1930-01-14 — Page 8

NOW ON!

THE EVENT

OF THE SEASON

GORDON'S

GREAT

SHOE SALE

GENUINE and LIBERAL REDUCTIONS

ASK

FOR

OUR

PRICES

WASH-HAND BASINS

ALWAYS IN STOCK

LEE YU KEE

Showroom-24B, Des Voeux Road, Tel. C. 1688 Plumbing Workshop 14. Moin St. Tel. C. 4788 Cement Tile Factory-83, Wakefield Rd. Tel. C. 147

Special Values in

Gent's Raincoats

AT OUR

CLOSING-UP SALE.

PRICES FROM

$6.50

A LOT OF ODD SIZES AT HALF PRICE.

YEE SANG FAT.

TRACK THE GERMS TO THEIR LAIR

VAPO-HALINE

supplies antiseptic vapours which quickly permeate the cavities of the nose and throat, and thus destroy the germs responsible for your cold in their breeding places.

The Colonial Dispensary

13 Queen's Road, Central,

Tel. C. 1877..

HOME LEAVE

FULL PROTECTION

AGAINST ACCIDENT & LOSS WHEN TRAVELLING MAY BE OBTAINED

BY A

1.

BAGGAGE INSURANCE

B

PERSONAL ACCIDENT

POLICY

ISSUED. BY

CHINA - UNDERWRITERS LTD.

Hongkong Bank Building, da Des Voeux Road Contral.

HONGKONG.

Tel 0,1121/2.

$1

THE HONGKONG TELEGRAPH.

EFFECT OF FALL IN

THE DOLLAR.

"

(Continued from Page 1.) prico when exchange was much higher, are bound to be good, and this market should be bare of stocks fairly quickly, by which time n demand for new geode must be seen, whether the exchange is a good one or not.

Equal Terms,

TUESDAY, JANUARY 14, 1930,

LEAGUE GAME,

Old stocks of Place Goods, order follow stabilization of the cur- YESTERDAY'S SENIOR ed previous to the 1920 boycott forrency of China, account of dealers "who have sinca gone bankrupt, should now find a favourable market and their dis- (4). I am of the opinion that it'

Dominion Unlikely.

Local Commission.

HOCKEY.

VARSITY MATCHES AGAINST RECREIO AND KOSB

M

posal will clear the way for would be an excellent thing for NAVY AND BORDERENS

· SHARE EIGHT GOALS.

The following have been selected to represent the Varsity first eleven placement order, which will come the Government to appoint a forward, although on a restricted

Leading by two clear goals at against the Club de Rocroio on scale, as soon as exchange La- committee of experts representing the various interests, to enquire comes steady,

Into the effects of the low long one stage in their Sonfor League Wednesday at 6 p.m. at King's Park

Horklots, I T. Loke, D. Roy, V. V kong dollar, and to advise what game with the K.O.S.B. last night, GE. Yeoh (Capt.), Dr. G. A. G. steps should be taken to remedy the Royal Navy came porilously Enok. P. I. Tan, A. A. ARIE,

C. near defeat, being rather fortun-Lee, O. Da Sousa, Nolasco and H. E. If the new level of exchange the situation. is as low as or lower than the pre- Generally, I am strongly of the ate in many ways to effect a draw M. Adams.

The Varsity second eleven against sent rate, then the cost of certain opinion that unless China puts her of four goals all. articles will rise beyond the reach

currency upon a gold basis, It The Navy "began in great style the K.O.S.B. at Bookunpoo at 6 p.m. Tuesday is as follows: A. A. Axir, With the dollar worth. no more of consumers. This will tend to would be folly for Hongkong to and they were two up with twenty (Capt), S. C. Ho, N. Chamarette, W. or no less than the Shanghai deflect demand to articles of a

rol, J. Guterres, Kho Naispo, ~ N. dollar, we shall be on equal terms, lower quality, but there is no rea- attempt to do so, because in the minutes, Firth getting the first James, Nolasco, T. W. Goh, Ng Kam- The Borderers showed their.foronha and A. Gosano. Reserves, and if we suffer, so will Shanghai, son to suppose that the volume of main Hongkong depends on trade and Dickenson the second. which will be rather different to import business as measured in with China, and there should be the position we have seen during local currency will be diminished. as little disparity as possible be mettle from that stage and in the Kho Han-po and Basto:

tween their respective currencies. next forty-five minutes, they got the last few years, when OUT (2) Exports of China produce

four goals as against one by the trade was rapidly disappearing from Hongkong are comparatively

Navy, Stock doing the hat-trick,. whilst Shanghai's Custom figures

while Everest netted the other. for imports were breaking records. small and of recent years supplies have been limited, owing to the

With the position completely! On an equal dollar basis, we are trouble in the interior. The ex-

reversed-Stock's third goals gave!

