1928-04-25 — Page 10

THE HONGKONG 'TELEGRAPH.

EUCHARISTIC

CONGRESS

SYDNEY

September 6th-9th.

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WEDNESDAY, APRIL 25, 1928,

HONGKONG TRADE.

(Continued from Page 2) Secretary in September 1927 advis. ing that the Government had under consideration a proposal toes- tablish a Harbour Board for Hong- kong..

The subject was" subsequently discussed fully at a Conference in November which the Har- bour Master was authorised to attend. It is undoubtedly desir able to effect closer co-operation not, only between Government and commercial interests, but also be tween the numerous Government departments connected with the control and development of the Port. The only doubt which arose in the course of the Committee's discussions was whether a body with limited authority and limited Lerms of roforence would be found elective.

J

The Accounts.

Fr

It is to be hoped that this exchango of courtesies will strengthen tho already strong bond of friendship which exists between the two seafaring island nationa~~(Ap- plsuse.)

Bolshevist Boomerang,

Mr. Chairman, we highly appro- cinto the presence here to-day of His Excellency and the interest which he has consistently main- tained in the commercial affairs of the Colony, and we look forward with the greatest interest to the remarks which he is about to make to us,

It is interesting to recall that in the course, of the address which His Excellency delivered to us at our last general meeting, after re- ferring to the boybolt, mincalled "the economic weapon," His Ex- cellency said: "But the true name of this weapon is the Bolshevist Boomerang, because it will most certainly recoil back and deliver its shrewdest blow at those who endeavour to wield it"

The income and expense.account

During the last few months the and balance sheet for the year end-truth of that remark has had a Ing December 31, 1927, will be most dramatic and convincing con- found on pages 18 to 21 of the vastation there is now in Canbon firmation. Following the Red de- Report. From the balanco. sheet

a regime that we hope and believe you will observe that a temporary will carry out a sane, peaceful and overdraft was raised in order to

progressive policy-(Applausc.) avail of the opportunity of invest- ing in the Hongkong Government Six Per Cent Public Works Loan."

Canton's Government. We trust and bellova that the This overdraft has now been paid Present Canton Government will off from proceeds of fixed deposits work for the greatest good of the that have since matured. There greatest number of the people of the provinces they control and that was during the years 1926 and they will work for peace and secur 1927 some loss of membership, butty within their borders. In that accessions during the past year event industry will reap, its own have to some extent made good the reward and our neighbours will, wastage. Fortunately, the Chamwe trust, soon make good the ap ber has been able to accumulate a palling losses which they have auf. reservo fund, amounting at, the fered during the last few years.--- present time to $66,000, which will (Hear, hear.) make us independent of temporary set-backs if such occur in the

future.

If the Government of Canton can, as we sincerely hope, ensure peace and security within its own This reserve (which was in territories, we can confidently look creased this year by $11,000), has forward to a period of steadily in- been built up by reason of the treasing prosperity in the neigh- fact that when the boycott develop bouring provinces and in the ed, a 'few, months after the retire-Colony of Hongkong-(Applause.) ment of our late Secretary, Mr. Blair, the appointment of an as- sistant secretary was postponed.

The Governor's Speech. H. E. the Governor" said Mr. Chairman and Gentlemen.

I would recommend the incoming Your annual meeting this year Committee to take into considera-is held in happier circumstances tion the desirability of proceeding than last year. The commercial to this appointment in the near outlook in South China is distinctly future. The Chamber could de-better. The artificial atmosphere and velop new fields of useful work on of enmity between Canton behalf of local commerce if our Hongkong, which had been created' secretary's much-appreciated efforts by Bolshevlam and Communism, were seconded by those of a com-has vanished. Open and cordial pelent, assistant.

friendship has been restored be tween this Colony and the Linng Kuang provinces.

