BANKS
HONG KONG AND SHANGHAI
BANKING CORPORATION.
AnMacloud Capitel ..............
Imand and Falty Pald-up
Bondren Fonde ! --
Sterling immunomamenn á 9,300,000 昇龍
+pears. 318,200.000
-400,035,808 30,000,00
Basares Linbllity of Proprietors **** 530,996.000
KNAD OFFION, HONG KONG.
BOARD OF DIRECTORS :--
Bon, Me. . J. Paterson. Chairman.
T. R. Paros, a Deputy Chairs
Hod. Mr. W, 77, Bell,
A. Dension, Esq.
M. T. Johnson, Kaq.
0. Mais, Esq.
AMOT
BANGKOK
J. à. Plummer, Eng.
T. H. X. Shaw, Roq,
J. F. Wacres. Zog.
V. M. Graybury, Zey. Chiat Bisnagit.
BELWCHES
LONDON
LYONS
MUAS (Johor)
MUEDEN
NEW YORK
PEIPING
BATAVIA BOMBAY
CALCUTTA
DAKTUN CHEFOO COLOKBO DAIBEX POOCHOW HAIPHONG
HATI BUBO
BANKOW HARRIN BONGERY
MALACCA WANT
ILOTLO
JOROBE
XOR
KOWLOON
KUALA LUMPUR
PENING
LANGOON
BAGON
SHANDRAI
SAN FRANOI800
BINOA POBE
SOURADYA
TIENTSIN
TOITO
BUNGRI PATANI
THINS140
YOKOHAMA
Current Amounts opened in Local Currency and Fizad Deposita reosited for one year of shorter perioda in Ioal Currency and Sterling un berme wilck will be quoted application Hong Kong, 5th April, 1932.
HONG KONG SAVINGS BANK.
The Masions of the above Bank is conducted by the HONG KONG AVE SEANGHAI BANK ING CORPORATION. Ba'ee may be obtained
application.
FOR THE HONGKONG AND SHANOBAT BANKING CORPORATION.
V. M. ORAYBURN,
Chief Manage.
Hong Kang, 17th February, 1932;
THE BANK OF CANTON, LTD.
Established 1912
Head Ofice-Hong Kong,
Authorised Capital (ILE. Ourtasy) ---$11,000,000 Palk-Up Capital F
Bear Fal.......
ABANCIES81–
Глас, 000
Canton, Bhanghai, Hanhow,fusion, Bangkok, New Yớch and San Franolazo.
LONDON DANKEBƏ ---
Tia Lloyd's Bank, Limited. CORRESPONDENTS
In all prissipal cítim of the World.
Forsiga tokaogy and banding beszam of
avery Kasoriştion transacted.
Desc's Bozes (various alsen) në a yearly.......
enial of From $4 to $40.
LOOK POONG BHAN,
Chief Manager.
行銀國中
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.
THE NO HONG BANK, LTD.
(Extabaked 1917.)
THE CHINA MAIL.
HEAD OFFICE:SINGAPORE. Hong Kong Benach: 13, Queen's Md., C. Authorised Capital Straits $20,000,000 Issued Capital Paid-up Capital ...
Incorporated by Royal Charter, 1853. Reserve Liabilities
HEAD OFFICE: LONDON.
Fald-up Capital
Reserve Fund
Reserve Liability of Pro-
prietors
.£3,000,000 .£3,000,000
.23,000,000
Agendes and Branches:
LOB BAB
AMRITSAR
KUCHING
MADRAN
BANGKOK BATAVIA BOXARY CALCUTTA DANTON CAWXPOBE ORDC COLOMBO
DELHI
KAIPHONG
ILAM DURG
HANZOW
HARDIN
TONG TONG
ILOILO
ІРОН
MANILA
WEDAN
NEW YORK
PEPING (Palog) PENANO
RANGOON
BALOON
of Shareholdera Burplus
N
#
И
8,000,000
4,000,000
4,000,0011
2,697,000
Branches, Agencies and Correspon denta to the principal cities of thi world.
