HONG KONG DAILY PRESS, TUESDAY, JUNE 6, 1933.
MONEY AND MARKETS
Shanghai Insurance Co Meetings
THE NORTH CHINA, YANGTSZÈ AND
FAR EASTERN
Shanghai, May 31.
The sixth ordinary meeting of the North China Insurance Co. Ltd., was held at the heal offer, 26, The Bund, yesterday afternoon. Alr. R. W. Wells (chairman) presided,
JAVA SUGAR MARKET
BUSINESS LISTLESS
Meurs Pentreath & Co. have forwarded the following report from the Maclaine Sugar Co., Ltd., of Sourabaya, dated May, 24:---
IRON AND · COAL DEPOSITS
IN KWANG TUNG
RESULTS OF RECENT SURVEYS
Inspections during the last fow years and then actual prospecting by the Department of Reconstrue tion of the Kwangtung Provincial Government have resulted in the discovery of vast iron ore deposits and coalfields in the Ewungtung Province. These deposits are all within easy range of Canton, which is to be the site of the Kwangtung Government iron and steel plank The Dollar crossrate on Holland The following is a summary of advanced as high as 2.18 but has the report to the Department: since receded to 2114. Sterling has only fluctuated narrowly between
Exchange.
ין
The Chainman said-The marine roht of 8205,100.83 for the year 1931, which is equivalent to 9.30 and 8.42) today's Banks' buy- Per cent. of the net premium foring rate for drafts at 3 d/s on Lan- that year, may be regarded with don being $.438. satisfaction.
Our fire business has resulted in a small profit of $15,302,49, after setting up a reserve of 40 per cent.
The K.LV.A.§.
Total sales now amount to:- 621,238 Tone Superior
8.730 Tons" Superior Seconds. 241,577 Tons Browns,
14,505 Tons Molasses which shows an increase of
Coalfields,
Iron Ore."
Iron ore deposits, are found in many places in Kwangtung, but the biggest are perhaps those of Wu Shek Ling in the prefecture of Wen Fu and Bo Shan Choung in the prefecture of Chit Kam. Both of these mines have been actually prospected by the Department of Reconstruction.
Results can be summarized as follows:-
The Wen Fu mine has a reservo of 20 million tons of ore. This The coalfields of Kwangtung are figure being minimised since ad- many, but for coking, con it is incent localities also have iron de necessary to go near the border be- posits bus have not yet been tested,, tween Kwangtung and Hunan Pro-Transportation is simple since the vinces. All along this border are mine is less than 18 miles from the coking coalfields, amongst which are West River and can be connected Yong Mui Shan and Cow Ngar by a down grade railway. Reach- Tung.
ing the river the ore can be ship- ped downstream to Canton for a distance of 160 miles.
The Yong Muj Shau mine is situated a few miles north of Tong Chuen in the prefecture of Lok Chong.
The Chairman said:~It will be interesting to pan to learn that the marine profit of £8.210.11.0 for the year 1931, or 7.04 per cent. of the mounting to $671,350.05 to meet net prémium, although satisfactory,
claims upon unexpired risks, You is considembly less than that made
will notice that, besides this re- for the year 1030, which showed an
serve, we have an additional re- unusually favourable result,
serve of $258,203.33. Our fire busi- Our fire business has resulted in appointing, but this position is re- ness, in some fields, has been dis- a very small prolit being carried to the profit and loss becourt, after seiving careful attention, and we consumption. On Monday after go feet thick and the other about River for a distance of 33 miles, the
hope for better results in the future.
setting up a reserve of 40 per cent., amounting to £28,000, 16.7, to meet
claims upon unexpired risks.
The accidents and general busi ness shows profit of £2,470. 18.0, or 10.60 per cent. of the net pre- im which I consider very satis factory. You will notice that, in addition to the 40, per cent. reserve of £9,324.18.6 in this account, we -haves [LI additional reserve .ol
$5,000.
Fr
The balance of the 1832 marine Account is £42.219.5.7, and the marine fund at the end of the year, including an additional reserve of $25,000, amounts to £87,219.5.7.
year.
