JAPANESE GOODS
31.443 (To the Editor of the "Manchester
Guardian,)
$1,445
287
212
2574 212
2321
€3
180
Bank of East Asia...
216 177
N. C. & S. Barks
12
Insurandeg«
1270
Canton Lusaraziosa.¡
1510
Union InterN904
11
Underwriters
$234
H. Firest
*1870 $51
1236
International Asso
Shipping
Donglassa...
$481
$9.90
Stepmbas
36.90
357
Indo-Chinas (prof.)
$43-
Do.
(def.)
[06/104] Shells
$9.30
Wstorboats
151 443 95/71 $9.30
16/0
#5
13 ta
39.30
$8.40
12.
Mining
Kailans............
Raubstrate. {Veriozügiù Gold Flida.
"Hongkong, Miner.
Docks, WbATTOE,
Mondownɔ, oto.
H,K & K, Wharves
Providants (okli...
Do. \-(now)|18_cts,{
$26
1. K. & W. Docks
(New Englucorini.S.)
$16/0
$71
**
$108
19
$100
13
Shangnai Docke S.
Lands, Kötels, and
Building,
$6
H.K. Hotals
$4.90
*31
H.K Lands,........
731
$100
$102
Da. 4% Dobentures
Shanghal Lands....
Laida
Metropolita..
H.K.
China Dogz5.]
Humphrage $8.10
Do. Debentures.
Chinese Estates..............
Cotton Ma
$12
255
Do
Str.-Colonel Sowler in his letter
in your issue of "December 10 has strung together a number of the usual Protectionist cliches and platitudes; and has satisfied him- self, at least, that thereby the Free Trade case is demolished. What does he mean by writing of "onesided" Free Trade? He might just as well write about "one-sided" music. or "one-sided" logic, or "one-sided" justice. During the past decade these phrases have become the stock-in-trade of the monopolist, but even their wide use, and acceptance have not made
them true
No Free-trader fights shy of dealing with Japanese competition. If the Protectionists had not been so shy of fighting facts, which do not cause war or massacre, there would probably not have been the present brutal regime of murder over so large a portion of the world to-day. In the final analysis Japanese competition will have to be met in some other way than by Frotection and its concomitant evil War.
New York/London Cross-rate New York Cotton-Mar. New York Rubber--Mar Chicago Wheat
Chicago Corn-May Winnipeg Wheat-May- Silver Oficial
1937
High Low Dow Jones Averages 104.40.113.84 30 Industriels
64.46 29.15 20 Haile 37,84 19,54 90 Utilition 100.89 91.54 40 Bonds
Stock Adams Express Allis Chalmers
Amer. Can Am. Car & Foundry Amer. Cyanamid 221 Amer. & For, Power Amer. & For, $7 p. Amer. Locomotive Amer. Metala Amer Radiator Amer. Rolling Mill Amer. Smelting... Amer. Steel F'dries. Amer. Sugar Amer. Tel. & Tel... Amer, Tobacco. "B" 62 Amer. Waterworks
11 Anaconda Copper ...
-201 Atchison, T. & 8. Fe. 374. Atlantic Redning Atlas Corp. Auburn Motors Baldwin Locomotive
$7 cum. pl. Baltimore & Ohio... 191 Barnsdall OIL Benaix Aviation Bethlehem Steel Boeing Airplane .... Borden, Co. Briggs
Chefoo Colombo Dairen Foochow
Branches: Amoy
Iloilo Bangkok Ipoh Batavia Johore Bombay
Kobe L'aloutta
San Fran- Kowloon Janton Kusla Cisco
Lumpar Shanghai London Singapore Lyons Sourabaya Malacca
Sungei Haiphong Manila Patani Hamburg Muar Tigatsin Hankow
(Johore) Tokyo Harbin
Mukden Tsingtao Bongkaw New York Yokohama
Current Accounts opened in Local Currency and Fixed Deposits received for one year or shorter periods in Local Currency and Sterling on terms which will be quoted on application.
Also up to date Safe Deposik Boxes in variojis, sizes Tà Let. Hong Kong, 17th May, '1987.
NEW YORK
PRIPING.
TOROKAN ...(Bhuket TRINGTAC
YOKOHAMA
(Peking) OLAJE GA PENANG
HONG KONG KANGOON
FOREIGN EXCHANGE and General Banking Business transacted,
QUERENT ACCOUNTA opened and FLIED DEPOSITS received for Que Year or shorter periods at raše which will be quoted on applica tion.
