1924-09-23 — Page 4

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THE HONGKONG - TELEGRAPH,

TUESDAY, SEPTEMBER 23, 1924.

SHARE QUOTATIONS,

Block Exchange,

Sharebrokers' Association,

Banks.

H.K. & S. Bank

(London)

21.

a. 1195 am, 1200 £131

1195

Chartered Bank

£20

£281

£2814

£12

* £11

Mercantile Banks A & B b.

b. ex div. 96

Marine Insurance,

66266 22

Mercantile Banks O

P. & O. Bank

Bank of E. Asia

Canton

720

China Underwriters

.b,

North China

Пе

Union

b. 237

132 $140 Ba. 240

Yangtere s

2014

Fire Insurances.

China Fires

180

H.K. Fires

600

Shipping.

H.K. Btsamboats

H.K. Tugs,

Indos (Prof.)

Indos Def. Lon/Reg.

110

Indos De H.K. Reg.

110

Shells

801.

102 16

יי

Douglases

Ferries

Water-boats

China Bugars

Malabon

Refineries.

b. 405 405

¿aÀÀÀÃ Â

Docks Wharves, Godowns &c.

Shanghai Cottons New

1.80

334

**** * *555* 82 3ë Èë œË

BANKS.

THE

- P. 8 Q. BANKING CORPORATION, LIB.

(Cucorporated faflygland 1970.) With which is affliated

STE ALLAHABAD BANK LTD.

INDIA.

Authorised Capital.

******... £4,000,000 Subscribed und Paid up..............12,594,160 £135,000 Reserva Fund

*HEAD OFFICE:

189, Londonball Street, Londɑn X. W WEST LONDON BRANCH: [16–10, Cockapuz #izse), London B, W,X,

EASTERN BRANCHES: Bombay, Caletta, Karački, Madeau, Colombo, Singapore, Haugkong and Shanghai.

The Corporation undertake General Banking and Exchnaya Business of avery to lis {description and là additio

Branches has Asuncios in all tha prinel- paleillés of the world,

C. CHAMPKIN, Manager,

19 De Torux Zoat Osxire), Hongkong, 164 THE BANK OF EAST

b. 118. 118/9 b.11736 e.1 1934 sx.11834

LIMITED.

BEAD OPTION:

ASIA

En it, De Taaz Road Denizni, Kangbong: KOTABLISHED IN10.

Autosled Caylist raid-up Cap(54) --- Kerri Pend

— $28,000,000.0 -$4,800,000.0 -150,000.00

London Banbazoi–The Midland Bank, Lid Every durasiption of Hearing and exebangs

Sed D Los Gutine MRSATAG.

Petritis.

interoot allowed on Corzest Derycais ! Atectale at 104 thie of Two per seat.per

BANKS.

CHINA'S WAR.

little knowledge of anatomica solunee, I marvelled how the had managed to live. Some cÁSEŇ- rooolved in Sooobow had travelled

NEDERLANDSCH INDISCHE HANDELS BANK Grim Aspects of the Struggle.throo days by boat from Liuho

(Netherlands India Commercial Bank) Estabilahed 1869

·Paid-up Capital and Reserve Fund Gids. 75,000,000—26.250,000-},

AMSTERDAM

HEAD OFFICE); EASTERN HEAD OFFICE: BATAVIA.

·BRANCHES :

Amoy, Amponen, Bandoong, Bombay, Caloutta, Cheri bon, Gorontalo, Hongkong, Kobe, Makassar, Medan, Monado, Palembang, Pekalongan, Probolinggo, Semar ang, Shanghai, Singapore, Soerabaya, Swatow, Tegal, The Hague, Tiilasjap, Weltevreden.

CORRESPONDENTS:

LONDON Midland Bank, Ltd. NEW YORK: Farmers' Loan & Trust Co. and in all the princinal towns of the world.

EVERY DESCRIPTION OF BANKING AND EXCHANGE BUSINÈSS TRANSACTED. CURRENT ACCOUNTS, DEPOSITS, etc,

HEAD OFFICE HONGKONG,

Authorised Capital...$50,000,000 Issued & fully paid up$20,000,000 | Reserve Funde

Storling...............£4,500,000

J. M. R. NIKKELS.

Manager.

(Qwas by the National City Bank of New York)

HRAD OFFION, Wall Hisser MAY THÚ.

