Money and Markets
BROACHING CARGO. HONG KONG SHARES.
PILFERING AT AMOY AND ŚWATOW.
ACTION BY HONG KONG
MERCHANTS,
A meeting of the Sugar Mer ohants' Association was held in Hong Kong on Tuesday afternoon, Mr. Lai Shun Chai, taking the chair.
Among other things the question, of pilferage at Swatow and Amoy by stevedore coolies came up for discussion. It
was stated that steamers carrying sugar from Java to these ports are involved in heavy less as a result of ruthless pilfering by organised gangs of coolies, against whom no action is taken by the authoritus.
or
Sugar merchants in Hong Kong usually buy their sugar in Java and have it consigned to Hong Kong with the option of shipment to "Amoy
the Swatow. When market in Hong Kong is dull, the sugar is sent North in the hope of finding buyers, but merchants on taking delivery find that a number of bags have been broken and large quantities of sugar stolen. Natur- ally they only take delivery of such hugs as are intact, and leave the shipping company to deal with the iraken bags. As a result, a good deal of negotiation usually follows the shipment of sugar to Amoy and Swatow, and the meeting held "on Tuesday is to discuss the best method of avoiding these. com- plications.
It was decided that the Sagar Merchants' Association of Hong Kong should write to the Chambers
Conuneree" at the two northern, perts. stating the facts and re questing assistance in laying the natter before the Kung On Kuk (Bureau of Public Safety), It was urged that the Chambers of Com
should request the local authorities to warn the coolies to stap pilfering and if the warming disregarded the ringleaders should be arrested and reverely dealt with.
Inerce
is
The Chambers of Commerce at Amoy and Swatow must be made to understand that the continuance of this pilfering was a disgrace to the Chinese national prestige. Mer chants, moreover, were severely handicapped, and although usually able to obtain compensation for their losses, it was only after lengthy and laborious negotiations.
4
#
SUGAR.
FEICES RIDICULOUSLY
CHEAP.
Messrs Pentreath & Co. have forwarded us the following letter from Messrs. Hornby, Hemelryk & Co., Liverquol, dated June 14.
There has been no change in the market tendency which has continu: ed easy, and prices are about 3d lower, thus creating a new low re- word.
The reason for this further decline is partly on account of stale Jung liquidation, both here and in New York. and partly on account of hedge sales against purchases of Raws.
British Refiners have, so far, made no change in their price list, but a further reduction is expected. Naturally therefore traders only buying what is needed for the
moment.
are
MID-AVEEK REPORT.
The following report is issued fruin the office of Mr. Harry 0. Odell, stock and share broker:-
Our market has remained steady for the week under review, with bus. few changes.
The bulk of the business passing has been in Cements (Combined) and Chien Providents.
Banks. Have changed hands at 81,230, and a little more will have to be paid to secure shares.
Canton and H.K. Fires.---Have lapsed to nominal quotations of 8830 and $770 respectively.
#325,
Unions. Are wanted at after having come to business at this figure.
Steamboats.Were done at 8215 and 894, with further buyers.
Iados Pref. Have been dealt in at $45.
Waterboats.-Are obtainable at
go
$3.
Benguets. Are being offered at
Wharves-Are wanted at $124), with sellers holding out for higher pricet
Docks.-Have sellers at 834), with buyers offering only 835.
Providents.Have been dealt in to a fairly large extent at rising prices-81.03 to $4.33.
Lands-A few shares have been negotiated at 861, and at the close were done at 9002.
Humphreys-Can be sold at 813). Realtys-Have appreciated to 82. Trams-Sales recorded at 810.10 to 819.20 for cash delivery, and at 818.00 for September.
Ferries. A small quantity chang ed bands at 884, shares being still available at this price.
Electrics Have met with little demand, with sales effected at $55) and $36.
Lights, are obtainable at 813.35 (The for old and 813.90 icr new. offer of yew shares fell due on July
it. $5 per share).
Mane Electrics-Are obtainable at 8281 ex dividend.