World Trade Decline.
Our premium incomes in all classes of business shows a decrease in com parison with that of the previous In view of existing condi tions this was to be expected. World trade continued to decime in 1932, and this derline is inevit- ably reflected in the diminished premium income of insurance com panies generally.
and loss account at the beginning The balance at credit of profit of the year was £111,770.5.1, and if | you approve of the distributions for dividend and contributory bonus recommended by your directors, there remains to be carried forward an increase balance of £152,264,17.
General Manager Retires.
I regret to inform you that our general manager, Mr. C. M. G. Burnie, has requested permission to retire, and the board have reluë. tantly consented to his retirement ut the end of this month. Mr.
Burnie had completed 35 years in
the east in the service of the com- pany and its affiliated companies.
Mr. G. G. Franklin, a senior officer of long experience, has been appointed general manager of the company as at June 1.
YANGTSZE INSURANCE
ASSOCIATION
The 43rd ordinary meeting of shareholders of the Yangtaze Insur ance Association, Itd., was held at the head office, 28, The Bund, yes terday afternoon. Mr. H. E. Arn- hold took the chair.
7,500 Tons Superior and
136 Tonя Browna.
At present only two seams are exposed to view. One being over
5
The mine of Bo Shan Chang has a reserve of 17 million tons of orn. Transportation can be effected by building a light railway to the West
Plant.
These quantities are composed al- most exclusively of sales for local noon the N.L.V.A.S. announced that
feet. A very conservative rest of the journey can be done by they had reduced their prices for estimate of the possible coal re-travelling downstream to Canton by J'export to the following levels:-
serve has been put ds 40 million boats for a distance of 200 miles. The Recident and general busi- Superior 1931 Crop May-June de tons, though this figure seems to be ness shows a profit of 282,680.29, or ↑ livery f.31 (a reduction of 1/8th).
an under estimate as this field has 10.41 per cent, of the net premium, which I consider very satisfactory.livery f.6. (a reduction of 1).
Superior 1992 Crap July-Sept. de- not really been explored mor its
proper worth checked up. Trans- The Department of Reconstruc- You will notice that in addition to No sales have been effected at portation from here will be quite tion intends to build an iron and the 40 per cent reserve of 8240,772. these revised levels and it is diffi- simple as the Canton-Hankow Rail-steel plant, situate in suburbe of 40 in this account, we have an ad cult to see any reason for the Nivas way, which is now in the process of Canton. The site is now under ditional reserve of $129,101.67.
having made a reduction in price construction, will pass close to this survey. The location is an ideal at the moment. Values for Java
From the mine to the locality.
one, ns it affords direct supervision The balance of the 1932 marine sugar in India have for long past plant, there is a distance of about and other facilities. All the raw account is $1,078,577.08 and the heen even below the level of pre-200 miles, down gradient, by rail materials can easily be concentrated marine fund at the end of the year, for shipment up to and including
vious purchases made with rebate way.
nt this point as all communications including an additional reserve of July so that the liquidation of miles west of Ping Shek in the pre-stream, thus facilitating transporta Cow Ngar Tung is situated 20 from here are downgrade or down- 8845,509.34, amounts to 81,724,085. those purchases has only been still fecture of Yiu Yuen. Here six tion.
further complicated for exporters. seams have been found with an The halance at credit of profit The Nivas's prospects of sales for average total thickness of about 30 and loss account at the beginning therefore not been in any way en heen figured as 50 million tons estimation, there is a reserve of 00 account of these destinations have feat. The coal of this mine has
Hence, from 1. conservative" of the year was $2,697,490.95, and if harred. Previous to the reduction With the railway quite near transmillion tons of coking coal and 37 you approve of the distributions for in limits Hong Kong was nibbling pertat on would be easy the coal dividend and contributory bonus re-at fresh purchases at Java parity having only to travel down grade million tons of iron ore. Prior to commended by your directors, there ut China buyers have, as they al
about 200 miles to. Canton. There the construction. of the Canton- remains to be carried forward an ways do at the news of any reduc- are many other fields near this bor. Hankow Railway necting the increased balance of 83,460,649.38. tion in limit, withdrawn from the der, but no reliable data can yet be coal mines and the steel plant, it
market. Prospects of business to given.
will be necessary to obtain coal West of Suez markets will not be
from north China by shipping it THE FAR EASTERN:
affected by the Nivas action refer-
in steamers of about 2,000 tons red to above as the Nivas limits
42
INSURANCE CO.