The Report. Except for certain confidential

Trade and confidence are reviy- matters, the annual report reflects fully the work of the Chamber and ing and this revival is reflected should form a useful permanent already in the finances of the record for all members and their Hongkong Government. Wo had deficit an the anticipated A business connexions abroad. It

financial working of the year entails a tremendous amount of 1927; but instead we realized work and is somewhat costly to amali surplus and we commenced produco, If Members will buy the year

now current with a

1

and distribute extra copies they balance of $3,385,761 at credit of will help us to reduce the outlay the Colony's Iteserve Fund, of and at the same time be doing use-which sum approximately $2,025,- ful propaganda on behalf of Hong- 1000 arú liquid. kong.

I now beg to propose that the re- port and accounts as presented be adopted and shall be glad If some one will second the motion.

The Seconder's Speech. Mr. D. J. Lewis seconded the adoption of the report and.ne.

During last year no reimburso- ment was made to the Colony's revenue from loan account. But a loan of $3,000,000 was raised and from this loan a sum of $1,943,621 will shortly be paid over to revenue as reimbursement of expenditure already Incurred on the Shing Mun Waterworks Scheme. When this has been done, the Colony's liquid assets, (apart from revenue), will I do not know how many mem-the revenue for the first quarter amount to $3,068,621. Moreover, bers have had, as yet, time and op-of this year is well above the portunity to read and digest the

counts. He anid:

Your Excellency, Mr. Chairman and Gentlemen:

very voluminous Report that has estimate.

These facts Indicaté

been placed before us. Although that the storm, which began in 1 cannot pretend to have digested 1925, has spent its force, and that its contents, I have perused it to better days are in sight, Obvious Dangers.

enormous amount of work and time

a suficient extent to realise the Nevertheless there remain which our Committee, in spite of obvious dangers against which we must be on our guard. Com. the exigencies of their own affairs, munism, with its donunciation of have been able to devote to the

capitalism and of existing coma- multifarious interesta of every secmercial methods, is still a serious Lion of the commercial community menace. It could hardly fail to be of this Colony, and I am sure you so, while fis open cult stretches will all agree with me that we owe from the shores of the Pacific to them our heartlest thanks for the the frontiers of Russia in Europe, work which they have done.(Ap-and while it has numbers of secrot plause.)

I would also like to express our votaries in many countries and in

every continent, appreciation of the efficient man-

But in modern civilized life ner in which our secretary has auc- capitalism and commerce ccssfully carried out his onerous task during the year under review necessary to human welfare as is and to voice the hope that he will labour. Labour or industry is the making of things which men need. soon have the assistance which Commerce is the distribution of our Chairman has referred to... the things when made to those

Subscriptions.

aro as

who need thém Finance ΟΣ We have listened with the great-capitalism in the machinery est interest to our Chairman's through which commerce works speech and I am sure all members Now all modern Industry aims will wish to associate themselves at increasing the productivity of with the tribute which he has paid Jabour; and the greater the pro- bo Mr. Bernard, whose high inter-ductivity of labour the cheaper grity, public spirit and cool com- become its products. But mass mon sense have been such an assot production inevitably results in a to the Colony...

larger output in a given area than can be utilized within that area.

E is very entisfactory to noto that the Chamber's finances are in

In

Therefore, as productivity in a very sound condition; so sound, creases, the need for wider in fact, that members will probably distribution also Increases, look forward to the time in the notother words, the need for com- too far distant future when the merce continually grows; and the subscription may be reduced. This distribution of the products of one is a point which I think deserves | country to a number of other the attention of the incoming countries makes necessary · a cons Committee, na a reduction would tinous adjustment in the value of most likely be an inducement to money-tokens used by various many firma who are not get mem- peoples, and so the business of bers to join the Chamber.

foreign exchange has become a fine art

Not Artificial.

I think you will agree with me that the dinner given by the Cham

-'

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Mr. W. McG. Eager has resign-f After a circus performance at

ed the secretaryship of the Land Frankfort-on-Main a lion tame

ber to Admiral Kato and his Also arrangements must be made and Nation League on hle appoint-visited one of his lions in its cage, officers was a great success, and I to tide over the interval between ment as Secretary and Manager of He was suddenly attacked by the can only hope that our guests en the despatch of goods and the re- the National Institute for the beast, and so badly mauled that he

Blind.

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(Continued on Page 12.)).

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