1938-02-26 — Page 21

BRITISH BUILT: FOR MOTORISTS

Flying Standard

WHO PUT QUALITY FIRST

FAR EAST MOTORS – 59101

Dollar T-T.

MyManager! (orong Telegraph”

Mining Foat, Lidy Sath Hongkong.

Water:-12.12.

The

SECOND EDITION

Hongkong Telegraph.

FOUNDED 1691

六拜殿·號六廿月二英港香·

SATURDAY, FEBRUARY

26, 1938. 日七廿月正

No. 15451-

SPECIAL OFFERS in

TRAVELLING:

REQUISITES

slightly shep soiled!

All English or American made. Genuine "AEROPAX"

(Ladies' Model}.

.$26.00

“AEROPAX" Wardrobe

Trunks

$75.00

$10.00

Real English leather

ATTACHE Coses, 24"

MANY OTHER BARGAINS

in our Baggage Dept., 1st Flr.

SINGLE COPY 10 CENTS Whiteaway, Laidlaw & Co., Ltd.

$30.00 PER ANNUBI

BANK CHAIRMAN SEES FUTURE DANGERS

CONDITIONS IN Anticipated H. K. Deficit Turns To Surplus

FAR EAST MOST SERIOUS, SAYS

MR. G. MISKIN

HALIFAX GOES TO FOREIGN OFFICE

Never Graver in Whole Opposition. Demands

History of Institution

"Conditions in the Far East are to-day more serious than they have ever been in the history of our Bank.

"The two great nations of the. Orient are at grips, grimly determined to fight it out. All the efforts made in recent years to outlaw war through treaties, pacts and covenants have broken down.

"So far from intervening to bring this conflict to an end the leading Western countries are seen aligned into groups supporting widely opposed theories of govern- ment; watching each other intently, like boxers at the opening of their bout."

"Few years have seen such contrasts as the past year in China and it is a sad task to set about review- ing the political situation there during 1937. The year started so well and ended so differently,"

These were some of the remarks made by Mr. G. Miskin, who presided at the Annual Meeting of the Hongkong and Shang- hai Banking Corporation at its Annual Meeting held this morning.

Financial, trade and political conditions, with especial reference to the Far East, were comprehensively surveyed by Mr. Miskin during his speech.

The Statement of Accounts disclosed a net profit for the year of $15,432,216.

Over forty shareholders were

present when Mr. Miskin rose to

speak. Addressing them, he New Ships To

sald:

Ludies and Gentlemen,-Since our

last Annual Meeting, a Knighthood Trade With

has been conferred upon Sir Van- deleur Grayburn by His Majesty the King.

During a period of unprecedented dimculty Sir Vandeleur has been buth a lower of strength the Bank and a wise and able counsellor in the financial affairs of the Colony. I am sure that you will join me in congratulating him very warmly upon the well-deserved honour which he has received.

The Report und Statement of Accounts having been in your hands for the required period, I will, with your permission, take them as read.

After making full provision for all known losses and contingencies, the net profits for the year amount to $15,432,210.84, to which must be

added $3,340,780,84 brought forward' from lust your.

After deducting the interim divi- dead of £400,000 paid at 1/2% and Directors' remuneration,

mains available

for

there re- distribution

$12,127,542.30 which it is proposed

to deal with as follows:-

To pay a foal divi-

dend of 43 per

shara (rubject to

deduction of incomo tax) Transfer to Bank

Premises

$ 7,744,037.02

1,000,000 9,383,004,33 $12,127,542.35 The figures of our Balance Sheet have been converted at 1/24, the same as last year, so a comparison la an easy matter once more.

Carry forward to

New Account

Hongkong

San Francisco, Feb. 25. It is learned that a Stockholma shipping company will begin a regular freight service between San Francisco, San Pedro. Yoko- hama, Hongkong and the Philip- placs on April 15.

The ships will trade under the name of the Trans-Marine Navi- cation Company-United Press.

STOP PRESS

GENERAL PERSHING SINKING

Tucson, Arizona, Feb. 25. General John Joseph Pershing, commander-in-chief of the Amerienn Expeditionary Force in 1917, is sink-1 in rapidly in the State Hospital here.

The authorities announce he has been placed in an oxygen text.

He commanded in the campaign "gainst the Morog in the Philippinca In 1913, having first gone out and is shown Islands in 1000. He was in command of American troops again when they

The principal change is in our note issue which has increased by

some $724 million

this year in two amounts, while on the other side Hongkong Govern ment Certificates of Indebtedness show as a separate item of just over $170 milion as cover for our excess issuo.

100 PER CENT, COVER

in

the!

Debate On Appointment

Egyptians Want No Aid From Italy at Suez

ין

London, Feb. 25.

It is officially announced that Lord Halifax, Lord President of the Council, has been appointed Foreign Secretary in succession to Mr. Anthony Eden. Mr. R. A.

been Butler has

appointed Under Secretary, succeeding Viscount Cranborne.

