SATURDAY, DECEMBER 6, 1930.
HONG KONG AND SHANGHAI -BANKING CORPORATION.
Amthorised Captial $30,000,000 Land and Fully Fidup-- $30,000,000 Beers Fundac
Harling
LU.300 DCO ......$3.600,000
Barr Liability of Proprietore $38,000,000 HEAD OFFICE: HONG BOSG
BOARD OF DIRECTORS—
7. A. Fluminer, Esq.
Chadema,
flou. . C, D. A. Machle. Depaly Chairman.
W. H. Dell, E. Ho, M. J. J. Paterson
II. Comples, Esq. T. E. Potres, Eng.
Lander Lalu, Esq. T. H. R. Bhaw, Eng.
D. Miskin, Pag.
AMOY
BANGKOK
BATAVIA
BOMBAY
CALOUTTA
CANTON
CHEFOO
COLOMBO
3. P. Warren. Eaq.
Chlat Manser.
V. M. Grayburo, Esq.
BRANCHES:-
LONDON
LYONS
MALACCA
MANILA
YOKDEN
NAGASAKI
MUAR (Johor)
NEW YORK
DAIBEN BOOGDOW HAIPHONG
PEIP:50
PENANG
HAMBURG
RANKOW
DARBIN
HONOKZW
TLOILO
люд
JONGNE
KOFE
KOWLOON
ZUALA LUMPUR
BANGOON
Satoos
BAN FRANCISCO
SHANGHAI
BISOAPUUS
NOURABAYA
SUNGEI PATANI TIENTSIN
TOKYO
TSINGTAO
YOKOHAMA
Current Accounts paned to Local Currenay
and Fixed Depoelle recaived for one r
horter periods in Lal Carronay and g DE which will be quoted on applications.
Bony Koog. 10 april, 1030.
HONG KONG SAVINGS BANK.
The Balm of the above Dark is conduct by the DNO KONG AND SHANGHAI BANKING CORPORATION. Bales way be wed on wpplication.
FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION.
V. M. GRAYBURN,
Hang Tour, 18th July, 2030,
Chal Mangit.
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V. (NETHERLANDS TRADING SOCIETY)
BANKERS,
Established 1821.
Hong Kong Uies:-11, Quesa's Bond Central, Authorised Capital”
Pald-Up Capila)
Lowers Fund
(412,500,000.)
(20,609,170) Ouilders 40,010,000 (28,334,583)
Hend Onco-AMSTERDAM, Ender Head OfBee:-BATAVIA,
BRANCHES:-Bandjermani, Dandong". Bombay.
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1853
HEAD OFFICE: LONDON,
Paid-up Capital Reserve Fund
ALOR HTAN
.£3,000,000
KUALA LUMPTE
.£3,000,000 .£4,000,000
Rosarve Liability of Pro-
prietors
⚫ agencies and Branchest
(Kalay Stats)
KUCHINO
AMRITSAR
BANGKOK
BADBAS
MAXILA
BUNDAY
JALOUITA
CANTON
NEW YORK PEKINO
BATAVIA
CAWKTORE
CHOU
COLUMBO
141AER (Dalny
Bouth Mastàkala)
DELRI
HAIPHONG
HAMBURO
HANKOW
HARDIN
(N. Mancharis)
BONG KONG
ILOILO
KARACHI
KLANG
ROBS
KUALA KAYOSAR
(Pork F.M.8.)
MEDAN
PENANO PESHAWAL RANGOON
BALOON
SENABANO
BKREMBAY
SHANOLIAL
HINGAPORE
BOURABAYA
TAYOY
TAIPING (PMB)
TIENYBIN
TOKYO
TONOKAH (Bhabet) TSINGTAO
YOKOHAMA
ZAMBOANDA
(Philippies Islandı)
General
Foreign Exchange and Banking business transacted.
Current Accounts opened and Fix. ed Deposits received for 1 year or which will shorter periods at rates be quoted on application.
A. H. FERGUSON,
Manager. Hong Kong, 8th January, 1920.
