12
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LIMITED...
Incoarosated UNDER THE HONGKONG ORDINANCES, Specialists in Office Equipment.
Powell's Building, 12a, Des Voeux Road, C.
KING'S THEATRE
COMMENCING TO-MORROW
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a Giramont Picture
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W.
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THE WORLD'S DREAM COME TO
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AMERICAN ORIENTAL FINANCE
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Gloucester Building
offers * COMPLETE BROKERAGE
SERVICE
in
NEW YORK STOCKS Full and Odd Lots of listed Securities bought and sold for cash or carried en conservative - margin..
Phone 28330. Cabla: ABIALANDS.
THE EMPRESS LINERS
BIO REDUCTIONS IN CHARGES
The Canadian Pacifie announce aweeping reductions on through De
luxd fares **
Phone: 28607.
CAR RACING ON
• CHASM EDGES
THOUSAND MILE CIRCUIT.
HAZARDS
Earl Howe," who with a party of British racing motorists has recent ly visited Italy in preparations for the great Thousand Mile Race, which is to be run during next April, has returned with a vivid impression of the tremendous in terest that is being taken by Italians in motor-cars and motor racing, and of the inagnificent roads which have been and are being built.
HONG KONG DAILY PRESS, FRIDAY, MARCH 10, 1933.
Money
and Markets
FINANCIAL NOTES FROM LONDON
New Carreras Lasue: The Tobacco Combine: G.E.C. Conversion: Argentine Wheat for China: L.M.S. Stocks.
(Special Air-Mail Service)
ELECTRIFYING BRITAIN
HUGE SUM FOR THE GRID SYSTEM
(BRITISH WIRELESS SERVICE.]
HONG KONG STOCK MARKET
YESTERDAY'S OFFICIAL
REPORT
Sales.
There was a large turnover af Ching Lights to-day, chiefly for for- ward delivery, on the basis of com- paratively lower rates than for Ruony, March 8 cash, the cash being bid up 812 THE electricity grid system which without attracting sollers. In the
consists of a vast network of same section, Hotels seem
to be main transmission lines covering al- { again coming into favour, being on- most the whole of Britain, for disquired for nt 87.80 for caak. tributing electricity in bulk from The rest of the market was steady solected generating stations, will be out quiet. Carreras £1,000,000 Frof. Lasue.--Revenue from this additional in-substantially comploted during the London, Fob. 14.-Heralded by vestment has not offset the shrinkage present your, rungur some weeks ago, the an- in trading profit which, as fore nouncement is now made officially shadowed when the announcement by Carreras of the creation of was made recently of the reduction 1,000,000 new sp. "C" Cumula in the Ordinary dividend from 22) tive Redeemable“ Proference £1
to 90 p.., tax free, is £1,220,007 [shares. · These will be publicly lower at £8,653, 107. After trans issued at par as soon as the, sane ferring £300,000 to reserve, which tion of the various shareholders has brings up' that fund to £6,000,000, been obtained. Applications from the available balance was £8,146,808. existing shareholders will be given Preference and Ordinary dividenda special consideration.
and bonus distributions require 2007,315 tons, and the carry for ward is reduced from £1,978,359 to £1,074,718,
The sue is being made to provide for the expansion of the business and to take advantage of the pre sent favourable money, conditions. Shareholders are informed in a circular that, if the samo rate of progress which has markòd the current financial year is maintained; the board are hopeful of being able to show results as good as, if not better than, last year. The new shares will rank after the three existing Preference issues.
Power is also being taken to alter the articles of association and to modify the rights of respective classes of shareholders. It is pro poned, inter alia to make the special reserve of £100,000 available for the payment or equalisation of Preference dividends.
Tobacco Combina's Investments.
Though frequent rumours of fresh adjustment of interests in the tobacco trade seldom receive. con- firmation, a stimulus to these re- porta is likely to be given by an entry in the balance-sheet of the Imperial Tobacco Co., which shows an increase in its shareholdings In subsidiary companies from The Italian pro- 1,825,630 to 23,031,738. The direc gramme of motor racing for the tion in which this additional in- year is on a state unthought of interest has been taken is not divalged
Motor racing in Italy," he told a Landon Morning Post representa tive, is definitely their greatest na- tional sport.
this country. I believe that the to- tal prize money in motor racing dur- ing one recent year amounted to 1,700,000 lire..
in the report,
com-
At the last meeting the chairman, i referring to the market value of investments in associated They have built some wonderful panies, which was in excess of the roads, too," he continued. "Sonie ook value, stated that these con- of the main roads now being consisted largely of Ordinary shares structed are even finer than the in British American Tobacco and its autostrade themselves, which are re-subsidiary, the Tobacco Securities Trust Co. But this is another itens. served for motor-cars only.
which is now a trifle higher at £9,000,509.
