1937-02-27 — Page 13

THE HONGKONG TELEGRAPH. SATURDAY, FEBRUARY 27, 1937.

H. & S. Banking Corporation Annual Meeting-Continued From Page 3

JAPAN'S FINANCE: GLOOMY OUTLOOK

Budget Inspires

Misgwings For

Future Stability

Highlights Of Speech

Bank net profit for year, $15.107.175.

The trade depression which developed in 1929 has now moved away from the greater part of the world. But the out- look is still obscure, and there

THE situation in Japan does not on the face of it make is a danger that the artificial for optimism and persons trained in economics are "boom" may disappear if certain making gloomiest of forecasts as the outcome of the economic factors are not ad- political, financial and trade situation as it exists at justed. present," said the Hon. Mr. J. J. Paterson during his bright periods and periods of gloom,

Last year was a year of changes,

speech at the Annual Meeting of the Hongkong and Shang-marchings hai Banking Corporation.

As regards Japanese trade and shipping the position appears fairly bright, but Mr. Paterson confessed to mis givings regarding the Japanese Budget.

(Continued From Page Threc)

5,000 miles of new railways within five years, and thus practically to double the existing system within that period. At the same time he has been bringing his business training to bear on the problems of the existing lines and he has the Four fortune to point to record earnings on those two very important lines, the Peiping-Hankow and Tientsin- Pukow Railways.

оп

Some of the agreements made by year for the Ministry during the railway construellon have been on a comparatively short term and some- what uneconomie basis, but we un- derstand that the Chinese Govern- ment argue that it is essential to press forward on whatever terms they can best obtain credits. Their view is that

most many of their serious problems will be automatical- ly solved if means of communication can be developed rapidly. It stands to reason of course that the Govern ment will gladly avail themselves of sounder and more economical finance as soon as it is available.

most

Customs

wid

and

counter-marchings. for China. But the bright moments have had the best of it, and the out-

inok will still further improve.

The lowered rate of exchange has

encouraged exports, and although

imparts have been adversely affected, the steadiness of exchange has offset this disadvantage.

Signs of recovery are clearly up- parent in

Clin. Excellen! crops throughout the country have been a great beon.

larger quantities, namely rice wheat, raw cotton and cheap cotton goods (imports of the latter are in- cidentally at their lowest point for al

Excellent progress has been made great many years). The effect of the in the settlement of Chinn's foreign improvement in the internal situation debts in arrears, and it now seems was only just beginning to be felt at that ntl Chinese loans floated in Ion- the end of the year, but import mer-don, excepting the Hukuang Rail- chants are generally agreed that the outlook is now more promising,

MANCHURIAN POSITION

I have referred to the good crops In Chinn during the past year and to the improved position of the export trade, but when we turn to Munchuria Chino's figures fose by Up there exports have increased nu compartsun.

less than 42 per cent, compared with the previous year, and the total ex- ports from Manchuria are within 20 per cent of those of China. This Improvement is maluly due to the better prices obtained for Beans Bean products which actually provide not far short of half of the total ex- Parts. Imports improved by 14 per

cent, and the foreign trade total of

cam-

ways, have been readjusted satisfactorily as can be

Cumulative effects of the great pro-

expected.

gress in the development, "of munications In China is now making themselves felt, and the country is being opened

a remarkable way.

ה! קונו

·

The outlook for the Philippine Is- lands is generally speaking, gond. The boom in gold mining has coupled with higher prices for the main local commodities.

been

i13

The world is emerging from dificulties, and the Far East has come through better than many parts.

*

While China's trade figures are satisfactory, they lose in comparison with Manchurin's, where the total exports are now within 20 per cent.

those of

of China Manchuria's internal conditions have improved, bul no noticeable benefit has yet ne- crued to European or Americum ex- porters,

The situation in Japon does 101 make

optimism, and persons for about M.Y. 1,289 million is an easy trained In economies are making all-time record. The adverse trade gloomiest of forecasts as to the out- balunce was last year reduced co-trade situation of that country.

come of the political, financial Find CHINA'S TRADE SITUATION

lear siderably, but it is

Japan, that As regards the trade situation in

which Is responsible for about two- In Malayu, as in China, trade began China, the most significant change is

thirds of Manchukuo's trade, is still to look up in the second half of 1936, that to be noted in the

that and prospects for the present year furnishing extensive credits in figures of the export trade which

country. Internal conditions have are promising. last year amounted to $700 millions, improved, but no noticeable benent This is 22 per cent. higher than the has yet accrued to European or year before and, excluding Man-American exporters, and a foreign churia, the best result shown since exchange control law has increased 1931. Imports increased $22 millions traders difficulties. in value, but this improvement 'was entirely due to the higher rate of the GLOOMY JAPANESE OUTLOOK C.G.U. in terms of Chinese dollars.