יד
Cements (Combined)-Have been taken off the market at receding rutes of 88.73 to 88.60 each, and cor responding rates forward."
Dairy Farme-Can be placed at $15.00.
Watsons-A few smail lots are on offer at 8113.
Amusements-Have eased off to a selling rate of 825),
Dividende.Banks have declared an interim dividend of £3, payable on August 6 at Exchange 1/11-1/8.
Amusements.-Dividend and bonus $2 for Preferred, 811 Deferred, payable July 24.
SHANGHAI MARKET.
Cotton shares especially, bave had. a further improvement, the latest cabled prices being:-
Ewes The. 14.20, Shanghai Cottons (Old) Tls. 79, Shanghai Cottons (New) Pls. 45, Shanghai Docks Tla. 143, all cash buyera.
The exchange rates for the day
are:-
T.T on London, 1/11-1/8: T.T. on Shanghai, 83. Next Settlement Day, Tuesday, July 30.
THE SINGAPORE AUCTION.
'THE HONG KONG · DAILY
MARKET VALUES IN NEW YORK.
SLIGHT FLUCTUATIONS.
"D.P" Special Service.]
New Yous. July 2 Sterling was quoted at the lose of banking hours to-day at 81.84 7/16 conjured to $4.84 17/22 yes- terday. W.S. bar silver closed at .31% compared to .51 yesterday,
The price of domestic copper remained at 18 gents a ib.
Rubber.
The rubber market closed 5m and somewhat higher with the fol lowing quotatione -
Month.
July 1 July 2
20.30 Spots
20.50 July.
20.30 20.50 20.60 20.70 91.00 21.00 91.90 21.20 21.40 et.40
August September "October
November Deceinber January February March April May June
21,60 21,80 21.90 21.80 30.90 9.10 22.30 29.40 *2.50 22.30 *92.60 130,60 22.70
Wheat. Wheat (Chicago) No. 320 hard. which is accepted as par closed higher with the following quota-
tions
Month July
July July 2 List 1.17 1.21
"September
December
1.251
1.230 1.981
Ootton.
The
losed higher with the following cotton market (Chicago)
quotations:-
Month.
July 2 Spots
18.90
July
18.99
July
17.85
17.85
October (Old)
18.24
18.39
October New)... 18.17 19,29
December
18.44
15.4
18.57 16.53 18.55 18.65 18.65 18.78
- January March May
Bugar. The sagar market closed firm and somewhat lower with the following quotations:--
Month
ZA
Salen. Tous Spots
September
December January March May
July 1. July 2 95,530
130,300 1.70 131/39
1.97
1.80
2.10
9.09
2.13
9.13
2.17
2.17
$1.25 -9.94 United Prens.
ADVICE FOR INVESTORS...
READERS
are reminded that inquiries relating to the share market will be answer- ed on this page next Tuesday by "Eufan." Letters should be sent to this office, and must be accompanied by writer's name and address, not for publication. Letters should be addressed to "Kufan," care of the Editor.
OIL RESTRICTION. LORD BEARSTED ON RECENT NEGOTIATIONS.
PRESS, THURSDAY, JULY 11, 1929.
BREAD AND BAKERY PRODUCTS.
MALAKOFF RUBBER..
COMPANY'S SOUND FINAN- CTAL POSITION.
London.-The second annyal general meeting of Malakoff, Rubber Estates, Ltd., was held recently at 149. Leadenhall Street, EC.
INDUSTRY SHOWS INCREASE,
["D.P." Special Service']
Ottawa, Dat.The gross value of the products, of the bread and Jakery products industry in 1027 was 869.720.962
The
Sie Harald E. Songge, K.B.E. (the chairman), in the course of
an increase of his speech, said: Our net earnings of £11, in a year when the 3,800.233 or 0.2 per cent over the average market price of No. 1 rub-figure for the previous year at ber was 101d. per pound compare $69,920,009, according to the Demi- with £28.308 in 1927, when the nica Bureau of Statistics.
