1932-05-09 — Page 21

+

REPARATIONS

& WORLD COMMERCE

(Continued from Page 6.)

THE HONGKONG

TELEGRAPII. MONDAY, MAY 9, 1932.

COMING SHORTLY TO THE KING'S.

JAMES

DUNN

SALLY

EILERS

OVER THE HILL

FOX PICTURE

used them in part for Increasing LANCASHIRE COTTON. her stock of gold.

Though it is hardly possible to support every detail of these con nected facts with figures, yet their actuality, and forcible logic aroj

BANKS.

P. & O. BANKING THE CHARTERED BANK OF HONGKONG AND SHANGHAI

CORPORATION LTD

(Incorporated in England, 1920)..

Authored Capital Bubscribed and Paid Up

Rear Fund

BRAD OFFICE:

INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charler 188.

HEAD OFFICE:-LONDON, ---- V Pak-Up Capital £5,000,000 Reserve Fund

8,304,100 Reserve Llabilly of Propenitore

130,000

117-122, Leadenhall Street, London, EC. 1.

WEST END BRANCH, 14-16, Coekspur Sirret, London, B.W.,

£9,000,000 3,900,000 9,000,000

AGENCIES AND BRANCHES.

ALOR STAR ILOILO AMAITSAN trou

PENANG

RANGOON

BANGKOK BATAVIA DONDAY

SAIGON

SEKARANO

BEREMBAN

KUALA

SHANGHAI

KANOBAR

SINGAPORE

SITIAWAN

驴 LUMPUR

TAIPING

,,ERANCIES:-Bombay, Calcutta, Caffent,CALICUTTA Colombo, Hongkong. Medras, Shanghai, CANTON

AGENCİEB:--In wil the principal towns of CEBU the world.

Singapore. RADIO TREASURE

HUNT

WON BY MR. H. CHING

The Treasure Hunt organised

General Exchange and Banking Business tramparted. "Loana and overdrafta granted on |approved security. Current and Fixed Depoels

accounts opened.

SAVING allowed mi rate which may be obtained on application.

BANK ACCOUNT-Interest

KARACHI KLANG

КОНЕ

CAWNFORE KUALA

COLOMBO KUCHING

SOURLADAYA

TSENTSIN

BANKING CORPORATION.

Authorised Capital

-260,000,000 Issued and fully Paid-up ................. 29,000,000 Besirve Pandat-----

Bierkar...........,400,000

Bliver ......$10,000,000

Reserve Liability of Proprietor...20,000,000 DEAD OFFICE: HONGKONG.

BOARD OF DIRECTORE

Hon. Mr. J. J. Patetson, Chalman,

T. E. Pearce

Deputy Chairman.

Hon. Mr. W. H. B J. A. Flammer, Do la. II. Compton, Maq. T. II. R. Shaw, D06

ed.

M. T. Johnson, Eng. J. F. Warren,

G. Miskin,” Eng.

V. H. GRAYBURN 24. CHIEF MANAGER.

in rendering profitable working Impossible and in putting an end to the nocurlay of credit and to the possibilities of investment abroad. Alongside of this there is tho necesalty for Germany to maintain her exports. In private under- takings this is to an increasing extent only done for the purpose of finding employment for men and capital. In national econo- mics it follows from the necessity of adjusting the balance of pay- ment. Thus exporta have not de- creased to anything like the extent they have done in other countries, especially in the creditor countries, In the first nine months of 1931 they were 28.8 per cent. less than In the same period in 1928, as com-

BRITAIN'S HOPES FROM pared with 47 per cent. in Great

OTTAWA CONFERENCE Britain, 38 per cent. in France, 35 per cent. In Switzerland and 63.5

undeniable. To exact political

London, May 7. United States. per cent. in the

ZAMBOANDA The hopes of Lancashire în re- Germany's share in the world's payments from a country which no, exporta was 9.09 per cent. In 1929, onger possesses the capital neces-gard to the forthcoming Confer-

Foreign Exchange and General and Fixed TRAVELLERS' LETTERS OF CREDIT business transacted

CANTON 11.06 per cent. in 1930 and pro-sary to maintain its own economy ence at Ottawa were in evidence by Arnhold's Radlo Service, which

and TRAVELLERS cotton has provided much entertainment

CHEQUES Larued. as an active part of international) when a deputation of the

CLLEFOO Current Accounts opened =1} Fized bably 12 per cent. in 1931.

PASSENGERS* LETTERG OF CREDIT economy capable of absorbing im-trade organlantions waited upon to local radio fans, has been won'

COLOMBO Deposits received for one year or shorter DAIREN for use onl

on board T. 40. and B.1. periods at rate which will be quoted on FOOCHOW TARIFF RESTRICTIONS. ports means taking capital away the Dominions Secretary, Mr. J. by Mr. Henry Ching.

