HONG KONG DAILY PRESS. TUESDAY, MAY 2, 1933
MONEY AND MARKETS
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS (INCORPORATED IN HONG KONG.) Tel. 28380-Gloucester Building, Room 306.
[REUTER'S AMERICAN BREVICE.]
New York: April 9.
Dow Jones Averages: High- 1932
Low: Apr. 28
30 Industrials
88.78
41.22 73.10
20 Raile
41.30
13.23 30.87
20 Utilities
36,11
18.53 23.71
40 Bonds
83.26
05.79 70.40
Apr. 29 Change
77.08 4.38 up 32.37 1.50 up 26.00 1.38 up 76,58 .11 up
Asia Landa, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. The market speaks for itself. We believe that the main trend is still upward assuming of course Wheat interruptions and reactions which, however, will not last. advanced on inflation talk and pour South-West crops. Farmers to still holding Silver responded to the advance of stocks and other commodities and closed with a good tone. Cotton demand was general and much broader. Profit-taking on the advance was well absorberl Business Done: 3,390,000 shares.
1932
DIV. 8
HIGH Low PER. SH.
43A 202
HONG KONG STOCK MARKET.
YESTERDAY'S OFFICIAL
"QUOTATIONS.
As indicated in Saturday's Aum. nus, markéts displayed a firmer time today, notably Lights, Hotels and Cements, which were in strong demand throughout the day, "al were all marked higher.
Sales.
Union Insurances $515/520. H.K. & K. Whadves $130, Hotels 86.90.
H.K. Realties 85.10, H.K Trams $21.10, China Lights (Old) $12.10. Electrics $72.
Buyers.
Hong Kong Banks $1,715. Canton Instirances $1,300. Hong Kong Fires" $230. Douglases $32).
Providents (New) $1.30. Hotels $6.80.
"Lane, Crawfords 84.45.
H.K. Govt. Loha per cent
premium ex int.
Sellers,
J
Apr. 28
BAL
30
3.0
Air Reduction
8015
LAST SALE
Apr. 20 200
891
43
8.00
Allied Chemical & Dye
03
73
208
1.00
American Can
274
American Smelting....
31
1371
0.00 American Tel. & Tel.
692
3.40 American Tobacco "B
811
19A
Anaconda Copper Mining
12
1517
28
2.00 Auburn
4
188
1.00
Borden Company
·30
Chinese. Estates *95
Canadian Pacific
J. I. Cast
57
China Lights (Old) 812. Telophones 820.95.
1.60
Chrysler Motors
16
17
31.
4,00
Consolidated Gas of N.Y.
યુવ
Cements (Combined) 86.60. Watsons 881.
57
23
3.00 Drugs, Inc.
402
121
601
2:2
2,00 Da Pont de Nemoura
452
531
871
35)
3.00 Eastman Kodak
65
s. Electric Bond & Share
154
17
48
20/
0.10 'General Electric
179
19
401
2.00 General Foods
31
314
243
7A
1.00 General Motors
19
21
11]
11
241
0.60 International Harvester.
20
단
108
087
7.00
D
901 bid
39
201
673
4.00 Liggett & Myers "B"
+24
1.00 Low's Inc. .....
143
*37
10
19;
402
2.90 National Biscuit
37
9.00 Pacific Gas & Electric
231
0.50 Pennsylvania Railway
20
Radio Corpn.
Sears Roebuck
21
1.00 Standard Oil Co. of New
"
Jersey
333
ག74
12
0.10 Saucony Vacuum Corpn.
92
10%
36)
1.20 Union Carbide & Carbon
311
994A
279
6.00 Union Pacific
721
76
522
211
United States Steel
409
43
154
31
-FAN-Tagasanceta CINCE
1. Gillette Safety
(Preferred) International Tel. & Tel.
Montgomery Ward
Westinghouse E. & N.
35%
Asia Lands Limited
Gloucester Building" ' Tel. 28380.
We offer you a complete brokerage service for the purchase or sale of
New York Securities Daily quotations sent-gratis-upon request. See our investment news on the Financial Page of The Hongkong Daily Press
Canton Agenie
John H. Ferguson & Co.
32, B. C. Shameen.
Tel. 18624.
