Money and
Markets
WORLD MARKETS
· REVIEWED ·
COTTON: WHEAT: CORN: SUGAR
{Mesers. Pentreath & Co. have forwarded us the following report of world markets, from Mesere. A. J. Buston: Go. of Liverpool.]
COTTON
domestic millers. Enquiries in the U. (K. are only just fair.
In U. S., President Roosevelt's Farm Relief Bill, passed by the House of Representatives last week, has been much to the fore. As most of our friends no doubt know, The market is still under the this bill provides for the reduction shadow of political developments in of acreage of wheat; cotton and Washington, which seem to change other commodities, through agree daily and almost hourly. The hope inent with producers, on the basis that the Farm Relief Bill would be of rentals benefit payments (for modified to a comparatively reason land put out of cultivation). To able measure in its passage through obtain money for such payments, a the Senate seems to be "waning, but, tax would be levied on the use of
sudden such commodities for or Tuesday there was a flurry in New York on a report facturing purposes, this tax, of from Washington of some new move course, to be passed on to the con- sumer. This bill is now being ex- by
amined, by the Senate, but there seems to be every, likelihood that the clause re the tax will be aban doned. It remains to be seen whe- ther the said bill will be passed by the Senate in time to affect Spring sowings.
HONG KONG DAILY PRESS,
ally raised by practically another
The May position, is about fe.. higher on the week.
"Chicago's "elose yesterday :... May 2fe, July 31jc., Sept. 2}c.
RUBBER
SATURDAY, MAY 6, 1933
THE EXCHANGE MARKET
MESSRS. ROZA BROS.,
REPORT
Messrs. Rox Bros. have forward. ed us the following exchange mar- ket report for yesterday :---
Has remained quiet but fairly. steady, although U. K. stocks have increased somewhat. Nevertheless, it cannot now he said that these stocks are excessive, since they are the main reserve for all European consumption, and only represent a fow months supply. U. S. stocks are still, of course, very large, al- though it is interesting to note a decrease of about 9,700 tons for February በጋ
January, easy. against These stocks are very largely in the hands of the manufacturers, and so are strongly held.
The general feeling is steadily turning in favour of some form of restriction scheme, probably a tax on exports to combine British and Dutch interests, and we feel that, whether anything comes of it or not, an advance is quite likely in the comparatively, near future, awing
to the sentimental effect of such discussions. In short we think that purchases might now be made with. manua view to a quick tura on any ap-
preciable advance.
London's opening this morning: 2.7/32d.. Oct/Deo. July/Sept. 23/16d., Jan/Mch. 2jd.
New York's close yesterday May 3.00c.. Sept. 3.18c., Dec. 3.30c. (No. 1 B. Standard)
SUGAR
'Trade demand is slow, and Con-
Silver prices dropped 1/16 yester day for both deliveries, the quota- tions being 1 for Ready and 10 7/10 for Forward. Advices re-
In America the rate was ceived reported the market as being quoted at 35 for Spot:
New York advices reported the rate at 3.92. The opening rate was 2,91). The market was steady.
bai Dollar rate which was unchang With the exception of the Shang- ed at 108 and the Bangkok rate which was put up to 1386, other rates were lowered. were as follows-
Market.
Quotations
Quiet, the tone was steady
Sterling.
Business was done shortly after the opening at 1/495/39 for near delivery. The market closed at lunch time with sellera at 1/47 May, 1/4 25/32 June and 1/4 13/16 July buyers probably at 1/30 higher.
Gold Dollars.
the Reconstruction Finance Corporation which was interpreted as inflationary. The fact is that the talk of inflation a fortnight, ago has given place to the realization that there has been no inflation at all: Very little of the new currency has been issued, and the effect of the restricted operations of the banks Further talks of inflation have
Business was reported early in has in effect meant further dofa caused the farmers to follow a hold-sumers appear to be provided for the morning at 27 for June de tion, so that soun new move of this ing policy. The demand has been another three weeks. There is also livery. The market closed at lunch kind was apparently thought peces good on the whole, orders having a tendency to await Budget deve-time with sellers at 27 3/10 for sary to revive markets. In the mean been received from mills. Export lopmente, and it is likely that the cash, 27 June and 27 July, hupers time Roosevelt has announced a ers have also taken more interest. Government will make some proat 27316 for near, 277/16 June proposed amalgamation of all the The Farm Board, adhering to its nouncement at an early date con- and probably 27 11/16 July. various Government bodies hand-policy of liquidating speedily with cerning home-grown sugar, and im-1" ing commodities and farm credit, out demoralizing markets, has sold perial preference.. but that it seems is regarded as fairly good quantities on advances.
