1933-02-25 — Page 5

THE HONGKONG TELEGRAPH. SATURDAY, FEBRUARY 25, 1933.

BANK CHAIRMAN REVIEWS FAR EAST CONDITIONS

1932 AN ADVERSE

TRADE YEAR

silver market is the revival export trade from China and India.

WORLD CONDITIONS.

of

MANCHURIA STRIFE AND FALL IN altogether, linked up as they are wit

COMMODITY PRICES

SILVER: LAW OF SUPPLY AND DEMAND

Presiding at the annual meeting of shareholders of the Hongkong and Shanghai Banking Corporation this "morning, the Hon. Mr. J. J. Paterson gave a comprehen- sive review of the trade position in the Far East and its relation to world economic conditions, remarking that while 1931 had been a bad trade year, the past twelve- month had been even 'worse.

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་་

of credit in China, and the determined effort being made to suppress the communist bandit elements in the country. China's rapprochement with Soviet Russia was another factor in current events that called for close observation, coming at a time when Russian goods were increasingly competing in local markets with those of other countries.

Mr. Paterson paid a tribute to the excellent work of the Bank's staff, and a similar meed of praise was voiced by Mr. H. R. B. Hancock in seconding the adoption of the report and accounts.

SINO-SOVIET

RAPPROCHEMENT

لان

the

קרז'

have

men

British

our Government, with the country't the same time with a general drying taken in hand: by th which 1 am ensure raisery which were, more with the increase in fresh manufac

Was successful

could

Conditions, therefore, ces for the worse

places in the East,

help

the

tarif

than in most

JAPANESE TRADE.

t

from Ch

STAKE IN MANCHURIA

Railway

at

ien sind

CHINA AND RUSSIA.

he

|

our manufac

opening

were

DICAS

importe restrictions are the chi

all round

In

1932 has been the continued drop in allowing agriculture and the conflict, nese credit is to be checked on the and, at a later date, with the or the returning tide of prosperity, when

to

which we forma part.

will

are

referenes to trade extend, the current has always set the domestic. loans, effecting a savingesulting in, the clearance of the areas Chairman's inwards, large imports of silver far to the exchequer of some $100 million in question, the red armies retreat in Cama, which is all important to us to the remote regions of the in this Colony. The situation has outweighing any outgoings of god. per annum; a rider attached that no

West. A drive against the other been fully dealt with by him, and Last year saw the position reversed, more internal loans should de natio At the close of a third full year of a net less of treasure having taken by the Government has been faithful-great communist stronghold in cen- there is little left for me to say on ral and southern Kinngal is said to the subject, beyond expressing a hope solution pase to the tune of some 75 millions 13 bserved. world-wide trade depression my re-

of dollars.

published figures up to last be now preparing. Though Hankow that there may yet be found view of the state of affairs in th.

The shrinkage in Chineso exports June show an increase in total ravenue has

China, the task whole of

North,

mutually satisfactory to Chinn countries which interest us most can

can be put down in the main to the co

central

and Japan, Great Britain's only de- growing yield of the Consolidated

far from accomplished. of not be very cheerful and you will be commodity" values. Another almost. entirely to the steadily the sen saved and relist brought to to the unfortunate trouble in t

Apart from the fact that the desire is to help to settle the dispute by

remain in Re

peaceful methods, and It. tively short. glad, I am sure, if I cat"it compara factor of no little importance bar. Taxes, which as a major soul with fented red forces em of com pity that sq, many hüsrepresentations

however, been the uncertain quality venue are now beginning to rank

propaganda Conditions at home I shall mi of some of the principal exports a the Customs and Salt Gabelle. A existence, the whole

as Genera: have been spread by standing defect which the Inpection drop

of 45 millión tiels in the Customs batting, communism

han publicly said, exechtially the Chinese Press lately. China's Government receipts, though partly due to the

in this Ares, war dents, gold distribution and Bureaus set up by the

which, utting off of Manchuria, is creating

ting economic. When the house has been best interests are not served an forth-matters which can natur seem to be failing to cure bound to doubts as to the revenue-producing swept and garnished, it must not be BRITISH TRADE OPPORTUNITY:

another ally be dealt with far more fully and as competition develops, is dont on facts of the raising of the tariff. Aft empty. In words the

le possibl.

