NDL
FAR EAST EXPRESS
PASSENGER & FREIGHT SERVICE,
Straite & Ceylon
Manila
From Hong Kong ta
Townla
POTLA
Europe
Beharent
Mare, Farciona, Palm D. M.. 8'bampton, Batteriam, Bremen, lamb
Trave.
*****
Mari, Amsterdam, Usterdam, H'burg. Bremen
Dao.
Dec.
31
Besharnhorst
S'pore Penang, Belawan, Colombo..
Da
Trys........ Sabarnhowt
Hingapore, · Belawan
Dec.
31
Hanlin
Dec.
· ដរ
Shanghai & Japan
Shanghal, North China & Japen
South Sea Islands
Patkim
'bal. Tekohama, Koba
Jan,
Bitanghal, Deirno, Talagtso, T'ham,
Nagoys, Kobe, Dunka
JAR.
9
Kronurbavon....
Mucing. Tulky), Bahaul, «tc.
Ja
11
Sabject to Alteration without Nation.
For Paasgn and Prebs_apply to:
NORDDEUTSCHER LLOYD BREMEN
Queen", Hailding.
MELCHERS & 00,
AGENTN
Telephone $777L.
CANTON AGENTS: JEBSEN & OÖ,, SHAMEEN, 8.0.
THE
4.HELIOS"
CHINA-SIAM
HONG KONG-BANGKOK
LINE.
leaving Hong Kong 23rd December via Swatow HONG RONG-SWATOW-AMOY
1.8. “KAI BING" leaving Hong Kong 3rd December Accepting Passengers & Cargo for all the above metioned ports.
HONG KONG
SINGAPORE-PENANG-RANGOON Regular Express Service
..BAI HING" leaving Hong Kong 30th December Accepting cargo for all the above mentioned ports.
Excellent passenger accommodation available.
For freight, passage rats and all other information—Apply to
THORESEN & CO., LTD.
Tel. 30237.
S.S.
General Agents.
Queen's Building.
"BENLEDI"
Sailing for LONDON, ROTTERDAM, ANTWERP, HAMBURG and LEITH on about the 9th January.
or
Cargo will also be accepted on through Bill of Lading to the usual transhipment ports.
Next Sailing for SHANGHAI & JAPAN S.S. "BENLAWERS”
Tel.
22533
26th Dec.
For Freight and Pasange apply to:-
W. B. LOXLEY & CO., (CHINA) LTD.,
York Building. Agents;
THE BEN LINE STEAMERS, LTD.
THE EXCHANGE MARKET
FOREIGN TRADE OF GERMANY
149
HONG KONG DAILY PRESS, FRIDAY, DECEMBER 18, 1936.
FINANCE
China's Economic Outlook
The speech delivered by Sir Fre- derick Keith-Ross, chief" economic, adviser to the Government. to the Chins Association recently, was of exceptional Interest not only to the numerous commercial and trading interests in Chins having connections with the Far East and to holders of Chinese bonds, but to an even wider circle-namely, all who are concerned to see at the earliest practicable moment a re- sumption of international finance with which the revival") of inter- national trade is closely bound up states "The Times." Although the original purpose of the British Government in sending Sir Fre~ derick Leith-Ross to Ching was to secure
international cooperation for the purpose of assisting that country, in the end none of the
were countries that
invited to collaborate were willing to do so, and Sir Frederick went out alone. In these circumstances the visit wis more fruitful than could pos- sibly have been anticipated. At the time China was suffering from an acute
monetary and Anancial crisis. That crisis was overcome in a manner which showed that the Chinese authorities had not lost a capacity for handling a big problem in a big way. The almost revolutionary currency reforms Introduced little more than a year ago have worked with remarkable smoothness, the exchange has been firmly maintained without any difficulty, and the resources of the three Government banks have been greatly strengthened. The creation of a proper central re-. serve bank has not yet taken place, but the expert report on this ques- tion is now before the Chinese Government, and there is every reason to belleve that the new bank will be organized in the near future.
