Money and Markets
THE METAL MARKETS.
LONDON REVIEW.
Messrs. Rudolf Wolf & Co. send us the following report from Landon dated December 20:---
Markets have been irregular and present no fresh fenture of 'aut standing interest, prices at the close showing little important change as compared with our last report.
TIN.
}
AMERICAN MARKETS.
New Youx, Jan. 15. Demanil sterling was quoted at the close of banking hours to-day at $4.86) compared to $4.802 yes terday. U.S. bar silver closed 40 compared to 430 yesterday.
The price of domestic copper re- mained unchanged at 18 cents a pound...
Bubber.
THE HONG KONG DAILY PRESS, WEDNESDAY, JANUARY 22, 1930.
CANTON TRADE NOTES.
The exchange rate for Hong Kong currency has dropped considerably, On Monday, the rate was 81.23 Can- ton for 81 Hong Kong.
*
Due to the cold spell, the growth of mulberry trees has been hindered, and in consequence the price of leaves has risen sharply.
DAILY SHARE QUOTATIONS."
HONG KONG STOCK EXCHANGE.
Do. (London)...
Chartered Banks Marcantile Bks.
Do.
Balan
[Nominal
-81,310
£10
!!!!!
013
$25
FOREIGN MAILS.
RADIO NOTICES.
O
The Radio Ofied where full information concerning all wireiwa sorciona may be obtained at all times is situated on the ground floor of the P. Building in Des Voeux Road, next to the General Post Of
Individuals and Arms as recommended to register their telegraphis ad. dromen at the Radio Oñion.. No charge is made for this.
JAVA is BATAVIA
SHANGRAT
How
Bearguat & Swatow
INWARD MAILS.
Tjisondari
Mirzapuro..
SHAREBROKERS' ASSOCIATION.
hayere
Bellare
Balen Nomina),
TUESDAY, JANUARY 21.
Buyers Bellers
Banks
$1,500
$1,305
H.K. Banka
£116 £17
'Pas
"
[£15
22nd Jan,
•
SP€
Bank of East Asia...
2in1 Jud.
Large quantities of firewood. estimated at over 6,000,000 catties, have been recently imported into the
Avgchuan...
?2nd Jan,
Insurances
Taiquan
23rd Jan.
Hakotaki Maru
24th Jan.
$715
Canton Ins...........
8715
$2
Underwriters
$1.05
$1,65
Lyons Masu
$5th Jan
TICO
North Chinn.................
Jan. 14
14.60
14:70
Jan. 15
14.50 14.60
14.00
14.80
15.10
13.00
The cotton yarn market remains quiet, as demand has fallen off. Prices, however, remain steady, as quotations in Shanghai are high.
8378
$391
Union Ins...******
3375
$350
$5th Jan
31.850 Yangtaze Ins......
Pra Ma Kinley
26th Jan
$940 $890
China Firea...............***
$310
H.K. Fires
9825
27th Jau.
18th Jan
May
15.30
15.20
Shipping
Pres. Grand
3let Jaa.
June
13.30
13,40
July
15.00
"15.00
$25 Douglasea
994
Sari
August
15.80
15.90
Steamboats
$87
$43
Indos (pref.)
September
16.00
16.00
$70
•Do. (del)
$50 $90
ነ
USA, HONOLULU,JAPAN & SHANGHAI]] Emp of „Aria
Proa. Jefferson MANILA
2nd Feb.
3rd Feb.
October
18.90
16.20
98:3
95/
Shell Transports
07,8
18.40
10.40
$231
Water-boats
$23
18.60
Mining
The rubber market closed firm
lowing quotations :---
Tin has been irregular; the mar and somewhat lower with the fol city, causing a drop.in prices.
ket opened strong, three months advancing on Monday to £194.10, byt since then wenkness has super- vened, the whole of the improvement has been lost, and prices show a decline of £ 15 to £6 as compared with our last report. Sales in the Exst during the week amounted to 1,900 Lans; shipments thence up to the 16th instant were 6,000 tons, and for the month are still estimat
Premiums on ed at 10,000 tons. Straits and Banka are quoted at £2.10 and £11 (nom.) respectively, Demand on the part of consumers in this country and on the Con- tinent has been quiet, and less activity hhs obtained in America. The course of prices during the week affords evidence that, under the present circumstances of supply and demand, the market needs to be supported if decline is to be prevented, or even the current level is to be maintained. The earlier | advance must be attributed to buy- ing of an influential character, but with support withdrawn the market was subjected to selling and liquida tion, induenced by the weakness of the fundamental position and by the uncertaintien which, surround the schemes for regulating out- to judge by state- put" whien, ments made at recent meetings of companies intimately connected with the tin industry, have not so far been received with that un- animity necessary to effective co- operation. The outlook under these circumstances is indefinite, and movements are likely to be irre gular.
