufactures having S'hai Cottons for goode or labour.

bave most loyally and ably sought not to lose à day in impressing taken the place of Germans in Yangiszepoos No age, of course, will deny that to provide the departments con- the seriousness of the position competing against British trade Orientals the exigencies of the war, for cerned with some knowledge of upon the Government, and in and industry in China, there are MISCELLANEOUS. which we were so disastrously ill-the great industries they were insisting upor... an efcient abundanteigne that Anglo Japan- Borneos prepared, bave procritated the called upon to control. Even so, check

expanditare.eas competition will become China Light & P.. upon Asumption by the Government of manufacturers and traders on Even the wealthiest country keener than ever. In view of Providents a great extension of its authority Teesside have not been without in the world cannot indefinitely this conditon of affairs the Dairy Farms over the lives and liberties of the many painful experiences, sad continue the "rake's progress," ronning of the proposed Ex- Green Islands people. It is equally undeniable have learned pretty well whstand it is in

the highest change by Japanese in Shanghai H. K. Electrics b. that during the past three years bureaucracy means in relation to degree in the interests of victory is 52 important affair. The. K. Ice Co

Ropes the people as a whole have most borinces,

as well as of the future welfare of Exchange already existing in loyally and patiently bornestery By this time they are all ex-the commerce and industry of the Shaoghei is ran on a rather small Trams, Low Levels.

Steel Foundries n barden laid upon them, and every perts in the art of form-filling, country that existing methoda scale by British capital, transact Trams, Peak, olds. deprivation declared to be necess and have long cessed to wonder should be overhauled, Bat the ions being confined 10 rabber Trams, Peak, news ary in the interests of the national as the supreme contempt of existsoca of the awollen burean shares of the companies in the Laundries" defence. But they have the right officialdom for the business me-oracy which successive Govern- South Seas and elsewere. On U. Waterboats to demand that the Government thode of losser mortale. Many ments have called into being is, the other hand, the Exchange Watsons. eball justify its aprecedented instances of the ways of official-if possible,

greater proposed by the Japanese will be Wm. Powells claime by economy and efficiency dom could be cited which would menace to the fature of British quite comprehensive in character. Morning Posts in administration, and that the be bumorous if they were not so industry than the present rate of It will be open to transactions in people obell cot become the serious, and so wastefal of the expenditure which is one of its raw cotton, colton yarn, cotton victims of baresacratic incomtime and energy of business men. immediate Fruits,

cloth, sugar, etc., and also in shares petence and ineptitude. Ever If prior to the War anyone in this British industry has tolerated of the principal companies profac eines the fatcfel 4th August, district had Iraninge towerde the system for the daration of the ing those commodities and railway 1914, the epbare of govern-Socialism, with its so-called con-wer, but it will have a poor chance and steamship sharse. The Ex- mental control has been steadily trol of industry, we should ima-sgainst foreign competition after change will be organised as a and unceasingly enlarged. Now givethat the experience of the past the war if it has to carry this joint-stock company with serpita! "departments have been crested I three years baadpersted as sprfiec- Old Man of the Sea" upon ite of 10,000,000, in its manage. sholesale and cficial steffatual care. Oas ofthemost serious back. By hook or by crookment important parts will be expanded until there is hardly results of this orgy of bureaucracy industry will bare to ebake of taken by some of the directors of larga hotel let in London which has been the prodigious cost to the shackles of baresacratic the Exchanges in Tokyo and TV ... 2/1014 has not been seized for admisie the nation. Expenditure has gone regimentation, with its stazeo Osks, & part of the capital will Demand............. trative, deep, while even the up by leaps sad bounds, say typed methods and its imper-be ofered for public subscription, 30 die Victoria and Albert Museum has departments hers seemed to visviousness to new ideas. All that both Capanese and Chinese. No 60 dia.......... been taken over. The present with each other in wasting the industry asks from Government Chinese, however, will be included** bugrness of the bureaucratic national resources, and Parlia-is a fair field and no favour. But among the promoters, since the T/T Shanghai.... machine, with its hosts of highly mentary control over anance has while it is easy to create depart company is to be established / Singapore paid officiala, b the imsg-became merely a figure of speech. mente it will we

T/T Japan fear, be found under Japanese law.

