t
HONG KONG DAILY PRESS, TUESDAY, JULY 19, 1932.
SPARKS FROM THE PLUGS
FROM NEAR AND
FAR.
Who Has the Oldest Leyland ?
Leyland Motora, Ltd., kas made a decidedly unusual, but attractive offer to its users. It is to hand a cheque for one hundred guineas
Orders for India.
Thore is no sign of slackness in the Works of Albion Motors, Ltd., where, apart from the usual pro duction of standard goods and-pas- songer models, good progress is being made with the order for 110 special 30 owt chassis for the Indian Government,
ROCKNE SIX SETS RECORDS.
AN EXCELLENT LOW- PRICED CAR.
Money and Markets
BOND ISSUE IN PHILIPPINES.
HONG KONG STOCK MARKET.
YESTERDAY'S OFFICIAL
QUOTATIONS.
REPRESENTATIVE'S PLEA" FOR MORE ROADS.
Вцеп- Felipe Representative" camino, of Nueva Ecijn who has
Except for few insignificant Evidence that the low-priced arrived to attend the second session" flockne Six, sponsored and guaran.of the ninth legislature in Manila, changes in rates, markets were to the owner of the oldest petrol and preparations are being made for teed by Studebaker, has already has reiterated his stand on the ap-stendy yesterday morning-
driven, goods-carrying Leyland still
in service in 1932.
The first shipment has been made,
the despatch of a further large Intel.
Thornycroft Repeat Orders.
#
propriation of P.20,000,000,000 for become formidable contender the construction of barrio roads as against middle and high-priced one of the most sound policies to modela in speed, power and hill-be taken up at this time when there is not much money in eirculation. climbing ability, was produced here He explains that the circulation of this amount will go far to relieve tho present depression..
The reason for this, we under- stand, is that, although long life is an accepted characteristic of Ley-
I repeat orders are, a true crite-yesterday by the Hong Kong Hotel Land coinmorchat vehicle, in view of rion of an owner's satisfaction, Garage, local Rockne dealer.
there can be no doubt of the autis zoma exceptionally interesting casua
factory service given by Thorny- of. Leyland longevity having recent-eroft motor vehicles, in view of the ly been brought to the notice of the Company, it has been decided,
as a matter of general interest, to endeavour definitely to establish the age of the oldest Leyland still in servien Pre-war Leylands still giving faithful service in many parts of the world are not rare, and it in thought that the vehicle which is
|
many repeat orders which have re- cently been phiced by present
owners of theso,
Their names would be recognised as being amongst the most experi- enced operators of both freight and passenger vehicles.
julged to be the oldest will date; eighteenth, twelfth, back to 1007 or 19C8.
Flantinued on next column.)
MICHELIN
"Information received last week from the factory says that the Rockne Six is setting performance records in every part of the United States," Mr. White said. "In Pitte burg a Rockne Sedau went over the famous Negley Avenue hill in top gear, while another took a load
One was a thirty-ninth repent order, others being twentieth (2),of four over Tuscarora Ridge in ninth (3), the Pennsylvania mountain at 50 miles an hour, with the lowest speed at any tin 33 miles an hour.
"A third report says that, on a trip between Chicago and Bartles |ville, Oklahoma, a lockne traveled a stretch of 74 miles in 72 minutes, while another covered the 51 miles from Oshkosh to Milwaukee, Wis- consin, in one hour and 40 minutes. In New York City, a Rockne started at the bottom of the famous Fort George Hill at five miles an hour. In the middle of the hill, the ear mude a complete circle in top gear and went on up the bill and over the top at 17 miles an hour.
THE NON-SKIDDING TYRE.
Tel. 22221.
MICHELIN
Distributors:
A. GOEKE & Co.
Tel. 22221.
China Building, 4th Floor. DEPOT FIAT GARAGE:
350, Hennessy Road. Wo give free tyre service to Michelin owners at our Depota,
Tel. 24821.
Tel. 24821.
"While fuel mileage is bound to vary with local conditions, reports received et the factory show that some owners have been getting from 16 to 18 miles in city traffic to as high as 21 miles per U.S. gallon on long distance driving."
