1930-04-17 — Page 4

Candice

TUNDICE TANKS are made in different shapes and sizes to suit various requirements. The model illustrated above has been designed to fix on the running board of a motor car and is an invaluable adjunct to any picnic party.

Keep a TUNDICE handy for the summer.

Sole Agents:

CALDBECK MACGREGOR & CO., LTD.

{las orpora'udouder sue Companies". Ordinatera of Hongkung). Prince's Building. Ice House Street, Telegrams:-Caldbecks.

Telephone 0.75.

Because Life Is Uncertain

"HE

E that hath wife and children," wrote Sir Francis Bacon, "hath given hostages to fortune." "Because life is uncertain let a Manufacturers Life policy secure the future of loved ones. And remember, too, that life insurance will guarantee independence, and so add years of contentment to your life by lessening financial worries.

Enquire to-day

THE

MANUFACTURERS LIFE

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HEAD OFFICE

TORONTO, CANADA.

Special Representat ne Mr. E. J. R. MITCHELL

Agents!

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French bank Building, Hongkong.

For the Beat

Tel. 67. 10.

LOCAL VIEWS

and

PORTRAIT PHOTOGRAPHS

Go To

MEE CHEUNG

Studio, Ice House St

Branch 7, Beaconsfeld Arcad

LOWE A. C. SET R533W

THE CANTON TRADING

5th Floor China Building.

Just arrived, inspection cordially invited.

$130 per set including Loewe EB 71 loudeoenker. Give sp endid reproduction, also gramophone repro- duction.

ASSOCIATION LTD.

CARL SCHROTER, Manager.

THE HONGKONG TELEGRAPH. THURSDAY, APRIL 17, 1930.

CORRESPONDENCE.

Historical Premises,

[To The Editor of Hongkong Telegraph.]

Sir, Perhaps. the gentlemen of the Sanitary Board, who took part in the discussion yesterday regard- ing the resumption of Nos, I and 2 Pak Taz Lane, may not be aware of the interesting fact that in the year 1892, No. 1, Pak Tez Lane, was the headquarters of the Chinese "Foo Yan Man Ser" Revolutionary Party, which opened and led the way to the establishment of the Chinese Republic.

In view of its interesting co- nexions and historical importance. it would be well to have this building preserved.

HISTORY.

The Currency Problem.. Sir, Of all the questions yet investigated by any committee appointed by the Government, this is unquestionably the most important in that it will have a far-reaching effect on the Colony's economy.

That the question bristles with well-nigh insurmountable com- plexities (and will even say difficulties) none who really under- stands the subject matter at all will deny, inasmuch as the recent further addition made by the Government of two more Chinese gentlemen to the eight members forming the original commitice clearly bears out the, assertion while, to quote one local news- paper. it has aptly stated the fact when it says "no Committee of En- quiry which has ever been appoint- ed in the past has been charged with a more important task than the body now chosen by the Government to report on the cur- rency problem".

Following so closely on the Government's appointment of a Committee of Enquiry into a quès- tion that is of such great moment to this colony, it is, indeed, most gratifying and interesting to learn of the recent publication of the Report of the Kemmerer Commis- sion of American financial experts on -China's currency by which China is recommended to adopt a gold standard for its currency, as such a scheme cannot but affect this colony most seriously having regard hoth to its economical in- terest and geographical position vis-a-vis China. This report, it must be admitted, is not only res plete with sound sense but also most ingenious. The only fault in that report (if fault it can be talled) is that the proposal does not provide for the minting of gold coins; while the redemption

bars or drafts on

opaque body

"WEMCO

39

ART. SILK EXHIBITION EXTENDED

By special requests of the many old customers who had no opportunity to order “WEMCO" Fabrics during the recent demonstration,

SINCERE'S

THEATRE OF FASHION

AND

NEW DISPLAY HALL

Will Remain Open Till Monday, April 21st.

FRESH SHIPMENT OF 200 NEW DESIGNS OF "WEMCO" ART. SILK JUST ARRIVED

Come early and you will not

disappointed.

J. M. XAVIER. [We suggest that the lecture should be sent to the Currency Committee.-Ed, H ̧K.T.].

obscuring their tee of Enquiry and the public to In the opinion of the Hongkong these views. The general consensus minds eyes. I have really been form an opinion on the question Chinese Bankers' Association the of the meeting was that an un- wondering how the Government of premium on bank notes I shall, present currency situation in the limited Government note-issue was unsatisfactory because impracticable, and unnecessary for could have taken the Hon. Mr. J. therefore, be glad to lend a print- Colony is Owen Hughes' questions so seri-ed copy of my lecture on the (a) of the fluctuations to which the the Colony's own interests. Goy- ously as to appoint a Committer of "Currency Problem" to. the local standard of value on which it is ernment, and indirectly the tax- would be involved in Enquiry into such questions as papers for publication if they will based is liable. (b) of the premium payer,

which notes command over silver enormous expense in handling and the alleged feasibility of stabilisa-kindly notify me to this effect.

dollars in exchange, and (c) of the storing silver dollars, and would in- tion of the dollar, the adoption of

etc; while my Personally speaking, I have very fact that the current tender has evitably a dry into exchange gold standard,

