1925-02-21 — Page 14

EXTRA.

THE HONGKONG TELEGRAPH,

SATURDAY, FEBRUARY 21, 1925.

with which the

wi

TO-DAY'S BANK MEETING. show an of

of the metal, estimated for 1924 auocess of these flotations. I think cubus of military interference. The time Customs revenue for the past

SECONDER'S SPEECH. loons was due to the courage remained paralysed by the suspen-, Taels 0,050,000, or, at a somewhat said: Mr. Chairman and Gent Mr. W. E. L. Shenton, secondid SILVER OUTLOOK. With more settled conditions faced the situation and

Japanese sien of goods traffle, and great in higher average of exchange, about mon,We have Ustaned

the convenience to individuals, besides 1,700,000 over the previous high particular interest to the Chat in Europe, the need is being falt confidence felt in their ability to serious commercial loss, has result cat collection, which was that of man's very luciul spach which metallic currencies of the various/portatious for purposes of ro/ed from the stoppage of cont de achieved by the capable, and nees circles and eva; in high for an Increase in the depleted surmount their difficulties, Im

The remarkable success 'always looked forward to in bur conscientious administration of circles as one of the outstandin

Customs might well In-incidents of the:your,,

SILVER

MARKET OUTLOOK.

BOLSHEVISTIC INFLUENCE IN CHINA.

:

ion was held in the City Hall this

Mr. W. L. Pattandon was in

CHINA.

BOLSHEVISTIC INFLUENCE IN

It is hardly necessary for me to

in South

1923,

Tho nhareholders presont word: £3 per share paid in August last, change, approximately 1/6, and recapitulate the many obstacles provisional Government under county's principal products find-jing him of onjoying in retirement

business

of this

sinco

Wo

Jast

transfor

when

the

pound

gen-

It would

presage

Dictator.

Crops

for this

long

year,

earning power of the Bank is by

the Bank's Diamond Jubilee will

Kenuine mercantile trade in the

countries, and already consider construction hays thrown the ivorica in mid-winter. able purchases of silver have been balance of trade heavily against The year thus closed with no de the made for coinage. It is not possible the country with consequent finite grounds for anticipating that ducg China to disregard the We hasten to join with You" i to estimate at all accurately depreciation in the Japanese speedy means could be found for foolish agitation the amount of silver required to exchange, which dropped below the restoration of peace and for raised by misguided extremists, you have sustained by the death so frequently your sorrow over the great losse The annual General meeting of been evo more difficult than its is likely to be on a solo sufficient below the gold parity of the Yen. sufficient stability to prevent further expert foreign advice and assist-G., Hillier. Mr. A. G. Stephen wa build up these currencies but it 1/7, 1/4, say about 33 per cent. creating a form of government of and employ a great measure of of Mr. A. G. Stephen and Mr. X shareholders in the Hongkong immediate predecessors, but, in to be an important factor in the Japan has a long and difficult outbreaks of civil war, and Shanghai Banking Corporat spite of this, thanks to the sound silyor market for some time to task to-establish its ourronoy on

The pro ance in the increasingly difficult well known to most of us, not onl basle on which our business has come. During the latter months the former gold basis, and the blem is admittedly both vast and task of debt consolidation. The by his reputation as a banker an morning, and thoro was large boon built up, your Directors are of the year India was not a koon rocovery must necessarily bo difficult. The revolution of 1011 potentiality of China's trade is financier, of outstanding ability attendanco.

able to place before you a balance to the large demand for gold, upward grade is made, confidence regimo and imported in the gratifying position of being buyer of the matsi, due no doubt gradual, but once a start on the tore up the roots of the Imperial almost boundless, and, could she but personally as a hospitable hos be Induced to set her house in and friend, and, furthermore, a the chair, others present at the shoot showing results which they This demand for the precious will be

Into the shairman's tablo boing Mr. H. P. have no doubt you will concur metal is not surprising in view of should have no difficulty in of democracy, which the experience toms tariff should furnish a solid ture consideration. In the public inspired and Japan Chinese body politic Westerni ideas order, the revenue resulting from a man whose opinion on any sab an adequate increase in the Cus-ject was worthy of the most mn White (deputy chairman), the with them in regarding as very the prisont level of Indian ox-obtaining further assistance in of the past docado has proved to be foundation for the solution Hon. Mr. A. O. Lang, the Hon. satisfactory. Including $3,379,-change, which enables the Indian foreign money markets in raising totally unsuited to Chinevo neoda this urgent question. Mr. P. H. Holyoak, Mr. B. D. F. 314.45 brought down from the natives to secure gold on cheaper the leane needed for the purpose The Republic of the past thirtoon

of life of this Colony, bis servides Beith, Mr. J. A. Plummor, Mr procoding year, the result shows terma than ever before. In pro- of reconstruction.

were called for in every capacity G. M. Young, Mr. A. H. Compton, a not profit of $16,383,882,01 war days, with Indian exchango

years has now in its turn been over- EASTERN TRADE OUTLOOK.

and willingly given both in the Mr. W. H Boll, Mr. T. G. Wosll, as compared with the not profit at 1/4, it took 15 Rupoos to

Councils and out of them. A long thrown by the events of the recent

Advices from India report and active career (directors), and Mr. A. H. Barlow $16,583,873.49 for 1923. Aftor do-purchaso a sovereign, whorens at

war and the establishment of the satisfactory year in exports, the minated all too soon, thus depriv has been ter (chlof manager).

ducting the interim dividend of the prosont level of Indian ex- Sir Henry Fullock, Sir Robert viz : £480,000 at 2/4.5/8 ($4,024, sterling exchange with America with which business

It is impossible to foreing good markets abroad.

The the rost which he so richly deserv- Ho Tung. Mra, H. W. Bird, 454.15) and $50,000 remuneration at 4.76, a sovereign costs only Pirney, brigandage, sporadic war-

finance entailed was handled by ed and had so faithfully earned. China has had to contend. cast the next development

the Exchange Mrs. J. H. Taggart, Dr. J. H. to Directors,

Banks without Mr. E. G. Hiller was not so well Past experience has taught us the much difficulty, thanks to there remains about 13 Rupees 10 annas. Should fare, heavy taxation and Sanders, and Messrs. F. H. for distribution

the known to the individual but ha futility of oxpecting much from the polley of the Indian Government had an international reputation ay $12.300,427,86 Indian exchange be maintained Pontyarans, G. d. Dunnott, whleb, with

1/6 your approval,jat W. E. L. Shonton, C. A. Hooper, it

erally unsettled conditions in Can-good resolutions of reform anusuno-who, by buying sterling on a large a banker and financier. His great is proposed to Chau Sui-ki. E. A. Ram. J. with as follows: Pay a final on

doalj sterling 18 ra established ton and the neighbouring Pro-ed at their inception by successive scale from the banks, greatly courage in carrying out his many ite former gold baais, vinces, have combined to make Chinese Governments, whose plans assisted in providing the neces- duties and his great services to the Arnold, ffo Wing, W. Anderson, dividend of £3 por share and a the value of a gold sovereign in commerce difficult, and business in this direction have invariably been sary funds. In the abscice of Bank whilst labouring under dire Paul Lauder, G. E. Towną, Mok bonus of £2 per share, subject to India will bo under 13 Rupaos in some lines-notably piece-abandoned when the magnitudo of Government measures to ensure a physical disability will keep his Kou-sang, Chan Siu-ming, G. H. deduction of income tax, together annas--a price which might bring goods and general imports-has the tank was fully realised, but woxed rate of exchange, the sterl-memory green for many years to Archbutt, Chan Tsun-nin, A. amounting to £800,000 and pay-out boardings of silver for oxbeen much restricted. Donison, C. E. H. Boavis, O. I, ablo at 2/34 absorbing $6,918,-change into gold.. In the circum-be rather overstating

may nt least noto with ating value of the rupee has been come. His famillar figure In Ellis, Lo Chung-wan, Ll Po-kwai. 918.92;

the CASC faction

tint the Chief Exeen-subjected to fairly wide Buetua-Pekin will be remembered to Silver stancos it souma possible that we to say that the outlook to-day tive has inaugurated B. A. Halo, W. Van Eps, J. M. Rosorvo Fund,

a reapretions. A steady exchange would after contemporaries of his have Alvos, Lee Coon; D. E. G.write

$1,000,000; may see a falling off in the Indian is brighter; there are, however, off Bank Nicholson, A. V. Apoar, P..M. N. Account,

Promises consumption of silver for a time, indications of increasing contentative Beorganisation Conference appear to be to the benefit of the ceased to live. $1,000,000;

