1934-02-24 — Page 35

A

THE HONGKONG TELEGRAPH. SATURDAY, FEBRUARY 24,

1934.

U.S. RECOGNITION BANK CHAIRMAN CRITICISES SILVER PLANS

OF MANCHUKWO

STRANGE REPORT IN LONDON

STIR CAUSED

(Special to "Telegraph")

(Telegraph. Copyriaki, Telegraphic Mas. pra Ordinance, 14th. Hereived, February

a rumour

INQUIRY RUMOUR DENIED. The United Pross was, however, authoritatively-informed that there is no truth in the suggestion that special enquiries have been afool.

In view of the question put to President Roosevelt the other day,

view recognition of Munchukuo by

another Power, and his disinclina-

tion to answer, the report that the

- United States may be the first to Act is considered surprising, to say the least.

FREE PLAY OF SUPPLY AND DEMAND URGED

150,000 OUNCES OF WHITE METAL UNACCOUNTED FOR

በነ

ments

about an

The

work

the

on

en

has been

It.

of

CONSTANT CIVIL WAR.

Bourers

the

that the record of the Salt Adminstru- tion in regard to loans should not be on a par with that of the Customs.

THE TRADE FICURES,

guarantee

CHINA PROVIDENT PROFITS

The

TWELVE CENT DIVIDEND

China Provident Loan & year ended Decomber 31st, 1933, (sub- Mortgage Co., Ltd., accounts for the Ject to audit), show that the not pro- which, together with the

of it for the year amounts to $71,288,95 $125,100.30 brought forward from the previous year, given a total of $106,

xum

necessary to make allowance for the opening up the country in a remark-ments there has been a gradual im-185.31 available for appropriation..

to

that the

hardly 17

other

The able

►

Generally, the 'opinion is held kiver have gone out of the marketmilitary charges. This has been the tions have bricated consideray and only passed through here yesterday with justifiable pride, and that they ; that something more authoritativo | and although the production of silverd unenviable average of the past Bre that in value this item now lends the route to his post. We feel con display, in the elrcumstances no menn)

Manufactured cot-

de-

At the forthcoming annual meeting of shareholders, the Board of Diree- tors will recommend the following:-- To pay a dividend of 12 eta per share on the fully paid shares. $70,749.30; to pay a dividend of 6 cts. per share, on the partly paid shares, $17,087.34; to carry forward to 1934 account $108,048.61.

tioned

is

อบ

General Reserve

no now

longor TC-

for which

LAST MINUTE. CHANGE

BRITISH FUNDS BUOYANT

WAR LOAN REACHES RECORD

습니다

to

the sligina of default and would find things stand in this Colony and how that her formul

would little genuine business there is com once more be a valuable assot. pared with business as we once know Work on road-building, han con-it. The financos of the Colony are tinued actively during the past year, however in a satisfactory state-and Turning now to trade, the most generally under the supervision of the outstanding Government debt is

the National Economic Council. Insignificant In amount. reliable index which we have in China There are now suld to be nearly 16.- Conditions in the Philippines, owing is the. Maritima Customs returns of top miles of first class ronds in China to their sheltered position, have shown foreign trade, but in order to make a true comparison of the 1933 Customs and the work done in the provinces little change.

In Malaya a and the Straits Settly figures with previous years it is centering. on Nanking is certainly exclusion this year of figures respect that already there are reports of uns year, mainly due to the rise in the nble way. It is however regrettable provement since the middle of last ing the Manchurian ports, which Inat year were included for the first six seul rais competition between ronds price of rubber and tin. The shrink

railways.

age in trade which has continued with- do this, we shal

shall find

out a break from 1920 has at last Fukien. General Chiang was at one months. If we

AVIATION DEVELOPMENT.

heen arrested and there is a much (Continued from Page 1.)

time handicapped by having to sund that the total foreign trade of the London, Feb. 24,

Commercial Aviation continues to better feeling all round, some of his best troops up to the country (that is of China excluding troubles which have befallen her, it;

as develop. It goes without saying that

THE BANK'S STANDING." that her recovery Great Wall, but he staged a vigorous Munchuria) has decreased some 7%

Hot yot The appearance in the to be feared

with 1931 which was a re-China's air services have

You will, I feel sure, appreciate certain imponderable considers some progrew bus was finally be year. In view of the notoriously reached the paying stage and the London Morning Post of a may be delayed. But much depends offensive in the autumn which made compared wih 1932 and some 334

ilver takes, in consequence of the Fukien revolt in cord yard state of the stuple Chinese ccxt to the operators. cannot be light. how much extra responsibility, the dis- The Board of Directory will alo report from their Washing-tions amongst which

tories in China seems likely to come ditione under which the business of Account, amounting to 4033,982.24, to the prominent place.