The situation in Japan does not en which averaged $2.20 in 1936, as the face of It make for optimism and against $1.88 in 1935. In terms of persons trained In cconomics Jre

Imports actually show a re-making gloomiest of forectusts us C.G.U..

to duction of 85 millions G.U.

the outcome of the political, Anuncial and trade situation as it exists at present. It is impossible to foretell how the political situation will deve- lop, but we hope for the best. As cards the budget, we must confess to misgivings. But as

as regards trade, excimnge was at its lowest point, the position hardly seems to warrant Any estimate of the International pessimistic conclusions. Last year's balance of payments must, in view

ew of

Lam Wing, 25-year-old únemploy- static.gures again showed considerable the continued lack of reliable statis expansion and compare very favoured man, was brought before Mr. W.

les, remain highly une

uncertain, but the

nbly with those of many other Schofield at the Central Magistracy improved conditions in Malaya, the countries. Exports have, increased this morning, on a charge of being Philippine Islands and the Nether

about 8 per cent, in spite of the found in No. 7 Bay View Mansions, land East Indies are likely to affect handicap of tariffs and quotas, while ground floor, for the purposes of es from oversens Chinese the visible adverse balance of trade committing a felony, on February 20,

and the balance may

well is believed to have been covered by

By Defendant pleaded that he entered prove to be in China's favour.

invisible receipts. Shipping has been the house to obey a call of nature. During the early part of the year very prosperous and the tourist trade 'trade conditions did not appear to greater than ever. The drastic ex- Sub-Inspector H. G Hallam, warrant any optimism, except as re-change control measures instituted o prosecuting, said that the complain- gards cerlain export commodities in January 8 of this year aimed at deal-ant, Mr. D. F. Davies, was awakened which America Was taking an ing with the nervousness in the ex-about 5 a.m. yesterday by the bark- interest, particularly wood-oil, but change

market caused 15

by die ing of his dog. He got up and saw towards the autumn a definite change unbalanced budget and the prospects the

bedroom window open. became apparent.

of heavy buying abroad to cover seeing nothing there, went back to The demand for Chinese produre Army and Navy requirements. These bed. A little later, he

was again remained steady and, added to this,

measures should result in better awakened, and on leaving his room, the effect of the good crops, to which

balance between imports and exports, saw his father and their dog I have already referred,, began to but there are no indications of any struggling with defendant, who broke

To make itself felt.

serious cheek In the expansion of away and fled out to BUMPER CROPS

The adverse trade balance was hat under $230 millions, which is th lowest figure since 1918, when China exchange was almost at its peak, and it compares surprisingly with the figure of $1,087 millions in 1831, when

A

ENTERED

INTRUDER SENT TO PRISON

Cooperation Between

Canton and

Hongkong

MR. TAGGART'S REMARKS

Mr. Chairman, Ladies and Gentle- men, In rising to accord formal support to the motion covering the adoption of the Report and Accounts, I have at the back of my mind advier made available to a Shareholder-in a similar position of seconder-in connection with the flow of words deemed advisable to suitably amplify the bare expression of acquiescence, to the following effect--To think out carefully the opening sentence-to think out carefully the closing sen- tence and to bring the two together us speedily as possible.

I trust that my endeavour to adhere to the principles of that golden rule will not-to-day-leave me open to charges of inadequacy, particularly in the tight of the com- which you Mr. Chairman--bave so ably presented to prehensive survey us in relation to matters economical trend of which have and

political, the such sharp reaction upon the condi- Hons of trading encountered by the Bank in its various spheres of opera- tion. For your informative and heartening address, 1 lender you our sincere thanks.

