DAILY SHARE QUOTATIONS
Buy
HONG KONG STOCK
EXCHANGE.
ya Balara
$2.05
$250
"
TUESDAY.
SHAREBROKERS ASSOCIATION.
Salsa Nomical
Buyers
Балт
Bales Nomios
MAY 23. Ad
Banks
$1,720 L.K. Banks
£137 Chartered Banks
$1,730
213
-£24
309
HONG KONG, DAILY PRESS, WEDNESDAY, MAY 24, 1933
MONEY AND MARKETS
HONG KONG STOCK MARKET
YESTERDAY'S OFFICIAL
QUOTATIONS
This being a partial Settlement Day, the market was kept busy in the adjustment of accounts. Conse- | quently, there is not much business to be reported, but an improvement $1,496 may be noted in Ewas, Trans and
Government Loans.
Sales. Hong Kong Lands, 875), Humphreys, $131.
£122)
Do. (London)
£241
Mercantile Bks. "A"
£91
Do
"C"
Bank of East Asia...
N. C. & S. Barks
$8.80 jex d
$20
Am. O. Fin. Corp: S,
15.10 Ch. Fin. Corp. Ord. 9, 75.00
I
Do Pref. S Insurances
Underwriters
$2.04
$625
$950
$34
122
$26
$20.
42/-
TH
$15
Bank of East Ašin, $954. Underwriters, $2.03.
$890
$1,495 Canton Insurances...
$545 Union Insurance ...
China Fires
H.K. Fires.......................
84.75 Internationa: Assce, S.
Shipping
$32, Douglases *****
Do. (def).
122
Steamboat:
327
Indos (prof.)
120
10/4
Shella
31M
Waterboats
Mining
$29
$3.90 $1.35
329
Benguets.****
94.20 Venezuela Gold Fida #3.70
26/3
Kailans
811
Langkats (single) B.
321
Explorations......
341
Shanghai Loana
Tronoh Minos
12.
Docks, WharYON,
$131
618
10
SA
-$395
Do.
(new) ***
$8 80
Raubs
3 cts. Benguet Explorations
Godowns, sta.
H.K. & K. Wharves. 1291 $1304
Providents (old)
H.K.&W. Docks
S. China Motors A
Do.
$142 Shanghai Docks S.
New EngineeringaB,
Hongkowe DOGS.
Buildings
H.K. Hotel
"B"
25/-
$12
16.80
$18
T.142 TE
38
#330
Lands, Hotels, and
$7.10 1702
$7.06
8751.
H.K Landa.....8. $7
176
$33
Shanghai Lands... S
$14
Metropolitan Landa.
17.70
$144
China Do...................§.
$137
Do. Debentures S.
3134
8 31
$13
14
$140
Asia Realties "A" S.
$20
$25
+44
$14.80 SIUL
H.K. Realties.me.
Humphreys
Do. "B"B.
Chinese Estate.......
Cotton Mill
Ewus
.............8. $145
S'bai Cottons......S. $108
Znong SingS. Wing On Tortilə«(S.)
Public Utilities Tramways... Foak Trame (old)... Da '(new),..
⠀⠀
!!!!
814
$90
321.60
315
ww
$8
130
China Lights (oki)..........} $12] | $12.40 12.30/|12.35
$14.80
·814
$85
$21.60
1821.8
Sitt
出
Star Ferries ........... $0:į
$29 Yourati Ferries told)
Do.
(now
cum. rights...
$121
311.40
Do (now)...
172)
H.K. Electrics...
$23
Macao do,
$104
Bandakan Lighta'...........
$28
Telephones...orig] $22
China Buses......
.S.
1-
Tractions
7/
Do. (prof.).
Industrials
$18.
Malabon Sugare
$20
Caldbeck, Word) 8.
$18
Macgregor (pref.)8.
Canton Ice
$8
$0.40
$1.40
$9
Cements (comb.)...
Do. (old)... Do. (new)...) Ropes ChAgriculturea ...
MinosilaneoRS Dairy Farma......
Der A Wing... Amusemente.............