Road Not Cleared, "The Thousand Mile circuit, on which we were testing an experimen- bath is only G820 additional. tal British car, and over which the Tourist Cabin class rate of Taiso race is to be run during April, has Marn was G8200, but same is now
G.W.E. Ordinary Dividend Maintained.
It was stated in Parliament to- day that the total capital expondi- ture on its construction would be £27,000,000, exclusive of interest during construction.
BRITISH PRICES DECLINE
FURTHER DROP IN FEBRUARY
[BR171SH WIRELESS SERVICE
RUGBY, March 8. AS S measured at the Board of
The Great Western Railway Co. announces that its gross receipts from railway and ancillary business for the year 1930 were £2,677,287
Trade, the average of whole- less than for the year 1831-a de sale prices in February showed, on crease of 8.60 per cent. The gross balance, a decrease of 1.3 per cent. expenditure for
the year
WENG as compared with January, and de £102,000 less, or 6.3 per cent.crease of 6.0 per cent. as compared
receipts (less with February, 1939. Miscellaneous net
charge) were lower by £108,309. The net revenue for the year, in- cluding £805,025 in respect of profit on realization of investments, amounted to £3,063,330. decrease of £817,068, The balance brought forward from last year was 62,473, and after transferring the general reserve fund of £700,000 and taking £400,000 from the contingency fund the directors have decided to TA- caramond the payment of a dividend for the half-year ended Dec. 3l of
For 1931 the dividend on the
LONDON STOCK EXCHANGE
MARKET MORE-
CONFIDENT
(BRITISH WIRELESS SERVICE.]
Ruday, March 8. MORE hopeful feeling regard- ing the American crisis, was market today. The restriction on displayed in the London financial dealings in dollars continued but other currencies were dealt in fair-
per cent, on the Consolidated Ordinary stock, making 3 per cent. for the year. The balance carried forward is £42,009. Dividend war-A rants will be posted on March 1. Ordinary stock was also 3 per cent, the interim and final payments both being 1) per cent. In order to pay that dividend, £500,000 was takenly freely. from contingency fund, but no transfer was made from general reserve, nor did any credit arise from realization of investments, ¦
*
G.E.C. Conversion Prospects, Many important companies have already taken advantage of the removal of the ban on optional | conversions to replace debenture stocks at a considerable saving in interest, charges, but there are many
On the Stock Market Exchange there was a more confident tone in all sections.
British funds gained from one- eight to nine-sixteenth, War Loan three and half per cent. was quoted at 991. Gold mining shares were again active. Gold was quoted at 118/11.
to be seen to be believed. Planned reduced to G8170 from Hong Kong more that have not yet availed tric Co., which has £3,450,950 out- in the shape of a figure eight; to San Francisco; so that this that the motorist never covers the popular steamer will be welcomed same ground twice, it includes-num as a Cabin ship on the Pacific. erous mountain passes, one of them
E hundred miles long, narrow streets and stretches of loose sur- face, un one side of which there may be an open precipics.
" The circuit is never cleared of traffic, and in a big race it is quite possible to encounter a motor-lorry coming from the opposite direction. "It is too vast a stretch, of course, to make it possible to pro- tect the corners with sandbags,
"The Italiana will do everything to keep the roads safe for motorists during a big race," continued' Earl Howe. They will keep clear of the roads, and keep the children out of danger, although most of the po- pulation will turn out to see a big
race.
"But they consider that a natural road, with natural hazards, such as a motor-lorry or a piece of surface on the edge of a precipice, all makes for a better race."
N.Y.K. TRANS-PACIFIC PASSAGES
REDUCTIONS FOR LUXURY: ACCOMMODATION,
All the Trans-Pacific Conference Lines have reduced extensively the surcharges for superior accommoda tion and the particulars of such re ductions for N.Y.K. Wessels are as
themselves of their opportunity.
Among them is the General Elec (Continued at foot of next Columa)
NEW YORK STOCK EXCHANGE ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tel. 28380 Gloucester Building, Room 306.
{BEUTER'S` AMERICAN SERVICE]
New York: March 3.
