1930-06-18 — Page 8

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THE HONGKONG TELEGRAPH, WEDNESDAY, JUNE 18,

In WAB

one

INDO-CHINA S. N. COMPANY.

same

and

the payee gets a 2/ dollar won by the payer outsido Hongkong In depreciated silver. I fear for the proverbial goose who would in effect be fed ailver to produce gold, and upon whose internal system the ferment of bimetallism might well have disastrous consequences.

1930.

LONDON AND U.S.A..

SHARE SLUMP.

RUMOURS OF FINANCIAL DIFFICULTIES.

籍

London, June 17.

message

Rumours of

financial difficulties in the City, given additional weight to-day by current since the week-end, were A fresh decline in Stock Exchange prices.

While playing with other small boys on Sugar Well Hill, Leeds, Leonard Davis, aged 7, of Chapel- town, fell over the edge of a dis- used quarry and was badly injur-

ed.

(Continued from Page 1.) tion, the naval authorities resumed the practice. Our grateful thanks

Unless our modern alchemists

It is authoritatively learnt in are due to them for their ready

over $800,000,000 assistance on this and other ocfind the philosopher's stone then I casions, also, to our floating and suggest that peace in China is the London that

whole only solution, followed as it would paper value was lost by stocks. In shore staff along the

new York Yangtsze for their tact and be by a revival in trade and by the the Wall Street slump yesterday, forbearance under trying circum-absorption of silver stocks. When which

this may be fulfilled you are all in describes as the worst crash eince stances.

as good a position to judge as I am. last year's panic.

The Prime Minister's allusion, But I find it difficult to believe that No Security in South.

be in the course of his Guildhall speech, any successful formula can our. Southern trades there found whereby the existing dollar mentioned in another cable, to "a a regrettable absence of can be written up to 2/-, without certain event in New York yester security in the province of Kwang- someone having to nurse the dif- day which is bound to have reper tung and Kwangsi, which even ferencs. Speaking generally I think cussions here sooner or later," has tually led to open warfare in the it hard that this burden should be aroused great interest in political Autumn and affected business for shoved in toto on to the employers and business circles. several months. Our Yangtsze who have paid out good dollars in and coastal lines are for all prac-the past, and who in my opinion tical purposes connecting links of are now in for a difficult future.

8-0 that service the

New Steamer.

A Montreal message says that, disturbance at either end influence the whole,

At our last annual meeting you influenced by the hectic "bear" my survey of conditions on the river, therefore, were advised that the directors market in New York, Canadian applies equally to the coast, Inwere considering the building of a stocks and local exchanges over a the great rice trades of southern new Middle River steamer to broad list have made many new low China the year was a gloomy place an older unit. The building records for the year-Reuter.

for rice merchants as well contract for this new vessel was as shipowners. The amount of signed in September. She will be business contracted was small, named the Paoto, will be launched resulting in shipowners scrambling about the end of the month and commission shortly for what little was offering, with will be in the result that unprecedentedly thereafter. low rates were the rule rather During the year under review than the exception. Some owners the Laen Steamship Company, in were forced to lay up their ships which the Company held equal shares with the China Navigation for weeks at a time.

Co., Ltd., and the China Mer- Tientsia River Reopened.

chants Steam Navigation Co., our ability in order to give this

up, the experiment a fair trial. voluntarily wound

being taken Ho Luen Tuining to our Tientsin services, was

Future Prospects. my predecessor last year laid 5.8.

Lower on the

Shareholders naturally look for stress on the short-comings of the over by us on satisfactory terms,

some reference at these meet- responsible Chinese authorities in and operated

Yangtsze River.

future prospects, but not maintaining dykes in a proper

I have already referred to the ings to

it is. im- regret that state of repair which largely con-

me to prophesy Con. tributed to the cllting of the piracy of the Kiawo on the Upper 1 Haihe. or Tientsin River, until River in October, and I feel sure possible for navigation became impossible for we can rely upon the ever-ready what is in store for us. other than tags. and lighters, I help of the British Navy to pro-ditions change so rapidly in Ghina the that I feel sure you will appre tect British

ciate the futility of expressing any am glad to state, however, that

Yangtsze.

views. I will, however, say that efforts made last year, assisted by

normal Attack on "Tuckwo,"

we experienced fairly nature in the shape of freshets,

early succeeded in re-opening channels

While not coming within the trading conditions in the to restricted drafts in August.

year under review, I would men- part of this year, but you are all Conditions steadily improved thereafter and on October 6th the tion in passing that in January this aware that at the moment civil year the Tuckwo, bound from war la raging along an extensive Leesang reached the Tientain

Nanking to Shanghai, was at- front in Central China which Bund, our first vessel to accom tacked by an armed boarding party must inevitably have a sad reper- plish this for nearly two years. masquerading under the guise of cussion on commerce; in fact it is The opening of the river enabled Government troops with alleged already in evidence, Us to resume valuable and old orders to search for ammunition established connexions, but at the and arrest suspicious characters. same time we have had to meet They opened are, killing a Chinese with severe competition, and Haiho passenger and mortally wounding tunity to trade in peace, which we the all so earnestly desire, still seem River conditions are by no means a quarter-master. While

vessel was hove to she was sub-remote, normal.

