FINANCIAL "NOTES FROM LONDON.
Prospects of Silver Revival: Chinese Railways-
Annual Meeting and Times Comment": Stewarts & Lloyds: Copper, and the Rio
Tinto Company:
(Special Air-Mail Service)
THE OUTLOOK FOR SILVER | Tailways there.
HONG KONG DAILY PRESS, WEDNESDAY, MAY 10, 1933
MONEY AND MARKETS
HONG KONG STOCK MARKET.
YESTERDAY'S OFFICIAL
QUOTATIONS
Further firmness was displayed by the investment issue, and although rutes were advanced, the demand remains unsatisfied.
Hong Kong Banks B1,79 Providenta (Old) 84.10. Hotels $7.15.
Reviewing the After shading off yesterday, Ce- position at the meeting of the Cor-ments made a good recovery, clos After a long interval of neglect,poration, Mr. Sidney F. Mayers, ing at $7.95 cash.
Sales. silver, has at last begun to attract the chairman, said that when the The reasons troubles arising from flood, femino prominent attention for the recent pronounced rise hr and warfare como to an end, early all connected with Mr. Roosevelt's consideration should be given, by the Chinese Government to the supposed polier of "rehabilitation "
-EIRSUTEX necessary for the restoras of silver-whatever that may mean -and there is expectation thin tion of its railway credit. silver will play a part hoth in
The provision of fresh capital the present informal talks, and in from external sources, Mr. Mayers the Economie Conference. At the contended, cannot precede the mea same time, Washington shows signs
surce which China must take on of forcing to the front certain her own initiative to convinve in- schemes for the liquidation of Warvestors that her railways are being
Then Debt payments in silver. again the depreciation of the dollar stimulated active Amerivan specula tive demands for silver, as well as for other commodities.
It would be as well, however, to take note of the fact that silver has now been caught up in the whirl. pool of Wall Street and that, as the New York market for securities ebbs and flows, silver falls or rises. On Saturday the price was on the ebb tide and fell dd, to 193d.
While the rise in silver will be temporarily advantageous to base inetal producers, any durable gain they may dorive will be due to in- creased consumption. Instead of a rise of silver floating the East into prosperous times, higher prices in the long rus will only come from & recovery in trade in the silver-using Countries. The available supplies of silver are so large that, were tho price to be rushed up, it would bring out hidden boards.
BRITISH AND CHINESE CORPORATION
London, April 20. The annual general meeting of the British and Chinese Corporation, Ltd., was held yesterday.
Mr. S. F. Mayers, the chairman, said that the accounts showed a credit balance of £28,602, and, in the balance-sheet, & reduction of more than £40,000 in interest in arrear. In view of the difficult position of the various railways in China in which the Corporation was
concerned, the board recommended transfer to general reserve of £50,000, limiting the dividend to 5 pe, free of tax.
run as business enterprises for the public benefit, and in no sense for the advantage of military lenders or political parties.-The Times.
STEWARTS AND LLOYDS
PROFITS
The report of Stewarts and Lloyds, the Glasgow iron and steel. tube manufacturers, shows net profit of £110,903 for 1932, compared with £167,272 for the previous year. the Preference After meeting dividends, the carry forward is raised from £137,119 to £156,738.
last year. As was the case dividend is being paid on the De- ferred shares.
по
Freehold and leasehold Ironstone properties of the company and its subsidiaries have always been in- cluded in the books at their original
Hong Kong Landa $75. Ewo Cottons Sh. 814.20. Hong Kong Trams 822/21.00, Cements (Combined) $7.90. Dairy Farms 8871- Lane, Crawfords: 84.85/4,80, Constructions' (Old) $31. Govt. Loans 41% Prem,
Buyor.
Canton Insurances $1,400. Union Insurances $330. H.K. Fire Insurances $250.. Indo-China (Prof.) $26. Benguet Consolidateds $24. Räubs $0.30. Wharves $130. Hotela $7.