The re-operations and vestments on a considered recommendation to the little desire to deal again with the not one form but several. Government based on the soundest currency problem, and I must medy according to the Association vast scale and all because of the of reasons made once through the state that I am doing so now on is to align the currency effectively demand for Hongkong notes cute Hon. Sir Henry Pollock, K.C., and the recommendation of several of with silver, its true basis; thus will side the Colony. It was pointed once by myself direct less than a my friends and particularly Mr.The premium disappear, parity be out that the ratio of the Hongkong year age only elicited from the Wong Kwong-tin, a well-known obtained, and silver will circulate note issue to population, was al- ready high compared with else- Government the reply that it was public-service gentleman, who only on equal terms with notes.

yesterday advised me to give my receiving its consideration views; while Mr. C. A. da Roza, contended that no remedy could be be limited to the Colony's own re- In this connexion the Association where and that note issue should of all coins including the propos- If the present Committee of too oft me sometime ago that I attained until the Government took quirements. ed new coinage called the "Sun" Enquiry recommend anything bet should write to the press on the over the note issue, as private note- is to be effected by means of gold ter to the Government, I would currency problem, since I was, he issuing institutions could only deal

Foreign Dollars, Mr. Chen in the course of the foreign gold strongly commend to each of them said, so conversant with the sub-with temporary abnormalities, and proceedings was asked whether be standard countries. The scheme individually and as a body my said | ject.

not with the situation as a whole. would support a proposal to pro may work successfully in such recommendation which should

The Association had concluded that hibit the circulation of foreign countries as the United States or after all benefit the Government to Great Britain; but, in China, the

the prosperity of the Calony on the that the difficulty would be to dis- the premium was detrimental to dollars in the Colony. He replied a very great extent and the writ currency of which has for ages ander to very small extent, for the

whole because (a) of the un-pose of those we had, which were ages been of silver standard and "child of your brain", as Sir Henry

certainty as to what medium would legal tender, and that the objection which is simply now on a stage of Pollock called it in his letter to

be used for settling debts, (b) of the to dumping silver dollars in the transition from silver to roid me, that it may in a body urge the

bad effect on the transit trade and Colony applied equally to both the standard, it is hard to expect it Government to adopt ray scheme CURRENCY INQUIRY. industries in the Colony, and (e) foreign and British variety. If to work satisfactorily if the pos- which is the substitution of nickel

of the additional source sibility of redemption in gold coins | sub-coins for the present silver

change uncertainty. being insisted upon by the people sub-coins of all denominations. CHINESE BANKERS AGAINST

sole right of minting silver dollars, the only effect of this restraint on should arise because gold bars That my scheme is unassailable is

the flow of currency might be to would be too awkward and un- evidenced by the fact that the wieldy a medium of currency. very same

The Association did not consider divorce exchange even further from recommendation has Clever as the Kemmerer Commis- been made to China for the cur-

The views of Chinese bankers that 'stabilising the dollar was de-silver parity.

The meeting recorded its great sion undoubtedly is, it must either rency by the Kemmerer Commis- were placed before the Currency sirable in the interests of the have unfortunately over-looked sion which consists of experts of Commission. by Mr. Shou J. Chen, Colony, because this could only be indebtedness to Mr. Chen for his this point or been over-confident.

Manager of the Bank of China, at done by giving the dollar a fixed memorandum and attendance to. world-wide repute.

the second meeting.

sterling value. All exchange busi-answer questions. It was mention- Therefore, whatever, conclusions

As only a few months ago the

ness would then be shifted to, China ed, that Professor Robertson, M.A., The following communique has and heavy exchange fluctuations be of the University had promised to our local committee may come to premium of bank notes raised a aftér its deliberations, it is my great deal of eontroversy in the been issued:

tween Hongkong and China would give the Committee the benefit of bounden duty to state unequivocal press; 50, over a decade ago, the

The second meeting of the Cur-still remain. If on the other hand his considered views on the ques ly my strongest condemnation of premium on Hongkong dollars and

were tions at Issue. .. the stabilisation of the dollar; for, especially Mexican dollar also rency Committee was held on Mon- a gold exchange standard

adopted, whilst China's currency day.

still remained on a silver basis, the night follows day, it raised a great deal more contro-

Mr. Shou J. Chen, Manager of only result would be to divert the The Swansea friends of Irish can only spell dire ruin to Hong-versy as the condition then obtain- kong commercially and otherwise ing was much more complex in view the Bank of China in Hongkong. Colony's transit trade to Shanghal excursionists who visited the town. for reasons which are obvious only of the fact that the subsidiary was present and laid before the and Canton; the present silver re-had an unexpected adventuro when to the very gifted few who can, to coins then in common use were of meeting a memorandum embodying serve would morcever have to be they boarded the steamer to say operation farewell. They remained aboard use the great Goethe's own words, heterogeneous character; that is the views of the Hongkong Chinese turned into gold, an

to long, and were taken out to sea, see things not only inwarda out to say, Hongkong sub-coins and Bankers' Association on the ques- which would entail loss.

Members of the Committee put Lster they were put on a tugboat wards but outwards inwards, that Chinese sub-coins were both in tions at issue as set out in the

questions to Mr. Chen regarding and returned to their homes. is to say, objectively without any circulation. To help the Commit-terms of reference.

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STABILISATION.

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of ex-again Government were to have the

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41