12.
DAILY SHARE QUOTATIONS
Hong Kong Stock
Exchange
Sharebrokers'
Association
તા.
Bal
MONDAY. SEPT.
Huyers
Bellary
Salou | Mumia
20.
Banks
H. K. Banks ..........
Underwriters ******
FROF
HONG KONG DAILY PRESS, TUESDAY, SEPTEMBER 21, 1937.
THE EXCHANGE RECOVERY IN SHIPPING
"MARKET
MESSRS ROZA BROS
Slver prices dropped 1/8 over the week-end for both deliveries, 11,55% the quotations being 19 7/8 for Ready and 19 3/4 for Forward. Silver advices reported a little general selling. Support WILS small. The market was steady.
The London-New York cross- rate was quoted at 498.10. New York-London was, quoted at 496
$1,050
295 4132
Bo. (London)...!
Chartered Banks ....
933,
Mercantile Bks. "A"
213y
233
216
Do.
£15
Bank of East Asia...
190
N. O. & S. Barks .. Insurances
$21
1300
Canton lusarAČICON..
1810
Union Insurances...
$200 1560
K.
38
1280
K3
H.K. Fires) Luternational Azsca, S.
$270
"
Shipplag
481
Douglasen
$491
38
SteBinh 140*
181
361
Indo-China (pref.)
$51
143
Do.
(def.)
$42
103/1 Shell
1 3/9
19.30
Waterboats
19.30
Mining
is
Kailansaremos
15/6
$102 Raubs
*ફ
Venezuels Gold Fids. $430
Docks, Wharves;
Godowns, ets.
$120 121
H.K. & K, Wharven.
jr) cte.
Do.
(new)
INO
Providents (old}
$32.8.& W. Docks
Sin Shangazi Docks S.
$11.45
MARKET.
Steady, Dull.
*
Plans For Continuing Co-operation
In its fifth report to the President of the Board of Trade (Cmd. 5555, price 2d. net) the Tramp Shipping Administrative Committee describes the operations during the first six months of the subsidy year ending December 31 next. The report statęs that the committee and its sub-committees have continued their whole, says the vigilance in the interests of the industry as a **Times."*
The Administrative Committee has met regularly every week and the sub-committees oftener as re- STERLING There were sellers at 1/3 Sep-quired. The dally contact with the tember-November and 1/2 91/32 markets, for which the committee December, buyers at 1/3 1/32 is indebted to the sub-committees. Cash-November" and 1/3 Decem-has continued to supplement the individual knowledge and experi- ber. No business was reported.
1.5. DOLLARS
ence of the committee members There were sellers at 31 Sep- and has been of the greatest value. tember-October
30 15/16 The direct touche which has also and November and probably December, been maintained with the Tramp buyers at 31 1/16 Cash-October Shipping Subaldy Committee up- Apointed under the Acts, and with and 31 November-December.
small business was done at 31the shipowners' organizations in 1/16 for cash.
SHANGHAI DOLLARS
$119
| #210
150 ots
3331 $108
104 Nominal.
$3
Now Enginerings 8. Lands, flotels, and
13
16,90
Bu dings
H.K. Hotel
1311
$191.4% Debentures
$102
HK Land..........
$6.05 $35
$1!
Shanghai Lands.....S.
B
Metropolitag Lands.
*8.10
1.K. Reallics.********
85.90
31
Chus Do...
160
Do. Deloituros.
50
דוי
Humphroys
Chinese Estates.
Cotton Mills
$14.60) Tramwaya ........................
$13.40 Chius Lights (old)...
Do.
Mao do.
1998) Telephones (old)
8
SHANGHAI MARKET The Shanghai market was closed to-day.
IN THE AFTERNOON The market was dull in the afternoon, and no business was reported,
STERLING
The market. closed with sellers at 1/3 September-November and 1/2 31/32 December, buyers at 1/3 1/32 Cash-November and 1/3 De- cember.
U.S. DOLLARS
ders. Thus the high cost of build- ing, stimulated no doubt by the rearmament programme, must be taken into account in considering the possibilities or replacement and expansion of the British mer- cantile marine required for the national safety.
The committee states that the volume of world trade (of which probably about 80 per cent, is normally seaborne) has continued
to rise as follows:-"
1929 1933
other countries through the Inter- national Shipping Conference has helped to facilitate the continued smooth working of the minimum freight rate schemes.