Union Waterboats $15.
Wm. Powells 82).
MANCHURIAN COTTON
SCHEME
SPONSORS HOPE TO HAVE 750,000 ACRES PLANTED.
The gigantic cotton growing pro- gramme for Manchuria, which has recently been drafted by the Man- chukuo Government, the S.M.R. Development Deatment and the Government-General of Kwantung, may shortly be put in hand. It is hoped that this scheme will place the cotton spinning industry of Japan on a sounder basis than to- day,
THE EXCHANGE MARKET
MESSRS. ROZA BROS., REPORT
Messrs. Roza Bros. have forward- od as the following exchange mar- ket report for yesterday.
Silver prices dropped 178 yester day for both deliveries, the quota- tions being 10% for Ready and For ward. Silver advices reported China sold and America bought The market was quiet. In Amerien business was reported at æ Spot. The market was firm,
New York advies reported the cross-rate at 3.85. Steady.
Market,
..
Quist, the tone was steady.
Sterling.
CHINA'S COTTON INDUSTRY
Tientsin Mills Faced with Stoppage
NANKING, Apr. 95.
A delegation of Chinese mill owners, including Mr. Yung Chung Ching, the Chinese Cotton King." Mr. Kuo Sheng, Mr. Nich
Shong and Mr. Chang Chel Min, arrived here this morning in response to a request from the Executive Yuan to discuss with the authorities the cotton situation forfollowing the recent curtailment of working houre practically all over the country.
The market, öpened with sellers ab 4/49, buyers bidding 1/4.13/18 lead ing to business later at 1/4.13/15 for May and 1/47-32 June. Later 1/4:27/32 was also arranged for May delivery. The market closed sellers at at Lanch time with 1/4,13/18 May, 1/4.27/32 June and 1/4 July, buyers at 1/16 higher respectively.
Gold Dollars.
No business was reported. There were sellers at 3 for May and 27 for June, buyers at 1/4 higher respectively.
It is understood that the delega- tion is appealing for immediate measures to be taken to meet the critical condition of the cotton in- dustry. Reduction of freight char- ges on the transportation of cot- ton and cotton yarns, readjustment of the tariff on imported cotton, and the granting of a Government subsidy from the proceeds of the
are anong consolidated tax measures contemplated.
#
the
It is stated that, owing to the. dumping of foreign cotton and the depressed trade conditions, tremen- dous stocks of Chinese cotton are held in Shanghai, which the local banks no longer accept 'as security for the loans advanced, thereby tying up part of the working capital of the mills.
Working Hours Reduced: Faced with such critical con- Shanghai mill Owners ditions, decided on April 10 to reduce, the working time by 23 per cent, a month, beginning on April 22. The Merchants were quoted at 111 for same measure has been adopted in near delivery.
W
Yen.
Shanghai Dollars. Were quoted at 100 for near de- livery.
'Shanghai.
Early advices indicated sellers at 1/3.6/16 but later the market firm- ed up to sellers at 1/3.7/18, buyers at 1/3 May.
IN THE AFTERNOON The market was firm in the after: noon.
giarling.
:
Business was done at 1/4.31/32
for second half May and 1/5 May finishing with small sellers at 1/3 May and probably 1/5,1/32 June, buyers at 1/32 higher respectively.
Gold Dollars.
Business was done at 27 for June. The market closed with sellers at 27 May and 27 June, buyers at
LINDRUM MARRIED
IN INTERVAL OF TOURNAMENT
Washin, Chengchow, Wuhan and Tungehow: while in Tientsin it is reported that the Chinese mills are faced with a total stoppage.
Whether the mills will be able to resume working on full time after one month will, depend upon the measure of state relief afforded.
In view of the large number of mill hands in Shanghai, aggregat- ing over 150,000 and a probable equal number in other industrial districts, the authorities here aro paying the keenest attention to the critical cotton wituation, and pro- mise to co-operate to the utmost with the mill magnates in order to devise the necessary relief measuros. -Reuter.