Options:Double £14, Single £i. Cash :-CIDO (opening), £101.5 (hom) (highest), £180 (lowest), £180 (Closing).
Three months: -£103.10
ing),
£104.10 (highest). £183.2.6
(lowest), £183.2.6 (closing).
Turnover for the week 6,273 tons. COPPER.
Copper has ruled easier, the price
Month
January
February
March
April
November December
10.00
Wheat.
Wheat (Chicago) No. 520 hard which is nccepted par closed lower with the following quotn
tions:
Month March Маг July
1135
Jan. 14
1.234
1.900
1.311
Cotton,
Jan. 13 1.24
1.25 1.20
The cotton market (Chicago) closed lower with the following quotations:-
+
•
Edible marine products are in hrisk demand with the approach of the Chinese New Year, but compar. ed with average seasons the market shows a decline.
A notification has been issued by the Canton financial authorities warning those who refuse to accept old silver coins that they are liable 84.70 to penalty At present, old coins are accepted at nearly all shops.
*
In view of the declining silk industry, the Silk Experts' Associa- tion has established a school in Shuntak, the silk centre of the Pro- vince, to teach new methods. No fees are charged but students.must pass the matriculation examination.
..
Month Spots January March
Jan. 14
17.45
17.30
1741
Jan. 13
17,45 -17.93 17.37
17.53
17.58
17.71
IW."}
17.70
77.60 Log.
May July
October December
17.90 Sugar. The sugar market closed lower with the following quotations (
Month
Jan. 14. Jan. 15 Safes, con, .'
19,200..
92,500 Spots
+
+
*
The silk market, which has been dead for the past few months, hast still not revived and prices remain low. During the first half of "the present month only 626 bales were exported, showing a considerable decrease on the average shipment. The market will remain inactive until after the Chinese New Year. On Monday some 100 bales were sold at low prices. The quotations for No. 13/13 were H.K.81,100 per picul and H.K.$1,080 for No. 13/15 Fine X.
Benqueta...
32/6 Kailana
T13.60 Langkats (comb)
រំ ៖ ឱ! ម្ល៉េះ៖
Skikenal & Axor
JAPAN & SHANGHAI
EUROPE via Nigavatam (Letters only 1
London, 16th D comber, 1929) USA. (San Francisco. 7th Dec., 1929)
HONOLULU, JAPAN & SHANGH‹ Í MANILA
U.S.A (8 Francisco. 3rd January)
HONOLIT JAPAN & SHARQUAL
JAPAN & SUAMUNAI..
U.3.A. (Seattle, 11th Jan.), CANADA, Į
JAPAN & SHANGHAI ... CANADA (Victoria, B.O 11th Jan,Į
Pres. Adams
Pr Jefferson Sphine...
OUTWARD MAILS,
REGISTERED and PARCEL MAILS are closed 15 minutes earlier than the time given below unless otherwise stated, and" where mails are advertised to close at or before 9 a.m. registered and parcel mails are closed at b p.m. on the previous day.
DATE & TIME
Wednesday, 22nd,
3rd Febinary
For
PER
T.
Do. (single)
TL30 Explorations..
T.14 T.0 T.11
T.5
Shangbai Loans
T3
$13
Raubs
$13
27/-
Tronoh Mines"
90/-
Manils, Australia and New Zealand via Thursday Island-due Thursday Island,
Aki Maru...
Docks, WharysS,
Godowns, etc.
Tour lê ..
$144) $51
$5.40 $3,30
H.K. & K. Wharfs. Providente
81443
Swatow ani Amoy
$5.30
$5.30
Amor
Ohung Kong Van Houtar Changtu
$31. Docks
$30
Shangbai & Dalny
Cheran
IT.105
Formoen...
Kino Maru
T
T.191
New Engineerings Hongkaws.
