1923-02-24 — Page 15

THE HONGKONG

EXTRA.

TELEGRAPH,

SATURDAY, FEBRUARY 24, 1923.

HONGKONG & SHANGHAI BANK MEETING. clipped in roight to the extent realy brought the Philippines peso tedness

Eastern Trade Outlook Analysed.

PEKING'S “ PUPPET”

GOVERNMENT,

No Help from Consortium at Present.

HONGKONG MILITARY LANDS QUESTION.

Y. M.

British Anti-Canton Move Denied.

silver

sent currency,

but the more recent issues were the islands to order and has al-foreign and interual; an idle such treaty or agreement extats. The premium on gold has been with which the Peking Article 15 of the Canton- reduced from twenty-five to sight of about 2 per cent Here it may to its par value. The high prices Government, in ita present Kowloon railway loan agreement per cent and the New York ex- not be inappropriate to mention „btainable for products of the circumstaurts had shown itself contains an undertaking, usual change to within less than twenty Agreemenia where cents of pre-war parisy. In this a few details about China's pre-islands, particularly sugar, thanks entirely unable to deal unaided; but in railway

to the free market available for which measured by the area, wealth the line constitutes the security matter it is the lust step which The mints which have been them in the United States, should and population of the country. for the loan, that the Chinese counts and it is well not to be too Government will not allow sanguine of an early return to the specially active are those at Nan-on produce renewed propersity would, if propery consolidated, en- [king, Hangehow and Canton; the In Japan, the year's imports show title China to be placed almost at another line to be built competing old gold standard upon which with that railway to its detriment: British predominance is inter- Yuan dollars, fairly satisfactoryfan increase of Yen 21s mikion over the dead of the solvent nations of hut this clearly refers to com.national trade was built up, but as regards weight and ineness those of last year, but the incrvu.the world. So long as present con: {dating parallel lines, and could we are entitled to contemplate

two former have been busy coining

ditions persist, however, and until and this currency is largely dis in experts is greater, via, Yen 12

the Chinese Government from ready mada towards its ultimate placing sycee in the Northern million, of which Yen 3 million the people of China show their possibly be held to preclude with satisfaction the adence six

determination to insist upon effec-constructing whatever terminal realisation. trade. Of the mints at Tientsin. was contributed by raw silk and silktive measures being taken by the facilities

they choose for International trade is based upon

sycee

1

and

Wik 145

Iz

CAMPA to inferior

A

Straits, condition.

the sam

once mote

2

it.

the Customs Feat.

himself

Our

DOW

months

riserve

trusted to discover new channels

Siamese

20

Loodon market.

Wuchang, Yunnan, Cheng and textiles, thanks to the brisk demandi Government for the disbandment of the long projected Hankow comparative cost Prices to now Anhui, we have heard very littlefin America for these articles. This troops, the consolidation of the un-Cantan Railway. Whether relatively lower in Great Britain during the year: they have pro-† proved a special boon, otherwise secured debt, and the unification of river improvement and the con-than in America. This is, no bably been confining their opera the balance of trade would have the country, every attempt to assist struction of a deep-water barbour doubt, the fundamental cause of tions to the manufacture of copper been much more unfavourable. It her from outside must be regarded at Canton ate practicable or not the improvement in the starling coins of ever-lessaning value. The

might be assumed from these figuresĝas facile. The Consortium, which at an expenditure which would be exchange. It has also the affect, most interesting-one may xay that Trade an industry were was formed to give much asistance. justified by the advantages to be by stimulating our exports and amusing-item of news was how- The ordinary yearly general reserve $1,000,000 and to ever, that the Anhui mint had profourishing, but potense quantities must continue to stand by, a patient gained, is a question for experts discouraging importa, of and raw and passive spectator of events, to decide: I am told that they are making England a batter country meeting of the Hongkong and write off bank premises $1,000,000-duced large quantities of forgeries of th manufactured Shanghai Banking Corporation The carry forward, $3,331,783.39, of the Canton mont's 20-cent pieces, articles the former produced at No financial assistance which would not. However this may be, I am to buy in than to sell it. The was held at the City Hall, at is slightly more than we brought in These were seized by the Maritime high cost are still heading the serve the real interests of China persuaded that nodevelopment of fast available trade returns show

time securing trade facilities at Canton can, that for the elaven noon to-day, when the 107th at the beginning of 1922 I hope Customs, which is now prohibiting maestic market. The liquidation while at

in the long run, be detri-eaded November, 1922, the report of the Court of Directors you will approve of these disposi-the circulation of debased coinage of these is still gung in, resulting protection of bondholders, is possis

megtal to this Colony, and unfavourable trade balance, that was presented. Mr. A.O. Lang] tions, 'which carry out what has from one port to the other--a very in war cases in failure of whiei ble in existing circumstances.

our Chinese friends may be is the excess of imports, bas (Chairman) presided and there been the policy of your Directors salutary measure. All those mints there may be more to come, and to

Two Bright Spots.

sured that British policy in besa were also present Mr. D. G, M.

reduced by over £.00 for many years past.

are run for profit by whoever hap-pression in trade generally.