THE BUDGET QUESTION * Speaking of the vital necessity of securing a balanced Budget, Sir Frederick Leith-Ross said that his Majesty's Government hoped that British and foreign traders would not content themselves with seek- ing merely to perpetuate in- definitely the immunities they enjoyed, but would consider China's scal needs in a constructive spirit reference, of course, to the question of the yield of taxation. Meanwhile, thanks to the reforms that were undertaken last year, there has been a notable improve- ment in Chinese revenues existing taxes. The Customs re- venues. he aald, already,' showed distinct signs of such improvement. During the earlier month of the year the yield was disappointing owing to the general depression. and also to extensive smuggling in North China. That, however, has been substantially curtalled, and sace July Customs revenues have shown steady and strong recovery. This recovery will be carried far- ther when the Chinese Govern- ment have revised their tariff as they are now doing.
וי
INCREASED CUSTOMS
from
REVENUES Chinese bondholders will be particularly interested in learning of this improvement in the Ous- toms revenues, for bonds secured on the Customs have not yet re- covered to the level at which they stood before the smuggling took place, causing nervous holders to sell owing to fears that the bond service might be imperilled. There is no ground whatever for anti-. Berlin, Dec. 16. elpating any difficulty in maintain- The German foreign trade baing the service of the bends, China lance for November shows a sur-is now engaged on a large pro- plus of 64 million reichsmärk over gramme of internal development. the preceding month. The figures and in the absence of foreign lend- for the period from January to No-ing she has been forced to raise The price for Ready Silver drop-vember 1936 thus give the German internal loans, to an excessive ex-
trade a favourable balance of 459 tent, and ped 1/16 yesterday and the For-
at increasingly high million reichsmarks. rate 1/8, the quotations being 214
rates of interest. Sir Frederick and 21 3/18 respectively. Silver advices reported India and China na having sold. There was a 1lt-
MESSRS, ROZA BROS.
Hong Kong, Dec. 17.
tle bear covelling. Steady. After the official fixing India and specu- lators sold for near and bought for forward delivery. American Silver was quoted at 45 for Spot.
The London-New York cross- rate
quoted at 4914. New York-London was quoted at 4.91 15/32.
was
MARKET Steady with very little doing. STERLING
was
The value of German importa went on to point out that if the during the month of November Chinese Government were able to 358 reichsmarks which is a finance part of this development slight increase over the preceding programme month, whereas 422 million reichs-loans the funds would be raised by means of foreign
marks of "German exports.repre- more cheaply and at the same time sent a drop of 10 millon reichs- the demands marks as against October- Transocean News Service..
SHANGHAI DOLLARS
on the domestic market would be reduced, thina enabling China to finance the Budget deficit proper out of real savings, The Chinese Customs loans have always been fully hon- Sellers at 103. buyers probably oured, and Sir Frederick belleves that they will continue to be so. Therefore it should not be dim- cult to improve Chinese credit to a polat at which recourse could ad- rantageously be had to the foreign
at 1034 for cash.
SHANGHAI MARKET Opened with sellers at 1/27 with There were sellers of Sterling business done later at 1/2 28/32 at 1/28. buyers probably at 1/2 for December, January and March. 13/32 for Spot U.S. Dollars, sel- The market closed at 1 pm with lers at 291, buyers at 29:9/16 for sellers at 1/2 December-March and probably April, with small buyers at 1/2 29/32 for any de- livery.
U.S. DOLLARS ··
No business was reported. There were sellers at 30 7/16 December April, buyers at 30% for any de-
cash.
NEW YORK STOCK EXCHANGE
(Through Renter's Service!
New York: December 17.
QUOTATIONS
New York/London Cross-rate New York Cotton-Biar, New York Bubber-Mar. Chicago Wheat -May Chicago Cors
-MAY Silver-Oficial
י
Dow Jones Averager
Amer. Radiator... 233 Amer, Rolling Mill... 344 Amer. Smelting 071 Amer. Steel Fdries.. 59 Amer. Sugar 55 Amer. Tel. & Tei... 1881 Amer, Tobacco "B" 964 Amer. Waterworks, ........... 254 Anaconda Copper . 324 Atchison T. & S. Fe. 717 Atlantic Refining
314
Last Today'ı High Low Close Close Change 1.20-3/31 4.91.15/19 ( up 18.40 13.97 13,33 13.39 unchanged 20.38 0.16 19.81 20.20 29 up
130) 198* 1901 190 unchanged 101 103
1851
Doo. 16.