Limestone.
+
L1
Present Scheme,
Limestone, curs plentifully as capacity and landing directly at the for there destinations fluctuate Fee Shu Ngarm in the prefecture, wharf of the plant site. The ore daily. As mentioned in our last of Far Hsien. The stones can be can be obtained immediately by The seventeenth ordinary meet report, the tendency is to hold easily transported downstream to first developing the Wen Fu iron ing of shareholders of the Far prices a shade too high to allow Canton by barge, a distance of mine. The plant, besides having held at the head office, 6. The count of freight and other com- the province Eastern Insurance Co., Ltd., was finalising sales (which it is al about 3 miles. There are plenty of the furnaces, will be equipped with ways difficult enough to do on ac-limestone quarries in other parts of coking ovens, con! washing plant Bund, yesterday afternoon.
and other necessary machineries. Mr.plications) It will in all prob H. E. Arnold (chairman) presided. ability prove hard for the Nivas to regain their old limits until such The Chairman said:-The marine time as they have made good sales account for 1931 shows a profit.of at present levels. In this connec Tl. 31,802.31, the fire account a tion too much attention cannot be profit of Tls.. 3,893.38, and the as- paid to the question of the value of cident and general account a profit the Ned. Ind. guilder which is now of Tis. 15,105.00, and those results, the predominating factor in the on the whole, may be regarded as future of the Java Sugar Industry. satisfactory. The balance of the marine account for 1932 is Tls. 258,610.87.
The balance at credit of prost and loss account at the beginning of the year was Tls. 117,435.49, and if you approve of the distributions for dividend and contributory bonus recommended by your directors, there remains to be carried for ward an increased balance of TIs. 187,007.70.
In a listless market, we quote as
follows:
C.I.F. Shanghai (per too Egs.): E.0.803 (whites); f.6.35) (browns).
f.4.111 (whites); 1.2.82) (browns).
C.I.F. "Hong Kong. (per picul):
JAPAN'S TEXTILE
EXPORTS
THE INDIAN MARKET
CHINA'S TARIFFS
SHANGHAI CHAMBER OF COMMERCE APPROVES
In talegrams to the Executive
NANKING, May 30.
Youn and the Ministry of Finance, the Greater Shanghai Chamber of Commerce expresses ite hearty
EXCHANGE
CLOSING QUOTATIONS
June 2, 143! CIN LONDOX.
Telegraphic Transfer... Bank Bills, on demand Bank Bills, 4 months
sight ...........
Credits,
114)
months
Bight
NEW YORK:-
1/88
ON
Bank Bills, on demand 27) nemi Credits, 60 days' sight.. now PARIS
ON
Bank Bills, on demand r674 Credits, 6 months' sight (871 INDIA:
support of the Government's ac tion in enforcing the new import | Os tariff. The Chamber points out. that as China now enjoys complete tariff autonomy, it is within her right to revise the import duties in any way she may deem fit. It urges that the Government refuse to entertain any representations or interference from the Japanese.- Kuo Min.
The apparent increase in our total not premium for. 1932 as com- pared with 1931 is solely due to the lower rate of sterling exchange on
The decision of the Government of 2,713,505 yards, and. Japan 2,406,440 December 31, 1832, as compared India to permit the introduction in yards out of a total of 10,289,42 with current on December 31, 1931, the Legislative Assembly of on anti-yards. The new duties appear to the tael rates being 1/71 and 1/111 rumping bill is likely to have caus have been fixed with the object on these days respectively. Oured misgivings in Japanese textile rither of checking imports from
Japan- or premium income in all classes of quarters, which received an un-
of making them yield business has actually decreased, "
pleasant shock a month or so ago an even larger return to the Trea when the new Indian import duties sury, and it is not surprising that un rayon goods were; announced, the Japanese industry should have This announcement, it will we re- suffered a shock when the announ metabered, came just before the cement was made. banking "holiday" was declared According to the "Japan Weekly throughout the United States, and Chronicle," however, Japanese these two influences, but especially rayon producere believe that the the firet, caused a sharp fall in the new situation can be countered by (internal) prices of Japanese rayon, by expanding the domestic market exporting yara instead of tissues, quotations on the Osaka market
Asia Lands Limited
Gloucester Building Tel. 28380.