In the New York market prices Merchants were quoted at 1113 measure of economy in It is understood that its holdings have sliped away from the highest for near delivery. merely a management. There is an entire are decreasing rapidly. Accounts reached a fortnight ago. Prices absence of any definite crop news of the Winter wheat crop are still are steady, but there is still some but, as a good deal of the crop is mainly unfavourable. Complaints uncertainty about the further already planted in the South, hopes of insect damage and dust storms segregation of 500,000 tone which of restricted acreage as the result in Kansas have again been received will be deducted from the United of legislation are rapidly diminish as well as reports of crop damage States quota. If this segregation ing.
in the Pacific North West. A eventuates, higher prices will be strengthening influence has been the the result, although it is considered publication of the weekly visible that further hedging of Porto Rico supply figures, which show a de- and Philippine sugars must be ex- crease of 68 million bushels as. com.pected. If Cuba is in a position to pared with last year.
Manchester market reports have given little encouragement, falling prices having only served to con vince, buyers that their recent policy of caution was justified.
Egyptian premiums over Ameri- can continue to decline, though Sakol is doing rather better than Uppers, especially in Alexandria. On the other hand, a feature of the week has been the marked decline in Indian prices relative to Ameri- enn. The parity between American and East Indian futures in Liver pool is now lower than it has been
The position of Canada is very much the same. In the earlier part of the week, the market was some what depressed by large receipts, increased country offering and bearish, visible supplies. Prices, however, rallied on Tuesday on professional covering and a better tone in Chicago. They have since given way again on the lack of speculative demand and the weaker The market has a steady under-technical position. Canada bas tone, and we think any favourable good opportunities as an exporter circumstance would cause an ad this year owing to the good quality of her wheat on the one hand, and
siner November, 1931.
Vance.
'WHEAT
abstain from selling until free- duty sugars are marketed, the Ame rican, seasonal demand may cause higher prices. Advices from Cuba indicate that voluntary segregation up to 700,000 tons may take place.
As regards sowings of the Con- tinental Beetroot Crop, Licht's estimate at the end of this week will probably reveal a 40 per cent. increase in Germany, no change in Czecho-Slovakia, Blight increases in Poland, France and Scan- dinavia, with decreases in Italy and Spain.
The statistical position continues
You..
Shanghai Dollars,
Were quoted at 100 for near delivery.
Shanghai.
Quiet. Sellera wore indicated at 1/33/16 for near, buyers probably at 1/3 May.
31
IN THE AFTERNOON.
The market was quiet in the afternoon, the tone, at the close being & shade easier,
Sterling.
Gold Dollars.
The market closed with sellers at the virtual elimination of U.S. and to improve, and sentiment in gener-27 3/16 cash, 27 5/16 June, 27 9/10 Russia as world exporters. It canal is favourable to an improve July, buyers at 271 for cash, 27 therefore be expected that Canada|ment in prices. will figure as a good seller in the coming months.
Ax regards Argentina and Australia, there is little news to hand. It has been privately report ed that Argentina may increase her wheat' sowings, but, that Australis may sow lees owing to dry weather.
There is nothing of a sensational nature to report this week., Mar. kets seem to be" content to digest day-to-day mildly bearish or bullish featurea without showing signs of excitement. In is true that there is really nothing in the situation to warrant a definite change of at titude, one way or the other, and
A conference if exporting coun the whent market, like others, is trics to discuss the control of pro- awaiting the results of the various duction is said to be contemplated. conferences which are due to takeThis points to a concerted effort, on- place in the near future.
