DAILY SHARE QUOTATIONS
HONG KONG STOCK
EXCHANGE.
SHAREBROKERS'
ASSOCIATION.
MONDAY.
Bayar Bullers
Sales Nomina
Baller Bayare
Balesins
JULY 3.
mmguuuuuuu
Banks
$1,778
H.K. Banks waggiunt
2130
Do. (London)...
E14 £24.
Chartered Banks
Mercantile Bks. "A".
Do.
Bank of East Asia...
$101
N, C. & B. Barka
$7.20
Am. O. Fin. Corp: B
10.40
STOL
***
***
*21
$20
36 00
Ch. Fin. Corp. Ord. B. Do Prel. 8. Insurances
Canton Insuran506... Underwriters
Union Insura1008 ...
China Fires *********
H.K. Fires...
84 International Assoe, S.
33160 Douglas06 .....
$310
$2,40
$540
$695
$270
Shipping
***
118
Steamboats
530
Indos (pref.)
132
!!!!!!!!
$16
Benguets....
404
*
52 6
$33
16.40,70
$6.15
Do. (def.)
Sholla
Waterhouta
Mining
Venezuela Gold Fida.
Kailana
Langkats (single) B.
Explorations...... 8.
Shanghai Loans .
Rauba............. Tronah Mines Denguet Explorations
28 cts. Dooks, Whare,
Godowns, elo,
$4.80"
35
32/0
#3;
1111111⠀⠀i
!!!!
11011
}
Pi
81,750
$185
$9.40
3890 3260
*
$34
318
$30
$30
48/-
$16
$34
.93/.
$17
$3.00
$6 $9.60 13/
$128
129)/130
H.K. & K. Wharton,
10.90
Providents (old)
$3.95
$1.45
Do. (now)...$140
B.K. & W. Docks
$10
S. China Motors A
$8
Do.
ag
$8 38
$149 Shanghai Dock
9.
#8
***
New Engineerings5.
8334 Hongkews. Lands, Hotels, and Buildings
Do. "B"8.
Ewo BONDITIO
$77
9149
001
$107
$143
$14
Wing On Textiles(8) $38
Public Utilities
$7.38
$7.38
H.K. Hotels
$7.30 $7.43 37.40'
$704
$77
$391
H.K. Landa...................... Shanghai Lands...8.
$14
Metropolitan Lands...
H.K. Realties.......--
18
3144
Chin Do................8.
$137
Do. Debentures.
$14
Humphreys
314
$140
Asin Realties
8.
12U
397
Chinese Estates.......
Cotton Mil
$14.70
$109 S'hai Cottop.................
8144 Zoong Singa
$98
$22
22.22/108
Tramways
no
$15
Peak Trama (old)........
$15
$73
Do (new)......
$12
Star Ferries
$221
$28
Yaumati Ferries
'374
Szal
Chins Lights (old)... $13
·$121
Do. (new)...
$734
HK Electrics | 5731
$23
Macao do.
#104
Sandakan Lights ...
$30
8112
1A
13".
Do. (pref.)......
Industriale
$15
Malabon Sugars....
$15
www
$20
Caldbeck, Yord.) 8.
$18
Macgregore (pref.)8.
38
Canton Ice
10
$1
Do.
Ropes
Telephones...PIN
China Buses..............£.
Tractions...........
*
Cements (comb)... 36.35
Do. (old)...
(now)...
Miscellaneona
Dairy Fartos
Do.
Mackintoahs
(now)
Nanyang Tobacco...
Sinceres
$30
+
HONG KONG DAILY PRESS, TUESDAY, JULY 4, 1933.
MONEY AND MARKETS
"SOUND MONEY”
ADDING OF SILVER TO GOLD
A CHALLENGE FROM A BIMETALLIST
(Special Air-Mall, Service)
London, June 15,
than 75 nor more than 100 per cent. So'neither the first nor the second argument against bimetal lium is good.