LONDON OFFICE

Writing from Quineon, the staff without any medical attention. correspondent of the Shanghai The doctors took off several dead mon from that convoy of prin Times says;--

THE ROAD OF PAIN..

aro

Thore are none of the larid and suffering. scenes of the Great War whon, along a front hundreds of miles The cobbled road from Quiusare. long, high explosives, flame, firo railway station to the military and polson gas both day and night hospital is a road of sorrow-and conjured up thoughts of the furios of gladness. As you look from of holl let loose on earth. The the top down to Quinsan olty, armios in conflict are too small. nostling at the foot of the hill The war just springe upon the which is crowned by an old spectator from isolated spots pagoda, the avoDuo of freon Uning among the ripening rice folds the road seems to load directly and along the craoke. One minute to the foot of the bill. Along this одо can hardly believe that road go the casualtios, and I must thousands of men are engaged in say that vory rarely did notiop but a. remarkable deadly struggle. The fields look anything just the same as usual. Thon cheerfulness, out of a quiet corner jump a Some hobble along as boat they number of men, who race across can, and othere are carried by HONGKONG AND' Shanghai „NTLINATIONAL BANKING CORPORATION tho feld, and queer little bangs coolies on stretobora, Many of are heard which knock over the coolles were recruited just at some of tho figuros. Then the outbreak of war, with no ex- BANKING CORPORATION,

farther OVOT that bill, and perience in hospital work, but to the right whore the there was no mistaking the bond map tells you there is a wide of humanity batwoon those coolies creek, the folds guns begin to and the wounded mon. Some boom and machine-guns start pooplo say the Chinese

and

The unfooling. rattling. Many silent forms with callous, Hittle splashes of orimson on their tendercare those rough Shantung tunics aro found in the rice fields, coolies displayed in handling tho or struggle along the pathway, or wounded placing rough matting Jaro picked up by Red Cross mon.on the ground to ease the mon when they paused to rest of Then you know it is war,

Throughout this fair provinco adjust the stretcher straps, was soldiors packed in trucks from an spio of bumanity. both the Shanghai-Nanking Rail- Still, the suffering of some of way and the Tientsin-Pukow the wounded must be intens0. Railway, and trainloads of am-Gangrono and other post-wound. munition are everywhere to be diseases appear to be common,and Ammunition is the bane I saw many cases of men whose Commercial & Travellers Laltornat Credit issued Bifle of Exchange and Cable Trenerers bong of the country. I novor saw so faces had swollen twloo their Bizo and sold. Current accounts and savings much of it. Tho Tuchune must from some strange inflammation at 2300 tons may have boon collecting ammunition that had set in after being wound- and foreig aurreasing faked Depel is loos

We are also whis le ofer out Customers the for years and boxes aro dumped ed. But everything was obeerful Merlast of the Brabe of the Nations Ony with an amazing carelessness. noss. I saw more smiles than Bank of New York in the principal soumul Ammunition is more plentiful frowns. That wonderful stoicat "own & murivo and in she was 2mdine.

than food. Whenever I wanted spirit of the Chinese I never saw to sit down on tho Quinsanmoro ovidant. Men with an armr station I could always find for log wounded wore walking comfortable soat of ammuni- down the road, osrrying in their tion boxes because the station other hand the parcel of their be coats wore filed with soldiers longings. All the foreign and who have a bad habit of lounging Chinese Red Cross workers pay on them at full long h-after tribute to this ueflinching spirit divesting themselves of their of men who wait days for proper clothes and taking off their boots medical attention, with never a

jery or a groan IS CHEKIANG DOOMED ? Whatever may be the stato of oquipment on the Cheklang side,

Bilver

Reserve Liability of

Proprietors......

.$25,500,000

$20,000,000

COUNT OF DIRECTORS

W. Patiendes, Miq.-—Chairmas

D. 7, White BDaputy Chairman

annum, o Saving Assoumis, Your pet wins B.D. P. Belih, M. Por KASUM, and on Fixed Deposita mi the | A. li. Compton, .. Zollowing rates:

Dos. Mr. F. B. Holyoak,

For 2 months at iba ento of 1% per saâum, à. 0. La g, Mogu Yer 1 monthì at the rate of 4% par un

#ost monia at the rate of 85, por seman

KAN TONG PO,

Ohtat Maunga

Bangkong. February 1846, 2014. NEDERLANDSCHE HANDEL

MAATSCHAPPIJ. (NETHERLANDS TRADING SOCIETT). BANK.