Prices do not show much change the part of producing countries, to promote constructive policy to They are somewhat higher in Chica decrease whent supplies, which go, unchanged to lower in Winnipeg would inevitably raise prices. and slightly lower in Liverpool.. We feel confident that we shall Trading in this latter market has! been barely active, the demand be- see higher values in the not too dis tant future. We would still favour
ing amall.
World shipments have been of purchases on good breaks in Chica-
fair volume, the bulk being furnish-
go.
ed by Australia and Argentina. CORN However, these shipments чете
mostly for non-European countries, Corn seems to be following the the demand from the Orient being movements of Wheat. The features still good, although nothing much of the week in Chicago have been a Although ship good cash and shipping demand, a is said about it. ments direct to the Continent have continued increase of outside in- heen small, it is understood that terest, light country offerings readi 230,000 quarters, have been taken at ly absorbed by the broader shipping ports of call for deficiency coun- demand and expectations of a de tries. Notwithstanding certain increase in visible supplies. dications of better. Continental buy ingit is reported that Italy has increased her native milling quotas while France has temporarily pro hibited the use of foreien wheat by
It is interesting to note that the rise of 3c which was recorded at the reopening of Chicago, on
16 March, has since been, not only fully maintained, but also gradu-
HONG KONG STOCK MARKET.
WEEKLY REPORT
ון
In the early part of the week it was pointed out in these Bum- maries that there were indientions that the low levels of prices werd
vestors, and the daily movements beginning to prove attractive to in- in the market since then show that that prediction was correct, there
rates in almost the entire list, the having been a general advance of
advance in Hotels and Cements bei ing proportionately higher than the,
rest.
Closing true of the whole market very firm.
Business Dons During the Week,
Hong Kong Banks 31,716, 81,720. Union Insurances 8520, $515, $520,
$525.
Wharves $130.
Hotela $6.00. $7.10. Lands $75, 8742.
Realties 87.10, ...
Tramways $21,10,- $21.20.- China Lights (Old), $12.10. Electrics 872, 8721,
Telephones 827, 6271, $28. Comants (Combined) $8.30, $7.10.` Lane Crawfords $4.40, 24.35,
$4.80.
ידי
Entertainmente $11.40.
Changes (3.15 p,m). Closing
Quotations.
Buyers.
.....
Canton Insurance $1,370. Union Insurapões $520. Wharves $129... Providents (New) $1.40. Tramways $211. Telephones $29.
Cements (Combined) $7.40. Coments (Old) 88.20. Watsons 801.
Lane, Crawford, $4.80.
gales.
Hotels $7.10. Telephones 898.
VICKERS, LIMITED
STRONG FINANCIAL
POSITION
HONOL
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
vin Panama
To Seattle and Victoria.
Fortnightly sailinge on Wednesdays - Fortnightly sailings on. Baturdays
May 10, 18.m. Pres. Cleveland........... May 6,:1 am.
May 24 - Pres: Tafka da onnik May 20 June 7. Prez Jafferson
June 3
Pres. Lincoln Pres. Hoover, Free. Wilson Pree, Coolidge
Jupa 21
Pres. Jackson .....................July B
Pres. Clevoland ...... ...June24: Pres, Taf...............July 8
ROUND TRIP FARES TO EUROPE & AMERICA,
Special through ratos to Europe, via United States. Direct connections with all Atlantic Ines. Choice of rail lines across United States and Canada, liberal stop ever privileges, for Sight-wosing. Fall particulars upon application,
| Fortnightly via Suez to Europe & America
Fortnightly sailings on Saturdays via Manila, Straits, Colombe, Bombay, Buez Canal, Alexandria, Naples, Ganoa, Marseilles, New York and Boston.
Pres Garfield Fres. Polk,
8 a.m. May 13
Pres. Adaras
.May 27 Pree Harrison
TO MANILA
8
Juge 10
Jan 24
Next Salling.................... Pres. Garfield May 18, 8 a.m.