A fenture of the year under re- average price was is 6ld per pound With £8,884 brought for view was that the number of in- ward, the total amount at our dis- dividual establishments increased by posal is £30.106. Having regard to 29 to a total of 2,443 and capital the outstanding balance to the debit invested by 83,142,200 or 8.4 per of preliminary expenses and to the cent to a total of 840,559,930. In necessity of reserving a consider 127 the number of employees totall able sum to meet income tax re-ed 14,414 receiving 818,085,147 is quirements, we have thought it salaries and wages as compared prudent to limit the dividend pay- with 10,380 employees with a pay- ment to 2 per cent, and to carry roll of 814,792,130 in 1999. forward £13,288, of which we value added by manufacturing to estimate that upwards of £7,000 materials which cost 835,779,600 was may be regarded as clear, unex-832,940,372, pended and unearmarked proât. The report points out that the While we have had to be content production of bread increased from to receive roughly 4d. per pound 775,708,502 pounds worth 850,439,438 less on the sales of our rubber, our in 1926 to 780,040,883 pounds worth net profit per pound on these sales $54,043,072 in 182. In 1927 pics. has only dropped d. which cakes and puddings, which rank means, of course, that we have next in importance bread, show an incrense in value of 32.318,247 to succeeded in effecting a considerable saving in our cost of production, a total of $11,440,431. In the pro- which is by no means to be explain duction of buns at 22,485,000 there ed entirely by the increase in our was a decrease in value of $33,944 crop harvested from 1,000,000 to ar compared with the previous year, 1,257,000 lb.
Biscuits, plain and fancy, made in baking establishments increased from 238 tons worth $107,424 in 1926 to 340 tons valued at $127,236 in 1937 ao increase in the quantity produced of 19.9 per cent, and in value of 18.8 per cent.
:1
Area Under Rubber: Permanent titles to an area of about 137 acres, formerly held on temporary licence, have been a quired by purchase, while a further 530 ueres were planted during the
Confectionary made in baking year, bringing our area under rub-establishments also shows a large ber up to 4,896 acres, of which near-
increase both in quantity and value ly 4,000 are mature. About 350 of production, the former having acres of the jungle reserve land in risen from 291,862 pounds in 1928 Kedah have been felled, and are to 15,75 pounds in 1927, and the now being planted with rubber.
latter from 887,953 in 1926 to We look for a considerable in-
8143,598 in 1927. Ice cream produc- crease in output during the current tion shows an increase of 10,814 year, and shall be disappointed if gallons or 19.3 per cent, to a total the figure falls far short of the of 88,502 gallons having a value 1,800,000 lb. mentioned in the pro- of 8108,840, an increase over 1998 spectus. To the end of April of of $18,292 or a little over 20.5 per this year and those four months cent. All other products fell from include of course, the wintering 2008,879 in 1926 to 8364291 in 1927, period the total crop was 417,700 ib., as against the estimate for that decrease of 43.5 per cent. period of 410,000 lb. I may add that there is good reason to hope that the output from our properties will, in the not distant future, ex- ceed the estimates set out in he pro- spectus, even when allowance is made for a conservative system of tapping.
Forward Salos. With regard to our forward sales, out of our 1929 crop we have sold 248,810 lb. at an average of a little over ls, 3d. per pound London landed terms, and a further 248,400 b. at a minimum of 8d." and a maximum of 18. 2d. per pound 'c.i.f. Of our 1930. crop we have sold 123,200 lb. at is. 14d. per pound
Z
· HONG KONG STOCK" EXCHANGE.
CLOSING QUOTATIONS.
дот
July 10, 1909. H.K. Banks....$1,247) bay. 1,245 sa.
Do., London...E181 nom.
.....$19) buy. Chartered Banks Me:cantile Bani, A. &B...283 nem
Do.
0...216) nota. P0. Banks East Axis Bank .........$90% nam, Canton Insurancet......$30 nom. Union Insurance were 183248 buy..
325/334 North China Ins. Tis. 160 buy. London landed terms,
Yangteze Insurances..... $30 nom. The financial position of the comOhins Underwriter
210 sel pany is sound. We have ample China Fire Lusurantes ...3305 bay. working, capital to deal with all the H.K. Fire Los.