1934
1935
'RISING FREIGHT RATES The committee recalls that the autumn of 1936 saw a dramatic change in the condition of the open freight market. After the long depression in the industry freight rates began to show a de- elded upward tendency, and this gathered momentum in the last two months of the year. The rise in freights has since continued, as shown by the course of the Cham-
There were sellers, at 31 September of Shipping freight index, ar
follows:-- ber-October and 30 15/18 Novem- ber-December, buyers at 31 1/16 Cash-October and 31 November- December.
H. K. STOCK EXCHANGE
YESTERDAY'S OFFICIAL QUOTATIONS
The market was very quiet.
BUYERS
113.60 Ewo
8.
313
1100
Shat Costoasfuld)S.
$90
16).
34
Zawing Disses...... 5.
$34
48
WingOn Textiles(S.1|
$4
Ewo Cotton tx, S.
Public Ualities
$14
Peak Trams (uid) .......) 25
324
Du. (Bow)... $21
ING
Star Ferries t
$85
327
Yaumati Ferries...
127
$13.70
(new)...
159
H.K. Electrics
$138 $13.30
$59
118
$14
Sandakan Lighte
160
Do. (wow)
$29.40 0:1.30
$194
Chins Buss ....8.
23/9
DAL
Tractiona
#93/
D. (pref.)....
Industrials
$16 Callbock, Lord.
Macgregors (pref.8.
Canton Ico
Douglases, $481.
41
Indo-Chinas (Pref.
$15.10 Cemente
115
25.05
Hopes
16.20
1201
Dairy Farms
1281
*6.20
Ch. Etainments......
$4.80
$1.00
Constructions, (old) $1.60
$1.00
Do.
$0.65
Lane Crawford.............
$8,00
Nanyang Tuuneco...¦
38.80
12.80
Siaceres...
121
85.40
Watsons
$5.35
S. C. Enterprises...
$1
97%, Ch.G. 1995G. Bd.
pren. 8%
H.K. Govt. 4% Loans
prem.
Do 31%
Wallace l'arper
H.E Wing Oa
105
S'hat Do
$100
14)
Vibro Piling
14.90
3
(UK)
Wia. Powells
140 otr
40
#17
$)
Miscellaneous
23/9 Maremana Ir v. (Lon.
Sales to Shengkai
LONDON EXCHANGE RATES
Parls Geneva
Berlin
(British Wireless Service)
Sept. 18
1471
Sept. 18. 146-19/32
21.564
21.60
12.34
12.361
Athens
Milan
04)
94-5/16-
Copenhagen
Stockholm
Shanghai.
New York
Amsterdam
4.95-7/10 0.00
Vienna
Prague
1417
1/21 4.98-3/16 8.99)
1417
Madrid
Lisbon
Hong Kong
Bombay
4.95-7/16
29.441
4.98-3/16 29.481
Montreal
Brussels
Yokohama
Belgrade
Monte Video
Elo-..
Bucharest
Silver (Forward)
silver (Spot) War Loan
*
On LONDON:---
191 20
199
191
31% 100-7/16
140/1
Closing Quotations
September 20, 1937.
Telegraphic Transfer....
Bank Bills, on demand }1:24
Oredita, four
eight
“OS SHANGHAI
On Demand
D BINGAPORE:-
On demand
months'
96%
$1061
$51.
Indo-Chinas (Def.), $43.
Union Waterboats, $9.30. Chinese Estates, $88 Ex, Div.
Peak Trama (Old), $5. Peak Trams (New), $24. Wm. Powell Ltd., 40 cts. Constructions (Qld), $1.60. Constructions (New), $1." Govt. 31% Loan, i Prem.
101 DEVELOPINGTM
EMPIRE TRADE
Lord Bledisloe's Programme
HALF YEMILY AND PEARLY AVERAGES (1920-100)
1933 First six months
71331
·Second ex mintis
81.17
Whole year
74.25
1936 First six months
82.48
90.79
Spenndix months 100,0 Whole your .......... 1817 Firal six months135,7
BANKS
HÙNG KONG AND SHANGHAI THE CHARTERED BANK OF INDIA
BANKING-GORPORATION
Authorised Capital
TER
$50,000,000
Lasued & Fully Paid-Up $20,000,000 Reserve Fundā!--
Sterling
Hong Kong Currency
Reserve.... Reserve Liability of
Proprietars
•
AUSTRALIA AND CHINA Incorporated by Royal Charter · 1933
HEAD OFFICE; LONDON:
38, Bishopsgate EC.2.
.£6,500,000
$10,000,000
$20,000,000
Paid-up Capital.......... Reserve Fund .................... Reserve Lisblilty of Pro-
priators...
Head Office:HONG KONG
Board of Directors. Miskia, Esq.,
Chairman.