I have never been able to under- stand why so many bankers go mad at the name of bimetallism, writes a correspondent to the Times.
The third argument, which I Yet, if inflation must come, to have heard only in, America, is monetize silver is the safest way, that bimetallism may be all very and departs the least-or rather well, but that it cannot be carried does not depart at all-from mone-through without the consent of tary traditions and the principles Great Britain, and Great Britain of caution, both of which tell us will never agree to it. that money should be firmly found-
The next argument is that the ed on a precious metal, of which re-monetisation of silver should the quantity and production is
greatly diminish the value of gold. limited.
and be pre-judicial to those who Through nineteen-twentieths of bold gold-mining shares. I might the world's monetary history silver answer that it will be beneficial on has been regarded by all nations as the other hand to those who own "sound money" just as much as shares in silver mines, who are a gold, and even to-day 40 per cent. no less deserving class of people. of the world's population measure But as this is a petty reason, I the value of their possessions in will say instead that I have myself terms of silver. So much for treno interest either in gold or silver dition.
Inflation at Hand,
mines, but that if I were interest ed in gold mines I should support bimetallism. For is not to be It must be admitted that to re- supposed that the world will en motietize silver after it has once dure for ever the cramping of its been demonétized means inflation: commerce and industry through the For it means increasing the quan- medium of exchange being tied to tity of money in the world and the a single metal. Unless that can raising of prices. Those who are bo strengthened by the addition of ainst this are therefore right in another, the end will be that money denouncing bimetalliam. But if will be, divorced from metal alto- they recognize as surely they must gether, and gold will be demone-
that they have lost their battle,tized as well as silver. and that inflation is at hand, then
The demand for gold being thus even from their point of view bi-reduced to the requirements of or- metallism is the safest way. For nament and the arts, gold will sink the great argument against infiato a mere fraction of its former tion is the same as the argument value, as silver has done since it against drink, that you cannot WAS demonetized-and through stop taking it. But the monetiza grasping at everything will lose tion of silver is not a process that everything. It is as if an army can be repeated. Bo in this case the great argument fails.
HONG KONG STOCK
·MARKET.
YESTERDAY'S OFFICIAL QUOTATIONS
The post-holiday market opened. rather quiet this morning, and re. mained in the same state through- out the day. Rates, however, were generally steady,
Of the smaller issues, Hotels of firmness, "and showed signs changed hands at 87.40 cash and at proportionate rates for forward delivery,
Balse.
Hong Kong Banks, $1,775, Bank of East Asia, #101, Canton Insurances, $310. Shanghai Loans, Sh.$0.15, Wharves, $129)/130. Hotels, $7.35.
Hong Kong Lands, 377, Hong Kong Trams, $22/22.05. Telephones, 800,
Dairy Farma, $23.40. Govt, Loans, 31% Premium,
Buyers,
Bank of East Asia, $100), Union Insurances, $535. Raube, $10. Docks, 816): Hotels, 87.35
Hong Kong Landa, $76). Realties, $74. Ewo Cottons, Sh.#14.70. Hong Kong Trams, 89, Star Ferries, #2),
China Lights (Old), $13. Cements (Combined), #6.30. Govt. Loans, 3% Premium.
Sellers.
Hong Kong Landa, #77. Watsons, $10.
Lane, Crawfords, $4,70.
THE EXCHANGE "MARKET
MESSRS. ROZA BROS.. REPORT
the
on the verge of defeat should re- Messre. Roza Bros., have for fuse reinforcements for fear of warded us the following exchange having to share the fruits of vic-market report for Monday. tory.