The Chairman referred to the inc critically in London than e

an increasingly serious from this

this chair. But before passing

trade. The universal discase serious sequel to the increased duties vacuum created by the destruction: Chinese on should like to voice cur share if "frozen credits" has also invaded has been a phenomenal increase in of the communist regime must be creare of meter roads, and eviation? the expressions of satisfaction

manufacturers will wake up to the Methods and and China and hampered the movement of smuggling. The situation causes cen- filled by the building up of new local in China, and it is hoped

a season of bumper crops ern, but we understand that preven

PVC governments pride which have been called forth goods,

courageous manner in which having, by the irony of fate, come at tive measures are being energetically must be such as to improve condi-importance of this field to the motor

the Chief Inspec-

nspections of life for the peasents and industry before it is too late.

to the immense opportunities... offers them against the opprea progressive manufacturers home.

at. torate, in connexion backing behind it, has dealt with thap of native banking facilities.

nationa Bad though formidable problems of

has been, it very pleased year,

to record that Sir Fred- durinn dagvertheless, one or two erick Maze, whose wise and capable than anything else, the real intro- turing industries in Chinn, competing Anance which faced us

promising features. There is hope direction of the Customs administra- | 10212 9%, SATU-SOtroyed ard

The land re- with articles formerly imported from Without at all minimising th

has settlement in

royed are Great Britain, and increased in the year

difficulties

and Russia ahend, I think we may als for the future in the improved running tion during the past few yesian nere titles have been

of the railways, the increase in benefited beth China and the

future, near congratulate British industry on it

motor motor roads and the recovery of trading nations, received during the landmarks obliterated, is the most

here to seize an reproductive areas in Centralvear a mark of efforts in adapting itself to the pre

Knighthood. ficult, part of the business. The

may present itself. show their mark in the increased per sent difficult times-efforts whic.rinn from communist hands. The form of a British Empion in the immediate, and perhaps the most dif-i

The Salt Gabelle figures are not handling of those reconstruction prob. It is gratifying to know that a re eduction in world stocks of

vaiable to the public but it is to be lems will be a vital test of China's start has been made in dealing with centage of British trade in the trad of the Far East.

raw material exported plea opens the way to a better foreign resumed that the loss of remittances capacity to "set her house in order" the bandit communist movement, and Turning to this direction we find lemont and I think we may fairy from Manchuria will have reduced the and will be watched, I am sure, by that certain regions have been cleared both, India and Singapore hard hit b: hope that, when the general depres total receipts. The "quota" remit all of us with the most anxious sum of the Red armies. It is a question

ion lifts, China will not be behind-nnees for the foreign loans have, Ipathy.

fraught with great difficulty With another year of abysmally low pricci

believe, remained fairly constant

8 many stu

students returning from Touching on the exchange question and silver, Mr. for the natural products on which hand in sharing in the recovery.

their export business depends. Jute

RESTORATION OF CREDIT. "A political event of the year which abroad all the time and with no des Paterson voiced the opinion that artificial measures tatton, tea, rubber and tin all tell

ame to, it would, claims our final notice is the ions I cannot help feeling, be of great ser

finite occupation' to come Our three Manchurian offices give

revenues, on the other restoration of diplomatic relations of silver recovery would be bad, and the law of supply similar tale. In the case of the last true, co-operative action

us a substantial stake in that territory hand, have generally improved al between China and Russia. Its full vice to China If assciations and demand should be left to operate as hitherto.

I restriction cutput and regu- and you will perhaps be expecting a though the Nanking-Shanghai system import yet remains to be seen. formed by them and various

on by them, combating with in word from me about local conditions, forms a regrettable exception owing Speaking from commercial view practical help and lectures the evil Dealing with Far Eastern political affairs, and the les

to which it had fallen, but this was amounts to very little. contingent trade conditions, the Chairman summarised sing the price from the depths what I can add to the press reports tn losses inflicted on the line by the paint. I will merely mention, in passiessons learned. The farmer looks for,