Every disciption of Banking - abo Exchange business transacted.
TAN ENG HOOI,
Manager
THE NATIONAL CITY BANK OF NEW YORK.
HEAD OFFICE: 55, Wall Street, NEW YORK.
....
Capital, Surplus and
Undivided Fronts U.S.3225,347,466.11
Branches in:-
ARGENTINE LONDON
BEMARANG **
SEREMBAN
SHAKOHLI
SINGTONE
SITIAWAN
SOURABAYA
TAINING
TIENTRIN
XABACHI
TONDRAN (Bhuket)
BELGIUM
MEXICO
KLANG
TSINGTAO
BRAZIL
PANAMA
KOBE
TOKOHAMA
KUALA KANGSAR
ZAMBOANGA
CHILE
PERU
CHINA
PHILIPPINE
and
General
COLOMBIA CUBA DOMINICAN REPUBLIC
PORTO RICO
STRAITS
* KUALA LUMPUR
Foreign Exchange Banking business transacted.
Current Accounts opened and Fix.
ed Deposits received for one year or shorter periods at rates which will be [quoted on application.
J. STUART,·
Manager. Hong Kong, 11th April, 1932.
NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.
(NETHERLANDS TRADING SOCIETY) BANKERS
T
Estabilabad ANSI.
Hong Kong Offics:-11, Qomen's Bond Central..
Authorised Capital w.... Ouldern 150,000,000- Pald-Up Capital, men Quildərs 82,000,000- Becatre Fusi ... Ouilders 40,015,00G-
Head Office ---AMSTERDAM". Eastern Bead D800:-DATAVIJA.
Kobe,
Branches --Bandformasin, Dandowa, Bombay
Caloriia,
Djak Charbon, Djember, Jakarta, The Maps, Jiddaš, Miramar, Moden, Palaisberg. Pika longis, Penang. Rangoon, Rotterdam", Semang*, Shanghal, Blusapon, Bosts bala, Boerakarta (Bolo), Taga), Tillaljup and Waltorreden*,
• Thurn offom bare Bale Deposit Boxse to Lei.
LONDON BANKERS :-
MATIONAL PROVINCIAL BANK LTD.
Correspondente all over the world. Booking Bual bene of avary description transscled.
A. STOKKINK,
Hong Kong, December, 1991.
Manager.
THE
AMERICAN EXPRESS COMPANY. INC.
THE BANK OF CHINA.
Hand Office: 65, Broadway. New York.
Capital
Reorganised October 26, 1928, under
special charter of The National Gov-
ernment as an
INTERNATIONAL EXCHANGE
BANK,
Subscribed CapitalTM
Paid-Up Capital
Beserve Funds
Surplus .....
U.S.$6,000,000 .U.S.$1,572,454
Reserves..... ..........U.S.$1,908,209
BRANCHE8:-
.....$25,000,000.00
Amsterdams Jos
.$24,710,200.00.
Antwerp
Athens
..$ 3,820,608.82
Elsala
Glasgow Havans Hamburg
No Napła Piraeus Faris
Berlin
Батга
Penang
Blarrita
Bombay
Bewus
Brossel
HEAD OFFICE: SHANGHAL
HONG KONG BRANCH:
4. Queen's Road Central
Owing to our numerom branches in China and large connections in the important commercial centres of the world, we are able to extend to our clients special facilities for domestic and foreign banking and exchange.
Busco Ale
Interlaken Jarunala Ládn Loodan Liverpool Lucena Lugano Luzo Marseilles Constantinopla Monte Carlo
Cairs
Calcutta
Cannes Gohan bo
Copenhage Edinburgh Forgone GADETH
ولاحول
Peking Palermo
Exterdam Ime Bambou! Stanghal Southampton Slagspore 91. Morile Yassin
محميات
INDIA ITALY JAPAN
ISLANDS
Commerce an Finance
Wheat Situation Throughout
"The World
IMPERIAL COMMITTEE'S SURVEY.