Explaining his stand smoog, high officials Mr. Buencaminoid, that if the government cannot make a currency issue for the amount, it will not be a dangerous under- taking to float bonds. He added that there is nothing to fear about the bugaboo raised that the more bonds the Philippines float the more. endangered her future for indepen-
dence is.
Amortized from Tax. Mr. Buencamino said that the capitalists in America who have in. vested money in the Philippine government bonds do not oppose independence. "At any rate," he said, "the balance of P.1,500,000 coining from the P.4,000,000 annual tax on gasoline and automobiles will be sufficient to amortize the P.20,000,000 needed in 20 years."
The gasoline and automobile tax is so distributed so that three parts of the P.6,000,000 collected an- nually from this taxation are dis tributed by the law in proportion to the number of inhabitants aud the kilometric distance of first class roade. The remaining portion which is P.1,500,000 is distributed by the secretary of communications under his own discretion. This is the amount which Mr. Buencamino feels can be applied to amortize the P.20,000,000 funds intended for the construct on of the barrio roads Connecting tho barrios with with the provincial roads.
Condemns Politics.. The former practice of building roads for political purposes was con demned by Mr. Buencamino wasteful.
25
Ho aid that in most enses funds are obtained for the construction of a road between two
cighth; seventh, sixth, fifth (3), towns. The apropriation which is fourth (3).-
an
These orders, received when trade en- is generally sick, were couraging start for 1032; besides forming, an excellent tribute to the afficiency of the various types of Thornycroft motor vehicles.
A Novel Speedboat Course.
Following upon very heavy rains speedway constantly flooding a track in the Toxas Prairie, just out side the city of Houston, an out board racing course has been formed of the oval circuit, half a mile in cir- cumference, whilat a canal has been dug filled with 10 million gallons on water, with clay lined banks. A 'Grandstand has been added seating 3,000 people, together with a huge car park at the back to accommo- date 7,000 cars.
Several oxtremely successful meet inge have been held and some very good sport witnessed.
as a rule insufficient is applied to construct the road starting from bath towns and when the fund is exhausted, the remaining uncons tructed part of the road is left without being completed until the coming of the next election when agitation, and promises are being made again.
of tho The appropriation F.20,000,000 for the construction of the barrio roads will help the people in obtaining work since the purpose is to let the work to in- dividuals by meters or kilometers. thus avoiding the big margin of largs contractors who profit most in construction of such kinde. With the expectation that a peso eir- culates about 12 times a year, the P.90,000,000 ought to bring back prosperity, Mr. Buencamino point- ed out.
And with the roads properly con- struted, there will be more sata. mobiles and trucks used bringing in more gasoline and automobile taxes to pay for the amount bor- rowed, he declared
Sales.
Constructions (New), 81.00.
Buyers.
Hong Kong Banks, 31,576. Union Insurances, 8455. China Firo Insurances, 8000, Hong Kong Steamboats, 8201, 'Union Waterbosta, $19), H.K. & W. Docks, 818). Providents (Old), 84.50. H.K. Hotels (Old), $10.80. H.K. Hotela (New), $10.40. Hong Kong Realties, 811.30. Chinese Estates, $100. Ewo Cottons, Tis., 13.20. Hong Kong Tramways, 82.30. Star Ferries, 858. Yaumati Ferries (Old); 831. Yaumati Ferries (New), $33, China Lights (Old), $18. Hong Kong Electrics, $72). Telephones (P.P.), 8911. Malabon Sugars, 820. Cements (Combined), 817.35. Hong Kong Ropes, 812.00. Dairy Farms, 8971. H.K. Amusements, $101. Constructions (Old), Sol. Constructions (New), 81.55.
Bellors,
International Assoc., Tia. 4.
AFTERNOON SESSION.
Some improvement was noticeable during the afternoon in Wharves Realties, Ewos, Trams and Con structions (Old), all of which were marked up.
Bales.
Providents (Old), 85. Ewo Cottons, fls. 13/13.35. China Lights (Old), $15. Hong Kong Rupes, 812.80.
Вигель,
H.K. & K. Wharves, 8130. H.K. Realties, 911). Ewo Cottons, Ths. 13.30. Hong Kong Trams, 822.40. China Lights (Old), 8171. Constructions (Old), 86,35.
Sellers.
China Lights (Old), $18.
NEW YORK STOCK
EXCHANGE.
A.O.F.C. QUOTATIONS.
[REUTER'S AMERICAN SERVICE]
New Yoak, July 10. TO-DAY'S LAST AVERAGE AVERAGE CHANGES
30 Indus-
trials. 45.47 45.29 -.18 20 Rails 15.60 16.73 +.07 20 Utilities 18.31 18.33 +.02
Messrs. E. A. Pierce & Co. Report. The market in steady.-Business: doné: 400,000 shares.
THESE
MORRIS-COWLEYS
are two
out of five
attractive Models
to suit everyone's need
Auburn
An Engine unit improved out of ull recognition, giving comfortable top gear hill work. Lockhead brakes. Tools handy under bonnet. Completo Angor-tip controls on steering column.
Roadster
DODWELL & 00, LIMITED. ICE HOUSE STREET, HONG KONG AND AT CANTON
Pytchley sliding-head
A.E.BA
BOXER FUNDS ASSIST IN CHINA'S DEVELOPMENT.
RECORD OF FIRST YEAR'S ACTIVITIES OF. BRITISH INDEMNITY TRUSTEES.
£3,800,000 FOR PURCHASE OF MATERIALS IN BRITAIN: RAILWAY EXPENDITURE.
Mr. R. Caldor Marshall, Vice-President of the Board of Trus tees for the administration of the Indemnity Funds remitted by the British Government, has given the N-C. Daily News, a brief recapitulation of the activities of the Board during the first year of its existence.
The report shows how the Trust, was established under the Lampson-Wang exchange of Notes and how the Trustees overcame, the difficulties attending the establishment of their organisation. Allocations have been approved for the purchase from London funds of £880,000 worth of equipment and material for various railways, of £550,000 for other works, the purchases in the latter cass being not yet or only partly made.
From China funds, the chief items are $878,000 for the Canton- Hankow Railway, £40,000 for the Nanking-Pukow Train Ferry, $103,000 for the Ministry of Industries and £13,338 for the Hwai River Conservancy. The report states that the audit of the first year's working by Messrs. Thomson and Co will be prosented with the statement of accounts which caunot, however, be pluted yet owing to the need for combining the London accounts with these in China.
SECURITY FOR LOAN CHARGES.
L
com
endowment might be established for education.
Under the
circumstancos
the
The Exchange of Notes between Sir Milea Lampson, H. M. Mint ter, and Dr. C. T. Wang, Chinese Minister of Foreign Affairs in Board. in considering applications September 1930-which notes wore from the various Ministries discuss- duly approved by the British anded them from three points or Chinese Governments-may be said view:- to constitute the Deed of Trust re- lating to the Indemnity Fanda,
The notes provide inter alia:— (a) That "a Board of Trustees consisting of 10 Chiness and
6 British members shall de appointed to administer th Funda.
(a) Were they for productive purposes in accordance with the Exchange of Notes? (b) Did they come within the al- locations specified by the Ex- ecutive Yuan?
(c) Wern the Ministries or or
ganisations able and willing to provide security for inter- est and repaymonts ↑
(b) That a Purchasing Commis sion in London shall be selecs. ed by the Board and appoint If after discussion the proposals ed by the Chinese Government were approved, the resolution of to attend to the purchase o approval specified that adequate materials in Great Britain. security should be provided for in (c) That the whole of the accumu-terest and amortization.
lated funds on depout togu - | The various Ministries and ther with half of all future ganizations having received such instalments shall be handed general approval communicated to the Purchasing Commisdirect with the Purchasing Com sion in London for the pur mission, which made its purchases chase of such materials as may without further reference to the be ordered by the Chinese Board of Trustees, Government.
"Hopeless Contusion."
(a) That half of all future instal. ments shall be paid to the Board of Trustees in China (a) That the funds in the hands
of the Purchasing Commis therefore drawn up regulations, sion shall be used for the which have been approved by the purchase of machinery or materials required for Rail Executive Yuan and which provid ways or other productive en that all requests for loans and or terprisen as may be ordered for the purchase of materials shall by the Chinese Government.
be made in detail, to the Board of (f) That fands spent in the Up Trustees and that, if approved, a' ited Kingdom shall be regard provisional contract specifying the ed us loans bearing interest
It soon became apparent that such methods would result in. hope- less confusion, and the Board has
tae.
and eventual amortisation interest and repayment (to be ex- from the Board of Trustees changed Inter for a final contract) to to Chinese Government: terms of the loan and providing (g) That the amounts attribut for shall be entered into by the able to the service of such Ministry or organization concern. loans should be paid to theed with the Board and that no or Board of Trustees and by ders shall be forwarded to them applied to educational Purchasing Commission until such purposes at the earliest mo contract is signed. It is also pro vided that the Board of Trustees mert.
shall be the sole channel of com The Board of Trustees was duly munication between the Ministry or constituted on March 28, 1931 and organization and the Purchasin at its first meeting the members of Commission. By this procedure the the Purchasing Commission ware Board is able to exercise full cons 334 nominated. The original members trel over the purchases made.
of the Board of Trustees appointel
LAST TO-DAY'S PRICE PRICE
741
494
Air Reduction
836
835
Allied Chemical and
Dye
481
Américan Can
31
American Telegraph
and Telephono
American Tobadoo "B"
Borden Company,
e
Canadian Pacific
10
Consolidated Gas of
New York
37A
Drugs, Inc."
DuPont de Nemours
95
Eastman Kodak
389
39
General Electric
10
10
General Foods
22⭑
*
General Motors
Harvester 13
38
by the Chinese Government were
In order to safeguard the funds
Messrs. Chu Chia Hua, Li Shu of the Trust, cach proposal made Hua, Tseng Yang Fu, T. K. Tseng, is submitted to the Board and if Huang Han Liang, Yeh Kung Cho, generally approved is passed to th 10 Cheng Chung Chun, Chen Chi Technical and Finance Sub-Com Tsai, Boong Tse Liang, Wang Chia mittees for further more detailed Chen, N. S. Brown, R. Calder investigation, their reports in de 29Marshall, K. Cantlie, W. H. tail together with form of propos 254 Donald and Sir William W. Hored contract in which provisions nail-Mr. Chu Chia Han being made for security required and for chairman and Bir William W. Hor. interest and amortization, beinu. 22nell, Ar. Huang Han Liang and submitted to the Board for discus Mr. T K. Tseng being vice-chairsion and final decision. If then ap reproved by the Board contracts are man, secretary, and treasurer 13 spectively, all the members of the drawn up by the Board's legal ad Beard serving in an honorary viser and such contracts are again scrutinized by the Finance Bub Committed prior to signature.
Prior to these regulations cont The Board's Position,
Ingino force-certain-urchas According to the warding of the wore made by the Ministries or Exchange of Notes, it appeared organizations concerned and in con that the funds of the Trust, except nection with such purchased con- the 60 per cent of the future in tracts either have been signed or ar stalments which was to be handed being arranged, duo provison being. Ito them, did not come under the made for interest, repayment for
direct control of the Board; that amount expended, and security. they had no control over the Per In Strict Accord,” chasca made and that, with the ex
International
International Tel, and
Tel.
:5
capacity.
Liggett and Myers:
45
Loew's Incami
Pacile Gas & Electric 201 Pennsylvania Railway 8 Radio Corporation
20%
-13
26:
8
Carbon
174
17
Union Pacifie
United Aircraft and
Trans
United States Steel
23
Westinghouse E&M
10)
181
Ex dividend
Saar toebuckled Standard Oil Co. of
New Jersey in 201 Socony-Vacuum Corp. 81 Union Carbide and
3 caption of 50 per cent of future in
stalments, their interest in the
"The Board of Trustees are work-
ing in strict accord with the terms embodied in the Exchange of
Ok. Trust commenced only when the 23. funds had been expanded, when they
were required to receive interest that is to say that the Funds and amortization in order that an
(Continued on Page (.)