The economic February Shanghai troubles. Fram that the new agreement comes necomplished with the effects on Japan's commerce of recent monetary reduction in shipments of nearly for sects of the connet are, of course, the Improvement in railway earnings at a time when the invasion of the little but the right to live and toil,

lies. This work, that way Bolshevism prices. undercutting

home Conditions. suppose, the enormous increase of to say accrued to unpaid foreign Russia at

ons. at

were not conditions as well as the strife in Manchuria; and re- per cent. India's favourable trade well known, the most serious being, no immediate relief has, I am sorry China markets by merchandise from and if he cannot sell the product of

matter to which my predecessor of viewed the adverse factors operating against China's balance sank ta sa low a point in 1932 banditry which has so gravely affected creditors, It is, however, encourag that, but for her exports of gold to the farmers that they were said to ing to learn that Mr. Ku Meng-yu, the

two years ago made special allusion touched upon by the Chairman and I hesitate to step in where angels fear conspicuous proto

tread, but it would appear that revenues. It was to be hoped that the present confict England-which, by the way, nearly havà cut down their sowings, of present Minister of Hallways, is has been pil, timber and piece-war nebts, balancing of budgets and

equalled the export from the South staple crops by something like afty ccupying himself with the problem

reas. HEYCAR. Russian could be settled.

African gold.

gold-field-the

ex per cent t

The new tariff barrier has, of overdue debta and hat, as a prae- gouds are the products particularly mar hardly have held change value

which are most vital He was pleased to see efforts towards a restoration. In all the markets concerned, the of course, interrupted trade, and we tical measure, arranged for the set concerned, and three are now in

Hear that many Chinese merchants ting aside of moderate sums monthly serious competition with

economic recovery. If only a feeling encroachment of Japanes

on the Tientsin-Pukow fun piece goods continues to grow inside the Wall

entaine uk from other countries,

of confidence could and have liquidated their affairs to return for loan service

be engendered Railway, a lin

a line which, for the last Before closing my speech, I wish amongst the various nations of the apace though the new Indian

The Sungari floods increased the seven or eight years, past, had preto mention the fact that the end of world to-day, instead of one of sus- general distress and

business duced not a single dollar for the pay March this year will see the retire-picion and icalousy which are all too bur temporarily caused a check.

Reports from Manila show that the at most centres-for the foreign ment of its bondholders. Though the ment of Sir Charles Addis from the Philippine Islands still und them- merchant

at least-bas ben amount of the monthly

earments

nosilion of Chairman of cur London apparent, one might feel more optimis..

e in regard to a gradual at standstill. A sue which are thus being selves sheltered from the worst of almost

is not enough to balance the Committee, a post which he lins belt improvement in the economic welfare reform of the currency present

since 1919. It would be superfluous position is vir advantageous tarif cessful

vis-a-vis States. be something to place in the growth of the debt, Mr. Ku's action is fur me to enlarge, an Sir Charles of the world. It is quite impossible to forecast the fatore, but we, as a na and wer have altered briance against these unfortunate a move in the right direction

affairs after the important work conditions, and we shall awalt with welcome it as proof of Bis Exeri- foliowie decord of public service tion, may congratulats ourselves on

work having tackled our domestic

and self. Interest the result of steps taken inleney's concern for the restoration of which "London Office in connexion | sacrifice, and so put curselves. in the

performed when Manager a spirit of unselfishness and is direction. Meanwhile we can credit

of our The need for this is great if Chi- with international loana to China position of being ready to benent from inly hope, with the rest of the world, for an early settlement of For Japanese trade the feature of

trade to re-downhill course. The proud reputa

of the Consortium canisation

of it comes along, as it undoubtedly ure to a normal state.

Han for honouring cbligations which arking groups. He will retain, I do. change, bringing the yen down, in Of industrial development there is China used to possess has suffered sad- un glad to say, a link with the Bank

