1941-02-26 — Page 17

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The

FINAL EDITION

Hongkong Telegraph.

FOUNDED 120 @ RATA=XW WEDNESDAY, FEBRUARY 26, 1941.

AND SHANGHAI BANK MEETING:

ECONOMY MUST BE WATCHWORD SAYS THE HON. MR J. J. PATERSON

NEW SUCCESSES ACHIEVED BY THE HONGKONG AND SHANGHAI BANKING COR- PORATION, DESPITE THE ABNORMAL CONDITIONS RULING THROUGHOUT THE WORLD, WERE REVEALED BY THE HON. MR J. }. PATERSON, WHEN HE PRESIDED AT THE ANNUAL MEETING OF THE CORPORATION HELD THIS MORNING IN THE HONGKONG BANK BUILDING.

The Hon. Mr Paterson gave a detailed analysis of conditions as they affected trade and business both in Europe and the Far East, but while confessing that war on two continents, as well as other disturbing influoncos, were bound to affect commerce, industry and finance, he refused to be despondent about the future. He declared that nobody would be bold enough to suggest that the graph of prosperity was pointing upwards in Hongkong and Shanghai, and he pointed out that Hongkong in particular was susceptible to external influences such as the situation vis-a-vis China, Japan and Indo-China, shortage of tonnage, movements of population and so on.

WESTERN

Economy must be the watchward on all sides, he said.

The profit for last year, the chairman revealed, was an increase of seven lakhs on that of the previous twelve months. The London office was carrying on in the direct line of the war, while in Hongkong, Shanghai and Singapore, results had been satis- factory in spite of abnormal conditions.

SITUATION IN SHANGHAI

HEMISPHERE DEFINED

Shanghai trade had been good although the export situation was clouded over Matsuoka And by monopolies, controls and extraneous influences which have had a serious effect on

the balance of trade and currency exchange. Oceania

25

The foreign loans position was not improved, and there was still no confirmation of the assurance that Nanking's deposits from Customs in the Yokohama Specie Bank had been earmarked for foreign loan payments.

SPECIAL TO THE "TELEGRAPH" WASHINGTON, Feb. (UP). It is understood that the The Hon. Mr Paterson expressed sympathy with Shanghai in its present Administration has adopted embarrassments which had been largely caused by restrictions on movement from the what in characterised as a interior of rice and other native produce which had sent up living costs and demands

for increased pay, bringing financial embarrassment to the Municipal Council.

THE ONLY PROPER SOLUTION

"common sense" definition of the boundaries of the Hemisphere.

Western

It includes the area luxite a Hue roughly halfway between the bulge

"I am afraid", he said, “that a proper solution of the Shanghai problem in all its aspects cf_Brazil_and_the_bulge of Africa-can-only-come-when-the-political-problems-of-the-Far-East-ure-solved.-In-the-meantinië, Jet

laside the Atlantic and inside the international date line In the Pacific. Such a definition makes Greenland a park of the Western Hemisphere but does not include the Azores or Iceland.

President Roosevelt, when asked regarding the Pacific, declined tr discuss Mr Matsuoka's proposal re- garding the white race ceding Oceanin to the Asiatics and said he is not❘

yet quite clear in his own mind what is meant by Oceania,

ALPHONSO'S CONDITION

Still Critically Ill

SPECIAL TO THE "TELEGRAPH"

us hope that there will be a realisation of the vital importance of humanitarian and conman sense grounds of reasonable compromise for the maintenance of peace, order and the livellhood of the large population of that cosmopolitan city,”

Important problems, he declared, were confronting the National Government at Chung- king, all of which must directly or indirectly affect the future of China.

The Chairman's speech fol

lows:

Chairman's Specch

have to record the death since

Ladies. & Gentlemen, regret to

Annual Meeting of Mr A. C. Hyner, who was Chief Manager from

1927 to 1930, and of Mr E. J. Davies less than two weeks ago. Mr Davies was well known to many of you Here and his death while still Joint Mans- ger in London cause a real loss to the Bank.

The Report and Statement of Ac- counts having been in your hands for same days I will, with your permis

sion, take them as rend.

After making full provision for ROME, Feb. 25 (UP)-Exits for the year amount to $13,980,- losses and contingencies, the net pro- King Alphonso, whose condition 060.00, an increase of about $7 lakhs it still most critical, was dozing compared with the previous year. at midnight following

deducting the interim hypodermic injections during dividend paid at 1/2.7/0 and Direc

Itor's remuneration and Including the evening.

$3,413,329.55 brought forward from

more

After

The ex-King's doctors are sleeping last year, there remains for distribu- in nearby rooms.

tion $10,876,745.77 whleh It is pro- Even while sleeping. Alphonso is posed to deal with as follows:

propped up on three pillows. It is To pay a final dividend of reported that he had nine different 210/- per share subject to

deduction of Incoroa Tax

Account

hypodermie injections during the day; Transfer to Bank Premises

To-day's attack followed a light luncheon and therefore the doctors Carry forward to New Ac- ordered a return to liquid det, of

milk and broth.