Mriablished 1014. Wongkang Brasch ortablished 1801

|Ant trisad Ongstel Cimildare....130,000,000.

219,200,000.05) Paid-up Uspisa: Guildere.......... 89,000,000.00

(6,6 3,679.DO Reserve Fund Guildere

2.4. Flumber, Tenis J., Warren, Bag-,

t. i Wateon, Engi, Q.M. Young, S.,

A. B. Barlow, Beg

Chief Messger Manager) Bhaugdki main...ő. R. Glili, Zrt.,

LONDON BANKERB:" WESTMINSTER DANE, LIMITED. Current Loonala opened in Loval Darrenty and ixed Deposite reestyed for one year or shorter periods in Loss Oureeasy and sterling on terms which will be quoted on application, Hongkong, 3rd. Sept., 1924.

HONGKONG SAVINGS BANK.

The Busle of she above Bank in nondueled by the HONGEUNG AND WHANGHAI BANKING CORPORATION.

Kales may be pastved om nyylleútio INTREXST ca demoulte allowed on the

#1 B~> memum monthly balanss að lá par soni per

Byza¦s! Reserves Quflőazo......$60.000.00

LO 1,665,130.00) &MOTERISAME.

HEAD OFFIONI

Mining.

Benguet Consol.

P. 34

Kailan

701-

Langkats Combined

n. x. Rta, 18

172

Raube

Tronohs

44/-

Ural Caspians

10/-

Exploration Now Isso n.

316

E:K. WharvOS

210

209

K. Docks

b. 1781. 17816

178

Hongkow Wharves

19212

New Engineeringe

Shanghai Dooks

64 90

ს.

11.

Lands, Hotels & Buildings.

H.K. Hotels (cum rts.) b.

212

2214

Do. (New) Promo.

31.

H.K. Developments

22 .1.10

22 1

H.K. Lande

H.K. Realty

H.K. Territories

23.13

2.10

194

Humphreye Estate

2314

Prinosa Bldg.

150

Cotton Mills.

Ewo Cottons

11.

. Orientals

334

234

Shanghai Cottons Old

45 20

Miscellaneous.

Canton Ious

Cements

(cum rts.)

1814

Do. (New) Prom Cements (Combined)

516

Dlokjakersa

Ropos (Combined)

6214

11.

Kad

The Hague

Old b.

Now b.

China Providente

Old b.

1634

Now I.

512

16$4 54

8., 2746 ka. 2714

5. 264 sa. 2034

ELA

(p.p.)

214

П.

10 21+

Electrics H.K.

Old B.

434

Electrics Mac20

Hongkong Ropes Old n.

H.E. Ropes (New) Prem. n.

Hongkong Tramways

b. 434. 43

184

b. 18

43 R.

n. 18

2214

Poak Trama

Old, b.

Peak Trams

Now b.

416

Il,

1314

13.60

4.1

AG,

26.30

$10

China Light

Do.

Constructions

Dairy Farms

Der A Wing (f.p.)

Lane Crawfords

Mackintosh

Sinceros

Taxin Watsons

Wm. Powells

Nanyang Tob.

China Buso8

HongFong, September 23, 1923.

Beturn Head Offer.- BATAVIA,

BRASK

Bedjermen Kota Badija Koisurdam

811 1816

Band

b. 22 B. 2214 ca. 28/2014

HONGKONG SMALL INVESTORS' SHARE & NEAL ESTATE 50.

China Sights

Anfatio Balding,

Hongkong Banka

Uniós Yarurance

Peek Trama

Wanna Cemento fur Nuv.

Dairy Farm

Hongkong Trama

Bagapere Train

Bombay

Cherbo

Dunder

MKER

FADANK

Fal HossztalBolo) Ying Socal

Postitask Tjišnijsy and

Euroo

London Buldo191-Nasional Provinsial

Bank Lid

Correspondente gil over the World.

| BANKING BUSINESS OF MYRRY DY BCRIPTION.

J. J. STAARGAARD,

- Anting azish;

ORIENTAL COMMERCIAL

BANK, LTD.