There are two bright spots in this matter is bounded by no such millions. Allowing for difference Bernard (Deputy Chairman), Mr.

Turning to the other items of the pens to have secured control of

Japan Leses Markets

this otherwise gloomy picture.

withia O.T. Edkins, Mr. H. P.Waite, Mr balance sheet, we are confronted them. The coinage is debased in

measurable distance of the visible WL Pattenden, Hon. Mr. P. Hwith the usual difficulty in making aneness and reduced in weight as

Owing to high "best of production The first is that the Maritime to outlook as that attributed in prices, in

Customs collection for 1922 bas Holyoak, Hon. Mr. E. V. D. Part comparisons with the previous year opportunities present themselves.

beaten

previous recorde. Customs and Salt Revenues. excess of imports before the war. shoving

The report of the Mariume | It may fairly be said that trade and Mr. H. A. Compton (Direc-wing to the rate of exchange being The profit is made in the period quality, the markets captured by thus

collection for appears to have turned the car- tor), Hon. Mr. AG. Stephen about 16 per cent, higher at the of the lag betwen the debasement Japanese gel during the war have vitality of trade which seems to Customs revenue (Oblef Manager), and Malars. Chau Tang-san, Mrs. Bernard, end of 1921 than it was last Decem of the coinage and the correspond to a large extent been lost, cum be proof against all the forces the year 1922 has already appear-ner, ant assisted by returns from F. R. Man, G. B. Dunnetter. Several encouraging features decrease in the marke: values. petitive articles of the same nature of anarchy and misgorernmented in the newspapers, and I will £130 millions of savings invested The only safeguard left is the ofered by foreign manufacturers No doubt the business has not take up your time by repest during the year in foreign and R. Bruce, G. 3. Dalgety may, however, be noticed. Our

Shanghai. The manu-were better and cheaper so. until changed in character, and muching the figures bere. The tatst colonial loans, is likely to im Crawford, 0.

cash and bullion is considerably Elle Chan Ngan ting. S. Michael, lower and our bills discounted and facture of this is under the super-th dañdaol of prosition is in of it that formerly passed through net collection was . K. Ts. prove if the springs of commerce vision of the Native Guilds and creased, operating costs and prices the hands of foreigners is now 58,600,000: this, as already stated, are not choked at their source.

The capacity and 3. R. Kinghora, Leung Yan-po, loans are considerably higher than has hithert: proved to be absolute-wered. Japan will not be able to seires. But as to the steady Tls. 4,100,000 in excess of the of the British merchant left

transacted by the Chinese them-beats all previous records, being K 8. Morrison, C. Thorne, A.the previous year, as are our ac reliable. Dealson, H. Hancock. G. Grimble. ceptances un account of constituent of the various currencies that are in the overes markets of the work foreign trade

It is the touchstone meet her apetitors on even terms increase in the general volume of collection of 1941, itself a record to

may safely bo A. Murdoch, EF. Ausolt, P. C. All these are indications of more manufactured by the ming their] Potta, E. J. Chapman, C. E. H. activity in trade. Our silver de-quxed prices in the market are

argently needed affigures leave no 100 m for The total salt revenue paid of business and to launch again Beavis, L. Dunbar. V. M. Gryposits have shown a normal expan-always based on Shanghai srce.

on the tide of commeres the Proof of the growing into the Group Banks, after freight of credit and confidence a development the doubt, Meni. bara, F. Panty cross, Ho Wing, sion, while, on the other hand, our and when debasement takes place expert trade, for however, whome commercial activity of the higher deducting administrativa ex-

on which our international trade Lo Cheung-abic, Chau Sui-ki, Lo holdings of British Government these prices will ultimately reflect the expansion of the silk industry classes of Chinese, who are sick [penses, was $85,633,000, which is

depends. Cheong-wan, Lee Coon, Mok Treasury Bills show a substantial it.

