Money and Markets
BRITAIN'S
TRADE
WITH CHINA.
SIR HARRY FOX'S REVIEW
OF 1929.
.COUNTRY'S ALLIANCE WITH
MR. MICAWBER.
Gloomy Reading.
THE HONG KONG DAILY PRESS, WEDNESDAY, MARCH 12, 1930.
NEW YORK STOCK DAILY SHARE QUOTATIONS.
HONG KONG STOCK EXCHANGE.
SHAREBROKERS" ASSOCIATION.
EXCHANGE.
A SHARP BREAK.
[UNITED PRESS.]
Bayere
Bain Ballar
Nominal
TUESDAY, MARCH 11.
Burw
New Yony, March 3 Following early erratic move menta or the New York Stock Ex change to-day, the list broke sharp- ly under a deluge of liquidation re- sulting from repeated bear, drives on the leaders, says the daily review of the Dow Jones Financial News Agency.
Westinghouse slumped six points and US. Steel, American Can and some others nearly reached the pre- vious week's levels. The close found Westinghouse at 188, down s from yesterday, U.S. Steel closed at 170 of American Cam was off to 139.
Promising A this, may be, the next few pages of the report make gloomy reading for British industry. As in almost every report issued by the Department of Overscas Trade, & lamentable parallel is drawn between the energy and Prosperity of American motor-car manufacturers and the lethargy and decline of British interests. Much of Sir Harry Fox's report is given over to advice to British traders with China, and in this connection he repeats another all too familiar In his report on economic con-exhortation--that British merchants ditions in China up to September, must pay more attention to the 1999, in which he was assisted by work of agents in the country with Mr. H. J. Brett, Sir Harry Fox, which they are dealing, must have better agents and must pay them Commercial Counsellor to the better. British trade with China is Legation at Peping), says "as Mr. still a good third to American Micawber remarked to Mrs. Mica. trade, a long way behind Japanese. In millions of thels the proportion ber, China is a very remarkable af foreign trade in 1998 was: Great country." In spite of all the dis- Rritain, 175; the British Empire turbances of civil war, in spite of minus Hong Kong), 395; Hong Kong-which throughout the report industrial unrest, lack of transport is treated separately-408: Japan, And excess of taxation, China's 549: U.S.A., 333; Russia, 318. trade was greater in the year under The ever" before. review than figures of the import trade. were undoubtedly swelled by the heavy purchases made by merchanta ansions to get goods in before the new duties came into force on February 1; but Sir Harry Fox understands that even without this artificial increase the import figures would have been larger than for the year before, and at any rate the ex- port Bgures were unaffected by it.
Since his report was written there treaties and conventiona and the has been a widespread outbreak of inuence of the Home Government civil war, which in the South is still on getting the good will of the in progress without any signs of Chinese people,, although he goes coming to an end in the near future.on to any that he does not think These disturbances may invalidate to some extent the greater hopeful ness that Sir Harry Fox finds cause to express in his report as com pared with his report in previous years. but there was civil war dur ing the greater part of the period
under review.
British Interests.
Radio Corporation showed evid- ence of acute weakness and closed at 48, off ..
Utilities Weaken.
The oils and foods followed the others while motors, mines and Trading increased and the tickers utilities weakened on the reaction. lagged, with total sales for the day of 3,715,000 shares. The pivotal issues, however, were generally sip- parted on the recessions.
There was little to account for Sir Harry Fox, considering the future of British trade with China, the reaction except pessimism over says that the Chinese people are the steel industry. Bethlehem shar at the moment ant to be distrusted the movement of U.S. Steel, ful and even hostile to all foreign-losing off 1 to 06. ers, but he believes that, at any rate among merchants and officials, the ronviction is growing that Great Britain is doing her best to give China a square dent. British merchants are beginning, he says to realize that hereafter they will
mych have to rely not BO
The Dow Jones average for 20 utilitier was off 1.47, to 100.01. Among the communications, "Ameri- can Tel. and Tel. declined 1 to 2384 and International Tel. and Tel. hung on nt 68. Columbia Gas and Electric dropped 21 to 93. Con solidated Gas of New York, was off
two ponits to 191 and Standard Gas and Electric was off 24 to 118.
Industrials Gain.
$1,375
**
நச்
4981
$785
T.180 $397
iiiiit
2014
Babes Nominal
Banki
375
81,376
H.K. Banka
$112 £16 $29
Do. (London) so;
£107
Chartered Banks ....
Mercantile Bks. “A”.
A
£34 218
·Do.
"0"
Bank of East Asia
SPE
***
Insurances
Canton Ins.
