DAILY SHARE QUOTATIONS
HONG KONG STOCK
EXCHANGE.
Buyers Balleru
$1.830)
THĒM
14141**
MONDAY,
JULY 24,
Banks
H.K. Banks
SHAREBROKERS
ASSOCIATION."
$1,820
£134,
Do. (London) -
216
Chartered Banks....
8131
£24)
Mercantile Bks. “A”
201
Do*O*
Bank of East Asia... $101
Cor.
$20
Da
Pret: 8
JAKART
N. C. & 8. Barka Am. O. Fin.Corp; 8,
18.40 Ch Fin.Corp. Ord. 8. 36.00
Insurances
$390 Canton Insurances.......
Underwriters
Union InsurRDOGS ...
Chics Fires.....*** B.K. Fires
38.40 International Assoe, 3.
Shipping
$33.60 Douglases
$2.30
$560
$095
3265
#ART!
$18.
Steamboats
330
Indow (pret.)
3)
Do: (dpf:)
$118
HIỆN
1:11
fli::
*
$32
$4.85
32/6
Kailans
$161
angkata (single) 8.
$4
Ne
88.40
$10.10
$1.40
144
51.3 Shella
|28 eta.}
$1291/120.
Waterbosta
Mining
Benguets......
Venezuela Gold Fida
Explorations.
Shanghai Loans 2.
Rauba......
Tronoh Mince
Benguet Exploration
Dočks, WharvÉS,
Godowns, eto,
HK &
Wharvaa:] $128)
Providents (old)
Do.
***
(new)...
H.K. & W. Docki
"S. China Motors 'A'
Da
"B"
$147 Shanghai Docks S
New Engineerings8, Hongkownik. Lands, Hotels, and Buildings
!!!!!!
13 86
$18 $10
$8
FILIRAN MURAI
HONG KONG DAILY PRESS, TUESDAY JULY
MONEY AND MARKETS
HONG KONG STOCK MARKET
YESTERDAY'S OFFICIAL
QUOTATIONS
The investment section continues to attract most attention, but owing to comparatively, low offer 1310ings, the volume of business in this
section remains limited.
32.40
$600 $962
There has been a fair turnover in the lower priced issues, mostly for the adjustment of the July ac counts.. T14
Bales.
Wharves $1291/180.
Hong Kong Trams $23. Star Ferries $96/961;-).
Telephones #30.10.
Constructions (New) 80/85 cents.
Buyers.
▪;
$34
Hotels $77.30.
318
$30
$30
+
52/
$15
Dairy Farms 828.35.
$30
Hong Kong Banks $1,830,
25/.
$16
H
Bank of East Asia 8101. Hong Kong Fire Insurance, $285. Benguet Consolidated $33.
Providents (New) $1.40.
$9.50
19-
Hong Kong Lands #77)." Star Ferries $05).
13.90
11:40
917
18
18.
$147
$330
1/7.30
H.K. Hotels
87.50 $7.30 | 37.30
$31
$14
H.K Lands.........8. Shanghai. Landa... 8.
$772
Metropolitan Landa..
18.10
HK. Healties.........
$7.90
"$142
China Dv.......................8.)
3137
Da. Debentures.
$14.
Humphrey idcost
$14
-
New Asia Hotel
Aria Realties "A"S
Do.
"B"
$.7
3140
$100
S'hai Cottonse
814
Ubincie Estates.......
Cotton Milla
Ewos
Foong Sings
Wing On Textiles(3.)
Public Utiliting
Tramways-overesave
Peak Trams (old)
Do.
Yanmati Ferries ...
HK Electrics
Telephones........... £30
#1
*INU!!!!!!
$1480 #100
$142
390
China Lights (Old) $13,
China Lights (New) $12.30. Electrics $731.
Singapore Tractions 2/-, Dairy Farms #26).
Constructions (New) 80 cents. Government Loana i per cent..
• Premium (Assented) A
Sellars. Underwriters 82.30.".
Ewo. Cottons. Sh. $25.20.
CONTROL OF EXPORTS
JAPANESE GUILDS TO BE FORMED
The deahi says that the Depart- ment of Commerce and Industry has decided to formulate a new trade policy under which exports will be controlled compulsorily.
This decision was reached at a meeting, of the Departmental au- 12.10 thorities, which was held at the Minister's oficial residence on the 12th instant to discuss the estimates for the next fiscal year.