4770 nom. 327 nom. developmente now in hand and Danglises ................ uncompleted, and to put in hand H.K. Steamboats.....$241 buy, 25 sol.
$1.00 ol and bring to completion further H.K. developments as opportunities rasy Indo-Chinse (Pref.) arise; and with regard to the estate. itself, so far as we are able to form an opinion from long ex- perience, it is in as good condition as & rubber estate can be.
After some discussion the report. and accounts were adopted and the de- dividend recommended
Speaking at the annual meetingclared. of the VD.C. Holding Company
MILL INDUSTRY.
REGISTERS GAIN IN 1927.
347 buy. Po. (De)...$70 nom. 200, Shell Transporta Union Waterboste
$22 nom. Bearcats............3 nm. Kilan Mining Admin...63/9 nou.
anyka(combined)...... Tis. 14 buy.
Tim. 6 bay. Do. (single)
......Tim. 31 20m. ghal Explorations Shanghas Los
LOLIN
..........buy.
.37 bux. 21/- bay. sissy bay,
Arunch Mines
HLR. & W.D....... 135
nom.
$4.35 sol., 41 sm.
China Providents... 188 nom.
Hongkow-
New Engineerings
Shanghai Docks
Do.
Lands
Tia, buy.
Tis, 189 buy,
..Th. 13.55 buy.
St bay.
Thi
Humphreys Estater......... The Singapore Chamber of Com
freree Rubber "Association held ite 02nd auction the other day, when there was catalogued 1,748,810 . or 730.63 tons; offered 1,420,271 lb. or 865.34 tons; sold 1,236,402 lb. 300.14 tons.
PRICES REALIZED. Red Smoked Sheet:
er
Spot
10 d. 20 cts.
The present level is undoubtedly cheap in fact, ridiculously cheap And yet prices may still go lower."
We hear it said on all sides that something should be done to lift the market out of the rut and to help producers to earn a legitimate Londoa.... profit, but if this should mean an New York arrangement between producere of different countries for a reduction of output, we are afraid that such-
Cents per lb. hopes are doomed to failure. Our
Standard quality....... 347 to 34) hope for the future is based on the food average quality... 34 to 34 "natural laws of supply and demand,
Ofi quality
32 to 331 but, to make this effective, time is
Crape: needed, and, for that reason alone, we think that the time for a distinct Standard quality pale.. 36 turn of the tide is not yet. There Good pale... I still too much sugar available Off colour latex which has to find a home, whilst Clean fine known there is hardly any bear account to nct as a useful brake.
.
Brown
Scrap
Bark
да
343 to 33
31 to 334
28 to 201
24 to 274 21 to 234 18 to 20
any semblance of return to prosperity in, say, China, may create a totally different aspect in the sugar. situation.
Effect of Peace in China. Looking at the distant future, it Beems to us almost certain that next year's Cuban erop will show a substantial reduction. Drought reems to have done damage, and here and there a few planters may have to abandon cultivation through lack of means. Java and Europe may produce the same quantitice, but against these we must set the
Our New York correspondents usual natural increase in conaump: Lion.. Low Prices, If they remKTH THE Cag may even be responsible for a larger and unchanged. increase in consumption than usual, | July 1.04c., September 1.72c. (Continued at foot of next column). December 1.806., January 1.92c.
Close London :-(Raw Beet): August 78./2d., December is./7jd., March 78./101. (White): August
(4/320.
LIS
Lord Bearsted said the negotiations SASH, DOOR AND PLANING. H.K.4K Whis for stabilising oil production throughout the world had so far led to no very definite reaults.