The Bank's Head Ofoo in Lon don undertakes Executor & Trustes business, and claims recovery of British Income Tax overpaid, on term which may be ascertained at any of the Agencies and Branches
R. W. ROBERTS,
Manager.
THE CHASE BANK
New York: January -1
HONG KONG DAILY PRESS, MONDAY, JANUARY
12
DAILY SHARE QUOTATIONS
Hong Kong Stock
Exchange
Brollers Bale Nowful
FRIDAY,
DEC. 31.
Banks
Sharebrokers' Association
COTTON TRADE AND PROTECTION
yar Bellare
11. Bau........... Do. (London) Chartered Banks ....
Mercantile Bks. A
Do
1938.
NEW YORK STOCK EXCHANGE
108
443
814
BANKS
•HỒNG KÔNG AND SHANGHAI BANKING CORPORATION Authorised Capital ........” $50,000,000 Issued & Fully Paid-Up $20,000,000 Reserve Funde:-
Sterling
Head unico:-HONG KONG
Board of Directors.. G. Miskin, Esq...
.Chairman.
THE CHARTERED BANK OF INDIA AUSTRALIA AND CHINA” Incorporated by Royal Charter 1859 HEAD OFFICE: LONDON:
58. Bishopsgate EC2
Paid-up Capital. Reserve Fund Reserve Liability of Pro
prietors.......
£1.900.0
£3.000.000
£3,000,000
MANCHESTER BRANCH:
71. Mosley Street, Manchester
AGENCIES AND BRANCHES: ALOE STAR ILOILO
Deputy ChairmGT. | AMRITSAR
BANGIOI BATAVIA
BOMBAY CALCUTTA
CANTON
CAWN FORE
CEBU
IPCH. KABAOMI
KLANG
• KORE
KUALA
* LUMPUR
BAI CHÚST SEMARANG "ZEREMBAN SKANGHAI BIGAPOKS
BITIA WAX
BOU MABAYA
TAIPING
(Through" Renter's. Servise)
QUOTATIONS
Last High Low Clos
Today' Close
t1
Changt
201
4.99!
thon.
£8,500,000
8.98
8,25
ᏰᏗ
.03 up
Hong Kong Currency
14.76 14.401473
1468
.05 off
Reserves
$10,000,000
May
90
89
90
1/8 off
Reserve Liability of »
811
1/8 ap
Proprietors
$20,000,000
119 1174
118
B
3/8 ap
- 442
unch.
Dec 31
High Low Close Change
121.56
121.49.110.65 120.65
.71 of
19.*8
20.00.59 0.46
.08 up
20.35
03.01
82.44 62.03 11 Commodity Index 53.91
20.46 10.18 90.36
$3,0 63.04
unch.
Hou. Mr. M. T. Johnson,
10p up .17 off
J. E. Bousfeld, Esq.,
Business Done:-780,000 share.
A. H. Comptou, Esq.,
S. H. Dodwell, Esq.,
J. E. Masson, Esq.,
Dec. 30 31
B
Black
Dec. 30 31
B
Great Northern Rly, 214
47+
471
Great Western Sugar 251
703
701
Holly Sugar Corpn
Humble O......
85 #
223
Int. Nickel
441
PARK
31
31
Int. Tel. & Tel.......
T
174
171*
Int. Dept Stores
D&
20
181
323
31
12)
127
271
171
Kennecott Copper Lambert Corpn....... Loews Inc. quamu Lorillard
35
111
'45
16
461
46.
McIntyre Porcupine-
McKesson & Robbing 30
247
2411
Monsanto Chemical 831
1441
1441
Montgomery Ward
311
631
Murray Corn
11.
Nat Cash Registor
151
29
Nat Dairy Products 13:
352
Nat Distillera
201
I
Nat Power & Light 71
71
73
New York Central .... 17
31
Corpo.
**
****
10
587
17
19
N141
Le
......
*
der
E6
de-dar*
9.
ཿཀྰ
ཨྰཿཀྰ
ོ་
Niagara Hudson P.
North American
Northern Pacific
7..
101
131
311
Pacific Gas & Rec. 201 Paclac Lighting *36 * Packard Motors Paramount
Pennsylvania B.E.
211
2011 25 *
Pure Off
83
Phelps Dodge......... Phillips Petroleum
Public Servies of NJ 321 Pullman Inc. .........
ALL
Radio Corpa of Am.
39
73
Republic Sterl
161
Reynolds Tobac, "B" 44
141
=
372
23
BL..
Sterling Product...
Swift
Technicolor
Texas Gulf sulphur 274.
Tidewater Asie. Of 147 Timken-Detroit Axle
Transamerica
20th Cent. For palins 193.
