1
Money and
NOT WOUND UP!
DECISION OF HONG KONG IRON MINING CO.
PREVIOUS RESOLUTION
UNFAIR.
Markets
CANTON TRADE
NOTES.
The four market in Hong Kong showed å brief revival but at pre sent, the market is again dull.
Over twenty thousand lage of! The extraordinary general meet-salt have been imported from Hoi- ing of the Hong Kong Train Mining how lately and prices have drop; Co., Ltd., heid at Moses, Jardine, ped. Matheson's Board · Room yesterday decided not to wind up the Company Soluntarily, but we approach the shareholders with reference to the
distribution of the sets of the Company
Some six hundred chests of, wil- fra ores were exported to Hong during the past few days and there is a healthy demand by for- even merchants,
Bon
|
Those present were:-The, Hon
Chinese cotton yarn imported) Mr. B. 1. F. Beith (Chairman), Mr. litween the 21st,olt, and the 5th A. H. Compton and Mr. H. Hinn; totalled 21,439 bales. The Priestles Directors), Hon. Mr. W.
quantity of Japanese yarn' imported H. L. Shenton, Messrs. R. E. Mara during the corresponding period dongall, A. Pierry, H Chambers,
was insignificant. H. A. Rogers (shareholders) and 1. S. Greenhill (secretary)...
The price of gold has fallen recently owing to a similar fall
THE HONG KONG DAILY PRESS, SATURDAY, JULY 13, 1929.
AMERICAN COTTON.
HONG KONG SHARES. | MARKETS IN NEW
BENJAMIN AND POTTS
WEEKLY SHARE REPORT.
Hosa Koxo, July 12 Although business during the past werk has been on a small scale,
prices.on the whole, have kept very steady while in the ease of invest- ment stocks-it has been distinctly Bran, with few shares offering.
The Shanghai market has bern treng and a material, advance is shown in the majority of stonks.
Banks-Hong Kong and Shang hai Banks have maintained their revent moyancy and deals were made in them up to $1,260. The usual Interijn Dividend of £3 per
share has been announced and is payable on August 6. The London £120 quotation has receded (Middle),
to
Marine and Eire Insurances- Unions were placed at $321t and 8325 and more are wanted at the latter rate: China Fires were bid up to $305. Taderwriters were sold At $0.50 Cantons at 30 and Hong Kong Fires at $770 closed steady at quotations.
11t
Shipping-Preferred Indos are in request at $47 after sales at 849)
Steamboats continue an offer Hong Kong, Canton and Macao 825. Douglas Steamships are idle Waterboats are on around e
offer at $29.
Chairman's Speech. Opening the meeting, the Chair-to 81:95 Canton dollar) of Hong Kone money. There is nothing man reminded those present that at the meeting on June 21 it was pro- very surprising in this the the gold posed by himself and serended by market during July is usually dull. the Hon. Mr. W. F. L. Shenton and The current price is about $6.20 unanimously approved "That the mace.. Company be wound up vojuntarily,"
The first business for which this
The 4th crop of silk in Kwang. meeting has been called is to eng which will be ready in the
Arm if thought fit the extraordinary resolution passed on June 21 and
near future will not be good, the hot weather having killed off silk- worms in large pumisers,
The silk
I now beg to formally propose as a filatures expect a loss as production Speris) Resolution "That the Com-has fallen badly. In Kwangtung. pany be wound up voluntarily." there are seven to right crops of silk
This motion was seconded by Mr.each year,
A. Piercy.
The Chairman: Before putting Very limited quantities of goods from the the resolution to the meeting. 1 have been imported
northern districts recently where shall be pleased to answer any transport of goods has been inped- questions to the best of my ability. ed by bandits The Canten-Han- Hon. Mr. W. E. L. Shenton: Ikow Railway goods trains arrive "beg to propose as an amendment only once every two days and carry very small quantities of native pro- ducts from Northern Kwangtung..
