1928-02-25 — Page 3

HONGKONG BANK MEETING.

CHINA SITUATION ANALYSED.

THE HONGKONG TELEGRAPH.

treaty

SATURDAY, FEBRUARY 25, 1928.

Extended referoneca to .com to accept a soat on the London Cam- | January at £675 million, he figurebstad, the fem to the Belves and the other Powers, and of ruptured with :: Germany thing/from the Colony, we take rates

add, found

in Central

and have

G. M. Bernard at the annual meet-be of value to our Management ined supply of mercantile Paper Trea-exchange ina and a steady level of movement in the South, has not meeting and military interferon A man of stolo taste and aimbled

The Accounts. Turling now to the statement of

the rasult

sury Bill

China's credit.

patience

A

must

reckoned to Hon Mr. Bernard

Gawile bet

Wo

been accompanied by somewhat diren have drawn somewhat closer 10 anstrous alot implies," at the missed in channel at the Chis, as they do actual trade, which make pointing trade conditions Imports and, with their approval,

the mercantile bills, representing

The Northern militarists 2 other national services (1011idonia, and vast-capacité

now the Posts) with such

uch courteous and uncatentatious boca generally dull. Chang Tso-lin has assumed the

of dictator at Peking. The Bame time. trade inion

rative polley beyond the raising of markets, ever, in constant financial stringency

and la anable to pursue any adminis funds to oppose the advance of the Nationalist armies.

credits.

especial.

the

скрога

the

wall, B. D. F. Beith. Ho Leung, of Bank Premises Account, $1,000,-ket regains, its former freedom of national adversities, and the work of

al

CHAIRMAN'S SPEECH. Progress of the Colony. Addressing the meeting, the Chair- man said: Ladles and Gentlemen,-". The report and statement of accounts having been in your hands for some time, I shall, with your permission, take them as read,

closer

ak

good their

the

to

ing the machinery.

GNT 2 thought to many

the energy, through the

of Association, the London Consultativ

tinue to have the benefit of hi Committee of this Corporation, I and this Bank in particular, will co valuable services.

acrvant.

Bez

you on your fine effort.

China's Word Her Bond

The state of disrepair and neglect

coti

short visit to one or two of the course and while the average rate as local conditions become in the least ist activities. But the Nationalist well as the interest charges of the Important Branches of the Bank and over the whole year was a little tolerable. With the exception of silk, cause had already suffered irrepar Consolidated Domestic Loans, also to Peking whore we anffered a ¦ under. heavy loss owing to the complicated quent variations

4% there were from which his had to contend with a very able damage and the eradication of shortage of funds which led to a tem

Mr. Bernard's Work the and dishonest transactions of an old rate botworn 3.1/2% and 5% owing to depressed market exports have boon Communiam fa, I fear, vory far from porary suspension of payment on the clation of the characteristically

d the daily and trusted. Chinese- servant of 120 the constant changes from a plethora{ the dosso porankcity of the native. Bolahoviet friendship bought with the 4806 Anglo-German loan, in the early able and consciention YMADDERA

surprisingly good, thanks largely to complete Such is the who a a time of Chin onerous duties. In view.

harvest of thore

for many years. At the conclu- of credit.

of- the year being nothing' which our Directors discharged th aion of this visit, it is the intention of your Directors to invite Mr. Barlow outstanding was at his highest in ost

The total amount of Treasury Bills means of getting cargo

of the great an undermining of the Chinese social the Great War and

during Chairman's Impending departu mercial and political conditions in sultative Committee of the Bank foll to £563 million in April but at this the whole to compensate them for the reaped the whirlwind.

having glad system, a process of which the end directly to do with the current state tunity of wishing him please China and the Far East general- where his up-to-date knowledge of end of the year had increased risk and exponie

· Femunerative prices an

yot in sight. Truly China has of affairs. The continued Integrity voyage and every success and pr ly were made by the Hon. Mr. D. Far Eastern hanking conditions will to £861 milion.

the Maritime Costoms With a diminish-

A good harvest

The development of the Nationalist its relative immunity na service and perity in his new spheres of activiti ing of shareholders of the Hong London.

