NORD LLOYD
PALMÉN
HAMBURG-AMERIKA LINIE · NORDDEUTSCHER LLOYD
Far Eastern Mail Passenger and Freight Service
Through bookings to America via Europe and Europe’via America. Bookings around the world. — Through bookings to London,
OUTWARD SAILINGS
* (NDL) 1.3. " ALSTER *.................... for Shanghai, Taku, Dairen, Tringtau, T'hacs., Nagoya, Kabe, Osaka +(HAL) m.v, “SAUERLAND".for Shanghai. Dairen,
19th, May
Taku,
Kobe, Osaka, Yokohama, Nag ya..
ded May
... for Shanghai, Taku, Dairen, Tsingtan, Thama, Nagoya, Kobe
31st May
* (NDL) 8.8. “DONAU”.
+(HAL) 10.7. “ BURGENLAND"
+ (NDL) 4.4, “SCHARNHORST”
for Shanghai. Taku, Dairen,
Tringtau, Kobe. Osaks.......................6th Jane for S'hsi. Yokohama, Kobs...... 11th June `HOMEWARD SAILINGS
··*(NDL) = a ** TRAVE" for Genos, Miles, Casablanca, a
R'dam, Hamberg, Bremen...26th May (NDLSCHLESIEN...for Marseilles, Oran, Havre, A'werp., B'dam., Hamburg, Bremen
19th May
31st May
†(HAL) m v. "RAMSES "...
for Genos, Rotterdam, H'burg.
† (NDL) 1.8. "SAARBRUECKEN"
for Gunca, Barcelona, C'lauca.. Dover, R'dam B'burg,, Bremen......
• (HAL) .." OLDENBURG" for Genos, Marseilles, Antwerp.
R'dam, 'burg *(NDL) 8.5. ALSTER" for Gonos, Marseilles, Oran, Casablanca, R'dam., H'burg. Bremen
4th Janu
13th Jane
20th June
22nd June
†(HAL) 0.7," SAUERLAND" for Genos, Barcelona, R'dam.,
Hamburg......
Passenger Vessel. Limited Passenger Accommodation,
N.D.L. HONGKONG/SOUTH SEA ISLANDS SERVICÈ. 18." FRIDERUN " 2nd Jace, to MADANG, SALAMATA, BABAUL and Porta
For further particulars and passage fares, etc. apply to:- HAMBURG AMERIKA LINIENORDDEUTSCHER LLOYD JEBSEN & CO., AGENTS,
12, Pedder Street, Tel. 28363.
CANTON
MELCHERS & CO., AGENTS,
Queen's Building, Tel. 28378." AGENTS:
CARLOWITZ & CO., Shakee Road, JEBSEN & CO., Sharaven. B. Ö.
JAPANESE COMPETITION
Professor Gregory On Remedial Measures
of
The Association
British Chambers of Commerce publishes (at one skilling) à memorandum on Japanese competition prepared by Professor T E Gregory, of the University of London (formerly Manchester University). This memòradum is the outcome of steps taken by Sir Alan Ander- son and others interested in the study of the question, The as- Sociation has expressed no opinion upon the information set out in It-
*
con-
Professor Gregory's pamphlet "is a closely written plece of economic to summarise argument, difficult without distortion of his clusions. He starts with an all- alysis of the facts of Japanese competition, Its growth and magnitude. He then discusses re- medial measures. first from the point of view of Japan, secondly from that of other countries.
In cunsidering the question of Japanese competition, three broad alternatives are
country.
open to.
1. Leaving economic forces
work themselves out!
2. Restrictive measures;
this
TII
3. Co-operation with Japanese
interests.
RAW MATERIALS
The disadvantages of a policy of discrimination must be frankly faded. They appear to be four in number. In
first place. the there is the danger of retaliation. It is possible to discriminate. against Japan: but it is also
possible for, Japan to discrimin- ate. So far ALS Great Britain herself is concerned, the balance of advantage is in all, probability in ̈her" favour-le.. the markets under Great Britain's control are, of greater potential importance to Japan than Japanese markets be to Great appear likely to Britain, so that a "tari war, whilst inflicting losses on both sides, would probably indict the 'greater losses upon Japan.