Three years ago your Chairinan November, which however crumpled

be told ton correspondent

urain excluding Manchuria-actually in the near future and great activity |

our bank has been conducted during which effect that the United States in, reviewing the position of silver up before serious consequences arose.it may surprise some of you The establishment of aircraft tac-turbing factors and the difficult con- propono that the

concerned would stay their

management and staff. The results it

follows:-Transfer has its relations with Japan expressed the hope that "the govern-

If we turn to the West of Chinu we though it must be remembered that military aircraft and in the training the past year, have thrown upon the quired for the purposes

pilota. We will find that one or other part

Special Reserve for Depreciation of under careful consideration hands from any measures calculated

to make position worse."

year, Imports are down about 12%. That Shanghai plays an important now shown are therefore all the more tio was originally created, be appor from the of Szorbunn there was throughout the exports touched a very low level that of Chinese

not bo and might consider the re-still hold the view that

warlords. between

of situation now prevalling has been mot Specia! Reserve for Depreciation of between local

veen more than exports has of course hnd aout saying, but you may . cognition of Manchukuo, has point of view of Chiña, governmental year nimost continual dating either The fact that Imports have dropped part in the trade of China goes with credit way in which the nbnomal | Property, $483,414.19; transfer

at bringing warlord aiming interferencial rise in silver,

communist-brigand favourable effect on the visible balance aware to what extent the trade ชารูป

The reputation transfer to Contingency Reserve Ac- caused a considerable stir.

almost certainly do more harm than forces. In Chinese Turkistan, on the of trade, which in 1933 shows an ex-Chinn is now dependent on that port. is. I think you will agree, deserving Furniture & Equipment 113,300.24:

of $733 millions as To put it shortly, Shanghai provides of the greatest credit.

than ever, and the of the to-day higher Diplomatic circles and high offl-good, and for this reason. We did not Theun frontier, ant in the North- seen disturbances fluctuating

excess of $862 millions including, and is responsible for one-half

of which We are cints in Whitehall, pro particularly applaud the Silver Agrement reach- Western Provinces, there have also compared with the previous year's one-half of the Customs revenues it of the Bank in the Far East stands count $132,26181.

ed the World Economic Conference been.

$955 millions excluding, the Man-import trade anil one-half of the ex- loyalty of the staff to the Bank in one

port trade of the country: 12% of of the features. for intensity, as also to a lesser extent in set precedent

# London. It

churian figures.

shipping Loralen China's Interested and there has been con- in

passes especially proud, to control the supply of other provinces of China proper.

In spite of these condition

This adverse balance is reduced by an its effect silver, and siderable comment among them.

and though

ing to the 1933 Customs returns reach.hfth greatest

foreign investments in: One newspaper skaterday after-values has been and is likely to re- Central Government at Nanking have the outflow of treasure which accord through Shanghai, it claims to be the

to the main smali owing to the compara. maintained their position. noon published

with which it

Are the Perhaps it would be better put fed 87 million dollars in value. The 50% of all port in the world, and SECONDER'S SPEECH tively small quantity

MR. J. H. TAGGART QUOTES | FRANCE AND BRITISH effect that the Foreign Office, deals, the fact that a successful in we were to say that General Chiang embargo on the export of gold except China proper are concentrated there.