#
7.95/8
$116
#721
$15
A
328
$28
#1
$134
$191
$1%
131
.75 ats.
Ch. E'tainmenta...... Constructions, (old)
Do,
$12
82.10
(now)|,76 cta
34.18
121
$9.40
Lane Crawfords...... $4.10
Mackintoshs
Nanyang Tobacco.....]
Sincares*******
WatsonsAKLEJK
$134
$2.10
Wra, Powella
810
M. Greyhounds
134
5. C. Enterprises
United Theatres... 8.
'70%,
B. Ind. G. Bonds... 71'L
prom.
H.K. Goyt, Loane... $102
$0
Wallace Harper
441
Chinn Sports Ltd....
$200
#202
H.K Wing O............
S'bai Do
8153
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.
Tel. 13624
Ew Cottens, Sh. 14.50. Hong Kong Trams, $21.00. Star Ferries, 802. Cements (Combined), $8. Dort, Lonns,-2}% Prem.
Buyers.
11
H.K. Fire Insurances, $258. Indo-Chinas (Pref.), 827.' Inube, $0.00. Providents Old), 83.80. Providenta (New), 91.35. Hotels, 87.30.
Hong Kong Lands, $75). Humphreys, $131. Chinese Estates, 05. Ewo Cottons, Sh.814.90. Shanghai Cottons, Sh. $105. Hong Kong Trams, 821.70. Peak Trams (Old), @10). Peak Trams (New), 881. China Lights (Old), 19). Electrics, 8721,
Telephones, 828.
Cements (New), $1.40. Dairy Farms, 8284.
Lane Crawfords, $4.90. Govt. Loans, 31 Prem.
Ballers.
H.K. Steamboats, $20.
THE EXCHANGE MARKET
MESSRS. ROZA BROS., REPORT
Messrs. Roza Bros. have for warded us the following axeliange market report for yesterday:-
Silver prices dropped 7/16 for Ready and for Forward, the quotations being 18 for both de Iveries. The fall was attributed to lack of support. Speculators bought at the decline. Indian Bazaara also hought. The tone at the close was In America the price was Arm. quoted at 2) for Spot.
New York advices reported the cross-rate at 3.89. The tone was steady,
There
were two changes this morning, the Gold rate was put up to nor, and the peso rate was higher at 53 nom. Other ratég
were unchanged.
Market.
Steady but dull,
Sterling.
The market opened with sellers 1/4 21/39, buyers bidding 1/4 23/32 but subsequently the ky inz rate ceded to 3/4 11/16 at which rate homo business was done fo near delivery, finishing with sellers at 1/4 21/32 May/June, 1/4 11/16 July and 1/4 23/32 August, buyers at 1/32 higher respectively.
Gold Dollars.
Business was reported at er for cash. There were sellers at 2 May/June, 27 July, buyers at 27 1/18 May/June and 274 July..
Merchants were quoted at 112 for near delivery.
Shanghai Dollars, Were quoted at 111 for May,
Shanghai.
Quiet. Sellers were indicated at 1/21/18 for near, buyers at 3/3
cash,
noon.
IN THE AFTERNOON.
Sterling.
THE SHANGHAI MARKETS
CHINESE COTTON'S LARGER
BUSINESS
Shanghai, May 20-A larger volume of business in Chinese cot- ton than for some time past is reported for the week under review, while a fair amount of business in poplins took place in the piece goods market, there was a distinct ly healthier tone at the Yuenfons auction, and the silk market out- look is encouraging. The possibi. lity of a northern trace had a bene- ficial effect on some markets.