Silver prices rose 1/8 over week-end making the quotations 18 1/2 for Ready and 18 6/8 for For? ward. Silver advices reported In- dia as having bought." The Contin steady. In America the rate was ent sold. The tone at the closes was higher at 37 for Spot. The market
What is the cause, then, of this horror of himetallism? Probably this: that 40 years ago it WAS
The sixth argument is that bime dragged out of economies into po $11.95 litics, and was preached by a dem. tailiem might relieve the present agogue whose name condensed it distress by doubling the stock of money and raising prices to the to all Conservatives. He was bea- ten, but he gave the anti-inflation-level of seven years ago, but there ists of his day a thorough fright. is no security that, as the produc- That memory clings, and bimetal tion and trade of goods is encou Jism has remained a hogy to the raged, and borrowing and lending grow, the money stock will not orthodox.
again become insufficient and the same ills recur again. The answer to this is that our business is with With the exception of the Sbang- the preent, not with what may hap-hai rate which was unchanged at pen in 50 years' time.
110 and the Bangkok rate which was
$11
The Arguments Against. *Admitting, once for all, that bi- metallism is a way of inflation, what are the particular arguments against it?
was steady.
New York advices reported the opening rate at 4.31 1/2 and the closing rate 4.34. The market was steady.
lows:-
If there are other arguments than put down to 134, other rates were these six against bimetallism, I put up. Quotations were as fol- The first argument, is that the have not come across them. There
Market, quantity of silver in the world in is no danger of abuse in bimetal-
Dull, the tone was steady. so vast, and the possible productionism: for it is limited by Nature.
Sterling, of it so grant, that to monetize. Silver no more than gold can tie silver would bring about a terrible created at will. And that is the inflation and on almost incredible only meaning of "edund money," rise of prices, which would upset that it cannot be created at will. all business and make money worth hardly anything.
* 313.80 matter..
$1,20
$21.40
$241
$1
Der A Wings...
$124
Amusementë......
$12)
$12
Ch. Etainmantă......
$111
13.90
Constructions, (old)
$4.
$1
84.70
Ian
Lane Crawforda...
$21
314
$10
***
$2.10
Wm, Powells
$10
M. Greyhounda
331
S. O. Enterprises ....
United Theatres....
77%
B. Ind. G. Bonde..] 77**
prem
31
HE. Gort, Loans ... $103)
$8
Wallace Harper......
$185
$190
Watsonsona
China Sporta Ltd.
ELK Wing On
El'hai
Do
Symmetallium.
A emall business was done at 1/4
31/32 for August and also second half July. The market closed with sellers at 1/4 29/32 July and 1/4 15/16 August, buyers at 1/16 bigher respectively.
Gold Dollars.
A small business was reported early in the morning at 30 5/8 for
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
via Panama Fortnightly sailings on Wednesdays Pres, Taft
July 6, 6 mm
·Pres. Hoovering
July 19 Pres. Grant Th
„Aug, 21 Pres. Coolidge....
Aug, 18 Pros. McKinleysi..¤ğ, 30, Pres: Hoover................ Sept. 13,
To Seattle and
Victoria
13-
Fortnightly sailings on Saturdays Fres. Jackson July 7, Midnight Pres. Jefferson passandoly 22 Frem. Cleveland ..................... Ang. 11. Pres. Jackson seraque ........Aug. 25
· Pres. JeffersOM .......
Bept. B
ROUND TRIP FARES TO EUROPE & AMERICA. Special through rates to Europe via United States. Direct connections with all Atlantic lines. Choice of mail lines across United States and Canada, liberal stop-over privilegen for
Sight-seeing. Full particular upon application.
Fortnightly via Suez to Europe & America
Fortnightly sailings on Saturdays via Manila, Straite, Colombo, Bombay, Baez Canal, Alexandria, Naples, Gonca, Marseilles, New York and Boston.
Pres. Hayes.... Pres Pierce... Pres. Monroe
8.10.
...July 8 Pres. Van Buren
July 39
Aug. 5
•Proa. Garfeld ....
TO MANILA
Next Sailing ............
Pres. Hoover ...
Prea Jefferson
Pres. Pierce
Pres. Grant......
8 m. Aug. 19 .Sept.
........Pres. Hayes July 8, 8 a.m.
