1918-01-19 — Page 3

SILVER MOVEMENTS,

staresting. Comments-by U. S.

Consul Hongkong.

Ir George E. Anderson, U.S. General in Hongkong, catrībutes"ibe following notas In recent movamente of silver in thing to the New York Journal f Commeres and Commercial Bulletin

Növer, since the old days of attlech to one bɛe silver come so" near toite' own as it has in these day of the beginning of the fourth year of the great war. With the white metal priced at 65 pence an ounce in London, $1.10 gold in New York, and with nothing in sight to prevent its going to a point where silver dollar would be worth a gold: dollar without the fist or guarantee of a Government back of it, there has been a shaking of the dry. bones of monetary standardej which has had no equal sinos the free silver cry of 1896 in the United States.

Men of finance in all countries have been thinking, too, since the war commenced to pile up such immense financial burdens for people to bear, that perhaps some way pat of the difficulties of international Enanoe, otherwise knowo in this case sa so inter- national scramble for gold, might be found in bimetalism in some naw form, and the approaching parity of silver and gold at their old ratio has made such talk seem more reasonable. Bat the world "has not yet lost its preference for gold, and while he who would predict what the financial conte Come of the present war will be, would be bold indeed, there havÓ been no developments as to the course of the silver, market of the world which commend 'the' white Meis!

to the conservative constructionists who will likely control international finance after the war.

* The fact in that in so far as the |

tast bea been made during, the

THE HONGKONG TELEGRAPH, SATURDAY, JANUARY 19, 1918,

VICTROLA

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N. LAZARUS

OPHTHALMIC OPTICIAN

28, Queen's Road Central.

Prepaid Advertisements.

ONE CENT PER WORD

FOR EACH INHERTION

FAUSTO BE "LET,

TO BE LETSFURNISHED

Portalum Road, for February. March and April. Rent moder ate. Apply ALE Goldsmith, PWD

T BE LET-HOUSES on

Shameen, CANTON. OFFICES in York Buildings..

Apply to THE✨ HONGKONG ·· LAND

INVESTMENT & AGENCY":

CO. LTD.EY

FURNISHED HOUSE TO BE LET- 87 Peak from Ist. May to Slat October. 6 ROOMS and usual offices, together with a large garden. Apply W Meyrick Humphreys, ole W. G. Humphreys & Co., 5, Duddell Street.

TO BE LET.

BELETA FLAT în Nathan Road, Kowloon. FOUR ROOMED HOUSES in Kowloon.

"Apply" to 2-

HUMPHREYS. ESTATE FINANCE CO.LTD.

Alexandra Buildings.

FOR SALE.

FOR SALE-TUSCULUM. Barker Road, 155 Peak. Apply Duncan Clark, c/o Lane, Orawford & Co.:

silver is exported under similss the Hongkong dollar was 77ta circumstances it also goes to build gold, while on that date the parity apa credit balance in gold. When of silver, 1. e.. the cost of import the original exporter wishes the resing the silver in a dollar at cur- turn of the gold or its equivalent rent ratce (n that date 55 pance he draws against bis gold credit per ounce) was about 980. Ex- and gold must be returned, change, therefore had been kept When the exporter of silver 1810, or 19.5 per cent, below its wishes the return of silver be paural level. In Shangbai on mast go into the markets of the the same date the telegraphic world and buy silver se against transfer rate of the tael was $1 bis gold credit.

1

gold, while the parity of The result is that were silver, in the tael was $1:30 gold conatry denuded of its gold by (5 51); exchange baring been' exporta of the metal it could still held 12: below its natural level. do basinere in terms of gold na This policy has been maintain- gainst ita credit balance-sed for well towards a year and a itostion illustrated by contries ball. Its effect or operation may using a paper currency based be illustrated by the fact that ap a gold reserve held abroad..while the average value of the When a silver standard country, Borgkong dollar in the March like China is denuded of its silver quarter of 1917, a fixed by the by export it is at the mercy of price of silver in the markets of the owners of silver in the markete the world and announced by the of the world-s stock of metal Treasury Department of the Uni- which, ap to a certain point, can ted States as an choisl rats, was be cornered." The danger to 63 18: gold, at no time in that China in the past few months quarter did the average of the has been extreme. Only by buying and selling bank rate in continually favourable ́ inter Hongkong exceed 57.13c gold, national trade balances is or 8,050 below this value, and the its monetary circulation ever average of the baying and selling

3

result of extraordinary conditione,

NOTICESE

LANE, CRAWFORD & CO.