T
Straits, Ceylon, India, Mauritius. E. &. 8.1'
Africa & South American Ports Foochow...
Amoy
む
:::
T.108 Shanghai Docki
Cotton Mills
Hothow, Pakhoi & Haiphong
...Montevideo Maru
Yusang Tisandari
8.30AM
9.30 AM
19.30 P
180*
1.30 PM
9.30
2,30 M 9:30
5.00
Thursday, 23rd,
$15.40
Ewos
*T.157.151
Menado Maru
8.80 a #
S'hai. C'tons (old).....)
T.83
***
T.54
Dc.
(new)...
T10
Zoong Singa.......
T.43 1.55 TREO
Lands, Hotels and
Japan, Canada US.A., *C*8.1 America & EUROPE via Victoria, B.C.due Victoria, B.O., 18th Feb. and* EUROPE via Siberis ... Swatow -
Reg.
9.15.Ax
Ixion
Fydrangea Iowa
812)
H.K. & S. Hotels....
$12.70
Friday,
H.K. Lands...) 265
Shanghai Landa
Ohutan New Mothilde
8.3 & M
H.K. Realtys..................
88.65
¡Par.
Humphreys ...............] $14.20;
#
Buildings
Chinese Estates
Manila
Haiphong
Ho how & "Haiphong.
Straits & Calentia
**
Two
Two
January
1.94
1.85
March
1.59
1.89
May
1.35
1.93
(open-
July
3.00
1.90
NEW YORK STÜCK QUOTATIONS.
$12.65 366
T.175
88.00
September December
$14
2.07
4.06
New York, Jan, 13.
388
2.13
2.12
Market steady,
Business dono 1,452,680 shares.
Public Utilities
GOLD BAR EXCHANGE
JUD. Jau.
CONTROL:
Allied Chemical & Dye...
2631 260
11 13 $19
Tramways......... $19
819
-381 391
128
129
8119 26.06
871
Peak Trams (old)... S11
Dr. (new). $51 Star Ferries
$70
87
B... 218 2189
Unq.
49.202
731 721 $19.95
3701 $23
$711
19,90/120
$71
C. Lights ((old)......! 320
$201
Do.
(now)...
H.K. Electrics...) $10
STIF
Manila Foochow...
ПЕР
Macao do.
Sandakan Lights...
$9.85
Shanghai
10/-.
01-
*, Ainor & Formosa Eangkok via Swalow
தகள்
19/-
showing a decline of 10 to 12/04.
as compared with our last report. LIMIT PLACED ON TRANSAC
The market presents no material change and no fresh feature of im- portance has presented itself. With
TIONS.
NankingJanuary 18-All tran Electrolytic maintained at the pre-sactions on the Shanghai Gold Bar sent high level, there is. fe con- fidence in the future, and consumers are content to satisfy only their urgent requirements in the belief that soone or later a substantial reductionill have to be made, and A price level reached which will at- tract buyers and stimulate a better demand for copper products which has suffered recently from the un- accessarily high prices prevailing. Options: Double £6, 'Single 23. Cash :-£69.5 (opening),
Allied Power & Light...
American Can
Ba
OR
... 931 011 741 731 381 39
American Rolling Mill American Smelting American Tel. & Tel. American Tobacco "B" American Waterworks... Anaconda Copper Exchange must be concluded as soon
Atlantic Refining as price fluctuations rise higher or
Baltimore & Ohio fall than five points, in accordance
Bethlehem Steel with the existing regulations gov.
Calumet & Bocla crning the operation of exchanges. Canadian Paciße Railway The decision to enforce this rule Chespeake Corporation was reached at yesterday's meeting Chicago Northwestern of the Central Political Council Chicago Rock Island.... following careful deliberations Chrysler
Cities Service, Common upon the present. financial situa-
Columbia Gas & Electric tion in consequence of the collapse Colombia in the silver market due to frenzi-Columbia Graphaphone Commercial Bolventa ... ed speculation. The discussion was Consolidated Gas of N. T. "... (highest) £68" (nom.) (lowest), | led by the Finance Minister "Mr. Continented Oil,../ £63.10 (closing).
T. V. Soong and Dr. H. H. Kung. Three months (opening), The Ministry of Industry. Com £68.26 (highest), £67.2.6 (lowest),
snerce and Labour was also express. £67.10 (closing). '.