Mr. Barlow is succeeded by the in the London discount market but it kong and Shanghai Banking Gor-Hon. Mr. G. Hynes as Chief

hich of genuine kindness and sympathe have been helpful factors.

· piny n very important Part

In India, a good monsoon has again changed the situation in the has poration, held at the City Hall at Manger of the Bank Mr. Hynes' is noon, to-day.

well known to all of you and in the London murket the clearing house while The Hon. Mr. D. G. M. Bernard appointing him to the important post for the finance of futernational Trade cotton has suffered by the reduced ernment nominated by Rim is, how thế nbaữ both foreign and art showed other bodies, the Colony, in geneCH

tribute to the (Chairman of the Court of Directors) so. in full confidence that your in- by means of loans and overdrafts, China and Japan. In

of Chief Manager your Directors did and

and tact

the Is to be regretted that financing prosided, and there were alsts, sent torests would be in sound and safe without any definite maturity date, le rupee, India has reached goal to

ties in their attempt last summer capacity of two

principating. Mr. A. H. Compton (Deputy Chair

The Nationalist Government man), Mr. W. H. Bell, Mr. N. S. hands, and we all wish Mr. Hynes z

scanty respect for International trees Brown, Mr. A. MacGowan, Mr. C. G. long and successful tenure of his tablished and admirable system of which we have long been looking and

to impose a heavy increase of the to some extent replacing the old-es- 3. Mackis, Mr. T. G. Weall, and Mr. responsible position.

at being drawn under banker's fict wear has been unvantful

from which we may hope for bene-

conventional duties without the: P. White (Directors), Hon. Mr.

results in the future. A. C. Hynes (Chlef Manager), and

We have ail Urtened with deep in blance of reference to the foreign The Hankow. Debacle. lefiders: Sir accounts, you will see that the net of England over the London discount being on the whole easy. The Amerly, the British Government's abandon the fact that to sacrifice the magali its kaleidoscople reactions to puiftica

The control exercised by the Bank Straits Settlements and Malaya, trade the principal facts to record are, first- the following

Turning to Sino-British relations" | nevertheless, apparently recognized / very of Isst year. A comm

Governments concerned. They have, terest to our Chairman's general sur Robert and Lady Ho Tung, Hon. Sir profit for he year, after making full Ƒ market during 1927 is no doubt just can demand for rubber fell short of inont of direct diplomatic relation cent organisation of the Chinese: Henry Follock, Mrs. D. G. M. Bernard, debts, amounts to $14,280,288.14 which guard against any weakening pea had to be slightly raised to keep owing to the latter's refusal to make Customs Service in a divided China Lawids in its geographie scope which hensive review of finance, with Mrs. Mackle, Mrs. Wilson Smyth together with 83,899,068.34 brought Bank's gold position la view,

Provision for all bad and doubtful fed by the necessity of placing expectations and restriction on export with the Nationalist authorities toms to political motives would be vand-other conditions, weighty in 23 Messrs. E. J. Osborno and B. H forward from 1920 makes a total of ly, of the passibility of the Treasury prices steady

fatal mistake The Matthews (National Bank of Aus $17,638,868,98, or $82.5083.74, in excess note issue being taken over by the

position of the pronouncement by reason of the in The Philippine Islands suffered nation for the outrages Nan bound to remain a delicate

formed knowledge it displays, and tralasia, Ltd.) the Fandoms, ferre, of the corresponding Aguros for the Bank in the near future. It prostor loss last oneerla the death claim to act up to the standards of and we can only hope that common-extensive with the Bank's world

and failure to make Hughes, Dr. J. H. Sanders," H. Humphreys, E. Davidson, F. C. Proceding, twelve months. You will.bably a temporary expedient and there ¦ whose wiss and abla administration Tale of -the - Hankow Agreement which would have the effect of rufide Public, and I venture to congratulato

problem of General LeonardWood, under civilised government; accondly, prevent any real and disastrous steps be read with close "attention, by, the know, agres with your Directors is, certainly, good reason to hope so much advance had been made and the consequent deterioration of