Kai-shek has maintained his position, with Government sanction all remains in addition to this there

IMPORTS ternational

STRIKING FIGURES agreement

ing interests, no estimate of whose deeply concerned by the Morning temat

When Mr. T. V. Soonging of this metal cut of the country wealth has yet been altumpled. The Government,

gold fain reason for this immense con- Mr. J. H. Taggart, seconding said:---

Paris, Feb. 23. Post report, had cabled to the Bri. enched, providing an artificial silver since he is the power behind the in force, hut it is believed that smuggl-great Chinese Commercial and bank-

innrket and restricting the free resigned from the Ministry of Finance has been very prevalent though

that stocks must now be at a low ebb. encourag of supply and demand,

centration of wealth at that port in Mr. Chairman, Ladies and Gentlemen,

It is revealed that it was at the simply stated in the Que word In rising to second the adoption of tish Embassy in Washington ining to allver, speculators. The de last (ketoner there were fears

ANTI-JAPANESE BOYCOTT.

"security," about which subject I may the Report and Accounts under roast moment and after the issue of structing the Ambassador to in-preciation of currencies throughout the Government would break up, but

has had the effect of rakshe refrained from going into oppo

otin and continued to work with the

The boycott of Japanese goods is remind you ludge Feetham wrote a view, I feel condident that I voice the several licences with the revised vestigato.

en unanimous opinion of shareholders allowance that the Government the price la proportionately" silver in terms of those currencies National Economic Council, so the

danger subalded. His resignation was no longer of serious consequence it valuable chapter in his report

too strongly the necessity and concurrently has put up the price wever a serious loss to the Govern it appears to have been effective early Shanghai, I can therefore hardly present in stating that we have decided not to make the ten per cent.

in the year since, in spite of the great stress

prehensive survey the Chairman has March of China's export commodities.

CHINA'S FINANCES. expansion of Japanese exports in 19, which we feel for the neoldeness tened with extreme interest to the com- cut in the British coal quota for It is believed that the sudden re- an ominious sign that China should em

their experts to Ching proper show striction and of any impediments to given us of the working of the Cor- be beginning to export silver to pay

report of the full compared with 1932. On the the smooth running of trade at that poration for the last financial year, of versal of the decision was due to The last financial

from China Lo pert.

world condition in general, and in for her imports. If we glance at i

THE LEGATION QUESTION. position will be few figures the

particular, of the trend of events in anxiety lest further aggravation of Gavernment was published in Decem- other hand exports sent clearer.

ber 1932 and covered the two fiscal Japan show a fair increase.

the Far East, with the trade of which trade relations with Britain should brend

the Taking

view of

These remarks on Shanghai na- the interests of the majority of a result.--Reuter. Taking the 7 years up to the end

years ending June 30th, 1932. Since

of Chion, the indications

so intimately and Indissolubly of 1930, un an average India and then, excepting for un outline of the trade

blems which face His Majesty're

Jinked. China together consumed about G&!!

Customs revenue, no offelal figures seem to point to the fact that pro.turally bring us to the dimcult pro-

no This Inck of vided external conditions get diplomatic representative In China To state that the past year has been of the world offerings of 'silver, say have heen issued.

much-discussed matter, one of difficulty and disappointment unsatisfactory. Ilow-worne, China trade can about 200 million ounces per annum.tatistics is very

further downhill. Imports touched and to the asking how the United States would This consumption dropped in 1931 10 ever, we all know that the noncar lowest point in September analof his place of residence. Sir Miles | expresses but mildly the chaotic con-

62 problem still centres upon military 116 million ounces, in 1982 to million ounces, and now in

the ****** Indian consumption is estimated to and debt expenditure--with the em- exports should not decline further un- Lanipson has passed on after more ditions which have prevailed, and it

phasis upon the former. It

is be-lens, and here is the rub, silver prices than six strenuous years in China-iappears to me, in the circumstances satisfaction at seeing how Anglo-those responsible buve enabled such be 10 million ouneus, while China is lieved to be a fact that once it can look linck well deserve estinated to

Chinese relations have improved as a an excellent statement to be presented 50 of the rise in commodity priced i to have exported some 15

efforts. The new

figures re-ecuntries. total ordinary revenue from million ounces more than she import roughly between 15 and

Minister, Sir ed. So we find the consumers of cognised

It is to be noted that rien impasta-rasuit of his was applied to

Alexander Calogar, to us. I consider that the

under review to-day can be regarded two-thirds of the world

supply

London, Feb. 23. ex list of all imports into China: tfident that he will carry these friend achievement on the part of the per-