HEAD

OFFICE:

Dat Your Road Cialect, Hongkong.

BRANDKEBANGKOK-SMAKOHAL

Correspondentet-London: Wertminster Mask, TAG: Hew Zorks Rational Olly Bang Han Pranciavo; Union Trust

of Frase/6451 Canion Bank Authorized Capital wit85,120,43 Paid Up Capital.....$1,100,000

Mode: konzing

the brazebos

Dutral sonovale savings sessuale Band Coponite sotiated lose granded on Approved Hasrily,

Overrons banking a spintslity. INTEREST-Correal sendustegar vini ratings • pir sesi, Fixed Depozite, month

14 por unas, k montbe të por semi, one your Safe Deposit Boxsa for Rent. Our Vaults forwarded by time elocks and double comblästion armour plate staal doors

J. Y. LUM.

Lots of THE BANK OF CANTON LTD.

Head Of

WE BUY

Telephone 4830, WE SELL

Lat

To rea Cemente

200

1.10

Dougla4

G20

Lane Crawfords.

600

100,500

kloc

?你

40 500

100 110

32.140

Paid up Capital

100 600

709

30.600

200

100.500

Bratton

500.000

1003

- Testifozia!

600

balas trayected.

ilstol, (new)

Klemmbenta

AND VARIOUS OTHER LOTS

Apply GROUND FLOCH, CORNER ICE HOUSE BINRET.

EXCHANGE,

(Opening Bate: cloring Bate on Page 1)` JELLING.

ย

En son Jan 30 min ban ben de son se ta 'BJ48 sä£f mehrere

19 địn, weinmal fans Panton Pot to the In, Part

70 dja. Ban Wrancises and Fo

4 m/s, France 300 210.65

Authorised Capital

Wither Secure Fund

Hongkong-

£1,100,000

@ 1,078,550 € 100,000

Foreign Exchange & Beceral Banking

Istoreat allowed ca

CURRENT ACCOUNTS 2% per annum on daily credit balances of over $100.00 :

SAVINGS

4% per annum DEPOSITS

For the Kosphong and Shanghái MAXÍNZ Corpcretion.

A. H. BARLOW,

Ohlof Manager.

Hongkong, 3rd. Sopt., 1924.

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter 1854.

£7,500,000

·Pald-up Capital............£3,000,000 Reserve Fund is Reserva Liability of.......

Proprietors.............£5,000,000 Foriga Exchange and Usuara) Benk- fag business transnoted.

Durreal Accounfu, opaasd and Fixed |

year or aborter Deposits received for perlods at ralts which will be quoted on Appileation.

A. H. FERGUSON

Manager

Hongkong, 15th. Feb., 1924.

SOCIETE FRANCAISE DE GRRANCE

DE LA BANQUE INDUSTRIELLE DE CHINE. ETABLISSEMENT FRANCO OHINOIS. (Incorporated in Franco)

5, Chator Rd., Victoria, Hongkong

HEAD OFFICE:

74, Rue St. Lazaro, Pória. Capital France $10,040,000.00||

Working fund provided by THE BANQUE INDUSTRIELL DE CHINE

Frs. 50,000,000 BANKERS.

FRANCE Societo General! Banque and Nationale de Creult, Banque de Paris et des Pays Bas.

LONDON: Midland. Bank Ltd NEW YORK-Irving Bank Columbia Trust Co.

1. Bishoyogala, 2.8. DRAKORTER

MARIMONI

14MA

Cid

MATAWIA POMBAT

.BAJO PLAYA

KANGOON

ELLCOTTI

BAM BALNĢIROO, BALI

SIN FODRO de LOOKS

MARTOR со DOLDS

BATXON

MONGKON

XOM

LA TRIA MAURIT

FAN FRANCI000 de MAVORIA

o AD LOS HIRSTLUNDE

KANTO DOMING

HARORAT

SINGAPOR

+ODLARETA

TOKIO

noecumia opened and

TUKOHAMA

be seriained em appilonifon be the Bank.

W. KORTH

MARAESI

» Queen's' Hond Castral, Hongkongi

BANQUE DE L'INDO-CHINE

(BRANCH BANK.)

ská Olse 31. Bendavard Esussaan, Fazio, Keystal life bei de Franch 10,000,000 20.000.000

SHANGHEL AED AJINSIRH. Harkoog.