TRIBUTE TO STAFF. terms of U.S. currency, from the high point of 49 in 1930 to 35 at the progress to record. It la ly by her Government's record during his continued capacity as the repre-

of And this it is safe to say, that when beginning of last year, 27 Inst June noticeable however that fresh Indus recent years, cepecially in regard te sentative of the British Graup the looked for improvement docs come,

pre: are showing signs of taking root the railways. Lines deeply in debt to and 20 in December

in China. Among the more impor-bondholders and private merchant

Another recent retirement which 18 great Bank of which we This and other factors, such as the ant is a projected joint enterprise by creditors have had their revenue

cannot pass by without wart of a so proud, will undoubtedly have ite Chinese boycott and changes in tariff

of the very dutics, caused Japan't foreign trade the Chinese Government and foreign popriated by order

reference is that of Mr. 1. D. Cshare, thanks to the excellent way its chemical Interests to manufacture

which replied to the lawful fanes, a veteran who lately complete affairs have been managed in the past

and are being managed to-day. Mr. J. J.j banks' balances lying with up under inflow a somewhat irregular course, sulphate of ammonia, which, for use animante that money was lacking t

am voicing the opinion of all demand ny is in suflicient as a fertiliser, is

shareholders when I say we have com Fearce (deputy chairman), Hon. Mr. which is ample proof of the dullness vealed a growth in the yen values of in China to account for an annual im- them. In this way nany millions # #sticth year with the Bank. Mr.know

been diverted, as you doubtless know, war both imports and ex

and exporta accompanied

urt of some couple of hundred thon-fro

from the

the long-suffering bondholders fol, ein wenty years where ut plete confidence in our Chief Manager per cent filty rent decrease of the

sand tons. The appearance of small- of the Tientsin-Pukow Railway (the Managers in London, where find his able assistants," who from top

(the took over the senior position after (Directors); Mr. V. M. Gray

adverse trade balance.

at heart, and do do er industries, of which the making of bonds sinking in consequence to a cir. Newton Stabb's death in 1931, to bottom have the interests of this do not luminium utensils may be mentioned bare fifth of their value) while even We wish him many years of well. great institution the work they do Thongh the burn (Chief Manager); Hon. Sir

drop The silver market for the last few

exchange bat William Sir

same rise Henry Pollock, Hon.

in domestic as an example, testify to the develop in the last few months

retirement. sums amount. carned J. M. yors has furnished the Chairman produced. W. Allen,

prices, there has been, as yet,; Shenton, "Messre.

I ing skill of the Chinese artisatı

Twelve to four or five millions were oh- with considerable material for com

months ago my predores the most difficuftar has been one of

in the history of the F. Austin, G. E. Brown, J. W ment in his apeech at the Bank meet light degree of fatalion and Alvie, F.

stracted from

om the receipts of the teking-Mukden line regardless of or referred to 1931 as one of the Bank and it is a remarkable 'tribute,

1101 THE BOXER INDEMNITY. Bonnar

Lim-pak, Chan Chan

most difficult in the history of the think, to our Chief Manager that he Shu-ming, Chua Seng-choo Chun ing. On the present occasion I find year's favourable showing should not myself with but little to say on the be set down to purely monetary causes. Japanese industries are im-

The spending of the accumulated fact that this railway is far in arrears Bank, I have said that 1932 las heen has been able to present us with

I want, even worse.

therefore, sayan excellent balance sheet

As we have D. I. Cooper, N. V. Abicet. In the first place the year proving in sundry direclions: The fund of the remitted British Boxer with its obligatiors on the Fengching

Canton-Kowloor on behalf of the Directors how nuc before us. We

congratulate him Dowbiggin, S. G. Fenton has seen a subsidence of the violent teil of the cotton and rayon workers Indemnity-nearly £314 million-be- | Redemption

the most Excellent be has disturbances of the parity value R.

heartily on his achivement and whilst A striking development: an during the year. The bulk of the loans, besides its debts to individual we appreciate

While I hold it a duty not to Rioks/York done by our Chief Manager; congratulating him. I should like to

and all the staff | Suk Managers Branch Chinese railways, British

include the.

Sub- the Managers and R. B. Hancock, H. S. Ma, reigned for several gold which had manufacturers, taught by the 1930 material purchased to date has been foreign creditor

at the same time much less activity crisle, have been setting their house for the

ntain any burdens on his

shoulders; that

branches numerous

and agencies and son, E. D. Kotowall, P. Lander, D.was shown in the putting forward of order: rationalisation has advanced, engines, rolling stock and material over these facts, we should not be of the Bank. Mr. Grayburn has had Managers of our flead once and

the staf ennomised, while reduction of Pukow, Kisotsi and other Government the

ant to all of us.

that our Directors have not been able whole. Very patent to foreign creditors as a whole. in-China's

now beg to propose the adoption to reward them with a bonus, but 1 new enterprises. These in- defintion of ергтенсу