Turning to the Balance Sheet, as a first step towarda unification trade of the Country, but thero do Silva, R. O. Dastur, Kon I carry forward to the current year only be temporary, as India must munity, which I hope

and though I venture to think it will dence amongst the Chinese com-of the country on a broader basis are so far no indications of this we have presented to us a financial Buon, 8. M, Churn, G. B. Layton, the balanco of $3,390,508.94. Thofcontinue to bo a large absorber of better times ahead in the not too than has yet been attempted desideratum being attained in the statement which can only be the W. Adama Oram, A Murdoch, rate of exchango, 2/334 at which silvor, the more precious motal distant future. Had it not been

near future. Much must depend on the spirit,

subject for mutual congratulation K. S. Morrison, F. M. Ellie, E. E. our £ assots and liabilities have being too expansive to supply the for the severe summer floods in in which this conference menta, Trade in the Straits Settlements and satisfaction. Although the Ellie, P. S. Cassidy, A. Edgar, been converted into $, and the needs of the poorer classes, H. W. Bird, W. Vandar Storn, silver assots and liabilition into E

North China and the set-back due and whether a genuine desire shows signs of improvement-thebatantial increase in deposit and Fung Kong.ur, P. V. Batolho, being approximately only for sale in London for purpose of litles

The amount of gold available to the outbreak Ti ́active hosti-

shown, to achieve the practical re- prices of tinand rubber, the two cash in hand is possibly strongly D. J. Lowis, D. O. Stoavonson. M. lower than the rate of last year export is limited to the amount Shanghal and Tlentsin

sults which are within its power, chief industries, have advanced indicative of trade conditions in in the districts round A. Remedios, C. A. Middleton, may be taken, for purpose of Imported, and to that extent the Autumn, favourable trado condi-The true friends of

the Far East, inasmuch as the weaving grandiose considerably and now stand at a Instead of in the schemes impossible of reniisation. profitable level for producers. circulating for trade purposes, yet money no represented should be Smith, J. H. Taggart, Fung Lang. comparison of the figures with market is a narrow one. During tions might have been reasonably only follow the conference John Fleming, C. H. Blason, those of that year, as practically recont years gold has been treated expected in those important cen-anxicus and sympathetic concern, were good and disposed of pro-notwithstanding the very unfa

China can 1924′ was a favourable year for

the profits with the Philippine Islands, T. H. R. Shaw, Mok Man-chi, the same. C. A da Roza, and F. M.

as compared with Inst, show that, as a commodity in Great Britain, trea. But with trade very much and sincere desire for its success. ftably, the resulting prosperity vourable conditions of trade, the Crawford.

The items of the balance sheet and this will continue to be the restricted during the last four The Chairman said: Gentle indicate normal expansion in our case until such time as the em- or five months, 1924 was not on

being reflected in a considerable SEIZING OF BALT REVENUES. bargo against its export is removed the whole a satisfactory year for

increase in importa. With trade nion, before proceeding with the business, and call for little comand the currogos re-established the Chinese or foreign business the practice on the part of the pre-rice crop in view, the outlook for forward to the coming year with During the recent civil strife, in a healthy condition and a good means diminished. We look mont. As compared with tho meeting figuron presented to you last your free market for gold in London.

on its pre-war gold basis with a community. I would refer with the deepest deposits are $19 millions and Tho appreciation of sterling dur-China during 1924, it is dimeultjalready too prevalent, was widely considered as distinctly encouragusher in a substantial revival in regret to the losses wo havol

vinces of sequestrating the Gor the coming twelve months may be 10 trepidation but anticipate that In making a review of events infernment Salt Revenues, which was sustained

cash and bullion in hand $ing the latter part of the year to avoid repetition of what was extended, being adopted by the mot, through the deaths of Mr. millious higher. On the other cade us to hope that the law prosaid from this chair last year. various military commanders, both

ing. A. G. Stephen, our lato Chief hand, our investments in Britisbihibiting gold exports, which ex-The tragic tale of internal strife Jantagonists and adherents of the Indo-China and Slam are good, and the prosperity of the Bank.

Alce crop prospects In Burma, Far East and a steady progress in Manager, and Mr. E. G. Hilller, decrease of $23.1/4 millions, due/pires at the end of this year, may our late Agent at Poking, botto roductions effected from time not be re-imposed, and that wo months of the year, interest was ing for the upkeep of their swollen amount of rice available for export we heartily agree with as a p

increases During the earlier Government, as a means of provid- satisfactory mon of transcendent ability and

The proposed bonus to the stuff may then see sterling restored to focussed chiefly on the highest integrity; their death

to time in our holdinga of leaves a void in the ranks of the Treasury Bills sa more profitable the chief medium of exchange great difficulty was

its former proud position of being South China, where a situation of tion of the serious decline

A very appreciable por-from these countries may be con-Inition of their continuous Indus- events in armies.

offidently anticipated. The welfare try, hard work and loyal foreign community in the Far.

out-lets for the employment of for purposes of East, which will not raadily be

our funds presented themselves.

by $9,000,000 in the not Salt Revenue of Siam, especially, is so largely tion. It was with particular plea- co-opera- filled. After 3534 years' work in Bank premises aro

Labour Unlons about $16

acting

under collected during 1924 as compared dependent on the rice crop, that sure we listened to? the Bank's

the year India has taken the lakhs higher. I would mention

with 1923 is attributable to these all those interested in that coun-appreciation of Bolshevist influenco.

your landatory which included

service that our Colombo premises have greater part of the gold available It was not until mid-summer that depredations.