He pointed out that while the United States, with per cent. of the world's oil supply, was the logic-
["D.P." Special Service.] al place in which dissatisfaction with the present position of things
Ottawa, Ont.-The total value of should make itself most felt, pro- the products of the sash door and ducers were rightly unwilling to planing mill industry in Canada discuss stabilisation if the com-
in 1927 was 847,955,538, an increase paratively new fields of Venezuela, of $4,599,145 as compared with the with their rapidly increasing sup-figure for the previous year at plies, were not included in the 843,426,403, according to the Domi. arrangement.
rion Bureau of Statistics" Although the proposal that the industry includes planing mills 1025 rate of production should be and mills engaged primarily in the maintained in each region from the manufacture of builders' millwork, date of the agreement until the end The number of establishments of 1929 was not yet working effet-engaged in the industry in 1927 in- tively, Lord Bearsted said that, increased by 44 to a total of 771 and view of the economic soundness of capital invested by 81,448,103 to a the proposal, be did not think all total of 850,861,288. In 1927 there the efforts made would prove were 11,436 employees engaged in China Brass unavailing,
the industry receiving salaries and wages totalling 812,211,700 compar ed with 10,818 employees with a payroll of 811,624,505 r. 1928. In the period under review the value added by manufacturing to terials which cost. $28,313,318 was $21,612,230,
"SWEATING " IN U.S. MILLS.
GIRLS FINED WHEN THEY FAINTED.
TTLE-
Ewo Cottona Oriental Cottone Baa. Cottons (old)......T. 76, bay. bay. HK. & S. Hotels...$8.65 el. E.K. Lands $50 bay., 81 sel. Shanghai
147 bay,
bay. bay, RK Realties. H.K. TramwayE
bay. Penk Trams (old)......
$11.80 not. Bo. (new).......$6.06 nom, Star Parries
$64) nom. Obiya Inights, (old)...$181 gal. de a te
Do. (new)... $13.20 Bem. H.K. Electric
$56 bay. 58 sel. Macan Electrios 20 nom. Bandakun Lights...31 Rol Telehous... Mk. 143 buy, Bingspore
al Tractions...11/1 -Do. (Pre)....20/- buy
.90 cta. buy. China Bugars.........
$23 nom. Malabon Bugars
82.10 buy. Usaton Ices...... Qom-nts (combined). 18,63 nom.
Do. (old)......37 buy. Do. (now) ...$1,40 nom. И.К. Верея
.87 sei, United
Arbortos Dairy Farm Watsons
..37 nom.
$5 buy.
$18.85 buy. $13 nout .80 cta. buy.
811 sel. $18 bay. ...sis buy..
..$3 Bel.
128+ xum."
Of the principal products of the New York. The Senatorial Com- mittee inquiring into the strikes industry gains were registered in in the Southern textile mills heard the manufacture of sash doors and harrowing stories of the conditions ather millwork which rose from Der A Wings which have caused the workers to 810,324,743 in 1926 to 822,860,731 in Lane Crawfords.......
1927. Production of hardwood floor- Mackintosh .................... revolt.
Workers. told of literal sweating likewise showed an increase in Sinceres ing," with humidifiers filling roomE 1927, the output being 73,487 M feet Wm. Powell: with steam to offset the aridity of board measure valued at 84,236,185 A. Amusements... the temperature, of girls on miser- as compared with 10,832 M feet HE. Constructions... buy. able wages fined if they fainted at board measure at 83,729,193 in 1928, B'que. Ind. G. Bonds...57% now. work or if they stopped to powder an increase in quantity of 13,635 MHE. Gort, Loans......7% prem, bay. their noses; of conditions so gener. feet board measure and of $506,942 buy-buyers; asl—sellera; P.- Balas ally unbearable that employees in value. struck even before attempta were All other matched. Tumber. at 112,245 M feet board measure valued made to form them into Unions.
The most striking witness was at 85,223,001 shows a decline both Moulding produced in 1927 totalled Martha Bowen, who had never be in quantity and value over 1929, 8892,426 as compared with 888,200 fore been outside Tennessee.
but all other planed Iumber rose in 1928. The value of the items of them for 100, 345.31st made Textile Union, told the Senators 88,862,081 in 1928 to 231,339 M feet that conditions in Carolina were valued at 810,888,650.in 1927, even worse than Tennessee.