That the Company be not wound up voluntarily, but that the fully paid up shareholders be approached with reference to the distribution of The assets of the Company." Mr. R. F. Coxon seconded.
Position of Shareholders. The Chairman: Before putting the amendment, which you have just heard. I will refer to the posi- tion of the holders of fully-paid and partly paid shares. When this Com-
Arrivals of foreign sugar have fallen off lately and prices have risen. Demand for No. 18 graru- lated sugar is especially brisk and o Thursday, inerchants raised the prices by about twenty cents per picut. It is likely that quotations in the future. will advance_more Supplies of Kwangtung sugar are also short and prices have become firm.
#
Docks Wharves and Godowns.-- Hong Kong and Kowloon Wharves are firmer with buyers at 81243 and sales reported at $123. China Pro- vidents have likewise strengthened and were put through at Whampoa Docks at 833 have not Cloved New Engineerings are ent
$4.33.
quired for at Tls. . There has
been an increased demand for Shanghai Docks, with a dividend of Ts. pending and a return of Tis 25 per share, and the murket has since advanced to Tls, 1830)
ADVICE FOR INVESTORS.
READERS
RTC
reminded that inquiries relating to
the share market will be answer- ed on this page nex: Tuesday Letters should by Kufan."
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.
The proft for the year is Tis 750,000 and is a considerable im-
over previous year's. provement
Lands, Hotels and Buildings.- Hong Kong and Shanghai Hotels were booked at 89 and 8.35 and continue in request at the Inter rate. Hong Kong Lands are want ru at $60. Humphreys Estates are slightly higher and can be placed at $13.40. iteulty's at 87.00 mark a further rise.
There has been tremendous
working. demand for cotton yarn from the pany was formed in November, 1908,merchants of Fatshan and other it was agreed that the nominal districts along the West and North repital of the Company be $1,000,000 Tlivers and the market is active. divided into 10,000 shares of $100 On Thursday prices of No. 20 rose from five to six dollars and quota- each. As consideration for the tons of other varieties also rose rights cald by the vendor, the sum nsiderably and are likely to ge of $725,000 was paid by the allot still higher. Shanghai telegrams in ment to the vendor or his nominee dicate that prices in Shanghai havë of 7,930 fully-paid up shares of the also risen. #Company. The remaining 750 shares were only allotted on pay. ment of $25 per share. Twu subse- quent calls of $10 each were also CANTON STOCK EXCHANGE. made, a total of 843 per share.
Would Need Call of $40 Per Share.
Nearly all this working capital
has been absorbed in prospecting Water Works
CLOSING QUOTATIONS.
CANTON, July 11
$3.00
4.00
97.00 ..199.00
4.90
and contingent expenses and a sum Electric Light & Power Co...
of about 26.000 alone remains. If Canton-Hankow Railways
we confirm the resolution passed on The Sun Company
June 21 and proceed immediately Sincere Company... with the liquidation of the Company, Nanyang Brus. Tob. Co.
..... 41,00
it will be necessary to make an Kwangtung Tramways Co... 2.30 initial call of about 840 per share China Merchants S.. Co.... 3.00 on the 975 partly-paid shares in Central Bank of China order that the total loss of capital sustained may be equally distribut-- ed amongst all shareholders in the Company,
met.
Public Utilities.--Hong Kong Electrics have fluctuated between 253 and 856. Chinese Lights are firmer and the Old share, have Hong changed hands at 8134. Kong Trams are in demand at $19. Star Ferries stand at a nominal quotation of #04).
Miscellaneous - Green Iain Cements (Combined) have receded $6.00 at which rate sales were made. Dairy Farms were negotiat ed at 819. Watson's are lower and were realised at 811 Amusements were done at $25!. A dividend of 32 and a bonus of 50 cents has been declared and is payable on the instant. Hong Kong Government Loan can be placed at 7 per cent. premium.
YORK.
PRICES ON UPWARD" GRADE.
"D.P." Special Service.]
THE ON CHOW.
