HONG KONG DAILY PRESS,
FRIDAY,
MAY 5, 1933
THE EXCHANGE MARKET
MONEY AND MARKETS
FINANCIAL NOTES FROM
LONDON
Imperial Chemicals; The Hudson Bay Co.; Yokohama Specie. Bank; Commercial Bank of the Near East; Hadfields
(Special Air-Mall Service)
1.C.J. CHAIRMAN'S REVIEW
London, April 15. The ubiquitous nature of the ac tivities of Imperial Chemient Indus- tries was reflected in the wide runge covered by Sir. Harry Me Gown in his speech at the annual meeting yesterday. While admit ting the ilvantages to the com pany of the inport duties and the depreciation in the pound-which,
with administrativo - cconomies and
farther reduction of costs, brought| about last year's improvement→. Sir Harry is fully alive to the pred of the removal of artificial obstrue.
tions to the freer flow of trade.
Dec. 31, Dec. 31, 1832. 1031. Yon. Yon. *0,598 11,320 080,166 570,680
Note circulation Deposits Rill payable, AC-
ceptances, etc. .... 552,089 184,018 Cash
134,404 115,338 Investments
451,042 344,648 Bills discounted,
advances, etc. 39-4,024 100,985 Bills receivable... 470,556 412,813 COMMERCIAL BANK OF THE
NEAR EAST
In lion
1
THE PANAMA CANAL
SHOWS UPWARD TREND
OF TRADE
Ancon,- Canal Zone-Panana
♫
MESSRS. ROZA BROS.,
REPORT
Messrs. Roza Bros., have for- warded us the following exchange market report for yesterday :--
Silver prices dropped yesterday to the extent of 13/10 for Ready and Canal transits taken as 6 barame 3/4 for Forward, the quotations
being 187/16 and 19, respectively. I ter of world commerce gayo favourable outlook at the close of Silver advices reported America and the first month of 1933.
Chin as having sold Speculators benght. The tone at the close was steady. th America the rate was lower as 35.1/8 for Spot.
Figures released by the Bureau of Statistics indicate that the de- eline recorded from 1930 and con- tinued through the last two years has reached bottom and although the graph has not turned upward, the present, fiscal year is expected to end close to the figures for the last fiscal year.
The final accounting may be a few ship above or below, but it is an assured fact that such a drop as from the 5520 transits in 1931 to 4506 in 1932 is no longer a pos- sibility.
January, 1933, closed with 415 commercial transits, a gain of 38 The Commercial Bank of the Near over January, 1932, though lower East reports a profit for 1932, after by 16 transite than the figures for Though the benefits of a paper debts, of £4,220,
providing for bad and doubful December. It is pointed out at Balboa Heights that the reduction money standard and tariff protec£2,566 has been fecovered in respect from December may be largely ac tion may prove transitory in this changing world," he pointed out, be charged for losses, less profits, months of 1002, is pretty well taken of income-tax, but £10,320 has to counted for by the fact that wheat tonnage, heavy during the last two efficiency in administration, manu- on realization of investments and care of and accounted for a number facture, and distribution will hold provision for depreciation of investof transits at the close of 1932. fast through every emergency." Byments hell, so that, allowing for this insistence on the need for technical and commercial progress, Sir Harry is manifestly putting the vast ICI combine in the best jssible competitive position to derive the fullest advantage from a general trade revival,
Qullook for 1933.
July and August, 1932; were the lowest months in many years in point of Panama Canal transits. In September, however, there was a dreided pick-up in traffic that had carried through January,
87 brought forward, there is a debit haluce of C13,453 to be car rind forward. shows contraction in the total from: The balance-slect
£8:33,515 to £68,693. Deposits show a decline from £432,333 to £361,039. Tolls collected through January Cash, money at all, balances with of the present fiscal year are ap- foreign bankers, and Treasury Bills proximately $1,000,000 below col- total £181,000. It has been necesfections of the corresponding period sary to create a rearre of £46,285 of 1932. Last year's total ran to to redues investments to market $23.625,410, which was $9,000,000 be values, and, after deducting this re
law toll collections of the hauner servo, imestments stand nt £7,561 years 1827 and 1929.
New York advices reported the Opening ate at 3:03 and the clos ing rate at 3.39).
Market,
Sterling,
Easy.