FINANCIAL REFORM
IN JAPAN
THOROUGH REVISION OF TAXATION SYSTEM
TOKYO, April 94. The Japanese authoritics, taking advantage of the world-wide move ment to co-ordinate efforts towards economic and financial stabilian- tion, are said to be contemplating a thorough going improvement of her national economic and financial systems, the salient features, it is understood, 'being as follows:-~
PRESIDŁ Nud
RS
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
via Panama
Fortnightly sailings on Wednesdays Pres. Lincoln Pres. Hoover Pres. Wilson Pres. Coolidge Pres. Jackson
To Seattle and Victoria
13
Fortnightly sailings on Baturdays
..May 10
Prot, Cleveland
..May 6, 1 a.m.
May 24
Pros. Taft..........
May 20
June 7
Pres. Jefferson......
June 3
Pres, Clevoland....
...... Juce 24
...July 5 Proa. T
...July 8
ROUND TRIP FARES TỔ EUROPE & AMERICA,
Direct Special through rates to Europe via United States. connections with all Atlantic lines. Choice of mail lines sorose United States and Canada, liberal stop-ovor privileges for Sight-seeing. Full particulars upon application..
Fortnightly via Suez to Europe & America
Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Bombay, Suez Canal, Alexandria, Naples, Ganos, Marseilles, New York and Boston.
8 m.
Pres, Garfell... May 13 Pres. Polk......May 27
8.
Pres. Adams......................June 10 Pres. Harrison .............. are 24
MANILA
TO
Next Sailing
Pres. Lincoln May 2, 6 p.m.
Pros Lincoln .............................
May. 2
Pres. Polk
May 27
Pres. Garfield Pros, Taft
May 13
Pres. Jafferton...
May 27
May 13,
Pres. Wilson
May 30
Pres. Hoover
May 16 Pres. Adars
.....be 10
Connecting with 8.8. MAYON To CEBU, ILOILO, ZAMBOANGA
DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE
PEDDER BUILDING - HONGKONG.
CANTON BRANCH:—4, SHAKES ROAD.
PACIFIC ORIENTAL
MONTHLY CARGO AND PASSENGER SERVICE
M.S. "FALSTRIA" Sailing on
8th MAY
CARGO AND PASSENGERS ACCEPTED FOR
SHANGHAI, SAN FRANCISCO, VANCOUVER,
SEATTLE, LOS ANGELES, ETC. THROUGH BILLS OF LADING ISSUED TO OVERLAND POINTS.
Excellent Passenger. Accommodation Passenger fare Hongkong/San Francisco
(1st class only)
Cat
G$120...
› For Freight and Fastage, etc. please Apply to:
THE CHINESE AMERICAN THE EAST ASIATIC CO, LTD.
SEIPPING COMPANY
Agents:
JOHNMANNERS & CO., LTD.
Agent: HONG SLING
Office: MERCANTILE BANK BUILDING (TGF FLOOR), 7, QUEEN's RD., CENTRAL, TELEPHONE: 24071,
The main feature of the scheme is to increase the area of plantation to 300,000 cha (2.45 acres unit) and 27 May and June. to produce 150,000 kin of raw cot- ton in season within 20 years. In the first stage, growing along the Lingyang, Liaochung and Fengshan lines will be encouraged, and should it bring about a satisfactory result plantations will be extended to the whole of Manchuria,
With
view to popularising planting, a Japan-Manchukuo joint
Walter Lindrum stole a few hours undertaking called the Manchuria away from a billiard tournament Raw Cotton Association was estab at Bristol to come to London to get lished in Manchuria. The Manchu married at the Henrietta Street kuo Government also created a re-Register Office, to Mies Alicia Hos search laboratory in Chinchow. kin, a 27-yearold Australian girl. Notice of the wedding was given The establishment of a sales or ganisation, embracing the Vapan and his bride had kept the time a some days ago, but both Lindrum Manchukuo Spinning Company, is secret, and it was only by accident 3. A gradual reduction of ex reeted by open market operations also being projected, Japan that they were seen entering the penditures for the Manchurian on the part of the financial au Chronicle.
register office where, by special ar(Continued as foot of next Columas, thorities. rangements with the registrar, the ceremony took place.
LONDON STOCK EXCHANGE
KING'S THEATRE
FOR TWO DAYS ONLY
To-morrow 3rd and Thursday 4th May (BY SPECIAL REQUEST)
Brussels Geneva
EXCHANGE
May 1, 1933.