(Vontinued at foot of neet culumn).
non.-pominal
industry listed under secondary products totálied M400 1 16 as compared with 88,408,174 in the previous yeaT.
JAVA-CHINA-JAPAN-
JC J.L
York-Building
Hongkong?
LIJN.
Tel. Addresst
JAVALYN
Tol Central 1574.
REGULAR PASSENGER & CARGO SERVICE BETWEEN HONG KONG, AMOY, SHANGHAI, MANILA AND THE DUTCH EAST INDIES.
STEAMIJA
TJIRINI
TJIKARANG
SOUTH BOUND.
FROX
CN OR
ABOUT
EXPECTED WILL
LEATE ON
For
S'HAL, K'LUNG 14th July!
← ANOT „S'RAL, & AMOY 15th July
TJISAROEA ... S'hai, & Amoy 95th July TJIMANOEK
TJIBADAK
TJITAROEM ... S'UAL, E'LING. 11th Aug.
S'asi, K'long. 28th July
& ABOT ...SRI. & AMOY 5th Aug.
& AXOY
16th July, MANILA, M'ESAB.
4pm. ✯ SORRABATA 17th July, BATAVIA
D
27th July, BATAVIA
p.
30th July,Manila, M'EJAR
4p & BORBAȚA JA 7th Aug..
BATAVIA 4pm.
13th Aug., MANILA, M'esar.
SOKRA BALA
4p.
BOUND.
NORTH
STEAMERI
Prox
EXPECTED DN OR ABOUT
WILL
ON ABOUT
TJIMANOEK „JAYAMaxassan In Harbour TJISAROEA BATAVIA '3th July TJITAROEM JAVA,MAKASSAR 24th July TJIBADAK
BATATEL
24th July TJISONDAEI... · BATAVIA
3rd Aug TJILEBOET ..Jaya, Makassar 7th Ang TJIKEMBANG BATAYTA 14th Aug,
LEAVE ON
For
12th July Amor & S'ka 14th July AMOT È S'HAI.' Seth JulyAxor & S’Ha, .. 20th July Axor & 8'. 4th Aug Axor & 9'zal., 9th Aug. Amor & S'IM. 15th AuR AMOY & S'HA
EXCURSIONS TO JAVA
KAMODIAN BANDOENG — PAPANDAJAN— GAROET-SINDANGLAJA – NGAMPLANG- TJISOEROEPAN — NONGKODJADJAR ·
WANASARI.
What do these Names mean ?
A chain of good hotels in cool, mountain-Resorts" in a chain 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_A R
Telephone C. 1574
1575.
1555.
Hamburg-Amerika Linie,
COMBINED FREIGHT AND PABSENGER SERVICE CABIN CLASS ACCOMMODATION FOR 60 PASSENGERS. FARE FROM HONG KONG TO GENOA-£73. 0o. Od. OUTWARD.
Sailings from Europe for8'hai, Japan & Northern Ports:- 8.S. "TIRPITZ " M.V. "LEVERKUSEN “ M.V.ERMLAND" M.V."BURGENLAND “ 8.8. "PREUSSEN" M.V.VOGTLAND"
HOMEWARD.
due here on or about the 11th July due here on or about the 23rd July gze here on or abort the End Aug dne here on or about the 16th Aug. dae hers on or about the 3rd Sept. ...dne here on or about the 18th Sept.
Sailings for Genoa, Hotterdam and Hamburg via Manila, Singapore, Colombo & Port Said:-
16.8. "BAARLAND”
I M.V. "RHEINLAND" MV. HAVELLAND"
M.V. LEVERKUSEN."
·M,V. “BEMLAND "
M.V. "BURGENLAND
16]
* Calling also at Marseilles.
sailing from here on er about the 12th July sailing from here on or about the 27th July smiling from here on or about the 10th Aug. sailing from here on or about the 24th Aug. ing from here on or about the 7th Sept. Kailing from here on or about the 17th Sept.
For Freight, Pannage and further Particolare, pleses apply to
JEBSEN & CO.