Home Line steamers, and at Porte of Cail. from where it can fructify world H. Thomas, and Sir Walter Run- Below will be found a list of

British Income Tax Recovered. from Germany commerce and These importa

diverting it to ciman, the former Liberal. Mem-the treasure

Executorship and Trusteeship undertaken. were not at all to the king of places where it is either unpro- ber

hunters with tho for Hartlepool, and urged

W. J. WADDINGTON, forolgn countries. Things have ductive or at least less productive. special representation of the tex-points they obtained.-H. Ching,

Acting Manager. returned to the state they were in The Interpendence of world econo-tile export trade at Ottawa,

36; "Janice Leigh," R. H. Wong, at the time of mereantiam, when my is such that no country can be. The Ministers pointed out that 35; K. S. Robertson, 33; J. II. Bot- absolute rulers in Europe strove in an unhealthy state or drop out of industrial advisors had been ap- tomley, W. J. Carrle, E. J. Mar- for as little imports and as much the running without injury to pointed to represent the industry tinho-Marques, A. Salmen, G. as possible for their others. It would niso have been as a whole, and they should be Robertson, 32; Mrs. M. Hail, C. E. various countries. When political better for the

Wong, 31 J. A. Silva, 30; C. A. economy of the supported by all sections of it. Influences on the movement of gold creditor countries if the German The deputation acquiesced and Goldenberg, Mrs. B. Senth, 29; E. and political reactions on the currency of foreign countries be-payments could have been utilized undertook to send an experienced 11. Bond, H. C. Leong, A. Mac- Kenzie, V. Kerby, 28; J. Forbes, for imports into Germany Instead man to Ottawa to get into соп- came noticeable last year and caused leading statesmen the of for the payment of reparations,tact with the advisers.-Renter's Mr. Valentine, 27; Carl Bunji, 26; S. Jox. K. D. Sayer, 25; L. A. world's Special Service, with regard to In order to restore

Gutierres, Mrs. A. M. Stone 24; J. Petrie 23; J. Barnes, 20; C. Salter. 19; II, J. Howard, M. Leong, J. E.

exports

the

greatest anxiety the currency of their respective economy it is necessary that Ger- many should be once more included

CHINA

countries, the restrictive measures

In the regular balance of give and means a return to uncertainty. In Wilson, A. Jeffries, C. Vagg, 18; against importa reached the high-tike demanded by economics. The order to restore the normal circu-. E. Lammert, L. du Roza, 17; G. est point. High imports duties up, to 50 per cent, and more of the relief afforded to Germany for one lation of credit and commodities Woodier, 16: J. Dalziel, S. B. Tan value of the imports, prohibition of year by the Hoover Plan has not Germany and the rest of the world 15; Miss G. Nicholls, 12; G. Grim- to restore these must be finally relieved from the mett, 10; Mrs. S. Leong, 6; W. imports, quotas, every kind of al been sufficient ministrative restriction and, not conditions, for the end of this year nightmare of reparations.

Hyde, A. Landsbert, C. K. Plu, R. lenst of all, a control of means of payment which makes it impossible to pay for imports are intended almost everwhere to keep down imports; numerous countries have} officially gone off the gold standard principally In order to keep out importa for the time being and in- crease their own exports. True, the World Economic Conference pointed out an entirely different line of, nction in 1927, and the business interests of all countries united in the International Chamber of Com. merce had always expressed them- selves in the same sense.

That their recommendations were not adopted la, to a very large extent, due to reparations. Here the collision occurred between the two! hostile principles which are set forth in classical form in the Lay- ton Report of August, 1931, and which are expressly adopted in the new Basle Report, which admitted two contradictory political princi- ples, namely "the development of an international financial system which Involvea the annual payment of large sums by debtor to creditor countries, while at the sume time! putting obstacles in the way of thei free movement of goods, so that the case of Germany provides a most forcible illustration of this dilemma.

REALTY COMPANY 8% DEBENTURES 8% INTEREST VS 6% INTEREST MEANS ONE THIRD MORE INCOME

It might be asked whether the German reparations payments did not actually stimulate business in the creditor countries, so that there would be, though somewhere else, some kind of beneficial effect on world business. But what has become of the réparations pay- ments? The reconstruction of the devastated regions has been com- pleted and, even at the lowest estimates of German payments, has been more than covered by them. Furthermore, some smaller countries have effected an exten- alon of their economic and indus- trial equipment with the aid of deliverica in kind. There is no ocension to consider here whether these extensions. were everywhere economically justified and suitable. On the whole, however, the pay- menta elther remained in France or, after transfer under the inter- alled political system of debt nd- justment, in America, France has

I.I.D.