TUESDAY, APRIL 12, 1932.-
are freed from the need to pay high prices for seasonal labour. The harvest excursion is a thing of the past in Canada.
There is a rise in production per head, and a decline in the volume) of agricultural employment. It la the day of the large farm unit. Another important consequence of mechanisation combined with selective breeding of wheat, is greatly to extend the wheat area and to enable wheat to be grown Jon poor land.
The 'general conclusion follows that. while population is not ex- panding, rapidly, wheat is being] produced more and more cheaply] in ever greater quantities, and the outlook is one of continuing strug-
Superabundance of the World's gle between farmers who can adopt
Primary Foodstuff ·
| throughout the world in 1931. condition of the world.
The Committee set itself in par- SETTLEMENTS ticular to find out whether there URUGUAY
VENEZUELA
(TAIWAN GINKO.)
HEAD OFFICE:-Taipeh, Formos.
Incorporated by Special Imperial
wheat countries outside
not
the new technique and those who fail to do so, and of fierce com petition involving low prices.
Russia.
Infection
at School
Formamint will protect
the
chlidren against infactions caused by the coughing and sneezing of iițile playmates.
Give your children a Formamint tablat whon they go to school and when they comehome.Formamint will ward off Infectious
Sore diseases, such Throst," Influenas, Messias, Boarist Fever, ato.
Su 1
Buy a bottle today!
FORMAMINT
The Germn«killing | Throat Tables. At all Chemists.
THE GOLD BOOM.
Bullion Dealers Close
The twentieth report of the Im reappeared as an exporter of wheat
The data in regard to post-war perial Economic Committee (on on a large scale. But the main Russia is scanty and insecurate. sale at the Stationery Office, price reasons why a smaller crop in 1929 The average pre-war production 6d. 121 pp), deals with wheat. It was followed not by a rise but a was 768 million bushels. The crop Is a survey, without recommenda-continued fall in price must be which had shrunk tremendously tions, of the whast situation sought in the general economic during the war years and early years of the revolution, was only some 419 million bushels in 1923 Increased Consumption. Nevertheless the stocks have ac-By 1928, however, it was 782 mil- has been over-production of wheat, cumulated and to-day are double lion bushels, and by 1980 over whether requirements are likely to what they were ten years ago; 1,000 million bushels.
Small crops and the break up of Commercial and Travellers' Letters increase and what the prospects they cannot be measured very of Credits, Travellers' Cheques, BIL of prices are likely to be. closely because so much wheat is large estates, together with In- of Exchange and Cable Transfers The report shows that in the in the hands of farmers and mill-creased consumption at home and bought and sold. Current accounts years since the close of the war ers, but the known existence of resistance by peasants unwilling to and Savings Bank accounts opened the quantity of wheat grown has huge supplies depresses prices grow quantities of wheat for ex- Their Offices. and Fixed Deposits in local and for greatly increased. Before the was Consumption is not very easily port without adequate return, de eign currencias taken at rates that may be ascertained on application to there was, on an average, an an-meatured, but some conclusions layed Russia's reappearance in Packing-cases of old gold jewel- the Bank
nual expansion of 53 million are established. In the first place, world markets,
lery from country districts have We are also able to offer our Cus- bushels, and just before the war the world demand for wheat is in
The Five Year Plan, with Its been arriving at the offices of the tomers the services of the Branches the world's annual crop was about creasing in consequence of the State Farms and collective farms, big London bullion dealers and re- of the International Banking Cor- poration in Spain and also of The 3,000 million bushels, leaving out growth of population. The con-is hastehing the extension of finers during the recent boom from National City Bank of New York Russia and China. This produc- sumption per head is increasing in machinery. The increase in pro- these anxious to take advantage of (France), S.A., in Paris and Nice. tion dropped sharply in the war Russia, the Orient and tropical duction is very large-388 million the premium on gold. Further,
B. M. MCLAY,
exceptional year ach mail brought with it aacks of by something over 100 million countries. The report quotes the bushels in the Manager. bushels a year. There was a big conclusion of the Food Research 1980-but there is no way of judg-registered letters containing coins Hong Kong, March 1, 1982. drop in European countries, which Bureau of Leland Stamford Uni-ing how much