$15
$71 393
$204
$.30
30,3
374,
$23
$15||
$71
$951
|$ 8,94
Star Ferries POSTO
$25
$13 10
$12.40
China Lighte (old)... $12
Do.
(new)... $12 40
$73+ 123
Macao
do
1104
Sandakan Lighta ........
$31
£30
China Buses...... S.
Tractions*******
15.
Do. (pref)......
Industriais
$15
Malabon Sugars
.3.20
Caldbeck, orci.) §.
318
Macgregors (pref.)8.
16.
Canton Ice ********
$8
$8.10
Cements (comb.)...
$6.30
16.00
Da
(old)..
31.05
Da,
#i
19.
Boyes
192+
a min. mremammur
# THIGH
.75 sta
{TOW)...
Miscellaneous
Dairy Farmamia.
$18.
$5.05
THE EXCHANGE MARKET
MESSRS, ROZA" BROS.. REPORT
Messrs. Rozs Bros. have for- warded as the following exchange) market report for yesterday --
Silver prices dropped 3/16 over the week-end for both deliveries making the quotations 17.15/18 for Ready and 18 1/16 for Forward. Silver advices reported America as having sold. China Banks and Indian Bazaars bought. The tone at the close was steady. In Ameri- ca the rate rose to 361 for Spot. The market was steady.
New York advices reported the opening rate at 4.66) and the eles ing rate at 4.02). The market was uncertain.
Firm.
Market.
DEVALUATION OF
CURRENCIES
MIDLAND BANK'S VIEWS
(Special Air-Mail - Servics)
London, July4: The July issue of the Midland Bank's Review contains an article Currency Depreciation and De valuation from which the following extracts are taken
In the present world confusion many currencies, although not undergoing internal depreciation- the trouble is that they went much too far the other why-have, suffered varying degrees of external depreciation, and have lost value in terms of gold. The question now arises whether the stage has been With the exception of the Shang-reached at which the external re- hai rate which was unchanged atlationships of these currencies ac 110) and the Bangkok Tate which curately represent the differances was put down to 135, other rates in their internal purchasing powers, were put up at the opening and stand whether, therefore, their res 11.25 am. rates were again put up. safely be stereotyped by devalua- pective degrees of depreciation can
tion. Pres. Roosevelt, by his rejer- tion of the proposed agreement on exchange- stabilization, has clearly answered: No. Under an Act of the United States Congress the President has power to devalue the dollar-that is to reduce its gold "content" anything up to 50 per cant. of ita former content." He has not yet devalued; he la not devaluing; and no one knows when or by how much he will devalue, if indeed he finds it necessary in the last desort to do so at all. What he has done is to depreciate the dollar both internally by pro- ducing a rise in commodity prices, and externally by producing con- ditions for a fall in the exchange value of the dollar.
Sterling.
There were sellers after the open ing at 1/4 13/16 but the selling rate gradually rose to 1/8 resulting in business at 1/5 for near delivery followed by transactions at 1/3 3/16 for near and 1/55/18 September. The market closed at lunch, time with sellers at 1/5 July 1/5 0/38 August and 1/5 5/16 September, buyers at 1/16 higher respectively.
Gold Dollars. There were sellers after the open- ing at 32 but the rate rose gradu- ally to with business done at 33) for near delivery. The market closed at lunch time with sellers as 33 July and 331 August, buyers probably at higher respectively.
Yon.
Merchants were quoted at 119 for near delivery,
Shanghai,
Early advices reported sellers, ab 1/3 but subsequently, the market firmed up and towards 1 p.m. sellers were indicated at 1/34 for near, buyers at 1/37/16 July
Shanghai Dollars. Shanghai dollars were quoted at 11 13/16 for near delivery.
IN THE AFTERNOON. “
Market. Be The market was firm in the after noon but towards the close reacted slightly
Starling
Business was done at 1/3 5/16 for near and 1/3 and 1/8 7/16 July. The market then reacted and buyers came out at 1/6 with small business arranged at 1/8 5/16 Aug. The market closed with sellers at 1/5 0/32.July 1/5.5/10 August and 1/5 11/32 September, buyers prob ably at 1/32 higher.
Gold Dollars. Business, was done at 33 and 33 for July delivery. Buyers then came out at 33 for near, sellers
Shanghai,
Buyers were indicated at 1/8 7/10, sellers at 1/3 for near de. livers.