CLOSING QUOTATIONS
ON LONDON:-
Telegraphic Transier... }1/44 Bank Bills, on demand Bank. Bills, 4 months'
night
Credita,
Bank Bills, on demand 26) nom
[BRITISH WIRE/ESB SERVICE ]
Ruoay, April 20.
Paris
80 1/18
New York
3.84
/'0
Montreal
-4:38-
4 months'
24.24
sight
1/8
17.54
Os New YORK :—
Amsterdam
6.42
Milan
Berlin ...
Credits, 60 days' sight.. nom
142
ON PARIS:
Stockholm
10)
Copenhagen
22.45
Oslo
Ju 9/16
Vienna
33 nom.
Prague
114
Helsingfors
928:
Bank Bills, on demand 19.
Credits, 4 months' sight (30
OS INDIA-
ON SHANGHAI:---
Madrid
309
Lisbon
Athens
Bucharest
and the
of
יד
8. The rate of interest shall be emergency kept low so as to stimulate indus- trial enterprises and to break the depression.
1. A thorough revision of the taxation system. The taxation bur den should be spread equally in accordance with the capacity of cach person, while the increased campaign, the improvement amount of national income should armaments be derived from the increased taxa period. tion. The increase of tax, however, 4. The stimulation of the cir shall be enforced only after the culation of currencies as much as economic world has sufficiently re possible for the benefit of the na- covered.
tion's commerce and industry. The authorities shall see to it that the evils of excessive infátión are cor
2. Drastic administrative reform in order to eliminate waste.
1852
6. Avoiding unnatural fluctua- tion of yen exchange through the enforcement of the Foreign Ex- change Control Act. Financial ad- vances for purely speculative par- poses shall be stopped so as to dis courage unhealthy stock and hond speculations.
STABILITY
The following is the eighty-first annual statement of one of America's oldest and strongeri insurance com- panies The Hangver Fire Insurance Company-repre-. sented in the Far East by the American Asiatie Underwriters.
THE
1933
HANOVER FIRE INSURANCE COMPANY
Eighty-first-Annual Statement, January
1
1933
Telegraphic Transfer 1911 Bank, on demand
LIABILITIES
ASSETS
On Demand
-1+71
Bonds, Stocks and Mortgages G.$14,417,877
110
ON KOUT:-
Unearned Piemlum Reserve....G. 4,416,188 Taxes, Expenses, Losses in
602
On demand
110
Accrued Interest, etë.
134,923
·672)
ON MANILA:-
9950
On demand
52
Process Contingency Reper Ve
1,278,883 8,232,502
5 nom.
ON SINGAPORE:-
41 O.R
On demand. 69J.
334 nom.
ON BATAVIA:-
Cash and Premiums Recolv.
able.
On demand
13 nom
ON SAIGON
On demand
19
Capital
2,504,373
Net Surplus
G.$17,067,173
G.$4,000,000
2,185,105 8,135,105
6.417,057,178
ON BANGKOK :—
On demand
1.33
RALPH LYNN-WINIFRED SHOT TER
MISCHIEF
*I ENJOYED "THAT” SAID THE PRINCE OF WALES A BRITISH & DOMINIONS PRODUCTION REABLED BY THE BRITISH FILM
DISTRIBUTION Co., LTD.
Belgrade
His
Buenos Aires Montevideo Bombay Shanghai Hour Kong Yokohama South Africa
1/6 5/64
1/33
1/42
1/2 5/16
1097-100
per £100 sterling.
COLD PRODUCTION INCREASE
SOVEREIGNS, Bank Buying
Rate
BAR SILVER, por of metams 19
ing an increase on the figure for 1031 of 118,875 ounces. Aimilar increase in production has been London, Apr. 16.
disclosed in South Rhodesia where The gold production of Australia. the output for 1032 was assessed at during the year 1932 amounted to 574,133 ounces as against 420,024 in 710,490 ounces, it is reported, show- 1031, the largest, amount régister. (Continued at foot of neat col.), ed for the last 14 years.
AMERICAN ASIATIC UNDERWRITERS
Life Bldg., 12, Queen's Rd. Ct, Hong Kong.
TELEPHONE 80234-80235.