British Government stocks rose for is surprising fact, the reasons

sonnel of the Corporation. To effect this the conimobrense With n must be forthcoming before any has dropped from an average of about years. But the actual military

view to offering tangible sharply on the London Stock Ex- reliance can be placed in the report, 240 million ounces to 16h the stall penditure is more than this since cer-

evidence on the progress made, not change to-day under the lead of United Press.

offerings of silver Inst sehr reached Lain unofficial sources of revenue are which are complicated, but thoughly relations still one stage further.

been vu, this is, according to recent point of view suggests that

twithstanding the deplorable state of War Loan 3 per cent., which as much as 273 million ounces which known to be applied to this object.21 million piculs of rice were import-

Wit of Government might be. is not very much under the average Although no public loans have

floated, the Chinese Banks have been estimate, only about one-fiftieth of idence nearer than Peking to

should like to compare briefly certain 10234-British Wirelcas, supply of the last 7 years. The on-called upon to make farge advances the total production of rice in this sirable, more particularly in view of trade during the past two years, advanced to a new high record of

Balance Sheet figures at the 31st secured on Customs Treasury Notes miense country.

with those at the ounces of the supply of silver remain on terms regrettably unfavourable to ton goods held the leading position sequence that Shanghai, as

1931. In portance in China, is likely to be end of unaccounted for and are presumably

if not the keystone in the handla of speculators

revenue is years, but they have now dropped 20 focal-point. security of the Customs

I very lowly place-sixth on the list

Sino-foreign relations during the been

prompted by the fact that the re- foresight demonstrated by a part wway.

exchange being gradually frittered

rates generation who dedicated their work-. STATE OF UNCERTAINTY.

cannot pass on without mentioning low in value as nearly forty

being 1/6.1/4 for 1931 and remains a propelling power in the ad- the present state of uncertainty, due U.S.S6 million which Mr. T. V. Saung Ming, coming on the top of previous who have to deal with the many etan-live St

at Shanghai would welcome the op-

poration to-day. parturity-of-more-frequent-onita-1/6.3/8 for 1933. The slight differ-ministration of the affairs of the Cor..

of 1/8 permits an effectual-con- to the possibility of the sudden adip negatinted during his stay in America tarif revisions, is probably largely plicated problems constantly ariring

bold experi

that we are at one with and advice. but WO are

Amure that we tion of some governmental ensure last May. This was

its which might overnight change

ment which has not yet thel

proved

satisfied that Sir Alexander will parlson, although, due to the magni-

of the figures involved, such ex- the

We whole outlook, makes

are indeed particularly Trader's worth. Whether it will ever do so re- seen: it has certainly not position very difficult and adds very

An interesting feature, with great consider every aspect of this question change difference represents roughly S Chairman in his tribute to the £600,000 in Sterling or approximately fortunate in possessing a personnel possibilities for the improvement of and will in due course recommendation

to none in capability success it was originally! materially to the burden of the ex-bong it would be, and many of us Chinese products, is the work of the Majest

second $8,100,000 expressed in Dollars. change banker,

Current Accounts and Fixed De. loyalty to the interests of the Bank, a On April 6th. Just the use of the have all along been scepticni as to National Economie Council, which, Majesty's Goverment,

under the direction and in

: INDIAN CONDITIONS.

posits at the end of 1931 totalled feature ensuring that as seniors duly

retire, offices

vaented will be assured figures for Enel as a medium for official, comuner- the wisdom of Governants meddling

of Mr. T. V. Soong,

$773,481,393, whilst the and

the

are undertaking useful investigations

Let us now leave China and glance 13 under this healing amounted to by men of equally high calibre, an 172, effectual guarantee that this Corpora- was declared to be null and void, and of expert commercial concerns. Washington, Feb. 2.

into Industry and trade. So far it at business conditions in

of $87,963,651, an increase of $100,472, Bome the official rate of exchange of 715 to The Secretary of State, Mr. Cor-the dollar was fixed. A new standard

has done little more than preparatory the other countries in which we have 201. On the contra side of the Ba-tion will continue to be the tower of dell Hull, announced to-day that silver dollar is being produced at the

