BALLWAY Lakes
GDAYS
HO.DAYS
5 DAYS
GoEMPRESS to America, Europe
Van- conver
THE CHINA MAIL, MARCH 21, 1939`
ITALY CAPTURING ANGLO-INDIAN
WOOL TRADE
Price-Cutting In British Markets
GREATLY INCREASED COM- PETITION FROM ITALY AND GERMANY IS HAVING A DIS- TURBING EFFECT IN BRITISH MARKETS FOR WOOLLEN TEX- TILES.
COTTON PACT SIGNED
LONDON, TO-DAY. THE LANCASHIRE COTTON INDUSTRY BENEFITS BY THE
· PROVISIONS OF A TRADE AGREEMENT BETWEEN BRI- TAIN AND INDIA SIGNED YES- TERDAY WHICH IS TO REMAIN
Most of the German competition has been concentrated in export IN FORCE FOR THREE YEARS.
markets, but Italian mills have sold
In order to compensate for some more and more of their cloth in Victoria England. Both Germany and Italy preferences on British goods which have now been discontinued, India are obtaining the greater part of undertakes to reduce duties on Bri-
Arrive
Hong Shang- Naga-
Toko- Empresa Kong hai saki Kobe hama Honolulu
.of i
Leave Arrive Leave
Leave Leave Leave
Agia
Russia Apr. 27 Apr. 29 May 1
Apr. 5 Apr. 7 Apr. 19 Apr. 21 May 3 May 5
Apr. 14 Apr. 28
May 12
Apr. 20 May 3 May 18
Mar, 30 Apr. 1 Apr. 3 Canada Apr. 14 Apr. 16
Air-conditioned equipment on C.P.R. Trans-Continental Trains.
Frequent Canadian Pacific Atlantic sailings to European ports.
TO MANILA
Empress of Asia on Thursday, March 23rd
at 5.00 PM.
Canadian Pacific
Union Building
SPANS THE World
#
Telephone
20752
G. FALCONER & CO. (HONG KONG LTD.) WATCHMAKERS & JEWELLERS,
DIAMOND MERCHANTS,
UNION BUILDING (opposite G.P.O.)
Agents for:-ADMIRALTY CHARTS, ROSS' BINOCULARS and TELESCOPES, KELVIN'S NAUTICAL INSTRUMENTS, ENGLISH SILVERWARE Direct from Manufacturera,
High Class English Jewellery
PRESIDENT LINER SAILINGS
SAN FRANCISCO AND LOS ANGELES
Via
SHANGHAI, KOBE, YOKOHAMA AND HONOLULU
*S.S.- "PRESIDENT PIERCE”
8.8. "PRESIDENT COOLIDGE”
8.8. “PRESIDENT TAFT"
SAILS MAR. 25th at 4.00 P.M.
P
M
;
$1.
"
\/9.8. "PRESIDENT CLEVELAND”
9.8. “PRESIDENT TAFT” 8.8. "PRESIDENT COOLIDGE”
OMITS SHANGHAL
APR. 8th at 8.00 AM, APR. 21st at· 8.00 A.M ̧ MAY 5th at 8.00 A.M. MAY 19th at 6.00 A.M. JUNE 3rd at 8.00 A.M.
· AND FORTNIGHTLY THEREAFTER :.
NEW YORK AND BOSTON VIA SUEZ ^8:8. “PRESIDENT. MONROE" SAILS MAR. 29th at 9.00 P.M. APR. 14th at 12 Noon
S.8. "PRESIDENT ADAMS”
AND FORTNIGHTLY THEREAFTER
MANILA
8.8. "PRESIDENT COOLIDGE”! SAILS APR, '3rd at
8.9. "PRESIDENT TAFT”.
8.8. "PRESIDENT ADAMS”
APR. 14th- at`1.00 A.M. APR. 14th at 12 Noon
** AMERICAN ★ ★
PRESIDENT LINES
ROUND WORLD SERVICES.