Turning to the financial results for the year under review, I am vonfident I voice the unanimous desire of constituents in proffering the Court of Directors-and in parti- cular to Mr. Grayburn, our Chief eal- Manager-and to those able leagues who have worked in colla boration with him-our congratula- tions on the excellence of the results achieved

evidenced by Accounts with which we are goin presented. I would add-"Verily there are still giants in the land."

28

SYMPATHY WITH TRADERS Mr. Chairman, you have stated to-day that it is the desire of the Bank to work for a steady expansion of trade and British trade in particular in the countries within which the Bank operates. In so far as this

Colony is concerned-and

attitude of the Bank to

by

EUROPEAN HOUSE speaking from personal experience

I would affirm that the

the sympathetic aders and corporations alike, cover & the past years of severe depression to which you make reference has been indeed marked. Moreover, it has been

of a degree not bo sympathy expression

bounded alone, but endorsed by the co-operation, and active assistance, of the

of the ometals of the Bank. In this relation, 1 may add, many concerns which have, with the aid of the Bank emerged through stormy times of a severity likely to have swamped them-bear gratitude. SIR ANDREW' CALDECOTT It is observed that close co- operation, between Canton and Hong-

but

small gar- trade throughout the present year, den by the house passage. He was In Malaya, as in China, trade began there apprehended. Nothing Was to look up in the second half of 1935, stolen, added the Inspector, but there mainly because of the better demand had been frequent larcenies among for the two chief products-in and Bats in that block, and only a fort- rubber. Prices have been at re-night ago, a larceny had been com- munerative, levels for producers, and mitted in the house of Mr. Kent. the prospects for the present year are promising.

Sentence of three months' hard In the Philippine Islands political labour was imposed on defendant. conditions have been normal, and the business community feel confident that they will be able to operate without legislative interference. The

In many parts there were, in fact, bumper Cropa. In the Yangtze Valley the rice yields were excep- tionally good and have been estimated un 30 40 per cent. above the normal average. The wheat crop, said to be about 500 million piculs, was fair, though not up to the best records, The cotton crop passed all records by a good margin. The production is estimated to have reached about 14 million plculs of 133 lbs., which is over 3 million plculs higher than ever recorded in the past. The boom in gold mining has been coupl- acreage under production furthered

ed with higher prices for the main stimated to have Increased at least local commodities, such as sugar, 12 per cent, over the previous high copra, and le

d hemp, and as a result the mark. Much of the credit for the export figures have Increased con- good cotton crop must be given to the siderably, while the financial position

pold by your

also has

National Economic Council, a tribule of the creased taxailon on

to whose work was Chairman

two years ago.

(proved on

and

In RIGHT

im-

The

BOWEN ROAD CAR PARK

ROAD WIDENING SCHEME

The Government is inviting ten- of mines

on corporate ders for the widening of Magazine The improved demand for wood-incomes may affect the importation Gop Road and the provision of a car oil has

made that commodity the of foreign capital, but the outlook is, park at its junction of Bowen Road. leading one in the list of Chinese ex- generally

good. ports, beating all records both in value and quantity. Other expert commodities show Improvements, es- pecially tin, but one feature of the year is the trend towards monopolies and state control in the export trade, which is partly due to the conclusion of barter agreements with foreign countries. The economic wisdom of this policy is of course very doubtful, especially in China were administra- tive experience is lacking and other Internal difficulties abound.

The work comprises all the necessary walling, decking and surfacing for may I just remind Improving the road line and forming. you that in times of difficulty wide a car park, and widening the bridge, differences of opinion are to be ex- both with all necessary contingent pected in business circles, and more works. especially do bankers and their con- situents flnd points of disagreement.

Tenders are also being invited_for

It must be remembered that the Inst the erection of a concrete structure few years have been an exceptionally to cover an approach from Connaught trying and uncertain period.