THE CHINA MAIL.
and
Commerce
Finance
THE VALUE OF SECURITIES.
Interesting Views of Mr.
WAR
one, tried to get to the bed-rock of the matter the basis of the price of all securities must be some point of income or earning power which was behind the security.
|
11
HONG KONG STOCK EXCHANGE
Opening Daily Official Quotations 5th Dec., 1930.-
STOCK
Day-Seti-
en
Ara
Backs
Sales Nom Fl
What the Investor Wants, What an investor wanted really was a security that he need not bother about, that he could sleep upon and leave for ten or 20 years. How many of them could name any security at the present moment that could be treated in that way? In the last few days they had seen a heavy fail in the Bonds of the German Republic owing to the Hong Kong Bank ...... 1720 result of the General Election Chartered Bank......... Many people were saying that the Marcantile Bk., ASI, fall of those securities had been Of course, any security onb pur- greatly exaggerated, but it
a question of, national chased was with the idea of re-entirely ceiving an income from it, and, if | psychology.
With regard to Great Britain, Canto fas. ....... 1205 possible, being able to get one's money back on Its realization, and many people were saying and with Union Eas. $:00 500 It was always a desirable aim to perfect truth that one Government China Underwriter...$ 39.30 5.00
whether Tory or got a little more than the purchase or another, price.
The Investor's Ambition. That was an ambition, however, that was not very easily realized in such times as at present. In
Hartley Withers. FACTORS IN THE PUBLIC MIND.
the "Influences A lecture on Affecting the Value of Securities" delivered recently by Mr. Hartley Withers (formerly editor. of the Economist) before the. In corporated Accountants' Students' Society of London.
Sir Stephen Killik (president)come of some kind must be behind was in the chair. In introducing
In the case of Government and the lecturer, he said Mr. Hartley public debts it was obviously, the Withers, on leaving Oxford, be-
revenue that could be collected by came associated with the Stock Ex the borrowing Government or change, but he soon exchanged
revenue Municipality, and that that atmosphere for the mora At-
consisted of the taxable or rateable capacity of the area over which it had taxable power. In the case of income behind securities It was clearly the net profit that the com- pany might be able to earn.
tractive, and he, the speaker, hoped more remunerative sphere of tinan
THE HO HONG BARK, LTD.cial journalism.
(Established 1917.)
HEAD OFFICE:-SINGAPORE. Hong Kong Branch: 13, Queen's Rd. C.
Authorised Capital Straits $20,000,000 Issued Capital Pald-up Capital Reserve Liabilities of Shareholders Surplus
Mr. Hartley Withers, who was received, with applause, said they were there to consider the influenco that affect the price of securities. What one could get for securities 8,000,000 depended ultimately on what the 4,000,000 investing and speculating public. 4,000,000 guilded by its skilled advisers in 2,520,000 the City and in
the Press, was Branches, Agencies and Correspon. prepared to pay for them. dents in the principal cities of the As to what was meant by values, world.
that was a subject that could be Every description of Banking and discussed at
enormous length. Exchange business transacted.
People talked about real and in- TAN ENG HOOL,
trinsic values, and it seemed to Manager.
him the only thing to do in discuss- Ing such business questions was to keep one's attention to the strictly
THE
business point of view as to what
AMERICAN EXPRESS COMPANY, you could get.
INC.
Head Office: 65, Broadway, New York,
Athena
U.S.$6,000,000 U.S.$1,572,464 .U.S.$1,008,209
Guilders 150,000,000-
Dulider 60.000,000
Capital Surplus Reservos
Amsterdam Antworp
BRANCHES
Inno Glasgow JAYADA Flambung
Fice
splas Pirsqu Patta
Berlin
Biarla
Bombay
Bremazı
Brussela
Bunce Airee
Calm
Bavo Interlaken Jerusalem Lido Landca Liverpool Lucerne Lugano
Fabang
Fehing Palaro Kaltandam Tame
Luzer
Monte Carlo
Muninh
Bisaste
Milan
Calcula, Charbon, Djember. Djok jakarta". The Ingue", Jeddah, Hobe, Kota Badia, Makassar, delas, Pedang Falemba Pekalongan, Funings Pontianak, Bangoon, Rotterdam Samateur".