20th Cent. Fox Films
Un. Chróide à Car-
ban
Un. Pacific
United Aircraft
Un. Airline Trans-
port United Corpa
United
CU PÉ.
Un. Light & power
721*
18
314
Southern Hdy 8% pf. 11
17
36
stad Brand....... 181 Stand Gas & Elec. Stand Gas & Elec.
4
"30
set
17, pt."
23
217
Standard Out of NJ. 45+
Authorised Capital $10,000,000.00 Paid-up Capital
01
87
47
Reserve and Undivided
Profita......
201
29
International 234
584 31
582+
391
4
257
741
B2.
251
31**
'Corpn. #3
·231 207*
Un. Gas Iprovem't® 10}
"A"
2+
3
Kobe
US Industria! Alco-..
..bol
20
21
U.S. Rubber 234
23...
UB Rubber 18 pl. 47.
404
UA. Steel Men
54
54
Vanadium
15
141
G 901
དྷལླཊྛཾ (ཡྻུཾབྷཁ,ཙོབྲཱཏྱཱཧིཾ (དྷནཀྑཱུ 1:ཀྐརཱནུབྷཱཝ ཙ ནིཊྛོབྷ༧ཚä1851:ཀྐཙཎྜཤྩ གློeནནྲྀâiབྷུཀྐ་ྲ7 ཡོཙོཨདྷོཊྛརཱ དེའོ ༔ བྷོཊྛཱཊྛོ ཁསྶ བྷིནྡ
K. S. Morron, Esq.,
Hon. Mr. J. J. Paterson,
261*
T. E Pearce, Esq., A L Shield, Esq., Sir Vandeleur M. Grayburn,
KUCHING NADRAS
COLOMBO DELHI
∙MANILA
MEDAN
HAIPHONG "Chief Manager.
HAMBURG
BANKCW
351
Peiping Penang
BARDIN
Rangoon
Saigon
וי
201
V
552
54,"
164 16.
Hong Kong, 1st March, 1937.
151
S'bai Cottons(old)9.
(now).
Zoong Sing“ `.....5.
Wing On TextilesS1
Ysumali Ferries**
163
Ox
$34 187
Ewo Cotton Rts. S.
Pablle Utilities
$12.95 $13.90 $190
131
Tramways. 13
171
Poak Trams (old).....|
16+
Da
pow},--
13 10
Star Furries
$80
113
$9.911
China Lights (old)... 18 as.
Da,
14.40-30
".De.
(Dew)... Ru.
$4,25
1BOL
H.K. Electrica
0.10
1 D
$14
126
+49
Do (new)
China Busos
23/0
Tractiuns
Da. (prof.)
Industrials
$1,70
Canton Icon
$191
$12
Camonta
112.30
35,00
Ropes
$1.70
$3,80
Mircoline SIN
Dairy Farme....
193
prro
Paris
Geneva
Berlin
Athens
Macao do.
Sandakan Lights..
Telophones (old)
Ch. tainuianta $6,30 Constructions, (old}}:$11
29/6
Do.
(new) 1
10
Lane Crawfords......
Nanyang
Tobacco...
$71 24 1440
141
WATSONS ...****erm
S. 0.
U. Enterprise
74. Borb. 42 L
4.0.8%10350. Bd.
preab
31%
Wallace Harper
#40
9.K Wing Ou'
Sha
Do
**6
Vibro Pilinn
看你
18. Maramans it v. (Lan
octam. Powell
*Bales to Shangbai.
LONDON EXCHANGE RATES
Milaz
Copenhagen
8t.ckholm
Shanghat
(British Wireless Barrics)
Dec. 29
147-19/64
21. 614
12.401
Dec. 30 147-9/32 21,611 12.41
95
New York
Amsterdam
4.99-29/32. 8.98-7/16
Vienna
Prague
142-5/16
5.00 8.981
1421
Madrid
Lisbon
. Hong Kong
Bombay
Montreal...
5.00-9716
Brussel
29.461
4.99 29.47
Yokohama
Belgrade
Monte Video
Rio
Bucharest
Silver (Forward)
Silver (Spot)........... War Loan
On Lexnox
26
16-7/16 161 31% 1011
Closing Quotations
$101
140
304
75 otr.
2-35/64
18-9/16 18-7/16 31% 101-9/18
Į
December 31, 1927. Os New York:—
Bank Bills, on demand 2015/16 Credits, 40 days' sight. 21 7/18 1/ERON BATAVIA
On demsad ON PARIE:--
Bank Bille, on demand 810 Credits, 4 month's sight 970"
Telegraphio. Transfer.. Bank Bills, on demand Credits four months'
sight..