8755
#14
Underwriters
31.10 $1.40
T160
North China
Union Ins
$300
M.850 Yangtare Ins.....
$60
*
China Firth..............
$800
HK. Fires...
Shipping
FOREIGN MAILS.
RADIO NOTICES
The Radio Offer, where fall information concerning all wirelin sorriso may be obtained at all times, in situated on the ground foor of the P. & U. Building in Des Voeux Road, next to the General Post Office.
Individuals and firms are recommended to register their telegraphic ad dresses at the Radio Ofos. No charge is made for this.
It is notified for information that with" affect from 26th February, 1930, the local currency rates for radio talograms to the countries named below will be increased as shown —
Indo-Chins...
F200
Siam ...
Netherlands East Indies..
80:63
..80.00
$1.10
INWARD MAILS.
Pin
Scochow
12th Mar.
Fan Heutes
11th Mar
Malwa
18th. Mar.
Athon 11 ...
14th Mr.
..
14th Mar
14th Mar.
16th Mar, leta Mar. 17th Mar
5340 1895
824
$231
Douglasen.
$95
Steamboate
$23
Indon (pref)
$80
$70
Do. (def.)
890
SHANGHAI SWATOW..
93/6
Shell Transporta
99/6
98/.
SWATOW
Water-boats
નોન-893
Mining
$25
$101
1+4
50/m
Benquets.
-Kailans
T1ae0 Langkata (comb)
Do. (single)
T130 Exploration.............
Shanghai Loans
T.5
Raabs
Tronoh Mines
21/-
Docks, Wharves,
Godowns, sto.
H.K. Docks
18.10
..
19/3
SAISON
TJ4
MANILA
STRAIT
$150
H.K. & K. Wharis...
$152
$51
85.15
Providonta.cz
$5.40
831
$31
1.195
Shanghai Docks ....
T.120
T7,80 T-216
New Engineerings
Hoogkowa markin
T.161
T18.15
TB:
S'hai. Ctoos (oli)........
T.78
Do. (now)..
T.10
Zoong Sings
***
A gain appeared in the Dow Jones manufacturers at home pay enough average for 30 industrials, which attention to the Chinese merket, was up .33 to 152.61. Pennsylvania particularly in the matter of ad- was up to 82 but New York Cen- T18.50 Fertising (to which the Chinese have tral was off to 1841, Erie was off taken remarkably in the last year). to 594 and Northern Pacifc was One small point of Sir Harry Fox's of 1 to 021. At the close an up- advice is worth repeating here.ward movement had developed so English is still, he says, the second several" gains were shown over language and the first business yesterday, Canadian Pacific moving language of the Chinese; but with up to 2023 Rock Island gaining a the growth of a national spirit and point to close at 119 and Southern the increasing direct participation Pacific gaining 1 to 1243. of Chinese frms in foreign trade the Chinese language is becoming nore important to the foreign mer chant.
Tarif Changes,"
The chief decline appeared in the Dow Jones average for 30 indus- 97C.59. trials, which was off 2.52 General Electric was off to 761. American Rolling Mill declined, 4 to De
$12.90
T.225
$14
$64
18.30 91/2
$98
Among the motors, Willys Over $20.90 land lost 1. closing at 91. General Motors was of to 42 and Chry- sler lost to close 38.
The call money rate continued at
Cause For Hopefulness. One foundation for this hopeful ness seems to be a slight improve ment in the National Government's attitude to financial obligations- the Minister of Finance took over the direct administration of the Salt Gabelle, and its revenue was used to pay quota due tor services of Now that the Powers have re the Anglo-French, the Crisp. and cornized. China's right to complete the Hukuang Loans-but Sir Harry national tariff autonomy, it is to Fox notes that domestic loans run be expected that alterations will far more smoothly than the liquida- continue to be made in the tariff tion of foreign obligations, and new scholale. So far as he has been internal loans were from time to able to judge, the increased import; 4 per cent.
ime issued on the security of the duties of last February do not seem increased Customs revenue, regard-to Sir Hariy Fox to have pre- less of the priority of the older júdically affected the volume of foreign loans. Greater cause for imports. Although taxation and hopefulness is to be found in the ad- tariffs are inseparable in China, Sir ministration of railways and roads. Harry Fox does not consider that Mr. Sun Fo. Minister of Railways, Chinese authorities discriminate ja Kas laboured to rescue the railways their irregular, taxes against foreign from the clutches of the Tuchens, goods. Chinese produce coming and most of the main lines were by down from the interior is often Seotember running with some ap- taxed more heavily than imports, proach to regularity.
for the benefit of military chief- Railway stations are gradually tains. Eggs suffer particularly. A losing the appearance of armed new-laid egg on its way from farm cames, generala and their sub-to port paya, apparently, in addition ordinates are no longer able to to likin, Customs duty, a produce (commandeer locomotives and roll- and examination tax, a charitable
will or dislocate tax and an educational tax. ingstock at
..
traff whenever it suits their con- venience, and though, as is only naturni after the persistent mis- Chandling which locomotives and rolling-stock have been subjected -to for some years past, trains are zlow breakdowns of frequent oc- ́currence,+ and ears by no means comfortable to travel in, one can
RAW SILK.
