Money and Markets.
GOSSIP ON SHARES. CANTON MARKET REPORTS.
WHAT THEY" SAY.
FREE ADVICE FOR INVESTORS,
* KUFAN," |
Gossip often mures the market, bu! no cutestur should either buy or sell wn market gossip only.
¦
RAW SILK.
Over 200 bades of raw silk were seld on Sunday at low prices. The qantations weretem,
14/16
13 13 B.
Per Pieui. .H.K.8030 .H.K.8010
RICE. The market has remained quies, and both retail and wholesale are limited. Latest quotations were us 1 follow:- From now on the Daily 'resi will
Per Picul. furnish its readers with special re
Common White, Annain 89.22-10, 10 peris on local stocks and shares Common White, No. 3... 8.70 0.70 Fory Tursday. The information Common White. Krung will be quite disinterested, as it does not come from any party Long aglutinous directly concerned in the market Cargo Rice ...... Bug from one who is in close touch with the local tinito" and is Paddy, Kwangtung
White Bran well versed in affairs pertaining to the share, business.
Braders who may desire informa- tion on any point relating to the lucal share market should write to the Editor of this paper, marking Same und The envelope Katan. address should be given, not for publication, but in evidence of good faith. Replies will appear in this, edum dext Tuesday.
The demand for Banks continued during the week, and shares chang rd hands from $1,240 to $1,242.5). 1 think they will go up still further
this week and as much as $1245 wh huge to be paid.
0.16-11.38 3.92 0.58 8- 8.39 3.7-7.37 $3,28-4.37
THE HONG KONG "DAILY PRESS; TUESDAY,
SHANGHAI SILK MARKET.
UNSATISFACTORY WITH HIGH PRICES RULING.
REASONS FOR THE SLUMP.
Shanghai, June 29.-Th raw-silk market, at present, may be describ- ed as being in an unsatisfactory state from the point of view of the well as the manu- exposter as
facture: (flature), says the raw of Burkhard,
report market Buchan & Co,
The Reasons.
SILK FREIGHT CUT.
PACIFIC COMPETITION
VERY KEEN.
The Pacific Freight Conference Lage, ddenly, mouneed a reduction of freight on raw silk shipments from Japan to the north American coast, from $1.50 to only $3 per 100 Ibs. and the immediate enforcement of the reduced raté.
"Keen competition is expected to occur on the Pacific between the
JULY 9, 1929.
CHINA'S CENTRAL
BANK.
EARLY DAYS OF A BOLD PROJECT.
The prime necessity for a hra.thy, state of trule is condidence, says the Financial Times, and in a country such as China is to-day, racked ne it his heen for many years past by civis war and dissen- sions of every description, con- fidence is hard to come by. The attitude of the now Nationalist Government itself in. acte respecta has been inimical to the restora.
Govern.
foreign steamship companies, which tion of any feeling of security.
Foreign opinion particularly bas have started operations even on the Pacific, and the Japanese ship-own been disturbed by the ers, who are giving themselves en- tirely to the construction of excelent's tendency to regard agree- lent, larger and speedier motorments as susceptible of arbitrary ships. Such decision of the Freight alteration at the will of only one party to them-itself. The excure that they were contracted under Conference is considered to be a
not
The high prices ruling at present on the local market are not in pro- partion with values obtainable an the home markets and there. seems to be no possibility at present for challenge to compete with the ship: the old regime, and that their pro. thing the ordinary commissionping companies, which are
visiore are neither compatible with aliated with the Conference. business."
The raka Mainichi says this the dignity of the new China no: decision will create a profit on the in the best interests of the Chinese We do not doubt that the Gov. are of the raw silk exporters, but people, is no whit reassuring. will be shipping concerns, and especiallyernment has principally in mind takes may have been committed. the Kawasaki Kisen Kaisha, which the national welfare, whatever mis from the outsider's point of view, in its handling of the situation. strenuous efforts in the past to com- is now carrying neatly 63,000 bales of silk annually. thanks to its pete with the companies affiliated with the Conference, by offering the lower freightage.
The reason for the high prices here are to be found, first, in an - FLOUR
unsatisfactory crop, as jar as quan Supplies of flour have becomesity is concerned (also the second short and stocks have been also crop has nut fulfilled expectations) limited. Price of foreign flour has and, second, in the fact that rather large quantities of raw-silk seem to risen by about ten cents per behave been sold abread prior to the while that of Chinese flour has gone up by several cents. Latest quota tions of foreign and Chinese flour
Per of various brands were as follow:-
Bag.