UP
High Low Close Change 182 67 180.87 181,55 30 off 55.26 54,81 5448 ,04 05 36.58 34.88 34.28
Stocks
.01 off .03 off
CONSIGNEE NOTICES.
SERVICES CONTRACTUELS DES
MESSAGERIES MARITIMES.
CONSIGNEE NOTICE.
S.S. D'ARTAGNAN" 2*A/37.
BRINGING CARGO Frox MARSEILLES, via Ports, ets.
ARRIVED HONG KONG 08."- FRIDAY, TH 11m DRC4 1916..
ONSIGNEES are hereby informed that their goods with the exception of Opium, Tremaure and Valuable are 6 up being landed and stored into the Go- downs of Hong Kong, Kowloon Whart Godown Co., Ltd, Kowloon, whence delivery may be obtained immediately after landing.
last Shie
Dec. 1518
Great Northern Rly. 41} Great Western Sugar 30
Kennecott Copper - 801
391
19:
* * * * * * * * * *
**
********
€Ïofe7aa8
*8*******
********
***F*=**
€÷8¤¤×
1
All daime must be sent in to me on or before the 92nd Dec., 1938, or they will not
not be recognized. Damaged Packages will be examined. by the Company's Surveyor, Messrs. Goddard & Douglas in the presence of the Consignees at 10.00 am.on Thart- day, 17th Dec., 1936.
Consignees must have a Revenue Officer in attendance when any dutable goods are examined by the Company's Surveyors
No Fire insurance will be effected by us in any case whatever.
1
1841 104)
45
1936 *
so Industrials-"
20 Rails
90 Utilises
40 Bonds
11 Commodity Index 77.79
High Low Dec. 1. 18539 14311 181.97. 80.45 40.86 55.00 36.16 48.63 35,29 106.01 98.91 105.91 65,58 77.79
104.58 77.89 Business Dene:-1,980,000 shares.
Last Bale
Stocks Adams Express ............... Allis Chalmers... Amer, Can ............. 115 Am. Car & Foundry Amer. Cyanamid.... 34 Amer. & For. Power 71 Amer. & For. $7 pf. "571 Amer. Locomotive - 481 Amer. Melals......
Dec. 15 16 142 142
76
T 114
Holly Bugar Corpn.
Humble Ol...........
741
341-
Int. Nickel
"
Int. Tel. & Tel.
58
Int. Dept Stores
321
63 121 121
32
751 631
48
53
52
Lambert Corpp. ......
201
251
Loew's Inc.
64
341
Lorillard
221
951
McIntre Porcupine
581
McKesson & Robbins 451 45
561
Monsanto Chemical 994
991*
B. OHL,
Agent.
Montgomery Ward ..
68
90+
Murray Corpn.
Hong Kong. 11th Dec, 1938.
18
18+
26
527
Nat Cash Registor.
30
30
Nat Dairy Froducts 234
232
Nat Distillers 717
291 **
301
Nat Power & Light 11 12
Atlas Corpn... 16 Auburn Motors Baldwin Locomotive
$7 cum pf. Baltimore & Ohio... 22 Barnsdall Ol Bendix Aviation Bethlehem Steel - 754. Boeing Airplane -... 34 Borden Co. ............ 261 Briggs M'facturing 581 Brooklyn-Manhattan
17
New York Central
434
327
32
Niagara Hudson P.
*
Corpa.......
167.
161
231
93
North American
30
301
22;
Northern Pacific
· 27
221
22)
Pacific Gas & Elec. 371
384
Pacific Lighting
.501
7311
Packard Motors
11
101
34)
Paramount
211 21
201
Fennsylvania R.R.
401
404
581
Phelps Dodge
Phillips Petroleum
481
472
Trans
53
Public Service of NJ.49
481
Brooklyn-Manhattan
$8 cum, pí. Case, J.I..... Canadian Factic Celanese Corpn. of
America
Pullman Inc.. 631
641
134
102 1011 151 150.. 134
Pure Oll
181 191
Radio Corpn of Am. 114 Republic Steel·
111
29
291
Reynolds Tobacă "B" 581
58
713 141
524 43 1
Schenley 54% pf.
95+ 96
861
Sears Roebuck
971 961
Shell Union Oil
651
284 281
124
Socony-Vacuumi
154 15+
18
Southern Cal Edison 291 281
421 42
53
Stand Brands ..........