Prea. Taft monousons career een May 13 Prem Boovercome up - May 18. Fres, Palk Vitsistentwegperest. May 27 Fres. Jefferson...oodMay 27 -
Pres. Wilson
May 30 Pres. Adara ....................................June 10 Pras, Coolidge June 13 Pres. Cleveland...... ..... June 17,
Connecting with 8.8. MATON To CEBU, ILOILO, ZAMBOANGA
DOLLAR STEAMSHIP LINES AMERICAN
MAIL LINE
PEDDER BUILDING-HONGKONG. A
CANTON BRANCH:4, SHAKER ROAD. -
PACIFIC ORIENTAL
MONTHLY CARGO AND PASSENGER SERVICE
M.S.
"FALSTRIA”” Sailing on 8th MAY
CARGO AND PASSENGEES ACCEPTED FOR SHANGHAI, SAN FRANCISCO, VANCOUVER, SEATTLE, LOS ANGELES, ETC.
THROUGH BILLS OF LADING ISSUED TO``
OVERLAND POINTS.
G8120.
Excellent Passenger Accommodation Passenger fare Hongkong/San Francisco- ...
(lat clees only) For Freight and Passage, etc, please Apply to:
THE CHINESE AMERICAN LTD.
SHIPPING COMPANY -
THE BAST ASIATIC CO,
Business was done at 1/4 13/16 for June, finishing with sellors at 1/4 May, 1/42/52. June, and 1/413/16 Vickers Limited, the famous Bri- Jaly, huyers at 1/39 higher respectish armament firm whose activi- tively.
ties embrace. a wide variety of manufactures, including the build- ing of the fastest seaplanes in the world, continues to achieve results in the midst of the greatest depres sion the world has ever experienced which are unparalleled by other companies engaged in heavy indus try. The report for 1939 just pub lished shows a net trading profit of £811,504, and a net divisible pro- fit of £629,039; a dividend of 4 per cent. is declared on the ordin ary shares and the substantial amount of £222,022 is carried for- ward. Since the reorganisations |... carried out in 1995, a reserve fund has a universally high reputation. INDIA AND A GOLD EXPORT of £1,100,000 has been created out Fixed assets appear in the "Bal-
June and probably 274 July. -
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tal. 28380-Gloucester Building, Rooin 300,
[KRŪTER'S AMERICAN HERVICH)
Now York: May. Dow Jones Averages:
4.
High-1932
Low: May, 3
30 Industrials
88.78
41.22 77.37 :
20. Rails
41.30
13.30 34.34
36.11
10.53 20.08
63.26
20 Utilities
40 Bonda
65.78 77.23
May. 4 Change
79.16 1.79 up 35.52 1.18 ap· 20.47 .39 up. 777.84 .61 up
Asia Lands, Limited, has received the following report from their New
York correspondents, E A. Pierce & Co. It looks as though there. may be a strong forward surge in the immediate future which will carry industrial averages at least through the high levels of last September. Those who have followed the "up" side in respect of industrials should take some profits on the outburst of strength. Wheat: Under the influence of inflation there are still strong rumours of something bullish by the morning and good cash business has been done. Silver: Inactive and prices lower on continued Commission House salling." Cotton fluctuated under changing influences and new high levels were regis- tered. However, the nine per cent level attracted heavy selling. Business Done: 4,580,000 shares.
132
of profita. An exceptionally strong financial position is maintained Floating assets amount to no less than £8,071,816, while creditors are no more than £1,522,281. During the year holdings of cash and Gor ernment securities have been in- creased by £476,401 to £4,508,163 Vickers and its associates are thus in an exceptional position to carry out those contracts for which it
་
Agenta:
JOHN MANNERS & CO. LTD.
Ågent: HONG SLING
Office: MERCANTILE BANK BUILDING (TOP PL001), 7, QUEEN'S RD., URETRAL,
of
TELEPHONE: 24071.
EMBARGO
ance Sheet at a conservative figure of £10,647,420,-after-deduction of Capital Reserve
£2,500,000. Vickers - Armstrongs, the chief,
London, May 1-Sir Samuel operating company, earned a net profit, after providing for its pro-
Hoare, Secretary of State for India, portion of loss suffered by the Eug- I told a questioner in House of Com lish Steel Corporation of £160,718 against £282,944. The Company mons this afternoon that India has has also written off £235,049 for no intention of placing an embargo. depreciation, though capital expen.