The market opened with buyers at 1/4.8/10, sellers offering 1/4 23/32 leading to business at 1/1. 13/18, for June delivery followed by transactions at 1/4.25/32 for hear 14.15/16 July and 1/4.3/4 for May and June.
lunch time with seller's at 1/4.3/1 The market closed at May/June and 1/4.5/32 July, bus
bly June and 1/4.15/16 July. ers at 1/1.25/32 for May and prob-
Gold DolisIS,
near und 271 for June. Later 27. Business was done it 27.1/8 for
1/10 was also reported for cash. There were sellers at 27.1/18 for May, 27.3/16 for June and 271 for July, hayers at 1/8 bigher, respec- tively.
Yen,
Merchants were quoted no 1113 for near delivery..
Shanghai Dollars were quoted at 1091 for near delivery.
Shanghai,
Quirt. Sellers were indicated at 1/9 for near, buyers at 1/9.5/10.
IN THE AFTERNOON. The market was shade steadier in the afternoon.
In his attitudo towards the world's traibles Sir Harry is still an optimist, confident but can tious, though he recognises the difficulties in achieving the effective international aetion that can pro
This year, states the report, was
Whent continued to hold first vido the only remedy. In his view,
a very difficult one. Many coun
rank among full cargoes with lum producers of primary commodities tries iraposed restrictions, which, in
ber, oil and oil products, cotton can learn a lesson from the ordinary some cases, made trade almost imlizer and coffee given high rank-
and allied products, skins, ferti practice of manufacturers in repossible. Groek, bonds fell heavily ings. The majority of vessels car
In Sterling business was done at gularing mitput to meet demand. owing to the failure of that country ried general cargoes and, as bas
1/4 for near and 1/4.13/16 second to meet interest on her foreign bern characteristic for more than sellers at 1/4.25/32 May/June and half June. The market closed with bonds. Menting, April 25.
two years, the proportion of par-17413/10 second half June/July. tially loaded vessels to full enrgo buyers 26 1/4.13/10 May and prob- ships was conspicuous.
ably June and 1/4.27/32- July.
During the current year to date there has been a small compara tive fall in some directions in the volume of business. but, despite this, Sir Harry looks forward hope- fully to the results for 1931, As to the remoter future, he is still nors confident, particularly in regard to
now
now activities and products.
tako ono To
example. strides have recently been made by grent the company in the hydrogenation of coal and large-scale commercial development of the process awaits only upon progress in regard to a limited number of economic factors. When that is achieved; he added, the company will be prepar- ed to invest a substantial part of its liquid resources upon this enter prise.
J
HADFIELDS.
The directors of Hadfields, of Sheffield, report a luss for the year ended December 31 last of £21,62 (against a loss of £33,000 for 1931) after providing for Debenture in This has been debited against the terest, fees, and other chargis. balance standing at credit of profit and loss, leaving a credit balance of £4,373, which the directors re commond be carried forward. dividend on the Four-and-a-Hali por
Cent. Cumulative Preferenco shares has been paid during the year.
No
JAVA SUGAR MARKET
warded us the following report Messrs. Pentreath & Co. have for- dated April 20, from the Machine Sagar Co., Ltd., of Sourabaya:- Exchange.
Gold Dollars,
-Business was done at 274 for de-
sellers at 27.1/8 for cash, 27 June, |27) June. At the close there were livery 20th May also. 27.5/16 and
271 July, buyers probably at 1/16 higher.
YEN RISE NOT WELCOMED
Last Thursday when our last re- rate on Hulland was 2.47-3/5 whilst port was written the Dollar cross
the rate to-day is 2.30, a fall of 9 points, and in consequence Ameri- can terminal markets for all comEOREIGN TRADE HAMPERED, modities havo ruled firm on invest- ment buying. Sterling has not rearted so far as the exchange on Javn currency much
The directors state the year under review not only showed no improve HUDSON'S BAY CO.'S
ment in the iron and steel industry, but proved to be one of the most BETTER RESULTS
difficult and disappointing hitherto
is concerned as The outstanding point in the ex- experienced. A further slackening
225 would have appeared perience of the Hudson's Bay Co. in the demand for the company's probable and the Banks' buying in the year ending Juuuary, 1983, products and the consequent intense rate for drafts at ɔ dịa on London is that the trading loss of £485,000 competition reduced selling prices officially only 8.47) as against reported in the previous year was
to a lovel at which they were
8.42) mentioned in our last report. reduced to a mero £52,905. Since generally unremunerative.