A further stage was reached in the bound to get the South China port market appears to be in an

the KO.S.B. the lead for the first Hongkong Polo Club's American

when in the tournament yesterday, trade back from Shanghai, at least unsatisfactory condition and I

the time-Drury, handled As regards goods from Europe: doubt whether lower exchange

penalty area and McGregor made Civilian team beat the K.0.8.B. by. two goals to one, the game being freights are cheaper, transporta-will do much to bring out bigger

no mistake from the spot. tion to the interior is cheaper, and or more regular supplies or

Appended is the revised table: marked by accurate hitting and good being a free port, goods can be stimulate demand from forelan

P. W. D. L. F. A. Pis. riding. stored here.free from duty or dues, centres. nwaiting transhipment.

Spoilt Argument." ---

to

Export Supplies Lacking.

(3). So far as I can judge with (2) It is hardly necessary to say my limited knowledge, I consider that for exporta, the lower the that a stabilised dollar is denir- exchange is, the ansier it is to able. I take it that the Bank's compete in the World's markets, policy previous to last October actually the difficulty seems to be was to maintain the dollar on as to find sufficient supplies." The re-steady a basis nd possible and it. cently adopted 1/6 rupice instead seems to me unfortunate that this of the former 1/4 is making it policy had to be abandoned in the exceedingly difficult for Indian face of criticism which was pro- produze to compete in the bably not fully informed. World's markets, at least so it is

In view of the currency chaos in reported in one of the Fecent South China resulting in the issues of Copital, the lending, virtual acceptance of the Hong- # monetary Indian commercial newspaper.

kong bank-note os standard, the time-honoured argu- ment that the currency of Hong- kong cannot be divorced from that of the neighbouring provinces has probably lost much of its force.

Stabilisation of Dollar.

(4). I certainly think that the Lime has arrived to call in n particularly one currency expert,

who has had first hand experience

SETTLING

THE POINT IN

GOLF

(3) If the Shanghai dollar is stabilised, by which I take it you mean is put on a gold basis, then the Hongkong dollar must be stabilised. If the Shanghai dollar is not stabilised, then the Hong- kong dollar must not be, as we both deal with the same market. But of a silver currency. I take it, When Balls Collide on Putting the Hongkong dollar must be on a however, that the Hongkong Gov-

In stroke competition, when both par with the Shanghai dollar, toernment has not remained idle dur. avold Internal exchange complica-ing the present crisis, which has, tions, and this is what the banks of course, affected the Budget for balls are on the putting green and are hoping to do, in accepting 1930, and probably the matter has one player plays his ball so that of the it alrikes his opponent's ball, the player shall incur a penalty of ope Hongkong silver dollars at the engaged the attention Colonial Ofee at home.

strike... same valuation.as the note Irene.

Currency Expert. 1.

Green.

The ball that was struck shall be Oficial Statement Urged.

replaced, according to the rules. There is, unfortunately, so much The ball nearer the hole may be (4) If the question is whether an expert should be appointed to confusion of thought at the pre-lifted at the option of either of the advise on how ailver can be supent time that I think the public players. ported, the idea is impracticable; might be given a clear authorita- statement of the currency no expert can advise on that,-it is live just a question of supply and situation and an indication of the Government's attitude towards it. demand.

+

Steady Dollar Needed.

If the question is whether an expert should be appointed to

The divisional manager of an advise on how to keep the Hong- kong dollar down to the parity Important concern writes that the that nature of the business of his com- of-ilver, I certainly agree

con-pany is such that exchange does everything possible in this nexion should be done for the not greatly affect it. good of the Colony's trade. I ho- lieve the Government is consider ing such appointment,

Answering the first questions together, he says that his company considers that trade will adjust But if the question in whether itself to the present conditions as an expert should be appointed to it has done before in similar cir- As one writer to the advise on the necessity or other cumstances. wise of having the Hongkong press pointed out, the local banks dollar down to the parity of silver, only undertake to give in exchange I am of the opinion that such silver dollars, and that if that advice is unnecessary, as the fall-commodity depreciates in. value ing off of trade during the inflated they cannot be held responsible. A stendy dollar is always better currency days, as compared with for business than a fluctuating increased trade in Shanghai dur- ing the same period, is sufficient one, which is only welcomed, by

gamblers... answer. The layman is not in a position to know, and therefore is probably unaware of how much we have been affected in this res- pect, but the banks and exchange brokers, who are well able to judge of the Colony's trade as expressed in the buying and selling of exchange, have all experienced -very

lean years since this in- flation began in July 1925.

Local Sacrifices,

1

Short Memories.

A good deal seems to depend on what the Chinese Government pro- pose to do. Obviously, Hongkong must follow China. The stabilien- tion of the dollar in the Straits cannot he held up as an example done here. of what should be What the Straits Government' did was for the good of the whole community. They had no country In conclusion I would say that with totally different Ideas con- although the drop from the arti-trolling their actions.

Though much ink has been spilt, ficial dollar value has hit people fairly hard, that is to say, Baerl: believe that the only people who fices have to be made to live with-rolly feel the pinch are those in one's means, nevertheless the who have expenses in England to. fact... is that if the fictitious meet. Local prices will no doubt rise, though some people rate had been allowed to continue,have short memories. In a good many firms would either the days of 1919, 1920 and 1921, have had to close or economise, those who had expenses in Eng- and so instead of having a reduced land looming ahead, were in a post- margin between, income and expention to send half their salaries diture, a good many employees in home for such times and live com- the Colopy would either have had fortably on the rest. to accept reduced salaries or lose their positions.