It ex-T India nation, and from this macbize is National experditure at the far less easy 11 get rid of them pected that the establishment of Demand, India ... showered upon the lieges a caso present time is not only macon- again. Mach is said about the the proposed Exchange will be T/T San Francis- less steam of diote, orders and trolled but apparently in existing difficulties

attend completed by Jonasry regulations with which it is next conditions ancontrollable. The the demobilisation of the February next.

MAISON LILY

LADIES' FRENCH

AND

DRESSMAKER

MILLINER,

EVERYTHING FOR LADIES WEAR.

ALL KINDS OF MATERIAL AND TRIMMING FOR EVENING DRESSES EVENING CLOAKS.

ETC, ETC.,

An even

that

will

army, bat it will probably

be even more difficult to demo. bilise the army of officials which

Steel Profits.

Reclamations

3.

'b..

LOOK POON SHAN;

Chief Manager.

行銀業實法中

Capital (14 Paid up) ...Franca 45,000,000 (1/3 of the Capital subscribed by the Government of the Chinese Republic.)

Chairman of the

Board of Directors Andre Berthelot. General Manager A. J. Parnotta.

HEAD OFFICE:

Ree, Saint Lazaro, Pakis

BRANCHES: PEKING. SHANGHAI. TIENTSIN

HONGKONG. and BAIGON...

BANKERS.

In FRANCE: Société Générale pour favoriser le Développement du Com. merce et de l'Industrie en France. In LONDON: London County & West-

minster Bank, Ltd.

In NEW YORK: Redmond & Ca In ITALY: Banca Commerciale Italiana, Telegraphic Address: CHIBANKIND.

Interest sllowed on Current Accounts and Fized Deposits, Termsen application. Every description of Barking and Exchanget basiness transacted.

H. ROUET DE JOURNEL, Manager.

HONGKONG BRANCH

Tel. No. 2359

5. Chater Road. Hongkong, 20th August, 1917.

NOTICES.

BANKS

HONGKONG SHANGHAI

BANKING CORPORA.

TION. Paid-up Capital ......$15,000,000 RESERVE FUNDS:“

Sterling

£1,500,000 at 2/-". -$15,000,000 Silver...$18,500,000

$33.500,000

Reserve Liability of

Proprietors... $15,000,C ĐI

COURT OF DIRECTORS.

Hon. Mr. 3, 11. Dodwell,-Chalwar, Hos. XI. P.. Holyoak-Depese Chalezet Hea Mr. C & ARION, F. C. Retches, . 0. T. M. Min. Ra E., D. Par. E. Pertanden, Escu➡ C. Fi Gubbar, Jac. A. & Compton Eag

"ORIEP "MARADER Rosgkong-N. J. Quabis, Meg.

XAXIGEN

Shurghat G. Stephen, Esc Lordes Bankers-London ConỤY RIG Wesmiauer, Bank, ted

Honglong-tonaust Allować i

On Current Accounts at the ruli ti fper CRYO

on the daily balance

ON FIND DEPOSITS.

For 1 months, så per cEEL DR ZAIRE. For mucias, så per cent pst usaam.

or i molt per cent. Per ANNEM, N: J.STABE.

Chief Hanners-

HONGKONG SAVINGS BANK, THE Beslem of the above Back is tesónciać ty the HONGKONG AND SHANGHAI BRING CORPORATION, Rales may be obtained on applicatio INTEREST depvolta it allowed on the under imam monthly balances at 3 per CHIL. 300 ARTEI

Depositors wsy transfer, at iber optics, balances of $100 or more to the Hoogkot and facita Rask to be placed on FIXED DEPOUR. » Gent per una,

For the Honging and Shanghal Banking Corpor• •

N. J. STABE.

Chief Manager.

THE CHARTERED BANK OJ INDIA, AUSTRALIA AND CHINA

Incorated by Royal Charter 1813

HELD OFFICE;—LORTION...

PAID-UP CAPITAL £1,100,0 KESERTA FUND KESERTE LIABILITY OF

PROPRIETORS

FOREIGN KICHANGE, and Gearral Berkai

business tanczać, COKEKET ACCOUNTS Opened and DEPOSITS reeved for or sherter period. rates which will be quoted on application.