The
rato, however, is purdy general conditions in Canada in all such conditions the results shown that actual business will be closed nominal and it is quite probable parts, and Western Canada especial in the balance sheet have been at higher rates during the course; ir, were more difficult than ever reached only by constant vigilance of the day. owing to the continued fall in wheat over all items of manufacturing cost prices and the reduced purchasing and general expense. Extensive re
power of the population, this long step along the right road must be placed to the credit of the manage
ment.
Under
organizations have been made both
in the works and in mechanizing the methods of costing, account-
It may be assumed that it ney, and control, and the com
is due in no small meistre to the pany is in a very favcníuble posi- policy of decentralisation of con- tion to take advantage of any im. trol, which was outlined by the provements in the industrial position. governor at last year's annual meet. Meoting, April 20.
ing.
The report which was issued yes terday is noteworthy for its full and frank description, not only af the gloomy economic background, but also of the special difficulties of the company.
The process of selling properties which have be ON comes unsuited to the purpose for which they were bought has con- tinued, and these sudes frequently must be made at loss. This year the sum of £106,298 he been pro vided against the
Male's.
EXCHANGE
CLOSING QUOTATIONS
India.
Markets are slightly better."
China,
The exchange position mentioned above should result in an increased demand from these markets signs of which are already emanating Hong Kong.
West of Suez.'
There is little to report though indications of further business re- sulting are not lacking.
The N.IV.A.5.
Total sales now amount to:- 579,803 Tons. Superior
+
May 3, 1933. LONDON: Telegraphic Transfer... Bank Bills, on demand
140 Bank Bills, 4 months'
sight
118 Credits,
months' sight
1/58 Bank Bills, on demand 209 Credits, 60 days'-sight.. nom PARIS
8,639 Tons Superior seconds
213,840 Tons Browns
which shows an increase of only:-
2,851 Tous Superior
lcft on such ON NEW YORK:
Bank Bills, on demand cas
INDIA Credits, 4 months' sight s
The near outlook for the company depends so very largely upon the ON prices of wheat that confident pro- phecy is impossible. Nevertheless, ON shareholders may deduce from the
Telegraphie Transfer...)918 report that the efforts to pull the company out of a difficult position ON SHANGHAI:-
Bank, on demand are bearing fruit.
YOKOHOMA SPECIE BANK
The net profit of the Yokohama
On Demand... 18 ON KOBLI
110%
Specia Bank for the half-year end. On demand
On demand OF MANILA:
SINGAPORE:- On demand ON BATAVIA:-
On demand ON SATOON:-
ed December 31 amounted to ON 7,082,172 yén (1gainst 5,330,046 yea for the corresponding period of 1931). The dividend is maintained at 5 per cent, 1,300,000 yep (against 1,100,000 yen) is added to reserve, and 5,859,484 yen is carried forward. (against 4,877,670 yen). The chief balance sheet items are compared in the following table:-
On demand ON BANGKOK-
53) a
............. BPI
***
18 hom
181
On demand • 135 SOVEREIGNS, Bank Buying
Rate BAR SILTRE, Per o
1/31 195/16
m
12,203 Tons Molasses.
300 Tong Browns.
of
Mr. Kloppenburg officially takes over the Presidency
the N. I. V. A. S. to-day. It is to he hoped that conditions will permit him to achieve the same success in disposing of Java Sugar as WAS experienced by his predecessor dur- ing the latter's 3 months' tenure of office. All advices received to- day are favourable for this happy state of affairs eventuating, as steady to firm terminal markets and indications of a higher, sterli ing exchange are of course essen. Lial factors for an increase in Java prices.
!
In a more encouraging market, To quote as follows:-
C.I.F. Shanghai (per 100, Kgs): 1.6.0 (whites); £6.30 (browns).
C.I.F. Hong Kong (por picnl): 1.4.18 (whites); £.3.00 (brown).
TRANSACTIONS ARE
SUSPENDED
Tokyo, Apr. 26.-Foreign trade is hampered by the sudden rise of the ven exchange and the difficulty of forming any idea as to the future. actions are in a state of temporary Many merchants report their trans
suspension.