There has been little inquiry during the week for various lines of poplins, chiefly of low grades. and fair amount of business bas been placed at slightly higher prices than those of previous bookings. the general advance heing' about four to five per cent. all round. Recent bookings include small lots of cheap brocades and low quality lawns, and also sinall quantities of better class poplins.. The woollen section has remained very quiet indeed, with very little inquiry for any style,
|
SEVERE SHORTAGE OF STRAITS TIN
America Needs More
EFFECTS AND. DANGERS OF
CORNERING
The tin market attracts now, as
it has for two years past, an
of attention dispropor tionate to the importance of tin as a commercial commodity. This is not only because the spulative interest in the metal bas for some timo past lieon; exceptionally widely spread, but also because it is a budding locus classicns for studies in artificial control, writes 1 Student of Markets in the Pintu
cil News, 1:
All the big guns of Government- enforced restriction, pools involv ing extremely heavy restriction, and partial cartelisation of the sales side, have been employed, not to stimulate, but positively to drive relation to the price levels main the price up to a level out of all
teined by other primary commodi- ties in a time of continuing busi-
Clearances have shown a slightness depression. improvement during the week and a fair amount of old stock is going into consumption, but generally at
absurd prices as compared with
replacement costa,
During the past few days the handkerchief cloth dealers have circularised foreign piece goods hongs concerned in thiɛ nusiness to the effect that owing to Japanese goods being on the market at op proximately 40 per cent. below the cost of English cargo, they request that there shall be a meeting of the foreign hongs concerned in order to arrive at some arrangement fo liquidating cargo on hand, ond also that goods on order and not yet shipped shall be held up pending an, { improvement in the market. It re- mains to be seen, what can be done in this matter but no doubt the British Chamber of Commerce will he approached on this matter with a view to concerted action being taken.
This policy, applied in its most rigorous possible form, has without doubt achieved its nominal objects during the past few months. And during recent weeks the market, short of supplies, has been so sen- sitive that, on.
a relatively mode. rate amount of buying, the price has soared up by more than £15, virtually to the £165 which is the level at which tho Pool can make its first sales, American buying has, indeed, been very good, partly no doubt as a remit of 'dollar ap prehensions, but continental de- mand has fallen off, so that tho buying. pressure has been by no
means immense.
The dominant immediate factor has been the shortage of atocks. Apart from the 21,000 tons held by the semi-official International Tin Pools, a certain amount of tin (several thousand tons, probably) Yara prices have advanced about has been taken off the market by four per cent. during "the pret the outriding pools, more especial- fortnight in sympathy with thely the strong group formed. last in the United States of July, and, while there has been no raw material English 2/428. still sign of considerable pool operations remain at about Tls, 200 a bale but recently, this has left its mark. Tls. 312/315.
60s are slightly firmer at about
advance
JAPANESE POWER COMPANIES
PERMITTED TO CONDUCT.
· FOREIGN REMITTANCES
Tokyo. May 19.--The Finance Minister, Mr. Korekiyo Takahashi, has decided to permit the five largest power companies in Japan, namely, the Tokyo Lighting, the Toho Power, the Daido Power, the Nippon Power, and the Ujigawa Power, to conducp foreign exchange Iemittances to the amount of $10,000,000 (about Y.40,000,000) in all for the purchase of their dollar
debentures in the American market.
The permission will shortly be issued, Besides these companies, the Taiwan Power and the Oriental Development Companies, which are also suffering from dollar loans, will also be allowed by the Finance Minister to conduct remittances for the purchase of their debentures.
The remittances will.probably be
The market was easy in the after-made through the medium of the Yokohama Specie Bank, which has a considerable amount of dollar depress the yen, especially in view holdings. They are expected not to of the recent upward tendency of the yea-dollar exchange rate.
Business was done at 1/4 21/32 for June/July, 1/4 11/16 August fol- lowed by transactions at 1/48 cash and 1/4 19/32 pour." The market closed with sellers at 1/49/18 May June, 1/4 19/32 July/August and 1/49 September, huyers at 1/4 19/32 May/June, 1/4 July, 1/4 21/32 August and 1/4 1/16 Septen ber,
Gold Dollars,
Business was done at 27 for enth. The anrket closed with sellers nt 23 May June and 2 1/18 July, buyers probably at 1/16 higher res pectively.
Shanghai.
What these companies fear is that the prices of their dollar de- hentures may advance remarkably in the American market on account of their co-operative buying, which, however, will not be carried out im- mediately..