[sense" and patriotism will combine to Hall, H. G. Hogarty, F. H. Ponty-that

wida acivities, your #peech, Sic, cross, C. J. Cooke, D. J. Lewis, Wly satisfactory. After deducting in a premier position as the centre With a steady and general improves of British trade on the middle the Feking Government, certain at- isaminant for it. is unquestionable that to towards stability and prosperity the ex-British concession and paraly Arising out of the pressing needs of G. Van Eppe, Ho Wing, Ho Kom- the interim dividend of £3 paid in for interations! trado, the Londonment in the state of the population, Yangtare. tong, J. H. Taggart, Le Choung-yip, August last (viz: £480,000 at 2/- discount market must be a free ong the finances of the islands are getting Chan Shu-ning, J. M. McHutchon,$4,800,000) and $50,000 remunera. so na to attract an ample supply of John Arnold, R. M. Dyer, K. S. Mor- tion to Directors, the balance remain. mercantile bills. Such bills are then to an increasingly firm footing.

Whatever may be the differences of ministration were made early in the tempts at interference with the ad- rison, J. D. Kinnaird, J. E. Joseph, F. W. Stapleton, W. E. L. Shenton, ing for distribution is $12,788,363.08 trus Index of trade besides affording a severo check last progress received by the British Government in De-year. One of those led up to the re- of the Chinese rafiways, and the

opinion as to the polley announced M. Manuk, R. A. Dastur, A. O. as follows: finn dividend of £31 regulating the volume of credit. The of the important firm of Suzuki and all reasonable Chinese that the Bri- who as Inspector General has the debt obligations, to which Tour which we recommend being dealt with the simplest possible frustrumont for a last April in the financember fast in respect to British Con- grettable departure of Sir Francia failure of the Authorities to ment Brown, E. 8. Gubbay, G. Murray, per share plus a bonus of £2 per share cess, as instanced by the upward their doors. The crisis was, on the 1the Hankow Concession, why fant of his great predecessor. Sir But speaking as a thinsko, &

cial crisis which followed the failure Lo

cossions measures adopted havo met with suc caused some thirty banks to close tish Government's refusal to Cheung-ahlu, M. K. Lo, E. M. Ray (subject to deduction of Income Tax)

In China, it must be clear. to

China with such consplenous Chairman has made pointed mon, N. V. A. Croucher, Lo Man-

deduction of Inch Too movement in the London-New York whole, met with the courage and per- have been more than justified by the the Government, who employed him him, C.

devation and ability, since the retireences, are matters for deep regret, Bernard

amounting Brown, Xi, Fung Kong-un, L. G. 8 Silver Reserve Fund, $500,000; write

Ho 21-3/8, $7,876,023.08; Transfer to exchange, but it will be a roller when severance which we have learnt to conspicuous failure of the Nationalists would relief

Robert Hart. His curt treatment:

vinced that the

of ramintaiza Be Wing, W. S. Bailey, Chan Lim-pak. 000, and carry forward to the new

expect from the Japanese In their to implement the of any control and the money.mar.

Chen-O'Malley provoked much indignation as a recapacity of railways

ng and rovital

the potential D. M. Goodall, E. H. Beavis, D. Account, $3,411,430.00. Our invest action.

an important ction which, though far from coment, la testimony ingrettable display of ingratitude to factor for the development, of the J. Scott Haraton, A. Templeton, J.

rom the menta show a very satisfactory mar-

has continued unabated, Stevenson, D. V. Steavenson, H. R.

sincerity of will,

declarations.wards a loyal public

country The Colton Trade,

resist the widespread and well- To Rgin on current market prices.

fully appreciated by the Blurt, H. S. Hills, G. C.

annual Customs figures are the Chinese, it is hoped, bear fruit in the near founded demands by British subjects recognised barometer of China's com her financial position permita, will and that China, as soon as Davenport Browne, M. Churn, A. A, R. Agures for 1926 and 1927 shows a de.fering so severely from the.contrac-: prica. of raw silk, although at low have been an easy matter for from the steadily rising curve, China'e, word is hear bond

Moxon, A com

comparison of the balance sheet the Lanenshire textile trade is suf-

It is a matter of grave concern that future. A substantial increase in the for action in regard to Hankow cannot merelal progress and the sudden drop honourably meet all her pecuniary Botelho, A. B. Haworth, Lo Cheung- crease in total assets of $62 millions. tion of their China market. The in- due to conditions in China, and the having the means at hand, have

obligations. Time will show, that Frank Austin,

set off the loss on cotton goods Majesty's Government who, though many years past will Winton, P. C. Polts, B. L. Sim, the headings of Cash and Bills Re-ing from the troubles in China is balance lower by 145 million yen than to use