will be exported and pieces of gold. had produced before the war near- versity, that tropical countries show Russia can sell below the costs of The rush of the public to sell ly half the world's wheat and an increase in consumption production, but it ja not in her their hoarded sovereigns at 278 THE BANK OF TAIWAN, LTD. which diminished their output by only absolutely, because of in-economic interests to do ao far d., or at a slightly higher price a third. They were producing 400 creased population, but also. per longer than she can help, and the where large numbers were invöly- million bushels less in 1920 than head. There are more people and low price of wheat is as serious aed, intensified as the days passed. in 1913. On the other hand the each person is eating more wheat, matter for Russia as for any other But great as was the pressure to Europe, In more civilised countries less exporter. Russia exports primary realise on sovereigns, It TVSA Canada, Argentina, United States, wheat is being eaten for bread, as products and imports machinery nothing like so great as the offer. Australia and India, under the fruit, vegetables, dairy produce and eqdiment. Low prices for Dank-Nous heud Aretage out, 15,000,000 stimulus of war time demand were and sugar have become more in her chief export increase the sacri.ngs of old gold in various forms.
One of the leading bullion The fice demanded of the prezent to the dealers and refiners informed a re- producing 300 million bushels portant in the daily diet. more. So that the net decline was American who used, thirty years future by delaying the coming of
presentative Kagi, Karenko, KaulusTM, Makong, Nanso, Banshiku, Talehu, To only 100 million bushels. In the ago, to eat 5.4 bushels now eats industrial equipment. Takes, Timini, Toen, Heile, Talo, CIKINA --Banghai,
years since the war Europe has re-jonly 4.2 bushels; but there has not An old and formidable, competi-Times that he had received several Bankow, Amoy,
Fooober, Bo Caton
gained her old output. OTHERS-Hong Kong, Blagspore, Boerabere, non-European
The five been any great drop since the war tor has reappeared in the wheat hundredweights of gold objects and had a further large consignment Semarang, Batavia, Boday, London,
wheat countries either in the United States or else trade and the need of the present York, Dar
His greatest trouble, he coming. have continued to increase and where. The demand for wheat for Soviet authorities for foreign cur- now produce 2,000 million bushels human food is inelastic in the rency introduce a new and uncer-ald, was to cope with the arrivals without any undue delay. His where before, the war they produc- chief wheat consuming countries, tain factor into an already com staff, already increased, had been
and abundance meani a fall in plicated market. Falling Prices.
working from 7 a.m. and would price. But per head, fonsumption So that it is true to say that pro- includes the wheat a man buys to At the end of the last crop year, continue until at least 10 p.m. The duction has increased steadily, give his hens or other livestock or 1930-31, it was plain, according to only meals possible were cups of Prices during the same period to иле for industrial purposes. the figures of the International In-tea or bovril. have fallen steadily.
Public Turned Away. In an era The great importing countries, and stitute of Agriculture, that the
Some bullion dealers have been when there is widespread unem- especially the free market of Great total North American crop would ployment and privation there is a Britain, acted as shock absorbers be 79 million bushels smaller than 80 overwhelmed with work that superabundance of the world's and stabilised prices by accumul- thevious year. More exact they closed down their offices and primary foodstuff, at prices which, ating stocks in cheap times and information is needed, but the Em-pcated men outside to turn the over a vast area of wheat grow drawing on them in years of poor pire Marketing Board has made a public away. ing land, do not repay the cost of harvests. The new policy, both in beginning towards filling this gap. production. Prices began to fall Great Britain, and Germany, of There are clear signs that the ex- sovereign conversion movement is ¡in 1920, and fell at first more becoming more self-sufficing will portable surplus from Russia is growing and how many gold pieces rapidly for wheat than for the run lessen the steadying effect of these smaller this year. For 1981-82, yet remain unrealised was seen re- An antique- dealer in a of other commodities. In 1930 buyers, and world prices will world production is smaller, and cently. wheat was selling for about two probably fluctuate more. An ener-18 the whole insufficient to Surrey town walked into the office fifths of what it had fetched in getic campaign has been started In cover the requirements of con-of a well-known City firm, explain 1920, but the big drop had come the United States to feed vestock sumption. The European demanded that his own business was very between 1920 and 1925 and prices with cheap wheat, and this move is likely to be larger because of quiet, and he was confident that if in 1930 were in genera! about three meat may assume large propor-poor rye crops. Stocks will have he only knew how to go about it quarters of the prices in 1929.
