1930-05-07 — Page 2

Columbia

RECORDS

New Standart of Realism

WEMBLEY MILITARY TATTOO

By

THE BAND OF H. M. GRENADIER GUARDS AND STADIUM CHOIR.

Record Nos 9075-9075,

The Anderson Music Co., Ltd.

St. George's Building,

Agfa

Ice House St.

Kine-Camera

Movex

16 mm

Daylight-

Loading-

Magazines

of

40 feet.

16-12

Lens: Agfa f/3.5 Kine-auastigmat of 20 mm

(0.8 inch) focus

Weight: 44 lba.

Dimensions: 44 x 52 x2 / ins.

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Tel. 28121.

THE HONGKONG TELEGRAPH, WEDNESDAY, MAY

OUR CURRENCY.~

A STRONG PLEA FOR STABILISATION.

A meeting of the Currency Com- mittee was held on the 1st of May, when Mr. T. H. R. Shaw, Manager in Hongkong of Messrs. Butterfield and and Swire,

Professor R. Robertson, M. A., of Hongkong University, attended to give evi- dence.

CORRESPONDENCE.

Our Telephones.

[To The Editor of Hongkong Telegraph.]

Sir. Allow me to draw atten tion to a couple of irreconcilable remarks made by the Manager of the Telephone Company and re- ported in the H.K. Telegraph of May 5. They run as follows:

4.5

AN INNOCENT MEMBER OF A WHOLE

GROUP DISCONNECTED.

TWO NEW VESSELS.

In Mr. Shaw's opinion the pre- "Our system is quite all right, The most ad- sent currency is the vantageous for the trade of the chief trouble is that one per- Colony in view of the currency pre-sor, by mis-using the telephone. The unsatisfac- can disconnect a whole group of valling in China. tory features of the present cur- subscribers, thereby not only hold- rency are the fluctuations to which ing himself up, but others silver generally is liable and the well." fluctuating premium on the bank note over silver parity. The re- medy he thought was to get rid of this fluctuating premium and at- tain silver parity and, provided thing, to China did the same stabilise the sterling value of the silver dollar. The premium is de- trimental to prosperity and might be controlled by a freer circulation of legitimate silver and by Govern- ment legislating to make it an of- fence to charge a premium. There is in his opinion no scarcity of silver but it is not circulating as freely as notes because of the pre- mium on the latter. To stabilise the value of the dollar is desir- able, but he did not think any steps should be taken to that end unless there was concurrent similar action in China.

WORK COMMENCED IN KOWLOON DOCK.

Work has just commenced in the building yard of the Hongkong and Whampoa Dock Co. for the construc tion of two small motor vessels, one Australia and the of which is for other for Iloilo.

ap.

The one for Lever's Pacific Planta. tions. Ltd., Sydney, Australia, will be a steel motor vessel with an proximate tonnage of 350 tons. She will be a Lloyd's 100 Al vessel, her dimensions being:-length 125 feet, beam 25 feet and depth 10.6 feet.

Jaime and Tiampo Co. of Nolle, Professor Robertson, to whom the Committee is greatly indebted are the owners of the other vessel, for a well-considered memorandura which will be a single screw moter

ship with an covering the various questions at 228. When coximate tonnage of she will be somewhat similar to the Alcha, which was built in 1926. Also of the Lloyd's 100 A1 class, she will have a length of 120 feet, a beam of 24 feet and a depth of 8.6 feet.

issue, thought that a pronouneed the unit of disparity between

and silver Hongkong currency parity could not have appeared had coins continued to circulate freely and had there been no impediment

If silver fell the note lagged, though till the summer of 1929 the premium even if it fluctuated did not become unmanageable; but after that time for what

cause it threatened to be come a totally incalculable factor till action was taken for the re- admission of silver dollars free circulation.

ever

inta

to the inflow and outflow of silvertion and judicial and other in- dollars. By a convention the notes stitutions both public and private of the issuing banks became the which contribute to a secure and recognised money of account and sound social community, and at the dollars censed to be accepted or to

same time hesitate to introduce a circulate.

stable currency, on the assumption that it would destroy our transit trade. By adopting a stable standard with reference to gold the advantages and diandvantages of any movement in silver would be transferred wholly to the Chinese side, though in the matter of ex ports of "invisible" services Hong- kong would be handicapped on a falling price of silver in competi- Disadvantageous Currency.

tion with Shanghai. We should Professor Robertson thought that not lay too much emphasis on the the present currency Was dis-mere mechanism of exchange as advantageous to the trade of the those seem to do who think that to colony insofar as the minds of divorce. the currency from silver merchants must always be in un-would drive away the Colony's

and trade. H certainty because of rising

a gold standard were falling exchanges. It was true adopted exchange mechanism would that the trade of Hongkong is be wholly altered and much ex- preponderatingly transit trade and change business now transacted thus it was out of her power to re- would cease, but he thought that move instability of exchange as af- the trade of Hengkong rested on than mere feeting her transit trade as long as other foundations between the ultimate countries of coincidence of its currency with origin and destination no stability that. of China and that its natural exists, but it was at least advisable advantages as an entrepot in ad- for Hongkong to have a currency dition to the. settled conditions and

introduce which would not

secure administrative and judicial ditional instabilities or uncertainty. machinery to be found here would She should therefore have a cur- prevent the disastrous effects Lear rency stable either with regard to ed the gold countries with which she deals or with regard to China, and at present she attained neither of these desiderata. There were fur- ther disadvantage in the pre- sent currency in connexion with the payment of administrative expenses out of a silver revenue, and where individuals and institutions have to meet sterling expenses out of

nd-

Not Unthinkable.

If there Wag a possibility of China stabilising her currency in the near future he would not be Inclined to advocate stabilisation for Hongkong at once, but rather a closer linking with silver in the But in view of the un- meanwhile. certainty of stabilisation in China and of the undoubted disadvantages to certain colonial interests of hav- In the Professor's opinion aing an uncertain sterling rate, he fluctuating or uncertain premium did not think that the question of was detrimental to trade and pros-stabilisation should be dismissed perity; but an unvarying premium as unthinkable, was not necessarily so, as it would

dollar incomes.

Professor Robertson replied to

at least remove one source of un- numerous questions put to him by certainty. The higher real cost of members of the Committee.. Of shipping and other services entailed by Hongkong might not be a handi-interest were his views that under stabilisation, exchange business and cap to her with her competitors, as the profits on it would depart from prices must in the long run adjust Hongkong but the goods would still themselves to purchasing power. pass through the Colony; and that Fluctuation would however prevent in present circumstances there was such adjustment.

as far as he could see no benefit to Advantage of Stability.

be attained by transferring the did Professor Robertson notnote issue from the present banks think the linking of the currency to a Government bank, provided the with silver was on a balance of nd-present issuing banks could issue vantage and disadvantage good for up to the requirements.

the Colony. He thought it could The meeting expressed its thanks, be argued that there is an anomaly to Mr. Shaw and Professor Robert- in setting up a British administra- son for their attendance.

7, 1930.

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