7
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.
B. C. Shameen.
Tel. 18624.
Telegraphie Transter..... } Bank, on demand........ ON SHANGHAI:
On Demand (14 ON KOEN:-
Os MANI
ON SINGAPORE: —
ON
On demand
On demand
On demand BATAVIA On demand A
55 д
... 19
18
O
BAGOS:
On demand
OS
BANGIO:-
On demand SOVEREIGNS, Bank Buying
Bate
135
BAR SILVER, per di uni lef
*
$20 MILLIONS FOR CHINA COTTON INDUSTRY
E
PRESIDE
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
via Panama "Fortnightly sailings on Wednesdays Pros. Wilson .........June 6, midnight Pres, Coolidgesáns e
June 21 Pres. Jackson
July 5 Pres. Hoover
July 18
To Seattle and
Victoria
13
Fortnightly sailings on Saturdays Pres. Cleveland Frea. Taft Pres. Jefferson
.....Jude24:
...July 8 .................July 22
ROUND TRIP FARES TO EUROPE & AMERICA. Special through" rates to Europe via United States. Direct connections with all Atlantic lines. Choice of rail lines marcas United States and Canada, liberal atop-ovor privileges for Sight-seeing. Full particulars upon application...
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Fortnightly sailings on Saturdays via Manila, Straite, Colombo, Bombay. Suez Canal, Alexandrie, Naples, Genoa, Marsailles, New York and Boston,
8 m.
Pros, Adams..............Jone 10. Pres. Harrison “...........................June 24
1.
Prea. Coolidge
Pres. Hayes...........
TO MANILA
8.0. July 8
Next Sailing ............................... Pres. Adams June 10, 8 am,
Fres, Taft prone
July 1 Pres. Bayes...taly A Pres. Hoover July 11 Frea. Jefferson
daly 15
Pres. Cleveland............
Juno 13 June 17 Pres. Harrison.............................. Jane 24-** Pres. Jackron
In Jun Connecting with 8.8. MAYON To CEBU, ILOILO, ZAMBOANGA
27
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MONTHLY CARGO AND PASSENGER SERVICE
M.S. “SELANDIA" Sailing on or about
FOR MANILA
10th JUNE
FOR SAN FRANCISCO, ETC. 20th JUNE
...
via SHANGHAI CARGO AND PASSENGERS. ACCEPTED FOR MANILA, AND SHANGHAI, SAN FRANCISCO, VANCOUVER, SEATTLE, LOS ANGELES, ETC. THROUGH BILLS OF LADING ISSUED TO
OVERLAND POINTS.
Excellent Passenger Accommodation
Passenger fare Eongkong/San Francisco G8120 (1st class only) For Freight and Passage, etc, please Apply to:
The Chinese American Shipping
The Bast Asiatic Co., Ltd.
Agente:
JOHN MANNERS & CO., LTD.
"Company
Agent: HONG SLING
Office: MBBCANTILE BANK BUILDING (TOP FLOOR), 7, QUEEN'S RU., CENTRAL, TELEPHONE: 24071.
WORLD ECONOMIC
CONFERENCE
SIR JOSIAH STAMP'S BROADCAST SPEECH
"
**JOHORE BANS CATTLE IMPORTS FROM SINGAPORE
Notification has been published that because rinderpest exists among cattle and haemorrhagio sépticaemia among sheep in Singa. pore, the importation into Johore of any cattle, sheep, goats and pige from Singapore, is prohibited.