Reverting to the financial position work, but if the hoped-for appropria- interests. In India the main factor lance Sheets, Cash, Buillon and Securi. strength to Eastern trade and enter-

tions from the American Cotton Loun in he of the Government, it must the United States hay accepted anewly-opened Central Mint at Shang-

hai under the supervision af a strong j remembered that 1933 was the first are made available for this work more the exchange market has been the ties which totalled $458,631,500 in 1981 rise in the future as it has been

continued Inrge shipments of gold, amount to $614,130,077 at the end of in the past. deinite progress will be possible which have kept exchange up

1933, ropresenting an aggregate la and was Road construction, public health, and enabled the Government, to invitation to participate in a pre-international committee.

crease in these items of $165,496,108. finance Before I turn to deal with trade con- full year in which no revenue

Actually investigations into rural reconstruc

Commodity cheaply.

prices in received from Manchuria

FINANCIAL STABILITY. Hminary international sugar con-

ditions in the various countries

seriously affected only the 106, sericulture, and the cotton in-whole moved during the *this

in year in ference which is to open in Lon- which we have interests, I propose to s

little Customs, us

other revenue was dustry, have been its principal sympathy with the trend in make a few remarks on political con remitted from

Whilst recognising that the Cusl that quarter to the activities.

United States and the future remains position reflects in some measure don on March 5.

ditions in China during the past year | A Central Government, but it is satis-

the A regards

trade of Man largely dependent on the as these conditions always have seri- | 50

world dificulties encountered in the satis factory to note that in spite of this

past year the economie situation. The tea restric factory employment of funds under ous repercussions on trace.

toss the Customs revenue for the year churia, during the HA oss the y 120 million higher than in outstanding feature how be should on agreement has improved the present conditions, nevertheless,

importspects of that industry and it is venture to say that the figures quoted 1932, and what is more striking in essentially export country

now have

satisfactory that the cotton conference display not 'only convincing evidence great preponder hetween India and Japan eventually such be necessary as to the If one tried to look at China from that if the revenue from Manchurian over exports."

total

anew of Japanese imports is shown reached a mutually satisfactory con- financial stability of your undertak Mr. P. S. Cassidy proposed the detached point of view of a person parts is deducted from the with no particular knowledge of the Customs revenue for the record year in the Customs returns, but these clusion.

ing, but prove further the large mea the appointment of Mr. K. S. Mor- Far East, undeclared war with a of 1931, it will be found that 1933

During res and in fact the whole trade

Manchuria should be The Japanese trade returns for the sure of success achlovod by the con rison be confirmed, and that Messrs. and Penteu, T. 1. R. Shaw 1. E. position of neighbouring country, civil war in very nearly eqants that year. overal provinces and a vigorous mili the last few months the establishment

caution. There are, Year 1934 are remarkable in that an- tinuity of policy pursued by a succes regarded with in however, a number of signs which other record turnover is shown givingston of Chief Managers of exceptional W. H. Bell be re-elected Directors,

Mr. A. B. Haworth seconded, and tary campaign against a communist of the Independent Government

to show that the prospects are fairly an increase of well over 900 million capabilities who have been instruthe motion was carried unanimously. rubellion; all going on at one time or Fukien brought with it a threat

this Corporation 1932. The mental in

In yen as compared with

placing adverse balance is, however, greater to-day in Far Eastern Finance, and Mr. John Fleming, C.,

the another, or even at the same time the integrity of the Customs Service,

pre-eminent position it occupies

Mr. J. W. C. Bontar proposed that handled akilfully

and this is the picture in miniature. But but the danger was

than was anticipated few months PARTY. WALKS

those of us who have lived out here am remittances of the foreign loan

the ago, this being due partly to the un-winning for it a place in the forefront H. R. Forsyth, C.A., be reappointed were never interrupted.

certain OR CANTON

for some years regard such condi- quotas

There is, however, another side to Chinese Government railways again expected decrease in silk exports in of the mighty Banking Institutions of auditors to the Corporation.

the world, tions as being almost enfemic, and we

Mr. Wong Ping-sun seconded, and are able to discount much of the die this picture. I refer to the steady showed an improvement last year, the latter months of the