SPECIAL VALUE IN

DRESSING GOWNS

FOR GENTLEMEN.

$20.00 To $33.00 Each.

STOCKED IN DARK USEFUL DESIGNS:

FLANNEL PYJAMAS

IN ALL WEIGHTS

A. CHOICE. RANGE OF PATTERNS

· TO SELECT FROM, -CUT FULL EVERYWHERE, THUS ENSURING EVERY COMFORT TO THE WEARER."

· ALL SIZES · IN STOCK

PRICES $4.50 UP

J. T. SHAW

TAILOR AND OUTFITTER

NEXT DOOR TO THE HONGKONG HOTEL.

CAST IRON

NOTICES.

RAINWATER PIPES

AND FITTINGS. FRANK SMITH & CO...... $ DES VŒUX ROAD. CENTRAL" TEL:.~~~~2090, "ATHONGKONG.

THE WEST POINT BUILDING COMPANY LIMITED.

NOTICE IS HEREBY GIVEN

the THIRTIETH ORDINARY MEETING -of

Messrs. Jardine. Matheson &

SINGAPORE DOLLAR DIRECTORY IS

BOOMING!

Send in Name and Address,

NO W

For the 1918 issue of the, HONGKONG DOLLAR

DIRECTORY Dollar Directory Company PO Box 431, Hongkong,

THE HONGKONG LAND INVESTMENT & AGENCY

CO., LTD.

or debacle and preserve commer. for the spore of receiving the NOTI

+

>

OTICE IS HEREBY GIVEN that the THIRTIETÄ

of

year ending 31st December, 1917, By Order of the Board of The REGISTER of SHARES Directors,

of the Company will be CLOSED from SATURDAY 19th to TUESDAY 29th January, 1918,. (both days inclusive) during which period, no Transfer of Shares on be Rezistered.

By Order of the Board of Directore.

war, "eilver, 88 8. monetary olives and railway material i The Government fually is at are in normal times, ahilerin rates was 50.250 below the official standard for a trading nation,

In the December quarter of has proved itself subject to all pays for them, in theory, not in tempting to stop the expert of times of emergency like that pre-te the ille which go with gold as a

the gold in terms of which thesilver from the provinces where seated in the seprational rise in 1918 the United States. Govern Ptandard and carries with it ills were sold, but in products it is needed. In the British silver in Jalg-August of the pre-ment rate was 58 85, while tha messured in ailver to an amount colory of Hongkong the mone-sent year the country is at the average of the buying and selling of its own from which gold as A standard is free. Among these ille the equivalent of the gold accord.tary medium bes always been mergy of the rest of the world, rates in Hongkong was 54.75, or are those following speculation in ing to the price of silver in the silver on a free exchange basis on particularly at the mercy of the 9c below the cffioist rate,

world's markete at the time. This he theory that the business owners of silver and of basinees This policy of keeping dona ilver itself. The manner in which powerfal syndicates in principle applies just as well to of the colony is so closely identi- men in the management of its exchange is based upon the ides Bombay, London and New York the purchase of a yard of British filed with that of China that any banking and import and export that the price of silver, as the Kave eucceeded in manipulating Chinese coolie. China and the ing the exchange value of silver

or American cotton cloth by a artificial arrangement sach as fix, trade. the price of silver-sad by that Chinese pay in silver sad, not and gold as bus-been done in dangerous silver as a monesty mercial and finanoist conditions How unstable, unsuitable and advanced more rapidly than com- means the value of the entire having gold to fall back upon, Singapore or of establishing the standard really is and how cem in the Far East ccald keep pace monetary circalation of a nation Like China, serving millions of they mast bave the silver to pay gold standard would work to the pletely a silver standsid country with, and that as low rate sa SHAREHOLDERS in this Com- with: must keep a supply of disadvantage of the colony. and its business interests are in possible, compared with the high pany will be held at the offices of people for weeks at a time is

Naturally when the price of the control of private interente rates eached elsewhere, should Company Limited, on TUESDAY well understood in the trade and silver sufficient for the purpose

silver went up and silver Rowed appears strikingly in the bistory be maintained to prevent a panic 29th January 1918, at 1130. AM. in international finance. The in the country at all times.

