1936-02-22 — Page 23

GAILY

313-820

TAKE ANY TRAM on HAPPY VALLEY BUB “

ORIENTAL

THEATRE

PLEND

#D WEAPONAR

TEL. 1847A

WE SHOW ONLY THE BEST OF THE BIG FEATURE PRODUCTIONS.

Here's another bunch of good pictures Wo сап recommend -

to

-- you.

.

THE KIND THAT'S GOT THE STUFF IN THEM THAT MAKES ENJOYABLE ENTERTAINMENT. TO-MORROW-MONDAY

TUESDAY.

THE FUNNIEST PICTURE IN 10 YEARS !

GROUCHO CHICO HARPO

MARX

BROTHERS

Metro-

Maya

PICTURE

NIGHT

AT THE

OPERA

with

HOLLYWOOD

SAYS:

Greatest

Comedy

Since

*Shoulder

KITTY CARLISLE ALLAN JONES

Beren Play by George S. Keutmags. and Merrie Hyskine Directed by Sam Wood

2 WEDNESDAY & THURSDAY.

DAYS ONLY

THIS IS NOT A $1,000,000 PRODUCTION

but a darn swell picture, à fine story with plenty of action and thrills, it's far better than most of the pictures you've soon lately,

A Hell-Cat On the Air...A Honey 'an the Ground...1 Adolph Eulor prezenta

MYRNA LOY CARY GRANT

EWINGS IN THE DARK"

A Paramount Picturewith Kosrae Korns Hobart Cavanaugh - Aran Dagger

What A Girl!

2 DAYS

ONLY

FRIDAY & SATURDAY.

A REAL SMART COMEDY ~THAT'S~A~RIOT-OF-LAUGHTER !

Charlie and Mary in a hilarious matrimonial farce that's funnier than anything you've ever seen.

CHARLIE HUGGLES · MARY BOLAND

What the

neighbore seo, Mary believes! The stars of "Ruggles" are of it again, when the neighbors tolk Charlie Into a scandal he can't')

talk himself out chill

Adolph Zukne prosenti,

A FAMBUR) Picture wi

LEHA HYAMS » DEAN JAGODR

SUN., MON., TUES. MAR. 1-2-3. THE GREATEST OF ALL ADVENTURE PICTURES! British soldiers battling blood maddened tribesmen. Hords of elephants stampoding through jungles.

DEFENDERS OF EMPIRE WHO NEVER

Adolph

Zekora

The LAST OUTPOST

CARY GRANT CLAUDE RAINS

MATING

20-306.

THE HONGKONG | TELEGRAPH.” SATURDAY, FEBRUARY 22, 1936.

EVENINGS: 20c.-30c.-50c.-70c;

CHINA CURRENCY PROBLEMS TIES

and

(Continued from Pago 4.) China and Hongkong.

Important and far-reaching develop- We cannot be blamed for showing ments in our monetary system. It exista a considerable diversity ofpride in the stately and digniflod has always been regarded as funda- opinion, but unquestionably many im-appearance of these, premises, and mental that the Colony's currency provements have been effected there who is more justified in doing so than should be in line with that of China. during the past four years. Last our Chief Manager, Mr. Grayburn. This has largely been accomplished year the harvest was good, and though!

ugh! whose name will be identified with the by legislation with which we are all the area under the cultivation building so long as it stands. To him familiar, but we hope that when it crops was much bolow average of our principal executive officers is feasible to do so the Government foriner years the higher prices obtain- an able have been of benefit to the well as to all the staff of the Bank will make a clear declaration an

we again owe thanks for the con- future policy which would engender farmers; a result of this as well tinued good work they have done for confidenes, and be of great assistance as of monetary stability and of jesus under conditions, often without to merchants and all who in- disturbed conditions in the more im- precedent, and which political factora toreated in the Far Eastern trade and cortant rural districts, the general seem to make more and more difficult comments, carried on in and through trend has been

ns the years go by.

this Colony. I think our subsidiary In March the Chinese Eastern With these remarks, ladies and sideration, but we are certainly ap coinage still requires further con Ranch by ubia nad re-nained gentlemen, I beg to propose the prestative of the foresight of those Railway was formally transferred to Manchuuria Railway The adoption of the report and accounts as who were responsible for a plentiful running efficiency of this line is sald presented, and after they have been to have already improved. New tail-seconded I shall be pleased to answer supply of one-dollar notes when the

crisis arose. way construction still continues on any question that may be asked, to a rapid gente and further large sums the best of my ability. nave been earmarked for this purpose in the present year. The import

in December

1.