Hong Kong Lands $75. Chinese Estates $95. Star Ferries $891. China Lights (Old) $19.05. Hong Kong Electrics #791. Macao Electrica $23. Telophones #28. Cements (Combined) $7.95, Coments (New) $1.30. Watsons $9.40. Constructions (Old) -82). Govt Loans 4% Prein."
Bellors.
China Lights (New) 811). Malabon Sugary $15.
cost at the time of acquisition. As U.S. TRADE WITH ORIENT a consequence of the decision to erect the new plant, the value of these propertice has been, in the opinion of the directors, consider- ably enhanced.
A valuation of the properties shows & considerable appreciation over the previous book values, and this has been applied to writing
SALES SHOW 37 PER CENT, DECREASE
WASHINGTON, May 3. - Informal discussions between President Roosevelt and Mr. T. V. Soong, Chinese Minister of Finance, will take place at a time when
THE EXCHANGE MARKET
MESSRS. ROZA BROS., REPORT
Messrs, Hoza. Bros. have forward- ed as the following exchange market report for yesterday :-
THE UNILEVER REPORTS
BETTER SHOWING THAN EXPECTED
were
London, April 18.--The report of Unilever, Limited, makes a better. showing than might have been ex- Silver prices were again higher pected in view of the reduction in Net profits after. yesterday to the extent of 3/8 for the dividend.. Rendy and 6/16 for, Forward, the leaving 2001,694 to be retained quotations being 19% for both de by subsidiary companies
£1,818,604, against £1,733,805. Those liveries. Advices received reported of the Dutch Unilever Company. the "Continent and speculators äs
were 17,742,4621, (after leaving having bought. America operated 610,4798. in the hands of sub- both ways. The tone at the closc was steady. The American price of available balance after paying the sidjarica), against 30,023,717f. The Silver was quoted at 339 for Spot.interim dividend and including the The market was uncertain. , ༣:, མ
New York advices reported the opening rate is 3.90 and the plos: ing rate at 3.94). The market was erratic.
Market
Sterling. Business was done shortly after the opening at 1/381/32 for near delivery. The market closed at lunch time with sellers at 1/3 May/June and 1/3,21/32 second half June/July, buyers at 1/39 higher respectively.
sum brought forward in the British company is £1,001,061, against £1,02,752, out of which, however, £350,000 had to be set aside for special reserve against the depre ciation in whale oil stocks, which reduced the real balance to £874,752 Quiet, the undertone was not This year £178,899 is placed to robust.
general reserve and £250,000 to "re serve for contingencies. The ster ling dividend for the year is about a par cent., against 10 per cent., and £83,325 is carried forward, against £105,814. The Dutch com pany's balance after paying the in- terim- dividend is 11,334,7688-, against 6,292,2214. last year, when no less than 13,500,0008. had to be provided for whale oil losses. The total dividend for 1932 is 8 por Business was done early in the cent. in Dutch guilders on the Dutch morning at 97.3/18 for near follow company's shares, against 8 per cent. In the subjoined table ara ed by transactions at 27 for cashshown items in the balance sheet of and 27 June. Later 27.3/16, was the company:-- again arranged for near delivery, The market closed at tunch time with sellers at 27 May, 27.5/16 June and 27 July, buyers at 371 for cash, 27 June and probably 27 9/18 July.
Gold Dollars.
' ויו
FaE. Merchants were quoted at 111) for near delivery."
Shanghai Dollars were quoted at 109 for near delivery.
Shanghai.. Quiet Sellers were indicated at 1/31/10 for near, buyers at 1/3.1/8 May."
IN THE AFTERNOON.
LIABILITIES Issued capital
Dec. 31, Dec. 31,
1932 1031
000 omitted
£
£
14,138 14,138
5,523 5,823
244
413
1,360
1,445
General reserve Creditore Unilever N.V. cur-
rent account
ASSETS Investments in sub.
and assoc. c09...--.. 19,481 19,201 Loans and current
accounts Cash, etc.
LIABILITIES
Imaned capital General reserve
down certain of the fixed assets, in-at an exceedingly low level a report America's trade with the Orient is cluding shares in subsidiary com of the Department of Commerce re-noon, the undertone being easier, panies,
vealed to-day.