Albalga Hotel (Sumates), Singapore, Borabala Noerslaria (Solo), Tegal, Tillajup and Waltevreden
• These offens ha anda deposit boxes to . Landon Beskors-alloons Provincial Bank Ltd.
Cosespondents all over the world
Banking busines of every description tracked.
A. STOZZINE,
Acting Manager.
Hong Kong, 18th Augusi, 1930.
BANQUE DE L'INDO-CHINE.
HEAD OFFICE: 96, Boulevard Haussmann, Paris.
Subscribed Capital Frs. 72,000,000.00 Pald-Up Capital...Frs, 68,400,000.00 Reserve Funds ....Frs.102,000,000.00
BRANCHES: Bangkok Hong Kong Qainhon
Salgon Battambang Hue Onthe
Shanghai
Mengtze - Canton Nam Dinh Singapore
Djibouti
Neumea
Thanhen
Fort-Bayard Papecto Tientsin
Peking Haiphong
Taurono Harkow Pnom-Fenh tinh Kanel Pondicherry Yunnanfa
BANKERS:
IN FRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnale; Banque de Paris et des Pays-Bas; Credit Industriel et Commercial; So- ciete Generale.
IN LONDON: The National Pro- vincial & Union Bank of England, Ltd.; Comptoir National d'Escompte de Paris: Credit Lyonnais.
IN NEW YORK: J. P. Morgan & Co. French American Banking Cor- poration; Guaranty Trust Co. of New York.
Interest allowed on Current Ac- counts and Fod Deposits according to arrangements.
Every description of Banking, and Exchange Business transacted. Bafe Deposit Boxes to let
A. LECOT,
Manager,
Hong Kong, lut May. 1929.
THE YOKOHAMA SPECIE BANK,
··LIMITED.
·Established 1880. Capital (fully paid-up) Yen 100,000,000 Reserve Fund Yen 118,500,000 Head Offer:-YOKOHAMA. Branches and, Agencien at: Alexandria
Nagoya 'Newchwang New York Osaka
Batavia
Bombay
Bannos Aires,
(Temporarily
closed).
Calcutta
Canton
Changchun
Dairen (Dalny}"
Peking
Rangoon
Rio de Janeiro Saigon
Ban Francisco
Fongtien. (Mudan) Seattle.
Hamburg
Hankow Harbin
Rong Kong
Honolulu Ka! Yuan Karachi
Koba
Loudon Los Angelat Lyona Nagasaki
#Manila
Bemarang Shanghai Shiroposald Slagapore Boerabaya Bydney Tientsin. Tokyo
Tsingtau
Temporarily losed) Interest allowed or Qurrant,,
Deposits received for fixed period
it rates to be obtained on
Hong Kong 10th Ben
Onioutle
Canto
Calamba Constantineple Copenhagen Edinburgh Floo Caserm
Availa
مالهوية
Bumteul Shanghai Bcalhampton Singapore
61. Molla
Tinstala
Vienda
Vesica
Tokobacc Zariob
Branches of American Express Company in Principal cities of Unit ed States of America and Canada.
All classes of Commercial Banking Transactions undertaken.
Personal
handled.
investment
accounts
The Company offers to intending Travellers the use of its Travelora Choques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped, Travel De- partment.
Affiliated with
THE CHASE NATIONAL BANK Resources ..Over GF2,500,000,000
E. W. DUGGAN,
Manager.
THE BANK OF CHINA.
行銀國中
Earning Power.
every security,
{TI
子
C.
was Bank of Asta $115
extrava-
Lance
་་་
Fas
BKM
19
27
នំ ១គឺ ៖
!!!!!
TORE
Last dividend and when pald
Deo. Iatarima Dea. Interim 7-tres Tax ale 1900 Dec. 1a/e 1930 les UT
x.