Our Calcutta and Borneo linesjected to valleys of rifle fire from were well supported throughout the shore and it is surmised that the year in deek passengers and this was caused by rivals in the search of oplum belonging to yet cargo but, in the case of former, apposition was a bar to another clique whom each the raising of rates to a remunera-endeavouring to forestali.

It will be noted, from this tive level. Negotiations are now being conducted whch I hope will further glaring example of present result in a satisfatory understand-day lawlessness in China that ing being reached with our com- foreign lives and property are but little respected, and although a petitors.

strong prptest was made through diplomatic channels, it is not to be wondered at that shipowners in the Far East view the subject of adequate protection of Merchant con- shipping with considerable

High Operating Costs.

to

cern.

on interests

was

Unfortunately the prospect of! an early termination of these political disorders and the oppor-

With the exception of the stranding if the Kingwo on the Upper Yangtze in December, a contingency which has to be faced in navigating those difficulties waters, the company has been free Our thanks of major casualties. are due to all members of the company's staff, both ashore and afloat, for their devotion to duty during an admittedly difficult year, and particularly on the Yangtsze! River where conditions have been very unsettled.

They will be interested to learn I regret to say that the cost of operating tonnage on the China

that steps have been taken for the immediate execution of a trust coast continues increase in every direction, but no effort is

deed specifically to secure their being spared to keep a close watch

As regard piracies on the coast,pensions which will be operated on all expenditure. There is I am glad to report that with the by two trustees. tendency on the part of port au- valuable assistance of the naval thorities to increase their charges and military authorities, to whom without due consideration of the our grateful thanks are due, we fact that shipping is passing were entirely free of these serious through a period of great depres- meneces, but it must not be in- sion, and i would remind them ferred from this that present pre- that their efforts to increase. recautions can be relaxed. venue may have the opposite effect by stifling shipping enterprise and industry.

Exchange Decline.

New Piracy Guards.

No Dividend. Turning to he accounts it will the be seen that the profit on working of steamers amounted to £51,444. 12, 3d, but after allowing for depreciation and all abilities, it has been found necessary transfer £48,000, from contingency reserve to cover the loss on our revenue account, and under the

to

circumstances I regret it is not possible to pay any dividend. The, transfer from contingency reserve will leave the revenue account with a credit balance of £618. 5. 10d. which it is proposed to carry forward to next year.

I now beg to propose the follow- ing resolution:"That the report and statement of accounts, ae pre- serted, be adopted including the transfer of £48,000 from contin-

and that the sum of £18.6.30 be carried forward to next year."

Sir Robert Ho Tung seconded the resolution which was carried unanimously.

As you have no doubt read in Latest advices from Home In-the press, the British Government dicate that there are some four to signified their intention of with five million tons of shipping lying drawng military guards on idle in Home and foreign ports April 1st this year, leaving the and that while freights are well British companies no option but the Hongkong below pre-war level, operating ex to arrange with penses generally have increased police for the formation of Indian from 50, per cent. to 100 per cent. guards under European officers. Unavailing protests were made in Londen, and locally, against the of military units, Another very disturbing factor withdrawal in our shipping activities has been which we strongly contended were

which the fall in exchange

the the only means of adequately pro against piratica] steadily declined, and although the tecting vessels full effect of this was not felt in attacks, and wille H. M. Govern-gency save to revenue accornt, 1929, it will have to be faced durment relaxed to the extent of per ing the ensuing year.

mitting these facilities to continue untit the Indian Shanghai- temporarily The unfavourable Hongkong cross rate is another guards had reached a state of serious feature, nor can I see any-efficiency, I regret that in the thing to be gained by attempting meantime an increased burden of to fix Hongkong currency at pre-expense will rest upon British

Mr. F. C. Hall moved and Mr. A. shipping companies who are now sent silver levels.

faced with additional outlay in-Murdoch seconded the confirmation So far, I have seen no very consisted upon by the Government of the appointment of the Hon. Mr. vincing argument for the F.V. dol- Authorities in the shape of gar- C. C. S. Mackie aa a 'director. lar, that is a dollar of value say rison establishment coats which This was carried. 2 fixed on gold. It must be rewould in the ordinary course of membered speaking widely that events continue to be a charge on Hongkong is not, as Indo-China, the Crown whether or not men the Straits or the Philippines are, were withdrawn: from their or either a producing or consuming dinary duties.

mart for Southern China.

Other Business,

+

Sir Robert Ho Tung, the retiring Director, offered himself again and he was re-elected on the proposal of Mr. A. Stewart, seconded by Mr. N. Railton,

centro but rather for geographical Hitherto the Government had Th auditors appointed were Mr. and strategic reasons a clearing only collected actual out-of-pocket John Fleming and Mr. A. Ritchie That a large part of Hongkong's expenses which was considered at a remuneration of $5,000, on the. business with Canton is done in quite fair and reasonable. Having proposal of Mr. Ho Leung, seconded Those who were present included: Hongkong dollars.I am well aware: stated that it is the considered by Mr. M. H. Lo

Good Old Days..