Queen Victoria and the two sons

to-night.

are staying in the ante-chamber again

net to-day It is one of these

scon,"

count

6.433,201.51

# 1,000,000 ... $3.422,004-20 $10,870,745.77

While there is no

very

Salonika Believed To

Be German Objective

Special to the "Telegraph"

LONDON, Feb. 25 (UP).-The arrival of Mr Anthony Eden and General Sir John Dill at Ankara is expected to result in the early clarification of Turkey's attitude at a moment when German mechanized and other divisions are near the Rumanian frontier, and seem poised for n swoop through Bulgaria fowards

日一初月二

SINGLE COPY ID CENTS

$38,00 PER ANNUM

Trade in Your Old Car

Consult

GILMAN'S

Foreign Secretary On Important Mission

This picture was

Mr Anthony Eden, Britain's Foreign Secretary, accompanied by General Sir John Dill, is now engaged on an important mission to the Middle and Near East. taken during Mr Eden's previous visit to the Middle East. It shows him inspecting a unit of the Arab Legion.

Italians

Lose Half of

Their

First Line Warplane Strength

Special to the “Telegraph”

LONDON, Feb. 25 (UP).-Speaking at a luncheon given by the English Speaking Union to-day, Sir Archibald Sinclair, the Secretary of State for Air, claimed that 1,000 Italian planes, one-half of Italy's first line strength, have been destroyed in the Mediterranean area.

He claimed that 90 German {

dive bombers were destroyed in three days in January when a mass attack was launched on Malta.

Greeks Take Heavy

Italian Commander's Claim

ROME, Fcb__25_(UP) —The_morn- ing newspaper Messaggero published a report to-diny from General Felics Porro, Commander of the Fifth Air Squadron, which Musolini Jast Sun- day announced had been erifiezd An Italian Lieutenant Colonel ( almost entirely in the North African recently captured, gave this fighting.

figure, to the newspaper, "Hel- The report, dated February 5. when General Porro lett.commate of the lenikon Mellon," reports the squadron, claims that in eight months "Daily of war, the squadron destroyed 228 British planes. The Italian casual- ties were 130 killed in combat, 200 wounded, 180 lost anul 15 taken pri- soner. British air netions downed $5 Italian plones in battle and 75 on the ground.

R.A.F.' Slogan

Toll In Albania

LONDON, Feb. 25 (Reuter) —Italian losses in Albania since

the outbreak of hostilities total 122,000.

Telegraph's" special correspondent at Athens.

The total was made up, said the Colonel, of 27,000 killed, 00,000 wounded and-20,009 mising.

Willkie Outburst

Isolationists Are Enemies Of U.S.A.

20,000 Prisoners LONDON, Feb. 25 (Reuter). SPECIAL TO THE "TELEGRAPH" Italian prisoners in Greek hunds:

INDIANAPOLIS. Feb, 25 (UP).— tatai 20,000, including 551 officers, Addressing the Indlana State Legis- LONDON, Feb. 25 (Reuter)"the Athens radio announced to-night. lature, Mr Wondell Willkie to-day Only 28 officers und 497 other ranks said that if the United States is many-Lord the Germun in Geimany Trenchard's slogan for the R.A.F. in were sick or wounded when captured, following the path of isolation she still the R.A.F.'s They are being cared for in Greek "refutes the principles that made the last warmis

Indiana and the United States great. slogan,

sald Sir Archibalt Sinclair, hospitals,

R.A.F. Hammering

No man can say with finality that our the Air Minister, speaking in London

LONDON, Feb. 25 (Reuter) way of lie will survive. If we, who to-day- Greece,

a free people do not rise A spirit of offensive dominates the Italian camps and motor transport seek to lead a free Diplomatic and military, x-ralding and fighter em carrying the Albania were heavily bombed by above the old methods of political perts are of the opinion that the war across the Channel with offensive the R.A.F. yesterday, states an an- trading we contribute to the down-

of Luncement

Bellish Head- fall of that way

Jife. from Turks will fight if the Germans sweeps.

are removed temporarily from Britain is strongly reinforcing the quarters in Greece, broadcast over launch a direct attack on Turkey, defences of trade routes and her at the Athens on the Tepelin!-Valona It is just for a brief moment. AD-

radio.

Hitlerism by 3,000 miles of ocean but but the majority doubt the

Lacks of submarine bases and Turks will give armed help to aerodromes from which four-engined road were attacked while transport peasers are enemies to society at this the Greeks should the Germans bombers have preyed on British on the road from Klisura and troops critical moment."

and transports nt Dukaj were heavily; the shipping are meeting with success or cross 25 either approach.

determination to bombed. Emphasising Naval Greek frontier.