Straits Tin,
The position of Straits in de serves individual attention. "There is undoubtedly a severs, shortage of it already for America uses virtually no other tin and there is nothing like enough current supply to satisfy her requirements, All Straits tin available for early de- livery in the U.S.A is eagerly snapped up the premium is equi valent already to over £11 per ton and even Straits shipped to the Continent and warehoused there is being shipped to America. Sooner or later, under existing conditions, U.S.A. consumers will other brands. And that will be an unpleasant legacy of Government control for Malaya..
turn
PRES INT LINAR'S
sail 1,591,000 milu every i
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
via Panama
Fortnightly sailings on Wednesdays Pres. Hoover ....................May 24, 1a.m. Pres. Wilson
Jude17 Pres. Coolidge
Juzė £1 Pres, Jackson....... Pres. Hoover
July July 19
*
To Seattle and
Victoria
13
Fortnightly sailings on Saturdays, Prom. Jeferson.................. Pres. Clevoland.... Prom. Taft.
Pros. Jefferson
June 3 ..... Juno24 ...July B July 22
ROUND TRIP FARES TO EUROPE & AMERICA. Special through rates to Europa via Dnited States. Direct - connections with ail Atlante lines. Choice of rail lines across 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, Straitė, Colombo, Bombay, Suez Canal, Alexandria, Naples, Genoa, Margoillės, New York and Boston.
81.m. May 27
Prea. Polk. Pres. Adams yo...... windang 10
TO
Next Sailing.
Pres. Jaffarton........ Pres. Wilson Pres. Adazza Pres. Coolidge
8 B
Free, Harrison Jane 24 Pros. Bayes.....July 8
MANILA
May 27
.Pres. Polk May 27, 8 a.m. Pres. Cleveland....... June 17 Pres. Harrison............................June. 14 Pres. Jackson
June 17 ...July
May 8
.....June 13
June 10
Free. Taft
Connecting with 8.8. MATON To CEBU, ILOILO, ZAMBOANGA
DOLLAR STEAMSHIP LINES AMERICAN
MAIL LINE
FEDDER BUILDING-HONGKONG.
CANTON BRANCH:-, SHAXEL ROAD.
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tel. 28380-Gloucester Building, Room 306.
[REUTER'S AMERICAN, REKVICH}
New York: May 22. Dow Jones Averages:
20 Balá
30 Industrials
20 Utilities
40. Bonds
1
Higk– 1832
Low: May 20. May 22.
Change
:"88,78
41.22 80.21
70.94
27 down
21:30
13.23 37.47
37.97
.20 down
36.11.
16.53 27.40
27.31
.00 down
83.26.
€5.78 91.49
81.88
13:down
Asia Lands, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. The undertone is satisfactorily. strong. We think that the trading policy should beŝto buy on smalž declines. Wheat: Stop-loss selling and indifferent support caused renewed realising. Crop-newa as regards the North-Westare favourable with statistics bearish. Cotton opened higher but later there was selling on a heavy reactionary sentiment. The trade absorbed the selling, this turning the tide. Silver opened steady, notwithstanding the decline in London. Selling was well absorbed, by the trade and Commission Houses. One large bank continued buying. The under tone is good.
Business Done: 2,220,000 share).
Drv. 8
3.00 Air Reduction
LAST SALZ
May 20. May 29.
1032
HIGH 651 94
Low PER. SH.
301
971 870
42...
8.00 Allied Chemical & Dye
1001 101
20
4.00 American CI"
BOL
- 81
30
Amodican Smelting.
£7
137
70)
802
44
5.00 Americair Tobacco
9.00 American Tel, & Fol.....
971
1081
108!