Jy instructed by the Council to ear. LEAD.
ry out the above decision and to devise measures for the punishment of those wilfully ignoring the or der of the Central Government by conducting illicit speculation out- side the Gold Bar Exchange in Shanghai,
£69.5
Turnover for the week 3,103 tons. Lead has been quiet and the price, Batterly hardening, shows an ad- vance of 7/0d. for December, whilst March remains unchanged as com- pared with last Friday, whereby a backwardation of 3/- has been established as against a contango of 3/9d. last week. The sudden and unexpected premium for December is, explained by the fact that a steamer carrying about 3,000 tons of Mexican Lead has been unduly "delayed, and will not, as had been expected, arrive in time to fulfil December, contracts. The slightly firmer appearance of the market must be ascribed to the favourable influences of the Association, for demand on the part of consumers both in this country and on the Continent has been quiet, "and is
Another important decision of the Council was to request the State Council to issue a Mandate ordering that Customs revenue be henceforth made payable on a gold basis.
Corn
Coty
on Products Coty, Incorporated Cartiss Wright, Common Davison Chemical Du Pont de Nemours... Eastman Kodak Company Electric Bond & Share Erie Railway Fox Film A General Electric General Food General Motors ...
Dust
***
Uq.33
1181 T.16
Dan. 96
3039 1932 1961
66
Telephones......
China Buses........
Tractions.
Do. (pref.)....
Industrials
China Sugars......................
⠀⠀ONS
Le te: 1930 a
2.30 » 40) P M
24th,
83&
Noon
Swatow, Amoy and Foochow
trait, Ceylon, India, Manriline, E. & 9.)
Africa, Aden, Egypt & Europe vin Wasaniilan dae Marsailles, 23rd! February
Japan and South American Ports andi
EUROPE via Siberia
Japan, Honolule. U.S.A., Canada, C. &, 8. America, & EUROPE in Sa Frap cisco dueBan Francisco, 19th Febuary Shanghai & EUROPE via Siboria Swalow ...
Kumsang Eaiyang
Hakotaki Maru
Frén. Adame Choong Shing
Taiyuan... Hotan Maru Kiangsu ...
Ločtorm 1.00
1,0) ' Kowloon P.U.
Bag
480
M
1,25th, 9.00 ▲ A
1.P.O.
Rer 25th,8.45 AM Letters
9.30 AM
Saturday, 25th,
5.00 PM 5,00 %
Sunday, 16th,
Monday, 27th,
811-85
1164 115
35
36
781
Ung. 2
T.11 T.10 Sz
Caldbeck, (ord.)
Macgregor ref.)
Cuntoa Ices..........
12
29 29 Ung
.201 101 101
$14.65 $141
Cements (comb)...!
Do
814.90 157.10
832
**** 262
23 231
$7.40
Do. Ropes......
(old)... (now)...
$111
$37
$71
897
85
Malabon Sugara .... United Asbestos...
829
Shanghai & Japan
aigon, Ceylon,
Miscellaneous
$20.60
Dairy Farms...............
$20
Der A Wings....
Amusements.n
825
$1.30
Constructions
81.10
30
397
$2.10
Lane Crawfords
$2.10
901 901 $18
Mackintoshs
Nanyang Tobacco. 84
$12
Sinceres (old).......
8101
Do. (new).... Watsona
$91
slit
301 30 1144 110 178 1781 82 631 571 581 20 21 2011 2401
481 477
427 427
431 43
65 $6
$0.80 $28
8% prem.
tt to $11.20 Unq. 831 35_35 ... Eng. Ung, B 蠲 801 801 851 351 ...Vnq. Unq.
Gesem Railway Bigual Gold ficodrich Rabber Grador Tire & Rubber Great Northern Certificates... Boygart.... International Cement International Comh. Eng. International Harréster International Nickel is usually the case, is likely to re- main so over the turn of the year. faternational Printers Ink Reports from the Continent seem to International Prod. Com. indicate a similar condition there, International Tel. & Tul
phcott Copper and though some sales have been Johns Manville.
Kennocott effected against existing stocks, these Reno
Lambert have not been of sufficient import-
Lohigh pany
Valley nner to seriously affect prices. Re-Liggett & Myers "B"
son Square
are Garden
likely to remain so at this season of ports with regard to the renewal of Madis Parife (Com.)
the year.