Nevertheless, it là desirable to take; indirett as well as direct losses into account: in so far as Japanese raw material imports. were checked drastically as 2 consequence of a check to her exports, part of the consequential loss would be transferred to Great Britain through a reduction of sales to areas whose incomes were affected by a reduction of the prices of raw material exporta. ⠀
INTENSIFYING COMPETITION " Secondly, there is the danger that Japanese competition in, all neutral markets (especially the
Far East and the South American States) would be intensified; "so that the net effect of discriming- tion would be not a diminution
of Japanese competitive pressure,
as such but only its tion in particular areas.
concentraTM
is now
Thirdly, there is the danger of rousing resentment in those areas. subject to British jurisdiction where the consumer, in conse- querice of discrimination, forced to pay a higher price. -
Fourthly, there is the danger that in checking Japanese imports lato a given market no particular bene- at will result to the British manu- facturer, simply on the ground that at the prices at which he can lay his product down demand is too restricted; whereas if a cheaper Japanese product were allowed to be sold there is the chance that (a) the cheapness of the Japanese product will allow a margin for the purchase of other (including Bri- tish) goods; (b) the introduction even of an inferior (though chea- per) article may help to create higher standards of Hie from which British manufacturers may in the long run also benefit.
CO-OPERATION *
.
Such a policy could hardly be ing the danger of war upon a great carried out 'without greatly increas
scale. There is some danger also of overlooking that a polley of dis crimination does not in any way remove the grounds of complaint which are brought forward as the
HONG KONG DAILY PRESS, SATURDAY, MAY 18, 1935.
THE EXCHANGE
·MARKET
MESSRS, ROZA BROS.
1
LONDON EXCHANGE RATES
main... 38. Bolgas www.wwe........ 933,668 Lei 47.56d. per Penc 18.169 Krone: 1595.22) Franer
193.93 Mark
408
(BRITISH WIRILMA" SERVICK Stering Parity May, 15
12:10 Florina
7.20
May? 16. 7.22
$75 DrachmRS 970,316 Dinara ...................... 90.43 Murks
12.19
12.164
28.84
28.94
4821
15.09
15.134
2/4.11/16
2/51
110 Esendos 26.29) Pesetar
99.45 Eir 50.68d. per Peso 4.867 Dolları
35 23/32 59 3/16
4.887 Dollars
4.88 4.883
4.881
4.891
18.159 Kroner
194.21 France 74 3/64 164.25 Kronen 20.93d. per Gold Kilreia
74 9/33
1177
117
Friday, 17th May,
Amsterdam Silver prices rose 1/8 yesterday
Atheri for both deliveries, the quotations
Belgrade being 35-3/8 for Ready and 35-9/16 Bombay... 12. 6d. per Rupee
Berliner for Forward.. Silver advices Brusselsio ported China as having. bought | Bucharest and India as having sold Spe Buenos Aires w......... culators operated both ways The Copenhagen market was uncertain and after Geneva the official Axing business was Helsingfor done at 1/8 over the quoted rates. Hongkong India sold. In America the rate Lisbon was unchanged at 77 at. Spot. Madrid
The New York/London cross- Milan.....! rate opened at 488-1/2 and closed Montevideo at, 489-5/8.
Montrea! New York BONO ..*****
Paris Prague Rio de Janeiro
Market.
Opened uncertain and sequently steadied up, but towards lunch time eased off owing to demand.
Sterling
45
the
- There were sellers after opening at 276-3/4, buyers bidding 2/5-7/8 résulting in business at 2/5-7/8 for Jude and 2/5-15/16 for July. The market then steadied up to 2/8, at which rate, business was done for near deliverf, follow- ed by transactions at 2/6-1/8 for July and 2/8-3/16 August. At this stage, the market re-acted and the buying rate receded to 2/8 for near with business done at 2/5- 15/16 for cash 2/5-7/8 for near delivery. The market closed af 1 pm. with sellers at 2/5-7/8 May/ June, 2/5-15/16 July and buyers at 3/5-15/16 May/June and 2/5-1/18 July,
ų
U.S. Dollars
Business was done during the early part of the morning at 80- 13/16 for June and cash. Sub- sequently the market steadied up and transactions were arranged at 61/1/8 June; 61-1/4 June, 61-5/9 August, 61-5/16 July, 61-1/4 July and 61-3/16 July. The market closed at 1 p.m. with sellers at 60- 7/8 May/June and 61 July, buyers at 61 May/June and 61-1/8 July.