"tiumboat
Banana Tree
Five Swallows Fuk Luk
The demand for this continues, Dog's Head ALL 5324/3.
Rotel shares went down to $5.43 but picked up again during the werk, and as much as 85.70 was paid think several on Saturday. I thousand shares must have changed
•hands. this igure.
sol is being paid for Hong Kong Land shares. There are still a few! buyers at this figure.
Teams came in, for a good deal of attention, and were handled to a large extent at $19.10.10 19.15. There is little likelihood of any change in the market until the in- terim dividend is declared, which will be some Line next incnth. Much will depend on the dividend declared.
Cabbage
Pine Tree and Stork Put Kwn
Fa Ngun Yun.
$3.72 4.90 3.2 3,95 3.03 3.83
3. AS 3.50 3.8.3
Red Leaf
3.32
OILS.
The general market of oils has
Per nined weak and prices low-
Picul. Groundnut oil, Fungize...... $21.00 20.70 Groundnut oil, Tung Wo...
20.30 Groundnut oil, Pushan Camellia-nut oil
10.60 Wood-tar oil
30.07 Bean oil
· 37.40
SUGAR.
There has been stili nu activity, in the sugar market as consumption has been still limited. Latest quotations were:-
Coarse granulated sugan.
No. 2 Coarse granulated sugar,
No. 3 Fine granulated sugar, No. Sugar Candy. Walchow White, Walchow Brown, Namkong Brown, Poklo
1.........
Per Plenk
#9.10
commencement of the season and these sales have had terle sevind at the prices naked by the filatures, resulting naturally ju some en hanced val22478.
The outlook for the future trend of the silk prices is quite uncertain. The filatures contend that as pre- sent' cocoou' prices no profit can he made, even at actual comparatively high prices, but on the other hand silk in Japan' us wek as Italy seems in ledar flow local quotations and it has therefore to be seen whether enl values can be maintained on the present basis for any length of time. Exchange of course has been in favour of China of late, but even this may not be sufficicat to equalize cur silk prices with those of Japan and Italy.
severe blow to those outside
With the increasing trend of speedier motorships, the Kawasaki Kisen Kaisha, which is not affiliat ed with the Conference has inade the freight on raw silk lower than the Conference rate by 30 per cent.
It was quick to realise that one of the fundamental needs of the coun- try was the reduction of the finan- cial system from the existent chacs to something like order. This ap plied to the collection of revenue and to monetary policy alike. June of last year an unofficial con ference of the leading bankers and
In
or to $3.15 per 100 lbs. This proved eronomic experts was called to ad- to be a hard blow to the membervise as to the plans to be adopted shipowners of the Conference, in this sphere of the rational re especially to the foreign steamship construction,
The advice tendered commended oncerns. The decline in the silk
itself to an official conference held shipments by the foreign boats was especially sharp as a result, and shortly after, and, with this was a cause of grievance to the alterations, the programme foreign ship-owners, hence they pro-adopted by the Government and moted the decision of such heavy reseps were taken to carry it into duction among the members of the effect.
Conference.
Unique Balance Sheet.
wight
B15
Prior to the decision, the Canadi Mr. W. F. Spalding has deverib- an Pacific Steamship and Railwayed as a welter of confusion" the Company proposed rather to make state of Chinese currenty, regulated the freight open for competition, as it has been from time immern but the Dollar line strongly oppos-orial by weight rather than by
Under the circumstances the posi- tion of the silk filatures is far from satisfactory. In the opinion of the fiature owners it is in fact soed, and then the decision was ar critical that a petition for help is rived at for the 81.50 reduction. Enid to bave been addressed to the National Citernment and it will have to be seen what the Govern men will be able or willing to do.
Complicated Problem.
We beteve that the problem is a too great and complicated one so Le remedied by the simple payment of some tens of thousands of taels. The real cause of the present-un- fortunate situation is a far deeper ore than a bad crop or unfavour able wheather conditions or any Cother execse suitable under the circumstances, The main reason why the Chinese silk industry is going from bad to wors is the lack POULTRY."
of interest taken by the people in The market has been slack due general in China in the develop me of the industry on a large large arrivals and short demand.
scale. Prices have fallen:-
Cements attracted more attention than any other shares last week. As was exclusively stated in the Daily Praw, it was rumeured in Tee House Streut that the Company will be shortly operated under its O management, which will lead to a considerable saving. A nam- her of people took up large parcels did not appear at 84.70. bat anxious to pay any more. If the demand continues, Cements will be de for a sharp rise, as this stock Pullet appears to be a favourite with Cock "Kamblers" on the market, it Hen ting the most speculative stock in Dick
Googe jlast "Looms."