When the prios of silver in the way from China to secure the of Chinese foreign exchange danger of a great trading nation markets of the world commenced various advantages of its high operations daring the past year cial interests generally. While Report of the Directors together ORDINARY MEGTING. like Chins being drained of sab. culation without the obstition of 1915 the rise was das to to go out of the colory. The the export of silver from Hong- be stimulated by high values of the year ending 31st December pany, will be held at the Offices atantially its entire monetary cir: to rise in the early summerslae abroad, silver commenced and a half, The prohibition of Chinese imports in theory should with a Statement of Accounts for SHAREHOLDERS in this Com-

a demand for the metal cataide of British banks, including the koog and Chins generally bed a silver and its exports be restrict 1917. oloredite built apabroad, however,

more important fromed, and, on the other hand, cite

The REGISTER of SHARES of Messra. Jartino. Matheson and the wanner in which silver China and the reault naturally Hongkong and Shanghai Bank result exchange can be manipulated was that the stacks of metal in ing Corporation, and, in short, a international trade stand importa restricted by a low value of the Company will be CLOSED & Co., Ltd, on TUE DAY 29th

Ohins ander certain conditions are not

ommenced 10 move the dominant financial interests point than the mere protection of silver, the country, as a mat. from SATURDAY 19th, toJanuary, 1918, at NOON, for the so well understood for the reason abroad. There is no exaot mesus in Ohine, and in many

reof China's monetary circulation. Yer of fact and experience, "sver- (both days inclusive); during of the Director together with TUESDAY: 29th January 1918 purpose of receiving the Report shat seldom, if ever, before have of measuring the amount of white spects in the whole of the Far from depletion. In a general

metal which went abroad, bat East, eaw their silver deposits way, of course, international low exchange. China's buying shares can be Registered. they been experienced.

These two latter phases of the the nature of the movement may about to melt sway in with exchange so far, as, China is power is low and its commercial be appreciated by the fact that drewale for export, in the concerned. depends primarily credit abroad, as a result of its subject of "silver in international finsnra has been illustrated in the deposits of silver in foreign redemption of bank actes issued upon the price of silver in the silver currency, is so weak that Chinn in the past few months, banke in Shanghai at the begin against reserves of silver, and in markets of the world. The it can never buy on a large scale the disposition of speculators to secondary factor in the rates for until it has sold. It most export particularly during the period inning of 1917 amounted to 22, which aiiver advanced by steady 850,000 tasis and $14,550,000 secure and board the metal. They buying and selling gold exchange its calable products in quantity in coined money, as compared saw in the train of disappearing on New York in terms of silver before it can buy imports even jumpe to the highest point.

The monetary medium of the with 39,429,000 tela end deposits the necesity of cancelling in Hongkong, for example, may with favourable exchange and at mass of the common people in 17 500,000 in coined money the overdrafts, calling losne, refusing be the comparative demand for any price. China is copper-the well known previous Jace. The movement the discount of commercial paper exchange for the purchase or sale equare hole pierced copper cash continued more or less steadily in short the whole business of of goods-the ordinary sarply and copper ten cash or par cash until in July, 1917, when the the colony was paralyzed. They and demand of commercial bille the rest of the world at as low a THE HONGKONG CENTRAL Hongkong, 11th January, 1918. piecea well known the world over extraordinary rise in the price of asked for snd secured an order-bat the basic factor most of rate as may be practicable is silver made the protection of of the Government prohibiting necessity, be the comparative justified, rests upon the question sa characteristic of China. These silver reserves in banke in Hong the export of silver and the ex price of silver in terms of gold. as to whether or not a low rate is

THE HONGKONG LAND. copper coine change for larger

NOTICE IS HEREBY GIVEN transactions into silver at a ratio kong and Chinese porte a neces-port, save for perhaps two million Normally, as the price of silver. beneficial or whether the benefits that the FOURTH ORD