Following the appointment of try, it is understood that Mr. Lord Halifax as Foreign Secre- Noville Chamberlain, the Pre- mier, is dealing with all impor- tant aspects of foreign affairs in the House of Commons,

Mr. Lennox Boyd has been appoint- ed in Mr. Butler's place in the Ministry of Labour.

The Opposition has indicated that Lord Halifax's appointment will be a full House of Commons debate on demanded, both Mr. Clement Attlee- and Mr. Wedgwood Benn making it clear that they felt strongly that the Foreign Secretary should be a mem- ber of the House of Commons instead of the House of Lords.

GOES TO KEY CABINET POST

VISCOUNT HALIFAX,

who has served in many ligh ofipes In the Government, fakes over the dulles of Foreign Secretary, the most arduous of any in the Cabinet at this time.

A debate

on the

nubject

will

THIS IS REAL WARFARE

Just as the Insurgent troops swept into sight below, the corners-man, In this lair of snipers, snapped Loyalist riflemen going into action, .Now the Loyalists are no longer at Terael, though they lost 10,000 killed and 10.000 prisoners in fighting round about the 'place, according to latest Insurgent despatches. Herbert. Matthews, New York Times correspondent, took this picture,

CHINESE LAUNCH NEW

DRIVE ON CHUNGYI; CROSS YELLOW RIVER

Chengchow, Feb. 26.

COLONY'S MILITARY CONTRIBUTION SETS ALL-TIME HIGH MARK

Assets At Highest Level In Years, Report Shows

Military contributions by Hongkong last year reached an all-time record of $5,586,415.

Government pensions, $2,559,809, and expenditure on the Police Department, $3,109,696, were also records.

Despite increased expenditure under theso headings, the Colony's revenue during 1937 proved so buoyant that an estimated deficit of $3,498,910 became a surplus of $1,085,146, bring- ing the assets of the Colony, $14,002,278, to the highest level in many years. :

Financial returns for the Colony of Hongkong for the year 1937, issued this morning, disclose increased revenue over 1936, under every heading except Port and Harbour Dues. The estimated revenue of $28,760,250 was exceeded in every head. Actual revenue was $33,196,368...

Estimated expenditure of $32,259,160 was higher by $147,938 than actual expenditure.

Big Crowd Attends Race Meet

Some Good, Events On Programnio

Surplus for the year was maintain- ed despite a falling off of revenue-in December, when the total of $2,021,- 210 was less by $140.151 than in the corresponding period last year.

There was an appreciable falling off of revenue during the last month

Miscel of the year in Duties and laneous Receipts.

For the year 1037 revenue from Duties totalled $1,025,411, compared with $0,928,872 in 1938. Estimated révenue of $0,415,000 was therefore exceeded by $806739...

Port and Harbour Ducs, which were estimated to yield $635,000,

$020,085, compared

1038. Licences ond otherwise

The most brilliant weather of yielded

with

Chinese reinforcements have crossed the Yellow River and are launching a counter-offensive on Chungyi, on the Peiping-Hankow Railway, 18 kilometres from the the annual race meeting ushered $3,232 in

Internal Revenue nol north banks of the river, where brisk fighting is in progress, in the final programme of nine speciñed yielded $14,192,207, an 1- events this afternoon and prob-crease of $355,085 over last year, and according to the latest advices received from the front.

The Japanese right wing" in northern Honan is still ably the greatest crowd of any over a million dollars in excess of Post. Olce receipts reached a re- Small during the week, was in attend- estimated revenue. massed at Fengchiu, 18 miles north of Kaifeng..

cord of $3,254,300, which represents batches of troops have been sent out to scout the north ance.

With their experience of the races

(Continued on Page, I.) brink of the Yellow River there. But so far they have not that had gone before, punters felt yet made any attempt to cross the river.

The Japanese left wing is scattered at Taiyuan, king, Wushe and Menghsien-Central News. Round Up Of Japanese

Cliengehow, Feb. 20.

Chinese forces in eastern Shansi are launching an enveloping attack on the Japanese troops which have and reached Changych, Changtze Tunlu, from three directions, the west, military report south and north. received here states.

On the Tatung-Pukow Railway the Chinese forces have succeeded in re- pulsing the Japanese attack on Liang-

of Lingahth, whilst tuchen, north west of the railway the Chinese and Japanese troops are still holding out against each other at Shuangchih- chen, about 120 miles south-west of Talyuan.-Central News.

Japanese Land At, Lukang

Japanese And Koreans

Hwai-fessional Cup, Subscription Grimus

COLONY HAS

NO OVERSEAS LIABILITIES Assets Far Excood Liabilities

constrained to take a final plunge on such attractive things as the Pro- Champions and the Australian Ponica Champions.

Others who possessed through tickets that had not yet brought a return, were present to watch and augment their chances, some good cash sweep prizes being promised.

THE NIL DESPERANDUH STAKES. -First Section)-Winner. $150. Second $300. Third $200. For China Ponies. One Mile.

TO-DAY'S RACE SELECTIONS

(By "Captain Foster")

My selections for to-day's last SOVen races are;

GRIFFINS SPRING HANDICAP

Half-Moon Eve Lancashire Boy

1

Just In Time

2

Wong Sul Ngau's SALVAGE MASTER, ..(D. Black) Lucky's LUCKY ELEVEN, 158 tbs....

