HOURS OF WORK
FORTY-HOUR WEEK GIVES BEST RESULTS
(BY HENRY ROYCE),
the Organisation rubsequently adopted a resolution recommending the reduction of hours and distri bution of work and expressing their opinion that the best results had been obtained by a forty-hour week, The Labour Conference of last May again called for an investiga- An important report on the question of the question of the legal tion of hours of work and unem institution of the forty-hour week ployment has just bron issued by with a view to the early adoption of international regulations on the the International Labour Office of the League of Nations. It will be subject. In September last a speci- remembered that a year ago the af meeting of the Governing Bour workers' representative in the In. of the I.L.O. was held on the in ternational Labour Organisation, itiative of the Italian Government. asked for the convocation, of an
which asked that a Preparatory. Technical Conference be convened International Conference to secure an agreement for the general shor to study the technical problems tening of hours, if possible on the conected with hours of work, and basis of a forty-hour week,
to place the question of reduction of hours immediately on the Agenda of the International Labour Con- ference of 1933. This Conference will be held on January, 10, and its report will be placed on the Agenda of the International Labour Conference which opens on May 31,.
This proposal was rejected, but the Unemployment, Chmmittee of
AMERICAN ORIENTAL FINANCE CORPORATION
through its Agent
Asia Lands Limited
Gloucester Building
offers s... COMPLETE
- BROKERAGE
SERVICE
in
NEW YORK STOCKS
Ful and Odl Lots of listed Securities bought and sold for cash or carried on conservative margin.
Phons 28380, Cable : 'A S'ALANDS.
SHIPBUILDERS,
SHIP REPAIRERS,
BOILER MAKERS, FORGE MASTERS, OXY-ACETYLENE AND ELECTRIC WELDERS,
MECHANICAL AND ·
ELECTRICAL
ENGINEERS.
The report just published is the tended to serve as a basis for the diwussions of the Preparatory Conference. It consista of Five chapters.
The first describes the present situation as regards hours of work; the second considers the posibility of re-absorbing unem- ployment by reduction of hours; the third discusses methods of re duction; the fourth describes ne tion already taken in different countries and annlyses results of the experience so far gained. The fifth chapter is devoted to a study of the question whether the measures al ready taken in different countries can be generalised by international (Continued at foot of next Column)
DOCK-
Length 787 Feet. Length on Blocks 760 Feet.
THE TAIKOO DOCKYARD & ENGINEERING COMPANY OF HONG KONG,
Salvage TuG "TAIKOO"
WIRELESS CALL
V.P.G.N. 800 METERS.
LIMITED.
Depth on Centre of
SII (B.W.0.S.T.) 24 ft. 6 ins. -THREE SLIPWAYS.---`
Capable of Handling Ships Up to 4,900 Tons Displacement Electric Crane at Sex Wall Capable of Lifting 100 Tons at 70 Feet Radius.
HONG KONG DAILY PRESS, THURSDAY, FEBRUARY 2; 1933.
MONEY AND MARKETS
#UTA
THUT
江苏
TWENTY
REPRESENTATIVE
A.O.F.C. Average of Shanghai Stocks
|KUN.
*25.0 HD
$25.00
21.29
30
A.O.F.C. MARKET COMMENT
no
Bond Market showed almost change during the past week. The highest advance was made by 18th Year Customs, which registered & gain of 1.10 and 1.00, and the great- ont loss was suffered by Disband- ment January, which was off .00. The athy of the financial com mnate during the past week enn be gauged by the amount of transactions, which totaled
only. 830,589,000, for this week.
January 24, 1833. sellers and buyers. The same list The week under review bogalessness predominated during the with continued quietness, only nar- balance of the week. The market
was apparently marking time row price movements occurring On Tuesday, bugers were apparent awaiting buying initiative. Activ at the lower rates; Shanghai Lands ity was confined to a few deben changed bands at 24 and Yangteratures, such as 7 per cent. City Loan, Finance had buyers at 7. During dealt at M$80.00. Shanghai Power, centred which was quoted at 83.23, and Wednesday, interest was
@ per cent. debentures on Ewos, business being done at S.M.C 14.30 January and 14.40 February.which changed hands at Ti02. A fair amount of business was slight amount of interest was shown transacted on Thursday; Ewos. for China Realty and Intascos. Trams and Shanghai Lands receiv-Owing to the uncertainty sur ing good support. The next trad-rounding the political situation, and
* January 18, 1933 20.20 ing day was featured by an entire the approach of the Chinese New High for 1831-33 Sept. 19, 1031 28.06 lack of interest on the part of both Year, prices in the Government. Low for 1031-33 July 12, 1032-10.99
LONDON STOCK EXCHANGE
(BRITISH WIRELESS SERVICE]
Neony, Jan. 31.
Paris New York
67.
3.301
Montreal
4.021
Brussels
24.415
Geneva
17.06)
Milan
8.9/10
Berlin
14.0/39
8.44
Stockholm
Copenhagen
291 nom. 18.42 22.7/10
Oslo
19)
Prague
1141
Athens ....
600
Bucharest
575
Belgrade
950
Madrid
41.7/18
110
926
5 nom.
BUTTERFIELD & SWIRE, Agents,
HONG KONG, CHINA & JAPAN.
1. ADDRESS: TAIKOUDER, HONG KONG."
TELEPHONE: 3411
L'all Flag: "C" Över "Any. PENNANT”.
. Amsterdam
Vienna
COMFORT AND SPEED
ACROSS AMERICA
on the
longest Electrified Road
"Travel eastward from Seattle on the shortest line between that port and Chicago-through magnificent scenery and in luxurious, ease.
The New OLYMPIAN
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For further information inquire of American Refrais Travel Bureau, China Trand: Servies, Thos. Cook tử Son, your nearest steamship afici,ar ·
J. P. BAHL, dobrany Gen"] Patsanger Aust
CEO, B.. HATNES,
W. I DIZON.
Gemeal Parronger’Agentni, Passenger Traßi Manator
Chicago, IL
Lishon
Helsingfors
Rio Buenos Aires Montevideo Bombay Shanghai Hong Kong Yokohama South Africa
Silver (Spot). Silver (Forward) War Toan, 31%
EXCHANGE
414 O.R.
34 nom.
1/8 5/32
1/81 1733 1/2.15/16 2007/E1007 per £100 sterling. 17.1/16 17.1/16
CLOSING QUOTATIONS
ON LONDON:-
February 1, 1933.
Telegraphic Transfer... Bank Bills, on demand/ ,Bank Bills, 4 months".
sight
Credits,
sight......
ON NEW YORK:--
'ON INDIA:
ON SHANGBAL:-
On Demand
ON Kons
A
HONG KONG STOCK MARKET.
YESTERDAY'S OFFICIAL
QUOTATIONS
was doing this A little more morning in the investment section, there Going enquiries for Banks, Unions, Lands, Star Ferries, Elec tries and Telephones, but while a few parcels of these did change hands, they are not easily obtain able. In the minor issues, Lights, Cements and Hotela have had a setback, but Ropes were slightly | marked up, and closed still in re quest.
Halas,
Hong Kong Bankṣ, 81,600/1,700. Union Insurances, $550.
Telephones (New), $28/98).
H.K. Ropes, B11.
Dairy Farms, 8254.
Trading on the Shanghai Stock Market is of desultory proportions these days. As long as the market is unable to evaluate the clarifica- tion of the political situation and
DAILY SHARE QUOTATIONS
HONG KONG STOCK EXCHANGE"
******** $1,69
Do. (London)
SHAREBROKER
ASSOCIATION.
Baycru
Bellero
Bales
Nominal
- WEDNESDAY, FEBRUARY :'1,
Huyres
Jellery
Banka
$1,700
1,690/ 1,700
H.K. Banka
2119 £13 294
Chartered Banks ...
***
Mercantilo Bks. "A"
Bist
£9
Do.
$108
Bank of East Asia...
$108
N. O. & S. Backs 371
$20
Am. O, Fin. Corp:
M
1.6 T.4,50
China Flu.Corp. Ord.
Do.
Prof.
$349
2550
$620
Underwriters ***** Union Insuraİ3008 ... China Fires stienis
$1,380
$2.50
$545
$895
$311
› Insrancos $1,380 Canton Logarco,.
$1,350) H.K. Fires....................................
International Assos,
Skipping Douglases>>16 Steamboats
Indos (pref.)
$372 Benguets
***
$30
**
$291
345
131
Do dof.)
•18/$
Shell vérantee
B01.
$201
Waterboats.
47/.
Mining
**
29/9 Kailans - ******
14.20 Venezuela Gold Fids $3.5
318
T.
$11.80
16,8
T.6. Langkets (single)....... T2.10 Explorations..........
T9.30 Shanghai Lonas
Haubs.estitates Tronoh Mines · ·
$111
Pi
83 ate. Bengnet Explorations
Docks, Wharvon,
Godowns, ela.
8141
HE. & E. Wharros.
14.66
$1,90
Do.
Providents (old) " ...
(ue)
$143
4.70
$1.90
H.K. & W. Jocks..
820
10
S. China Motors!A
B1
T.90
Dio. Shanghai Docks
T6.20 New Engineeringa T.890 Hongkowe
Gandă, Hotals, and Buildings
-
Do. (LOW)
T.84 Shangbal Landa...
Metropolitan Lande..]
H.K. Realties...........
T11.40 Uhis Da
卡塔四百合野
1.991 Da Debenta:48
Humphroja
M$140 Asia Realtiss "A"..
Do. "B"
18.10
H
$8.30 $8.90
A.K, 'Hotels (old)
30 89.15
3771
H.K. Lands
T.10
$8 10
3151
M$25
Chinese Estates.....
Cotton Mill
Ewas im Ti3.95
T
Bhai Cottons.........*******
172
T1
Zoong Sings
$115 Wing On Textiles(S.)
3115
Public Utilition
$21.30 Tramways ..................... $31)
$1.29 Peak Trama (old)...
Da (new)...[
$16
Star Ferrice: 3888
] business prospects. confidant T13.95
strength can hardly be expected.
Buyers, Hong Kong Banks, $1,700.
Union Insurances, 8548.
Douglases, $30.
H. K. Steamboats, 822.1. Docks, 820.
Humphroys, $161.
HK, Realties, 88.10. -
Chinese Estates, - 805. --
Ewo Cottons, Tis, 13.05.
Star Ferries, 808.
China Lights (Old), #12.55 :ex
Div. & Rta.
China Lights (New),
Paid up..
198
$34 Yaumati Ferries(old) "43) Do (now) $31 dam, rights...$31
China Lights (old)...... *** Do. (now)...
Do
C. Eta ...
H.K. Elétrica
Bandakan Lights'... Telephones (old)....... Doa (now)... Chins Burea
Tractions
Do. (prel) **** *Industriali
Malabon Sugars
T.14 Caldbeck,((ard)
Muogregore praf.)
Canton less
Cements (comb.)...
Da
Hong Kong Lands, 977)..
$19,63 $19 ex dir. &ta
Ins 13 Plaid up
8771 $78
Sat
$12
to
|[8,28
T.10
2/-
• Kid By
12/
397
T.
36.
$10.90
$10.80
Sellers.
$7.90
(old)
Do.
(DOW
China Lights (Old); 812 ex. Div
& Ita
$134
Ropes $21.95
$7
Electrics, $79.
Cements (Combined), 810.90. Lane, Crawfords; · 85.40.
·3291:
$1
Der A Wings
SIE
are in
China Sports, 88... --
Electrics, $77
Telephones (New), $28 H.K. Ropes, $11.30. Govt. Loans, 3 per cent. Prem
NEW YORK STOCK EXCHANGE
Uh: Agricultures
· Miscellaneon :-
Dairy Farma $29,30
Amusement
$13.40 Ch. Ftainment*... $12
18.10 Constructions, (old}}
Do. (new)
$1.40
$5.40
Lane Crawford...
121
Mackintoahs .......
Nanyang Tobeco0...
・Sist
Sinceros
SIR
Watsons (old)
$11.40
19.36 $10
Wm. Powells
A.O.F.C. QUOTATIONS
(REUTEK'S AMERICAN HERVICE)
New York: January 31
Dow Jones Averages:
30 Industrials
20 Rails
High-1932" Low: Jan, 30 - Jan. 31
88.76 41.300
41.22 60.77
13.23 28.69
20 Utilities
36.11
40 Bonds
$3.26
18.53 97.16. 65.78.80.82.
Change 60.30:13 up 28.92 23 up 26.89 60.54
53 up 28 down
$6
$225
1. A. Fierce and Go, Report. The market is unchanged. We would avoid utilities, and also, following the strength of tobacco stocks. American Can appears to hold a strong market position. Trading hope still lies with rais. United States Steel has declared a dividend (preferred) of 50 cents. Business Done: 660,000 shares.
DIV. $ Low, P. Ex.
Canadian Pacific
$60
1932
HIGH
LAST SALE Jan. 30 Jan. 31
62
314
8.00, Air Reduction ******
4. months'
87
6.00 Allied Chemical & Dye
1,41
733 13772
4.00 American Can
·00
9.00 American Tel, & Tel......
104
104)
Bank Bills, on demand 918. Credita, 60 days' sight:. 98)
89)
44.
5.00 American Tobacco
00
18
Anaconda Copper Mining
ON PARIS
1514 283
4.C Auburn ...
Bank Billa, on demand 555
43
201
2.00. Borden Company
Credits, 4 months" sight 186
201
1.00 Chrysler Motors ....
Telegraphic Transfer..." Bank, on demand.
687
4.00 Consolidated Gas of NY
4.00 Drugs, Inc.'·
35
49
2.00 Du Pont de Nemours
30%
391
38
3.00 Eastman Kodak
59%
456 0% 8., Electric Bond & Share
∙171
On demand
80.40 General Electric
10
ON MANILA:
198 2.00 General Foods
On demand
78; 1.00: General Motora .....................
ON SINGATORE —
10
1,00 Gillette Safety.
On demand
32
1.20 International Harvester
178378.
221
ON BATAVIA:~~
20
07
On demand
4.00 Liggett & Myers "B"
Bog
ON SAIGON:-
13: 3.00 Loewy's Ino,
16:
10
Montgomery Ward
137
14
ON BANGKOR: ---
201
2.80 National Biscuit
On demand
145
ST PAUL
SOYKERIGNE, Bank Buying
2.00 Pacific Gas & Electric. .....
Pennsylvania Railway ....
Radio Corpa simps
"BAR FILERL; Per The 2000
19
1.00 Standard Oil Co. of New
Jersey Ma
of
0.40 Socony Vacuum Corpn.
1.20 Union Carbide & Carbon
20%
CHICAGO MILWAUKEE
MILWAUKEE RUA
Operating 41% of the slen
On demand
agreement. The, general conclusioa
that on the whole the zaduction of working hours
International Tel. & Tel,
Stars Abeback-
8.00 Union Pacião.......
United States Sterl Wastinghouse E. & M...
10(NOW)
M. Greyhounds...... 8. U. Enterprises ... United Theatres ... "B. Ind. G. Bonds, H.K. Govt. Loans, Wallace Harper China Sports Ltd. H.K Wing On S'hal Donny
CASES AGAINST NEWSPAPERS
(Continued from Page 9.)
$78
Press to injure reputations, and agree a that the law must be strong to enable a good character to be vindicated and to penalise, baseless imputations ⠀⠀But I know quite well how large a number of fraudu lent or indesirable persona, rema vided (a),, that the judge at the unexposed through the severity trial has a full and complete dis, the rules of law, with respec cretion as to costs, and (b) that defendants in cases of defamat plaintiff who desires to take money The public too often loses the out of court and end the action, protection it so greatly deeds. I should have liberty to apply to know also of the large trade that a judge in chambers for an order exists in seeking to extort damage that for special reasons the case from newspaper proprietors, and be mentioned in open court. The others in circumstances which are judge could then ascertain whether
the plaintiff genuinely desired to little better than disguised black- clear his character or whether he mail, a
was a mere trade in actions of de In the present case judgment famation. On the mention of a case must be entered for the defendants. in court the fudge could ensure. The defendants must have the conta that the true nature of the action the action as from the dater should be disclosed,
I venture, with diffidence November 20, 3031, when they manre
to their first payment into court, and
suggest that perhaps too narrow a they must also have the extra costs view. has been taken in various (if any) incurred by them in con judgments dealing with the law dr nection with the first and third at defamation, and that too little releged libels, which were abandon gard has been paid to changed con-led by the plaintiff at the trial dition and that too little atten. In view of thes tion has been directed to several do not, žeel justified, considerations of public policy stances before which might properly be urged by plaintiff of his those who are defendants in cases to November 30- of libel and slander
of costs in favour of
Extorting Damages
in
I recognise the power of the