Shanghai Dollars. Sellers were quoted at 146 for near delivery.
Shanghai Market, Opened with sellers at 1/8-7/16 and than eased off to 1/8-3/8 for cash. Slightly easier. U. S. Dol- lars started with sellers at 41-11/18 and then dropped to 41-9/15 for cash. Slightly easier,
IN THE AFTERNOON
Shanghai Stockholm .......... 18.159 Kronor Vienus......... 34.68 Schillings Yokohama... 24.58d. per Yen Silver (spot) Silver (forward) War Loan
ON LONDON :-
354 35 7/18. 24% 34% 1081
Closing Quotations
May 17 1933.
Telegraphic Transfer... Bank Brils, og demand}× 54
Bank Billa, a mouthi'
aight
Credits, four month 20
sight
ON SHANGHAI :--
On Demand
ON BINGAPORE!—
On demand
ON JAPAN:-
On demand
ON INDIA:—“
Telegraphic Transfer... 1 Bank, an demand
ON NEW YORK ?***.
35 27/32 59.5/16
1/8ld.
35@
37- 9/16
31% 106}
Bank Bills, on demand 301 Credits, 80 days' right. 62j. ON BATAYL:-
On demand
*****... 87
ON PAKIS
9/61
Bank Billa, on demand 900 Credits, 4 months' sight 900
UN BAIGON:-
143
On demand
801
ON MANILA:-
1041
On demand
110
ÜN BANGE—
201
On deband
701
SOVERKIGNS, Bank Buying
Rate
181..
BAR SILVER, per an
2/61 35
H. K. STOCK
EXCHANGE
YESTERDAY'S OFFICIAL
QUOTATIONS
The volume of business transact- ed during the week was on a re-
The market was quiet in the stricted scale, but buyers were in afternoon.
evidence for most counters.
SterEng
In Sterling business was done at 2/6 for July and 3/5-7/8 for near The market closed with sellers at 2/5-13/16 May/June and 2/5-7/8 July, buyers at 2/5-7/8 May, 2/5- 15/18 June and probably July.
US. Dollars Business
was done
at 81 for June and 61-3/16 for July Anish- ing with sellers at 60-7/8 May June and 61 July. buyers at 61 May/June and 61-1/8 July.
H.K. SHAREBROKERS.. ASSOCIATION
Spread Manage
BUYERS
Banks, $980. Nat. Com. Bank, $41. Douglases, $381. Antamoks, 67 cts. Beng Consolidated, $10. Beng Explorations, 12 cts. Big Wedge. 7 cta.. Salacots, 11 cts. Yaumati Ferries, $17. Lights, $8.35
Cements, $6.
Entertainments, $5.
Constructions (Old), $1.30.
Constructions (New) 30 cta.
Gold Bonds 02 per cent.
VESSELS DUE
Balers,
Agapanor, B. & 8., June 4, Agra, Gilman's, Har
28. Alipero, P. & 0., June 5. Alster, Belchers', Aramis, Messageries, June 14.
May 18, Athos Il. Messagorica, Jans 1.
P. & O., June 11. Gibb'a,
May 17. Bintang. Thoresen's, May 21. Hokuyo. Maru, N.T.K., May 21. Burdwan, P. O., May 14, Burgenland, Jekson's, June 6. Canada Maru, 0.3.K., Juns 11. Carthage, P. & O., June 12. Changte,
9., une 7, Chenonceau, Messageries', May 21. Chichibu Maru, N.Y K., Yay 21. City of Wellington, Bank Line, Jane 9. City of Yokohams, Bank Line, June 6. Conte Vards, Lloyd Triestina, June 1. D'Artagnan, Messageries, May, 18. Union Insurances, 9360, $365, Donau, Melchers', May 31.
$380, $355,
In spite of the firmness in Ex- change Banks and Unlons were in good demand.
BUSINESS DONE DURING THE WEEK
Hong Kong Banks, $1,020, $1,025,
$1,000, 8990.
Waterboats, 811.
Providents (Old), 80 cts.
Hotels, $4.05.
Lands, $35, $35.
Tramways, $13, 12.90.
Electrica, $60, 8601, $60.