The stenm- launch On
Chow
THE BOLL WEEVIL MENÄCE. formerly plying between Hong
Messrs. Penwreath & Co have forwarded us the following letter, dated June 1s which they have received from, Messrs. Hornby, Heme.ryk & Co., Liverpoel:-
Since our last report, prices have again fluctuated within a range of L few about 3 points. and are points higher on the week.
NEW YORK, July 3. Demand sterling was quoted at the rose of banking, hours to-day
Generally speaking, crop pape at $154,175 compared to $4.84 7/16 speets have shown improvement U.S. bar silver closed during the past week, the weather yesterday.
haying on the whole been favour unchanged with pesterable with temperatures higher.
at day."
The price of domestic copper remained at 13 cents a pound,
Rubber.
The rubber market closed higher with the following quotations:-
Month.
Spots July
July 2 July
$1.00
20.350
20.00
21.00
August
20.70
129
Scptember October
21.00
21.50..
21.20
1.30
November
21.40
21 50
29.10.
2100
22.60
42.00
$0.80
22.40
$3.00
Decenber Jamary February
March April May
29.50
Wheat.
+
23.10 21.20
Wheat (Chicago) No. 320 hard, par, closed higher with the following quota which is accepted" as
tions:-
Month." July
July 2: July 3,
September November
3.17 1.393 1.28
1.191
1.219
Gotton.
2.302
The cotton market (Chicago) closed higher with the following quotations
Month:
July 2
Spots
July
Oufober (02)
October (New)... 18.29
December
July 3.
18.20 18.25 17.85 18.62 18.39 18.39 18.34 18.37 16.61 18.59 18.53" 18.88 19.71 18.60 18.73
January March
May
Sugar,
I
The bol weevil report, issued last week, had very httle effect, mainly wing to the fact that, for the moment, there is a rather apathe- tie.feeling in the market. This is quite usual at this time of the year and is not abnormal.
The bull weevil report makes seri- oug "reading. A heary increase in emergence is indicated, especially in Texas, the Carolinas and Misais
the
Egures comparative sippi, being:-
North Carolina: 19.78 against 64 last year.
South Carolina: 12.30 against 1.49 last year.
Mississippi (five stations): 3.75 azainet 40 last year..
Texas: 7.10 against 42 last year. Of course, all this is in the future. Given hot, dry weather in June, the hall weevil menace may be setious y reduced. On the other hand, given showery weather, which produces leaves on the plant, the situation would be very diferent, as this kind of weather fosters the propagation
of weevils.
Quiet conditions" continue to pre- val in textile circles both in Lan- Business cashire and in America. here is also slow, and we notice that it is even of smaller dimen- sions in New York than in Liver- pool. The fact is that June is always a quiet month, as mentioned ahove, and interest in the market only of a minor nature with every- bedy waiting for something to turn Should we get any unfavoUT- up. able weather and bolt weevil acti vity become a real menace, we may Ken very different complexion on things and more active markets.
The officia American consump- tion figure for May was returned na 668,000 bales against 577,000 bales in May last year and 632.000 haler in April this year and was some. what less bullish than had been expected. The total consumption iar this season is The sugar market closed lower in America 20
3.092.000 bales, against 6,684,000 izi with the following quotations:~~
the corresponding period last sea- Midnek.
son. July July 3, 130,300 67,950 131/39 131/32.
Salce, tons Spots
September
1.07
December
2.08
1.31 2.00
January
.2.13
2.12
March
2.17
May
9.94
2.10
June
9.15 Line 2.97 --United Press.
HONG KONG MARKET.
REPORTS.
Yesterday's quotations for rice and other foodstuffs were as follow:
Rice.
Common White Broken, Red Seal........ Granulated, Blue Seal
No. 2 Glutinous, Green Seal... Clytinous Broken, Red
Seal Cargo Rice, granulated
Miscellaneous.
Per picul. 80.27-10.20 €.63
Coarse granulated sugar.
No. 16
$ Course gramalated sugar,
No. 24.