Aug. 11, 30 Sep. ---- 80 Sop — 80
Doc. tar Fot. 14, 80
Doc. Final 7 for 10-May 15, 80
Interim Blaze 1990)
Dearmat 10 for 193... May 80, 80
Interimaja 1993)
Des. None
(Foal bonus (2)
Dad. For 1929,
-
Interim 5 m/c 1993)
May 30, 30
Deo. 42 for ed
Mar. 96, 30
Dro. La den for 192
Dec.
$150 for A
**
43
[11), 6x 2/3 on proferred}
for 19 1725 Bec. Last illakkad for 1921.
Mar. 4,80 June 19, 29
*
***
281 281
312
ཧཱུྃ::;:g
Liberal or Labour, vied with its China Fire Ins. $100 predecessor, notwithstanding lip H. K. Fire Ins. $1200 service to economy. gance. If this process continued
Shipping. long enough British credit would
Douglases...... H. K. Steamboats ...$ no longer stand at the eminence it had so long enjoyed. Who could
Indo-Chins (Pref.) .-‡¦ tell?
(Def.) ...$ There was the possibility of ac- tual revolution or war, as was to Shell Transports fu be seen now in Brazli, the result, Union Waterboats ... being that Brazilian bonds had
Mining, tumbled like a cataract in the last few days. Therefore, there were a Bengueu great many items which had to be Kailan Mining Ad, sl- remembered in considering any Langkat.....Th. security.
S'bai Exploration...Tit. 1 Sentiment Factor.
Loaas......... on Another Influence It was in making assessments of
Becurity •Rauka the probable trustworthiness of the values
the state mind of was growth of this income behind investors and speculators. If the Docks, Wharvat, securities that the general public general sentiment was hopeful and Godorus, &c. and their advisers, the stock cheerful and prices were thought | H. K. & X. Whavo. | ... 171 brokers and journalists, formed to be going to rise, buyers of H. K. & V. Docks... their opinion. It was upon the insecurities would capitalize this China Provident (old) of 4.35
(new) $ 2.55 come that the forecasts and judg- sentiment by paying prices for ments had ultimately to be made. securities which, in times of gloom, Hongkow .........Th. when that was stated it was seen they would consider ridiculous, N, Engineering ...Ths. at once how immensely difficult the And the influences which produced Shanghai Docks ..Tls. problem. was.
those changes in sentiment were manifold.
Frank Accounts
to
He did not know whether they had tried to study the accounts 48 presented in official statements. If so, they would find how difficult it was to make them agree and understand all they meant, and yet What they were trying to con- this country was always supposed sider was what were the influences to be looked upon as the leading which made people give a certain country in the world in the full- price for securities. He thoughtness and frankness of the accounta he was right in saying that when which were officially presented.
THE BANK OF CANTON, LTD.
Established 1912.
Head Office:-Hong Kong. Authorised Capital (1.K. Currency) $11,000,000 Paid-Up Capital
8,500,000 Maserte Fund
3,000,000
BRANCHES 1- Colon, Shanghal, Hankow, Swalow, Bangkok, New York and San Francisco
CORRESPONDENTS
LONDON BANKERS:— The Lloyd's Bank, Limited.
In all principal cities of the World. Foreign exchange and boaring bualcem of atory description transacted.
Bala Depout Bazar (various alzan) at a yearly antal of tram $3 to $10.
LOOK POONG SHAN,
Chief Manager. Hong Kong, 14th May, 1980.
THE MERCANTILE BANK OF INDIA, LTD.
HEAD OFFICE:
15, Gracechurch Firest, London, E.C.).
Authorised Capital
Subscribed Capitai Paid-up Capital
£3,000,000
1,800,000 1,050,000
Reserve Fund and Rest 1,040,600
BANKZI
The Book of England & Midland Bank, Lid.
DRANCHES
Брова
Kandy
Karachi
Kota Bharu
New York
Pinang
Port Loui -(Mauritian)
The goo
Dangkok
Booba Calcutta
Dolors bo
Kuala Krai
Delbi Quil
Kazi Lápis
Kuala Lumpur
Sim
Berg, Hong
Kina
og Bingspore
Hewish
Midra
Hourabaya
ايرنسا
HONG KONG BRANCH.