H. Seton-The deerenso occurs principally under evitable damage to the trade result year closed with an adverse trade ty abided by their exprossed

give serious thousands in China. d. T. Dagram, H. R. B. Han-

We

The picture which our Chairman must hope that the obvious leason has drawn, of the disastrous resulta ceivable, there boing an offset in cock, D. II. Cooper

TE Pearce, securities which stand 24 millions the statistics of which show

necentuated by Japanese competition, that of 1926.

the troops

will not be lost on Chinoso both in of Communism in and of the conse Chua Sen-chu. B. X. Kwok, G. E higher than in the previous year. Re-

nstendy

solely for the protection of Hall Brutton, K. Stewart-Smith, J. M.ference to the liabilities side

the North and the South, but will improvement at Great Britain's ex

Chinese Unrest.

lives and property in that city. Al stimulate a determination to reach chaotic state of China, ir painfully quences and effects of the present Alves, R. K. Valentine, H. B. L. veal a corresponding drop

pense and by the increasing proper-

After this brief, survey of For though evidence of reciprocity is still some kind of agreement on the dis-realistic and true. It provides much Dowbiggin, and John Fleming.

in deposits

don in which mills in

par Eastern trade conditions, I pass on to, painfully absent, it is impossible to he- putes which are keeping militariam material for anxious reflection to th China are which, taken in all, are less by just supplying the local demand.

With

the general situation in our principal lieve that the sacrifices we have made compant throughout the country and true patriots and well wishers of upon 60 millions. It will interest you any return to normal conditions in

field of to know that the fall in deposits

operations. In the political, can remain without effect on our depriving the people of China of the Chiria. China, the cotton Industry is bound in the commercial,

ercial, sphere it is die- mutual relatione and, indeed, am prosperity which could so easily be diminished balances held with us at induction on the part of the months shows auch small improve-

to make rapid growth and it will in Ching that the course of and it has reach

As regards Communism, there is the end of the year by other banks.

co-operation and cheaper

the dering last

wolverly anti-British

has If I may venture an opinion as to no doubt to my mind that, to those This partly owing to the fact that cashire manufacturers to meet the ment and that there is so little pro- With the decline of Communist in it is that the great middle classes, tions, its dangers, its utter fuility and considerably lessened. the most crying need of the country acquainted with its storn implica in 1928 China New Year-when the keen

gross to record towards a settlement fluence we misy hope for sill further together with the Nationalist element it may exercise an abiding, and in demand for cash reaches is maximum

competition.

as an instrument of political remedy, In contrast te cottons, British wooler

her domesic paint-fell at an exceptionally early

problems or of her improvemun..

in the true sense of the word which date

goods seem to be holding their foreign relations, But.

But, though poor

exista lovar China irrespective of

resistible appeal. Friendship and. Force.

Jste all

But if the great reault, the year has been unusually own calendar, own in the China market, There Malaya, a great improvement

Bufferings inflicted on the mass of ins party also,

and clique, should develop The Chinese should, however, realliee united and practical opposition to the nocent people by the recent Red re rich in inten The European economic situation British Defence Force and the conclu- of such magnanimity unless they res- holding China in bondage but which especially in

In Incident, The arrival of the that they cannot expect a continuance rapacious military tyranny, which is gimo should serve to convince the towards the end of 1927 and more or the past year, helped by the progres Agr

in trade has improved in complexion during Joss idle funds deposited with the Bank sive stabilisation of national curren-greement at the beginning of the they drift towards Pirit. Nor must is so utterly allon to the native spirit destructive and hot constructive, I

sion

of the much-debated Hankow pond in a similar

people of China that Communiam, la found active employment. Another cics and the smooth transfer of re-year were followed--within a few forbearance on the part of the

the conviction that the country,

fatal polson weeks of our last meeting-by payments from Germany.