ON SHANGHAI:-
On Demand
ON SINGAPOR ́---
On demand
Du JAPAN
"On demand
Telegraphie
Bank, on dinand
Izag
1041
On demand
ON MANILA:-
Da decontid
On Basaker:—~
On demand.
11 Colonel Sowler and his restric- tlonist friends succeed in keeping Japanese cottons out of this coun- try and out of East Africa, does he think that will be the end of the Japanese cotton Industry? What about Argentinia, Australia. or any other markets over which our Protectionist Government has no control whatever? Colonel Bowler would not only use tariffs against the foreigner, the Tory cry of five years ago, he would use this cen- turies-old weapon against the In- dian, producers, and maybe issue Invitations for a second "Boston Tea Party" in Madras or Bombay harbour. It against Indian cottoni, why not against Australian food- stuffs, or Canadian"wheat, or the fruits of South Africa?
"MOST IMPORTANT” I should have thought that Colonel Sowler would have refrain- ed from claiming without qualifica- Bon the raw cotton is "far, the most important" of the things used in our Lancashire cotton träde, Whilst it is the most important single article, many other things go to make a pleeg of cotton cloth. I have figures of five contracts for coal for 1938 showing an increase in price of from 4.8. 3d. to 6s. 6d. per ton when compared with 1938. If Colonel Bowler has any know- ledge of purchasing new machinery during recent years he will be fully cognisant of the manner in which prices have, increased and of how every user of iron and steel is painfully aware of the course of prices since these commodities became the sport of the Protec- | tonist. Instead of being "far the most important" of these articles, would it not be more true to say that raw cotton represents. hétween 50 to 60 per cent of the value of the finished product?
M'facturing 198 Brooklyn-Manhattan
Brooklyn-Mannattan
Ттала
331
ཨྰཿཤྰtyg=
$6 cum pt........... Case, J.I. Canadian Pacific.... Celanese Corpn. of
América Cerro de Pasco Certain-Teed Pducta Chesapeake Corp. 421 413 Chesapeake & Ohio 331 Corystbe Corpa, Columbia Gas & El. Columbia 5% "A" pf. 72}. Commercie Credit 314 Commercial Solvents" Commonwealth & S Commonwealth
cum, pí. Consolidated Edison 22 Consolidated Ou..... Continental · Oil ́...... Corn. Products Curtiss Wright (0) Curtis Wright "A" -15] Delaware & Hudson 144 Del. Lackawanna &
Western
Bj Distillers Corpn Beá.
grsk
134
381
114
112
"81
Douglas Aircraft Du Pont... Electric Boat Elec. Bond & Share 81 Elec. Bond & Share
.35 pf.
5011
57.*
Of the other charges incidental to the selling price of Lancashire Elec. Bond & Share cottons, has Colonel Bowler given
$6 pt. any attention to the burden of Eee Power & Light 111 taxation which the present Govern- Elec Power & Light I'ment of restrictionists has heaped
$7. DL.
381 upon the shoulders of producers? Festone Tire & R In the Budget of 1931-2 the est-Flatkote mated gross expenditure
wis
15
224
411
30
481*
ཡོ ཙ ཚོཏྟཱཝོམ ཝོ བྷབྲོ དྷ བྷ i#ཨྰཿ བྷྲ ཡཾཙྩཎྜ
201 201
14j
461*
.17.
St. Joseph Lend. Co.
Schenley on
Schenley 51% pf.... 72 Sears Koebuck
Shell Union ON Bocony-Vacut
Southern Cal Edison 22 Bouthern Pacific
apt.
11+
Warner Bros. Pict...... ទ. Westinghouse Elec. 997 Youngstown Sheet
20...
& Tubesprekingona -37 38 Casse National, 31* 311* National City Bany. 27 271*.. Call Money Hi
1% ·1%
* Bid
i ex, div.
