1929-03-23 — Page 5

THE HONGKONG TELEGRAPH,

USMAH

CIGA

WITH

FIFTY YEARS

"Three Castles Cigarette! are full in flavour but mild to the taste. They suit even the most delicate palates-

THREE CASTLES

CIGARETTES

COOK'S

AND

WAGONS-LITS

AMLO SAT

WORLD TRAVEL SERVICE

TRAVEL

BANKING

TRAVEL

EUROP

INSURANCE

FREIGHT

PEDDER BUILDING, PEDDER STREET,

HONGKONG.

· (Telegraphic Add: "Coupon"-Telephones C.524 & 525),

BANKING

FREIGHT

་ཀ

INSURANCE

1999 02% AKANE

Tickets issued at Companies' tariff rates. Inclusivo Tours arranged to all parts of the world, covering travel by Rall, Steamer and Air, Hotel Accommodation, Excursions, Guides, Baggage Transfors and every assistance that a traveller can require.

The attention of travellers is drawn to the importance of safeguarding themselves in the carrying of their funds. Our Bystem of Travellers Choques and Letters of Credit exposes travellers to the least possibility of fraud. Our Travellers Choques are issued in Sterling in denominations of £20., £10 and 25 and in U.S. Currency $100, $50,"320 and $10) Foreig aurrencies, Letters of Orodit and Travellers Cheques encashed. Drafts and Telegraphic Refäitianegg guodipf...N Shipments affected to all parts. Consignments cleared at low rates. Insurance arranged Involves collected against delivery of goods. Dry storage ocommodation for all kinds of Non-hazardous Goode,

Accident Insurance Policies issued for any journey. Baggage Insurance effected from departure to arrival at destination; Travellers are recommended to avail themselves of this inso. rança an Companion, accept no liability for loss of Biggage,

A largo staff is maintained for the purpose of answering enquiries sither personally or through the mail and we offer to our clients the most complete travel service possible, based on an experience of over eighty years. We have a chain of over 300 Omoes throughout the world and for the specialoare of Far Eastern Beeldonts, there is a FAR EASTERN DEPARTMENT at our Head Office, Berkeley Street, London.

DE MAP ARE OULAU MARMARANAD

THE FAR EASTERN TRAVELLER'S GAZETTE

Obtainable on application.

THOS. COOK & SON, LTD.

thi

INCORPORATED IN GREAT BRITAIN

(GENERAL FOREIGN PASSENGER AGENTS, PENNSYLVANIA BAILROAD.).

SATURDAY, MARCH 23, 1929.

SHIPPING AND EXPORTS.

HOW CUSTOMERS CAN

...BE REGAINED.

*Liverpool.

The annual report of the Liver- pool Steam Ship, Owners' Associa tion emphasises the fact that, in volume of oversea trade during 1928, this country is still bahind the position of 1918, and that, the, decrease in the main is on the exporti side.

"We have,” It is recorded, "by importing food on a similar scalei to that of 1913, and manufactured articles on a much larger scale, endeavoured to maintain the same general standard of living as we did before the War; but the Im- ports of raw materials, used in our manufactures and which so provide employment, "bavo de- clined In comparison with 1018. Od the 'other side of the account the sale of our manufactured pro- ducts to our customers overseas was in volume 95 per cent, of 1923, and of coal, exports 70 per cent

"The marked fall in the ratio or exports to Imports since the War has had to be balanced, with services and other no-called "in- visible exports: but Although yo far we have been able to secure the imports casential to the main- tenance of our standard of living, We have failed to ensure sufficient and continuous employment in most of our exporting industries, and we have reduced by more than one-half the credit balance on our international trade, which in pre-war years was available for investment overseas,"

Export Trade.

Attention is directed in the ro- port to the problem of exports. "For this country to make pro- gress." It is declared, "the pro- blem of marketing its exports has to be solved, and the solution must in the main be found in price. There is no reason to think that we cannot hold our own with our competitors in quality, but unless we, can also hold our own with! them in price our former cus- tomers will not return to us, and our present markets will not increase, If we are to lower the present price of bur exports it must be by getting down the cost per unit of output.'