MARKET SHOWS STEADY TENDENCY.
at least start on a railway journey Messrs Peatreath & Co. have in China to-day with some reason-forwarded us the following letter ble hare of arriving at one's dated February 10 from Messrs. destination which one, certainly Hornby, Hemelryk & Co. could not do a year ago...
Roads and Motor-Cars.
The improvement in ronds is even more marked. The Chinese neople. though anathetic as ever in the
The market continues to show n steady tendency, and values show little change..
The American cilk statistics for January compare as follows:-
Jao. Dec. Jan
1930 1929 1929 Bales Balra. Balca.
The final estimate of the 1990 eocoon erop in Japan by the Depart matter of river conservancy, audment of Agriculture shows an in denly were taken with an enthu crease of 8.8 per cent over 1928. siasm for roads and mptor-cars..
Reports from all parts of China tell of the construction of new roads under official and muni-. cipal auspices, roads which are levelling the walls and entirely Imports... 43,173 58,470 58,384 changing the free of old Chinese Consumption.. 57,683 44,150 57,310 cities, ronds running along the Stocks
*** 76,284 90,772 48,943 banks of rivers. winding in and'
The mill takings for the month out of villages, even climbing over are very satisfactory. Only in mountain panses. Some of thess August last when consumption roads are well constructed. being totalled 30,704 bales has the figure properly metalled and drained: more are bad or at least indi! of 7,683 bales been excreded,
The Japanese Government has férent, mere mud tracks which become impassable in rainy wer-officially sanctioned the Silk Syn- ther. But they will improves dicate's new scheme for the coin- time goes on, and even now they pulsory, storage of 50,000 boxes of form a network of communications silk and to prohibit thefr with in, around, and between Chinese drawal for a period of six months. towns and villages which enable the Chinese merchant and farmer to make journeys unheard of a few years ago, and so go sorce
In spite of the excellent consump- way towards compensating for the present inndeauncy of railway tion figure for January and of the transport, Ommbuses, locally coa. bullish effect of the Japan Syn- atructed on chassis imported fromdicate's intention to withdraw 20,000 abroad are making their appear boxes from the market, statistics ance all over the country, more continue bearish, which rather sug
ecially in North China.
geats further pressure, especially as Where a year or two ago private there is a stale long interest open motor cars were imported in twos in distant deliveries. And threes and trucks and chassis nossibly in flozene, raptor vehicles are now being imported into China literally in hundreds,
A strike of dress workers is taking. place in New York, and this is holding down the price of near de liveries..
Close New York Saturday:-May 84.48e., July 84,42., September 84.40 (Continued at foot of next column),
EXCHANGE RATES.
[BRITISH WIRELESS SERVICE.]
Amsterdam
Milan
Berlin
Athens
Bombay
Yokohama
Ootton Hille
Bulidings
$12.90
Lands, Hotels and
H.K. & S. Hotels
HK Lands....... 363
Shanghai Landa
H.K. Realtys
Humphrey...$14
Chinese Estates
Public Utilition
Macao do.
Lights (old)...... 919.35
Do. (comb.....
H.K. Electrics
Sandakan Lights ...
Telephones. $10
China Buses
Tractions punon
Do. (pre)--
Industrials
Caldbeck, 1(ord.).
Macgregor (pref.)
Canton Ices
FOR
****
$12.90
...
Tal
T.831
ᎢᎯ ..
18th Mar
gatb
9th Mar
.91 t⋅ Mar,
Pres. Wilson
22n1 Mar.
Pro, MoKinley ...
24th Mar.
Pres, Jeferson
28th Mar
Juth Mar.
Pr Fax Buren
5th Apr.
EUROPATIA SU (Letters & papers, Lonel don, 13th Feb, parceli, 8th Feb.)