Road to the vehicular ferry wharf,

The world is now emerging from together with footpaths and other

its dimculties. Some countries have contingent works. come through better than others, and

-The import Ogures which I have the Far East has come through better

and

given might not seem to warrant than many parts. On the whole the of British trade, while continually much optimism, especially as an outlook is reasonably bright, but it aiming at upholding the world-wide analysis shows that in many cases In. not safe to prophesy what the prestige of British Banking where progress can be traced it was future holds in store. For ourselves, With these remarks, ladlen due to purchases on account of the our desire and our duty is by colin-gentlemen, I beg to propose the Chinese Government. Nevertheless, boration with those of ke mind, adoption of the Report and Accounts It is clear that far the larger part of whether in China or in the other as presented, and after they have the drop In imports was in those quntries in which we operate, to been seconded I shall be pleased to goods which China is well able to, work for a steady expansion of inter- answer any question that may be and now is, producing herself In national trade, and more, especially askeil, do the best of my ability.

kong is looked forward to, and I am confident that Shareholders heartly endorse your hope that the founda- tion laid by His Excellency Sir, Andrew Coldecotton the occasion of his visit to Canton-will, under the present enlightened administration in that Ctly, in due course support a structure of mutual understanding, reciprocity and goodwill of a strength ns will be difficult to demolish. His Excellency's rapid advancement In the Colonial Service bears testimony to the tact, ability and administrative capacity which has been displayed to the full by His Excellency during his brief term of office here. At the Im- pending departure of Sir Andrew and Lady Caldecott the Colony univer- sally holds regret.

We have also suffered the loss of a staunch supporter for the promo- tion of friendly relations between Canton and Hongkong in the person of the late British Consul General, Mr. Herbert Phillips. In this case also, no course remains to us but to adjust our sense of regret to a consciousness of gratification at his. well deserved promotion to higher office, and to express good wishes for

his future well being.

It is indeed gratifying to gather from

that your remarka

your

diagnosis of

of the situation in the For East embraces confidence that the better conditions which havo prevail- ed during recent months will proceed to greater improvement. In the realisation of such an enhancement we are assured that the Bank will continue in the forefront of trade expansion manoeuvres, worthily maintain the dignity and prestige of British Banking, and, in its opera- tions, further warrant its description as. The corner stone to the fabric of Far Eastern Finance

In conclusion, I desire to express to the staff--whose excellence of service and loyalty are traditional- our deep sense of gratitude at their efforts which have contributed 30 materially to the eminently satisfac- tory position displayed Ja the Accounts which are submitted for adoption to-day.

With these fow remarks, Mr. Chairman, I have great pleasure in secanding your proposal that the Report and Accounts as presented be

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9.25 London-The Filth Cricket A ball-by-ball commentary by Victor Test Match: Australia v. England.

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^

10 p.m.

London-Big Ben. Relay of the Dance Orchestra from (Continued on Page 4.)

were

adopted.

The report an accounts adopted.

Mr. S. T. Williamson proposed and Mr. H. R. Sturt seconded that the Hon, Mr. S. H. Dodwell, Hon. Mr. J. J. Paterson and Mr. A. H. Compton be re-elected to the Board of Direc tors, and the motion was approved.

The Hon. Mr. T. N. Chau proposed and Mr. J. H. Seth secolided that Mr. John Fleming, C.A., and Mr. H. R. Forsyth, C.A., be re-elected auditors, and the motion was carried.

This concluded the business of the meeting.

Amongst those present were: Hon. Mr. J. J. Paterson (Chairman), Mr. G. Miskin (Deputy Chairman), Messrs. J. K. Bousfield, A. H. Comp- ion, Hon. S, H, Dodwell, M. T. John- son, J. R R.

K. S. Morrison, Musson TE. Pearce, A.

Shields (Direc- tors) Mr. V. M. Grayburn (Chief Manager), Mr. A. S. Henchman (Shanghai Manager), Mr. A. Merse (Chief Accountant), and the follow- ing shareholders: Messrs. J. H. Taggart, S. T. Williamson, F. W. Stapleton, Hon. T. N. Chaú, -H. R. Sturt, J. H. Seth, F. Schreiber, D. Steavenson, Chun Wing-kew, F. C. Barry, R. A. Dastur, E. H. Summers, J. A. Plummer, R. B. Bancroft, Hon. A. W. Hughes, S. H. Ross, E. Landale, | J. Fleming, J. M. Alves, J. D. Danby, N. V. A. Croucher, P. S. Cassidy, Lo Kai-wing, Mrs. C. A. Marsh, Messrs. J. B. Montargis, H. Owen-Hughes, P. C. Potts, E. S. Abraham, Chua Seng- choo, S. M. Churn, D. H. Cooper, Fung Kong-un, H. R. Forsyth, H. 7. B. Hancock, Ho Wing, Lo Kai-wing. G. G. N. Tinson and Dr. F. H. Kew.

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