Low: Mar. 9
Change
Dow Jones Averages: High 1932
30 Industrials.
Mar. 3
89.76
41.22 52.18
- 53.84 1.88 up
41.30
13.92 23.04
24.70
,82 up
36.11
16.53 21.30
21,00
.65 up
.83.26
.. 65.78 74.02
73.21
20 Raila 20 Utilities 40. Bonds
Stocks Air Reduction
Allied Chemical American Can
FINAL QUOTATIONS
Friday Iot. Harvestor Pid.
Mar. 3 Int. Nickel
Amer. Can 7 per cent. Fid. Amer, and F'ga. Power...... Amer. Smelting Amer. Sugar Relg Amer. Tel, and Tol. Amer. Tobacco "B" Anaconda Copper Auburn Bendix Aviation Bethlehem Steel Borden Company First class single-bedded cabins Canadian Pacific the Pacific in luxury cabins offering with private bath in
Caterpillar Co. special accommodation, such as pri- Asama Maru and Tatsuta Maru, Chrysler vate showers, baths and sitting hitherto charged at G543, are now Columbia Gas & Eleo.
Coca-Cola Company Toms at specially economical rates, only G8468, being a cut of G875;
the old rate for two-bedded cabins Consolid Gas N.Y.
Passengers may now travel on the Grant White Empresses, the largest follows and fastest luxury linera afloat on
them...
Frivate bath room accommodation with bath in the Asama Mary, Con. Gas $5 Oum. Pfd. may be obtained for a small pre- Tatsuta Maru and Chichibu Maru Continental Can mium of G$14.00 xtra from long was G3000, but it is now reduced to Corn Producta Kong to Vancouver Luxury suites $450, being a cat of G860 the
Curtiss Wright Consist of hall, private bath cabins formerly graded as G8450
Drug, Inc: ahowors, huge bedrooms, private dining rooms, verandah cafes et thus the faler for china with pri Du Pont 8 per cent. Cum.
are now chargeable at only 08406; Du Pont de Nemours and for voyage norves the Pacific vate bath have been greatly reduced Eastman Kodak Alone have been reduced G8130,00. and the minimum charge for cabina The gurbarke for dingo luxury. avith bath on a coctain part of the
rusel in G$20 only
rooms with private baths or show-
ers and for baths which formerly Taiyo Maru-Jabin Class Ships Cost G500.00 Trans-Pacifio, have been even reduced by 08144,000
Elbe-Auto LAL Elad Band & Share Eles Power Light Gen. Amer. Tank Cars General Electric
She carried heretofore lat class General Foods It may be of interest to local re- passengers, but now accepts Cabin General Motor sidents thes Canadian Pacific in class passengers at the rate of Gillette Balety conjunction with Peninsular and Gere from Hong Kong to Ban Gold Dust Oriental 8 Company are offer Francisco, instead of 68460; and Goodyear Tire ing special low-Around the World the rate for cabins with private Int. Bus Mach #fares!!!
(Continued on next Column)Int Harvester
Loow's Inc.?
49
Int. Printing Ink
77 Int. Tel.&. Tel.:
544 Johns Manville
112
Liggett Myers "B"
32
Mack Trucks
24
Montgomery Ward
99 Nat'l Cash Biscuit
60
Nat'l Cash Reg'tor
35
7
19
20
Nat'l Dairy Prod.
Nat'l Steel Corp..
North American Co.
Otis Elevator
Pacific Gas and Eleo.
9 Pacific Lighting
58 Packard Motors
B
84
Paramount Publix Pennsylvania Rly.
119 Phillips Petroleumi
402 Radio Corpn.
91
Bafeway Stores
38 Bears Roebuck
408 Standard Brands
•18 Stand. Oil of N.J.
327 Boenny-Vacuum Corp. 25 Texas Corpn.
Deli, 100% Texas Gulf Sulphur
583 Transamerion
122 Union Carbidn
12 Union Pacific
14
47] Un. Pác. 4 per cent, ne
Un Air and Trans,
11 Un. Corporation,
24 United Fruit
101.B Steel
.81 down
standing of p.c. Mortgage De benture stock. This is repayable at! the company's option at 105 p.c. on three months' notice. Under present conditions it could probably he replaced by a 4 p.e. stock issued at, say, 8 p., including expenses, or perhaps about 85 p.c. het.
Hong Kong Banks $1,050 Hotels (Old) 87} Hong Kong Trams $21 China Lights (Old). $19)
Buyers.