SHAKAL & EUROPE Siberia (London, Slab February)) U.S.A. (Sestile, 2nd Feb), CANADA,
JAPAN & SHANGHAI-
MANILA
SHANGBAL
U.S.A. (San Francisco, 92nd February),
Honolulu, Japan & SHANGHAI
AUSTRALIA & MANILA
JAPAN & SHANGHAI .....
U.S.A. (San Francisco, 21st February,
HONOLULU,
JAPAN & SHANGRAI U.S.A. (Ean Francisco, 28th February),{
HONOLULU, JAPAN AND SHANGHAI U.8.A. (Seattle, Bib March), Caxana,
Japan & 8gangBAI CANADA (Victoria, B.O., 8th March
USA, HONOLULU. JAPAN & SY •RGH 1} D.8.A (8 Francisco, 7th March,
HONOLULU, Jian & ZiAMAYA
Kalyan
Pros. Toft
Imp. of Canada..... Kashima Maru ...... Pres. Jackson Aceas
Tenyo Maru
Aka Marisa Kamo Maru
Emp, of Bui
OUTWARD MAILS.
REGISTERED and PARCEL MAILS are closed 36 minutes earlier than the time given below unless otherwise stated, and where mails are advertised to close at or before sam registered and parcel mails are closed at 5 p.m. on the previous day..
Straits
8w tow...
Amoy
Straits & Caloniti
For
*M
M
Pxz
DATE & TIME
9.30 AM 2.80 FX
3.30-Ja
· 4,00 PM
4.30
Chinhua
Wing Lee.. Tasyarn... Tai Hing Wong Shek Kung
Deli Maru
Okenciu Van Heutes Helikon Hydrangea Kirei Fang
Wednesday, 19th,
8.30,1
· 880 AM
10.30 A
Bui Bang
Hal Ning...
Swatow, Amey & Foochow
Shanghai, Japan & *EUROPE vis Bibers Athos LI........
"Cements (comb.)... $14.75
Do
fold).
$114
Do
(now)...
Btraits, Ceylon, India, Mauritius, E. & 8. Africa, Aden, Egypt & EUROPE vis Marneïlles-dus Marseilles, 12th April
Kalyan
Ropes
China Sugars.......
Malabon Sugars
United Asbestos
Amusements......... 8281
H
Inickord...
--9,80 *
2.30 7 1
3,80
Friday.
14ib, Parcels Noon
i.attora
1.00
2.00 M 2.30-
Kowloon PO. Parcels
4.30 F#
|teg,15th, 9.00 x Letters 10.00 a
G.P.0. |Paz,,14th, 0.00 7 1. Bog.,15th,9.46 AM Letters 10.30 ▲ M
Saturday,
Bog. Lettera
16th
9.30 &
4.30 '
·5,0) ►x"
8.00 FX
16th,
9.00 ▲ M 9.40 AM. 9.00 AM
$20.20
Tramwaya
$20.20
811
Peak Trams (old).
$11
Hoihore ...
86.00
Do. (De).. $84
Fort Bayard
866)
Star Ferries
$68
Amoy
Samahai & Wachow
$19,39
[19.40/j00
$14.50
$14.00
Do.
Saigon ...
$23
-
8694
******
$69.25
Amoy & Formosa vis Swatow
823
Hoihow, Fakhoi & Haiphong
·841
$10
8sigoo --
T17.80
Paris
New York ....................... Brussels Седета
RUGBY, March 10.
124.23 4.58 9/32
18/3
34.805
T.10
25.115
T:10
12.194
12)
92.83
$15
20.425
$10.60
Stockholm
18.113
$1.10
MI
Copenhagen
18.162
87.85
Oslo
18.17
80,75
Vienna
34.305
$27
Prague
104)
35
Helsingfors
193
Miscellaneous
Madrid.
39.45
Liaboz
109.30
$22
Dairy Farma.
$22
375
* 80.80
Der A. Wings...........
Bucharest
816
Forchow and Fai Hai Wei Manila Amoy ***
*
Huichow... Fa. Tafi Anking
Rio
54
#28)
81.30
Constructions
81.20
Buenos Aires
491
Lane Crawfords
$3
Shangbai & Dalny
1/8 27/32
$18
Mackintoshs
Sanday,
Shanghai
1/101
2/0 11/32
$12
Binceres (old).....
Nanyang Tobacco...
34
"Silver (spot)
19 1/18
Do.
(new)
810.70 89.90
$12.20
Bangkok via Swatow Hoshow Bwatow, Amoy & Formosa
***
Kalgar Kingyuan Carlon Maru
Silver (forward)
18 15/16
$2.80 60% 54%
Wm. Powells.....
Monday, 17th,
pred.
