1929-02-23 — Page 6

THE HONGKONG TELEGRAPH.

PENINSULA HOTEL

A la Carte Grill

(6th floor)

DINNER DANSANT DAILY

From 8.30 p.m.

(Sundays excepted)

ROOF GARDEN

TEA DANCE DAILY

From 4.30 p.m. to 6.30 p.m.

(Sundays excepted).

ADMISSION FIFTY CENTS

ADMI

including Tea.

Dancing nightly

Admission $1 per head.

THE HONGKONG AND SHANGHAI HOTELS, LTD.

UNDERWOOD

|WAYGOOD-OTIS

TYPEWRITERS

HOPE'S

STEEL

ELECTRO-PLATINGËS

LIFTS

DODWELL & COLD QUEEN'S BUILDING

TELEPHONE

ENGINES

GARDNER

CENTRAL 1030 ENGINEERING

ADMINISTRATION

KAILAN MINING

FRIGIDAIRE

[REFRIGERATORS

SATURDAY, FEBRUARY 23, 1929.

ECONOMIC POSITION

OF GERMANY.

FALLING OFF IN HOME MARKET.

A keen observer of German economics writen us as follows:

HYDROPLANE CAPSIZES.

BRITISH SURGEON AND WIFE DROWNED AT NICE.

Nice, Jan. 24.

A fatal air accident, involving The year 1927 had been marked the death of two British subjects, by great economic activity result occurred hear... Antibes yesterday ing mainly from a rise in the home afternoon. A hydroplane belong- demand. This improved activity ing to the Aero Naval Air Union, continued during the first quarter piloted by Mare Carlou and carty- of 1928. But, in the next, indicu-ing a wireless operator, left Tunis tions of a shrinkage in the absorp in the morning for 'Antibes, pick- tive capacity of the German maring up two passengers at Ajaccio, ket became observable. Since in Corsica.

then there has been a slow but On alighting, in the Bay of steady diminuation in trade gener Antibes, the hydroplane met with, ally. The close of the year was a heavy rolling sea and turned characterised by increased un- turtle, the four people being im- employment, the number of out-of-prisoned in the cabin. Immediate works reaching 1,500,000 by the help was sent from shore, and the middle of December as against pilot and wireless operator were 1,000,000 the year before, a condi- got out alive though injured, but tion which appears likely to grow the two passengers were already worse instead of better.

dond. They were Dr. John Follett! The falling-off in the home Bullar and his wife, of Guernsey. market first made itself felt in con- nexion with consumption goods- more particularly textiles. It

then spread to machinery and the of industry has made further pro- iron and steel trade. A partial gress, although, largely as a compensation was obtained by In-result of dear money, the pace has creased sales abroad. This is flackened considerably. Stock- strong evidence of an augmenta exchange business was stageant tion of economic stamina and a throughout the year; interest:: better adjustment of economic bearing securities were sought in conditions.

preference to shares.

The invigoration of German in- Imports Recede.

dustry during the past year la Imports received from 14 mil. indisputable; but it rests mainly Hard reiche-marks in 1927 to about upon the invisible factor of for- 13.7 milliards in 1928; this change ign loans. Further developments

will depend being partly due to the reduced whether a rational adjustment is decisively проп demands for raw material in the affected between the political debt less busy industries and partly to of the reparations and the actual the smaller need for foreign capacity of grain on account of the heavier This is the task of the Experts German industry. home crops. Exports rose from 10.3 millards to 11.5 milliards. As that conference

Conference at Paris and gives to a world-wide significance.

a consequence the adverse balance of 3.7 milliards in 1027 was re- duced to 2.2 milliarda' in 1929. In this is reflected the exceptional German susceptibility of the trade balance. Any increase of | industrial activity will cauBH In

immediate increase of imports,

On the other hand, exports are much less readily influenced, as they depend upon the absorplive | capacity of foreign markets, the problem of how to renter the balance of Germany's foreign | trade favourable, fe,, of how to achieve a large and permanent ex- port surplus is destined to remaini long unsolved, especially as even prewar Germany imported more than she exported. Before the war, however, the resulting in- debtedness was easily not out of the revonues from foreign in- vestments and shipping, as is still the case in all other large in- dustrial countries.