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BRITISH MADE

ENGLAND WIN FIRST TEST MATCH.

A

(Continued from Page 1.)

had one maiden in seventeen overs, Tate was difficult to play, how- eyer, and he emerged with the best average, twenty of his fifty overs producing no runs.

The detailed scores of the other innings are appended:

England 1st lanings. J. B. Hobbs, e Richardson, b

McCabe

H. Sutcliffe, c. Hornibrook,

Fairfax

W. B. Hammond, lb.w. Grimmett F. E. Woolley, st. Oldfield, b

Grimmett

b Grimmett

E. Hendrer, b

A. P. F. Chapman, e Ponsford,

b Hornibrook

H. Larwood, b Grimmett R. W. V. Robins, not out M. W. Tate, b Grimmett

R. Tyldesley, c Fairfax, b Wall G. Duckworth, 1. b. w., Fairfax

Extras

Well

Total

Bowling Analysis.

Fairfax Griminett Hornibrook

McCabe.

defend them with Gibbs Dentifrice

RELEASE OF AN AMERICAN.

SOLDIERS FREE CAPTURED MISSIONARY.

Peking, June 17. Mr. Clifford King, who was captured by bandits, has been re- leased. Soldiers from the garri son at Loshan, numbering 160, were sent to the village where Hr King was held, and they forcibly freed him and brought him back 78 to safety-Reuter,

[It was reported on June 7 that 29 bandits had captured an Am-.

erican, Mr. Clifford J. King, of the

0

52

1

Society of the Divine Word, in South Honan on June 1. Detzila of the capture were then lacking.]

LAWN BOWLS,

12K.C.C. TEAMS FOR SATURDAY. 270 The following players will represent the K.C.C. in the Lawn Bowls League on Saturday: S

1st Team v. K.B.G.C. (away)

1 F. Goodwin, B. Petheram, J. C. Lyal

M

B. W.

.17

47

21.4

19

51 2

1075

Australalet. Innings,

W. H. Ponsford, b Tate

L E Lammert (skip); E. Gitting, C

J

A

J. Fraser

30 (akchi Hyde La Howe, H

W. M. Woodfull, e Chapman,

b.Tata

A Fairfax, e Hobbs, b Robins

D. G. Bradman, b Tate.

A. Kippax, not out..

S. McCabe, e Hammond, 6 Robins - V. Y. Richardson, b Tyldesley W. A. Oldfield, a Duckworth,

b Rabins

C. V. Grimmett, et. Duckworth,"

b Rabins

P. M. Hornibrook, 1.b.w., Larwood TWall, b Tyldesley

Extras

Larwood Tate

Tyldesley Robins

Total Bowling Analysis,

A. C. Buxford;

Overy, A E

2nd Team v.

Silkstone

(akip)

Cralgengower

C

3 (home). B. Raven, L. Jack, F. E

Lawrent,

J.M. Jack (skip); W. Bor-

2 rowman, A. J. Kew, W. Hyde, V. C

14 Labrum (skip); T. W. Carr, EC.

3 Fincher, J. P. Robinson,

84 burn (skip).

Black

Reserves:-L, A Jeeves and J.

37 Dinnen

EA

E. Woolley, & Wall:

Hendren, Richardson, b Wall

A. P. F. Chapman, b Wall

M. W. Tate, o Kippar, b Grim-

Omett

8 R. W. V. Robíns, b McCabe

H. Larwood, b Grimmett

144 RiTyldesley, b Grimmest

G. Duckworth, not put

Extras

OM. R. W.

15 8 12 1

19 8 20 a

21 8 53 2

17 4 51 4

it should be remembered that the military guards are the only Hon. Mr. J. J. Paterson, Hon. exchange factor between these two effective measures for the protec- Mr. C. G. S. Mackie, Sir Robert Ho ports exists, however concealed.

tion of their intercats, it is not my Tung and Mr. A. H. White (Dires desire to belittle in any way the tors), Mr. M. H. Turner (solici efforts of the Hongkong: Govern- tor) and Messrs. Ho Leung, Ho may be dense but I feel that ment in placing all police facilities Tang ying, Chan Wing, P. Tod M.. most of the solutions. I've seen ad- at our disposal for the training H. Lo, T. T. Laurenson, A. M. da vanced in the papers by supposedly of native guards. On the con- da Silva; J Baptista, F. C. Hall, A. B. Stewart, A. Murdoch, N. L dollar paid people forget the good trary we thoroughly appreciate H. Railton, Ho Kwong and R. E. WR Hammond, Law, Grim days when silver was really silver, their assistance, and will CO- and advocate a system whereby operate with them to the best. of Macdougall.

England 2nd Innings, JB. Hobbs, st Oldfield, b Grim

mett

H. Sutelme, retired hurt

mett

Wall

Total Bowling Analysis.

A Fairfax

74 G. V. Grimmett 58 P. M. Hörnibrook

S, McCabe

O. M. R.

24:

302

30 484 5 11 4 350r 14 3 42 1

Reuter