In this connection, if I may be per- the motion was carried unanimously. I The Chairman: That is all the A distance, of 92 miles from turbance, alace we know from experi- un serinos turi increases which are The Nanking-Shanghai Railway has result of unfavourable conditions in

ladies and gentlemen. Shumchun to Canton, following ence that trade will go on and that the bringing it dangerously near the un-been able to pay one interest coupon the United States, and partly to heavy mitted to add a more personal note, 1 The Ch

cases the and its revenue has increased ap increase in imports of raw cotton, would remark that a survey of the

you. for your attendance. the railway' rack,

been Chinese have an amiasing way of economie level. In some

tariff is alrendy unquestionably too preciully. The Shanghai-langchow-wool, iron and steel. An outstanding figures presented, when taken in con- Thachd warrants will be ready on covered by a group of scouts of teenlising their internal disorders.

shown by the very serious Ningne Railway has brought up. to fenture about the Japan trade has been junction with the very depressed and bionday. the 10th Hongkong Pack and 1st Nevertheless it is not a cheerful high, s

tila-amount of

unt if smugellinge which is going date the amortisation of overdun the opposition aroused in many coun- direult trading conditions prevailing

with for the purlod, bear cloquent testimony Mr. T. E. Pearce (Chairman) pre- prospecta remain by their being Hongkong Sen Scouts under the task to look back on a year of tile- on.

any guidance of the Rev. N. V. al-appointment such as the past. ward, the popular Assistant Com-disappointment because early in the Cuxtens revenue from this cause are satisfactory. These two lines, with Japanese Foods at cut-throat prices to the fact that in regard to the many nlded; and there were also present Iconservative figures run into tens of the Shantung Railway, are instand the consequent attempt to exclude (dificulties ilkely to be encountered by Mr. T. 11. R. Shaw (Deputy Chair- year much was expected from the of course largely conjecture, but even the Peking-Mukden Railway

these goods by tariffs or other mea.

the administrative head of this great man); the Hon. Mr. C. Gordon League of Aations

organization, the mantle of that high; Mackie, the Hon. Mr. J. J. Paterson, intervention in

might be and the Sino-Japanese dispute, and fatermillions rather than millions of showing how prosperous the Chin-sures. The party took three days

This matter is, we understand, now office could not, in the times through and Messrs. W. H. Bell, it dulings. We ny glad to know that ese railways on there were scensions when two nights to cover the journey seemed possible that the leaders of the Inspector-Guneral of Custunts is country to remain undisturbed and being taken in hand by the Japanese which we are passing, have fallen upon Compton, G. Miskin, K. S. Morri- All, however, did not

the Court of Directors): Mr. V. M. complete the country would subordinate their taking this matter of smuggling in were trule to continue unhindered. Government, who are bringing strong more capable shoulders than those of son, and J. P. Warren (blembers

milways have bern Insa pressure to bear on the Trade Guilds the present Chief Manager. the trek, and of the

Grayburn (Chief Manager); and the with a view to the control of produc original personal feelings ant ambitions to the hand with his customary energy, and Other

ases we hope that he will also bring his fortunnte.

THE OLD PREMISES.

following shareholders: Hon. Bir party of 16 only seven, including good of the nation, but in both cases

view to

We understand that serious tion and of, exports.

Professor C.A. Those of us of long standing ro Henry Pollock, Mr. Halward, reached their de-nothing came of these hopes. During influenes to bear with a

sters first five months of the year North obtaining tariff reductions. Another | ifort is now being made with ex-

JAPANESE DEFICIT. stination on Wednesday night.

"the

unfavourable feature is the continual pert foreign assistance to review the

sidence, in the Colony will have noted Middleton Smith, Mrs. L. N. Murphy (by which I mean The first day, full kit was car- China

with regret, doubtless of sentimental and Messra. J. 11. Taggart, F. State expenditure still continues at origin, the passing of the old Bank Cassidy, J. W. C. Bonnar, A. B rict and this combined with the Peiping/Tientsin area) was in a state mortgaging of the Customs revenue financial position of all the Chinere

domestic loans. And of turmoil, but since the end of May, a security for

produce some concrete results deficit for the year 1033/4 is estimated 60 yearn the business of the Corpori Tinson, G. de la P. B. Fitzgerald, the ardour Di oven tho most