To that cost many factors con-1 tribute In addition to the wages and salaries paid, in the export trade themselves. In it are in- cluded, the cost of the raw materials and of bringing them to] the manufacturer, of the coal, | buildings, and plant used, of tho

capital employed, and of placing: the manufactured products on the market; and, in addition, there the burden of local and general taxation."

,

On this point reference is made to the anomalies in the sheltered. trades, where wages continue to be maintained at a fovel "which Ignores the position of the export trade: "While living on the imports derived from our foreign | trade," the report proceeds, "they" lib sheltered tradeshave ehdékvoured' to leave the burden of competition to fall on the' In- dustries directly engaged in that trade;"" But" the prices they have charged have reacted on the cost of production throughout all in- dustries, with the result that the country's competitive power in, the export market has been restricted, the volume of exports has falled to attaini to pre-war dimensions, the wages in the exposed trades have been forced down,, the cost of living to the country as a whole has been increased, and the sheltered trades, themselves have suffered from a restricted home market."

Effect on Shipping.

The extent to which the pros- perity of the shipping industry is wrapped up with that of the country as a whole is shown in the report. "Our exporting power, It continuek, " con- trolled and limited in the com- petitive markets of the world_by price. The Shipping Industry has recognised that fact, Freight rates in the open freight market [of the world during the lust, seven years have hanged botween 8 per Cent, and 27 per cent, above 'pre- war level, and It Is, out of such Increase that ship-ównère havé had to meet the far greater Increase if the cost of building, maintaini- ing and running their vessels. Notwithstanding these difßegities, there is now available ample British Lonnage, ready to" éopo) with far more than our pre-war trade.One of the most aliquleting Preatures of the year is the extent to which this carrying power. Has Feen wasted. The amount, (d2) Import cargo carried per

LET THE WORLD'S GREATEST COLORATURA SOPRANO SING TO YOU IN YOUR OWN HOME

ORTHOPHONIC

VICTOR RECORDS

1144

1167

BY

1.

AMELITA GALLI-CURCI

[Sometime (Hahn-Fiorito)

Dreamin' Time (De Longpre-Strickland) [Carceleras (Prison Song )(Chap} )*

Seranala (Cesarea-Tosti)

1174 Dinorah-Ombra leggiera-Part 1 (Meyerbeer)

(Dinorah-Ombra legglera-Part 2 (Moyerbeer)* {Abide with Me (Lyte Monk-Samuels). Lead Kindly Light (Newman-Dykesj {Parla Valse (Arditi) |

1194

1267 The Gypsy and the Bird (Oxenford-Benedict)

{La Capinera (The Wron)(J. Benedict ) ·

1338 La Paloma (The Dove) (Yradier):

1335

6784

8089

10012

Home Sweet Home (Payne-Bishop) Last Rose of Summer (Moors)

(Proth = Air and Variations (Prach)

Zamira el Azar-La Fauvelle (The Warbler) (Gretry). Traviafa=1: ele (Verdi) (with Giuseppe De Luca) Traviata-Dife alla Glovine (Verdi) (with De Luca)"

Lucia-Sextette (Donizet(s) with Homer-Gigil-De Luca-Pinza & Bada Rigoletto-Queriet (Verdi) with Homer-Gigit and De Luca.

*Included in Mme Galli-Curci'a recital at the Queen's

Theatre on March 25,

C

S. MOUTRIE & CO., LTD.

(Victor Distributors) CHATER ROAD.

Be sure that your food

EPT at ordinary tem-

KEPT

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is safe to eat

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refrigerator provides FRIGIDAIRE gardless of kitchen

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beat or outdoor temperatures. And its operating cost is remarkably look! We'd like to tell you more about Frigidaire for your home. If conve- nient, call at our show room to-day or at your first opportunity.

Sole Distributors for Hongkong and South China; -

DODWELL & CO., LTD.

100 tons net of shipping in Skin Sufferers

1028 was less than in any year ́alace" the war, and considerably below that. In 1913. 'Compared with 1918, available space capable of carrying 12,000,000 tons of cargo In the case of imports and 5,000,000 tons of cargo in the case of exporte was not utilised In 1928, a total of 17,000,000 tons of wasted ship carrying power"

(Continued on Page 8.)

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