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THE HONGKONG · DAILY PRESS, THURSDAY, JULY 19TH, 192
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AND
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(Analysing 60 per cent. phosphate.)
ON SALE AT
Messrs. GRACA & Co.. THE SUN Co., Ltd.,
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ASAHI BEER
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DAI NIPPON BREWERY CO,
LIMITED.
TOKYO JAPAN
BOLE AGENTS-
MITSUL BUSSAN KAISHA, LĪTI
HONGKONG
[4.P.D.]
FRANCE'S FINANCES.
BARON D'ERLANGER'S SCHEME,
50 MILLIARD FRANC BUDGET.
RUBBER COMPANY SENSATION.
OUTPUT HALF OF THE ESTIMATE.
LABOUR SHORTAGE, Investors in the many new rubber com- panics which made their appearance during the boom last year have received
shock in the form of a circular issued by the directors of the Boruco Rubber Estates, Ltd.
"DIRECTORS.
According to the prospectus it was. estimated that the crop of rubber for the lbs, to 360,000 lbs per annum, rising next five years would start with 350,000 steadily to 439,000 lbs. per annum. It was also estimated that a profit of more capital. than 55 per cent would be earned on
An address in French on the financial situation of France was delivered at the Institut Français du Royaume-Uni, South Kensington, by Baron Emile d'Erlanger He said that up to the present all the efforts of successive Ministers of Finance The circular, shows that, the company, had been concentrated on the equilibrium instead of obtaining its full rubber re- of the Budget, but any effective pro-quirements from its trees, has actually gramme must aim at the simultaneous been compelled to buy a quantity of equilibrium of the Budget and the rubber in the market in order to carry stabilisation of the currency. In say out sale contracts. ̧* well-considered project for the reform of the French Budget the aim should be 'The Borneo Rubber Estates, Ltd., that the service of the National Debt issued its prospectus in August last, should not exceed 80 per cent of the when the public were invited to apply for 500,000 shares of 2. each. The direc total figure of the Budget.
tors were then Lord Gisborough, Sir The first condition in the task of rester. Byron Peters, K.B.E., Mr. Lewis Charles ing French finances to normal conditions.P.In the circular the name of Sir Bernacchi, O.B.E., and Sir Robert Lynn, was to abandon the system of thinking Byron Peters no longer appears as a and reckoning in paper trancs, and to director substitute thinking and reckoning in gold. In eight years England, despite a reduc tion of taxation and the consolidation of iti war debt to the United States, had been able to resume the gold standard -and-to-balance-its Budget of £500,000,000, which, for a population of, 40,000,000, was equivalent to an average expenditure per head of £20; and who could deny that France, rich as she was, and having a similar population of 40,000,000, could easily bear a taxation of an average of £10 per head? That would be equal to a Budget of £400,000,000, equivalent to ten milliards of pre-war francs, weighing 0.3996 gramme of gold. He would be aur prised if in ten years the combined yearly instalments of war debt to be paid to England and the United States were made to exceed 25 per cent. of the internal debt service, or five milliard paper francs, The total service of the National Debt, which for 1926-97 required twenty-mil- liards, would then require 25 milliards If the service of the Public Debt were not to exceed 50 per cent. of the total Budget, the latter would have to be computed at 50 milliard francs but franes which must be the equivalent of £400,000,000, or of ten milliard francs containing 0.3928 gramma of gold. That would mean the reduction of the pre-war franc by a Sfth, i.e., to 0.0643 gramme, equivalent to an exchange of 1961 to the pound.
WHAT FRANCE MIGHT HAVE.. According to this formula France would have a Budget of 50 milliard franes of 0.06-15 gramme af gold; of this total 23 milliards would be devoted to the Public Debt, and out of that 25 milliards 3,150,000,000 would go to the political debt. Twenty-five milliards would be left for the public services. The speaker weat oh to insist that the balancing of the Budget" and the reduction of the gold weight of the franc from 0.3296 gramme to 0.0645 gramme would be doomed to failure unless measures" were taken to ensure the stability of the new gold stan dard
...
Applications "by the public for the issue were so eager that the list was closed at 10.45 a.m. of the opening day having been heavily oversubscribed, and the shares last year reached a price of more than as. each. They were changing bands at is.
"AGENTS". KETO ET.
In the efrcular issued the directors state that a firm of local agents is of opinion that the estimate of 350,000 lbs. per annum could be attained, and that it should be possible to average that quantity yearly for the next eight years,
but at the expiration of that period, the rubber trees would be of little value." aiderably short of the estimated quan
The monthly output has fallen con- tities, directors," had in consequence to buy and the company," write the rubber at relatively high prices to cover the existing sale contracts."
The shortage is ascribed solely to shortage of labour. The report contain- ed in the prospectus, however, stated that
very contented lot of Javanese coolies have been got together-more. than is necessary. for present require- menta."
For the first eleven months the estate produced only 169,035 lbs. of rubber."
HONGKONG STOCK EXCHANGE.
✅MLOSING QUOTATIONS,
JULY 28TH, 1920.
Hongkong Bank
$1,150 6. Do London nom Mercantile Bank, A. & B........£30 nom. Chartered Bank
£203 bay.
Do..
0......£13 num.
£91 buy.
d's buy.
...8830 bay, 640 sel
$1,80 Day. ....Tis. 143 nom.. $291 nom.
... bay.
... nom.
..$40 num.
...$877 nom.
...*15 nom.