T. C. DOWNING,

Manigr Hongkong, 11th April, 1811.

THE MERCANTILE BANK ‹ ›) INDIA. LIMITED.

Head Office 15, Gracechurcs Street, London.

Authorised Capital ......£1,500,not Subscribed

t. 74

..$79

$115

t, 155

15

Queen's Building.

$.

t114

b.

t. 5.60

t. 361

b.

$61

8314

b.

87.12

b,

$29

0.

$7,35

$48

1,

$147

[+

1291

$10 26.60

TIME TABLE.

$85

4.00 A

Ermy 15 MIN.

Bombar Calcasie Colomb.

cts. 90

A. 10

10.00 X

Delhi

10 MIN

Galia

b.

4.

$13

11.

$534

ILAN 10 ILUT.M. 10 LUJ to LUPIL L

19,00 AM.

1.15 F.M

16 MEH

M

Hongkong

Howh

20 MIN

Kand

10 MIN

&

$6,50

IC MIN.

IL

$29

CORRECTED TO NOON TUESDAY NOVEMBER 20, 1917,

BENJAMIN & POTTS, Share and General Brokers.

Princes Building. -

Tel, address: Broker.

EXCHANGE.

SELLING.

2/1458

2/1094

2/1074 2/11

Nom.

12244

-13242

Nom.

Nom

6814 or co & New York/

T/T Jav. 15431⁄2. T/T Marks..................... Nom. TIT Franca.......... 3,98 Demand, Paris ...... 39816 one politicians have called into The United States Ster Car-

11. BUYING. being. Vested interests bare an poration in the second quarter 4. LIC................... 2/1134 upoanny way of fastening them- of this year reported tote 4 m/s. D/P.......................... 2/1178 selves apon us in this country, earnings at rate of approximately 6 m/s L/0. and the innumerable now interegte $37 50 ton before ded collog 30, die. Sydney & 3'-14 which the war has brought upon war taxes, dividends, interest, Melbourne us will not be moved without etc. in 1916 the ratio of net 30 dja. San Franc-Į

**6934 determined effort. Now is the per ton sold WAS 821 58 ca

inco &New Yorkĺ

Nom Į time to act, and the Chambers of deliveries of 15480,792 team,

4 mja, Marka 4 m/s. Francs...... 13 Commerce should take the lead. Assuming that ratio of rer per

6 fala, Francs .... 4.18 The Government should be ton of bs-in of the new sebainia) Demand, Germany... compelled to make a clear of prices in $22, net esroinge Demand, New York. 6356 statement as to 'the' fainre of would amount to approximately T/T Bombay all those war-time departments, $340,000,000, O! that amount, Demand, Bombay... Nom and as to the state of the official bined on Becobd quarterly T/T Calcutta who are employed. In the interport, depreciation and sink Demand, Calcutta... Nom. sate of nations) finance, libertying fonde would shrieb $65,000, Demand, Manila and good government, these 000, interest 822 000,000, and Demand, Singapore. 1224 departments ought not to remain preferred and common dividende, On Erigin. 22 prem. On Haiphong.............. 2347, piem.. in existence a moment longer including 12 per cent, on the On Bangkok........ 5914 than can be avoided. In nadas commen stork, $111,800,000, a Sovereign allowed to establish a claim spor balance of $141,100,000. Ous of Bar Silver, per oz.— 4334 abould temporary offimals be total of $198,800,000, leaving a Gold Lou, per cz... 44.20 the taxpayers of the country any this balanos would have to come greater than that to which they war tax which were at rate of SUBSIDIARY COLMS. would have been entitled had $216,000,000 annoally in the employment. The motto of all taxes under the new schedule of they remained inordinary civilian second quarter. However, war

business, men should be "Bar: aloel prios will have.

Try esuorsoy must go,”

drastic contraction, &

137

4.35 Hom.

Chinese... 20 cta. pieces 5X3 dir

DISCOUNT FER $100 £

Thiness... 10.

54% Hongkong 20 cents, o, par, par,

Paid Up

Reserve Fand

1,115,000

562,501 600.00

NOTICE

PEAK TRAMWAY CO.

LIMITED.

BANKEES

The Bank of England,

BRANCHES.