The result several

of the report and statement of sc- trust they will not be forgotten when ries clude the long-talked-of

ile naturally impatient at the de- Yangtze while nat

this has Puay in the promised taking in hand counts, and after and

been more prosperous times reappear. are now turning out gouds at a lower train-ferry between

of the question of the overdue debla. seconded I shall be pleased to answer Before closing my remarks, I should Chinese line (a new and way exchange bonus. Ear

two hundred ine among the nations which have which shareholders may have to ask on his appointment as Manager of our marily as affecting the flow of

competing successfully and Miss Hancock.

London Office, and we wish him every abroad running from and the general wel even in sheltered markets. trade

direction resisted any temptation to enter on Addressing the gathering the Hon. China, we hold the belief

fresh defaults on the plea of the that

success in his new position and have How long this state of things can through a rich

region); Mr. J. J. Paterson said:

SECONDER'S SPEECH confidence in his ability to maintain continue is, of course, - the

a Central general economic collapse. the question and finally the

the excellent reputation our Bank has Ladies and gentlemen, The report the operation of the law of supply

capital. Machine

at and demand-which implies the ris

the Shop Costs and wages are already

aguin ON

FAR EAST POLITICS.

in the City of London. I shou. the and statement of accounts having beeni in your hands for some days, I will, ing and falling of silver in harmony the rise, the country faces progressive Contributions from the Indemnity

with other commodities will be more inflation

unds have also been made for work So much limelight has been directed i drain on on through "with your permission, take them as

12 and

Canton-Hankow Railway on Far Eastern politics during the read.

mcusures of control.

he judget is showing a defeit which, The original loan for constructing this past year that I can safely spare After making full provision for Coming to the statieties of the year, the Government state, cannot be line, which we helped to float in 1911, myself the effort to review the state

In seconding, Mr. H. R. B. Hancock bridged

increased taxation proved insufficient and a gap of rather of affairs in any great detail. The

said: losses and contingencies the net pra-we start with the year's output re-ently, the decline of the yen has ver a couple of hundred miles still Manchurian conflict has, of cours fits for the year amount to $16,893,duced, according to estimates, from

Ladies and gentlemen, It is with 720:59, an increase over the previous 247 to 207 million fine ounces. Ofbeen arrested and its exchange valu remains to be bridged. Its completion been the dominant feature, and abou

muce pleasure that I rise to second the adoption of the report and state- year of a little over 4 lacs or, ex- this the "new" production--that is has remained steady for the last is very desirable and is engaging the t I need only say that the disastrou

which urgent attention of the Chinese Gov-alute of uncertainty which ha

we have pressed in sterling, an increase of the outunt from the minesis 160 couple of months.

The Chairman: As proposed by ernment, who, unfortunately, in the brought in its train has been a very ment of accounts about £70,000.

million ounces, reduced from 190 mil-..

effort to raise the capital are hamper serious factor in the trade depres

myself and seconded by Mr. HLB. After deducting the interim Divilion, while the rest consists of bullica

The Chairman has given us such a

ancock the motion now before the dend paid ut 1/3.1/8, and Directors' obtained in roughly equal parts by China entered on slump in world holders,

randy oving so

the original bond-makes us doubly anxious for the first ucid explanation of, the affairs of the remuneration, the ameam available sales by the Government of India full shock of the 1932 feeling theed by the crushing weight of arrears 3ion in this part of the world, which

of a move towards uppearance

a Bank, and has covered the grouna meeting is the adoption of the report. presented The Nearly every province of China is settlement.

of its working in various parts of the accounts

inotion was carried unanimously. the record floods of the previous

In-China's purely domestic afnirs world so fully, that I approach my

The Chairman: The tuzincus now

the before the

election maeling the construction of roads and the last twelve months brought no task with some diffidence. Arainst this drop in production of summer, while, in addition to this, the tip rapid censtrual changes through

Firstly, however, I should like to of Directors. about 174 we have to set a still opening weeks of the year brought of long-distances air routes. Annus-important changes. Such Vincal

further heavier decline in visible consump-

calamity

innovation which bids fair to trans took place were, happily, localised congratulate the Directors, and the Mr. G. IL Potts, I bug to pro tion. China is reckoned to have ab. the

at the game

und relations, generally between Nan-inanagement on the excellent result pose that Mr. A. H. Compton, Mr. G. Încuine Tax) .....$7,620,000.00 | surbed 40 million ounces against 67.

kit

the provinces hav

have not of past year's working. The Miskin and Hey. Mr. J. P. Paterson Transfer to Bank Pre-

in the previous year. India 13

shoulder the burden of the first full

plane Bervica is now running from Inises Account 1,500,000.00 compared.