China Lights, $3.40, $8.35.
Empress of Asís, C.P.S. May 23. Empress of Canada, C.P.S., June 7 Empress of Russia, C.P.S., June 19. Frideru, Malchers', May 28. Fukuken Maru, O.S.K., May 25. General Lee, States Co., June 7. General Sherman, States Co., May 24. Golden Dragon, Statue Co., May 31. Hague Mar, 0.8.K., May 20,
Ning, Douglas', 'May 23.
Hai
"Telephones (Old), $19.15, $184, Hakone Maru, NYK., May 24.
$19. Cements
$8.20.
(Converted),
Dairy Farms, $14.
25.80.
CHANGES (3.15 P.M.) CLOSING
QUOTATIONS
Buyers
Electrics, $583.
Raubs, $4
Hotels, $4.00.
Lands. 833.
Buyers
China Lights, 88.55.. Electrics, $60.
Cements (Converted), $6.20.
Hakozaki Maru, N.Y.K., May 2 Harana Mara, 0.8.K., May 31. Havre Mora, 0.8.5., June 4. Hawaii Maru, 0.8.K., June 3. *Hector, B. & S., 23.
May Hozan Meru, 0.8.K.,
ini Stator Co.. June &." Trisbank, Bank Line.
Izien, B. & S., June 14.
ONE
Line,
Kitam Maro, N.Y.R.,
May 24.
June 7,
Kwanto Mara, 7.8.K., June 10. Lossiebank, Bank Line, May 22.. Mantua, P. & C. May Maron, B. & S., Jun, 19. Mesesthens, B. &... Memnon, B. & 8., May 22. Moncalieri, Lloyd Triestina. May 20. Montevideo Maru, 0.8.K., May 21. Mureren Maru, N.Y.K., May 19. Nankin, E. & A. 8.B. Co., June 5.
Govt. Loan 3 per cent, 2 per BERLIN BOURSE Nanking, Gilmer's, June 3,
cent
SALES
Lands, 833. Lights, $8.35 Electrics, $60, Cements, 86.20.
None of the arrangements sug-
Berlin, May 18. Yesterday's upward
trend on sharemarket was to-day actively continued, the prices ris- ing as a whole with special values
the
Niel Maersk, Jebsen's, June 2. Peiping, Gilman's, Jane 20. Perseus, B. & S., May 19. President Johnson, Dollar's, May 24. President Taft, Dollar's, May 27. Ranpura, P. & O., May 31. Roseville, Bank Line, May 93 Bearbroecken, Meishers, Jane 4. Sauerland, Jebeen's, May 1. Banyo Maru, O.S.K., May 27, Scharnhorst, Melchers, June 11. by the annual balance Schlesien, Matchers', May 29. with Japanese interests. Such co- judgment on these matters must sheets acted as the stimulus. Fix- Selandia, Dodwell's, Mar 29. operation may consist in:
1. Reservation
be governed by the view one takes ed interest securities were not uni- Shunko Mar, 0.5.K., May 19. of particular of
fundamental form, prices varying only slightly Birdhana B.I. (Apcar), June 11.
Sinkiang, B. & S., Mag a series of areas to the producers of the two matters: (1) The significance of either way... countries-the policy of the geo- Japan's lower standard of ifte as
Singapore Marn, O.S.K., June 5, Call Money 21 to 3. Young Loan Bomerville, Bank graphical "clean cut.."
Line, May 21. a vital element in international unchanged 10%, Reichsbank un- Bumatra Mar, 0.8.K.. June 2. 1. Reservation of the manu- competition; (2) the place which changed, Dyetrusts gained 1 to 146 Talmas, B.L. (Apear), May 28.
Sydney Mar, 0.5.K., Juno 6. facture of particular grades of a foreign trade must take in the 5/8, Salzdetfurth Potash rose 1 Tands, E. & A. 8.8. Co., May 29. given commodity or the entire economic life of the British and to 1694, German Steel Trust & up to Tango manufacture, of particular com- Japaness, (3) the chances of 81, German Mineral Oils rose 1 modities to the industrialists of world recovery, which would dim- to 1111. Siemenshalske better 1 each country-the policy of the inish the intensity of the struggle to 1851. Bemberg Rayon 1 higher functional "clean cut."
and diminish - also the necessity at. 1123
short-run justification for the po-gested above is perfect in the soaring. The favourable develop ez. The alternative positive policy sense that no objections can be ment of German economy as evid consists in a policy of co-operation
raised against it. In
the end enced
1:
ill. The policy of contingents either for restrictive or co-opera- Transocean Kuo Min.