Options:-Double £1.10, Single
Ward
140
...Eng. Ung
90
73
127
781
127
50
571
A
Ung. 74
07 97
073
Unq. 19
80
90
48
973
52
Wo. Powells......... $2 B. Ind. G.8 Bonds... 81}% H.K. Govt. Loin v
THE NEW IMPORT
DUTY SCALE.
8104
understood to have been advocated by the Kemmerer Commission. But, in fact, the latter merely revived a scheme which had been invented by the late Sir Robert Hart, Inspector- General of Customs, and urged by.
*
India, Mauritiua, y Fast and South Africa, Aden, Egypt & EUROPE via Marsaille cue Marseiller, 28th February
Bandakan
wataw, Aoy & Frochow
Manila
Bratow...
Shar gbai & Dalny
.8.30 ▲ x 900.- 9.00
Bokuyo Maru
Parcela
Pres. McKinley
Beg
10.30 AM
3.00 P 4.15 M
SJOP
Reg.
5.00
Pria. Makinisy
Leitern
8.00.
Brochoro
500 r
Toseiny, 28th,
Iyo Maru
Sphins
1.00 PM
G.P.O.
B. Leitere
1.45 v
2.30 7 M
Mausang.... Baining
Prea, Jeferson Kwongiang
Tean
Streita, Ceylon, India, Mauritius, E. & 8,
Africa, Aden, Exyph & EUROPE Mantua... via Marseilles-düs Marseilles, 25th February
SCHEME INVENTED BY SIR him after the Boxer year. In those Amoy
ROBERT HART/
While it is too soon to see exactly what effect the new scale of collect 160 170 ing Customs duties will have, says 8the NC Daily News, merchants 771 781 seemed to take the change more 19 15 calmly than might have been expect
ed seeing that it necessarily adds to 743 Unq.the amount of silver that will have to bo paid in Customs dues. How much the increase will be has not 411 41 yet been fully worked out, but as 301 Eld everybody will have to pay the same, 124 1251the burden is at least equally dis-
40tributed.
381 387 31 $4 851 85%
the Cartel at the end of the year, | Missouri though very vague, would seem to Montgomery 15/-.
indicate that the difficulties in Nevada Consolidated Copper... 30 December £21.7.6 (opening), reaching a entisfactory conclusion New York Central
Northern Pacific Railway £21.13 (highest), £21.7.6 (lowest), are almost insurmountable. Mean-
Pacific Lighting £21.15 (Closing).
while, the market in America has
Packard Motor Car
51 (opening), weakened the restraint which had Paramount Famous Lasky January: £21.8.0 £21.10 (highest), £21.8.9 (lowest), hitherto been imposed on produc- Pennsylvania Railroad... £21.10.(closing).
tion, by both miners and smelters, Pennroad Corporation... February: £91,10 (opening), has been removed and the market, Phillips Petroleum £21.11.3 (highest), £21.10 (lowest), left to itself, has come under the Publle Bervice of N. J. £21.10 (closing).
influence of the unfavourable statis- Radio Corporation
Raybestos March:-£21.10 (opening), £21.11.3ties and a weak fundamental posi
Ramaling
Railway (highest), £21.10 (lowest), 21.10 tion resulting from supply being in
Reynolds Tobacco "B" (closing).
excess of demand. Under all the Seara loobuck... Turnover for the week 1,650 fans, cirdimstances, unlear the market is shell Union
vigorously supported, there is little Simmons Company SPELTER.
Southern California Edison prospect of important recovery in the near future.
Southern Paciffo Hailway Standard Gas & Electria.. Standard Oil of Now Jersey Standard Oil of Now York Toxas Corporation Texas Gulf Sulphur Timket Roller Bearing Trans America ***
Spelter has been steady, but, the best prices have not been maintain- cd and the market remains prac-
Options:-Double £2, Single £1. December£20.2.6 (opening), tically unchanged as compared with £20:5 (highest), £20.1.3 (lowest), our last riport. The slightly better | £20.2.6 (closing). appearance of the market must be January-20.5 (opening), £20.7.6
(highest), £20.5 (lowest), £20.0.3 (closing).
ascribed more to reserve on the part of sellers who no doubt feel that the comparatively low price is not attractive and offers little prospect £20.12.0 (highest), £20.8.9 (lowest), February: £20.8.0 (opening), of further important decime, rather £20.10 (closing). KEMON LADENÍKgcored, chanador(array)=;
- the part of consumers which in this £20.16.3 (highest), £20.11.3 (low
country remains dull and which, as - £90.13.9 (closing).