to be drawn upon, to the extent of he could secure quite a lot of gold
Charter, 1899,
Central Back in Formose.
BRANGILES AND AGENCIES.
JAPAN ----Tokɔ, Yokohama, Kobs, Deak FORMOSA-Glan,
Naw
LONDON BANKERS: Barolayı Back, Ltd., Lloyds Bank, Lid., Midland Back, Lki. Wakulmier Bask, Ltd.
The Bank has Correspondente in all the principal Commercial Death throughout the world. K. NAOURA,
HONG KONG BRANCH:
3D Vaux Road Central. Hong Kong, December 24, 1981,
Matigue.
PHOTO-SUPPLIES
Kodaks and Cameras.
Films, Plates and Papers, etc. Developing, Printing and Enlarging,
ZIESS and BUSCH FIELD GLASSES.
Price Moderate.
A Trial Order is Sollefted.
Munich Montreux
Vinice
MU
Tokohama Zuriah
Branches of American Express Com-
A. SEK & CO.
We also handle the sue of Bonde yauy in Principal cities of United and other Public Funds of the Chfo- ses Government bath at home and States of Americs and Canada,
abroad.
SHOU J. CHEN,
All classes of Commercial Banking Manager. Transactions undertaken.
Hong Kong, 6th March, 1981.
THE YOKOHAMA SPECIE BANK, LIMITED.
Established 1880.
Capital (fully paid-up) Yen 100,000,000 Reserve Fund ................. Yen 117,800,000
Head Office:-YOKOHAMA.
Branches and Agencies at:
Alexandria
Hataria
Berlin
Bombay
Calcutta
Changchu
Daire (Dalny)
Nagasaki
Nagoya Newchwang
York
Parl
Peiping
Rangoon
Bangtan (Mukden) Rio de Janeiro
Los Angular
San Francisco
Sexitle
Sydney
Tokyo Tabortan
allowed on 2
Oprrent As
altă received for trad
to be obtainad on applicat
IL MORL
Hong Kong, 11th March, 1963
Persons! investment handled.
accounts
The Company offers to intending Travellers the use of its "Travellers Cheques” and Letters of Credit and, in addition, the world-wide - services of its thoroughly equipped Travel |Department.
E. W. DUGGAN,
Manager.
Tel No. 23459,
26A, Des Voeux Road, C.
Hong Kong.
Printing
Job
PLASONABEL
PRICES
THE MKWEPAPER ENTERPRISE LENŰ
ENTRA MAIL, USA. • SA WYMIAR 19.
ed 1,500 million bushels.
tions.
on
World Outlook.
of The Financial
An illustration of how the
On the whole, in the last ten Taking a
long view, wheat, something like 180 million bushels. coins. He was given the necessary years, the fall in the price of while it has shared the ups and But hope for better prices must information and departed and three wheat has followed the general downs of the last eighty years, has reat as much on a general recovery hours later be reappeared with 115 trend of declining prices so close lost ground compared to other com- from the depression as on any res-sovereigns. ly that it is plain that general modities, and has shown a steady triction of the production of causes rather than causes special tendency to fall in price."
to wheat have been at work.
purchasing power of wheat
The wheat. over
HARRODS REPORT.
of
Sovereigns At 289. The over-the-counter sale
the sovereigns at
big bullion brokers' offices abowed a consider- able falling off a few days later.