Kashima Mara.
Pres. Jackson
10.30 AN
Parcels
300M
415 PM
3.00 x
WEEK DAYS.
SUNDAYS & HOLIDAYS
Fris. Jackson
Tai Ping
FOR
Frox G.P.0.
Fiox SEKUNGWAN Branch P.0.|
From Frox SETUNGWAN G.P.O. BRANGE
P.O.
Bwatow, Amoy and Foochow Straite, Ceylon, India, Mauritius,
&8.);
7.15 am. & 7.30 h.. 7.00 p.m. 8.00 p.m.
(5 p.m. only
(7.15 am, & [7.30 am, & 5.00.10. 7.20 p.m.
Sundays.. Bandays
7.00p.m. only
Africa, Egypt & EUROPE via Mar meilles due Marseilles, 20th April Amoy Swato
Falching
deneas
Tainan
Bag.
1,00 P. 1.45 x
[7.15 m. &
7.30
In &
(7.15 sin. & ƒ 7.30 11.15 p.m.
am... 11.80 p.m.
6.00 pm.
Sundays 8.35 Lealy
6.00p.m.
6.00pm
6.00 p.m.
6.00 pm.
Japan
7.15 am).
9,00 6.0.
7.15am. 9.00 9.00 mm).
10.
$11.00
& 4,80 p.m.
ADVICE FOR INVESTORS.
EADERS aro reminded
Rthat inquiries rointing
to the share market are answered on. page 11 every Tuesday by "Kufan." _Let- ters should be sent to this. office, and must be accom- panied by writer's name and address, not for publication. Letters should be addressed to "Kufan,"
Editor.
Canto
311 Watsons ********
B. Ind. G.8 Bonds... 60%
H.K. Govt. Loan ...| 8105))
LOCAL AND REGULAR OUTWARD MAILS.
of the
Macao & Thinaban
Kongmoon (except Baturdays) 8.00 pan.. Hanking (except Saturd Fatahan (By Train)
Burlap. According to advices from New Yark, the lower level, in sympathy Tai Fo with the decline in Calcutta. has.
Bhumchun not stimulated the demand, and operators seem to be awaiting the development of a definite price movement before making commit Cheangohow rents
Close Saturday: May 15, Aberdeen July 10, September 5.32c
Sagar Bags Cloes Saturday May 18,00, September 10.05e.
Jute Close January 31; March 6.25c., May 6.206., July 6.330.
Hemon-Close January 31; Marchi 8,04c., May 8.02., July 8.070.
Stanleygahan, Bat Autan,
Bhatin Shatankok, Shoungehul Balkung ke Nemteu, Bhekki & Tupla
(Faman)
(9,00 am. &
10.00 p
(.8.00 .. 18.00 p.m.
& 4.30 pm.
Baturdays
(12.80.p.m.
1.00 p.m. &
14,50 p.m.
8.80 2.00 pe 200
Bhanghai and Japan... Japan, Oxdada, U.S.A., C. & S. Americs)
& KUROPE is Victoris, B.O. das Victoria, B.U., 4th April...
Shanghai and EUROPE via Siberia Manila, Australia and New Zealand via) Thursday Island-due Thursday Island, 29th March
Koomar
Aks Märu..
Kamo Marui
Beg. Latton Beg *5.00% 36 Letter: 6.00
Phocol
5.00 Rep.,18th,946 A W
Laitors 10,80 AN
Tuesday, 18th,
Letters 2.30 PM
3,80 N 6,00%
Parcels
5.00
9.15 AM
1.75 p.m.
1.30 p.
Bunday 8.800.
Lonly
Shanghai, Japan, Canada, U.8.8. C. &B. America & EUROPE vin Van- couver, B.O-due Vancouver, B.O., 4th April, & Europe via Biberis
Strkite
Falshing Emp. of Canada Wednesday 19th,
Reg. Latters 10,00 € μ'
Thursday, 20th,
10.89
[Friday, gist, AC
9.30 AM- Kowloon P.O.
4,30 P = Reg.
Le1.22nd, 9.00 4 m A G.P.O.NE Reg 22nd 8.46 Lektors 9,80‘a se
Monday, 24th,
Tuesday.
1,30 i x
25th
Monday, 81st,
Stralia, Ceylon, India, Manritics, East)
& Bouth Africa, Egypt & Europe vin Marseilleasedne Marssilles, 20th April)
Sandakan
8.30 B 100p.m
10.80a.m.
Amby
Manila
4.80 p.m.
4.30 p
fawang
Emp of Eustia
Bapararited correspondence only"