734
79%
to
19
Anaconda Copper Mining
12% 121
151
287
2.00 Auburn
40
47
43
18
1.60 Border Company,
32
31
202
71
651
18
J. I. Cast
Canadian Pacific
128
55)
47%
179
4.00 Chase National Bank
25 bid
21
71.00 Chrysler "Motors...
102
682
31
4.00 Consolidated Gas of N.Y.
524
514
3.00 DE TEC.".......
401
403
22
2.00 Du Pont de Nemours
61
81
3.00 Eastman Kodak
72
711
87
5
10%
Electric Bond & Share
21
21A
20k
BJ
640 Deneral Electric.
194
102
2.00 General Foods .........
20%
72
1.00 General Motors
221
998
101
1,02 Gülletts Safety Hummm...zu
124
12
107
0.60 International Harvester 7.00
32
324
(Preferred)
100bid 100 biď
International Tel. & Tel
#114
112
80 371
34)
4.00 Liggett & Myers "B"
811
B01
1.00 Loew! Infor
17
222
Montgomery Ward
.31
202
2.80 National Biscuit....
40
401
64
Lo National City Bank
297 bid
There cannot be any serious question but that the controllers of tiu are overdoing it. Already, at the depths of a severe depression, with two-thirds of the industry shut. down and stocks equal to half a year's bonsumption, the price ik one at which any sound Malayan producer can care a good profit. And no Government should lend its power to carrying the process any further than that. The time has come when excessive rigidity, mens a danger of market disorganisation; and some sort of loop-holes, quick- into the scheme to guard against ly utilisable, should be inserted" the possibility of tin prices hitting
the roof,
57
9.00 Pacific Gas & Electric .....
10.50 Peopsylvanid Railway Mühlh7" FEB
Radio Corpo......
INDO-CHINA RICE
37 37
Sears Roebuck
.19%
1.00 Standard Oll Co. of New
Jersey
26)
PROTEST AGAINST EXPORT RESTRICTIONS
nasimilation set forth in the law of 1025, and as being bound to have
Lash month the farmers of France grave repercussions, morally and got the Minister of Agriculture to chips. It was added that in 1939 limit the hyport of rice into France economically, on the whole of Indo ask the Minister for the Colonies to
Laay Business was reported at 1/2 15/16 for near delivery. There France imported 404,000 tons of rice from Indo-China to 320,000 tons in were sellers at 1/2, buyers pro from Indochina
ably at 1/2 15/16 May
CIGAR EXPORTS SHOW INCREASE
0:40 Bocony-Vacuum Corps, ***** 1.20 Union Carbide & Carbon 18.00 Union Pacific:
United States Steel Westinghouse E M
BRITISH IMPORT DUTY CHANGES
1903 At once this news caused great commotion in Cochinchina; SHIPS FOR SCRAP ON ELEE
The message to the Governor General was a lengthy sue. The and the Chamber of Commerce, the measure proposed would be a viola Chamber of Agriculture and the tion of the law assimilating Indo Association of Exporters despatel- china to the mother country fromed two telegrams of protest. One the Customs point of view, the law was sent to the Minister for the under which all French products Colonies with copies to M. Varenne, VALUES DROP. HOWEVER, AB are protected against foreign com-
PRICE GOES DOWN. potition in Indochina. The limita
tion of the export to France could not fail to reduce the price of pad- dy again, and thereby reduce the purchasing power of the local popu- lation, and have a disastrous moral effect on the national industry.
Manila. The cigar exports of the Philippines to the United States fast year increased by more than 11,000,000 compared with the ship ments in 1931.
LIST
(Special Air-Man Service)
London, May 2.-Details
7
204
To increase the Customs duties on peat products from 10 por coat," to, 20 per cent.-..
To revise the duties on rubber footwear on a specific basis.
To reduce from 20 per cent. to 10 per, cant the duties on such ships, boats, and other vessels, with their accompanying equipment, as. “BTO chargeable with duty as imported of gouds.
M. Paul Reynaud and M. Outrey; and the other to the Governor-Gen- changes in the import duties on To substitute a specific duty of eral (M. Pasquler),
peat products, rubber footwear, | £3 10s à ton for the present duty The Minister was asked to do ships and other vessels, and linseed of 15 per cents ad valorem on lin- everything possible to get such a oil were announced by the Treasury seed oil; and HAS THEY measure discarded, as being abso-last night,
To place on the Ine List coppor lutely contrary to the principle of The effect of the alterations, which | jodids and ships imported for ship-
(Continued on previous column). will is
breaking