Ballere
-
Sharebrokers'
Association
61m
Bayar
DAILY SHARE QUOTATIONS
Hong Kong Stock
Baysi
Exchange
$1,835
FRIDAY.
Nominal FEBRUARY 16,
53373
Banks
H.K. Banka **** $1,895
Do. (London) ...
Chartered Banks... Hercantile Bks "A"
Da..
Bank of East Asis,
Insurances
$230
F18 eest
£12
308
N. 0. & 3. Barka
$20
Am O. Fin.Corp:
8.
$1
Ch. Fia. Corp. Ord. 3.
Do.
Prof. S
Canton Insurances...
9310
$1.60
Underwriters
314
3670
Union Insurano... 1860
$5.5
China Fires****
3425
$286
16.30 Laternational Assce..
FI.K. Fires.
$376
Shipping
$35
Douglases
#12)
Steamboate
130
Indoa (pref.)
$33
Do. (def.)
Shella
$11
Waterboate
32.60 80 gta. $14
185 ats.
$40
Balatcos
80 ete. Amtamoks
42 ota. Baguio Gold
840 Benguet Consolidated
خاب 130
971
HONG KONG DAILY PRESS, SATURDAY, FEBRUARY 17, 1934.
MONEY AND MARKETS
THE EXCHANGE MARKET
MESSRS. ROZA BROS.
REPORT
LONDON EXCHANGE RATES
Silver prices rose to the extent of 5/16 over the holidays, quotations being 20 3/18 for Ready and 20 for Forward. Silver ad- vices reported speculators as hav- Ing operated both ways. The tone
America the Helsingfors was uncertain. In
Lisbon.... rate was substantially higher at 45 Hongkong
was The market
Madrid 3/8 for Bpot.
Geneva
(BRITISH WIRELESA SERVICE)
205 12.89
1/8 3/32 21.79
Оп Amsterdam Athens
Sterling Parity
Feb. 19.
the
Belgrade... Berlin ...... Bombay Brusseln Bucharest Buenos Aires Copenhagen ......
19.10 Florin 373 Drachuse 276,318 Dinars 20.43 Marks 1a. 8d. per Ruper
7.571
Feb. 14. 7.55
534 S.
525 S.
227
12.914
1/8 1/16
30 Belgus
21.884
..... 813,568 Lei"
510
510
47.58d. per Pesa 18.159 Kroner $5.294 Franca 193.23 Marka
36 8.0.
361 8.0.
22.40
22.40
16.58
15.72
228
2281
1/6
1/81
110 Escudos 25.22 Pesstas
109%
1091
37 19/32
37 15/32
92.48 Lire.
58
57 13/18
50.88d. por Peso
371 8.0.
98 8.0.
5.08
5.071
5.04
5.031
Osto
18.159 Kroner. 19.90
19.90
Paris......
Prague. .................
124.21 France 164.25 Kronen
77 11/32 1031
77.3/32
1113
The
Rio de Janeiro ... 98.90d. par Gold
Shanghai Stockholm,
4 3.0. "1/48
41 8.0.
1/41
19.394
19.39+
Vienna.
28+
281
24.584. per Yen
1/21
191
1/2 9/32 201
.19 15/16
24% 101 15/18
20 5/18 2017
New York advices reported the Milan
Montreal opening rate at 5.03 and the Montevideo New York closing rate at 5.03). The market was steady.
STO
firm.
$181
230
$35
$11.
$11
78 CIA.
49 ct, $381
21/32 fot
116 ata.
[321ots. Do.
Exploration
Do. Goldfield
26 at
Big Wedge.....
Hi
Gold Creok..
$7
Itogona
Ipo Mining..
98/9
Kailans
****
$7
$17
Langksts (single) B
$17
$1.50
Explorations...... B.
16.80
Shanghai Loans 8.
$8.40
Raabs teen...
Tronoh Mines
19/-
Venezuela fold Fide
381
$118
H.K. & K. Wharves
$118-
$3 70
39.75
Do. (new)
80 ot.
86 cta.
H,K. & W, Docks
$13
W
$2
SR
Do.
"A"
$140
Shanghai Docks S.
33 *** $146
$6.80
New Engineering 8.