Before closing I

and not a panacea, then- should like, on

such sufferings, borrible and poignant The margin between

and the

violation your behalf, to where the table tale of murder and outrage treaties,

to express our apprecin- as they basis of exchange at 2/-3/8 as com roncles have been calculated on the on the one hand, a greater financing the Yongleze. This led to the

to marked the culminating point of the status.

equal

tion to the staff for the work they endured we would not have been level was appreciably

lower.

international

in vain, for they would be Induced, fierce anti-foreign movement along that

We

hope too, has been one full of difficulties, and I pernicious doctrine from China.

have done during the last year which come instrumental in eradicating this pared with 1/11.1/2.

of cotton bills etcetera in America, tion, as a meatura of safely, of onwards all constructive reform In

Government, His Mer evacua- while firm in the polley while on the other hand-assisted by British subjects from all unprotected country, will not suffer honest friend

ent, feel sure you will approve of the of helping decision Silver Outlook.

of

Directors to award your During the past year, the fluctus attracted to London the floating bal-Shang our return to the gold standard-Britis

thom

a bonus of 10% on their salarie tion in the price of silver was, with ances of European central and other Shanghai was, meanwhile, experienc-ness of purpose but will strictly abide After the proposal has been seconded that political strife and turmoil, with 1928 with thirty years ago, the

in Nationalist

territory. liness to bo mistaken for mere weak and statement of accounts be adopted. political chaos, we should remember

now beg to Егорове that the report

Aas regards the" existing, Chinesa venue of the Colony had been multi-narrowest since 1911, the range being figures. plied

instituted

and by their dictum that concessions and and before the motion is laid before their concomitant dislocation of trade Lionby over eight, the civil popula. between a maximum of 28d. in United

organised br Com in terma

ngents, which now mounting toward

treaty adjustment can result only the meeting, I shall be pleased to and business, are but incident to States dollara million) February and a minimum of 24.8/4d. ed during the year from 4.85 to roops would almost certainly have ment and are not to be wrung from questions which shareholders may Republic maro than trebled and there had in January, been

The average for rise of over 100 per cent, in year was a fraction over 26d. The in London the first shipment of gold tonal Settlement with serious loss force. the

Looking at volume of foreign shipping. The sale by the Government of India of from the United States since 1920.

the 4.88% and in December there arrived ended in the overrunning of the Inter- Great Britain by Lawlessness and have to ask.

the vaster and more figure: for this last, namely 27 mil- Standard Ozs, 9,200,000

of life and incalculable damage to pro-

detached perspective of world history, lions of tons, excluding junks, in-holdings in the silver reserve in July is reflected in the Customs revenue continued during the spring and havoc with the security for China's Mr. Barlow and Mr. Hynes Tributed.Tom lawlessness to order, from diver

from their

The military exploitation of the

I think we should congratulate The state of China's trade in 1927perty. Croused last your by seven millions was quietly and cleverly effected returna w 6834 millions of tarla brought the Nationalists as far as the foreign loans.

The advance of the Southern armies country, which now equally prevails

eelves, that the trade and business dre to the imposing total of 35 millions

In North and South, continues to play

no worse than they are, The progress of which almost exactly one-half was markot News of the transactions

without immediate disturbance of the from 78 to taels- British

the His Excellency showed on that gebooming known after the site were civil disorders, party war, labour and it necessary to send troops to protect and sequestration of revenue has re-

first

aity serious decline

River. In May since 1914.

to unity, must of the situation

Sir Robert Ho Tung, in seconding, and tedious, but is nevertheless. I

of necessity sales

is the natural result of

was so precarious that Japan found casion what can be accomplished by fright and produced a

Pilght, of Railways. Interference with administration Gentlemen, In rising to second the said: Mr. Chairman, Ladies and British and Chinese co-operation in in price from a

bellove, discernible, sharp decline

think, already hopeful normal times, and although the need. 24.15/16d. As the fear

oppression

signa level of 26d. to rest, military loss and senseless boycolts and the

tung, Peking was already threatened duced nearly all the Chinese Govern man, I should like, first of all, to say tung

motion Just proposed by Mr. Chair all events in the Province of Kwang- security ther having me of public

when a breach in the Nationalist party internal strife throughout China mayaited, there was