The market was quot in the alter-Creditors -------
KIO TINTO AND COPPER
PRICES
1
Sales of American goods in the Far East during March were 37 per cent, lower than they wore in March last year. The report showed that the total exports to the Orient A new item appears in the re- amounted to 822,150,000 compared venue account of the Rio Tinto with 835,948,000 for the precoding Company this year-namely, the March. Trade, however, was seven- estimated cost to the company of teen per cent higher than it was maintaining workmen surplus to in February. the requirements of production. Inclined only alightly and the total Purchases of Chinese products do view of the inability of the autho was only two per cent. below the The railways had had many "dil-rities to find work elsewhere the figures for the preceding March. In ficulties to contend with during company is retaining in its em the same period, imports from 1932 The Pekin Mukden Railway ployment surplus Spanish workmen, Japanese declined 48 per cent. remained divided into two inde
Much of this decline was due to a calculated at 2,982, with the re- pendent sections, of which the one
general lowering of wages and the duced output this year, and some": outside the Great Wall was ad- 2,000 last year. The cost, estimat- inability of Americans to purchase
silk garments: ministered by the Manchukuo Goved at £148,984, is charged as to ernment. The Manchukuo Govern£77,268 to cost of production and ment had carried out its 'engage-
ne to the balance of £71,718 to ment to discharge some of the
provision for taxes account." The obligations dependent upon the re-
charge on revenue is stated to have venue of the railway as a whole, diminished the trading profit, but "with the result that there had been
LOSS OF 836,492 FÖR YEAR no default on the original loans of since this is the first time the cost 1800. Subsidiary obligations, of the has been shown separately (though
The report of Thornycroft (Singa it was certainly referred to a year Chinese Government secured upon the railway earnings, and debts ago as having affected the results pore), Ltd., to be submitted to the shareholders at the sixth annual for materials supplied by British for 1931) its precise significance in general meeting in Singapore on manufacturers, remained, however, relation to the drop of £57,800 re-May 11 states:
· heavily in default, for the reason corded in the profits on sales of The loss for the year including that railway revenues had be produce is not determinable" In directors' fees and amount written sequestrated for military purposes, any event the drop in trading pro off goodwill was $38,482.41, to which The restoration of peace in North fits is fully offset by an increase in is added balance at debit brought China and a settlement of the Sino- interest, receipts of £41,000 and 88, Feaving a deficit, on profit and forward from last account 884,890.- Japanese conflict must be awaited reduction of £60,000 in expenses of loss account to be carried forward before the Fekin-Mukden Railway administration. The larger amount 839,703.09. could regain its position as one of required for debenture service, as The commercial vehicle, marine the most prosperous railways in the
THORNYCROFT, SINGAPORE
.
shown below, absorbs tho, increase motor and motor boat sales have not World
sum available, and no dividend is shown any improvement over last The Shanghai-Nanking and Shang- again to be paid on the ordinary year. Marine repair work has con- hai-Hangchow-Ningpo railways had capital. In view of the serious set binued to expand and the motor car had to devote much attention and back to the company's business ingency we have is beginning to show better results. Substantis) redue- expenditure to the repair of damage the United States and the continued tions have been made in staff caused by hostilities in the early low market value of securities salaries and all expenditure has months of 1932, and generally the thin
directors are withdrawing had and is having the serious at whole system of Chinesu Govern £1,000,000 from the investment and tention of your directors. mént railways needed re-equipment. general development fund of The provision of fresh external £2,000,000 to write down various capital, however, could not precede investments, debts, and plant, and the measures which China must to eliminate the discount of £240,000 take, on her own initiative, to con on the issue of debenture stock. vince: investors that her railways
The company's output of copper were being run as business enter.. prises and not for the advantage of has again, it is recorded, been sub- military leaders or political parties.ject to restriction; yet some of the
The report and accounts were unanimously adopted.