Bangkok

Baiteme

Doutes

Distor

Haiphong

北

From-You Podiebatsy

BAXT ELBU

BALFOR

Angie

Vousans TRBAGI

Boon.

CLAMOUR FOR A DRINK. When I looked insido the trucke it cannot be denied that General where broken, and battored Chi Haich-yuan has his army bumanity strewed the floor, I was thoroughly equipped, and nothing asked for just one thing "cha"- direcion has been overlooked in the war tea. Cigarettes are supplied to tho to restore Shanghai to the pro- man in thousands, but little elso. X vinco of Kiangsu, a project which saw mon at Quinean struggle.out

trucks to get has reoolved the support of the of their Chinese Govormont who have mouthful of water from the wood for atation excommunicated General Lubydrant Yung-hsiang and General Ho purposos. At Soochow arrange- Feng-ling, and of Marshal Wu nents have been made for supply- Pel-fu, who seas in this attacking tea to the man-under the on Cheklang the approaching guidance of the medical officer realization of his epibition of on duty, for one man, with abdominal wound, military reunification. And when a serious

IN 714590 ; Fomptois_Hubiondi X'Escomple

de Paris) Credit)

Fatic a dos Pupil Zal Credik Iudastr

ut Commerala)(sstein ipsorale

IN LONDON! The National Freejmetal szá Unice Bass of agian, Lad: Coussole Katie) d'Essomyso di Purin's Gradis

IN NEW YORK) 3. P. Muszdo¬unt do. Interses allowed on Curreri Asscante and lend Depoeste desording ba mrzangemani. Every Serision of banking' suð szakazgo builders trastooted

kong, 19th March 1

A. LECOT.

Manager.

THE BANK OF CHINA.

I say realization I infer that clamoured for tos and drank his fow people in the north doubt fill but died twenty minutes later that Conoral Chi Hsich-yuan will on the platform..

Three or four times a day, and win. 10 operations up-to-date, his official communique states especially at night, ambulance constitute marely preliminary trains pass along the line with skirmishing, and when he has all several trucks of wounded men. his immense reinforcements from The serious cases are taken off (Specially authorised by Fres-the north in the weld, the "big at Quinean and Booohow, but the idential Mandate of the Republic push" will start and will ond with military bospital at Quinsan is cases are being taken farther up of China on the 22nd of Novem-Shanghai acknowledging the already full and the less serious

overlordship of Nanking.

the railway line, to Changshow, and Nanking, ber, 1917.) Authorized Capital.$60,000,000.00 That is the war side. Let us Paid up Capital..... 18,278,600.00 turn to the aftermath of battle. Reserve Fund. 9,629,125.24

******

The same trains that are taking troops to the front are returning Hengkong Branch. 4, Queen's Rd Covory day as oruda hospital trains. Brands and Feb-brazakes all over Ohing And they are crude, too. Rough correpondente in Europe, Ameries and steel truoka, with straw or mat

and

HEAD OFFICE: PEKING

s of the world.

RED CROSS WORK,

BANKI The Rational Proting littering the floor, and some of

vinniel and Union Bank of Kegiaɛor Lid.

The Qurly Trust Company at New York. New York Banteret-The freins National

Xork.

Blarers allowed on Durreal and

Fized Deyoulit. Zerms as appiimasion.

Arary deseriytion of Banking businer 1989

FIRPO CHARGED.

An Immigration Offence. Washington, September 6-A

the more seriously. injured mon new warrant for the arrest of nasse The Equitable Trout Company of Newenjoying the luxury of stretchers. Luis Angel Firpo, heavyweight Ruinean railway station is a,miz-battler, has been issued on the turo of contrasto those days. On charge of violation of the im one platform are trains, spoeding migration lewe in bringing to the men to the front: on the other United States for immoral pur- arrive trains of wounded but to poses the manicurist, Blanca these sights the front-bound Picart. soldiers are more or less in-

Beled

Losar griaud'on approved seapriller. panties for Bome Methang).

TSU TEE PEI,

Manager.