..$244 buy.
$33 bay. ...31+ nom.
The suggestion that France as a result East Asia Bank.
P. & O. Bank of the WAT was poverty-stricken, even Canton insurance..... ruined, had been preached to such an China Underwriters extent that the masses of people had North China Insurance ended in believing it. But, while France Union Inrersace had suffered more severely than any other Yangtze Insurance .................ḥ nation, she had really also gained more,
buy. China Fire Inture 200 bay. thanks to her rare vitality. She had re- Hongkong Fire Insurance $590 buy. conquered Alsace and Lorraine, with their ER, U. & M. Steamboats ...$20 buy.
Douglases ............................... Augmented prosperity; despite her terus rible losses of men she had become the Hongkong Tuga home of hundreds of thousands of im Indo-Chinas (Pret)... ...Sk bay. migrant workers whose descendants would Shell Transporta..........
Da, (Del), be real French people; her agriculture Femies....... and her industries generally had been re-water boats ........ constituted with an astonishing rapidity, Uhine Sugars ............. and were to-day enjoying a prosperity Malabon Bugars beating all records; factories had been Benguets....................................... modernised; and there was no unemploy. Kailan Mining Ad ment. Compare this state of things, said-Baron d'Erlanger, with that which
Langkats (combined) pravalls in other countries of old Europe. Shanghai Explorations..
Da. (angle) indicat He closed with the expression of a hope Shanghai Loans ma and belief, which evoked much cheering, Bal..... that in these conditions France would not Tronoh Mines allow herself to be striken down by the Uns Calians leprosy of internal political dissensions.
H.K&K Wharts.... The Hon. George Peel, author of The K&W. Docka Financial Crisis of France," who pre-
Hongkow aided, said that the economic situation New Engineeringa. that had arisen in France since the vic EK. de N. Hotels......
Bhanghai Docks... torious war presented a truly formidable problem But the extraordinary pro-Hongkong Healtys
Hongkongnds On sperity of the industries of France furnish. Territorials ed a striking illustration of what the coun- HK. Developmenta try was capable of accomplishing amid grave difficulties; and the friends of Humphreys Estates..
..$14 buy France must feel confident that, victorious Rural Lands .............
Prince's Hiking.....
..$90) sel." yesterday on the field of battle, she must Ewo Cottons ..........................
buy. TL. 9.10 buy, emerge victorious out of the financial Orientals Tis, 2,415 buy, 2.79 Bel. situation of to-day. (Cheers.)
Shanghai Cottons (old).Tix. 32 buy. (new)....... 7 bay. China Bones
„Th. 101 buy. Hongkong TramWAYS Peak Trans (ald)...... Do. (new) Singapore Tractions
EXCHANGE RATES. [BRITISH WIRELESS BERVICE"]
Paris Brussels Amsterdam Berlin Copenhagen Vienna Helsingfors ∙Lisbon
Buenos Aires Shanghai
Yokohama
RUGBY, July 27th
1961
Tax's
Amusementa Canton Ice seäniänner Cements (combined)
[(old),
Okins Leghts (combined)
Da (old) on Do. (now)..
.40. nom. TL23 buy, Tis. 12 non. Tir. of nom „Vis: 7 nom 444-nom- ..64/- bay. 8/. nom.
122h buy: $541 nom. Tiên 170 bay. Tls, 6.90 buy,
Tis, 119 buy. „Sli del..
$03 bay. $51 ach $5 nom.
15 atarsal.
$253 nom
J1bg bay. ..$7.00 nom. .lv/8 buy, 12/ sel
il nom.
... rom
......$1ör namn. $iz nom. 10.
$191.. $15) nomi, 14 nom. $5.71mel
193
12.30
20.49**
38.84/
34.42
··193
China Pruvidants
2.17/32
45.7/10
2/10
Der A. Wings
1/11,11/22
Hongkong Misctrica
New York
Geneva
486.3/10 95.11
Maena Kivetrios
Milan
251
Do
Btockholm
Olso
18.18 22.15
Prague Madrid
∙1041
HK: Ropes (combi
Do. Lane Crawfords Mackintosh...MEERDE
Constructions ES. "Dairy Farmersman 104, bay,
388 nom.
$20 sel $10 BLA
31.54
Rio
1/5.20/37
Hongkong
2/21
MIORTOS MINE LUCARPROPOS United Asbestos. Watsome (old) Tim, Powells.
Silver (spot)
294
Silver (forward)
*29.9/18
Bombay
$19 nom 111 дол 120 nem.
Dom
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IF YOU WANT A REALLY FIRST CLASS
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At a Reasonable Price
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FACTORIES WITHOUT COAL.
BOLTON MILLS CONVERT TO OIL FUEL
Lonnor, July ted.. Over half the cotton mills in the Bolton district are almost without coal, and the Black with which they are supplied is in many cases unsuitable."
A number of mills have converted their machinery to the use of oil fuel, which is found cheaper than foreign coal
The authorities have permitted all the firms to continue for a further week on 75 per cent of the normal quantity of fuel consumption, but, owing to the short age of supplies in Lancashire, It is feared that the consumption will soon have to be considerably restricted.
FOR EUROPE AND AMERICA, INDIA AUSTRALIA, &c. Comprehensive and Complete Report of the
NEWS OF THE FAR EAST Li given in the HONGKONG WEEKLY PRESS. with which is incorporated THE OHINA OVERLAND TRADE BEFORT."
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