Jeir services and try will welcome the prospective work which w most able been completed, and our management of

It may be questioned whether, return of more prosperous cond!-merited and it ja our wish cordially e know are so well in London, in addition to large developments in Central and North Office from 1911 to 1920, Mr-fooro and Haiphong should be India being £11,496,000 from Lon-Iparts of the country, during the first/Chinese of their internal differ-of the excellent work of Mr. W. the. Bank is assured.

our Shanghai office buildings at Calcutta, Singa- the total amount imported into lion. It appeared, indeed, in these unduly in the settlement by the tunity of expressing appreciation such efforts that the success of

amounts direct from South Africa, China attracted particular atten-in their dealre not to interferetions. I would take this oppor-to endor Stophen was appointed Chief

se your remarks. It is by Manager at the end of 1920. uished early this year. With the don and £15, 274,000 from South half of the year, as though a period onces, the foreign powers concern. J. F. Williamson, who is shortly During his 3 years tenure of

exception of the now office Africa that vory rosponsible and onerous houses for our Agents at Tientsin money market were again com- a fulfilment of the Chinese belief Ruthority of the Salt Revenue AdAdvisor to the Blamese Govern Bank's prosperity and desire to

of tranquality might possibly bed were well advised in not afford- retiring, during his long tenure off post, the Bank's prestige was and Amoy, our building program paratively

Conditions in the London approaching and we might wither fing greator protection to the the responsible post of Financial only as a material token of the still further enhanced, while theme is nearly completed_ roaulte achieved during his all Tokyo, whero since the Yoko-the Bank of England rate which introduce dn ern of peace. But it Revenue shall in the first placalno better cholce could have been outward and visible sign of the throughout that this year, the first of a new/inistration set up under the Remont, His successor, Sir Edward nsofidato in a corent form its too-short torm of office, witness hama disaster wo have boon re-

the year. There was change in cycle in the Chinese annals, would which also provides that the Salt

organisation Loan his BULOCONsful administration through a period beset with ex recently opened our own office is below Bank zato during the first one of flood, famine and civil war matters

presented by one of our staff, wo romained at 4%. but the discount was only a Jull before the storm. be security for that loan and made, has earned a high reputa- greatness the Bank has attained traordinary

market,. after ruling about 1% From July onward the record is other difficultien. Mr.

tion as a financial expert during and the further greatness which it Stophen proceeded Home in May

suitable rented premises.

foreign obligations. As last for a few months' holiday.

half of the year, firmed up to Rains of

stand, the

hls service in India. security exceptional 1924 was a year of rather more 3.5/8-3.3/4, and this level was during that month inundated vastly undermined, and the position your behalf, to express our appre-ed policy displaying to the public and died in London on the 27th pronounced Auctuations in the maintained for the balance of the tracts of cultivated land in the promises to become increasingly elation to the staff for the work at large the solidarity and stabi-

severity of the Bondholders is being steadi-

hopes til to attain. It is also Before closing I should like, on the materialisation of a long-sight- August after a very short illness, price of silver than its predecae-year, thus showing the Bank rato Northern Provinces and rendered serious Mr. A. H. Barlow, who is well-sor, the highest point touched was fully effective. While mouey homeless ad destitute village com-measures are taken without delay year, known to you all and in whom boing 36 1/16d in October and the was in battor demand than the munitics estimated at 30 millions. to safeguard the collection

uniess really adequate they have done during the past 1lty for which the institution. your Directors have the utmost lowast 31ed in confidence, has boon appointed to rauge between maximum

December-a previous year, the supply was

The outbreak of Civil War in the Salt dues. and ample for all requiremonts, and succeed the late Mr. Stephen as minimum of 4.9/16d as compared there is no doubt about the autumn in the vicinity of Shang-

of Manager, Mr, A. H. Barlow, on!

whose shoulders rests great rea-

**DESTRUCTION AND Chief Manager of the Bank. Un-with a maximum of 33,11/16d, a rosources of the money market hai was followed by Inconclusive in the assumption by the military Bank, we have, as I have already The acquiescence of the Powersponsibility of the control of the