HONG KONG STOCK MARKET.
YESTERDAY'S OFFICIAL
QUOTATIONS
The outstanding feature of the market was again the keen demand for Lights, Cements and Hotels, the closing rates for which were, 81215, 7.30 and $7.10, respectively, buy-
ers:-
Salos,
Hong Kong Banks, $1,720. Union Insurances, 8320. Wharves, $130.
Hong Kong Lands, $75. Hong Kong Trams, $12.20. Entertainments, 811.40.
Buyers.
Canton Insurances, $1,530. Union Insurances, 8315. H.K. Fire Insurances, $250. Benguet Consolidateds, $217. Providents (Old), $3.85. Providenta (New), $1.30. Hotels, $7.06. Hong Kong Lands, $4. Realties, $7.10. Chinese Estates, 800. H.K. Trams, 21.10. China Lights (Old), 812.18. Electrics, 87
Telephones, 897.35.
Cements (Combined), $7.30. Cements (Old), #s). Dairy Farms, $27, Watsons, 987.
Lane, Crawforde, 81.00. Govt, Loans, 4% premium.
Sellers.
Union Waterboats, 816. Hong Kong Lands, $75. Constructions (Old), $3.
LONDON STOCK EXCHANGE
[BRITISH WIRELESS SERVICE J
Paris ...... New York Montreal Brussels Geneva
Amsterdam Milan Berlin Stockholm Copenhagen Oslo Vienna Prague Helsingfors
Madrid
Lisbon
Athens
H 1.
13
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
via Panama Fortnightly sailings on Wednesdays Pros, Lincoln tom
Pres, Hoover
Pres. Wilson
Pres. Coolidge......
Pros, Jackson
May 10,1a.m.
May 24
June 1
To Seattle and
Victoria
Fortnightly sailings on Saturdays
Prex. Cleveland Pros. Taft
Pres. Clevoland
June 7
Pres. Jefferson.
I
July 5
Prea, Taft..
........May 6, I'■ m2
May 20
June 3
...June 24
***
...July. 8
ROUND TRIP FARES TO EUROPE & AMERICA, Special through rates to Europe via United States. Direct connections with all Atlantic lines. Choice of rail lines acrose United States and Canada, liberal stop-over 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, Gaon, Marseilles, New York and Boston.
8am.
8 am,
Pres. Garfioll... May 18 Fres. Adams ...June 10 Pres. Polk........May 27
Next Sailing...
Pros, Taft
Pros Hoover
Prpa. Polk
Pres. Jefferson...
Pres, Harrisonne 24,
MANILA
Pres. Garfield May 18, 8 a.m.
TO
May 13
Erga, Wilson
May 18
Pres. Adars
May 17
Pres. Coolidge
May 27
Pres. Cleveland..
May 30
June 10,
June 13
June 17
Connecting with 9,8. MAYON To CEBU, ILOILO, ZAMBOANGA
DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE
PEDDER BUILDING-HONGKONG. CANTON BRANCH:-4, SHAKER ROAD.
PACIFIC ORIENTAL
MONTHLY CARGO AND PASSENGER SERVICE
Rugby, May 3
M.S.
"
85 1/10
3.01)
4.461
24 17.31
8.33
61 7/10
14 11/32
194
22.45 100/18
32 nom. 1121
927
39 1/16
110
580
Bucharest
560
Belgrade
247
Rio
5 nom.
Buenos Aires
42 O.R.
35 nom.
1/8 8/04
Montevideo
Bombay Shanghai
Hồng hong Yokohama
Silver (Spot) Silver (Forward) War Loan 34%
1/35/10 1/4 3/10
1/21
10 7/10 10}
100 0/10
South African Pound £901-£100%
per £100 Sterling.
The official rate of the Yokohama Monday, to cope with the steady Specie Bank for the purchase of market tone, ita buying rate was export bills was stationary for aagain raised, but the selling rate fairly long time, but since the re-
was maintained. The gap between imposition of the gold embargo in buying and selling rates was thus the United States, it has been fore widened. ed up by 82 The following is the days' export bilis:-- recent movement of its rate for 30
April 19
20
21
24
$21-0/18
221 931 23/3/8 23-0/16
The fact that the Specie Bank quofer á selling rate much lower than the market indication is clear evidence of its efforts to check any further rise of the yen. The raising of its buying rate is evidently in- tended to minimise the loss through On Saturday, simultaneously with a rush of export bills. The present the reduction of the selling rate was attitude of the Specie Bank is un- reduced at above mentioned. Onderstood as indicating its policy on
(Continued on next colum). foreign exchange.