Brown sugar, No. ↑ Brown sugar, Java Natmeg
Fishmaw Bear Paw
5.39 5:00
6.40 5.56
6.43
7.23
5.03 5.85
152.00
190.00
8.50
Dried Mushroom, Heung"
Shur Scarlet Bean Green Seal
145.00 9.30
9.50
6.70
7.60
Cotton Mills-Ewos have shown renewed strength and be cen placed Soy Bean au Tie. 11.30. Shanghai Cottons, White Bean have had a sharp rise to Tls. 774 and Tls. 44 for the Old and New shares respectively..
"
Oil and Mining.-Langkats (Com- bined) after a period of inactivity have come into prominence and are
request at the enhanced price of Tls. 154. Raubs are ruling strong with buyers at $7), Tronohs are wanted at 21/-, while Bengusts are quoted buyers dex the dividend of 10 centavos just paid.
ITALIAN SECURITIES.
Last Pre. Qunt. Quet. Italian Gov. Bonds
Rendita. B
68.10 68.125 Italian Gov. Bonds
Consolidated 57% TO.75 74.175 Banca d'Italia, 1900 1010,
Commerciale
If Mr. Shenton's proposal is con- sented to by the holders of the In other words, a call equivalent fully paid shares, an extraordinary to about $40 per share on 2,750 general meeting will later be called view to winding up the partly-paid shares is necessary to with a put all shareholders on the same Company on the new lines. The footing and no further contributions result would be that the remain would be necessary if all calls were ing assets would be distributed amongst the fully paid up share- Object of Amendment.
holders and although the partly I suggest, however, that this hard-paid up shareholders would receive dy seems fair and I cannot think nothing. no further call would be that it was ever intended that the made on them. partly-paid shareholders
Rubbers. The Rubber market in Bancn I will now put the amendment suffer to this extent for the benefiti of those holding the fully-paid proposed by the Hon. Mr. W. E. L. active and the following cabled. shares. The point is the object of Shenton and seconded by Mr. quotations received from Shanghai Mr. Shenton's amendment. More Coxon: That the Company be shew an improvement in prices."
Anglo-Javas... over, a great deal of difficulty would not wound up voluntarily but that
Anglo-Dutch be experienced in collecting the call the fully-paid up shareholders be
Batus Anams and in quite a number of cases I approached with reference to the
Chernors have no doubt the money would, not distribution of the assets of the
Consolidateds be forthcoming, at any rate with Company," Will those in favour kindly signify their assent in the
Kroewocks..... out legal proceedings,
Repons usual way i Against.
Tanah Meraha
should
Amendment Carried."
For the moment, the market does not seem to go down much. Every time there is a slight decline, one sees trade calling coining in and We there steadying the market.
fore do not expect much decline, and think that any real threat to the crop would cause an advance,
Empire Cotton.
Writing" on the 31st May, one of our Bombay correspondents, says that the spot enquiry has fallen off little although the offtake on account of previous anles continues very encouraging. Out of a stock of about 1,200.000 bates, only 630,000 hales are reported to be unsold so that the apparently excessive stock, should not prove burdensome.
Cable advices during the past week state that the monsoon cen tinues satisinctory," and that, al though the strike has not been settled, 75 per cent of the mills are now running
A Bombay correspondent cabies that he does not look for much change in values either way for the present.
Egyptian Cotton.
We have experienced a quiet, agging market during the past "week, long liquidation meeting with poor offtake. There is still a lack of outside interest, and support from Alexandria is also absent.
Commenting on the decision of the Egyptian Government to sell by auction its holdings of colton and to replace by purebases of the cur rent crop, our Alexandria corre spondents say that this should be interpreted as a bearish factor as, whilst the old cotron will be im mediately sold, the replacement purchases will probably be only affected gradually and as price
спес.
EXCHANGE RATES.
Paris Ceneza Kerlin... Oslo
[BRITISH WIRELESS 'BERVICE.]
RUGBY, July 11..