DISRUPTION," like Mr. Stephon, whose service minimum of 3014d and a range being sufficient to enable London fighting on a large scale in the commanders of complete domina-sald, a man ominently suited to all extended over a large number of of 3.3/16d during the previous to maintain its position as the neighbourhood

Your references to the general our Eastern Offices, practically year. Notwithstanding the com-chief contro for the finance of Treachery achieved what actual built with foreign capital and for the late Mr. A. G. Stephen, hoped that the phase through

of Shankalkua. tion over

political situation in China are, the various railways the position of his predecessor, we fear, only too, true. It is to be all Mr. Hillier's 42 years in the plation of pureos under the international trado. Bank werd passed in Peking. He Pittman Act, the average price of

warfare failed to accomplish, and which the railway revenues form whose decease we so deeply de-, which the country is now passing achloved an unique position as silver was maintained last year issued in the London market dur-powerful

Foreign and Colonial Loans the defection of one of his most the security, has also been much plore. trusted councillor of both Chinese at a substantially higher level ing 1924 amounted to £131,938,626 about a debacle of Wu Pel-tu's Chinese merchant clusa, no less member of the stuff, not only at the now far distant when the basic commanders brought criticized. Certain it is that the the loyal co-operation of every evolution and that the time is not It is only, however, by is just a stage in its economic and foreigners, while the monu-than in 1923, due largely mental work ha accomplished, European

to against £129,295,643 the provious forces. With the eclipse of its than the Continental although handicapped for many tries coming out

coun-year. Amongst the foreign lasuos principal supporter, the collapse would have welcomed any measures kong but also in the branches and again be fully and completely re- foreign community, Bank's Head Office here in Hong principles of meum and trum will many years by total blindness, tantoad

buyers is included the Japanese Loan of the then Contral Government calculated to prevent the disorga-agencies in different parts of the cognised, and that the great mass will long survive him,

recent floated early last year for the speedily followed; to replace it anisation of the railwaya which world, that we are able to place of the people who represent the The years, scilors of the matal. The purposes of conversion and re- Provisional Government was eatab foilewed on military centrol and before you the results we have ruled will bring home to those who Directors wish to avail them-total amount of silver imported demption of the outstanding lished by the winning side under mismanagement, and the incalcul-to-day, and I am sure that share-rule that if they wish to continuo selves of this opportunity to or into India and China during the baleacon of the Imperial Japanese the leadership of Tuan Chi, Jut. preas, on behalf of the share year was standard ounces 169 Government 42 per cont. Loans, This Government, recognised in-foreign business interests which of 10% it le proposed to pay on they must conform to those prin holders and themselves, their millions against standard ounces First and Second Borica issued in formally by the Treaty Powers as have been the inevitable conse- salariés.

Able Голвен to Chinese and holders will approve of the bonus in their present exalted positions appreciation of the great services 180 millions in 1923. Of this 1905, and to meet expenditure for the de facto organ of government, quence. of those two gentlemen and the total, China is estimated to have reconstruction work necessitated had shown little ovidence by the doop grief felt at their death.

fciples of justice, without which no absorbed standard ounces, 614 by the disastrous earthquake 'in

I beg to propose the adoption of State can be admitted to the A DIFFICULT YEAR.

millions

From an undeniably gloomy ple- the Report and Statement of comity of nations or recog ДВ compared with 1923. £25,000,000 was issued in end of the year of capacity to deal ture it is agreeable to turn to an Accounts, After the proposal has nised as a The report and statement of tho previous year.

standard ounces 74.1/4 millone London and U8.08150,00,000 with the dire confusion into which invariably. bright spot on

power in civiliza accounts having boon in your figures it will be soon that the success in both markets. While, Thought it assumed office on Noven-pite of the tale of floods, famine, shall be pleased to answer to the by firm and stable Governments. From the in Americs, and met with great the country had been plunged horizon of Chinese affairs. In the motion before the meeting, I similar instances now represented the boen seconded and before placing tion. History presents many handa for some days I shall, with total amount taken by these two no doubt, sympathy with the bor 23rd, nothing effective had been civil war and the virtual strangu beat of my ability any questions The present position of the rail- your permission, tako thom as countriou represents road. The your under review has proportion of the world's output suffered played a part in the ber to free the railways from the in- centres, the figures of the Mari-.***,

large Japanese in the disaster they had accomplished by the end of Decom-lation of trade reported from many which shareholders may have to ways and other communissköns

Eastora

Government Securities show a

are building at Tientsin and

as

of, 鬼片 in

In

international During

business transactions.

035Y

continues.

created

in the

cog

Your building programme has all ulong received our approbation not

Agreement, Mitcham Cook, C.LE than whom, accumulated resources but as an

In our

esteemed Chief stands.

#

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