***
$354
Hongkow
Lands, Hotels, and
38.30
36.33
$8.33
4773
328
$14
$6.30
$22.6
Docks, WhaZTOS, Godowna, eta,
Providente (old)
S. China Motors' A
Buildings
H.K. Hotels
H.K Landa... 373
Shanghai Landa...8.
Metropolitsa Lazda..
H.K. Realties..........
$15 China Dod
Do DeboaturesS. Humphreys
New Asia Hotel'
$140 Asia Realties "A".
Do.
3137
$11.30
$13, Ewas...
Shan Cottons......S
Market
Steady at the opening but lat- er armed up considerably. tone was strong.
Sterling
The market opened with sellers Yokohama
near
at 1/6 5/16 but business was soon Silver (spot)
de-silver (forward) done at 1/6 11/32 for
War Loan livery followed by transactions at 1/8 13/32 for March. 1/6 7/16 for pear, 1/61 cash, 1/6 17/32 March, cash, and 1/8 9/16 March and also for February. The market closed at lunch time with sellers at 1/8 17/32 for February and 1/6 probably at 9/16 March, buyers 1/6 9/16 for cash and 1/6 19/32 March.
U.S. Dollars
Business was done early in the morning at 384 for cash but sell- ers soon came out at 38% at which rate business was done for March delivery followed by transactions delivery. Subsequently for near
39 was done for March and also last day of February. The market closed at lunch time with sellers at 38 15/16 for near and 39 March, for cash Buyers probably at 38 and 39 1/16 March,
Yen
:600
ex div. 3113
Nominal, 129.
"BE.
$20
397
Chinese Estates.....!
Cotton Mills
$134 14
$118
813 Zoong Sings......S.
$131.
170
Wing On Textiles/S.) $70
Public Utiliting
Tramways.********
($22.00
*322.60|
$15.00 Poak Trains (old). 372
Do. (new)...
Yaumati Ferries...
China Lights (old)... $9 60
Do. (now)..
Do. Rights
H.K. Electrica ...*****
Macao do,
Sandakan Lighta...
Do. (old)...
315)
371
$95
323
18.70
+6#
$78
Shanghai Dollars Sellers at 110 for cash.
Shanghai
sellers
Early advices indicated at 1/4, 7/16 but subsequently the market frmed up to 1/4 11/16, buyers probably at 1/43 for cash.
U.S. Dollars.
Opened with sellers at 347-but the selling rate gradually, rose to 351. buyers probably at 351 cash.
IN THE AFTERNOON
Strong.
Market
Sterling Business was done at 1/5 19/32 for March followed by transac tions for cash and 1/6 March and cash. Towards the close 1/8 21/32 was also done for March de- livery, finishing with sellers at 1/6 February and 1/5 21/32 March, buyers at 1/6 21/32 for cash and 1/8 11/16 March.
U.S. Dollars."
.
1944
Star Ferrien
$941
39 EU
101
123
E
#251
Telephones (old}
$28
$:3
Do.
(new)
$14.85
$73
China Buses......8.
48
Tretions
15/.
Do. (pref.)....
Industrials
5141
Malabon Sugar
$16
$21
Caldbeck, Yord.) 8.
$19
Macgregora (prof.)8.
Canton Ives
$1.80
Cements (comb.)....
31.90
53
Do. (new)...
$1.90
$7.10
Ropes
$6.30 $81
...
Miscellaneous
$291
Dairy Farma suosmens Der A Wing.........................
$20
Amusemente "ma i
$5
$101
Ch. Rainmont......
$10
12
52 ct.
Constructions, (old)
Dio.
$1.90
new cta
34.10
Lane Crawfords......]
$4.10
Macintosha zizoniert
Nanyang Tobacco.... $4
313.10 Binceres ...............
**131
37.80 Watsons
17.60
U.S. Dollars...... Sellers at 35 3/18 for near, buy- ers at 35 5/18 February.
$7:00
Wm. Powells....
31.10
$2
M. Greyhounds...
8. C. Enterprises
$13
32
United Theatres... 6.
81
B. Int. G. Bonds....E0%
18
Wallace Harper.....
3140
,מוות
HB. Gort, Loans... $106
A.K. Wing On
S'ha Do.
Asia Lands Limited
Gloucester Building
Tel. 26631 (Two lines)
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 (Dally] Press,
Canton Agenta.