151 154
Stand Gas & Elec. 31
Stand Gas & Elec.
701
701
$T pi........
581
Consolidated Edison 451 Consolidated 011
444
87 671
141
151
717 704
Continental Oil
424
424
Swift International 921
317
Corn. Products
Technicolor.
697
698
22
221
Curtiss Wright (C.)
61
61
Delaware & Hudson Del Lackawanna &
Western Distillers Corpn Sea.
Curtiss Wright "A" 201
451
106 1050
201 46
Texas Guk Sulphur Tidewater Assoc. Oll Timken-Detroit Axle Transamerica
39$
391
191 201
4.
241 241
17
171
20th Cent. Fox Films
361
361
20th Cent. Fox Films
grams
264
261
pt.
40
451
Douglas Aircraft
731
721
Un. Carbide & Car-
Du Pont
bon
1801
1801
1037
1031
Electric Boat
121
124
Un. Pacifc
131.
132
Elec. Bond & Share
219
221..
291
281
Elec. Bond & Share
Un Airline Trans-
35 pf.
70
701
Elec. Bond & Share
$8.pf.
port United Corpn.
18 18
801
791
United
Corpn.
$3
Elec Power & Light Elec Power & Light
$7 pí.
221
25
cum. pl.
451
Un. Gas prover't
34
341
Un. Light & "power
Firestone Tire & R Fintrote
"A"
409
401
384
361
U.S. Industrial Alco-
fien, Asphalt Gen. Cigar Gen. Electric Gen. Foods Gen. Motors
· 50
401
201
391 394
521
521
US. Rubber
.......
461 .46
392
40
US Rubber $8 pl. 98
691
69手
US. Steel
771
781
Vanadium
531
53
26
29
Gen. Railway Signal Gillette Safety Razor Glidden
151
151
237
231
Warner Bros. Pict.... Westinghouse Youngstown
Mec. 1481
17€ 174
148
.14
131
& Tube
80 70%
341
-34
454*
84
841
National City Bank 387*
381*
1 ex. div.
281 281
Eid.
Call Money
1%
.1%
|
St. Joseph Lead Co. 261
Schenley
Cerro de Pasco 72 Certain-Teed P'ducts 144
Согра 87 Chesapeake Chesapeake & Ohio 85 Chrysler Corp. 1233 Columbia Gas & El 18 Columbia 8% "A" pl. 104
Southern Pacific 104. Commerciai Credit
Southern Ely 5% pl. 527 681 66 Commercial Solvents 18
181 Commonwealth & B 31 Commonwealth $8
cum. pl.
Gold Dust ..... Goodrich (BF) Goodrich $5 pf. Goodyear
FRENCH ARMAMENT LOAN OFFERED
Subscriptions In Gold
F
Standard On of N.J.
Sterling Products
United. Aircraft
C**==**
*88***@***
***=888*5*
3*********
Q **#*#*#*#*
Jeffafg
rite
-
**
**
**
*
⠀**Exfg
ætte
Sheet
Chase National Bk. 451*
888, 37 33 -
451
147
7
REICHSMARK RATES
Berlin, Dec. 18. Reichsmark quotations (without guarantee):
New York
40.23 Paris.....
885, Amsterdam...73.80 to 73.93 London
.......12.20 Feria Sterling 105.13 to 105.18 USA Dollar 2141 2142. Transocean News Service.
Paris, Dec. 16. The new French armament loan was offered for, subscription
Speaking over the Wednesday. radio the minister of Anance er- plained that "the needs of national defence are placing a heavy bur- den on France's shoulders under
pay gold be who can produce cer? the prevalling circumstances"
After appealing to all French-uncazes showing that they have. men, particularly those who, for surrendered gold. They will be various reasons hoarded gold. to worth 100 francs at the time of March-May, buyers at 1/2 15/16 mibscribe to the loan the minister issue and will be redeemable after for any delivery.
capital markets.'
IN THE AFTERNOON The market was a shade steadier in the afternoon:
U.S, DOLLARS IN STEBLİNG
Business was done at 301 for the Some business was done at 1/2 last week of January. The maar 29/33 for near delivery, finishing ket closed with sellers at 30 7/16 with small sellers at 1/2 28/32 December-April, buyers at 30 9/16 December-February and 1/21 for any delivery
expressed the hope the raising or 5 years at 140 francs which fact. the new loan would definitely it will be recalled," has caused terminate the financial aimelties French sceptics to remark that resulting from the devaluation of the new loan is putting a pre- the frane,
The new bonds will be issued of the franc
mium on the further devaluation
only to those who pay gold or who Tranences News Servic
CONSIGNER NOTICES.