SECONDER'S SPEECH

Not only those with a financial in- 1erest in our Bank but the Colony as a whole should be grateful to our Chier Manager. For many months

trade, of, the country again ex- The ion. Sir Williani Shenton,, when the price of silver was follow- panded slightly during 1935, once Reconding, Hald:--Mr. Chairman, ing a most erratic course, he hail a more due to incronised business with ladies and gentlemen, The year most difficult task in controlling our Jajian, but exports are slightly down, under review has undoubtedly been exchange and keeping near allver The Manchurian currency has recently difficult, probably one of the mostarity, and when at last the situa been linked to the Japanese Yen and exacting in the Bank's history, and tion got out of hand and the Govern- Foreign Exchange it is a matter for satisfaction and a ment took command, he joined the Control Law was enforced with a view great tribute to our Directors and Currency Board and whole-heartedly to curbing speculation, which it was Chief Manager that it has been placed his great knowledge of ex- feared might endanger their attempt eminently successful. I do not think change at their disposal, thereby creating an atmosphere of confidence at currency stabillention.

I shall be along when I say that I The foreign trade of Japan con- have had some difficulty in interpret a pituation fraught witli much tin tinuca to expand in a remarkable ing the balance sheet, but I note with certainty and great difficulty.

It is, I think, a matter for, con- way. The combined figure of exports pleasure that the carry forward. is gratulation that such drastic changes and Imports show an all-time record, 'substantially greater than that of last have been carried out both in China little dis- that is in the depreciated yen and not year. When the gyrations of the and Hongkong with so In gold, but nevertheless, considering sterilng value of the dollar, both in organization, and undoubtedly beno- the difficulties of restrictive quotas China and Hongkong, are considered, flelal results are already discernible. and tariffs in many countries, it is over the period of the past eighteen The recent expansion of the Hong- noteworthy achievement. Indus- months, the great difficulty of trading kour note issue is a happy indication trini production has continued 11s under such conditions can be easily of better times. As far as Hongkong capit

is concerned, it was fortunate that wo that maxion, and it is significant understood.

is quickly coming to

Our Chairman has stated that the had Mr. Norman Young, of Ha the fore as

of the leading export.

Majesty's Treasury, with us to asaist

па бло

commodities. During the second hal political factor has become of parathe Colonial Treasurer who is Chair- of the year the advance in silk

silk prices mount importance, and this must cer coupled with

tainly be so if the future of foreign man of the Currency Board, to whom recovery in rent trade in the Far East is concerned as a whole a grateful, tribute is due. brought about a great improvement largely with the supply of capital

*

B

in the position of the farmera. The goods and finance as many trade re- invisible trado balance is believed to

ports lead us to infer. It is clear

that be quite favourable, due largely to the

HANKOW RAILWAY

The opening to through traffic of the Hankow-Canton Railway this year,

prosperity of the shipping companies/4 eloso contact with China poli-after many vicissitudes, is a matter

often interested. I can say from

now sonlways difficult to prophesy, but

portant luntries, including that of Route and

in tho

em.

and socially is of the utmost and good tourist trafic. There are,

it is realised the of Arst importance. The trends of however, certain factors which make ance, especially when it i the picture appear less rosy. There extent to which government authority trade under such circumstances are

in some shape or form is no considerable overproduction and the

per-whatever they are, conditions will curtailment of output has had to be

sonal knowledge that the enforced in the case

foreign adapt themselves to an economic basin of Bomo im-

banks are always prepared to support in which foreign trade will certainly practical propositions. beneft. Another result of the open- textiles. The financial position of

In other parts of the worlding of that ailway will, I think, be the country also gives rise to somo

the

of further Bp in the unification of root 01 misgiving. The burden of military excess population is

Far China. I must lay particular many problems, su unil naval expenditure remains ab East it

aften the Cause phasis on the importance which civil

CHUBC normally heavy and the continued

Industrialisation aviation is assuming in the Far East, deficit of revenus is still being made jof our dificulties.

and strike a warning note that British some good by the issue of domestle loans, regarded as a solution in

Interests in this respect do not ap However, each year sees some redue-quarters, but what China, being pear to be receiving the attention they tion in the amount of these new issues mainly agricultural, needs, is an im-ul. and the favourable conditions in the Provement in the lot of her peasant population; this undoubtedly is, and country have so far enabled their for some time, past has been, receiv- absorption.