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 Agents
John H. Ferguson & Co.
32, B. C. Shameen,
Tel. 18624
FALSTRIA" Sailing on
8th MAY
CARGO AND PASSENGERS ACCEPTED FOR SHANGHAL, SAN FRANCISCO, VANCOUVER,
SEATTLE, LOS ANGELES, ETC.”
THROUGH BILLS OF LADING ISSUED TOWE
OVERLAND POINTS.
Excellent Passenger Accommodation
Passenger fare Hongkong/San Francisco
(1st class only)
08120.
For Freight and Passage, etc. please Apply to:
THE CHINESE AMERICAN LTD.
SHIPPING COMPANY
THE BAST ASIATIC CO,
Agente:
JOHN MANNERS & CO. LTD.
Agent: HONG SLING.
Office: MERCANTILE BANK BUILDING (TOP FI001), 7, QUEEN'S RD., CENTRAL, TELEFRONE: 24071.
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS (INCORPORATED IN HONG KONG.)
Tel. 28380 Gloucester Building, Room 300.
[EKUTER'S AMERICAN ARVIC]
New York: May 3. Dow Jones Averages:
30 Industriale
20 Raila
High-1932
Low: May, 2
88.78
41.33 77.29
May. 3 77.37
Change
08 up
41.30
13.22 35.68
34.34 1.34 down
36.11 63.26
16.53 20.03 28.09 ..05 up 66.78 77.03 77.23 .20 ap
20 Utilitiea 40 Bonds Asia Lands, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. The swirling market was especially confusing. We think the list had a good test and came. through successfully. We expect rails to come to the front again and also metal stocks look as though they are being aggressively sponsored again. Wheat: Renewed inflation sentiment advanced the price but heavy profit-taking and farmers selling caused a reaction. The market 'closed fairly strong but future action is uncertain, Cotton: strong on general buying, Heavy selling was easily absorbed. Sentiment is somewhat reactionary. Silver: The passing of the Inflation Bill caused liquidation. Afterwards the market firmed up and closed with better, tone,
Business Done: 4,840,000 shares.
Drv. $ ,,1932
Low PER. BE.
431
J. I. Cast
ton$
LAST SALE
Нлан
May. 2 May, a
043
30%
3.00 Air Reduction......
892
.6.00 Allied Chemical & Dyo'
00
901
731
29
4.00 American Can
81+
.27
D
American Smelting.
29
301
1378
70
8.00 American Tel. & Tel.
892
5.00 American Tobacco "B"
873
108
Anaconda Copper Mining
12
13
1074
28)
2,00 Auburn
154 45%
-18)
32
20日
#
141.
131
572
17
212
178
684
31
51
501
57
3.00 Drugs, Inc.
422
431
631
04
877
071
64T
48
18
18
28/
0.40 General Electric
19
10
401
190
317
248
7
1.00 General Motors ......
314
214
24+
10%
1. Gillette Safety
12
341
33
331
108
off-sid o
157
11
113
€7
34
41
371
10
22
40%
481
TOFC99ngese
1.40 Borden Company emine 30
Canadian Pacific
1.00 Chrysler Motors
3.40 Consolidated Gas of N.Y.
2.00 Du Pont de Nemours
3.00 Eastinan Kodak
8% 8. Electric Bond & Share.
2,00 General Foods
(Preferred)
0.00 International Harvester ..... 7.00
International.Tel.& Tel.
4.00 Liggett & Myera ‚“D” 1.00 Locw's Ing.
Montgomery Ward ............... 2.50 National Biscuit ................... 9.00 Pacific Gas & Electrio
0.30 Pennsylvania Railway Radio Corpo/2
Sears Roebuck ..................
100 Standard Oil Co. of New
Jersey
3 8 8 2 ÷ 7 2 8 = 2 6 = 3 ÷ 95628872-8020F. 2
24