China Lights were quoted at
7.00
16.20 11.00 ..9.20 10.00 7.60
Per Picul.
88630-102.50 75.70-09.70 36.90- 79.50 39.00 €7.50 3:230- 04.69
::
China with her unlimited re- sources, should easily surpass, any other country in the world in the production of raw-silk, but the the proper quarters interest in respecially amongst the country people directly responsible for the production of cocoons) is lacking a help, to such are extent that
count, and governed by standards varying not only from province to province, but even from one village Y.2,000,000 Loss.to Japanese.
to the next. It is a far cry from From the reduction of silk this primitive confusion to a gystem freightage by the Pacific Freight built up on Western lines around Conference, the N.Y.K. and other a bank of issue, but this drastic Japanese concerns, who are affiliat innovation is one which the Govern ed with the Conference, will suffer ment made last year by the forma
a loss of some Y.2,000,000 annually,tion of the Central Bank of China. because they are obtaining some which opened its doors on Novem Y.8,000,000 revenue yearly from the ber 1. transportation of new silk. The re duction of freight is just about one third, accordingly the freight reve nue will fall by so much.
The total shipments of raw silk were from Japan during 1928 300,147 bales, the freight revenue through which was 83,110,000, equi; valent to some Y.7,000,000. Of this, nearly Y.8,000,000 was the income of the Japanese' shipping concerns and the remainder, of the foreign the revenue concerns. Hitherto from the silk shipment had been re- garded as of most importance to the shipping circles, but hereafter their profit will decrease heavily in consequence of the reduction.
the
ME. T. V. Soong, the Finance Minister at Nanking, became the first Governor, and the 890,000,000 of capital was provided by the Government. Provision was made for publie participation in the new venture by means of an additional issue of sharce, but it was stipu
proportion thue lated that available must never exceed 49 per cent. of the total capital. The first balance sheet, which covers the two months' working to the end of 1928, Chi- and is a unique document nese history to date, shows that the sum furnished by the Goveth. nent had been sufficient for opera- tione up to that time, and that no opportunity Sur subscription had been given to the general public. The new hank. therefore, although independence of the Government, not conform to European does on complete dissociation of the standards of control which asist In State from its centrai bank. this respect it is more analogous to the United States Federal Re serve Board, of which the Secretary of the Treasury is ex-officio chair man, though the Chinese institution is still more closely bound in that the whole of its court of directors is armointed by the Government. The limitations imposed, even by the American link between the Government and banking, are re vealed by the dispute now in pro- gress in America with regard to rediscount rates.
$12 for old and $12.65 for new when CANTON STOCK EXCHANGE financially, from the Government is Conference freight on the Japanese in theory it is to work in compietei
they were separated Jnst Thursday. Buyers are now paying a little over these figures, and Chinatown is! baying. I am sure this stock will improve.
Providents lock cheap et 8 in spite of having paid no dividend. For all we know, there may be no dividend this year or the next few years, but for a lock-up investment they are a good buy.
Buyers for Electrics are paying $56.
All other stocks appear to he neglected, small transactions taking place from time to time.
Readers are again reminded of
the special facilities offered by the
CLOSING QUOTATIO
TIONS.
CANTON, July 7. Water Works
83.60 Electric Light & Power Co.... 4.00 4.80 Canton-Hankow Railways
97.00 .122.00 The Sun Company ...
4.20 invere Company anyang Bros. Tob. Co.....
2.20
Kwangtung Tramways Co..... China Merchants' S.N. Co.... 37,00 Central Bank of China......... 41.00
sunnly a drop in the ocean com. pared with the really big problems that are facing the silk industry in China at present."
Those problems can only be solved through very much enhanced pro- duction and betterment of quality which in the long rur wil tend to iwer prices all round.
Lower Prices Reeded. Lower prices are imperatively needed if the Chinese raw-silk in- dustry wishes to save itself from NO RICE FOR SHANGHAI:ng obliterated by not only the Japanese and Italian markets but so by the artificial silk (rayon), the production of which is growing by leaps and bounds and already now is undoubtedly doing great hann to the natural product harm to the natural product. Increased cumot be production, however,
MERCHANTS URGING AUTHORITIES TO RESCIND ORDER.
The action of the Kiangsu Pre- Daily Press, and are cordially in-vincial Government in forbidding vited to write for any informtaion rice merchants to ship rice from about Hong Kong, Shanghai, and Singapore shares they may desire No names will be mentioned in publishing replies.