(C. Encarnacao) 1. and H., FEI YING, 154 16.

(F. Marahaill ai Eight Starters. Wan by length and a half; two lengths, Time: 2.00,

$0.00. Places Pari-tuol:-Winner

500 19.40.

Repayment of all outstanding loans, with the exception of the Hongkong four per cent.

2 THE NEL DESPERANDUM STAKES, version Loan and the Hongkong | Becond Section)Winner 6750. Seenad

Con-

31 per cent. Dollar Loan, has 500 Third 1200. For China Ponies, Oas

the

Mils. Texter and Graham's THE_LEOPARD, Lan is.............(C. Encarnacao) IDR ..........(Y. P. Fung) 2; F. C. Italia PLANCHET, 159 9.

IV. V. Needa) Won by a neck; two lengihs. Time: 2.00.2.

$27.00.

Pari-mutuel!-Winner

1840; $6.40; 68.80.

CASH SWEEP RESULTS

FLEMINGTON PLATE

Derby Day

Ranger

Zodiac

PROFESSIONAL CUP AND SUD-GRIFFINS' CHAMPIONS

Louis XIV

Smiling Thru

PHAETHON HANDICAP

1

Desert Star

3

Fizia View

Places

Taingyang. Anhwel; Feb. 20. placed this Government in Fighting on the Wuhu front has happy position of being one of been intensified after the arrival of the very few in the world with Black and White's GOLDEN CDW 1 Japanese reinforcements.

Under a protective barrage from no overseas Habilities. come 10 Japanese warships in the With excess assets over Habilities Yangise River, 2,000 Japancro troops of $14,002,270 Hongkong Anances are, landed at Sanchanchen, and Heng-in fact, in a particularly healthy con shankiao west of Lukang yesterday dillon. The only outstanding loan morning. Heavy Oghting is now abilities nro the two local loans, going on these points-Central News. which tolal just over $17,000,000.

per Towards repayment of the 4

1103 cent. Conversion Loan, which

reduced to been

$4.838.000, the Colony possesses n Sinking Fund Chengchow, Feb. 20. which, on December 31, amounted to Forty Japanese soldiers and 20 approximately $050,000. The Dollar Korean Irregulars were captured Loan of $14,000,000, duated in 1934, recently by a Chinese mobile unit has already been reduced to $12,320,- Sweep numbers at to-day's Races: during a surprise attack on Tangyin 000, and will be repaid in 1930 by London, Feb. 25. alation on the Pelping-Ilankow Rail- annual payments of $560,000, plus

von Ribbentrop. way, 21 kilometres south of Chang- interest.. Joachim

German Ambassador to teh. They are belag escorted to the Dritain, and now Foreign Minister, rear-Central. News, will shortly visit Landon to bid fare well to friends and the staff of the Germon Embassy.

Reuter.

pursued Pancho Villa into Mexico probably take place next week.-

March of 1910. Within a year he was to lead the first American army to a European

war.

General Fershing retired in 1924. liis lite has been darkened by a The Hongkong Government now publish at stated periods the condi- dreadful tragedy, for in August. lion of the currency fund, from 1010, his wife and three daughters which it can be seen that well over perished in the burning of 100 per cent cover is held by them Presidio in San Francisco-Router. Against the Certificates of Indebted- ness which we hold. It is, not only

a great satisfaction to your Board to know that our Hability to the pubita is so well secured but also that the Currency of the Colony is in such a round condition.

Continued on Page 2).

(Further Stop Press News on Page-10.)

Von Ribbentrop To Go

To London.

Herr

the former

Captured

escorted by 10 tanks, was attacked by a Chinem mobile unit at Feng tion in north Ilonan bordering on south-eastern Bhanal on February 23, in belated report alates.

The Chipess guterillas spattered the

SPACE (Continued on Page: 9,3 lary – supplies, candle.

Japanese Army Trucks Attacked.

It is understood he will see Mr. Novillo Chamberlain anil - Lord Halifax, but it is not indicated that there will be anything more than A fleet of 30 Intances army trucks #my vahicles with machine-gun

fooded with

(Continued on Page:1;)

The following are the lucky Cash

RACE 1

No. 4360

$1,900.00 14

£54.00 211.00 3660 Unplaced penina 1850 each) Non, 2783, 236, 203, 2438, 1001, 1420, 3703, 2696, 802), 1979, 729, 4285, 3155,

No. 4100

670

RACE 2

Unplaced, ponios ($39 eBEZ 3035, 2000, 2587, 617, 2438, 2UR,"

Inching Girl

Ytbart

HAPPY VALLEY SPRING

HANDICAP "A"

Jadiator

Cossack's Beauty

Dawn Star

AUSTRALIAN PONIES

CHAMPIONS

Strathray

Electron

Tornado Biar .

HAPPY VALLEY SPRING

HANDICAP. "B"

Hoolat Hayd Commencement Bay

DAILY DOUBLE Derby Dey/Flain View