CONSIGNEES' NOTICE.'
THE BEN LINE STEAMERS, LTD.
FROM LEITH, MIDDLESBRO, ANTWERP, LONDON AND STRAITS.
THE SS. "BENLEDI."
1
NONSIGNEES of Cargo are hereby Informed that all Goods am being Ianded at their risk into the baserdous and/or extra bazardous Gedowns of the Hong Kong and Kowloon Wharf and Godown Do, Ltd., whence and/or fram the wharves Delivery may be obtained. No Claime will be admitted after the Goods have left the Godowns, and al 19th Dec, 1836, will be subject to Rent. Goods remaining undelivered after the
All Claims against the Steamer must be presented to the Undersigned on or before the End Jan., 1937, or they will not be recognized,
To comply with the General Bonded Warehouse Regulations, consignees must have a Bevenor Oficer in attendance when damaged dutisble goods are examined
All broken, chafed and damaged Goods are to be left in the Godowns, whers they will be examined on the 17th Dec., 1936, atam. by Mears. Carmichael & Clark.
by
No Fire Insurance has been effected. Bill of Lading will be counterfgoed
W. R. LOXLEY & CO. (CHINA) LAD,
Agenta. 4875 | Hong Kong, 14th Dec., 1836, [4878
THE TAIKOO DOCKYARD & ENGINEERING
COMPANY OF HONGKONG, LIMITED.
BUILDERS OF ALL CLASSES OF SHIPS. BUILDERS OF RECIPROCATING STEAM ENGINES, BUILDERS OF MARINE AND LAND BOILERS. BUILDERS OF TURBINE MACHINERY
Under License From Messrs. Parsons. BUILDERS OF DIESEL ENGINES
Under Special License
From Messrs. Sulzer Bros., Winterthur. Licensed To Manufacture Lanz Perlit Iron, Specially Suitable
For Internal Combustion Engine Working Parts.
DOCK & SLIPWAYS.
FOR DOCKING VERY LARGE AS WELL AS SMALLER VESSELS,
ON ANY TIDE.
J
ALL CLASSES OF SHIP, ENGINE AND BOILER
REPAIRS AND EXTENSIVE
WELDING, BOTH ELECTRICAL AND OXY- ACETYLENE SKILFULLY AND PROMPTLY CARRIED OUT.
BUTTERFIELD & SWIRE, Agents,
HONG KONG, CHINA & JAPAN.
TEL. ADDRIL: "Taxxoobook," Hoxo Kono. TILAYA: 80211
CALL FLAG" NUMERAL Ösz "Ovær " Panxant ANS"
Pimples
invite Blood-Poisoning
AND
Ugly Skin Diseases
Disease germs abound everywhere, and the slightest pimple or skin sbrasion offers an open door to
infection. Use this simple unfailing Cuticura treatment to-day--to prevent blood-poisoning, to eradicate the beginnings of tosturing, disfiguring Eczema or other stubborn skin disease. Wash the affected part night and morning with Cuticura Soap and hot water. Dry gently and apply Cuticura Ointment. This dally treatment relieves itching and afkayı inflammation si once. The soothing, healing, antiseptic Cuticura - penetrates to the depths "of the enaption.” It destroys the lurking germs and poisonous matter which keep the disease active, it heals the festering sores,and steadily establishes a healthy condition of the ticin which leads to complete recovery, Facial pimpics and rashes vanish as if by magic.
5: ཻ ! བ『
Cuticura
THE
WONDER HEALER
AND
SOOTHING ANTISEPTIC KILLS GERMS
DRAWS OUT POISONS
CLEARS THE SKIN
Cuticura
OINTMENT AND SOAP
Sold by all Chemists & Storas
CUTICURA TALCUM specialty medicated with baltumie essential, olla, Absorbs perspiration.” soother and · cools, hat inflamed skin, rellevas prickly hast,
ticura ESTAP
MEDICINAL
Cuticura OLE