Hon. Mr. M. T. Johnson,
Deputy Chairman.
J. E. Bousfield, Esq.. A. H. Compton, Esq., S. H. Dodwell, Esq., J. R. Masson, Esq.,
K. S. Morrison, Esq..
Hon. Mr. J. J. Paterson,
T. E. Pearce, Esq.)
A. L. Shields, Esq.,
Sir Vandaleur M. Grayburn,
Chief Manager.
4
100
75.1 per cent.
Branches:
78.6
+
"
"P
Amoy Bangkok
Iloilo
Peiping
Ipoh
Batavia
Johore
#
r
Bombay
Kobe
Penang Rangoon Saigon
Calcutta
Caaten Chatoo
Colombo
.. 31.8 1935
35.9 For the first quarter of 1937 there was a further improvement to 92.6 per cent. as compared with 82.8 per cent for the first quarter of 1936.
DEVELOPING COOPERATION On the future of freight co- operation, the committee recalls that a condition of the grant of the subsidy by the Government was that there should be "a real the measure of organization" of tramp shipping industry, and of Ministers statements showing the importance attached by the Government to the subject. The committee proceeds t
quotes
The Council of the Chamber of Shipping on December 10, 1936. unanimously approved a proposal to invite the committee to examine and report on the question of how the continuance of cooperation|| could best be ensured. The then- president of the chamber suggested The committee states that the that the opportunity might be cooperation between tramp and taken to explore the possibility of liner owners both on the Adminis-
uniting the Industry on a wider trative Committee and in the in-
basis with benefit to the liners as dustry at large has been continu-
well as to the tramps, and that the liners might consider whether ed with excellent results to both The of the industry. sections
there was anything which could committee is satisfied that this usefully be done simultaneously cooperation has brought substan with any proposal covering the ttal benefits to the tramp industry.tramp industry. and notes a recent expression of opinion by the Joint Liner Con- mittee of the Chamber of Ship
Association,
expressly Owners' constituted to consider the ques- tion of cooperation in the indus- try. that freight cooperation" has been of the greatest value also to liners.
Discussing the effect on the dustry of improved economic con- ditions. the committee comments: "It might be supposed that with the substantial rise in freights the tramp shipping industry was to- day enjoying a period of great
prosperity in which large profits were accumulating, good dividends
being paid, and substantial sums being put to reserve." Bach a view be incomplete. would.. however, Unfortunately, as a result of the prolonged depression. the industry entered upon the period of revival with a vast load of debt...
"The arrears of depreciation, A six-point programme of Em-without any prevision for expan- pire trade development was
amounted in the last six vocated by Lord, Bledisloe, formerly years to over £10.000.000. All this Governor General of New Zealand and more, In view of the increased when he addressed the Empire cost of building, has to be made Advertising Convention at Brighton good before the industry can be, recently. Lord Bledisloe urged:
ad-
1. Rivival of emigration sq that the challenge to other nations of the Empire's empty spaces might be removed;
sion.
restored to a sound basts finan- clally. On the experience of the past six months it seems clear that the present reltalve prosperity would need to be maintained for 2 Reconstitution of the former some years before the debit side Empire Marketing Board, widened of the industry's account has been in scope so as to include the en- offset and it can build up reserves couragement of British products for the future. within the Empire, as well as "the sale of Empire 'products in Britain;
SKOKTAGE OF PERSONNEL "The marked rise in freights
3. Closer study of Empire mar-has led to "a further increase in kets by manufacterers;
the employment of British tramp
and
The committee has been actively engaged in examining this pro-. blem. It has considered a large number "of alternatives and come to the conclusion that the needs of the industry would best be met
Kowloon San Fran- Kuala
Cisco Lumpur Shanghai
Singapore
London
.. Sourabaya Lyons Malacca Sungei
Patani Tientsin
Dairon Foochow Haiphong Manila Hamburg Muar Hankow (Johore) Tokyo Farbin Mukden Tsingtas Hongkew New York Yokohama
in Current Accounts opened Local Currency and Fixed Deposits received for one year or shorter periods in Lacal Currency and Sterling on terms which will be quoted on application.
Also up to date Safe Deposit Boxes in various sizes To Let, Hong Kong, 12th May, 1937,
HONG KONG SAVINGS BANK -
HE Business of the above TBank is conducted by the
HONG KONG & SHANGHAI BANKING CORPORATION, Rules may be obtained on application.
For the Hong Kong & SHANGHAI
BANKING CORPORATION.
V. M. GRAYBURN, «
Chief Manager. Hong Kong. 1st March, 1937.
BANK OF EAST ASIA,·
LIMITED.