EXCHANGE RATES.
[RITISH WIRELESS SERVICE)
Paris
Genera
'Berlin'
Oslo
Helsingfors
Athens Buenos Aires. Hong Kong egent New York Amsterdain
Stockholm
Vienna Lisbon Bucharest Bombay Brussels
Copenhagou
ces to
one district to another without first obtained by a simple Government obtaining hechen has caused the order, or by a single payment on other subvention. It can be attained merchants of Wush and
stop transporting the only by very careful and arduous cerea to Shanghai and the result werk especially in respect of rear- is that the rice business in the in- ing of the silk worms, etc., and it direction that the terior has been paralyzed and the is in this trade in Shanghai is seriously National Government should espe affected because most of Shanghai'ecially work and help their country stocks come from these places.
men to final success,
Though present stocks in Shang- Comparative Taide of China Raw
ai are said to he sufficient to let Silk Prices:- for several months to come, prices 2pward already are thowing an
trend. In north Kiangsu, the prices have Chinese papers say,
have and soared Considerably reached double Inst year's figures. There, the, crops this year have been exceptionally, poor and the people have had to depend on Wush for their supplies.
ItBy, July
123.97 25.211 20.33
***** 18.90
1922
3*8
47 7/32
1/117
4.841-
12.074
18.00
34.51
1081
818
and 2nd choice-13/13
1/8 25/32
and they promise to undertake to
Jen:
34.92 22.121.-
18.21
Prague
-1634 -5 57/61
·Bio
2/4 Shanghai 'Silver, spot & forward 24 3/16
In view of the seriousness of the aituation, the rice merchants of Extra C.
Shanghai have addressed orge Good 1......
June June 1. 1929 26, 1929 Taels Taels
"
Fatal Blow to Kawasaki. The effect of the reduction of the outside steamship concerns, especi- ally on the Kawasaki Kisen Kaisha, is no longer a matter of assump
tion.
The Kawasaki Kisen Kaisha re- contly lowered the freight to 83 in order to compete with the concerns affilated with the Freight Confer ence, but it is now facing the neces sity to make further reduction."
The N.Y.K.'s, shipments of raw silk since January 1 up to the end of May were 61,462 bales, and those of O.S.K. were 44,929 bales; and the Kawasaki Kisen Kaisha, 24,358 bales. The transportation by other concerns is very small in quantity as compared with these three com- panies.
+
JUMP OFF MANHATTAN BRIDGE.
COOK TRIES HIS OWN PARACHUTE.
["D.P." Special Service.] New York.-Old-time rhymes of "Darius Green and his flying ma- chine" were recalled here to-day when a Japanese cook named Shiniki Misumi, testing a home unde parachute, jumped off the Manhattan Bridge,
Inventor und invention fell to gether a distance of 120 feet into the East River.
Cash Reservs. Otherwise the Central Bank of China adheres fairly closely to the lines with which we are familiar in this country. The separation of the hanking and issue departments is of peculiar interest to us, for there are few central banks other than the Bank England which make this distinction. There were out. standing at December 31 last, notes to the valo of $11,712,000, and, although the statutee provide for a cash reserve of 40 per cent. against the issue, there was actually at that date a backing of 20 per cent., the remaining- 30 per cent.. being
made up of Government securities in the practical absence of commer vial negotiable paper suited to the purpose. This lack will perhaps be. A tugboat hastened to the scene remedied in course of time, for re- and rescued the Japanese, who was discounting is among the facilities rushed to Bellevue hospital. Physiwhich the intended reorganisation cans said that he bad suffered slight of the money market is designed injuries.-United Press.
Tatler filatures New
Der
per
picul
picul.
Steam filatures 1st and and choice 13/2 den:
Grand Double Exora 1,250
1.280
Extra A. Extra B.
1.000
1,120
1.000
1,040
050
1,000
€30
GO
Style:-Equal to:
"
Blue
Dragon
and
Flying Horse (six)
aumbers) Ex. 1/2av.
750
760
1,040
Black Lion
860
600
Gold Horse 3,
650
cửa
Tussin-flature
430-
925
Boy and Umbrelle
class
285
430
petition to the Kiangsu provincial Shantung flatures let authorities to rescind their order
see that no stocks are smuggled Extra A. abroad.
The purpose of the order he not-Miacher flatures fat been made muulle, but it is throught and 2nd choice 13715
den': that it was issued with a view to
Extra B. preventing smuggling to foreign
(Oontinued at foot of next column). countries, especially Japan.