[Continued on next ColumnLI diture during the year was only on gold exports at the present
£15,772.
NORDDEUTSCHER LLOYD
BREMEN
NORD
LLOYD
SEMEN
1939
DIV.
LAST SALE
HIGH
Low PEE. SK.
644
30%
3.00 Air Reduction
Вод
42
8.00 Allied Chemical & Dye
May, 3 May. 4 808) $62
" 901
201
4.00 American Can
the
27
5
American Smelting...
507 301
201
137₤
70
1.00, American Tel. & Tel.
44 5.00 American Tobacco. "B.
09.102 80818
Anaconda Copper Mining
-13
13
1512
232.00 Auburn
DEUTSCHER
458 47.
43
18)
1.60 Borden Company
321
200
71
"Canadian Pacific
134
161
J. I. Cast
591
5
1.00 Chrysler Motors
17
18
3:40 Consolidated Gas of N.Y.
BOL BOL
23
3.00 Drugs, Inc.
431
22
2,00 Du Pont de Nemours
54.
35t
3.00 Eastman Kodak...
5
6%. Electric Bond & Share "main"
181
a
0.40 General Electric
19
199
2.00 General Foods
31
78 -1.00 General Motors
21
24+
108.
12.
13
34
10#
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 Agente
John H. Ferguson & Co.
32, B. C. Shameen.
TESTAS RETTE÷1938-CSAERBAHN TRATO
(Pref
1.09 Gillette Safety
0.00 International Harvestor
0827.00 TH
International Tol. & Tel.
4.00 Liggett & Myera "B"
1.00 Loew's Inc.)
Montgomery Ward
2.80 National Biscuit nt 2.00 Pacific Gas & Electric
0.50 Pennsylvania Railway'
Radio Corps, ...
Bears Hoebuck
491
1.00 Standard Oil Co. of New
Jorsby
12
0.40: Socony-Vacuum Corpn.
317
201
1.20 Union Carbide & Carbon .. 4.00 Union Pacido
331
70
United States Stéel
Westinghouse E. & M.
461
6 8 8 6 8 3 2 4 8 7 7 2 2 4552-598-870823675 21.18
→
time.
| HAMBURG-AMERIKA LINIE
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THROUGH BOOKINGS TO AMERICA v EUROPE
AND EUROPE via AMERICA, BOOKINGS AROUND THE WORLD.
انی
THROUGH BOOKINGS TO LONDON,
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*...(NDL) 8.8. “ DESƐAU”
(NDL) M.S." FULDA ...(HAL) M.8. "' RUHE”·
(NDL) MATRAVE" (HAL)-M.B. "SAUERLAND (NDL) 8.8. "TRIER" (NDL) 8.8. "HOLSTEIN"......
BAILINGS TO EUROFE
8th May
8th May, ....11th May
19th May 29th May..
4th June
10th Juno
.14th June
17th May...(HAL) M.S. “HAVELLAND”.
DESTINATION
HAMBURG
HPB
Marseilles, Oran, Havre, Dankirk, Rotterdam,
Hamburg, Bremen. G'ca,B'lona'blanca, L'bon, R'dam. H'burg. B'mon Genoa, Marseilles, Rotterdam, Hamburg Marseilles, Rotterdam, Hamburg, Bremen Genoa, Rotterdam, Hamburg
Genoa, Blous'dám. H'burg. Bremen.. Marseilles, Grau, Havre, Dunkirk, Rotterdam,
Hamburg, Bremen. Genoa, Marseilles, Botterdam, Hamburg.
NDL. Hongkong/South Bes Irlands service: 8.8. "FRIDERUN" 12th May, 1988 to MADANG,
NORDEUTSCHER LLOYD
· MELCHERS & CO., Agents,
Queen's Building, Tel. 26978.
CANTON
JEBSEN & CO., Bhanseen, B.(
**RABAUL, and ports
HAMBURG AMERIKA LINIE JEBSEN & CO. Arests,
12, Pedder Street, Tel. 98368,
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