may be, it is a- manufacturing of the precarious fortunes of an increase of $5.000.000 as com- Kan-ang, Tsoi Kung-po, Hok decrease. I hope it will not be long

official career, is to be seen in the pared with the previous best Lazo for £2,000,000 on behalf of Early last year we issued a Man-chee, Chan Shu-ming. Lo before we are relieved of the ne- appear, chans att com. each

If Shanghai syree were to dis-zation. Japan milkt hope to thrive.

numerous mills and factories record of 1919, mad an increase of Man-bing, F. Barrington Deacon,

well received, H. Birkett, F. R. J. Adams, F. City of using that method ei mint would vie with the other in athugh still leaving much to be which are springing up through-$7,600,000 on the revenue realised the Royal Siamese Government.

out the country. The other in1911. Retentions by local author. This Loan was tuming put debased dollars, and desired, are certainly brighter than | Smyth, Capt. R. Swain, P. E. employing our funds.

encouraging feature to which Ilities

baing applied for many times amounted to $31,663,000 All losses made or ascertained we "might in course of time see althey were a year azu.

обет, The two refer, is, the increasing interest-an i crease of $13,000,000 3

and Kwok, J... M. de Castro Basto,

at present stands Ho Kom.toog.

about 8 per cent premiu Ho

during the year have Feak,

been fully coin that had in it more copper and principal products of the peninsula -- taken in politics and the affairs compared with the amount re-

is which E. L. provided for out of current profts. foreign matter than

silver. So. rubber and un-which were largel of the government by the tained in 1921. In addition G. น. Young.

of W.

indication Shenton, W. J. C. Bonner, A. 3. and the margin between the market until there are seriously adminis under the intuence of general world Chinese Chambers of Commerce. to the retentions made in former the high credit of the Royal Ellis, W. Anderson, W. E. Van value of our gold securities and the tere mints in China, it is absolute-wide lepression, are now command. and their marked determination years in the provinces of Kwang-

Government in the Eps. Ho Leung, D. V. Steaveoses, prices at which they stand in our is essential to hold on to honesting better prices. Rubber restric. to make their voices heard. We oog, Szechuan, Yunnso and R. M. Dyer, Hon. Mr. H. Ebooks has materially increased in Shanghai peee.

tin has tren a much debated subhardly take up a paper without Hanan, revenge Was ze:Lined Hongkong Military Lands. Pollock, Mr. Pollock, C. C. Boyd, the same period.

fject, and while efforts Exiled to get reading reports of resolutions during 1922 is the provinces of There is an important local J. M. Alves, A. B. Stewart, R. H.

I will refer later on to political all provincing countries to anive at condere ning the extortions of the Manchuris, while in the case of expect me to refer to, and that is urging disbandment of troope, or Shansi. Hupeb, Kiangai and matter which I feel you will B. Hancock, C. W. Beswick, F.C. The silver market, in which we conditions in China. It is gratif Hall, H. B. L. Dowbiggin, A. R. are all so much interested, did noting that the collections of the Mari-

common conclusion in tear uchuns and the extravagance of Fukien ao revenue has been paid the questica of the militarylands. thurent, compulsory restriction on an the govemment. Lowe, D. E. Blair, W. L. Leask, present any vary startilag features Lime Customs have excected all re-

So long as bei into the Group Banks during the Early in my speech I mentioned F.S. Harrison, W. G. Barton, H. during the year. The range of cords, in spite of the very serious or bask so far as Ceylon and can trade peacefully, the Chinese last months of the year owing to that land values had risen to W. Bird, M. S. Northcote, F. P. prices in London was only 70-the chatacles to trade which were in Malaga as pengertiod. came into merchant takes little interest in local military action. On the undreamt of heights owing to the de V. Soares. Mrs. Claud Severn, highest point being 37.3/8 and the evidence last year.

In Hongkong, free in the elving months of last poltics or changes of government. |other hand, & gratifying increase steady inflax of Chinese from T. E. Pearce, D. H. Cooper, G. B. west 30/8. The variations in our industries are pruspering Pear (fe: November, and the price When, however, as would now of revenue was obtained during the neighbouring provinces and Layton. D. J. Lewis, N. C. Wil-the actual gold values were less, land values have risen to undreamt the moms-dity has rien pers seer, he realises that the country. the year 1922 in the majority of to one other reason, which I will 300, D. G. Weath, D. Templeton, the highest price in New York of heights owing to the steady substantially, Les us hope, how and with it his own prospects of the districts in which the control now proceed to explain. Les Coon.chuo, Fung Fang. P. S.