EXCHANGE CLOSING QUOTATIONS
The authorities of the Depart. ment of Commerce and Industry agreed that regardless of the pious declarations of world's statesmen, the internations! economic situa tion is drifting towards the "bloc" coonomy. I order, to meet this situation, Japan must fundamental- ly revise the trade policy hitherto pursued. It is already observable that with the steady advance of the "bloc" economy to many countries, at 23 July. Japan's overseas trade is undergo- ing marked changes; her uncon trolled exparts are meeting with rebuffs everywhere. The need is thus urgent of giving system to the export trade. After due official in- quiries into articles for export, ex- porters of the goods specially đề $24signated should be ordered to form
guilds. Where such guilds are alN ready in existence, they should be made to exert, greater controlling power. If the exporters concerned Bsota neglect to take the necessary mea- sures to strengthen their organisa- tion recourse should be had to the 34.15 | promulgation of legislation for bet-ds- 313.80 ter organisation and control of the exporters guilde. By firmly esta $4.90blishing and perfecting such guilds, it is intended that the basic foun dations of the control of exports should be laid. The suggestion is made that permission for export should be given to such goods only as are controlled by agreements on prices and quantities. An to whe- ther the Government should have the authority of control, whether it should be left in the hands of the guilds, or whether an export con-
#1
Der A Wing..iereger
$13
Amasemente ......
$12
SII
Ch. E'tainment.......
#11
$3.90
Constructions, (old)
Do. (DOW)
Lane Crawfords..... 94,05
021
Mackintoshanist
Nanyang Tobacco...
139.10
110
M. Greyhounds ........
18)
B. C. Enterprise
United Theatres „1. 8.
79.
B. Ind. G. Bonda...
$8
Wallace Harper.........
$186
314 Sincere
32.10
Watson.LDERSSON
Wm. Powells
Assen{tad}"
H.K. Gori Loana ... #104)
B.X Wing Oc
Shaf
Do
$190
-155)
Asia Lands Limited.
Gloucester Building
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. 18624,
Cs
July 24, 1933 LONDON :--- Telegraphic Transfer... Bank Bills, on demand 1:41 Bank Bills, 4 months'
Right Credits, 4 months'
1 58.
sight...... NEW YORK: Nank Bills, on demand 12 mêm Credits 60 days' sight.. nomr PARIS
܂
Bank Bills, on demand 3674 Credits, 4 months' sight #: 78 On Indu:-
.
Telegraphic Trauster... 11/ Bank, on demand. ON SHANGHAI:-
On Demand......
Os Kon;---
On demand Or MANILA-
On demitid :::
trol committee should be establish- ON SINGAPORE: ~~**
ed, nothing is yet decided - Der tails concerning conerete, methods. of control will be fixed in consider." ation of the future trend of the in- ternational economio situation.
Extending Markets,
As one means of maintaining and extending the markets abroad for Japanese goods, it is proposed that the Intelligence Section of the Trade Bureau should be made more effi cient, so that adequate informatiɔn may always be available to facili tate the conversion of markets.
Fust Policy,
The question of the fuel policy. also received the attention of the authorities of the Department of Commerce and Industry in com clave. The Government has not framed any definito fuel policy.yet. The matter is still in the hands of a joint conference of the Depart- mente concerned, which is earnestly studying matters relating to the ex: ploitation of resources at home and abroad, substitute fuels, and the control of oil supplies. On the base of the recommendations of this joint conference, the fuel polley is to be. drawn up.-Japan Chronicle.
|
Risks of Premature Stabilization.
From this it would appear that, while depreciation, particularly in ternal, is of great importance to everyone, devaluation matters very little,
Yet, devaluation, if accomplished in haste or at the wrong figure, may be of tremendous importance to everyone. Let us suppose that the "true" value of the pound, as determined by rela tive purchasing powers, is about 86 francs; that is, the equivalent of nearly 80 grains of fine gold. Then devaluation would do no harm. if the gold content of the pound were reduced, by Act of Parliament, from the present statutory figure of 113 grains to 80.. But let us sup pose that the new gold value of the pound were fixed at 90 grains, giv ing a new fixed exchange rate of roughly 100 francs to the pound. Then the pound would be over... valued" and we should be faced with exactly the same problem as ip 1925-the problem of adjusting our costs of production downwards to conform with a new fixed ex- And the conditions change rate. for effecting that adjustment would be just as unpropitious, as in our former daimal experience. It is thus of the utmost importance that if and when devaluation takes place it shall result in new fixed exchange rates accurately representing re lative purchasing powers. In order to be sure that this is so there must be some degree of stability in in- ternal purchasing powers of dif ferent currencies. To fix new ex change rates by generai devaluation while at least one major currency is being subjected to deliberate in ternal depreciation would be dan- gerous in the extreme. To do so piece-meal without waiting for general agreement, would be equal | ly full of risks. Hence the in- possibility of securing fehl stability. of exchange rates until" the future internal value of the dollár ”häs become far more calculable than it is to-day.