U.S. Pacific Defences

+

Senator's Retort SPECIAL TO THE "TELEGRAPH"

WASHINGTON, Feb. (UP). The Senate

It is assumed that Salonika is the Affairs Committee to-day unani-

Immediate German objective and all mously approved the $224,000 commentators agree that thele ar- 000 naval expansion bill includ-rival there would menace the Straits ing $4,700,000 for the limited and Turkey proper.

No outsiders know whether fortification work at Guam.

the

Senator Guy Gillett was asked British themselves are contempluting. whether or not it was feared that a landing at Salonika to forestall the the Guam project might have re- Germans, but it is recognized that great percussions in the Far East. He re- this depends largely on the Greek!

It is reported that during to-day's change in the total of our balance plied, "I don't give a damn-you can atitude. attack, Alphonso said to Dr Frugoni, sheet, there are quite considerable quote me on that," "Don't try so hard, doctors. If it is changes in the individual items on Admiral Ben Morell, testifying

days either side.

before the Committee declared the needed Kancoho On the liabilities slide there is a Navy urgently substantial increase of $72 millions (Onhu) as a seaplane base in Hawall in Current Account Balances which to forestall "hazardous" overcrowded is largely offset by decreases of $32 Ford Island. He said the Navy De- taillions in Fixed Deposits and 324 partment proposed to station ten qua

drons of seaplanes at Kaneohe Bay, millions in Bils Payable.

British Soldiers Charged

Mistreatment Of Aliens

BPECIAL TO THE "TELEGRAPH"

♫

On the other side holdings of Cash The Admiral told the Committee that

GIFTS FOR PLANES Empire Wide

LONDON, Feb. 25 (British Wire-

oro

and Bills have increased by $32 mil-the Navy Department is proceeding less)—Gifts for aircraft purchase Hong and $52 millions respectively. swiftly with the construction of from India and South Africa LONDON, Feb. 25 (UP)-Charges against which Securities and Loans Hawailon underground fuel tanks in among those acknowledged by the

slow declines of $30 millions and tunnels 300 feet under the ground. Minister for Aircraft Production. that British soldiers stationed evacuation ships robbed and mis- $30 millions respectively brought

оп

treated interned allens while escort- Ing them from Brilain to Canada and Australia were aired in the House of promised an investigation.

about by the necessity of keeping a liquid position owing to the war and the many pitfalls in finance which war brings in its train,

Mr Wedgewood revealed that pre- By the proposal to write down our

The people of Orissa, India, have

COOLIDGE SAILS sent £1,000, increasing their total

gifts to £20,000 From the

Transkelan territory, Cape Province, South Africa, comes a further gift of £3,200,

SPECIAL TO THE "TELEGRAPH' SHANGHAI, Feb. 26, (UP)-The President Coolidge called for the

The Norwegian Planes Fund, Investigations of the trent-Premises Account by a further and United States at 10 am, lo-day with Iminary ment of frinces aboard the steamer million dollars, that account will be a capacity lond of evacuees.

formed by. Norwegiana in South The American President Line office Africa and South Africans of Nor Dunera which carried 2,400 to Aus-brought to the lowest Agure shown tralia and the Canada

and the alnico our Balance Sheet of 1922 anid that the total number of passen-wegian descent, has reached a total of Steamer Exterick revealed "shock-e.fool this is a wise precaution gers will be 1,100 when she sails from £14,000, which is to be forwarded.to.

TURN to Page 5, Column One Yokohama.

Lord Beaverbrook. -ing" conditions.

out

carried without suffering

bomb the Germans in Germany, Sir The R.A.F.

TURN to Back Pago, Column 4 cperations

LATEST

Seo Back Pago For

Further Late News

losses,

He added that the United States

must do its utmost to keep England's these northern postu open and her vital

any Importa flowing.

Enemy Planes Downed LONDON, Feb, 25, (Reuler).-Four Italian aircraft were brought down

Japanese Naval Delegation

naval

delegation

under

by Greek fighter planes and anti- LONDON, Feb. 28 (Reuter),—A aircraft guns yesterday, saya a Greek Japanese Press Ministry statement broadcast] Vier-Admalrat Nomura arrived in from Athens to-night,

Berlin to-day, says the official Ger- Three other Italian planes were so man news agency, badly hit that it is thought unlikely that they regained their bases.

The delegation is to stay several months in Germany.

Insurance for Every

British Householder

LONDON, Feb. 25 (Router).-Every householder in Britain will receive free componsation from the Government up to £200 for air raid damage to clothing, furniture and other household goods under the now Government Free Assurance Scheme, out- lined by Sir Kingsley Wood, Chancellor of the Exchequer, in the House of Commons to-day.[per cent,' up to £2,000; one and a half per cent, from £2,000 to £3,000; Up to another £100 free compen-and two per cent. from £3,000 to sation will be paid for the wife and £10,000,

£23 for each child.

Those living in hotels and fodrings In addition to these free granis, it will get free compensation up to £50. fa-proposed that people should be able Details of the scheme will be laid

Ito Insure at low rates, namaly one before Parliament.