The area in this island avail- Cassidy, H. Gerardet, P. V. being 74%, and the lowest 63:influx of Chinese from the neigh-ver, that it was not be top before increased profitable trading, are of the Chief Inspectors has not

in danger of being brought to been interfered with.

able for commercial purposes is, Botelbe, J. McArthur, E. I. SimThere was a net decline of Cd. in bourg provinces and to a situation supply and demand adjust them.

ruin by the folly of his rulers, be The actual amount released

as you well know, strictly limited and A. Piercy (shareholders), London during the year, which was to which shall presently refer.ļselles on å satisfactory CCATOTOIM is moved to utter a protest, for for the general purposes of the -it has been added to from time entirely due to the appreciation of Unfortunately. brigandage endis an artificial were dis the expression of which the Chinese Government during the to time by laborious and expen. the pound sterling, the price of the pity continue to prevail in thefapper.

The pin inulture is mean facilities of the modern year amounted to $47,237,000, as | sive reclamations from the bar. metal in New York at the beginning neighbouring provinces of Kwang-led as healthy and, through de Chinese preas offer him compared with $53,060,000 in bour and a new and extensive The Chairman said:-Ladies and and the end of the year being al-tung and Kwabgai, humpening thefti neeted in mining costs, min channel not formerly avail-1921.

reclamation is now in progress. Gentlemen, The report and date-most exactly the same.

free movement of imports and ex- on present value of the metal able. It is this great body The Reserva in the Group As this is the case, it must be ment of accounts have been in your Purchases of domestic silver by ports. Our external trade is suf-

sagiin oma remunerative level. of Chinese commercial opinion Banks, to provide for the Service self-evident that the best use hands for some time an, with your the US. Government under the fering greatly in consequence,

and vested interests, aided by of the Reorganisation Loan, was should be made of the spaceavall- Peking Government a "Puppet." permission,

Pitman Act have proceeded steadi Boones on the North, though ly and should be Enished towards really hampered by unsettled comparing the past year has again been the force of the immediate future.

The ptical history of China modern facilities for publicity, maintained during the year at able for business purposes. And

which will beliera prove to be $7,000,000.

get the military establishments great satisfaction to us the end of this year. There its in the Great Northern shoe disappointment; and

The European Outlook.

continue to occupy a istga tract that we are ahic to present to you much speculation as to what will Viherk was ma altogether, withest the general condition of the country. secure the reforms which it is

The economic conditions of of the best commercial land such a favourable balance sheet happen when such an important Fromanaging features, Thers after a year of continuous uber-quantity of silver has to

far from realising the fair expec our earnest desire to see, and Europe continue to give rise to in the Colony, dividing the a fair riemand in the markets of the tatious raised by its delegates at the wbich, although they may be grave misgivings. Very little western from the eastera districts, tainties and disorganisation in all placed On the open IC3"-

hampering free communications the exchange markets of the wurid, ket Optimists hellove That world for China's varied products Washing fonference, has become assisted from without, must be

and the natural development of coincide the situation of imports in the readily worse, will appearance

The standing army urged and created from within.

the business ares. Its well. nels for investment of gold funds with the disappearance of the Settlera perts is quite healthy, is larger than ever, atul continues Whampoa Story Contradicted.

known that our Government as have been dificult to find. The supplies from the various coun- Statistics of Oma's foreign trasie not only to be a crushing financial In the foregoing remarks. Itions. It is very gratifying, bow been for years past making efforts

ever,that arrangements have been cheapness of money in London has tries, which are reducing the not yet an silahin, hat there Furden upon the country, but its have only made a passing concluded for funding the British to remove this anomaly. There been reflected by a further me in

or demonetising their must have been a moderate all disciplined units bare bereme a ference to the Consortium; but

debt to America on mutually are pleply of better sites, belang- I would like to take this

ing to the Colonial Government, the price of gut-edged securities silver e inage so that the situation routed increase.

serious menace to both foreign and opportunity of speaking more

satisfactory terms, thus removing. and by a substantial decline in the will be balanced: others think that It is hoped the else id 12 hax Chinese. He and property every particularly on a question which

fruitful source of friction and available where the troops could earnings of nearly all of the great the latter factor will continue for worn the Benidation of most of thewhere outide the protection concerns both the policy of the recrimination between the two opjoy more healthy and spacious

some years yet. There is no re-dek in the Far East, url with treaty ports. London banks. Fortunately, we