That it is these larger economic other commodities has declined by and monetary influences which about 4 per cent. Yet its cultiva have kept the price of wheat de- tion has progressively extended, Once again Harrods, by reducing On the other hand, consignments clining, rather than excessive pro-because the costs of production expenses, have offset lower gross arriving from the provinces have duction, is brought out by a strik have fallen as well. Biological earnings to an appreciable extent, been larger than ever, and in some ing diagram in the report which and engineering and transport ad-Despite abnormal conditions and cases were of exceptional volume, shows that wheat production, for vances have all cheapened produc- the continued fall in prices, the re- Most of these were coming from all the strides it has made since tion.
port states, the value of the com- big jewellers and were the product
at
the war, has not yet reached the Are these costs of production pany's trade in London and Mar- of local collections. level it would have reached if the likely to decline still farther in the chester shows a decrease of less For the seller with only a few pre-war rate of increase had been countries from which severest com- than 5 pc, while the volume of sovereigns the price remained continued. The set-back to pro- petition is likely to be felt? business and the number of cus- 27s. 6d. but for those consignments duétion between 1914-1917 was so│ Large Scale Production. tomers served increased substan- of between 20,000 and 40,000 coins, severa that recovery has necessari- The reaper, the binder, the hartially. Gross trading profits at the quotation was approximately ly been slow.
vester-thresher, and the tractor £2,206,200 were down only 290,409, 288., after having been slightly But special factors told against have steadily cheapened produc- or less than 4 1-8 p.. while, higher AM wheat after 1929. The United on, and the two last have had an dividends from Dickins and Jones While the numbers of callers at States Federal Farm Board held a enormous effect in the post-war and D. H. Evans and Co. were prae- the buillon brokers were smaller.
THE BANK OF EAST ASIA, LTD. huge and growing visible surplus years. Whereas in 1918 theretically unchanged.
HEAD OFFICER,
Established 1018.
10, Des Voeur Road, Central HONG KONĖL
Capital nad Burplus Total ResourcRE”..........
Varır - ILs 8,608,600.00
Every description of Sinking' and Exchan traxisscted.
Current and Fixed Deport Accounts in local and for-
sign_quærenoles opened for abanta.
Bavings Account and Safe Deposit Bazes. Branchen and Armcles all over the world..
KAN TONG FO
stock-450 million bushela in July, were only 80,000 tractors In the 1981 which it kept off the market United States, 850,000 were in use in the hope of helping the price. by 1928. There were, £70 combin The mere existence of this stock od harvester-threshers, in the Unit
L.I.D. CERTIFICATES.
the queues were even longer at the bullion dealers, and refiners' oficas, and: in several instances it wÂN TÓ- ported that the turnover was easily Messrs. A. Goeke & Co., local e record. Offerings of old gold were 87,000. The American ex-de Placements, Baale, advise us that signs, but not to such an extent as ports of that machine rose from the latest official quotation in Basle kas been experienced.--- 1,700 th 1925 to nearly 11,000 in 22-12-3.
had a depressing effect Russia ed States in 1914. In 1929 there agents for the Societe Internationale jewellery again exceeded over.
AN INTRODUCTORY:
HISTORY
A. EL CROOK, ORE, MASA
LAW HANDTHIDH MAZ BM2
PRICE $1.00
1929. (There was a jet-back to
6,500 fm 1980 owing to the slump Africa
In the House of Commons Major Elliot (Financial Secretary to the Trekeury) replying to Mr. W
and the poverty of farmers): In The value of gold in a sovereign Thorns (Sot, Plaistow), stated that, Western Canada" there were only
2 in use in 1927, but 7,255 in use
In 1929.
apart from the reminting of light gold coins, sovereigns had not been struck
early ugh they had, Sean. stralia and South
Ethe
-in the iniciál:
Founod