-Le.,
tive measures; (4) the non-econ- 1. The fixing of maximum oremic. répercussions of any minimum absolute amounts to measures taken; (5) the reaction, be consigned to, particular of a policy. either of co-opera- areas by the nationals of each tion or of restriction upon the country into a particular mar-fiscal and commercial policies of ket.
other countries. A-full discussion
2. The fixing of a proportion of these matters would transcend of total imports into a partithe legitimate limits of this mem- colar market which may be orandam, but they must be com supplied by the nationals of stantly borne in mind as the. each country:
background" of any possible action.
REICHSMARK QUOTA-, TIONS
Berlin, May 16, Reichsmark quotations (without guarantee)
New York Paris Amsterdam London
Maru, NEK May 28. Tam, Thorowen's, May 25 Tlaws, B.I. (Apear), May Tibadak, J.O.J, Lind, May 29, Tikarang, J.C.J. Lin, June 4, Tjinegars, J.C.J. Line, May 28, Tilambang
J.C.J. Line, June: 5. Tțiinlak. J.C.J. Lino, May 28, Tisaroon 3.0.J. Line, May 21, Toba Maro, N.Y.E, Toulouse, Thoresen's June 3. Trave, Melchers', May 28. Tainan, B. & S., May 19. Traderous, B. & S., May 24. Yuasang, Jardine's, May 27.
Paris Sterling-
MAY
22.
PRESIDENT LINERS
TO
NEW YORK
offer a Choice of Routes
Sall through the Suex, vic Europe to New York. Or sail through the Panama Canal, via San Francisco, Los Angeles, Haruna. Or, go' most quiakiylof all, via Seattle and thence across the continent by train .. 'but go by President Liner. The hazudous, way that is so sacnomicall
To SAN FRANCISCO 18 Days To VICTORIA, SEATTLE 17 Days
via Shanghai, Bobe, Yokohama, Honolulu
Fortnightly silinga
Pres. Ecover May 18, Noon Pres, Taft... June 4, M'night Fres colige Jene 15, 11. Pres. Pierce Joly, M'aight Pres. Enover... July 13, 10 x m.
EUROPE, NEW YORK
Inquire i
round-trip tickets to Europe is connection with Lloyd Trimatizo.
Via Manila, Singapore, Penang, Colombo Bombay, Suez Canal Alexandria, Naples, Gencs,
Marseilles.
Pres. Johnson... May 15, 8 am.. Pres. Monroe June 8,8 m Pros. Van Buren..June 29, 8 D. Pres. Garfield...July 6,8 m, Pres. Polk July 20, 8am.
via Shanghai. Kobe. Yokohama Fortnightly sailing Pres. Grant May 15, 1 am, Pres. Jeffo soaJane 7, night Pres. Jackson June 9, M'night Pres. McKinley July K. M'night Pies. Grat July 19, 'night
MANILA
THE MOST FREQUENT SERVICE
Next Sailings. Pres. Grant.. May 18, 6. p.m. Pres. Johnson... May 25, 8 a w Free Taft... May F, 6 pm. Pres. Jefferson. Jare. 1, p.m. Pres. Cochidge...June 6, 9 p.m.
DOLLAR STEAMSHIP LINES©
AMERICAN MAIL LINE
PADDER BUILDING-HONG KONG. CANTON BRANCH:—4, MRIXX) ROAD,
CONSIGNEE NOTICES.
CONSIGNEES' NOTICE.
THE BURNS PHILP LINE.
FacË MELBOURNE, SYDNEY, BABAUL, SALAMAUA, SAND.. AKAN AND MANILA.
NEPTUNA,”
Gendreaming
THE MY YONSIGNEES of Cargo are hereby CONSIGNEES, are being landed at their risk into the hasardens and/or extra baardons Godowns of sle Hong Kong and Kowloon Wharf and Godown Co. whence, and/or from
the
CONSIGNEE NOTICES.
NOTICE TO CONSIGNEES.