Political conditions are: every sort

ment railways to sales by the Indian Government sub and domestic commerce. It is re- and put a stop to further progress. vices and other obligations. An Chairman has just paid to our forrow closer, 1 hope and trust th

reign paralysed their military movements or completo default on their loan ser with the deserved tribute which our untold benefit of its teeming inhabit

state of partial that we heartily associate ourselves ing towards an equilibrium, to the have checked the Colony's growth hestitating, recovery in the price and pressing picture which I have to give North and South has ebbed and the deterioration of the railways them- Absolute devotion to duty was, to even given it a temporary set-back-26d. was gain reached in October.

a gradual,

though

Since then the tide of war yet once peace and order are restor

and The chief absorbing countries for sign as yet of that clearing of our lowed, but the Yellow Elver has re- 601708, which goes far to destroy the not merely an ideal, but an over all to an era of mutual understand-

I regret that I can perceive little

the deterioration of the thihave the Chief Manager, No. 4. B. Barlow, forstion of friendly relations listwean ba abundantly demonstrated in re

'I feel certain that its vitality will silver continue to be india and China horizon which we are all so anxious Nationalist thrust northward. The of railway loan bonds, that with a daily work. His long and faithful | ing; mutual respect,・・ stability and

mained the highwatermark of the hope, so long cherished by the holders Live principle which animated newed prosperity and that Hongkong, acting in mutual co- progress and

Better Hongkong Outlook.

re-emergence of Marshal Feng Yu- return to normal conditions the rail- operation with her great neighbour, Ing an opinion upon the future trend suffered from the depredations of again in danger--this time from thelated debts.

record of service to the Bank, and will show an increasingly fine record of the silver market, an important pirates, while

Here in the South, we have again the Shanzi forces, placed Feking ing power and clear off these accumu-Manager, fie directed its affairs in the halang, in the autumn, supported by ways would soon recover their earn the able manner in which, as Chief in the years to come.

factor to be borne in mind is the changes at Canton has also had Perhaps it is not out of place, to policy which is likely to be adopted hampering effect on mercantile enter- pulsed the attack, find themselves, at Fallway, necesitates the current ex- rejoice that he has accepted a seat on a series of political West-and the Northern military tone in a state of efficiency of any under a debt of gratitude to him. We

midst of financial It is well known that the main political upheaval, have placed us all stringency and quote a remark made by the late Dr. by the Indian Government with reprise. In spite of this, the trade of the end of the bear in control of a penditure of a considerable portion the London Consultative Committee, mast bring

they Sun Yat-sen in an address to the students of the University of Hong-form of silver rupees and uncoined healthy, recovery from the low point; much reduced territory:. At a rough of the earned revenue for the upkeep and that his expert knowledge of franker and more friendly

gard to their holdings of silver in the this Colony has

shown steady and 1923, Dr. Sun sald he won-silver of 196,06 Aneness, which at the reached in the, previous years though aclimate, temuthirds of Chind now of the permanent way, and rolling | Eastern banking conditions will thus i tion, between pouples. things

of.. the as they hail done, for example, equivalent of about standard ozs. 407 of three or four years ago. A distinct year represented the by no means equal in volume with that

flies the Nationalist dage with the barren rock of Hongkong millions.

stock and a hundred and one other continue to be available to this nationally friendly peoples as the“. essentials, but the Chinese military Our Chairman has rightly remark British and the Chinese. That such nationalities, capocialy between such within seventy or eighty years, while

has occurred in piece The superficial expansion of the the control of railways has passed

and civil authorities The world's silver production for China in four thousand years had no 1027 is put at about standard ozs. the

the trade is now feeling Nationalist movement is, however, have so far, entirely ignored this known to us all, and we feel that for good, is evidenced by the

od that the Hon. Mr. Hyncs is well co-operation has infinite possiblities place like Hongkong." It is unneccs 276 millions, which is roughly the costa, and there

of increased manufacturing more than outweighed by the ruinous fundamental principle. Intant only on in appointing him to the important increasing prosperity of our Corpora sary to point out that, with an ad-same as the revised figures for 1926. activity in the export of wood of which marked the Initial advance from the

has been noticeable cleavage in its ranks. The solidarity extracting as much money as possible, ministration of law and order and con-To arrive at the total amount of allver which, blocked on the Yangtze, is Canton has been replaced by dissen- even the most urgent requirements, made a

responsible position of Chief sideration for her industrious popu- available during 1927, there should finding an exit in the South. Taking slens which, threaten to wreck the in

they have starved the railways of Manager, our Directors could not have

tion lation China could accomplish

be added to the production Agures

Bounder choice.