12. PEDDER ST.
TELEPHONE 28171
their supplies from South America.
tish cotton goods in the first year During the 'seven months ended January 31, Britain, France. Bel- from 20 per cent. to 15 per cent. gium, and the Netherlands all in- ad valorem with corresponding re- ductions on printed goods and grey creased their wool shipments from
goods. Australia, but the German figure! was 20 per cent, lower and Italian figure 40 per cent. down.
the
CHEAPER BY 121⁄2 PER CENT.
Duties in subsequent years will [depend on the volume of exports of such goods to India and the amount of Indian raw cotton taken by the United Kingdom.
Preferences enjoyed on British markets by India under the Ottawa Agreement (which the new reduced
agree- ment supercedes) are with few ex- ceptions continued.
Last year the South American countries from whom Italy and Germany obtained wool their purchases of British cloth considerably, and because of bilater- at trade agreements they gave pre-] ferential entry to Italian and Ger- man manufactures.
Each party agrees to extend to the other any tariff preferences ac-. corded now or in future to any Do-
Apparently aided by, a subsidy,minion or South Rhodesia. Germany has been selling 'merino With regard to the Colonial Em-
of pire, provisions
the Ottawa
yarns as much as 12% per cent. cheaper than Britain in Scandinavia, Agreement are generally retained.
the Baltic States and Eastern Europe. Italy also appears to be subsidising her wool textile trade. The following table shows, Bri- tain's cloth imports in recent years in square yards, and Italy's increas- ing share:
1936 1937 1938
Year Total imports. From Italy
5,000,000
263,000 8,250,000 Over 4,150,000| .12,000,000. Over 6,000,000 The Italian imports for 1938 ivere equivalent to 500,000 square yards a month, but in January of
this year they jumped to 760,000.
LOW-PRICES
Last year Italy took from us only 446,000 square yards of wool fabrics. She used to buy a considérable. weight of English wool, but last year reduced this item also.
-Reuter.
ITALY SNEERS AT YOUNG ENGLAND
"The young Englishman does not wish to be a soldier," writes the Rome Tribuna in a reference to the British appeal for voluntary na- tional service.
"That means to say, the article goes on, that the young. English- man does not feel obliged to de- fend his Empire at the risk of his own life and by means of an as- siduous training.
"In fact he has too much faith in prestige and wealth. But to-day money is not sufficient to ensure power. Nor are arms and machines if the nation is not permeated in peace time with an ardent warlike spirit.
1
Buyers in England are being approached by Italian and other foreign makers offering cloths at prices the English mills cannot
"That is the profound difference equal. There have been examples compared with those peoples which, of Italian sellers cutting their prices although poor, have the courage to still further as soon as English| overcome every obstacle.
mills" quoted the same price. Chea-
"It is strange that a great Em- per labour alone cannot explain the pire, notwithstanding the nature low Italian prices.
of the heritage which it has to de- All the fabrics Italy sends into fend, should renounce an elemen- England could be made here. Many tary necessity which is an essen- mille have idle machinery, and tial duty. some may be forced to close.
LOCAL DOLLAR
The demand rate on the . Hong Kong dollar to-day was 1/2-25/32.
"Spot" silver was quoted in London at 20-1/16 and -- forward nt' 19%.
"We must, therefore, infer that the spirit of the rich nations is not in keeping with abnegation and sacrifice."-Router,`.
MERCANTILE BANK DIVIDEND
The London on New York rate was quoted at £US$4.6818 and the New York-London rate at The Mercantile Bank of India,- £-U.S.$4.68-1/4.
Limited, have received a telegram from the Head Office in London ad- vising that at the Annual General Three years' hard, labour was Meeting of shareholders a Final imposed on Tsang On, Tong Ping Dividend of 6% on the “A”, “B” and and Yu Yun by the Chief Justice C shares will be recommended Sir Atholl MacGregor, at the Cri-making 12% for the year less In- minal Sessions this morning for come Tax); $20,000 written off robbing three women of Jewellery, Landed and House property; £30,-- clothing and money at Shaukiwan 000, Contingency account; £177,770 · on January 21 last.
carried forward to 1989 account.