FENINSULAR AND ORIENTAL STEAM NAVIGATION Con
STEAMER "RAJPUTANARYA
Annive¤ HONG KONG ON 16TH MAY, 1985.
FROMANTWERP.LONDON, GIBRAL
TAR, MARSEILLES, MALTA, PORTS,AID, ADEN, COLOMBO,
STRAITS.
Cove named Vessel #TO hereby in- formed to tarded and placed AT TERI RISK in the Hong Company's Godowns at Kowloon where Kong and Kowloor Wharf and Godowo
MONSIGNEES of Cargo by the
wharves
y be obtained each Consignment will be sorted out Mark No Claims will be admitted after the the Goods are landed.
by Mark and Delivery can be obtained as Goods have left the Godowns, and all Goods remaining endelivered after the 21st May,
AV, 1835, will be subject to Bent. All Claima | Against the Steamer mönst be presented to the Undersigned on before the 4th June, 193, or they will not be recognised.
To comply with the Genera! Bonded Warehouse Regulations, consignees munt bave Berous Officer in attendance. when damaged dutisble goods we examined.
All brokse, shafed and damaged Goods are to be left in the Godowns, where they will be examined on the 20th May, 1935, at 10 am. by Messin, Goddard & Douglas,
by
unless Instructions have been given to Optional Goods will be 'landed hers
the contrary Six Hours before arriva) of the Steamer
Goods not cleared within 8 days in- clading date of arrival will be subject ta Bent
Es in
No Fire Insurance will be effected by
in any case whatever): Damaged Packages must be luft me the Godowns for examination by the Consignees, and the Company's surveyors, Mars. GODDARD & DOVOLÁS, at 10 sum an Mondays and Thursdays, within the Free Storage period.
Consignees are specially notified that it is necessary for Reveone Officer to
No Fire Insurance has been affected.be Bills of Lading will be tonuntersigned
GIBB, LIVINGSTON & Co., Len
Agente Hong Kong, 14th May, 1998.
[3528
·HAMBURG "ALERIKA LINIE,
NOTICE TO CONFIGNEES.
THE 9.8.
THE
the
'OLDENBURG”
ble cargo.
dat at the examination of damaged
All Claims against the Steamer moey?. presented to the Undersigned on or before 4th
June, 1935, or they will not be recognised.
be
No Clans will be admitted after the Goods have left the Godown.
MACKINNON, MACKENZIE &
Agents.
Hong Kong, 15th May, 1935.
D
SILVER LINE.
NOTICE TO CONSIGNEWS
NEW YORK LOS ANGELES
BE Motor Vessel
having arrived, from Hamburg and Forts of call, Consignees of Cargo ari hereby notified that their Goods are being landed and placed at their risk into Hong Kong & Kowloon Wharf &
"BILVERCYPRESS '* Godown Company's godowns at Kowloon where delivery may be obtained as soon having arrived from the above Porta er 14 the Goods are landed,
11th May, Consignees of Usago are Optional Cargo will not. bo
be landed hereby informed that their Goods are here,
unless Notice has been given 48 being landed at their risk into the Go- hours prior to Vessel's striral, but carried downs of the ong Kong and Kewicon on from port to post to the final port Kowloor, and red at Consigue
Wharf and Godewa Compasy, Limited, of call
to which the option extanda... No Claims will be admitted after the and expense Goods have left the Godowns, and all All broken, chated, and damaged food Goods remaining lived after they are to be left in the Clodow
May 1975, will be abject to they will be avamised on
PSE 18th May, 194",
10 T
All broken, chafed and damaged Goods All Clamy must be presented within are to be left in the Godowns, where 15 Days of the tesni's arrival, bere they will be examined on 18th May alterek, date they cannot ke re 1936, at 10m by our Busycore cognised Mowers. Goddard & Douglas,
To
comply with the Omera Boaded Warehouse Hegulation consignos
have a Revenue Oliner in its
when
erminedamaged dutiable
All Clainus murt reach us
19th June, 1935, or they DO
be recognised,
No Insurance will be affected.
Bills of Lading will be countert!
40.25 610.63
74.17
59.33
12.135
Dollar Transocean Kün Mim,
∙15,176
Hong Kong, 18th May, 1925.
No Claims will be Goods
1985.