These two tradi-year of the increased tariff, augmentant and Nanking to Chunks mulerially altered. If the year has gares which we have before us are be re-elected Directors. with 62.

left any lesson it is, I would venture indeed most satisfactory. To have I during the summer by heightened Carry forward to New

tional silver consumers thus decrease lutier on a number of luxury goods. "outherner Yangtze (shortening the to say, the old lesson of patience, shown, an increase in net profits of a second the praposat. Account

mation was put to the meeting journey from ten days or a fortnight China's advance along the rest of uver $4 lack, and to have maintained 3,439,033.30ed their aggregate CT-take by nearly

accumulative effeef show in the

must inevit- the same dividend as last

year, at a

and carried unanimously. 50% and instead of easily heating Customs gatve ter te, which for to a matter of 30 hours); andther con- political reintegration

Mr. K. S. Morrison: I beg to $12,619,033.39 {the market, saw their figures of con-

fords Shanghal, with Tientsin and Peably be slow and it is useless for us time when most similar institutions the last five years had

and a third route,

profits and mite, of nearly a king

that Mr. John Fleming and sumption doubled by the other coun

and propose tribute 10 дл tries of the world. The latter, for rising and exports, which had

R. Forsyth be re-elected H. fairly constant,

both registered "unle of thousand miles, traverses in expect too rapid a rate of pro have shown decreased

gress. Even the form which the reduced dividends, is

that Mr. concerned. I am pleased to see that Auditors. half of China from the sen coont 10 Smal solution of the national problem tht transfer to Bank Premises Ar- ecinage requirements and "arts and heavy declines over and

above the Lanchou in the province of Kansu, will take is still for

far from

MẸ Chua Sing cho

Leg to The year 1931 was a very bad one industries" combined, took 100 million mevitable reductions due to the

loss whence it will in due course extend as

second the proposal, from every point of view, us mention-jounces, Icaving. 54 millions of unac- of Manchuria's trade. The figure for far again to the westward to the re/and in this transitional period we may count, namely $1,500,000, has been ins

ercased by $500,000 this

The motion was put and carried ed by my predecessor in the Chair counted balance, which partly all imparte dropped from mole city of Urumchi in Chinese Tur.rest content with seeing another year

When so figure.

Chairman: That last year but I think we can say that] least is represented by stocks held in et 126 millions, and that for exports kestan, British machines still--I re.go by without any further return of! reverts to the 1931

is all the much new building is either going on unanimously..... 2763 millions. Theret to any-figure exceedingly small widered civil warfare.

Another hopeful feature is the or in contemplation, It is of import-

business, ladies and gentlemen. start which the

Loank you for your attendance: Di Panda in the Government has ance, I think, to keep this transter

possible. with the bandit high a5

vidend warrants - will be ready): on that the figures we are now putting 20.7/10d. and 81./4 U.S. cents to the years-implies 'st adverse trade

Readers of I am sure we are all in accord with Monday, before you can be considered satisfac lowest quotations of the year, 10.3/8d balance of a magnitude which is

Chinese Government finance, re- the. Lyttonment

will have noted the Chairman's remarks about the and 24.1/4 cents. Shanghai teels somewhat disquieting when one con

The Doll Raffle in connexion with I am glad to Hay that the market touched 1/11.1/2 high at a cross-rate riders that the main counteracting mains somewhat of a closed Lork to the serious terms in which it speaks restoration of silver. Artificial mes

T. V. netur

Chinese Govether commodities, with failure in al- the late International Women's Club" drawn at the Helena Mas to Was shows a satisfactory marg once more of 348 and 1/7.1/4 low as a cross-rate factor, namely monay remittances the outside observce, but the pollion of Ude movement, referring to it assures of control have been tried with

being Inst of Mr.