H. K. Steamboata 822 Shanghai Docks Tls. 3) Hotels (Old) $7.00 H. K. Realties 87 Chinese Estates 205 Ewo Cottons Tls, 13.36 Hong Kong Trama 821 Chima Lights (Old) $124" China Lights (New) B Telephones (New) 827 Cements (Combined) 87.70 Cements (Old)
Govt. Loans 4 per cent., Prem.
Sellers.
Rauba $10) Shanghai Cottons- Tls. - 65- United Theatres Tla 5
LONDON STOCK EXCHANGE
[BRITISH WIRELESS SERVICE.]
Paris Montreal Brussels Milan.
Berlin** Genova Amsterdam Stockholm Copenhagen
Oslo
Rugby, March 8.
87.13/16 4.13
24.704
€ 13/16
14 19/39
17.88 8.50
18 29/32
33 7/18
101
Vienna
30 Nom.
Helsingfors per Prague Bucharest
227
116)
580
605
250
41
110
Nominal
Athens Belgrade Madrid...
Lisbon Rio... Buenos Aires Montevideo -Bombay
Shanghai..... Hong Kong Yokohama
Silver (forward):
Silver (spot)
40 O.R.
Nominal
1/6
1/8
1/4
1/27
18 1/0 18
WOMEN AND THE SLUMP
·MALACCA. LADY'S ADDRESS
TO ROTARIANS
· Malaces, Mar. 3.-Malacca Bota- rians heard an interesting talk on Women and the Slump" by Mrs. C. H. G. Clarke who was welcom- ed by the President, Dr. A. L
Hoops.
The modern wife, faced with i sadly depleted, and in many cases, an ever diminishing income; did not allow herself to be crushed and defeated, said Mrs. Clarke. She had behind her none of the "stimu. lus of emotional patriotism which spurred on her sisters to such won- derful efforts during the war years -but she set herself quietly and afficiently to adjust her life, and the life of her family, to, the changed conditions. She saw to it that the inevitable work did not degenerate into drudgery, she curb- ed her natural extravagances and found that her trained intelligence opened up so many channels of in- terest that she had no time to be bored.
Thousands of women all aver the world were finding that the efficient running of a house on a very, small income was a real job, and one very well worth doing. They were exploring intelligently every method of practical economy. -spending wisely, they had very definite ideas of what they wanted and they were seeing that they got it. Here in Malaya, they all knew women such as these, and il the very practical way in which. they faced their difficulties and a permanent effect on the conditions...... of life in the East, they would be able to look back on the alump years as a blessing, in disguise, even if at the moment, the dis guise was too good to be seen through.
THE BOAT RACE
BOISTEROUS CONDITIONS FOR OXFORD WATER- MANSHIP
London, February 7-A few more days of this tempestuous weather should develop excellent waterman- ship in the Oxford crew, which may, be valuable to them when they come to Putney. Yesterday conditions wore pretty rough when hey went out soon after two o'clock der Mr. P. Johnson, who was accom- panied by Mr. G. C. Drinkwater, Mr. P. Landon, and Mr. P. Haig Thomas-Haig.
Their first journey was up-stream
South Africa: 90-100 per £100 doing long puddle to a short dis
sterling.
EXCHANGE
CLOSING QUOTATIONS
ON LONDON:-
If this were done, the, interest saving would be about 11s. per cent., or an aggregate amount of nearly £20,000 per annum. While this would be substantial, it would Amount to no more than 7-8 p.c. on the Ordinary capital. It would, | ON nevertheless, not come amiss to the Ordinary shareholders, particularly if an issue could be arranged on ON more favourable terms than those suggested. Whether the directors would consider it to be worth while in view of the fact that the s p.c.. issue was made so recently as 1990 partly in conversion of 7 p.e. stock, is another matter.
•
March 9, 1973.
Telegraphic Transfer... Bank Bills, on demand 1/3 Bank Bille, 4 months"
sight............... 137
4 months'
Credits,
138
sight NEW YORK:--- Bank Bills, on demand 24'nom Credita, 60 days' sight.. nom PARIS:
Bank Bille, on demand tec Credits, 4 months' sight 6:0 Os INDIA :----
Telegraphic Transfer...
man87
ON SHANGHAI
On Dothand
701
ON KOM:-
On demand
River Plate Chartering for China.