The Londoo fot Stock Bark, Limb 14

Kameti Kota Bhar

LE M'A

1.46 P.M. 1.16.

&.00 ..

4.90

T.M.

MIGHT CARS

3.30 13. and $ ra. 130 30 11.30 ...ary tall boar,

11.00 P. 20 11.40P,M." vvery quarter of so bour SESDATE:

10. &.. BURY 18 M19 16.00 A.M. 1200 Noon

મ

MAM, 10

15.00AM, SO

1.800.3

ப்

to 100

10 157.

1.30 PM.

1.30 F.M.

18 MI

10 1. 16.

£120 150 LEX

KIQET CARS na ya Week Day

KATURDAYS:

· Ron Car, as Mièright.

SPECIAL CARE

By Arenagensson as the Crespany's Offion,

Alexandra Bullies, Des Voeux Road

* Swan and punch teksa kružlable for all mes Sol Adrandy tall, running și Uka Litze stated ze the Company'a timme tablet, bat nos for special maga são be obtained or application the Company's Omos 1-No Besatz ticket will b ŠOURA) KAS!! Payment thɣerator bar been trade in Each Motos_or_by_Cherpte er Compradore Order Tajwanting Bank Note!

JOHN D. HUMPERETE &,CH↳

THE CHINA PROVIDENT LOAN AND MORTGAGE CO., LTD.

(Capital Eaid up...$1,250,000.)

Loan Morgags of Hoam Property, da" the only on Bloren Máchase traồn on MarchanČÍK.

·Leone mada sin the Providers. My slum. SAGEUSTER, SECUTOR OF WILLE,

ASTORETY, 46 Undertaken all the armor.

Batas und Partientars on applica

BEEWAN, TOMES & CO. General Manarare

MARTIN'S

Part Lock (Mauritian)

"

Kela Lampel

Madess

Pesung

Kancock

Flangbal

Singapore!

HONGKONG BRANCH.

Every description of Banking nee Latgols. besides transacted.

faterest allowed on Current &ccork is al up t per annen on Dilly Balances, and so Pied Pe at rates which may be ascertained on appearin

C. CHAMPKIN,

Acting Manager

INTERNATIONAL BANKINO

CORPORATION,

HEAD OFFICE:

16. Wall Sr., Kew York

LONDON. OFFICE

14, Bishopsgate, LA.

CAPITAL & SURPLUS US $6,500, UNDIVIDED PROFITS" U.S. $1,545,00

POMPAY

US. MALON

BRANT HRS:

LONDON SAN FELRO

CALCUTTA HANHA CANTON WEDELLIN

FINAMA FFXIXG. PUERTO.

CEBU. COLOR BANKOW

BONGKONG PLATA.

KONE

DE MAY CIL SANTO DOMOVIN SAN FRANCISCI SHANGHAI

SINGAPORE 111 NTSIN YOKOHAMA

with

Itrokeb NATIONAL CITY BANK OF NEW YORK The Back is she 10 offer u« Services Branches of that Institutice Cur Feat America, and cliestere,nama]yśm

BAHEL BUENOS AIRES, DENGA, HAVANA MONTEVIDEO, KIG DK JANEIS SANTIAGO DE CUBA SANTOS, PAULO, FEZLOGEAD VALPARAISO,

All kinds of 7OREIGN & LOCAL BANKIN. BUSINELS acted.

CURRENT ACCOUNTS opened and PIXI.;

·DEPOSITS receivté et encen lo de astartalové -- spination,

"GEORGE FOLG

Macker.

Hongkong, 26th September. 3510

THE

YOKOHAMA SPECIE BARF.

LIMITED.

Established 1880 Authoriard Capital Yen 49.00A Paid-up Capital ....... t.. 36,000,1-3 Reserve Fund...... 22. 005

་་

Esad Office-YOKOBAMA

Branches

Boubay Calense Changelin Daines Fangtien

Antong-kalen

Hankow

Kobe

pure

„Agrotra.

Henetrars

New York

Decks

Ryan' Бад. Уталсан Whanga

Hyd

so-Yang London

Los Angeles

MARTIN'S

received for Saed periods së enige to be, akési

Tokra

FISHI.ONO,

10th October 1917.