5,508,600 00
2,776,728,76
by a voluntary scheme of coopera-Authorised Capital ...$10,000,000.00 tion devised and controlled by the Paid-up Capital .......... industry itself with a sanction to Reserve and Undivided secure its uniform and effective operation. A scheme was prepared accordingly.
PROPOSED SCHEME The main object of the scheme is to continue and develop the co-
Profits
HEAD OFFICE:-HONG KONG No. 10, Des Voeux Road, Central.
Board of Directors:---
Bir Shouson Chow, Chairman operation administered during the Loop Chun, Esq. Li Lan sang, Esq.
Wong ChuSon, 8 subsidy period by the Tramp Ship-P. K. Kwok, sq.
ping Administrative Committee Wong YunTong, 8q. Kan Ying Pu, Esq. and its sub-committees, including Chan Ching Shel.
Esq.
Kan Tong Po, Esq., Chief Manager. Li Tre Fong, Esq., Manager.
Amey
the observance of minimum freight rates and conditions, standard forms of charter and National Maritime" Board agreements, and the regulation of tonnage to pre- vent excessive accumulation" in particular markets. The scheme Baby would come into operation at the conclusion of the current year, when the subsidy administration under the Act ceases, provided the owners of 90 per cent, of the Br.- tish tramp tonnage concerned sub- scribe to it, and would continue until December 31, 1939, unless
Canton
Haiphong Bankow
1.
........ £3.000.000
£3.004.000
£3.000.000
MANCHESTER BRANCH:
71. Mosley Street, Manchester.
AGENCIES AND BRANCHES:
ALOR STAR AMRITSAR BANGIOK
BATAVIA BOMBAY CALCUTTA
CANTOM
ILOILO
IPOH
KARACHI
KLANG
KDRE KEALA
BAIGON SEMARANG
BEREMBAN
SHANGHAL
SINGAPOR
JITIAWAN
CUMFER
SOURABAYA
CAWNPORK
KUCHING
TAIPING
MADBAS
COLOMBO MANILA DILAI
TONGKAH
MEDAN
HAIPHONG
NEW YORK
TSINGTAO
HAMBURG
PRIPINO
HANKOW
HARRIN
(Bhuket)
YOKOHAMA
(Paking) samBOANGA
PENANG
HƯNG ĐỘNG NÀY QUAN
FOREIGN EXCHANGE and Général Banking Business transacted.
CURRENT ACCOUNTS opened and FIXED DEPOSITS received for One" Year or shorter periods at rates which will he quoted on applica-
tion.
The Bank's Hand Office in Lon- dna, undertakes Executor & Trustée business, and claims recovery
of British Income Tax overpaid, on terms which may be ascertained at any of the Agencies and Branchos.
B. W. ROBERTS,
Manager.
THE CRANK BANK
13, QUEEN'S ROAD CENTRAL
HEAD OFFICE:
18. PINK STILENT,
NEW YORK.
An American Bank offering com
plete Foreign Banking Service in the principal Markets of the world. Interest Hates on Application.
SAFE DEPOSIT BOXES
This Bank is entirely owned by THE CHASE NATIONAL BANE, NEW Your, with Resources over US $2,500,000,000,-
D. M. BIGGAR,
Manager.
THE YOKOHAMA - SPECIE BANK LIMITED
Capital (fully paid up)
Yen 100,000,000.00 Reserve Fund... Yen. 134,400,000.00
HEAD OFFICE-YOKOHAMA
BRANCHES AND AOINCIES AT: Alexandria Honolulu Rangoon
Bangkok Hsinking Bio "do Batavia Karachi Berlin Bombay
rung Ping Wah,
Esq. Calcutta
Canton
Dairen
Branches and Agencies;—
Kowloon London
·Maalla:"
Melbourne
Magadak! New York Oraks
Homeinin Parin Kobe
Potping
Penang
Bourabaya
Дипроса Awatow
Balcon
Hydpay
Bas Pran Tilhoku
cieco Tantelo Castle
Tokyo
8 marzogt Verdourer Shaorta
Aspere
Tokohama
Every description of Banking
and Exchange business transacted. Loans granted 00 approved Becurities.
Kobe Loudon
Janeiro Ban
Francisco
Semarang Shanghai
Los Angeles Seattle Manila
Moji
(Dalny) Nagasaki Singapore Fengtien Nagoya Soerabaya (Mukden) New York Sydney
Hamburg Osaka Tientain Hankow Otaru
Harbin
Paris
Hong KongPurping
Tokyo
Tsingtao Tinkow
received for
Interest allowed on Current Ao- counts.
Deposita
Fixed Periods at rates to be obtained on application.
Y. KANO,
Manager.
sooner determined by the industry. Current Accounts opened in Hong Kong, 11th Sept, 1937,
This scheme was submitted to ?
Local Currency and Fixed De- representative meeting, to which posita received for one year or all owners of deep sea tramp ton-shorter periods in Local and nage of 2,500 gross tons and up- Foreign Currencies on terms which wards in the country had been In- will be quoted on application. vited, held at the Chamber of Safe Deposit Boxes To Let.
KAN TONG PO. Shipping on July 23, 1937, under
Chief Manager. the chairmanship or Thomson. The mee unanimously in favour of the principle of continuing cooperation. The report is signed by Bir Vernon Thomson, chairman of the Tramp Shipping Administrative
Committee.
Vernon decided
PEIPING-HANKOW LINE INTACT Nanking, Sept. 19: The Japan- ese attempt to attack the Chinese
TRAINING CHINESE IN →→
BRITISH WORKSHOPS Welcome To Apprentices
Three Chinese apprentices who will receive practical training in British engineering workshops un- CHINESE DIVISION SUFFER
der the Federation of British In- Nanking. Sept. 19: A Chinese,dustries scholarship scheme; were division holding the territory west welcomed at a dinner in London of Lingchiu in eastern Shans by 12 other Chinese, apprenticem suffered heavy
when living in England and by members a stubborn of the Chinese Apprentice's Com- the troops put up fight against the Japanese on-
mittee. slaught to-day.
casualties
4. Preparation of a co-ordinated ships and of their, omicers plan of Empire production, so that crews. There is to-day full em each unit of the Empire, should ployment for British vessels and concentrate on those types of pro- for British (white) seamen, while duction to which it was most suited the number of unemployed off- economically;
cera has been considerably redu- 5. Rationalisation of Dominion ced. In some departments a'sher- Industries, so that fiscal protection tage of available personnel, parti- within the Empire may be lessened. cularly of Junior officers and
8. Co-operation of British manu-engineers, has become acute." facturers in industrial development It is stated that the decline in O NEW YORK:-
the Empire, particularly the volume of British tramp ton- within Bank Billa, on demand 3011/18 Australia and New Zealand, which nage which was a marked feature Credits; 60 days' sight. 31 afishe urged were bound, both in of the period preceding the subsidy OM BATAVIA:----
exploiting their natural resources has been arrested; and the volume On demand
and in the interests "of strategic of tonnage of all classes launched Bank Bills, on demand 803
security, to seek a greater degree and begun now shows an upward of "self-containedness."
tendency. This, however, is at a Credits, 4 month's sight 215.
If the British Empire and "price." The cost of shipbuilding
on the night of Bept. 17, owing to Meanwhile, the Japanese have América sald emphatically to the has increased by not less than 50
brought 1,000 cavalrymen and In world, "There shall be no war; we per cent, since January, 1935. "tactical reasons," but strong lines will not permit it," said Lord This increase tends to neutralize have been constructed south of thefantrymen to Linchinchuang while area and préparations have been several hundred are concentrating Bledisloe, there would be no war the economic advantages of new Britain and the United States, he tonnage and, coupled with dim-completed to check a southward at Lishihling, waiting to push urged, could make the League of culties in obtaining delivery, has advance by the Japanese -Nations unneceBERTY;
almost stopped the placing of or- Central News
Q's Razis
1/3
1021.
ON SAIGON
On demand
On JAPA
On demand
106
OF MANILA: ---
55)
1
691
On demand ........................................ 61k
OF BANGKOK:--
On demand SOVERRIGEN. · Bank Buying
1498
diy Hats ***=herstonesos 1/2 1/18. BAR BILURE DRE. Oli cainomis: 1948
Sir George Macdonogh, 'who presided, said that the new, con- ditions in China, brought about by the formation of a stable Govern- ment, were paying the way for economic progress on a large scale, The training of Chinese, engineers
The Japanese taking advantage flanks around Chohalen, 40 miles of the fact that the Chinese had south of Peiping, and to cut the not yet effected a junction in the Pelping-Hankow Railway has been lines, launched a fierce attack on
retreat, frustrated, according to Chinese this division which refused to One regiment is being military information.
It is officially admitted that the rushed to reinforce the Chinese along British lines was an essential- Chinese withdrew from Chochow in the war area.
farther westward-- Central News.
factor in securing increased British the economie participation in development of China.
The scheme of scholarships has been in progress for four years, and 15 apprentices have completed their training and secured respon sible positions in China.
די'