CERTIFICATES.

DRANCHES -

LONDON

LYONA

MADRAS

MANILA

MEDAN

DELHI HAIPHONG HAMTUMO HANKOW NEW YORK TSINGTAO. HARDIN PETINO HONGKONG (Peking

TONGKAH

(Ahuket)

ΤΟΚΟΠΑΝΑ

ΑΜΟΥ LANGKOK BATAVIA

CALCUTTA

NEW YORK

PAIPING

application.

HAIPHONG

J. STUART,

Manager. Hongkong. 17th August, 1011.

KAMBURO

HANKOW

HARDIN

ПОМОКЕТЯ

ILOILO

IPOT

THE YOKOHAMA SPECIE

JOHORE КОПЕ DANK, LIMITED.

KOWLOON Caplial (fully paid up)........Y. 100,000,000) KUALA LUMPUR,

... 117,800,000.00 Reserve Fond

in

Alexandria Batavia Berlin

GRAD OFFICE)--YOKONAMA.

Branchen and Agencies st

Honolulu

Kangoos

Kai Yuen

Rio de

Xatach!

Bombay

Of the Soclete Internationale de Placements, Baale. (Local agents Messra, Gocke and Co.).

Saturday's official quotation Rasle.- 118, 6d.

W. Robinson, 6; Mrs. D. L. Simp-calenta

Kobe

London

Los Angeles LJune

son, D. O. Silva, A. A: Tavares, Canton R. E. G. Leong, J. Noronha, 3; J. Dairen (Dalny) Manila Misa E. J. Coppin, K. S. Leung 4; | Chanachun

Thiriwell, 2; J. Silva, F. V. Wong, Fengilen

1.

MANAGEMENT of ESTATES

The policy of not competing with our clients is carried out in the management of estates and is the reason why so many landlords entrust us with the responsibility of securing tenants, collecting rents and taking care of all the other details which are involved in the management of properties. We have no motive but to serve the best interest of our clients. We can manage these properties as if they were our own because we have no competing interests. We have no rental properties

of our own, no residences, shops, apartments, tenements or godowns.

The owners of the estates we manage know that prospective tenants will not be diverted from properties of our clients to properties owned by ourselves, for we have none. In the management

of estates as in the purchase of property, we are not in competition with our clients.

This is No. 7 of a series of advertisements issued to interest Hongkong investors in the liberal investment opportunities offered by the China Realty Company, Shanghai.

CUT OUT & MAIL TO-DAY

China Realty Company.

70. Szechuen Road, Shanghai.

Secretary.

Please send me without obliga- tion on my part a copy of your last balance sheet and other information regarding your 8% debenture issue

Dear Sir,

Name

Address

CHINA REALTY

COMPANY

CAPITAL TAELS 5.000.000.00 FEDERAL INC., U. S. A.

THE REAL ESTATE MARKET PLACE OF SHANGHAI-

7.0

SZE C H U

Idle thoughts come from

unemployed brains,

E

N

R D..

H

ANG

ΚΑΙ

N

Nuxuank

Junctio

San Francisco

Beetle

Semarang

Shanghat Bhimonoseki Singapore Saurabaya

(Mulden)

Hamburg

Hankow

NARGJA Newchwang New York

Aydney

Tientsin

Harbin +

Chaku

Hongkong Peiping

Turka Tsingtas

Interest slowed on Current Accounts. Deposits received for fixed perioda as raten

be obtained on application.

2. MORI.

Manager.

Hongkong, 11th March, 1995.

THE HO HONG BANK,

LIMITED

(ESTABLISH 1917).

Authorised Gapital Laned Capital ....

Pald-up Capital

| Reserve Liabilities of Shafe

holder Surplus

MALACCA

MANILA

MUAB (Jobore) KUKDEN

TENANU BANGDON

SAIGON

SAN FRANCISCO

SHANGHAI

BINGAPORE SOURADAYA BUNGEI PATANI TIENTRIN

TOKYO

TSINGTAO TOKOHAMA

Current Accounts opened in Local Currency and Fixed Deposit recalved for ober shorter perioda in Local Oerrency and Berton un terma which will be quoted on application.

Hongkong, #ik April, 1932.

HONGKONG SAVINGS BANK,

The Busin of the above Bank is conducted by the HONGKONG AND SHANGHAI DANK- 'ING CORPORATION, Rules may be obtained

on application.

FOR THE HONGKONG AND BHANGHAI BANKING CORPORATION.

V. M. GRATDURN,

Chief Managar, Hongkong, 27th February, 1932.

THE NATIONAL 'CITY BANK OF NEW YORK. HEAD OFFICE: 55, Wall Street, New York.

Capital, Surplus and

Undivided Profits. US$225,503,776.00

Branches in

ARGENTINE

BELGIUM BRAZIL CHTLE

„Siraita $20,000,000 CHINA

HEAD OFFICE:---BINGAPORE,

3,000,000 COLOMBIA 4,000,000 CUBA

DOMINICAN

4,000,000 REPUBLIO 2,820,000 INDIA

Branches: Agencies and Correspondents to

the principal clube of the world.

ITALY

JAPAN

or

LONDON

MANCHURIA MEXICO

PANAMA PERU

PHILIPPINE ISLANDS PORTO RICO

STRÁITE

BAFILAMENTO URUGUARY

¡VENEZUELA

ercial and Travellers' Letters Travellers Cheques, Bills

of Exchange and Cable Transfern Every description of Banking and Eachans brought and sold. Current accounts

business transacted,

TAN ENG 100%,

Manager.

BANK OF CHINA.

and Savings Bank accounts opened and Fixed Deposits in local and foreign currencies taken at rates that may be ascertained on application to the Bank,

our

Wo aro also able to offer Customers tho services of the Branches of the International Bank- Rerorganized October 26, 1923, ander special ing Corporation in Spain and also of charter of The National Government The National City Bank of New York,

(Franco) S.A., in Paris and Nice..

R. M. McLAY,

Manager,

INTERNATIONAL EXCHANGE BANK. Subscribed Capital

| Pald-Up Capital

Reserve Funda

+$25,000,000.00 24,710,000,00 820.505.82

HEAD OFFICE(-SKANGMAI.

HONGKONG BRANCH,

4. Queen's Road. Central, Owing to our numerous branches in China and large connections in the important emm- mercial centres of the world, we are able to. extend to our clients special facliitics for dummatic and foreign banking and exchange. We also handle the lasùs of Donde and ciber Pubile Funds of the Chinese Govern- ment both at home and abroad.

BROU 3. CHEN,

Kunnger.

THE BANK OF EAST ASIA, LTD. Established 1918.

HEAD OFFICE:

10, Des Voeux Road, Central,

HONGKONG.

Capital & Surplus over H$8,000,000 Total Resources over H$30,000,000

Every description of Banking and Exchange business transact- cd.

Current and Fixed Deposit Ac- counts in local and foreign cur- rencies opened for clients,

Savings Account and Safe De- posit Boxes,

Branches and Agencies all over the world.

KAN TONG PO,

Chiof Manager.

MASSAGE

MR. & MRS. Y. MORI Holder of Japaneso Govt. Certificate.

From the 1st May, 1932. Message fees will be reduced $2.00 for one treatment' at 'office and $8.00 to $4.00 for one treatment öutaldu, 1st floor, 4 Wyndham St.

Tel. 26031

Hongkong, 4th March, 1932.

NEDERLANDSCHE HANDEL MAATSCHAPPIJ, N.V. (Notherlands Trading Beclety),

BANKERBL

ESTADLIGORO 116.

Hongkong Offfea: 11, Queen's Road, Central Authorised Capital Galider 150,000.00€ Paid-Up Capital.Guilders 80,000,000 Reserve Fund ...........Guilders 40,015.000 Hand Offent~AMSTERDAMS

Eastern Head Gies:-DATAVIA.

RANCHES:-Bandjermasin,

Dandoens," Bombay, Calcutta, Cheridos Jumber, Diokjakaria” The True, Jeddab, Kobe, Makap sar, Medan, Palembang. Jongar, Penn

Rangoon,

Rollerdam. Samarang,” Shang- hai, Singapore, Borrbais, Soerakarta, fiolo), Tegal, TH-- lathip and Weltevreden.* Thesa offers have safe deposit boxes to let London Dankers:-National Provinsial Dash

Correspondente ali over the world,

BANKING BUSINESS OF EVERY DESCRIPTION TRANBACTED. A. STOKKINE.

Manager. Hongkong. 1st December, 1991.

THE BANK OF CANTON ·

LIMITED.

KSTADLIGHED 19!2.

Head Office:-Hongkong.

Authorized Cap|ia| Pald-Up Capital Reserve Food BRANCHES 1-

-813,000,000

1,100,000

Canton, Shanghat, Mankow, Wheniew. Bangkok, New York and Bán Fran-

LONDON DRANGIES ----

همعاو

The Lord's Bank, Limited. Correspondenta in all prizeisel siting of the "Poreles Archangy and Banking Bailam of

wartytion ramanetask,

Safe Deposit. Done" (veriano)], alcon); uš 29rly remind of from på 30 940,

EL KOOS POONG JEAN, Hongkong, 18th Marok, Tomi.