Mups depicting the situa- most every case. It were better those of my nultaneously curtailed by lack of Sone's third annual statement "pro at the beginning of last you with it, of course, a revival of the, Cooper and D. Davies. The winning wait for economic world recovery, and Institute yesterday by Mestarnes A. J that the vided sufficient data to show prosperity abroad. hearers who are interested in the

One sees the reflection of this exchequer has borne up moderately showed vast red areas in the central With regard to the figures of the subject to make their own deductions adverse balance of trade in the change well against anfavourable conditions Yangtze regions, signifying Soviet expert trade of Chirm and India, than ticket, No. 156, is held by Miss balance sheet, the biggest chance from the figures I have quoted, and which has taken place in regard to at home and abroad. A serious crisis rule and complete closure to traffic to introduce international schemes, Catherine La Ferre. No objections the surrounding districts, which might very easily do more harm having been lodged, the sun, realised from the previous year is the large will only point to the obvious fact the flow of treasure that is of gold inat over a year pro was Kurmandi

"listened by thin rae will be forwarded to increase of cash and bullion against that the one certain direction in and silver combined-ints and out of by means of an alteration of the in During the summer. General Chiang than good..

great · interest to our, Hongkong Benevolent Society, increases in note issue and of other which to look for the strength of the China. In the part, as far as records terest rates and redemption terms of Ka-Buck conaucted a military drive, with

Present were: Hon. Paterson (chairman), Mr.

T. Ene tending

of current

W. H. Bell, Meners. A. H. Campton, of the times we live in.

P.

War T. H. R. Shaw, J. +

C.

R.

ร.

J. D. Danby, H. Dixon,

Lang, H.

ENG

Dranklin, Fung Kang- tween

H. Owen Hughes, C. Bulmer

John

accounts, but the end-of-the-year figures re-

J..

THE SILVER MARKET.

shown

stiver and

years past, while criste,

n

-but

dollars have

I

blind to the efforts made to maintain

his

Joint

the

spare

Ds. The past Ior

the

I

such

MOR

J. Lewis, Lo Ghung-wan, K. S. international schemes for sapporting Processes been reviewed and labour have been, supplied to the Tiestain-the status of other classes of loan they are well Stted for the task is in general.. I am only for Y Morrison, A. Borse, Raymond, Jvalue. We understand, however, that Wages was effected in the lines and funds have been voted for cured on the Customs and Sult..

G. H. Potts, the price of silver or stabilising its noms AB. Raworth, E.

Agure B. Seth, P. M. N da Silve, Prof. C. the question of silver is to A. Middleton Smith, Messrs. F. W. among the agenda of the forthcom- of all this is that Japanese factories Stapleton, D. V. Stevenson, E., ing-Leonomic Conference. Interested, are now turn

Summers,, W. Skott, G... N. Tinson 4s we are, in silver movements which, thanks foved quality goods; kow, then all will give China her due for remain-the best of my ability any questions like to congratulate Mr. O. J. Barnes

Eastern

to the public benefit than artificial resources caused

رما

the

Manchuria, by

CHINA FEELS SLUMP

for distribution is $12.619.083.39 and from demonetized coins from prices as well as the after-effects of which it is proposed to deal with as Russia and elsewhere. follows:-

To pay a final dividend

of £3 per share (sub-

ject to deduction of

BAD TRADE YEAR.

from a trade point of view 1932 was London. even worse. In these circumstances

Trade

The

miles in a

of

the

in and around form many regions of China consikl

fall

As regards the year's prices, fluctua

Lin

I feel that you will agree with me tions extended from high points

tory.

over the 850,

value at which they stand in

Qur

I must leave it to

books.

been

to

exports-the

level touched "being lowest for 15

ix oversCAS,

CHINA'S FINANCES.

tion at

and

as

MR. R. B. HANCOCK PAYS TRIBUTE TO STAFF

efore us.

We have

year, and

with

also

like to associate myself Chairman's remarks in connexion with Sir Charles Addis and Mr. II D. C Jones.

I now have much pleasure in second- ing the adoption of the report and statement of accounts as prescated. *****

ELECTION OF DIRECTORS,

Mr. C. Bulmer Johnson:- 1 dejt

The

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