Ing the careful attention of her Government, Excess population is of course one of Japan's major considera- tions.

OTHER COUNTRIES

I will only sny a few words about the other countries in which we have branches.

CURRENCY QUESTIONS

Head

The completion of the new Office marks another milestone in the history of our corporation. No com- the world could but be proud of auch mercial undertaking in any part of a magnificent building. We strongly endorse the decision of the persons responsible for the bold policy of rebuilding, and heartily congratulate In the Philippine Islands the in-

It must be obvious to everyone in those entrusted with the plans and auguration on November 16th of the terested in China and her many pro- the execution of the work. When Commonwealth Government was blems that

Π

onc of her principal the former Hend Ofee was in the notable occasion. Full independence requirements is a uniform and stable courne of construction many people, when it comes in ten years' time will currency. The past year has seen aI am given understand, thought bring about the culmination of a long herculean cilart to attain this ond Sir Thomas Jackson WILS far too period of political agitation. Our and to many outside observers she optimistic in reference to the future, Bank has seen many changes in the appears to be well on the road to suc- and I believe many people have ex- 63 years we have been established ceas. It is interesting to note the pressed similar views in regard to in the Islands, and we wish the new support the Central Government has this building, Sir Thomas Jackson Government

sticcess. The every

experienced in the provinces.

wes proved not to have been in al- foralyn trade the country has

In Hongkong we have also seen

(Continued on Page 10). benelited considerably from the lead- ng part we have taken in its finan cing, and we hope that this situation will continue for many

to come: There are of course danger

ahead, but the public debt of the Islands is small, the budget is healthy and the principal exports are flourishing, so outlook is satisfactory. This time last year reports regarding the sugar industry were inclined to be pessimistic, but it appears that the Sugar Control Act has in fact ful- filled a useful purpose and the great majority of producers are Bounder financial position than for Lome years. A recent development is the rapid progress made by the gold mining industry, which in 1936 took second place to sugar in gold export values.

the

in

In India nearly all industries have shown an improvement during the past year and there has been a mark ed increase in the production of many commodities, while piece goods touched a record levoh The cotton crop was about 33% higher than in 1934 and

with Batisfactory crowers have benefited matere

Huffered

But the mill industry has from over production and price cut- ting. Generally speaking conditions are favourable, and there are good prospects of further development

this year.

In Malaya the trade figures do not show much of an improvement, but nevertheless conditions are still on the mend. Rubber restriction has not much affected world stocks yet and there has been difficulty in controlling the output in the Dutch East Indies. The tin quota has now been moved up to 90% of standard nascament and tin

elably.ports have increased appre

Ladies and gentlemen, that con- cludes my review of conditions in the countries in which we are mainly interested but I have not yet referred to the fact that we are to-day using our magnificent now building for the first time at an annual meeting. In my opinion thin the 120th mooting of the Hongkong and Shanghal Bank ing Corporation-is thus almost an historie occasion. do not of course presumo to claim that we are making history for China 'or oven for Kong- kong, but in the not uneventful and not uninteresting history of "Way- foong" to-day is unquestionably one which marks an event of somo 'imi- portance and of some significance. It Is Important because the building is thoroughly modern, spacious, con- vonlent and therefore, fully suited to provide increased efficiency, and it is significant because it shows that in spite of apparent difficulties and transient storm clouds, our falth' is still strong in the future outlook for

HB

BEER

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THESE are to be seen in hundreds

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They include FOULARD, MACCLES- FIELD, also SPORT, CLUB and REGIMENTAL STRIPES, etc.

Silk and Wool Ties from $2.75. Washing Ties from $1.50.

INSPECTION INVITED.

(Wo allow 10% Discount for Cash).

Wm. POWELL, Ltd.

HONGKONG STOCK EXCHANGE

10. ICE HOUSE STREET.

Leap-year

Galas

At the

HONGKONG HOTEL

and

PENINSULA HOTEL

SATURDAY

1936 29 -1936

FEBRUARY

SPECIAL DINNER

DANCING TILL 2 A.M.

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25

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