1 have been associated with this equally wonderful changes through about ora 30 millions representing for the year is not unsatisfactory and Nationalist government: The Kuo- it is to be feared that if some settle-ledge of all the banking problems and by His Excellency the Governor's

the yaccount, Hongkong's record party and render impossible a united terioration rapidly gathers pace, and and equipped with an intimate

with its growth. Encouraged In such circumstances the rate of de- with a wide out the country and she would receive allver sold by the Indian Government, there are fair indications that the immintang (the party on which the ment of China's political disputes is sight place. It is a happy augury progress, already mentioned by our

comprehensive

Bank for nearly 50 years I have the whole-hearted co-operation of all sales by the Bank of France and provement is likely foreigners in China, as well as that silver shipped from Japan to Shang-

continue. Nationalist Government is based and not shortly reached and the revenues of their Governmenta, in bringing hai,

is the right men in the luminating record of this Colony's the Yanglaze

Valley, abbut such conditions as would make

the the theoretical boycott has

source of its power) Estimated

of the of down the expenditure or many of

except at isolated points, but the ornments established at Nanking and some of the lines will before his assumption of his bigh

died first split into two, with rival Gov. restored to the railway administra good that the first year of Chairman; confident of the China one of the most prosperous silver into India during the past year balanced by the hindrance to trans-into a number of beparate factions. dollars before they can again be ren | Benerally, as shown by the increase optimism. I wish, and prediat for, our

office continuance..

of the com Should will need And

synchronise

the marked

I have referred which place the figure at about standard

and looking improvement in the Colony's affairs towards the future with unbounded Secondly, I have to refer to the which the silver sold by the Indian age,ing from war and bri- ( Thus at the end of another twelve dered fit for regum revenus, I will creure of tonnage, of ocean vessels | perity, I have much pleasure ins

OZB, 100 millions, in addition portation

to change which has taken place in the Government, víz: ors. 1,200,000 was rato the extent of the former of these China shows more' divisions and sub-wearisome tale of file-peating the passing through, and above all by the seconding, the report and the state- of the Colony's population, by the in-premier Bank, every success and pros. the sa As regards salt nearer in sight, the political map of not burden you by

Before we proceed as usual with. the adoption of the report and ae- counts and a general survey of the

which I should like to touch. First tyr, hare are two matters upon

I wish to invite attention to the record

progress in this

nk Colony, the domicio

of

in

321

our

in

figures is that the assets and liabili

reason for the decrease In the dollar

Ion

parations

of

the

Powers means a short cut of.

of our bank, as described so graphical thea of branches operating in gold cur: in London and New Yunt ratus Nanking affair which with its lamen- outrages, and

ly by His Excellency the Governor in his speech to the Legislative cll last September when ho

recorded the achievements of the past

thirty yours. We see from the illuminating

re.

areau

advane-

ink a

but

a terrorist

the

4

Political Transition.

figures theft given that, comparing the exception of 1023 and 1926, the Banks which now run into very large, 16" for the presence of the British from their fair and amicablo agree-answer to the best of my ability any Bitcal Cons

had

4.

in

of further

Sterling

Tatian

absence

to ace.

and any serious falling off in their

consumptive power would soon react

en the price of the metal. In form-

kong

dered how "Englishmen could do such end

.countries in the world.

Mr. Barlow's Resignation.

in

anti-British

1

and by the crippling effect depreciated currency.

To illus. may instance the rise in

The Nationalist Split.

month, so far from unification being.

divisions than ever.

!

into whose hands

unworkable

trafile.