CHINESE RAILWAYS”
FUTURE
By reason of the advances it has
made to the Chinese Government, the British and Chinees Corpora tion is vitally interested in China, and particularly in certain of the
CHINA AND DOLLAR DEVALUATION
INCREASED MARKETS FOR AMERICAN GOODS. Nanking, Apri 20. Mr Ha Yer Chu, member of the Legislative Yuan-and a prominent economist,
In Sterling, business was done at 1/4 for near delivery, finishing with buyers.at 1/4 May 1/4.91/33 June and 1/421/18 July, sellers at 1/32 lower respectively. ✨
Gold Dollars. Business was done at 27.3/18 for near and 27 July. The market closed with sellers at 27 May, 97. 6/10 June and 27.7/10 July, buyers at 1/10 higher respectively.
LONDON STOCK EXCHANGE
(BRITISH WIRKJAS SERVICE,}
RUODY, May 8.
Paris New York Montreal
85 15/16
3.07
4.52
Brussela Geneva Amsterdam Milan Borlin Stockholm Copenhagen Oslo
24.25)
17.51
8.40
041
Vienna Prague
Helsingfors Madrid Lisboa -Athens
Bucharest Belgrade
Rio
Bucnos Aires Montevideo Bombay Shanghai Hong Kong Yokohamn
South African
Silver (Spot)... Silver (Forward) War Loan 34%
14.37 19:35
29.48 100
31 nom. 113
30 7/16 110
365
2471
4 nom:
410.R.
per
9,007 2,092 1,023 1,927 Unilever, N.V. 000 omitted
FL. F1. 204,294 904,284. 96,127 16.127
3,717
4,766
Assoc. cos current
accounts......... 11,003 14,015
ASBETS Investments in sub-
sidiaries 214,545 214,511 Loans and current.
90,523 84,812, Accounts Unilever, Ltd., cur-
rent account
11,334 · 12,939 11,085 15,027 Cash
Unilever group of companies ex- Altogether reserves of the various ceed £24,000,000, those of the two British and Dutch companies being equal to 58 per cent. of the issued Ordinary share capital. Mr. Anton Jurgens, who has devoted his whole life to the business, has now retired, and it has been decided to hold the offices of governor and chairman in abeyance.
TAIWAN POWER DEBENTURES
REDEMPTION REQUEST TO TOKYO, OTHER COMPANIES INTERESTED
NT LIND
sall 1,591,000 milu every
Weekly Sailings Transpacific
To San Francisco, Los
Angeles & New York
To Seattle and
Victoria
via Panama
Fortnightly sailings on Wednesdays Fortnightly smilings on Prez, Lincoln
May 10, 1 am. Pros. Taft Pres, Hoover..........................ay 24 Pres. Wilor.............. June ? Pro Coolidge_* kader. June 21 Pros, Jackson
Fres, Jafferson Pras, Cleveland
July
Pros. Tafts (34 Pros. Jefferson
JJuly 8 July 29
ROUND TRIP FARES TO EUROPE. & AMERICA, Special through rates to Europe via United States, Direct, connections with all Ailantro linen. Choice of rail lines across United States and Canada, liberal stop-over privileges for
Bight-seeing. Full particulars upon application.
Fortnightly via Svez to Europe & America
Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Bombay,
-Buez Canal, Alexandria, Naples. „Genoa,
New York and Boston.
Pres. Garfield Prew. Polk...
May 13 Pros. Adams
May 27 Pres. Harrison
TO MANILA
Juns"10 une 26
Next Sailing.............. Pres. Garfield May 18, 8 a.. Proa, Taftinumumillay 13′′ Pres. Wilson Pres. Hoovers • $0. Prom Polk
Pria Jefferson..a mancancy
May 16 Pres. Adams May 37 Pros Coolidge May 27 Pres. Cleveland...
May 30
June 10
Juno
June
Connecting with B.B. MATON To CEBU, ILOILO, ZAMBOANGA
DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE
PEDDER BUILDING – HONGKONG.
CANTON BRANCH: SHAKES ROAD.
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.
82, B. C. Shameen.
Tel. 18624.
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tel. 23380-Gloucester Building, Room 306.
[REUTER'S AMERICAN BILVICN)
Low: May, 6 May. 8-Change
41.22
New York: May 8. Dow Jones Averages:
High-1802
30 Industrials
88.78
77.01 276.63
20. Rails
41.30
13.23 34.87. »
33.97.