John H. Ferguson & Co.
39, B, C. Shamsen.
Tel. 18624.
4867 Dollars 4.867 Dollar
Milreis
18.159 Kronor 34.56 Schillings
Closing Quotations
ON NEW YORK!-
Bank Bills, on demand 274 Credits, 80 days' sight.. nom OS BATAVIA Z
On demand
Credita; 4 months' sight 615
February 16, 1934..
ON
LONDON!-- Telegraphic Transfer... Bank Bills, on demand Bank Bills, 4 month
sight
I BE
ON PARIS:***
Credits, four months'
Bank Bills, on demand 57"
sight
1/02
ON
SHANGHAI:---
ON SAIGON:
On Demand
110
.On demand
ON MANILA:-
83
On demand
ON BANGKOK :-
On demand
1241
On demand
Telegraphic Transfer...
Bank, on demand
ON SINGAPORE:--
On demand
ON JAPAN →→→
ON INDIA:
SOVERSIONS, Bank Buying
Rate
BAR SILVER, per ok
5:
742
1241
20 3/16
MR. R. MCKENNA EXCHANGE DIFFI-
On Inflation's Part In British Recovery
CULTIES
China And Argentina
"Deliberate inflation" as the
(Special Air-Mall Service)
London, Jan. 27," most important element in Britain's trade recovery was commented up- on by Mr. Reginald McKenna,
Last week's article has opened up chairman of the Midland Bank, as interestisg inquiries on the working the bank's annual meeting of the Eastern exchanges, and one's London recently.
sympathies are all with those who After criticising the
encounter difficulties, since admit- to a managed currency, he added: tedly the problem of silver and the
There is similar shrinking from exchanges recognition of the fact that infia-
objection!
tion is sometimes destrable. The
word inflation is in constant use
as a term of reproach; but just as deflation may be good or bad ac
at the cording to the conditions time it is put into operation, so also with inflation.
is,
'metaphorically The principal stumbling-block speaking, rather a Chinese puzzle.
rates, or, rather, the finding of appears to be the method of quoting equivalent rates, and the writer has been urged to be as simple as possible in his explanations. ·
At the risk, then, of treating "Not a voice has been heard 'in protest against the inflation we readers as babe and sucklings" in have, experienced in the past two these matters, examples are given years. The fact that inflation haut illustrate the conversion of one been undertaken quite deliberately Eastern currency into another. on a large scale is simply ignored, Suppose a merchant has a rate in Business was reported at 39 1/18 and the fact that this inflation Hong Kong dollars and wishes to for near delivery. The market has been the most important ele- find the equivalent in Straris dol- are, say, Is, Ed. and 2s, 4d respec- closed with sellers at 39 for nearment in our trade recovery receives lars, and that the rates on London tively. In all such calculations it no grateful recognition. and 39 1/18 March buyers at 39
Bank Deposits for near and 39 3/16 March.
"The public are not in the hablis wise to work equivalents per 100, Shanghai...
as closely at Mathematicians dislike this rule, as of observing variations in the and to adopt that bete noir of quantity of money variations in the Bank rate, but mathematical masters, chain rule. the figures of bank deposits show it is supposed to lead to mechanical the great increase since February reasoning; but, all the same, it is much used by Eastern exchange 1932 of nearly £300 millions. much additional purchasing power operators. With two such quota- has been put at the disposal oons the computation may be set
Straite $ . =100. H.K, $ the public by the action of the out in this way:--
If I HK. 8, 14 pence Bank of England in buying first
1 Straits $ and 998. securities and later gold.
== 50 Straite $
Firm. Sellers were indicated at 1/41 for near, buyers at 1/4 cash.....
H.K. STOCK MARKET
WEEKLY REPORT
BC
100x14
19:3
"We have seen a revival of busi- ness and a return to employment. accompanied by a comparatively slight rise in the price level; but
Now, if the Hongkong dollar as the recovery has not been at- tended by any of the dreaded hor stood at is. 2d., owing to a low price rors of uncontrolled inflation, no of silver, it would be natural, as one, recognises it for the deliberate stated Inet week, for local dealers in Singapore to order their goods inflation which it really is."