123.995 #103.223
20.385
18.203
Italian
1385
1387
Helsingfors
1924
204 buyers.
3.85 "1.00
Credit Italiano Credito Maritimo Navigazione Generale
Italiana.....
784
780
Athens
375
501
301
Buenos Aires
471
Hong Kong
1/11
507
510
New York
4.85-/321
M
2.10
Lloyd Sabaudo ... Sain Viscosa
277
273
Amsterdam
19.071
4.00
Flats
89.37 538.25 543.20
90.50
18.005
Vienna
3.00
Marconi
337
337
Madrid
1.70
Navigazione Cosulich
100
103
Bucharest
33:00 ? 610
15
1.65
Elettrica Gas Roma...
700
700
Bombay
85
Elettrica Valdarno ......
104
194
Yokohama
72
9.25 11
Toscana Elettricts...
326
326
Brussels
1/525/32 1/10. 34.91
388
485
Milan
92.7-15
837
Copenhagen
18.215
164
Metallurgica ....... Forward' Settlement Days-July Montecatini Shenton's inquiry nothing further 30, August 27, and September 24, Cotonificio Turati
Chatillon can be done.
198 191.30.
952 252.50 *60 710
Rio .......
Shanghai...
2/4
731
239
The motion was carried unani-
If you approve the amendment, Mr. Shenton, as representing ä
Tehongs large proportion of the fully-paid mously.
The Chairman:The first resolu-
Ziangbes
Emiliana Elettricia... shareholders, will approach the
"That the Company be
Exchange. The T.T. rate on Lon- Elettricita Edison.... latter with a view to obtaining their tion, The Yount waive their rights wound up voluntarily." is therefore
involving the calling up of unpaid lost and the Company, Femalis Redoxy old and on Shing/ridionale Elde capital. This will take some time, before the meeting of June 21 and An the shareholders in question are until we learn the result of Mr. widely scattered
(Continued on next Column).
Stockholm
Lisbon.
24.405
Silver, spot & forward 24 3/18
Kong and Wuchow was sold by auction some time ago to Mr. Tam Pik Shan for $42,300. The vessel is now under repair and it is under stuud that she will again be put an the Hong Kong-Wuchow run under the name Ping Lok,""
9
LONDON. Visitgre to London will find the com- forts and amenities of a home at
TREBOVIR HOUSE. Adrantageously situated. One minute- Tube Station. Ten minutes-Piccadilly and Kensingt n Ganions. Largo Senny Rooms. Constant Hot Water. Excellent Cuisine. Highly reemmended by Others and Families Fall Board Residence. Single Room from £1-17-6. Double from ga. Per Week. 12, TarnoviR ROAD, KARL Corr, 8.W. 4.
རྞ།
JAVA-CHINA -JAPAN-
LIJN.
Ta. Aihiress:
JAVALYN
Tel Contral 1774
JCJL
York Building Hangkong:"i
REGULAR PASSENGER & CARGO SERVICE BETWEEN HONG KONG, AMOY, SHANGHAI, MANILA AND THE DUTCH EAST INDIES.
STEAMERS
TJIRINI TJIKARANG
SOUTH BOUND.
FROM
EXPECTED ÓN OR ABOUT
WILL LEAVE ON
For
י, ''
„S'HAL, K'LONG. 14th July
ANCY S'RAI. & Axoy 13th Sale
TJISAROEA S'HAI. & ̈ANGT 25th July:
TJIMANOEK.. 8', King, 28th July
TJIBADAK "TJITAROEM .. S'HAL, K'ing. 11th Aug.
& ANOT
& Amor
S'UAL & AMOY 5th Aug.
16th July, Manila, MʻxsAB.
4p.m SORRABATA 17th July,
BATAVIA
: 4D.
97th Jul.
4.m.
..BATATIA
30th July, Manila. M'ksan
4 pm & SorrABAJA 7th Aug BAT&TIA
4 p.m.
18th Aug. Manila, M'KBar
A p.m. SozRABAJA
NORTH BOUND..