010
to provide. Besides the note irene, the coinage also is entrusted to the hank, and the, dollar is to become the official unit of account as from July 1 next. The whole process of unification of which the bank is the first step is yet in its infancy. The underlying purposes are moulded on the right lines, and their due execu tion with the tranquility which is an essential preliminary will greatly -improve trade, hoth internal and 465 external virile as het aloen itset in lace of unparalleled diar- culties.
JAVA-CHINA-JAPAN-
LIJN.
Tel. Address 2 JAVALYN
Tel Central 1574
JCIL
York. Bullding
4. Hongkong.
REGULAR PASSENGER & CARGO SERVICE BETWEEN HONG KONG, AMOY, SHANGHAI, MANILA AND THE DUTCH EAST INDIES.
STIANIMA
SOUTH ROUND.
FROM
ON CE
ABOUT
EXPECTED WIL
LATE ON
For
STAI, K'LUG 14th July
& AMOY 'RAT. & AMAY 15th July S'ULL & ANCY 25th July
4p.m
14th July, Manila, M'ESAR.
4 p. 17th July,
27th July,
& BoxRABATA
BATAVIA
TJIRINI TJIKARANG TJISAROEA TJIMANOEK. SHAL, Klusa. 28th July SUA & AMG 5th Aug. TJIBADAK
TJITAROEM
חי
"STEAMERS
A AMOY
S'RAL, K'LONG. 11th Aug.
& AMOT
+p.m.
BATAVIA
20th July, Manila, M'KSAR.
+pm.
7th Aug.
+ p.p
SozxAHÁJA BATAVIA
18th Ang.. MANILA, H'ASAR
4 p. & Sonal
NORTH BOUND.
FLOK
EXPECTED ON OR ABOUT
TJIMANOEK.. Java,Makassan 10th July TJISARORA ... BATAVIA 3th July JAVA,MAKASSAR: 24th July! TJITAROEM TJIBADAK
HATAVIA 24th July 3rd Aug.
·BATAVIA TJILEBOET... JAVA,MaxAssan 7th Ang. TJIKEMBANG BATAVIA 14th Aug.
TJISONDARI
WILL LEAVE ON
OR AYOUT
For
12th July!AKOY & SAT, 14th July Axor & Sv. 26th July Axor & S'HA 26th July Axor &8* 4th Aug. Axor & S 9th Aug. Axor & S'AS 15th Ang Amor & B’Hai.
EXCURSIONS TO JAVA
KAMODIAN-BANDOENG - PAPANDAJAN— -NGAMPLANG—
GAROET
SINDANGLAJA -
TJISOEROEPAN-NONGKODJADJAR
WANASARI.
What do these Names mean?
A chain of good hotels in cool, mountain-Resorts in a chair of scenic volcanic mountains in JAVA.
All inclusive, tours from 3 to 4 weeks, re- membered for a life-time.
For particulars apply to:-
JAVA-CHINA-JAPAN LIJN.
Agents
ROYAL NETHERLANDS INDIES AIRLINES, LTD. York Building.
H
Telephone C. 1574
1575. 1555
Hamburg-Amerika Linie,
COMBINED FREIGHT AND PASSENGER SERVICE. CABIN CLASS ACCOMMODATION FOR 60 PASSENGERS, FARE FROM HONG KONG TO GENOA,£73.0«, 0d. ̧ OUTWARD.
Sailings from Europe for S'hai, Japan & Northern Ports:
S.8. "TIRPITZ " M.V." LEVERKUSEN " M.V. "ERMLAND" M.V." BURGENLAND" 8.8. PREUSSEN"... M.V.VOGTLAND"
HOMEWARD.
dne here on or about the 11th July doe here on or about the 23rd July dre here on or about the 2nd Ang. ... dus here on or about the 18th Aug. dae here on or about the 3rd Sept. ...due here on or about the 18th Sept.
Sailings for Gertoa, Rotterdam and Hamburg via Manila, Singapore, Colombo & Port Said:----
J
8.8. "BAARLAND" sailing from here on or about the 12th July M.V. "BHEINLAND sailing from here on or about the 27th July IMV. HAVELLAND sailing from here on or about the 10th Ang. M.V. LEVERKUSEN aailing from here on or about the 24th Aug. MY. "ERMLAND ...iling from here on or about the 7th Sept. M.V. "BURGENLAND" sailing from here on or about the 17th Sept
Calling also at Marseilles.
For Freight, Passage and further Particulare, pleses apply say:
JEBSEN &
AGINTS.
& CO.
*Tal. C.4754.