Every Ameription of Banking and Exchange bost mez iramsacied.
Travellers Choquen terved.
Trustee and. Executorships under.
taken
INTEREST allowed on Current Account and Fixed Deposit at Rate that may be srcartaloed
Reorganised October 28, 1928, under application.
special charter of The National Gov- arment as an
INTERNATIONAL EXCHANGE
BANK.
Subscribed Capital...$26,000,000,00 Paid-Up Capital ..$24,710,200.00 Reserva Funds
..$3,820,603.82
HEAD OFFICE: SHANGHAI,
HONG KONG - BRANCH;
4, Queen's Road Central
Charter, 1899.
It was seen every year when the Budget debate took place in the
House of Commons how great a difference there was between the Chancellor of the Exchequer and his opponents on the front Opposi- tlon Bench concerning such a mat- ter as the amount of the debt that had actually been paid over during the former year.
Yet another influence was the rate of saving, which, again, was profoundly affected by the rate of taxation, the state of public cou- fidence, and the view held by the community as to the desirability of saving.
CARMELITE TRUST.
A DEBIT BALANCE OF £388,632.
The second annual report of the Carmelite Trust to April 30 last shows a net pront of £19,555. To this is added £88,669 brought for
£152,803 transferred ward' and from general reserve account, mak- ing a total of £261,027.
#
Lands, Hotels & Bulldings.
13
--
44-
+
FInterim / Quspen No. 81
78/10 Doc.free 1/Tax/3 1950
Bird. $150 for 1030
Dev.(aterlin 15 botram 5
||
Pendiag
3far, 10, 80
{ making 50 ewuztaroafe 1925) Sept. 10,30
Jane Interim f. tres Tax
||Coupon No. 27 yür 30-30)) June — Du
Oot. T. 0.80 for year 11-19
Dec. Interim T. 25 afu 1000 ———
Mar. Hecout ine: 11
Laje year $139} mom
www
37/0
... 8
++
Deo. None
24
131.70
H
***
100
32
May 9, 30
July 1, 80
AN
Pending
Mar. 18, 80
14
Dec. 9 for 19
at mga J
Dvo. Laut dividend for 19240900424
Deo. Last dried for 1994 tren
---
280
Dec. Interim T. 31090,- Sep, 12, 80
7.100..0,50 for 1959............
Feb. 35, 89
114 Apr. T. 7 for year 2-1-00
July 30, 80
12,40
2
201
H. K. & S. Hotel...
K. Laada (old)...81 in (new) ...
... 811 81/1 Rights...$20 Shanghai Lands ...Tie: Humphreys 18.30 H. K. Realties.......
......95 Chinese Estates.....$
Cotton Mill.
Ewo Cotton.......Tia,
Shanghai Cotto...Tls. Zoong Sing ........
Public Utilities. H. K. Tramways...$ Peak Trams (old)...$
(new) ...
"
Star Ferries "China Light (old) ...
H. K. Electios ....$ Macao
1
་་
1.⠀ ⠀
༴༴་བྦོ༔་༞
Deo, & cont for 199med the
Apr, 1, 80
Des. Interim a ne 1030 Aug. 8, 80
Deo. Bà cents for 1957 an
Dec. Interim T. 31390.
July 51, 80
a
May 1, 30
Sep. 4, 30
July 91, 80
Dec. Intasticos e 1930
Feb. 45 for your 29-330
min Mar. 17, 50
11.00 11.60
Doo, Final Taft 1999
and
T. 3-05 for ball year 31-10-20 Nov. 20, BO
Och
*...
!
June. -s for rent 318-30 —
Oct. 11, 80
Dec. Interla 40 coque ado 1900..............
Aug. 97,80 190 cts, an old) for year Apr. 10 a 0-4-0 June 15, 30
|Dec. | 44 for 1929
... 20.06.30/3 Sept. Pinaio eta aja yr. 309-33. Pending
Dec. 250 for 1929
་་
thing toof that
Feb. 14, 90
Mar. 19, 30
28
14}
(new)...