The Government policy of chear from Hong Kong rather than from Consisting, as it did of barely three working days, owing to the and abundant money, primarily London, since for every $100 Hong for the specialKong curranty they would have to intervening China New Year, it was embarked upon
13
PRESIDENT Liners
N.
Fastest Time Hong Kong to San Francisco. Speed with Comfort.
To SAN FRANCISCO 18 Days via Shanghai, Kobe, Yokohama, Honolulu
Fortnightly railings Pres. Hoover ...Feb. 24, 10 am. Prea Cleveland...Mar. 13. Midnight Pres. Coolidgo...Mar. 24, 10 am. Prem Taft Apr. 10, Midnight Fros. Hoorer....Apr. 21, Midnight ROUND TRIP FARES TO
TO VICTORIA, SEATTLE 17 Days
via Shanghai, Kobe, Yokohama
Fortnightly sailings Pres, Grant... Mar. 2, Michight Pres. McKinley ...Mar. 18 Midnight Free, Jackson.....Mar. 30, Midnight. Apr. 13, Midnight Pro. Jefferson
EUROPE & AMERICA,
Direct
Special through rates to Europe via United States.
Choice of rail lines across connections with all Atlantic lines. United State sid Canada, liberal stop-ovar, privileges for Sightseeing. Full particulare upon application.
Fortnightly via Suez to Europe & America
Fortnightly sailings on Saturdays vis Manila, Straits, Colombo. Bombay, Suez Canal, Alexandria, Naples, Ganos, Marseilles, New York and Boston,
Pres. Eaves ... ...Feb. 17, 8 a Pres. Johnson "......Mar. 8, 8. Pres. Monroe ..... Mar. 17, Fam. Pra Van Buren.Mar. 31, 6 am.
Pro, Garfield Apr. 14, 8 a.1). Pres. Polk.....Apr. 38, 8.m. May 15, 8 a.m. Pres. Adams ........ Pres. Harrison May 26, 8 mm.
TO MANILA
Next Sailing.............. Pres. Hayes Feb. 17, 8 a.m.
Pres. Grant ....... Feb. 24, 6 pm. Pres. Johnson Mar. 3,8 a.. Prea. Cleveland. Mar. 8,6 p.m. Pres. MoKinley ...Mar. 10, 6 pm.
"Pres. Coolidge.......Mar. 15; 9 p.m. - Pres. Monroe........Mar. 17, 8 am Pras. Jackson.......Mar. 14, 6 p.m. Pres, Van Buren... Mar 31, 8 BES
Connecting with 8.8. MAYON TO CEBU, ILOILO, ZAMBOANGA
STEAMSHIP MAIL
DOLLAR
AMERICAN
YEDDEZ ZUILDING-HONG KONG.
CANTON BRANDE :Ą, SĦAKËR, ROAD.
LINES LINE
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS (INCORPORATED IN HONG KONG).
Tel 28380-Gloucester Building, Room 308.
"{REUTER'S 'AMERICAN SERVICE)
New York: February 16.
Dow Jones Averages High-1933/34. Low: Feb, 14.
20 Industrials
20 Rails
20 Utilities
"40 Bonds
Commodity Index
Change 108.30 1.6% up
Feb., 15.
110.74
30.18 106.78
56.94
25.43 30.70
31.84 1.14 up
37.73
19.33 28,66
**01.40 80.44
78.31 91.49
: 41.99 54.64
29.16 ..50 up 91.9 60 ap 54.92.38 up
-Axia Landa, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. It seems that the course of the market since the end of last week tas demonstrated that the irregularity was not fundamental and was simply a temporary break. So long as general business news continues favourable, with principal business indices showing increased activity, we think that the buying side is relatively safe. Wheat: Market dull. The strength of securities and cotton helped by European political news restrains pressure, although the Liverpool market was not disturbed.
Cotten: The rally attracted Southern selling and there was quite a bit of realising. There was some uneasiness due to delay in the passage of the Bankhead Measure.
Silver: The general undertone was steady in sympathy with the stocks market and on continued talk of remonetisation possibilities. The banks were big sellers.
Business Done: 2,880,000 shares.
1935 HIGH Low +
434
181 161
LAST SALE
Div. $
Feb., 14: Feb, 16,
PRE SEL
$1014
3103
4
119
471 3.00 Air Reduction
1514
154
156
704
LU%{
49
8.00 Allied Chemical & Dre 4.00 American Can
105
1062
18
101
-#
American Radiator.......