IMPORTER'S VIEW.

A partner in one of the Colony's biezest import. honge, writes:- In response to your letter, I append my personal views on the points raised but I shall be glad if you will treat them as anony-

mouя..

(1) The decline of the dollar naturally increases the cost of goods imported from countries with a gold basis, and until the purchasing power of the Chinese recovers from the depression recent years, the demand for such Imports is bound to be adversely affected.

of

As long as a. steady rate emerges from the present uncer tainty, business will adjust itself to the present situation.

Business Difficult.

Another follows:-

1.

A

taipan replies (1) The effect of the low dollar on the Colony's Import trade will be to make Buch business Probably increasingly diMcult.

morts from Japan and North China will benefit on account of their cheaner cost.

(2) Without having any statis ties handy, my impresson is that China's Import business is far larger thap her export, and there On the other hand, there are. In is very little likelihood of the the Colony considerable stocks, of exporta increasing to much an various deseriptions, imported extent as to materially affect ex- when exchange was above 1/11 change, and these should heln to tie over the period of re-adjustment, of prices.

(3) In my opinion, the Colony's best interests would be served by stabilized dollar, but only

K.O.S.B. Navy Athletic

Someracts Kowloon

S. Chinn

R.A.

St. Joseph's

18 8 2 20 18 21 13 8 3 2.30 18 19 12 8 2 2 2001 11 8.1 2

8.1 2 28 7 17 11 5 3 3 23 14 13 10 10 11

13 5 1 7 18 10 11

H.K.FC.

11 2 2 12 23

12

3.0 9

Recreio .. Police

11

2 18 10 27

11

1

1 9 11 31

3

LOCAL YACHTING.

RESULTS OF SIXTH LADIES' CHAMPIONSHIP RACE.

POLO TOURNEY. CIVILIANS BEAT KO.SB. IN FAST MATCH.

The Civilians seemed a new toam from what they were last week, when they were beaten by the Odd Lots. Their play yesterday was marked by a grim determination to win, and splendid team work

In all, the match was easily the most attractive yet played during the. and was thoroughly tournament,

appreciated by the spectators.

A small, but happy, gathering wit.· nessed the match, and were loud in thair applause of the very, ino.play.

HAGEN GIVES UP.

- RETIRES FROM 2ND ROUND OF TOURNAMENT.

Los Angeles, Jan. 18. Rain fell heavily during the £2,000 The sixth Ladies Championship tournament... race of the R. H. K. Yacht Club was

Hagen, playing at the height of the sailed yesterday, the course being storm, picked up his ball at the eighth Channel Rocks (P). Cont Rock Mark hole and retired. Boat (5), Kowloon Rocks (S), 'n distance of 6.6 miles. The results were na follow:

H. Class, Started 3 p.m. Yacht. Sailed by Position Points to date.

20

2

24

18 .20

La Linda, Mrs. J, Sheldon 4 Colleen, Miss M. Larssen Diana, Miss E. J. de Biere 1

I. Y and G., Started 3.85 p.m. Dorothea, Miss B., Lewis

Daphne, Mrs. K. G.

Robinson Halcyon, Mrs. D. C. Lambert 3 Wings, Miss M, de Linde Bluenose, Miss M. Hancock 5 Speedwell, Mrs. J. D. Adams a Bonjum, Miss J, E. Mathias 2

1

20

20

4

35

24

+48

10

Donny Schute, the professional of Columbus, led at the end of the second round, with

of 147/-- Reuter's American Servics.

score

LOCAL GOLF. KOWLOON SEMI-FINALS. The semi-finals of the Junior Championship of the Kowloon Golf Club were played on Sunday, H. Mundy beating A. A. Dand at the 19th and W. Borrowman beating W, Orchard 5 and 3,

The final between

Borrowman and Mundy, will be played on January 26 over 36 holes.

Lane, Crawford's

NEW SCHEME

USED

CARS

Buy a used Car under our Guaranteed Re-Purchase

Scheme.

We will guarantee to re-purchase, at owner's option, any Used Car bought from us and will pay back a definite percentage of the original price paid by the buyer; percentages as under :—

Period of uss 3 Months 75%

Te

!!

**

་་་

4

"

6

7.

71.

68

65

To any buyer wishing to use his car over a longer period we will give special quotations.

Reasons why this Re-purchase Scheme must appeal to you

1. There can be no doubt about the quality of our Cars when we are prepared

to buy them back again.

2: A Fifteen Hundred Dollar Car costs you less than $2.00 per day over the

period of six months, and the Car is your own.

3. If you are going on leave in three or four months, you can drive your own car over that period, and even to the boat on the day you sail, without having any worry about re-selling, ...

11

4. When you arrive in England, we can arrange for you to have similar service, and can in fact have a car of any good English make waiting for you at the boat when land.

you

5. We can supply you with used Cars in Hong Kong from $500,

For Further particulars call or phone our Sales Department at Head Office.

Tel C-4679.

LANE, CRAWFORD, LTD.