An unusual development in char-
OK MANILA
On demand
100:
48ccm
863 tering operations for Argentine
ON SINGAPORE :➡
58g
3
6
7 grain has been the recent fixing of On demand
tonnage for over. 18,000 tone by two ON HATAVIA: steamers for February-March and
On demand
131 March louhing for Chim on the ON SAIGON :--
53 basis of 178 6d. from Buenos Aires On detnand
12 or Bahia Blanca and 176. 3d. from ON BANGKOK : —
Bahia Blanca for Shanghai. This
24
10 chartering has yet to be completed 33 up to fully 20,000 tons against pur chages which have been effected, of low-grade whent for China. It has
5
11
16 rarely happened before that import- 20 and quantities of Argentine grain 11 have been disposed of in this 24 manner, and the development is the more welcome to shipowners in view
29
2 of the severely depressed rates re-
corded lately as a result of the" 15 much-reduced volume of orders for
58.
SOVEREIGNS, Bank Buying BAR SILVA, per oz.
144
1/4 18.
On demand
Bateity
יזי
LEGENDARY ISLAND EXPEDITION
tance above the Upper Radley boat- house, where the boat was put About. On coming back they rowed half-a-minute, followed by paddling. and finishing up with a minute's row at 30. After a short, apell ashore the boat was manned again and they headed down-stream. After clearing the island they went through to Abingdon Lasher at a strong paddle. After turning they started off for a hard row, Mosley striking about 30, 'till they finished a tahort distance this side of the island.
The crew showed good form con- sidering the trying conditions and covered the distance in 7min. 45seca. W. H. Migotti (Radley and Wor ebster), bow, 11-9; R. W. G. Holds. worth (Shrewsbury and Brasenose), 11-11; P. Hogg (Sherborne and New College), 126; J M Couchman (Sherborne and Christ Church); 12-5); W. D. C Erskine Crum (Etor ond Christ Church), 120; P R S
·Bankes (Oundle and Christ Church), 13-7; G. A. Ellison (West minister and New College), 1143; MH Mosley (Shrewsbury and Trinity), stroke, 11-8; 0. Komara kul-na-Nagart (St. Paul's and Mag- dalen), cox, 8-7).
ONE CHANGE AT CAMBRIDGE.
It was dull and overcast at Cam hridge yesterday, with little wind but a fairly strong stream. A change was made at No. 4, where Wylie came back in place of Nable; who was included on Tuesday, After tub-pair outings under Mr. H. RN. Rickett, the crew were afloat soon after 3 o'clock After pulling to the Pike and Eel they prepared. to row as far as Ditton Corner, Gilmour kept the rate of striking Brusals.-There is much talk in down to 28, and the distance was L.M.S. Stocks Lose Trustee Status Ostend about a cargo vessel named covered in just over four minutes. 14 The London, Midland and Scot Surprise, which was built in 1903 hyThe remainder of the journey to the 24 tish Railway--the first of the main English shipbuilders, and is now locks and back was made in long 8group lines to announce its dividend undergoing repairs, and alterations easy stages of paddling at about 24. 11 for 1922-a paying a total of 3 per in dry dock at, Ostend. The Sur
5 European porte.
alt
141
MYSTERY" SHIP REFITTI AT OSTEND
gian, Baron de Caters, a well-known aveller, who lives mostly in Lon
17 cent on its 4 per cent. Preference prise has been purchased by a Bol
34 stock and 3 per cent, on the 8 per 221 at Preference stock For 1931 at these stocks received their full pay Pfdement.
14U.B Steel 7 per cent. Pfd:
13 Vanadium
19 Warner Bro
-341: Westingh
19 No dividend is being paid this
Order of rowing
TG Askwith(Haileybury and Peterhouse) (bow),121 WAT Sambell Melbourne And Pez don and in Spain. It is now be broke) 19,041 M. Symonds Bed lieved that he is engaged in an ex- ford and Lady Margaret) 15.0 R ploration venture the attempted B. F Wylie (Shrewsbury and 01 year on, the 4 per cent. 1923 Pre- rediscovery in the Indian Ocean of Ciare), 12.9; 0. J. B. Bergel (Monk forence atock, on which the full pay-a lengendary island. Skipton Combo and Clare), 12.2 L 247ment was made a year ago. As a Contrary to rumours, the expedi Luxton (Melbourne and Pembroke); 541 result, all the company's Proference, tion, if it takes place will not be 13.0; WLR Carbonell (Shrews BDebenture and Guaranteed stocks, financed by the Belgian Fund for bury and St. Catharine'); 122: J. totalling £318,000,000, cense to be Scientific Research which was 580 Gilmour (Eton and Trinity Hall) avaliable for fresh investment by ciated with Professor Piocard's (atr.), 111 H. A Ricardo (Sher trustees in this county,
cents.
borne and Trinity Hall) (vox), 8.5,
25