司公限有行銀豐和

The second charge came as the

different. There are no special rosult of the hoaring by the board trains for the, wounded nien. Iof inquiry on the question of

Baw only two trucks that bora Firpo's deportation. Firpo, was

THE HO HONG BANK, LTD any difference from the troop arrested to-day after the im

trucks. They were two Tiontain-migration commissioner hore had Pukow Railway trucke, painted requested a warrant for his arrost

and Exchange Business transact Incorporated in the Straits Settlements) | blue with: a big Red Cross on from the scoretary of labour,

• York

for 12 months 5% per annum

Every description of Banking

4 m/s. Mark

buy from Burton the $46.

Dartford Bad DS9. Tad 7.0 No

2/4.31/16

ed, Correspondents throughout | On Demand 2% per annum the world. BRANCHES-Canton

Capital:

M M. FITZ-HENRY,

Manager.

Authorised

1. her four positive taken the o/47

C, K. Shanghai porn to Nos.

E. Bingapore -1021 #T. Japs mob128 F/T India terbentulotube 1021

T. BAR Svaneiose and Haw

York besturen B31. C/T. JAYA burdenber1401 P/T. Marks for urbana Borte. NODE /T. #ranes bebucher 10.08 Wiwand, Paris quotes for

DUYING,

4 10/8. LifČ, vom/59/15 4M/A, D/F 4K/6.11/16

• 868kney and Hill-urne U}B]

KAPROLINATO-CONA JA 10.05

Demand, Fitmany.

'Demand, New York unsmere 82)

T/T. Bombay

Demand, Bombay

TIT. Calonta kontaktaktiku

Demand, Caleuita

On Kokokuma

Demand, Maui's

Domani, Singapore Demand, Batav)a

On Holphen

Pin1,62)

20100

100%

On Saigon wnd the Berkostot 1780m2 2008. On Bantkölt Bovereign

104 | Arthes Sher's. That t.17 Gold leaf per Tual Barton 47.80 Bar Bliver conteady

forward

-Ban, of England raje koralom: -% How York/London" armenmovom Jh46

SUBSIDIARY - COINS.

$47.00

Shang- hal, Hankow, Bangkok and New York.

LONDON BANKERS-Tho THE YOKOHAMA SPECIE BANK LTD

Lloyds Bank Ltd

LOOK POONU KHAN,

Chist Mansgar

THE. INDUSTRIAL & COM÷. MERCIAL BANK, LTD. HEAD OFFICE: York Building Chater Road, Hongkong.

BRANCHES p

Översvpondentë' is 'n 11 öömaarelal sentras of Chink and chrond., PROMPT

SERVICE:

"Mesures fond "

· ADE. 200.000 HRAÐ ÖFFJÉL, YOKOHAMA

BASTIA

Bu Ayze Kawas

Esa Frimoto j

· Dalrik

Singapore

Sydney

Klo de

esch side. Generally a few Red, Firpo furnished bail and tho ...$20,000.000 Crosa flags are stuck on the hearing was sot for September 15,

8,000,000 trucks as the trains leave,

The front line drossing 4,000,000

appear to be very lu 4,000,000 although at Quini

HONGKONG BRANCH:

four days after his scheduled Eight with Harry Wills. It is not expected here that his arrost.will Interfere with his fight with Will Associated Press.

(Firda was defeated by Wills.].

Paid upon megan Reserve liabilities of

share holders ...

G00,000 large and fairly cunt military Resorve Funds

hospital. I saw many medsebo Head Office-Singapore Branches Agencies and corros-had teen-wounded there and four pondents in the principal cities of days before and were still awalf-

ing treatment. Their uniforms CRIMEAN VETERAN, the world.

were stiofing to their wounds The death had pourred, at the and fler browded on the clotted age of 88, at resinence at blood that bad oozed through the Dulwich, of Mr. W. 8. Morgan texture. Simple wounds, ancha veteran of the Crimean War. wa leg or arms wounds, appear to Mr. Morgan enlisted at the age, receive speedy treatment; the of 18 in the Royal Boots Bualliere serious wounds are left to and served In' the regiment Iroof 18545-1875//kising to the rank m the medical units. * "far"

{{sergeant-major. He hind the lines. I saw men ♥ "Chang" Luk

thể Orimaso) WAY and Mr. Han Liang, abdominal wound" osived

days beforey/thilfast Chinese Aläävär Noovering

13, Queen's Rd. C. Every description of Banking and Exchange business: trans- acted.

1924-09-23 — Page 4

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