(Continued on sèrt Uolumn.)·· Turnover for the week 2,950 tons.
4 60% 801
233 23
BAJ
...
...
#
קוי
Proposed Gold Unit.
days, however, China had not Cus- Manín toms autonomy and the Powers were not inclined to agree. Now that she has Customs autonomy, and Bangkok via Bwatom with annual gold payments to make of £8,000,000, she not unnaturally wishes to protect herself against fuctuations of exchange by stabiliz ing the recurring claims on her silver revenue. According to the China Tear Book there are six loans secured on the Customs, on which payments have to be met this months aggregating £2,283,102, and G.81,093,050.
Ji
Anking Pres, Grant
Kaying
* Superscribed correspondence only.
8.80 M
Kowloon PU. Beg 1.00 N Letters
1.30 r = 2.00
.
4.377 M
5,00 2
Wednesday, 29th,
1,30 ra
Friday 81st, Kowloon P.O. ̈ar.,31»t, 9.010 & 3
Bag. 156, 9:00 AM Latters 10.00AM G.P.O.
Par, Bist, 9.00 M Heg, lat, 9.45 AM Letter 10.8 -FEBRUARY
Saturday, st
10.30 10,30 AM
Sonday, 2nd,
9,00 ▲ M
SILVER EXCHANGE
FIRMER.
STRONG ADVICE FROM BOMBAY.
increased payments of duty in silver, which of course dealers will Until last pass on to consumers, autumn the Customs collection on the old 5 per cent. basis showed an increase compared with 1928; then through civil war and lack of con- fidence trade fell off and the annual The N.-C. Daily News reports that The Rest of the Scheme.
collection was between two and three transactions were not extensive in From China's own point of view, lakhs below that of 1028. If normal the Shanghai, exchange market on conditions and confidence and peace January 1, although from the open- it is pointed out, it would seem essential to make remittances fre con be restored and preserved, the ing there were firm tendencies dus quently and regularly against her Chinese consumer will probably principally to strong silver advices loan payments. Any holding up meet the additional charges easily from Bombay. It appears that all of silver for possibly higher rates enough, especially as in that case readily available supplies in Eng- would be a risky proceeding. It is exchange would probably go up and land and America have been re- expected that ultimately there will duties in silver come down again. quisitioned by India for immediate be a Customs bank with a gold
shipment, due to the low level of reserve, which will actually issue
Failver, while the daily offtake and 80 80 15, the rate of exchange for January gold bonds of the value of the new while the day's high and low were consumption in India have lately ....2174217 1929, which was in the neighbour-unit; the importer would pay in 406.20 and 400.60. There was a re-been excellent. The highest inter United Aircraft & Transport... 491 601 hood 2 2/70, 2 much more pro- these and the Customs would be markable rise in local Government bank rates recorded on the 16th two able to pay direct to its foreign. Bend quotations owing to Mr. Tinstant were 2/1 for March and
Buying exchange locally
intritte, the market creditors, without the expense of V. Soong's official announcement re- 2/17/16 for Jurs,
It remains to be seen what effect venue, and 2 per cent. Surtax opening at 464 and closing at 462, (Continued on preceding column), of trade there will be from the Bonds were done at 887,05.
Union Carbida & Carbon
Union Pacifio Failway...
United, Dry Docks U.8. Leather "A"
1151
eni ozi
no 00 The average rate of exchange for the last three months of 1920, which 671 67 ...1201 121 is to be used as the rate for the
st
-new gold unit that takes the place 6 of the old Haikuan toel for the 821 #3
Brat month and a half of its in BEL 561
troduction, was round about 2/2d, 08 681 76 767 not a very enormous increase on But after March 401 433 present values.
124
B
Daq.,nounced jump.
However,
all sports are allowed before that rita
109) 271 comes into elect
sa B The change instituted by the Westinghouse E. AM. Com:... 3464 1459 Minister of Finance is generally
L.8. Stoel... Vanadium