Fres. Monrcé.............Aug. Pres. Cleveland............................aug. Pres. Van Buren Aug. 19
...July 11 July 15 July 29 ....July 25
•
Connecting with S.S. MAYON To CEBU, ILOILO, ZAMBOANGA
DOLLAR
STEAMSHIP LINES AMERICAN MAIL
LINE
PEDDER BUILDING-HONGKONG",
CANTON BRANCH:—4, SHAKES ROAD.
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD.,
QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tel. 28380-Gloucester Building, Room 308
Į REUTER'S AMERICAN-ERIVIER.].
High- 1,032
08.74
47.07
37.50,
86.08
Low: Jime, 30. 41.22.08.14 13.22 48.60 10.63 $34.35 05.78 86.20
July 1. Change
100.922.78 up 49.78 1.18 up ́34.83 1.58' up 86.4020 up
Now York: July 1.: Dow Jones Averages:
30 Industrials 20 Rails. 20 Utilities 40. Bonds Asia Lands, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. Obviously the action of the general list is encouraging to the maintenance of the long position and it may be advisable to consider some profit-taking next week in the event of a fast rush to new high grounds. Wheat: Strong, on firm cables; the strength of foreign exchange and the reduction of private crop estimates. Infationary enthusiasm was renewed by the President's refusal to 'peg the Dollar. Cottons: The improvement in the outside. markets, the strength of foreign exchange, continued dryness in Texas and political developments have been influencing factors, in the advance. Silver: This market has ruled strong throughout the session in spite of a good volume of profit-taking and active short cornering by Trade interests.
Business Done: 2,790,000 shares.
Div. 8 HIGH Low PEL Sa.
1932
LAST SALE
June 30, July 1.
$90 xd 892!
00}
30
3.00 Air Reduction
421
1214
6.00 Allied Chemical & Dye
1151
1291
95
299
4.00 American Dan ....................
90% 93
36
5
American Smelting.
34
35#
137%
70
0.00 American Tel & Tal.
1271
120)
93
44
8.00 American Tobacco B
88
90
401
11
1.00 American Waterworks
37
37
#101.
3
Anaconda Copper Mining
18.
287
2,00 Auburn
18
4h
Bendix: Aviation
18
:43.
16
1.60 Borden Company
71
Canadian Pacific
177
20
92
102
J. I. Case...
234
42
0.50 Caterpillar Co...
quoted, at
178
2,00 Chase National Bank
334
1.00 Chrysler Motors......
3.40 Consolidated Gas of N.Z.
Curtiss, Wright
57
with sellers at 30 5/8 July and 30 3/4 August, buyers probably at 1/8 higher respectively.
Yen. Were quoted at 1 1/2 for near delivery.
Shanghai Dollars. Shanghai Dollars were
Shanghai, The exchange market was closed
EXCHANGE
The second argument, is that the quantity of silver in existence and, Or if it be said that at least you also the quantity which can be double the risk of a sudden increase m ned in future is so insignificant in money at some future time, 90cts that to monetize silver will make which will upget prices and con- near delivery. The market closed $4,40 no addition worth speaking of to tracts, because now you merely the monetary stock and so will not have the risk that A mountain of raise prices to any extent that can gold will be found, whereas under bimetallism you would have the a mountain of silver as There is some inconsistency be risk of tween these arguments which I will well, then let us adopt that form not dwell upon. But I believe it of bimetallism proposed many years can be shown that neither of them ago. by that most distinguished holds good. We know that during economist, Professor Alfred Mar. 111. the past 400 years--and before that shall, which he called symmetal- there was no great stock of either lism. On this plan neither gold -the production of silver in the nor silver is taken as the measure to-day." world has been, by weight, about of money, but a combination of the 15 times the production of gold. As two. Suppose, for example, the naither motal is easily destroyed it combination is fixed at..15 parts of should follow that the silver now gold. Then, instead of a sovereign above ground is in weight about being measured at a quarter of an 15 times as much as the gold. Say ounce of gold, roughly speaking. (IN LONDON:- 12 times to be safe, and to allow as now, it will be measured at one- for the greater conversion of silver eighth of an quace of gold together into other forms than coin and bul- with one ounce and seven-eighths of lion.