STEAMERA
FROK
EXPECTED
GN DR
ABOUT
TJISAROFA TJITAROEM TJIBADAK TJISONDARI .. TJILEBOET ... Java,MaxASSAR TJIKEMBANG BATAVIA
BATAVIA 13th July JAYA, MAKASSAR 24th July BATAVIA 24th July
3rd Aug BATAVIA
7th Aug 14th Aug.
WILL LEAVE ON
O ABOUT
For
14th July Amor & B'ras, 26th July Axor & S'HAI. 26th JuljjAuer & S'ka, 4th Aug Amor & S'HAI. 9th Aug..Axor & B’#al. 15th Aug AXOT & SʻHAI..
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.
HONG KONG STOCK EXCHANGE.
CLOSING QUOTATIONS.
JULY 12, 1929." HK. Beaks.$1,255 bay.. 1,260 es, "Do.. Londes...£129 nom. Chartered Banks $19 buy. Marcantile Banks, A. &B...233 nom. O...els noms. Do.,
P. & O. Banks. nom East Asia Banks 1994 nom. Canton Insurance........$830 nom.
buy Unios Insurance $324
324/326 6 Tle. 160 boy,
North China Ins. ............. Yanglaze Insurances......M. 350 num.
Underwriters....12.19 sel. Chies Ching Firs Insurances...$305 buy. E.K. Fire Lus. .......1770 mom. Douglase........********or sel H.K. Steamboats
H.K. Tags
Indo-Chinas (Pref.)
Do
$27% nom.
$2.68 bay. 147 buy, (Def.)......$70 nom
90/- nom.
пот
Shall Transports
Union Waterbosts.........122 nem. Benguets 13 DO Kailan Mining Admin....
...62/9 DON..
Do
Langkata(combined)......Th. 14 buy. (angle)Tla. 81 buy. Explorations
le bag.
8th
Shanghai Loans
bay.
Haube
Trouch Mines
1/- bay
TŁOKAL.
B.K. & K. Wharf...$154 buy. ELE. & W. Docks.......$85.3. Cold Front 15 Hongkaw
Tis, 168 nom. New Engineering
...Tia. 64 buy. Shangh: Docks TIs. 139 bay.
Telephone C. 1574.
1575.
1555.
Exo Lotions ... T. 15.15 bay, 14) sol. Oriental Cottona......... Tis. 41 bay. S'aai. Cottons tọict)......31..77a buy. Da (new)...... 3j buy, HE, & B. Hotels
$8.25 buy 19.85/70 $81 wel.
Bo
**
пога
H.K. Lands
147 buy. Shangha: Lands? Humphreys Retate......3131 buy. ELK. Beaties
........... $7.00 buy. HK Tramways ...319 buy. Peak Trams (old)... $11.80 nom
(now)........$6.05 Star Ferries......... 1841 ст. China Lághts, (old).....$13) sel.
Do. (new).... $13.20 nom B.K. Electrica
.....2561 bay.. 56 wel. Electrics .........$251 nom.
Lights 21
.......... NOEL
Macac
Bandakan
Telephones.
tte 141 bay.
buy.
China Buses...............TI, 163
11 Singapore Tractions....!
(Prut)......20-
Do.
China Sugar
90 cia. buy.
Malabon Sugars ****$27 DO. Canton Icos............$2.10 buy. Cements (combined)... $8.65 nom.
(old)17; bay. Do,
(now) $1.40 now. H.K. Ropesči
.$7 sol, United Asbestos
De..
Dairy Farms
Watsons
Der & Wings
Lana Crawfords...
Mackintosha
Sincere
5 bay, $18.85
bay., 19 $11.80 bay, 11 sh
30 cts, buy,
$18 buy.
$19 boy.
Wa. Powells... ......................$27 poli
ELK
Amusements
H.K, Construction buy.
Free Indes G. Rende H.K. Gort Load
buy.-bayaraĮ sal-sellers į
nom-cominal
prom, bay.