things up there have ferred. At the moment there may be bring about the reorganisation up with stout-hearted. As Mr. Halwart been

alts at over 700 million yen as compared tion of Hongkong; most of us having 8. J. Docks, NV A. Croucher, A no need for anxiety, but it is always the present system, which permits with a deficit of 650 million yen for entered its kindly portals from time Stevenson, L. N. Murphy, La Chung advisable to go slowly when one is the railways to be regarded as the previous year. These dificits bar tradite doubtless Inta sunte wan, G. E. Brown, R. A. Dastur, Joha remarked, "It was jolly hot, but

the important trading well worth it.". One" by

one areas of the Yangtze Valley and the carrying a basket with a good, many plaything of political Intrigue and she met by, the issue of Gdvorment of extreme trepidation. Nevertheless, / Fleming, W. H. S. Dent, W. J. Ko

| bonda members of the party dropped out Canton delta have throughout the year

consequence is that the National business expansion and progress must Williamson, F. E. Joseph, Chon Seng at the various ratious, the test been undisturbed by political changes. tenvinge will them as much of the Nevertheless the communist, onclave in Administration remains fairly steady, have little or nothing to do with the Debt is steadily growing and seems be fulfilled, and by way of date, to choo, P. M. N. da Silva, A. C. Ken- milany sentimental pining I feel we can nedy, Chan Wing-kou, H. Gittins, F. lion yen. With off- Their forces have continually harassed by the Provincial authorities. Never-many of the railways. the troeps of the Generalissimo, theloes there, should be ample fonds only hurself to Blaine, On arrival, the

hikers worg Chiang Kai-shek, and they have also to pay not only the annual, service of clent management and the elimination It is not necessary for me to say building due to emerge will in evozy H Dixon, F. II, Kew. H 3. His given a great welcome by the made bold and successful raids into the foreign Salt Loans but also some of political interference the 'Govern- very much about trade conditions in respect conform to the dignity aid in Chan Lim-pak, J. D. Danby, H. R. B. Canton Schuls and officials;

the provinces of Kwangtung and of the arrears; and It is regrettable ment would soon be able to wipe out other countries. You all know how portance of our undertaking, and in law, and Fung Kong-un

INTERNATIONAL ECONOMIC PROBLEMS

Sugar_Conference_to_Be Held in London

(Special to "Telegraph”)

(ly Telegraph, Copyright, Telegraphic Mre sages Ordinance, 1406. feceived. February $. . ..)

discuss The conference will desirable methods for-the stabi Ination of production and market- ing---United Press.

LOCAL SCOUTS

missioner.

HIKE

has

sequence is that ever

the Government and the valuable amongst Imports for a great many sequence of its preponderating im- December, 1938. lecting the latter time remind that the high degree of

of year for comparative purposes, I have

You will, I think appreciate that the American Cotton/Whert credit of years ago: the increased tariff of last mxt few years, We know that thesespective ically identical; the ing lives to the business of the Bank

the

CHINESE POLITICAL FACTORS.

the

CUSTOMS REVENUE.

us to the lok

Tesponsible-for-this-state-of-affairs,

ECONOMIC COUNCIL.

| val,

"

an excess

A

CHINA'S RAILWAYS.

Conditions

and

24

is

.

and

were the

make

to

the

Ilis

1124 a

the

as the

Inte

chce

and

With these few remarks, Mr. Chair- man, I take pleasure in seconding the adoption of the Report and Accounts ns presented, and that your recom mendations for appropriation of the amount available for distribution be carried into effect. unanimously adopted.

The report and accounts were

OTHER BUSINESS.

that

Mr.

ATH

1.of

heat of day was enough to melt when a modus vivendi wau patched] advances to which I have'niready re. Failwaya, and we trust that this will nåéxtravagant: rate and the budget promises which have housed for somɑ Raworth, Wong Ping-sun, G. G..N.

quiet.

es in it...

The revenue collected by the Salt military voracity.

of

External causes

The

China has

Ge year as it was fibasible to do' with- | Klangal has been à constant menace. 1-but the greater part of it is retained deplorable, accumplation of debtaon kaly before long to touch confidently anticipate", that the new w. Stamleton, D. O. Russell, H. Skott,

cut.

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