Bands of brigands. Consortium and the future in-countries and setting an example surroundings, but no settlement been Arrived at are not altogether dependant on the Hably data available to enable us

for the rest of our allies to follow, has yet

I believe this same sources of come as they are, form an opinion, so we shall the markets once again taking consisting of deserting or unpai terests of this Colony. Allega- But it has not yet been found!

is not 'due Fresh goods suitable to the present Holliery, marand through the pro- tions have been made io A

10 lack of effort on possible to determine the amount though, of course, in view of our keep an open mind on the subject,

and no doubt we shall all be wiser demand it is hoped that the out-vices, burning. Boting and kid. responsible

Americas quarter, of German reparations, which is Government, or to obstruction by the part of the Hongkong substantial gold assets, a higher

may reasonably be rapping with impunity while the and urged with an insistence rate of interest in London, which on this point when we meet in this look for trees

expected to whoy considerable in-whole country continues to be rent the character of a deliberate antithe fotation of the Tateraational who must be well aware that the which would seem to give them an indispensable preliminary to the local Military Authorities. would be the result of more trade

China's Currency.

by ever-shifting political dissensions British propaganda, that a treaty

CHAIRMAN'S SPEECH.

as read,

It is

I will consider them

a year too in which profitable chun-) ita

1922.

fineness

The Silver Market.

room next year.

می که دریا

The Trade Gutlook.

provement.

3

hope it will, by its insistence.

progress is being made towards settlement of the multitude of Complicated international ques

Guaranteed Loan required to

France

1

demand for money, would suit us The quantity of silver absorbed better than the extremely modest by China was, as nearly as we can hai continues to expand: there are Government, central only in aam zists whereby the Chinese may depreciation of her currency and health and efficiency of the The entton mill industry in Shang-and military intrigues, The Feking or agreement with the British eable not only Germany but present tramped situation of the to Brrest the garrison is detrimental to the rates that were obtainable daring estimate, standard ounces 86,700,-nox about two million natire spind is a puppet in the hands of contend- be debarred from creating railway to balance her budget. It is & troops. There is no question of

1000. In 1921 it was 63 millions les in operation, compared withing Tuchas. There has been a moderate re-and in 1922 ounces 98 millions. 1,000,000 in 1901

The railways are facilities necessary for the devel-matter that cannot be postponed the obstruction to the change chilitary strategy involved, yet vival of trade in the East and our More than half of the imported 19 Indian jarn

and 1.30.000 in Juver-run, their traffic disorganised opmpent of deep-water port indefinitely, and the longer & operations generally have been for silver was used by the Canton principal anfferer by the growth of hordes of disorderly troops

has been the and their equipment damaged by for ocean-going vessels at or settlement is delayed the more I think it is time that the comes from the War Office'tions. tunate, so our total earnings for the Mint, which, it is estimated, pro- this heal enterprise.

The near Canton; and that, although year were satisfactory. They duced about $734 millions face

Several revenues which should go to main such development would be the difficult it will be to avoid a great amounted to $12,932,403.09, which value of 20-cent pieces. These indeed, at the native mills tain the railways and to pay the natural accompaniment of any disaster to Central Europe, the Hongkong

scheme for the completion of rail.effects of which would be very is. An increase of more than coins are 700 fine and, following have started with indequate capital service of the foreign loans secured

far-reaching. way communication from Han- $2,000,000 over the total of 1921. the well-known Gresham law, and it is feared that troublous times on them, are appropriated at their ow to Canton, is is the fixed England's Sound Position. We are therefore able to propose they have driven into the melting are ahead of some of them. vourre by the military authorities. policy of the British to oppose it, In England, the situation has the same dividend on the increased pot the former Kwangtung coinage In the Philippines, the wise and Over-ahadowing this chaotic condi- as being detrimental to the trade improved considerably. We are capital, viz.; £6 per share for the of higher intrinsic valde. Their frus administration of General tion of affaiza like a dark cloud, is of Hongkong. I am in a position meeting our expenditure by whole year, with £2 boons, to add to Aneness was maintained at 700, Wood is reducing the finances of the load of unsecured indebtedness, to state categorically that no taxation and not by borrowing.

,

Office realised that

does

.not

exist solely in order to psy · military contribution of 20 per cent. of its revenue, and that if this senseless policy of obstruc- tion and hampering of British trade and the natural develop, ment of the Colony is persisted ing

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