Owing to the liquidation of Germany's vested interests abroad to the value of the 16 milliard reichs-marks, the German economy draws scarcely any income from foreign investments.

Foreign Loans.

Consequently, since the very first day of the currency stabilisa. tion, foreign loans had to be raised in order to meet an adverse balance of payments a situation which is exceedingly aggravated by the reparation payments inas. much as these constitute an actual loss of capital. During the year 1928, the long-term foreign loana taken, up amounted to 1.6 milliard marks as against 1.7 milliards the year before. In addition, there are the short-term credits and the proceeds of stock etc., sold abroad, the former aggregating consider. ably more than in previous years. As foreign loans are dear, the burden of interest borne by Ger- man Industry has again been greatly augmented. The rates of interest provide the best proof of the undiminished tension which, despite the slowly progressing, in- crement of native capital, con- tinues to prevall on the German money market: monthly loans have remained almost invariable at 8 per cent,; ie., double the rates charged in New York, London and Puris, for well-secured mortgages even 10 to 12 per cent. had to be paid.

THE TAIKOO DOCKYARD & ENGINEERING COMPANY

OF

HONGKONG, LIMITED,

COAL-CERAMICS-GLASS

SHIPBUILDERS. SHIP REPAIRERS. BOILER MAKERS. FORGE MASTERS. OXY-ACETYLENE AND.

ELECTRIC WELDERS. MECHANICAL AND

ELECTRICAL ENGINEERS.

~DRY DOCK-

LENGTH 787 FERT, LENGTH ON BLOCKS 780 PERT

DEPTH ON CENTRE OF

BILL (H.W.OST.) 34 FT. 6 INS. ~THREE SLIPWAYS-

CAPABLE OF HANDLING SHIPS UP

TO 3060 TONS DISPLACEMENT.

ELECTRIC CRANE AT SEA WALL CAPABLE OF

LIFTING 100 TONS AT 70 FEET RADIUS.

BUTTERFIELD & SWIRE, Agents

HONGKONG, CHINA & JAPAN. ;

**PEL, ADDRESS ~~TÄNEDODOCK” 190HB10000.

YILIENCE MA, CENTRAL RIL

GANG PLAGI "9" OVER “ANS, PEDIAMA"!

Dearness of Money.,

THE NEW FRENCH REMEDY,

THERAPION NO.1 THERAPION NO.2 THERAPION NO.3

No, I for Bladder Catarrh. "No, for obd à Brins, No. 1 for obronie Weskusımı. HOLD BY LEADING CHEHISTA, PRICK IN I MILANILDS DR LECLERCMed.Couliaverstockid,,N W45mins. SJR FAUR MARKED WORD RAPITIN 1 IN OR, BRIT, GOVT STAMP AFFILED TO GENUINE PACKETE

"

This

excessive dearness of money is a serious handicap in) muny ways. For example it great- ly hampers building activity with the result that over half- a, mil- lion households are still without any dwelling accommodation of their own. Be it noted that the number of families in Germany, Jn-; creases by at least 200,000 annual- ly. Agriculture also suffer most severely under fta burden of in- terest which now aggregates over n milliard works per year.

48

The two fundamental problems. of German Industry remaln acute as ever, namely; how can !!! nohieve an export surplus and; secondly, obtain adequate capitál | of a reasonable #gure. By means of improved wages, the workman's standard of living was maintained at the prewar level-n level, how ever, below that prevailing in other countrios. On the other hand, the real income of a large proportion of the middle classes is still much less than. it was bo fore the war, The rationalisation

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COOK'S

AND

WAGONS-LITS

WORLD TRAVEL SERVICE

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BANKING

TRAVEL

EURO

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FREIGHT

PEDDER BUILDING, PEDDER STREET,

HONGKONG.

(Telegraphic Add: "Coupon"-Telephones C.524 & 526).

BANKING

FREIGHT

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小

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ו'

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