'98' down 84.down
20. Utilities
36.11
16.53 28.23
26.65
.58 down
40 Bonds
$3.25
:08 down
65.78 78.73 78.65
Aria Lands, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. We would refrain from fresh buying until the possible extent and duration of the reaction is better defined. As a matter of opinion we do not expect that the reaction will be particularly severa Wheat: The market it hesitating, possibly on account of the President's talk last night not producing more buying power. Cotton: Sentiment is somewhat more reactionary. Considering this the market action is satisfactory but trade and new speculative accounts on set-backa, Bilver: Trading was heavy... Commission houses and banks bought add sold,but investment parchases seem to continue. Business Done: 3,200,000 shares,
1982 Drv. HIGH "Low Pin Su
Tokyo. In order to minimise itä interest burden, which has mounted through the alump of the yen, the Taiwan Power Company wishes to redeem Y8,000,000 foreign deben- tures in excess of the amount pro- vided for in its sinking fund. Vie count Makino, auditor of the Com pany, visited Mr. Takabaahi, Minis- ter of Finance, a few days ago, and 891 after explaining the financial posi tion of the Company, asked for his Approval Mr. Takahashi promised to give it due consideration.
$41 com. 1/8 5/64 1/31/18 1/49 1725 2007-100%
The Department of Finance is în £100 sterling receipt of similar applications from
the Toho Power, the Tokyo Electric 57 107
Light, the Daido Power and other 1001
private organisatione, finde il extremely difficult, to give approval. to the Taiwan Power Company
HEAVY TURNOVER IN THE alone, these private parties will
SHARES
STEADY RISE IN PRICE OF METAL
SINGAPORE, May 3 Interest in the local share market
no douất raise complaints. In cog- sideration of the fact that the Tai- wan debentures have been floated under Government guarantee how ever, the Finance Office will insfly: have to give permission, it is be lieved
copper marketed has had to be sold at a loss. If no early improve ment in copper prices occurs, it in discussing Americs going off the may become necessary to shut down gold standard aid it would mean has been almost entirely centred in 942 tone, while consumption for more of the copper production cheaper production which will help the tin section during the past week April improved by 1,000 tons. planta at the Bio Tinto mines and American goods to find markets in and a heavy turnover in the cheaper at Talbot. The cost of copper pro the Far East to the chadvantage of dallar shares has taken place with The price of the metal has appre Japan. The effect on China would an appreciation in values all-round, cinted without a set back over the duced from Spanish ore is much be both favourable and unfavour states Truser & Co. report. The past eleven days, and closes af higher than that of copper pro able China's Customs revenue end of the month in statistisnay £172.15.0 for the three months posi- duced from the Northern Rhode should increase with trade but be considered more satisfactory, tion, a rise of £11 per ton, this be aian minng which, even at tony's China's domestic industries would, world's visible supplies being down ing the highest price recorded since prices, are producing at a profit." Buffer.
(Continued at font of next Valuma) February 1930,"
LAST SATE
May.
May: 8...
3073.00 Air Reduction
8.00- "Allied Chemical & Dya 204 4.00 American Ganit
091
$37.
78
-American Smelting,2.
27
"701
9.00 American- Tel, à.
100)
4,00 American Tobacco,
By.
Anaconda Copper Mi
2.00 Auburn
1.00 Borden Company Canadian Pacife,
32
J. Cast
100 Chrysler Motors
230 Consolidated Gas of 3.00 Drugs, Inc
2:00 Dir Pont de Nemours
5.00 Eastman Kodak 60% Electric Bond & 8 0.40 General Electric 1982.00 General Foods
11:00 General Motors **10^ "Gillette Safety: 100.00 International Har 0817.00
109
International Teli &
* 4.00. Liggett & Myers “I 1.00 Loews Inc. .. Montgomery Ward"
80 National Biscuit
2.00 Pacific Gas & Electric 0.30 Pennsylvania Railway ......
Radio Corpn.
Sears Roebuck
1.00 Standard
54
footbid.