20.30
70.30
28.20
1+
-
AIM
1273
Des
June Nons
L
08.16
Deo. Int. to cent af 1950
Ang. 1, 30
10
Feb. 25, 30
17/0
(Prof.)}/-
Sept.
10/-
[is on preferenca ahuras) Subject to Income tax.....Í
Fob 6, 80
Industrials.
One would have thought, he Of the amount available, £33,385 said, that sort of thing could have has been utilised in writing off bad been arrived at fairly easily, but and doubtful debts, £20,844 for In-
come tax, and £82,980 as provision Sandakan Lights there might be a difference of many millions of pounds in the opinions on account of loss on realisation of HK. Tek. fully paid $
part paid expressed by these distinguished Investments, leaving a balance of experts on the figures presented to £123,868. This sum has been trans-China Bu them officially. Even if these ferred to the reserve for deprecia- S'poreTactions(Ord.p/- figures were all correct-the action of investments and for con- The total transfer tual income received by the Gov- tingencies. ernment and the actual amount of made to this reserve in the current expenses-it was not really known.accounts is £512,500, the balance
DAILY CROSS-WORD PUZZLE.
(This cross-word puzzle has been made by an expert but our readers are toarned to look out for occasional phonetic spellings, such as harbor, plow, and altho.)
22 15
#
114
20
18 9 10
China Segara 80cte... Malabon Sugars abouă Caldi Mag, Ord....Th. Pref....Tls. Canton loss ............ *Cements (com.),$
17.80 18 (old)... [12] (DLC)
#
*
H. K. Ropes ..................$ {11}
United Asbestos ......$
[271
Stories, &c. Dairy Farms C/R X/R Right..... 6.90
30
Watsons
Der A Wings............... Lane Crawford $ Mackintosha
Sinceres
Wm. Powells ga♣
Miscellaneous,
II.K. Amusement...$
Cb, Entertainment...$
[H, K. Constructions...$ | 48
פן
10.40
| 40 centr]
Doo.. 0.00 for 1923..---
In Liquinta
Doc. Pa, 1 for 1023
103
Deo. T
M
***
3.80 July Nons
20
Apr. 11, 29
matthe 19 Apr. 80, 80
(30 cents on old for. 1929 Mar. 19, 90 Dec.ents
Deo. Last liddend for 1928......
**
-
| Dec. | $1,80 for 1923
Mar, 14,00
Oct. 70 cents for sx4d01-15-29,..........] Mar. 31, 80
*
12.00
3.70
Feb. | Kastálával for your 2-120 ) 19) Feb,"
11.00 ...
Thig
for year 23-4-30 urin) May 15, 80
1.86 Feb. 25 centstṣe your 23-2-29 Jun 10, 29
*Speculative shares."]*Sales to Bhanghai.
$12.00 on Preferred). Jos penz
Mar.1.00 on Deferred) 81-8-0 Bept. 27,00
F. THOROUGOOD,
Manager.
28
7, Queen's Road Central,
Hong Kong, 10th April, 1930.
***
32
-
Deo. None
THE BANK OF TAIWAN, LTD. (TAIWAN GINKO.)
B. Ind. G. Bonds.00%
J
34
35
69.
H. K. fort. Loans... 51% (Prem%
*
+++
Interest half yearly.
HEAD OFFICE:-Talpeh, Formosa.
142
Incorporated by Special Imperial
43
45
48
149
53
58
HORIZONTAL
Central Bank in Formen. Bank-Noton sued Awangu suncunt...Ten. 45,000,000 BRANCHES AND AGENCIES: JAPAN 2-Tokyo, Tokohama, Yoba, Duks. FORMOSA -Uirst. Kagl. Karenko, aling Makong, Nink, Bhinchiku, Twicks, Zalán, Takso, Tal, Toen, Hello, Taito.