RECLAMATION CO., LTD. fixed at difierent times and places Bity, and heavy purchases were dollars smuggled out, stopped advances in the markets of the are great enough to overcome the by supply, and demand. The

The free silver situation in the world, the rates quoted in invis srising therefrom. Thor INARY COMPANY MEET

ING OF SHAREHOLDERS NOTICE IS HEREBY GIVEN the povernmental and time of writing (October, 1917) developed that while the metal parchase or sale of the gold Chinese trade, both incoming and held at the Cfices of Messrs. TEENTH ORDINARY MEET- copper money is coined end bears. The result has been that at the Chine field, therefore, bad so Hongkong and Chins, for the low exchange is beneficial to in this Company will be THAT THE SEVEN- though, as a matter of met, it is probable that the stock of was free to come it was no longer dollers advance in proportion, outgoing in the long run, je pen- Jardins, Matheson & Co., Ltd. ING of SHAREHOLDERS in Daring these recent develop erally accepted as true. But on TUESDAY 29th January, this Company, will be held at the been collected and exported by pas over $10,000,000 below what The outflow of silver from mente in, the silver market the there are evile attending each SA 1918, at 11.45 A.M. for the pure Offions of Messrs. Tardine, meege litilo, for these coins have silver and gold in Shanghai is free to go. the thousand tone daring the it was at the time the rise in country like that from China rise in the price of silver has interference with the natural pose of receiving the Report of Matheson & Co., Ltd., on TUES

this during the past few months is as been followed by s rise in ex- course of international commerce, the Directors together with the DAY 29th January, 1918, at War Silver circulates both as amount will probably be made up a matter of fact, no different from change, but at a considerable which are by no means incon- statement of Accounts for the 12.15 PM for the purpose of high price of copper since the ilver commenced. and

year ending 31st December, 1917. receiving the Report of the coined metal and as ballion, the before the year in over. However, the outflow of gold from any other margin only. Protected by the siderable. latter menally in the form of small this is in Shanghai and not in the country under similar oiroum- walk of the Goverment probibi To prevent the calflow of silver The REGISTER of BHARES Directors together with tac of the Company will be CLOSED Statement of Accouite for the piccos of convenient weight, provinces where the money is stances. In international trans- tion of silver exporte end, to some not only involves a loss or an ip: FROM SATURDAY, 19th to year ending 3 let December, 1917. known as ehces," but it needed. The provinces were actions sach of the metals, to some extent by the high, cost of ship ability to isko profit w

would which

TUESDAY 29th January 1918, The REGISTER ofSHARES drained of silver by its steady extens at least, is a commodity, ping silver to American or score to Chinese holders of any both days inclusive) / during circulates se a commodity rather

of the Company will be CLOSED than as money and its value flow to Shanghai for export, for and it goes where it bringe the oropean markets at this time, other commodity were, ile sale which period no Transfer of depends upon ile value es com investment in foreign property best price in international ex the dominant banking interests abroad under

Tourable con Shares cambe Registered from 8ATURDAY 19th to FUES

DAY 29th

(both prevented but the ouse By Order of the Board of modity Silver in these various and foreign securities and for change. There is this important in Hongkong and Chi

days Directors forme, and with such value peculation in the purchase of difference to be noted, however, eminently Hongkong's

has refused to advanos:

period THE HONGKONG CENTRAL is the mediamid Chins gold exchange, snd on interest to namely: That when gold i

ESTATE LIMITEDIZIO ABBELTON HOOPER,

made.

ough which not only the supply mooke of silver already exported other than for the

gers transaction but aranao exported. The drain has con- ment of adverse trade insinternational trade are tinned until credita rhays been goes to build ap

When en China bays restricted and the money string. tehalf of or 200ona

noor felt in every AWAY.

porting us OD: 1

to meet the

That this policy of maintaining

silver in Chins'e exchanges with

A. SHELTON HOOPER,

Secretary to the Hongkong Land Investment

& Agency Co., Ltd. General Agents for the West Point Building Co., Ltd. Hongkong, 11th January, 1918,

ESTATE LIMITED.

A. SEELTON HOOPER,"

Secretary.