silver; and the dollar and other. Now as to current production, monetary units on the same plan. The gold mines of the world pro- In this way the risk of the distur duce about $23,000,000 year. bance of money through sudden The silver mines go to about great discoveries of metal will be 250,000,000os. They did not much less even that under a gold stan exceed this figure even when the dard. For both metals would have price of silver rose to over 45, an to be found, not ons only, to in crease the quantity of money be We can conclude, then, that theyond the ordinary. silver above ground is from 19 to 15 times the weight of the gold, and that future production is like
Asia Lands Limited
Gloucester Building Tel. 28380 We offer you a complete brokerage
service for the purchase or sale New York Securities Daily quotations sent-gratis-upo 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. 13624
ounce.
To sum up: The remonetization of silver will meet the present pres sing need which can no longer be
ly to be about in, the same ratio denied for a "moderate reflation," unless there are new discoveries of not in this country of that, but in either metal, of which we cannot prophesy. It follows that the in- the greater part of the world. It
will avoid both "competitive infla Crease in the volume of money which would come from the re- tion" and the dangers of "pro- gressive inflation" which are so monetization of silver is ascertain able within definite limits, and much feared by many-possibly could not be either unlimited on with reason. It will preserve the the one hand or insignificant on principle of "sound money," which the other. If, for example, the no other kind of inflation will do. value of silver were fixed at one It will not be a new experiment, fifteenth that of the same weight but a return to ancient and well- of gold, the sum of monetary metal tried practice What is there to would be "increased by DOL Jem set against this
CLOSING QUOTATIONS,
器
35
3.00 Drugs, Inc,
2.00 Du Pont de Nemoursuiter.
--3.00 Eastman Kodak
Electric Auto-Lite Co.
6. Electric Bond & Share. ................
24) 997 bid 20 bid:
364
Electric Power and Light...
0.40 General Electric...
July 2, 1933 Telegraphic Transfer... Bank Bills, on demand 1/4 Bank Bills, 4 months'
night min
28
LOA
1.60 General Foods
401
1.00 General Motors
201
204
10
1,03 - Gillettē Safety
1.20 Gold Dust"....
10
0.00 International Harreste 7.00
Oredits, 4 months'
1197
International Tek
Or
night ... NEW YORK:
1/64
18%
$44
374
4267
66
641
·31
10
0
23
18
37
Bank-Billa, on domand 295 nom 52 Credits; 60 days' sight, nom ON PAR18:
Uredite months sight eari Bank Bills, on demand 1974.
ON INDIA
Telegraphia Transter... Bank, on demand On BHANGINȚAT :
On Demand ON KOBE
On demand On Manila
On demand -ON HINGAPONS (---.
On démánd ON BATAVIA Se
On demand Ox SAIGOS
On demand ON BANGKOK
On demand SOVEREIGNs, Bank Buying
Bate Them BAR SILVER, per os
110
1097
342
691 m
134
35 4.00 Liggett & Myern
1:00 Loew's Ino
Montgomery Ward moni 2.80 National-Biscuit.
1.00 National: City Bank
1.20 National Dairy Prod 0.00 Otis Elevator b... 2.00 Pacific Gas & Electi Packard Motors
0.50 Pennsylvania. Hailway
-Badio Corpn...
Sears Bpabrick
1.00 Standard Brands
'Standard Gai
1.00, Standard Oil Co
Bocony-Vacuum
1.00 Texas Corporation
Trane-Adèrics"
1.00 Udlog Carbide 8.00 Union Pacific
United Air and
20,40 United. Corpora
"United States
Westinghouse E
bid as hid