On demand
OR BATAVIAI–
On demand
ON SAIGON-
On demand
ON BANGKOK-
On demand,
09
638 im
SOVEREIGNS, Bank Buying
Rate
"BAN SILVER, FOR DES
PACIFIC ORIENTAL
MONTHLY CARGO AND PASSENGER SERVICE
M.S. "JUTLANDIA" Sailing on or about FOR SAN FRANCISCO, ETC. 31st JULY
CARGO AND PASSENGERS ACCEPTED FOR SHANGHAI, SAN FRANCISCO, VANCOUVER, SEATTLE, LOS ANGELES, ETC. THROUGH BILLS OF LADING ISSUED TO OVERLAND POINTS.
Excellent Passenger Accommodation
Passenger fare Hongkong/Ban Francisco G8120 (1st class only) For Freight and Passage, etc. please Apply to
The East Asiatic Co., Ltd.
The Chinese American Shipping Company
JOHNMÄNNERS & CO. LTÍ
MERCANTILE BANK BUILDING (TOP
Office
PRESIDENT GRANT
WILL SAIL FOR
MANILA
AT
4 PM.
JULY
DOLLAR
25th.
STEAMSHIP LINES AMERICAN MAIL LINE
PEDDER BUILDING-HONGKONG.
CANTON BRANCH 4, 8x11 ROAD.
·
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS:
(INCORPORATED IN HONG KONG.)
Tel. #8380-Gloucester Building.Room 30
{ REUTER'S : AMERICAN AKRVICK. }
New York: July 23, Dow Jones Averages:
30 Industrials 20 RailsIY
20 Utilities $40 Bonds
High–1837
108.97
bab
37.36 58.84
Low: July 21. July 22. *47,29-88.71 0. 88.49
13:29 44.82
Change
5
.99" down 44.39: 150 downe
18.53" 30.30 29,58 - 72 dowD 60.76 87.8787.46 41 down Azia Lands, Limited, has received the following report from their Now York correspondents, E. A. Parce & Co. Is looked as though a sub- stantial amount of distress selling, the aftermath of the past three days, was cleaned up this morning. The markét obviously has better support. and greater degree of resistance. However, instead of a spontaneous: quick re-bound, thế márket may amply stabilise and turn quieter, Wheat The Chicago market suspended trading today: Winnipeg whest fluctuated over de limita in early selling on Eastern and Chicago interests. This liquidation, with stop-loat selling, was well taken. The consensus of opinion was that the worst had been soen... Cotton: Values opened higher on overnight buying orders, mostly on Trade account. The advance attracted renewed liquidation, causing prices to drop sharply. The West Helt has been raidees, with showery con- ditions in the East Belt. Silver: This market felt the influence of" further liquidation encountering stop-loss selling orders: Later banks began buying, particularly after news of the silver agreement having been reached at the Lohdon Conference Trading was bewyy, Unti further notice the New York stock exchange will open at twelve noon instead of at ten o'clock.
Business Done: 4,990,000 shares.
1832 Dry, 3.
Low Peb. 8.
Нов 1011
3072.00 Air Reduction
6.00 Allied Chemick) & Dye. 4.00 American Can
Amerimiïk: Brief
8.00 American Tel &
1888
LAST BALK July 21 July 29.
115 113
119
181
40%
1371
3
409
1.00 American
Aca
2:00 A
181
201
15.06. "American dupbiec
Copper Mining
tion
31
991
.04
HONG SLING
57
3:40
Peterpá
Hán National Banf
Consolidated. Gag <
out de Nem
3.00 Eastman Kodak ......
Electria Auty Liter
6% s. Electric Bond
→
Electric Fo
£60 Gend
Montgomery:) Ard;
2,80 Netirmal Biscuit 1.00 National City Ban
National Dairy Pr
0.60 Otis Elevator... 2.00 Pacific Glas & Elect
Packard Motors
0.50 Fennsylvania Railway Radio Corpn..
1.00 Union Car 6.00 Union Pacific
United Air 0.40 United Col
United States Westinghouse E