SECONDER'S SPEECH.

stitution.

be'is

with

look,

bo,

ONIT

moy-

View even

between

Hongkong and Canton is but a pre-

property in both places, g

though pregnant with anxious and Ladies and Gentlemen, the future,

There is an increasing recognition of dificult problems, fa also full of hope,

tlay of mankind, and this recognition

the common origin and common des-

About

Leave in September last, desired to Indian consumption for the year ox.renched as much as nine times the Bolshevist agents, the Communist no of funds held by the Group ran wishing him a long and success Business Matters

of

the

movement

Chine

And

clonor,

CO-DATE= different

avor

Chief Managership of the Bank since delivered in India. Allowing for evils, we last met. As you know, Mr. A. H. shipments from Bombay to China of cost of freight between Shanghai and Barlow, at the end of his six months' about ozs. 13 millions, we get the the province of Honan which has Nationalism has split. Fostered by

Feizures and increase in value of the shares of ment of accounte disorganisation. Receipts are now public companies. We join with you, Communism Is the rock on which reduced to negligible retire, from the East

the figure tors accepted his resignation with millions in 1926 Importations into latter I need only refer to the embargo alist

your Direc. 106 millions, as against ozs. 118 normal figure, while in regard to the

tenure of bis high office. Danks is

že practically exhausted and very much regret, Mr. Barlow dur-Chine were about ozs. 98 millions, as

It is unnecessary for me to any ing his thirty-six years' service on compared with 82 millions in 1926. rency notes at a heavy market disall

On the proposition of the Hon. Mr. spread over Nation-unless a marked improvement occurs much on the accounts which have on silver and compulsory use of cur-eitle

and plunged the Eastern staff did very valuable

both the whole of the leans dependent on boon presented, for they are, we Owen Hughes, the confirmation, or into Salt Revenus are deemed to fall into all must agree, ominaitly satisfactory. Mackie, Mr. A. MacGowan and Mr. work for the Bank. The three

4ke aprofuiments of Mr. G. 5. Discount Market,

country-alde count

the miseries

default. I understand that a heavy especially having regard to the ad years

and of his tenure

The discount market In London

of embittered class, warfare. With reductio

With reduction of local revenues has a verso: lading circumstances to which N. 5. Brown, and the re-election-of rulod very steady throughout the

China Exports Good." Chin Managership were trouble year and, with the exception of a few Jess acute, military interference, life of the country, not even shumming Government: Salt. Administration in ication of the profits, are following the Pattenden as Directors, was unani-

mob-violence and terrorism as its wea- [sulted from the supersession of our Chaliman has alluded. We are cors. H. Compton" and V

the Hon. Mr. D. G. M. Bernard, In the North, the situation has been pons, it has devastated the economic foreign employees of the Chinese glad that our Directors, in their allo some and arduous ques and the thanks weeks da April and. May, when the ¦ though sovero, having been within ze the wholesale massacre of defenceless Nationalist-territory and I sincerely sound and conservative policy, which i moanly carried; Mr FC. Hall second- ́of all shareholders are duo to Mr. quotation for 8 m/s Bilis droppod' a } latively narrower bounds; but there merchants: and farmers, as we have i hope that the latter authorities' are is traditional of 'our Bankas: Ingangenude de tec

WL

he affairs of the Bartow for the able manner in which little below 4%, the rate was more or ❘ too': merchants have boen heavily lately seen in the regions around correctly reported to be inclining to feel that it is only by pursuing such Mr. E, Davidson proposed and Mr. To conducted the theft or to Bank lots stabilised at 45/167%. The only handicapped by i. frogular, taxation Suntos, palling exéceses of the Coin- resulta accomplished during that rate was a

wards the re-instatement of the a policy that Ha unrivalled and un- Humphreys secondaithe re-elec period speak for themselves and are (April to 1.1/2% from the 5% level at thus necessarily been of a hand-to-action, which terminated in the expul evidence of his capable handling of which it had stood since the ard mouth nature, but an, encouraging son last December of all Soviet re The Customs revenue, although so salarios in recognition of their mert-] The Chairman announced that divi Business throughout the country has munist faction, brought about the legal service. Our Directors decision to award the John Fleming as auditors The proc of the Com. inspectors and the re-establishment of shakable solidarity can be maintained. on of Mr. C. Bernard Brown and Mr.

The Customs Outlook, staff a bonus of 10% on their position was carried unanimously. Directors, Mr. Barlow agreed to make did not pursue' quite the same even which everywhere takes place as soon and the official repression of Commun- ́ ́meet in full sts foreign obligations as our hearty support.

dend be ready

reduction on the 21st

i

Swatow.

we

"Monday: