1932-05-09 — Page 9

REPARATIONS

& WORLD COMMERCE.

under-

(Continued from Page C.) In rendering profitable working impossible and in putting an end to the securiay of credit and to the possibilities of investment abroad. Alongside of this there is the necesalty for Germany to maintain

private her exporta. In taking 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 necoaalty of adjusting the balance of phy- ment. Thus exports have not de- creased to anything like the extent they have done in other countries,

THE HONGKONG

TELEGRAPİI. MONDAY, MAY 9, 1932.

COMING SHORTLY TO THE KING'S.

JAMES

DUNN

in

SALLY

EILERS

OVER THE HILL

FOX PICTURE

especially in the creditor countries. used them, in part for increasing LANCASHIRE COTTON.

In the first nine months of 1931 they wore 28.8 por cont. less than in the same period in 1928, as com- pared with 47 per cent. In Great Britain, 38 per cent. in France, 35 per cent. in Switzerland and 63.6 In the United States.

per cent.

Germany's share in the world's

her stock of gold.

Though it is hardly possible to support every detail of these con- Rocted facts with figures, yet their actuality and forcible logic are undeniable. exact political payments from a country which no

Το

RADIO TREASURE

HUNT

WON BY MR. H. CHING

The Treasure Hunt organised

BANKS.

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

CORPORATION LTD

(Incorporated in England, 1920).

| Authorised Capital .... Bubsetibed and Pald-Up Reserve Fund

*INDIA, AUSTRALIA & CHINA.

Incorporated by Tayel Obertar 1088,

BRAD OFFICE:-LONDON. Pald-Up Capital.... ............................... 1,000,000 | £8,000,000 Reserro Fund ...

3,000,000 * 2,594,100 Hrs Liablilty of Propreltors..

3,000,000 180.000

HEAD OFFICE=' 117-122. Leadenhail Atreet, London, EC. 1.

WEST END DRANCH.

14-16, Cockapur Street, Londen, B.W.I.

BEMARANG BEREMDAN

AMRITSARL

AGENCIES AND BRANCHES. ALOR STAR ILOILO

IPOй

BANGKOK

DATAVIA

KAILACIII KLANG

PENANG TANGOON SAIGON

BOMBAY

XOBE

KUALA

CAWNPORD

KANGBAR KUALA

LUMPUR KUCHING

TAIPING

MADRAS

TRIENTSIN

MANILA

TONGRAN

MEDAN

BRANCHER:Barbay. Calcutta, Cullent, CALCUTTA Colombo, Hongkong. Madras, Bhanghal, CANTON

Blingspora.

AGENCIES:-in all the principal town of CEDU the world.

General Exchange, and Banking Business | transacted. Loans and overdrafts granted on approved security. Current and Fixed Deposit accounts opened.

BAVING DANK ACCOUNTS:-Interest slowed a rates which may be obtained on

cation.

TRAVELLERS LETTERS OF CILED IT and TRAVELLERS' CHEQUES and

PASSENGERS" LETTERS OF CREDIT for use only, to board P. & D. and B. Home Lino teamets, and at Forts of Call

British Inme Tax Recovered. Executorship and Trusteeship undertaken.

W. J. WADDINGTON,

Acting Manager.

BRITAIN'S HOPES FROM OTTAWA CONFERENCE

London, May 7. The hopes of Lancashire in re- exports was 9,09 per cent. in 1929 longer possesses the capital neces-gard to the forthcoming Confer- by Arnhold's Radio Service, which Mary to maintain its own economy ence at Ottawa were in evidenco 11.06 per cent. In 1930 and pro-s an active part of international when a deputation of the cotton has provided much entertainment bably 12 per cent. In 1931.

upon to local radio fans, has been won economy capable of absorbing im-trade organisations waited TARIFF RESTRICTIONS. ports means taking capital away the Dominions Secretary, Mr. J.by Mr. Henry Ching.

Below will be found a list of from where it can fructify world H. Thomas, and Sir Walter Run-

to ciman, the former Liberal Memthe treasure Thead imports from Germany commerce and diverting it

hunters with tho were not at all to the liking of places where it is either unpro her for Hartlepool, and urged points they obtained.-H. Ching, foreign countries. Things have ductive or at least less productive. special representation of the tex-36; "Janice Leigh," R. H. Wong, returned to the state they were in The interpendence of world econo-tile export trade at Ottawa. at the time of mercantilism, when my is such that no country can bo The Ministera pointed out that 35; K. S. Robertson, 83; J. H. Boj- absolute rulers in Europe strove In an unhealthy state or drop out of Industrial advisers had been ap tomley, W. J. Carrie, E. J. Mar- for na little imports and as much the running without injury to pointed to represent the industry tinho-Marques, A. Salmon, W. G. exports.ne possible for their others. It would also have been as a whole, and they should be Robertson, 32; Mrs. M. Hall, C. E. Wong, 31: J. A. Silva, 30; C. A. When political better for various countries.

the 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. E. Seath, 29; E. and political reactions

Kenzie, V. Kerby, 28; J. Forbes, currency of foreign countries be-payments could have been utilized undertook to send an experienced. Bond, H. C. Leong, A. Mac-

con- for imports into Germany inatend man to Ottawa to get into

Mrs. Valentine, 27; Curl Bunji, of for the payment of reparations. tact with the advisers-Renter's 26; S. Jex, K. D. Sayer, 25; L. A.Basic.-£2 11s. 6d.

the world's Special Service.

Gutierres, Mra. A. M. Stone 24: J. Petrie 23; J. Barnes, 20; C. Salter, 19: H. J. Howard, M. Leang, J. E.

came

In order to restore economy it is necessary that Ger- many should be once more included

:

CHINA

on the

last year noticeable

And caused leading statesmen the greatest anxiety with regard to the currency of their respective countries, the restrictive measures in the regular balance of give and means a return to uncertainty. In Wilson, A. Jeffries, C. Vagg, 18; against imports reached the high- take demanded by economics. The order to restore the normal circu-L. E. Lammert, L. du Roza, 17; G. eat 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 year by the Hoover Plan has not Germany and the rest of the world 16; Miss G. Nicholla, 12; G. Grim- value of the imports, prohibition of

been sufficient to restore these must be finally relieved from the meti, 10; Mrs. S. Leong. 6; W. imports, quotas, every kind of ad-conditions, for the end of this year nightmare of reparations,

Hyde,. A. Landsbert, C. K. Piu, R. ministrative restriction and, not icant 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 imports for the time being and in- - crease their own exporta. True, the World Economile Conference pointed out an entirely different line of action in 1927, and the business | Interests of all countries united in the International Chamber of Com- merco had always expressed them- selves in the same sense. That their recommendations were not adopted is, 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 involves the annual payment of large sums by debtor to creditor countries, while at the same time: putting obstacles in the way of the 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 clse, some kind of beneficial effect on world business. But what has become of the reparations Pay- ments? Thes reconstruction of the dovnatated regions has been com- plated and, even at the lowest estimates of German payments,

has been more than covered by 'them. Furthermore, some smaller countries have effected an exten- sion of their economic and indus- trial equipment with the aid ofj deliveries in kind. There is 350 occasion to consider here whether these extensions were everywhere economically justified and suitable. On the whole, however, the pay- monta either remained in France of, after transfer under the inter- alifed political system of debt ad- justment, in America, France has

I.LD. CERTIFICATES.

Of the Societe Internationale de Placements, Baslo. (Local agents Messrs. Gocke and Co.).

Saturday's official quotation In

(Pakingg

SHANGHAI BINGAPORE BETIAWAN

SQUILANAYA

BANKING CORPORATION.

Authorised Capital ........................... .$50,000,000 Loopied and folly Paldup an................ 20,000,000 Heserve Fund

Sterling ............................ & 8,100,000 Bliver

.$10,000,000

Reserve Liability of Proprietors'....... €20,000,000 NEAD OFFICE: HONGKONG BOARD OF DULECTOR. Hem, Mr. J. J. Pažetnom,

Obairman,

T. E Pearce Tag, Deputy Chairman.

Hon. Mr. W. II. Dell. J. A. Flammer, Eng. A. I. Comploe, Kaq. T. H. B. Shaw, The | M. W. Johnses, Reg. J. F. Warren, Bec,

4. Miskin, Esq.

V. M. GRAYBURN E CHIKP MANAGER

COLOMBO DELNI HAIPHONG HAMBURG

(Dhuket) NEW YORK TSINGTAO HANKOW

ΑΝΟΥ ILARDIN

ХОКОПАМА PEPING

BANGKOK HONGKONG

ZAMBOANGA BATAVIA

GALOUTTA Foreign Exchange and General and Feed CANTON boulness transected.

CHEFOO Current Accounta opened ■11 ized COLOMBO Deposiia revelred for one year or shorter DAIREN periods at rates which will be aucted on roochOW application.

BRANCHES

LONDON LTONS MALACCA

MANILA

MUAR (Johor) MUIDEN

NEW YORK

FELPING PENANG RANGOON

SAIGON

BHANQUAI

HAIPHONG

1. STUART,

Monger.

HAMBURG

Hongkong. 17th August, 1951.

HANKOW HARDIN KONOKEW

SAN FRANCI800

ILOILO

JOHORK KOBE

THE YOKOHAMA SPECIE BANK LIMITED.

Capital (fully paid to...Y. 100,000,000 ..Y. 117,100,000.00 Reserve Fund

DEAD OFFICE 1-YOKOHAMA.

Branches and Agencies st

Honolulu Ka! Ynen

Karachi

Koba

Ranguos

Ila de

Janeiro

San Franciaco

Seattle

Semarang

Alexandria Batavia Berlin

Blomber

Lendon Los Angeles

Lyon

Abanghet

Dairen (Dalny)Mantia Fenzilen

(Mukien)

Shimonoeckl

Nagaonk] Nagoya

Singapore

Soprabaya

Hambory

Nuwchwanst New York

Tientain

Oyakk

Pelping

Toyko Tsingtao

W. Robinson, 6; Mrs. D. L. Simp-Calestia son, D. O. Silva, A. A. Tavares, Canton Miss E. J. Coppin, K. S. Leung 4: Changchun R. E. G. Leong, J. Noronha, 3; J. Thirlwell, 2; J, Silva, F. 'V. Wong, 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 In the management properties of our clients to properties owned by ourselves, for we have none.

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 Secretary,

China Realty Company.

70. Szechuen Road, Shanghai.

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””

70

S 2 E CH

VEN

R D..

Idle thoughts como 'from

unemployed brains.

SHANGHAT

H

NA

Hankow

Harbin

Hongkong

Sydney

Interest allowed on Current Accounts. Deposits received for fixed perioda si ratow to be obtained on application.

E. MORI,

Hongkong, 11th March, 1941,

Manager.

THE HO HONG BANK,

LIMITED)

(ESTABLISH 1912). '

Authorbed Capital loved Capital

Paldan Caplul ****

Roser Liabilities of Shar0-

bolders Surplus

BINGAPORE

BOURABAYA

BUNGE! PATANI TIENTSIN

TOXYO

TRINGTAO

KOWLOON KUALA LUMPUR.

Current Accounts opened in Local Currency

TOKOHAMA

and Fixed Despalte received far ons JOLT OF shorter periods in Local Currency and Sterling on terms which will be quoted on søplication.

Hongkong, th April 1992.

HONGKONG SAVINGS BANK.

The Boxinesa of the above Hank in conducted | by the HONGKONG AND SHANGHAI BANK- ING CORPORATION,” Rules may be obtained on application.

FOR THE HONGXONG AND SHANGHAI | BANKING CORPORATION.

V. M. GRAYBURN,

Chief ManR07. Jongkong, Xich February, 1987.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE: 55, Wall Street, New York, Capital, Burpītas and

Undivided Proffs. US$225,503,775.00

Branches. It 5---

LONDON

ARGENTINA

RELATIUM

BRAZIL

CHILE .Straits $20,000,000 CHINA

8,000,000 COLOMBIA 4,540,000 CUBA

DOMINICAN

REPUBLIC 4,000,000

2,820,000 INDIA

HEAD OFFICE: SINGAPORE. Branches: Agencias med Correspondents to the principal dishon of the world.

Every description of Banking and Exchanze

business transacted.

TAN ENG HOOL.

Manager.

BANK OF CHINA.

ITALY JAPAN

MANCHURIA MEXICO PANAKA PERU

PHILIPPINE ISLANDS PORTO KIC0

STRAITS

BETTLEMENTS UNUGUARY -VENEZUELA

Commercial and Travallera' Letters of Credit. Travellers Cheques, Bil of Exchange and Cable Transfers brought and sold. Current accounts.. and Savings Bank accounts opened and Fixed Deposits in local and currencies taken at rates that

foreign cur

may be ascertained on application to the Beat.

We are also able to offer· OGE

赠 Customers

the Branches of the International Bank-

Reporganised October 26, 1928, under special ng Corporation in Spain and also of charter of The National Government at The National City Bank of New York, INTERNATIONAL KICHANGE BANK (France) B.A., in Parle and Nice,

Subscribed Capital

Paid-Up Capital

Reserve Funda

.$25,000,000.00

24,715,000.00 6,120,605.32

HEAD OFFICE :—SHANGHAI.

HONGKONG DRANCE,

4. Queen's Road, Central Owing to our numervas brasobce In China and large connections in the important @onse | mercial centre of the world, we are able to extend to our cilenta special facilities for domestic and foreign banking and exchange. We ale handle the issue of Denda and other Public Funds of the Cbioma Govern- ment both at home and abroad,

BROU I. CHIN,

Manager.

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

Evory description of Banking and Exchange business transact-| ed.

Current and Fixed Deposit Ac- counts in local and, foreign cur- rencies oponed for cliente,

Savings Account and Safe Do- posit Boxca.

Branches and Agencies all over the world.

KAN TONG PO,

Chiof Manager.

MASSAGE

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

R. M. McLAYA

Manager.

Hongkong, 4th March, 1902

NEDERLANDSCHE HANDEL MAATSCHAPPIJ, N.V. (Netherlands Trading Society).

BANKERS.

ESTABLISHED 184.

Hongkong Office: 11, Queth's Road, Central, Authorised Capital Galidam 150,000.000 Pald-Up Capital .........Gußder# 10,090,009. Reserve Fund ......Gulider 40,015,000

Iload Offer-AMSTERDAM,

Eastern Bend OR06:—BATAVIA.

RANCHES 1-Bindļermaain,

Bandens, Flombay, Calentia, Charbon Plumber, Diokjakarta® Brive, Jeddah, Kobs, KefM sar, Medan, Palembang, Ad Jonger, Pening Bangdom, Hosterdam, Samarang," Zlomp bal. Albaspere. Gourable Surakarta, (Holo), Thani, Tili Latias and Weltevreden."

• These offices have safe deposit boxes to laš London Bankera:--National Provincial Bank 244, Correspondents all over the world,

DANKING BUSINESS OF EVERY DESCRIPTION TRANSACTED. A. STOEKINE.

Hongkong, 'tat December, 1991,

THE BANK OF CANTON LIMITED.

ESTABLISHED 1912.

Head Office:-Hongkong.

Authorised. Capital Pald-To Capital Flangeve' Fund BRANCHES |--

$11,000 200

1,100,000

Canton, Shanghai, Zankow, tendon, Bangkok, New York and Ben Fran

LONDON BRANOMEN—–—

The Livyd's Bank, Utmatted Corrependante inʼail principal eltion of the writi

From the 1st May, 1982 Message foes will be reduced $2.00 for one orele Fachange and Banking businion at

every: Amertation,

(variom shoir).... at...n' treatment at office and $2.00 to

Safe Deposit Bo $4.00 for one treatment outside, very runis) of from $2 W DIA..

LOOK POORER KHA) 1st floor. 4, Wyndham St.

Henghong, 18th March, 1985,

Tet, 26031: