12
DAILY SHARE QUOTATIONS
HONG KONG STOCK
EXCHANGE.
Buy Bailers
SHAREBROKERS
ASSOCIATION.
Sal
Nominal
WEDNESDAY.' FEBRUARY 15.
Buyer
Bollars
Banka
F1,775 H.K. Banks
A $1,78 Do, (London) Chartered Banks....
ez-Mercantile Bis. "A"
LIN
Insurances
Canton Insurances....
£14
201
Do.
2131 £244 £87
BIOR
Bank of East Asia...
$109,
N. C. & S. Barks
$71
$26
Am: 0. Fin. Corp:
5
T.8 T.4.50
China Fin. Corp. Urd.
Do
Prof.
...
1,380
$2.45
Underwriters
114034
$2.50
Union Insuran005 ...
4620
China Firea
$1,350 H.K. Fires
$5074 $625
24
International Assce..!
$1,342
shipping
Douglases |
$22
Steamboaty
$26
Indon (pref.)
$20
Do. def.j
48/3
Shall
$201
$1,3751
2570
330
$24.30
TI Langkats (singiu)...
ราค
Waterboats
Mining
Bengu......
420 Venezuela Gold Fida. 22/9
Kailans....
T2.10 Explorations......... Thanghai Loans ...
Tronoh Mines
13 atenguet Explorations
Docks, WharVOR,
Godowns, sto.
II.K. & K. Wharvoa.
Providents (old)
$11 Inaba
$294 $22
65/.
801
47/ 321
144
18 $3.60 25/-
T.4 T.xi
$11.20
18,6
$144
$1.80 t13
$144
$1.00
Do.
(new)....
820
H.K. & W: Docks
$10
$8
5. China Motors* A
Do.
18
*D*
16
T.08 Shanghai Docks
1
Tazo New Engineerings T220 Hongkews .......................
Lands, Hotale, and Buildings
Do.. (now)
H.K. Hotola (old)
37.80
ex div. 378
H.K. Lands
T.30
Shanghai Lauda
T.0
Metropolitan Lands..
$7.70
H.K. salties..
T11.49] Chins Do
1.90 Do.
Debentus es
$14.36 Humphreys
M$140 Asia Reustis "A"
M198
T.14
T71
Do.
"B".
Chinese Estates,...........
Colton Mille
Ewos
S'hai Cottons.
Tl1ng Bings $110
Wing On Textiles(8.)
Pubile Utilition
Trainways.........
J120 Ponk Trains (old)....
121.30
18
$90
Do, (ROW)... Star Ferrion
$34 Yaumati Forries(old)
$8.10
183 T.61
++
div. $75
#71
ux div$14.10
J.72
***
HONG KONG DAILY PRESS, THURSDAY, FEBRUARY, 16, 1933.
MONEY AND MARKETS
FINANCIAL NOTES FROM HONG KONG STOCK
LONDON
The Course of Prices: Boots Share Decision: Bank Report: Ban on Trustee Issues: Ever Ready Trust Company, Ltd. Clydesdale Bank Accounts.
London Underwriters' Meeting: LONDON, Jan. 28. The main points made by Mr. G. G. Sharman in his speech as chair- man of the annual meeting of the Institute of London Underwriters yesterday wore that cargo tates are too low and liner fires too large With regard to the former he said that trade depression, low com- modity prices, and over-comprehen- sive policy conditions, which with low rates were the result of com- petition, left barely enough pre- mium to provide against extrane ous risks; and that current rates were quite inadequate to provide against the major casualties which were bound to be incurred from time to time. It would be well to
remember that a shilling or two off a cargo rate was a large per centage of the premium, but a very
small saving on the cost of a com-
an increase of about £28,000,000, of which £20,000,000 is accounted for by the increase in the holdings of British Government securities.
The balance sheet of the District Bank of Manchester shows the same tendency; deposits increased by over £6,000,000 to £56,820,351, and advantes decreased by over £2,000,- 000 to £17,690,457.
In each case the figures confirm the poor demand for credit facili- ties from the public and the large expansion of banking credit which has perforce to be utilised in the gilt-edged market and Treasury Bills.
Ban on Trustee Issues.
The Bank of England Las Promptly reversed its decision to relax the restriction placed on new issues of trustee securities. A con- siderable number of municipal is suck had been expected, but the failures of the two allowed, those of Barnsley and Essex County Council, indicated that the time is not yet ripe. The Bank has thore fore announced its decision to al- low no further issues until market conditions are more favourable.
modity. As for liner fire, these were already under consideration by the competent authorities, but underwriters were naturally much concerned, not only na to the cause of these outbreaks, but also at the alarming propertions they assum- ed with such rapidity. Mr. P. G. Matthews, underwriter of the Lon-rities intend to keep the market don Assurance, was elected to suc ceed Mr. Sharman as chairman of the Institute for 1933..
It is quite evident that the autho
a liquid condition, and that every; precaution will be taken to pre- vent any serious rise in money rates for the present, This has given rise to considerable speculation on the prospects of a further Trea sury issue with the object of fund- ing a portion of the present float-
MARKET
YESTERDAY'S OFFICIAL, "
QUOTATIONS
JAPANESE RICE CROP SURVEY
TOTAL SLIGHTLY LESS
· THAN THE 5 YEAR ·
AVERAGE
Aada
Tokyo.
The Department of Agriculture and Forestry has now made public the final survey of the rico crop for last year. The ag- gregate crop is at 60,300,098 koku. Compared with the previous year, this shows an increase of 5,174,835 There seems to he, no resisting koku (0.4 per cent), but in com power to the continued pressure on parisan with a five years' average Hotels, Lights and Cements, which indicates a decrease of 420,720 koku suffered
this (0.7 peg vent.). further decline 1 morning, but some fair-sized par vels, readily supplied, changed hands in the last named.
The rest of the market remained extremely quiet.
Bates.
China Underwriters, 82.43: Hong Kong Trams, 821.20. Star Ferries, 800. China Lights (Old), 812.20. Telephones (New), $273. Cemonta (Combined), 89.20/9.-40.
Buyers,
Canton Insurances. 81,375. Union Insurances, $570. Douglases, $30.
H. K. Steamboats, 822. Chinese Estates, 893, Macao Electries, 824.30. Cements, (Combined), 88.35. Dairy Farms, gag, Sinceros, 8154. Government Loans, 4% Prem,
Sellers.
N
Providents (Old), 84}, Hotels (Old). 28. Realties, 87.70. China Lights (Old), 812. Malabon Sagara, #97): Cements (Combined), 98.10. Constrictions (Old), 854.
H.K. & KOWLOON WHARF & GODOWN CO., LTD.
SIX LAHKS PROFIT IN 1932,
The total area of farms was 3,257,533.5 cho, an increase of 8,814 cho (0.3 per cent.) over the pre- vious year, and 44,720.3 cho (14 per ent.) over five years, averago. De tails are as follows:
1027
1928
199
1030 1931 1927-31
Area cho Crop koku 3,173,683.5 62,109,541 ...... 3,191,736.1 60,303,060 ....... 3,910,604.1 50,357,804 3,930,391.0 68,873,535 3,218,710.5 55,215,263 3,912,813.0 60,810,824 1000
3,257,533.5 60,300,008 The market views are diversified. Bulls argue that the above crop cannot be called a bumper crop It is necessary of course to note that there is 8,000,000 koku brought forward from the previous year, but on the other hand the restrict- ed shipment of Korean rice to Ja- ran must also be borne in mind. So long as the Government sticks to an inflation policy, it is argued, the rien quotation will remain high
KOBE FIRM SUES H.K. & S'HAI BANK
TRANSFER OF AN EXCHANGE. CONTRACT
I
Tokyo, Feb, Messrs. Asa Loos & Co., Ltd., a well-known English frm of machinery manu- facturers, has filed a suit in the
Kobe District Court against the Hong Kong and Shanghai Banking -
Kobe, demanding Corporation, payment of damages for breach of an exchange contract; alternative a ruling for specific perform-
The first preliminary hoaring of the case took place in Court on the 6th February.
ance.
The facts of the case are roughly, as follows:
In 1931, the Toyo Boseki Kabu- shiki Kaisha, one of the leading textile manufacturers in Japan, en tered into negotiations with Siber, Hogner & Co., of Kobe, for a large quantity of the latest type of spin- ning machinery to be supplied by Asa Leas & Co., Ltd., of Oldham."
At the time when contracts for the machinery were completed, the exchange rates between the English and Japanese currencies stood at approximately 2. 10d. to the yen so that, in order to protect the in- toreats of both the purchasers and entered into a forward exchange the suppliers, Siber Regner & Co. contract with the Hong Kong and Shanghai Bank intending to cover eventual remittance to Asa Lees of the purchase price of about 265,500.
In May, 1932, it became apparent that Siber Hogner & Co. were in. financial difficulties. Subsequent- ly, the firm through certain Swiss accountant-lawyers called. "Fides," suggested a plan of gradual liqui dation which the majority of cre- ditors, including the Hong Kong and Shanghai Bank at Lyons, final- ly agreed to. According to Asa Lecs, the creditors, whether direct- ly or by implication, agreed that Asa Lees should have the benefit of the exchange contract for £65,500, Siber Hegner & Co., Zurich, so- tually assigned their rights under the said contract to Asa Lees with the approval of Fides by a docu- ment dated July, 1932.
Bears' contention is that the above crop figure will cause a big balance in the between season. The 1931 crop was unusually poor, yet it left a balance of nearly 9,000,000 koku. The Government has not yet evinced any real intention of ef fecting purchases. In view of their failure the previous year, farmers will not withhold their crop any longer, but they will endeavour to part with their, holdings at high levels. They consider
There being a dispute regarding it highly
the legality of the transfer and itx doubtful if the market will regis-regularity, Messrs. Asa Lees have ter a price of Y27 in the new grain brought a suit an above stated.
Subject to Audit, The Hong Kong Some colour was given to this and Kowloon Wharf and Godown possibility by the reference to the Co., Ltd. report that the balance year. subject. in the speech of Mr. Good at Profit and Loss Account for the
Cost of Production. enough at Barclays Bank meeting. year ended December 31, 1932, is He expressed the view that the high 8813,244.71, which together with
The Imperial Agricultural So- figure of the floating debt now ren- $344,091.43 brought forward from ched should be regarded as quite the previous year makes a total of ciety has now made public the re- abnormal, and added that he 2057,338.14 available for appropria❘sult of itä investigations into the thought "favourable opportunities tion.
1032 cost of production of rice.
should be taken to carry out fund- The Directors will, at the ap
ing operations." As a matter of proaching meeting of Shareholders, The average cost of production is policy be considered that it is un-recommand the following distri- put at Y21.83, & drop of Y1.24 wise to have, so large a floating butions :-
The Course of Prices. The January issue of the West minster Bank Review bears out the belief now widely held that trade and industrial conditions are uning debt. dergoing a gradual improvement T14.08 and that the outlook is brighter than it appeared even a few months Tago. Stress is laid on the necessity $116
of raising prices, the fall in com- modity values being one of the main causes of the depression of recent years. So far the upward movement has made little progress, and the writer of the article ex press the opinion that the future course of prices may be decided positively or negatively at the World Conference. The immediate essential for raising prices is an expansion of the world market, and this is an object which it should be well within the capacity of a World Conference to secure,
Boots Share Decision, Lord Trent, who presided at an extraordinary general meeting of Boots Pure Drug Company, Limit ed, at Nottingham yesterday, atat- ed that neither the recent negotin: tion for the sale of the business nor the breakdown of the negotin- tions had anything whatever to do with the company..
#21 30
$15.
$8 $901 $33
$33
Do.
(Dow,
事自唱
aum. rights...
32 #31
$12
$1220)
China Lights (old)...
$12 $11.85:
601
Do. (DOW)...
392
Do,
Ilts. -
$701
·H.K. Electrics***
$761
Macao do.
WORLD
$12
Sandakan Lights -
$30
Telephones (old).
8274
Do. (ABW)..
127)
T.10
China Buso ***
Tractiona
12/
Du. (pref.)...
Industrials
Malabon Sugars....
or
71.14
Caldbeck,
[(ord.)
T.10
Macgregors (pref
36
Canton icea
35.
***
.38 25
$9.49 6.33/40
$8.30
$7
(old)...)
36
11
J3
(BW)...
13.
$11.40
1.0
3291
Coments (comb.)...) $3,40
Do.
Da.
811.30 Ropes
Ch: Agricultures...
MərdəllaneCRE
Dairy Farman. ***.***. Dor A Wings..........
Amusementa.........
$13,40 Ch. Etainments..
$7
$29
$1
16:
Constructions, (old)
$5
9.) ata.
Do. (new)
81.10
$6,40
Lane Crawfords....
·sot
*
I
$12!
Mackintoshe ....... Nanyang Tobacco..... Sinceres Watsons (old).
$11.40 Do. (267)
$15)
A
$12
B. Int. . Bonds... 664",
$3,36 Wm. Powells
$10
M. Greyhounds....
SBL
d. U. Enterprises ...
1.51
United Theatres.
-
69'/
́pter.
11.K. Goyt. Loams.....] $100.
Wallace Harper.....
China Sports Ltd ...
$225
H.K. Wing On
S'hai
Do
LOCAL AND REGULAR OUTWARD MAILS.
Canton ...
Hamahui and Wuchow (By]] 4.00p.m.
direct'steamer)
FROM SHxUNGWAN Bnaxen P.O:
$42
$3.20
IM
霉变
Tre
3735
$188
SUNDAYS & HOLIDAYS
YEON SHKUNGWAN BRANOH
·P.O.
Frox G.P.O.
5.7.16 mm. 4 10,00 am,”6 (5,00p.m. 17.00p.m.
WEEK DAT), -
FROX Q.P.O.
(7.15 mm. &
24.00 pm.
7,00 (7.00 p.m.
4.00 P
(7.15 am. 4) (-7,80 a,m,
Afarao & Trizsban
1.16 p
Xongmoon (except Saturdays)
$5.00 p.m.
1.30 p.m.
0,00 0,0
1.00 pm.
9.00
(8.15 am. & (850 mm. 4
1.15 p.m. Bandaye B.15 .. only 5.00 p.m
Bunkong (Dicoft Saturdays).
Fatahan and Wuckow (ky)
Train)
7.10 se
7.35 mm
1.00 pm.
[ 9,00 mm, 4
9.00 am
3.00p.m.
9,00 1,20, & 8:00pm (1,00 p.m. &|
5,00 pm
8.30 4.m,
18.501
11.00 ..
11.00
11.00
m.
& 5.00 p.13.]
1.80 p.m. Sundaya 8.10 m.in. only: 6.00 p.m. 6.00 pi
deht, and the result of funding To pay a Dividend of portion of it "would be to pro- 80,00 por shore...8480,000.00 duce sounder and healthier finan-To pay a Bonus of $2.00 cial condition."'
The Other Point of View, Thero bas, of course, been an enormous increase during the past twelve months in the volume of outstanding Treasury Bills, which for this purpose can be regarded as the measure of the floating debt. This time last year Treasury Bills outstanding totalled £652,940,000; the present level is £925,785,000, an of £22,845,000. Of this increase increase £150,000,000 is accounted for at once by the finance of the Exchange Equalisation Fund to
per share..... To carry forward- ...... 317,338.14 8057,336.14
160,000.00]
HONG KONG ELECTRIC.
CO., LTD.
DIVIDEND OF $2.50 PER SHARE.
The only part which had been
At the ordinary yearly meeting taken by the board when they had that amount. Much of the remain of the Hong Kong Electric Co. been approached had been to stress der will be paid off shortly as taxa Ltd., to be held on Wednesday, unremittingly that, in the inter- tion flows into the Treasury, but
este both of the majority and mine on the year's comparison the Trea March 15, the Directors will (Bub- rity shareholders, or, in short, insury Bill issues is heavily awollen.ject to audit) recommend that the
the interests of the general body
of shareholders of the company's
Ever Ready Trust Company, Ltd.
The annual general meeting of business, it was absolutely neces- the Ever Ready Trust Co. Ltd. was sary ensure, as far as possible, Held yesterday at Ever Ready continuity of the company's policy Works, Holloway, London. of management; which had been so
Mr. successful in the past and which was regarded an essential for the continued prosperity of the com- In so far as it was in their pany. power to do so, they would strive to maintain this position, but the board could not prevent any share- holders of large or small blocks of shares from disposing of their in- terests.
Magnus Goodfellow (the chairman) said: When addressing you last year, and in reference.to the fact that our investments were in British industrial companies, I said:
"The Government are prepar; ing to help and protect the pre- ducers throughout the country, and although many difficulties have to be overcome, there are
balance available for distribution be disposed of as follows: To pay a dividend of 82.50 per share on 450,000 shares.81,125,000.00 To pay a bonus of 93
cents per share 450,000 shares To place to reserve .... To carry forward to
next account
од
112,500.00 800,000,00
150,622.04
81,004,122.94
signs already of a returning con- cont, or the Ordinary shares and fidence in the future of our in-5 per cent, on the Deferred shares, dustries."
together, with other resolutions, were unanimously approved.
while
The meeting had been summon- ed for the purpose of considering, and if thought fit, passing the fol- lowing resolation-"That anch
During the past year, Ordinary share of E1 of the com- world conditions have worsened pary be subdivided into four Or- the improvement in British indus. dinary share of 58. each." A few try has been very, real, and I be days ago the shareholders were in love we shall see a further im formed that the resolution would provement in the coming year-in be submitted, but that instead a deed, I aim of opinion that this farmal resolution for the adjourn improvement is certain if the Gov: ment of the meeting eine die would ernment continue their prosent be moved.
policy, and also in their next Bud This formal resolution was mov-I get make reductions in direct taxa ed by Lord Trent, seconded by Mr. tian. W. O. Church, and carried.
Bank Reporta
A hearty vote of thanks to the chairman and directors terminated the proceedings.
the
Clydesdale Bank Accounts. Preliminary figüres of Clydesdale Bank's results for the ear 1932, which bave already up- peared in our columns, gave the profits and allocations. Principal interests in the full report, now You will be interested to know available, centres therefore in the Following that it is probable that we shall balance-sheet details. Arrange to market shares in Lissen the experience of other Scottish The full reports of Midland and Ltd. in the near future. I cannot and English banks, deposits show, National Provincial Banks now give particulare, to-day, but ample a large increase, the total of over available continue to reflect the notice will be given to you so that £32,000,000 being nearly $3,800,000 monetary conditions of the mo you, our shareholders in this com- higher than in the previous balan- ment. The features are a large in-pany and in the Ever Ready Com co-sheet. That increase has its crosse in deposits, and a corres-pany, will be able to obtain a corollary in an improvement of ponding decrease in advances to direct interest in the Lissen. Com over £1,000,000 in the cash position
pany if you so desire.
(including half a million more of Deposits shown in Midland In dealing with the investments British Treasury bills) and an ex- Bank's balance-sheet total £190,- of the trust, which show a subatan pansion of nearly 24,500,000 in in 907,244, against £301,982,305 a year tial appreciation over the book veatments, chiefly British Govern previously, while advances total values, the chairman stated that ment securities. On the other £170,121,074, against £199,685,830, the sales of the Ever Ready Com-hand, advances reveal a contrac Investments show an increase of pany Ltd. and Lisech Ltd. waro tion of fully £2,000,000 at £12,347,- over £50,(10,000 at £93,005,351, and substantially in advance of the re- 426. The figures are a typical re bil's discounted of nearly £30,000,spective previous years, and that flexion of the influence of the past 000 250,505,844
the expected that on completion, year's trailing condition on the The National Provincial Bank the accounts of each company banks. They indicate, moreover, 2291,566,959 would show a record proft. that this institution, which is affili. 2008: The report and accounts and theated to the Midland Bank, is in a idends recommended, of 5 por strong position to take its part.in:
Column' Rinancing trade recovery.
customers.
from the previous year. This re- duction is due partly to an increase of the crop par tan and partly to a fall in fertiliser prices.
AMERICAN ORIENTAL FINANCE CORPORATION
through its Agsut
Asia Lands Limited
Gloucester Building.
offers a
COMPLETE BROKERAGE SERVICE
In
NEW YORK STOCKS
Full and Odd: Lots of listed Securities bought nad sold for cash or carried on conservative margin.
| Phone 28380. Cable: ABIALANDS.
SHIPBUILDERS,
SHIP REPAIRERS, BOILER MAKERS, FORGE MASTERS,
OXY-ACETYLENE AND ELECTRIC WELDERS, MECHANICAL AND ELECTRICAL
ENGINEERS.
The first hearing, as usual, con- sisted of the preliminary formali- ties. The second hearing is set for March 6th
,
EXCHANGE
CLOSING QUOTATIONS
ON LONDON:-
February 15, 1933,
Telegraphic Transfer... Bank Bills, on demand/a Bank Billa, 4 months"
sight
Credits,
sight
1/3}
4 months'
1/3/
ON NEW YORK:-
Bank Bille, on demand 214 Credits, 60 days' sight.. 224
ON PARISI→→→
Bank Bills, on demand ss0 Credits, 4 months' sight 690 ON INDIA:
Telegraphie Transfer... Bank, on demand 878 ON SHANGHAI ¦---
On Demand ON KOBE
On demand ON MANILA:***
On demand ON SINGAPORE:--
On dethand ON BATAVIA:-
On demand
ON SAIGON;~~
On demand ON BANGKOK:-
On demand SOTERRIONS, Bank Buying
Rate
BAR SILVER,
per
763
101
43
138
65
1/3
at 16 13/16
THE
TAIKOO DOCKYARD & ENGINEERING COMPANY
•
OF HONG KONG. LIMITED.
SALVAGE TUG "TaikoÓ”
WIRELESS CALL
V.P.G.N. 600 METERS,
DRY DOCK
Length 787 Feet Length on Blocks 750 Foot..
-Depth on Centre of
Sill (B.W.0.3.T.) 84 IL. 6 Ins.
THREE SLIPWAYS
Capable of Handling Ships Up to 4,090 Tons Displacement:
Electric Orane at Sax Wall Capable of Lifting 100 Tons
at 70 Feat Radius.
BUTTERFIELD & SWIRE, Agents
HTVHONG KONG, "CHINA" & JAPAN:
TELL ADDARS TAIKOODOOK, HONG KONG TELEPHONE B021 1
"CALL FLAG: “O¬Oven “ANS. PANNANT."