Sir Josiah Stamp gave a broad cast address last month on "Can the World Economic Conference Help Us "He was speaking at the invitation, of the International Radio Forum, and his talk was wisely to restore its prices from broadcast throughout the United their disastrous level, but doing Staten by the National Broadcast so by itself is difficult and some ing Company of America. He tires dangerous, for it may je said:-
pardize the prestige of its money
Owing to exchange restrictions abroad, and it may start reper or trade barriers, and other simi-cussions in exchanges which make lar measures, the total interchange, other countrice do things to keep of the goods of the world has fol- their balance and thus add to the len to an extraordinarily low level; network of restrictive and special each area is bottled up with its measures which, as I have shown, own products and unable to do are throttling the trade of the business with ita foreign custom word. But if all countries to ers. A particular country, with gether at the same time take simi- far more wheat or coffee or tear measures this risk is removed, than it wants itself, is quite un- and that is the reason why collec able to sell it to other people, be tive talk is my essential. cause the whole mechanism of ex- change and payment is derang The fall in the price
Exactly how far trade troubles. disturb monetary systems and how far monetary systems disturb trade of raw produce has been so great stickin matter, and domitless.
ed.
4
that the whole export trade of there is room for the experts to
OF
falling by about 50 per cent. during at the expense of cotton and the first fortnight in. March. Sir natural silk, if neccesary-by direct- George Schuster, in commenting on ing more attention towards mixture the tariff changes in his Budget fabrics, and by pushing forward speech, estimated that the new du their export trade in Egypt, NEGOTIATIONS IN PROGRESS some countries is insufficient to have a good deal of difference of
discharge their interest obligations ties would on an average be the Africa, and Australia. If India
abroad on their commercial box opinion on many points about. equivalent of aloub 100 per cent. ad adopts an anti-dumping measure
rowings, to say nothing about paris no room whatever for distrust remedies to be applied. But there valorem оп Japanese all-rayon against all kinds of goods from
for suspicion. In this question cloths (as compared with the Japan, the effects would, of course, Nanking, May 30-In connection chasing their necessary importa rious 50 per cent.) and of about be even greater than those of the with the proposed loan of $20 mil. You know well that the low price the international influence of
of wheat affecte adversely not only i per cent, to 92 per cent, on goode rayon duties and manufacturers lions for the relief of the cotton the farmer himself but also all the monetary systems we are all in the from other sources; on rayon matx generally might not be able to find industry, it is understood that the other trades, surrounding him. same boat together, and we want tures the duties would en an compensation in the four directions Ministry of Industry and the Clearly, then, even those who have to find out what it is that so up average be the equivalent of 47 per to which rayon interests are look Greater Shangbai Municipal Gov. no direct connexion with foreign sets both money and trade, and cent on Japanese goods (against ing. But the fourth direction, that ornment are jointly calling at trade or export, industries are work together for common. the previous rate of 3 per cent.) of pushing export trade even more and of about 32 per cent. to 30 per vigorously in markets other than Shanghai a conference of bank and vitally affected by the development covery. Not to have a conference cent, on those from other countries India, would presumably be open to cotton mill representatives to dis of foreign trade and getting ride to take great risks, but to have In the first ten months of the Ascal them all. An anti-dumping duty in cuss details of the loan. It is re of all unnecessary exchange and one, even if little came of it, per year just ended Japan supplied India, especially if, by causing a ported that a general and tentative trade restrictions. It is almost tainly could not put usɛ in wany
impossible for any one country to worse OSLLION, MA Libelláves 94,360,931 yards out of total im- temporary contraction of Japanis agreement on the proposed, loan move alone, for the defensive ac- it has great opportunity "of put- ports of 05,807,781 yards in the all export trade, is sent the yen to an has already been reached, the con- tion taken by one involves others, Luigent la much better one I while lower benefit the ference called only to discuss and simultaneous intention agentives thatoons of hope cotton mixtures Italy supplied Indian miliowners without assisting questions concerning rate of inter tion seems the only *** 3,779,130 yarde, Great Britain | Lancashire to export any more clothest and term of the loan.—Kuo ACcountryG (Continued at foot of next Golumn) than is being shipped at present. Min,
with 'cneors
them before.