497
501
55
10
-
American Smelting..
1214
1221
13st
$6
9.00 American Tel & Tel.
+!
76
782
944
603
6.00 American Tobacco
231
234
1.00 American Waterworks...
18+
171
2x
Anaconda Copper Mining
531
5143
841
31
2.00 Auburn
Bendix Aviation
.201
-217
226
25 xd
25
31⭑
18
160 Borden Company
20%
76.
-Canadian Pacific
79.
814
103
But
alg
0.50 Caterpillar Co........
30 xd
317
40%
157
1.40 Chase National Bank
28 bid - 291bla
561
-581
1.00 Chrysler Motors
31 3.40 Consolidated Gas of N.Y."
432
432
4+
41
Curtiss Wright
3
1021
2.00 Du Pont de Nemours .........
1004
1024
46
3.00 Eastman Kodake
88+
90
24
10
Electric Auto-Lite Co.
27
281
48
10
#%, Electric Bond & Share ......
198
201
Electric Power and Light...
0.40 General Electric
221
1.60 General Foods ....Se
301
41
10
113
201
151
not to be expected that the past object of converting national debts pay only 50 Straite dollars. Given week could be an active one. to lower interest rates, had been a rise in exchange, owing to an ap-201 Rates, however, remained quite in farce for nearly two years, he preciation in the price of silver to, steady throughout the period, and said, and the success of the policy say, 18, Bd. for the Hong Kong in maintaining the general aver-dollar, by the same chain of reason- even to-day, although the resump-
100% 18. tion of business was purely nomin-age of prices at a level which rening we find t al, buying orders for different sec-dered production profitable was to- tions of the list were not lacking.
Business Done During The Week.
Hongkong Bank, $1835. Union Insurances, $575 $576. China Providents (New), 75 cta.
85.cts.
Hotels, 86.35. Tramways, 822.60. Star Ferries, 3941. China Lights (Old), $9.80. Telephones (Old), $28. Telephones (New), #13. Canton Icea, 81.80.- Antamoks; 80:cts. Benguet Explorations,
32+ cts. China Buses; Sh. 813.40.
day beyond question.
"For the time being; there in ne need to
BG
84.28
concern ourselves with and therefore 100 Hong Kong dol- any metallic basis for our currency.lars are worth 04.28 Straite dollars. Our own standard, based on the In other words, the local dealer general commodity price level, would have to surrender 14.22 the one best suited to the needs of Straits dollars more than be would of population; when, owing to a low price of the great masses
silver, the Hong Kong dollar was throughout the world...
Until the world has learned how, rated at 18, 2d., and as this repre to secure exchange stability with senta a high percentage on the cost out leopardy to stability of pur of the goods, he naturally tends to chasing power, our inflexible task place his orders in Singapore rather must be to demonstrate that wise than buy them through Hong Kong management of a monetary unit Hence the Hong Kong mercantile cts with no axed attachment to gold agent's buying from London falls is both practicable and in its-re-loft and that of the merchant in suits highly beneficial" Bingapore increases.
378
22
1.00 General Motors
1. Gilletts Safety
1.00 Gold Dust
0.60 International Harvester
International Tel. & Tel.
4.00 Laggett & Myers" "B"
Montgomery Ward
+86 x 85
84
100 Loew's lo
322
82
337
31
980 National Biscuitumikian
1,00 National City Bank
281bid
·201
1,20 National Dairy Products
157
0,00. Otis Elevator
17
17
-10 Pacids, Gas & Electric IKE
Packard Motor
21
44
38 xd 271
Radio Corpn.
7-
17
wha Pennsylvania Railway
Sears Roebuck ...
1.00 Btandard Brands
Standard Gas The 1.00 Standard Oil Cof
*Jersey
Bocony-Vacuum “Corpn.
1.00 Texas Corporation
Trans America
1.00 Union Carbide & Carbon
22
194
30+
133
∙101 MIT
80
144.
234
101
404
Union: Facise
130
United Air and Transpor
United Corporation wit
United States Steel
571
Westinghones E. & K
•BRESTRES***CER REEFSETFEE