Hankow Amer. Foochow, CHINA-Ebanghel
Bwstow, Canion. OTHERS-Rog Kong, Bingspore, Bourabaya. Beratung. Dalarik. Bombay, Calezije, London, Kaw York, Dairen.. LONHON BANKERS;
Owing to our numerous branches in China and large connections in the important commercial centres of the world, we are able to extend to our cheats special facilities for domestle and föreigu banking and exchange.
We also handle the issue of Bonds The London County Westminster and Farz'e Baik, and other" Public Funds of the' Chin-
The Bank has Correspondanta la all the principal
ese Government both at home and commercial Centres throughout the world. abroad.
NAK. NADURA.
SHOU J. CHEN,
Manager.HONG KONG BRANCH: "Hong Kong, 5th March, :1980.
Duy Your Food Central Hong Kong, 10th January, 1929.
Manatee.
THE BANK OF EAST ASIA, LTD.
Established 1918. -
HEAD OFFICE://
10, Des Voeux Road, Central,
HONG KONG
Capital and Sarplus
Total Resources
ever H.$.8,000,000.00
Over H.580,000,000.00
Every description of Banking and Exchange business transacted. po
Current and Fixed Deposit Accounts in local and.
eign currencies opened for ellante
Barings Account and Bafe Deposit Boxes.
Branches and: Agencies""ll over the world.
KAN TONG - PO,
55 17 Chief, Munkgerfi
اژه
Te foolishly
toquealous. B-A native of Great
Britain. 11-A"narrow road- 12-Black olly Hankd
from coal 13-River, flowing from
Lake Ladona, # Hussla
14-Half-an em
336-To mimle
117-Vase-
19-In
HORIZONTAL (Cont)'
|43-To attempt:
45+Imbecile
45-At a distance 48-Toward
T
VERTICAL (Cont.)! to-Indijancus 16-Bection of Argentini
Repubile 13-Bodies of soldiers
49-German for month || ||21-A, playing card MP, of May 50-Pounds, whillings
jair and pones {abbr.)
62-Behold
63-Brother of Jacob
|55=Profix-three
36-Abara
156-Litts
(69-Young) #WAN
20-Turkish commander WYS
[22-Solitary 12
24-Mohammedan
- proper_name,
20-One who compiisa
catalogado S
28-A queen who visited
King Bolemanag 20-3amačna južio“ Vig $2-Sines -33-Game #e, Ridati, -St-Lariat -
87-Choicest part of
40-Inferior apartmant
Op
VERTICAL
1
1-Bags
2-Reverberated Seindefinite artiste 4-Light" wvaking meal
23-Ancient 124-A branch of
Tearning
|26-To:humble 27-To glorify {28-Interjection-szme
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of £388,632 being carried forward Foreign Newspapers, which to the debit of profit and loss. pears at $147,115, and in connec- The balance sheet shows quotes tion with the leans of £191,124 to securities at £1,204,005, of which Associated Anglo-Atlantic and the market value was 2684,430. | £201,236 to British Cement Pro- Loans advanced by the company ducts, negotiations at present in have increased from $128,509 to progress Indicate that these will bo, £539,475; 'and the report states that consolidated on basis which owing to the severe depreciation in should enable them to be ex general market values the security | tinguished without ultimate logs. held against these advances does not fully cover this amount.
The director state they are satisfied as to the loan to Anglo
YESTERDAY'S SOLUTION
ASTARED TA PA MNACLOSI LID SON ALUM 1 NONCS RED
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In regard to the action.by Anglo- Foreign Newspapers, It is stated that conversations are taking place in an endeavour to avoid litigation. Since the date, of the last meeting the following directors have signed:Mr. G. F. Forsdike, Mr. AJ Greenly, Mr. W. Li Stephen- son, Sir John Forster Fraser, Mr. HL S. Horne and Lord Stanmore.
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9 J. E. P. Nowman has joined the board and the appointment of additional directors is under con- Videration. The auditors, in their report state that they are unable to obtain verification of the amount of the loan appearing as due from Anglo-Foreign Newspapers. It bas not been possible, they say, to as" certain the value of all the Becuri- Hex deposited with the company. against partly-secured loans, and no provision has been made for loss, if any, on such loans.