Gen, Asphalt......... £938.000,000, an amount which was
Gen. Cigar to bring rain and bankruptcy not
Gen. Electric only to the cotton trade but to Gen. Foods every other industry. Protection Gen. Motors
301 #as the only remedy, and for the Gen. Railway Slypal 20 current financial year a full-blood- Quette Safety Razor
Glidden ed Protectionist Chancellor of the Exchequer has given us a Budget Gold Dast with an estimated gross expen- Goodrich (B) ver diture of £1,063,000,000. That suin
Goodrich #5 pr. has to come from production; it
Goodyear
raises prices it increases the cost of living, and it is an important | factor in the markets of the world. Leather is an important article in the cotton trade. When about a dozen firms applied for and obtain- ed an increase of duty on imported
Washington, Jan. 13 calf. every weaver had to pay an Questioned with regard to the increase of 15 per cent" on his significance of the recent attacks chrome picking bands, combing by Mr., Harold Ickes (Secretary of leathers, &c. In itself a small Interior); and Mr. Joseph Jackson. matter, but in conjunction with(Assistant Attorney-Gen.) on "big venue in 1937, composed of Import
Chinese Maritime Custom re coal. machinery, overheads, and business," President Roosevelt In- the other part of the 40 to 50 per timated that they were directed and export duties, interport duty, cent apart from raw cotton, they only against a limited group. He tonnage dues, dood relief gerta are important additions to the sald he was not yet ready to dis- and revenue surtax amounted to costs which the monopolists have cuss his attitude towards legislation $350,000,000 compared with $324,- levied on our native industry. of, requiring the Federal Licensing 630,000 in 1934,
I can assure Colonel Bowler that Corporationin.-~-
reason for them. My reason is that
"BIG
BUSINESS"
C.M.C. REVENUE IN 1937
Shanghai, Jan, 1.
This includes $142,210,000 Shanghai, a decrease of $8,760.000 compared with 1930;
T
HONG KONG SAVINGS HANK
HE Business of the above Bank in conducted by the HONG KONG & SHANGHAI BANKING CORPORATION, Rulea | may be obtained où application,
For the Hong Kono & SpanonAI
BANKING CORPORATION.
V. M. GRAYBURN,
Chief Manager,
BANK OF EAST ASIA,
* LIMITED,
6,598,600.00
[2,776,796,76
Нели Отся: - Нока. Коно No. 10, Des Voeux Road, Central Board of Directors:-
Sir Shouson Chow, Chairman Li Koon Chun, Esq. Li Lan Bang, Esq. P. K. Kwok, aq. WongChuson, Esq. Wong YonTong, Esq. Kan Ying Pu, Eaq Chan Ching Shok, Fang Fing Wat
Eaq
Kan Tong Point, Phish Manugur.
Li Ton Fong, Esq., Manager.
Branches and Agencies;- Swor
Kowloon Festung. Bourabaya Batavia
London Kakyoun Swatom Bombay Maolla Buiqua 'Hydney'.. Onicolis Melbourne San Fran Telhaka Canton Xagumil
Disco Tiental. Haiphong, New York Semitis Tokra Hackow Lunica Bemarang VADDOOVE Kondiala Parir : Shanghal Yokohama
it agapore
l'etping
Every description of Banking id Exchange business transacted. Loane granted
15; QUEEN'S ROAD CENTRAL
HEAD OFFICE:
18. PINE STEET, .“.
NEW YORK.
Ah American Bank offering com
plete Foreign Banking Service in the principal Markets of the world.
1
Interest Rates on Application.
SAFE DEPOSIT BUIES This Bank is entirely owned by THE CHASE NATIONAL BANK, Nit Ydaz, with Resources over U.S. $2,500,000,000.
D. M. BIGGAL,
Manager.
M
BANK OF CHINA
Specially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN INTERNATIONAL ÉXÒHANGÉ PAID-UP CAPITAL..$40,000,000.00 BANK
(BRANCHES ALL OVER CHINA).
in China and connections in the Owing to our numerous Branches.
principal Commercial Centres of the World, we are able to extend to our Clionts special facilities for Domestic and Foreign Banking and Exchange.
Head Office: SHANGHAI
Hongkong Branch
4. QUEEN'S ROAD. G
South China Officer:
KONGMOON TOISHAN
CANTON
SWATOW
SHIUCHOW KINGCHOW
We also handle the issue of Bonds
on approved and other Public Funds of the securities.
Chinese Government both at Home Current Accounts
apened in
and Abroad. Local Currency and Fixed De posits received for one year of
SHOU J. CHEN shorter periods in Local and
Hanager. Foreign Currencies on terms which will be quoted on application. Safe Deposit Boxes To Let
KANTONG PO.
Chief Manager.
$12,850,000 from Canton, an in- crease of $1,050,000%
THE YOKOHAMA SPECIE BANK
LIMITED P
Capital (fully paid up)
Yan 100,000,000 Reserve Fund You 134,400,000.00
WAR'S EFFECT
HEAD OPPIONYOKOHAMA Total collection in the first seven montis, amounted to $262,200,000 BRAMOREA, AND AGKSETIO ASÍT constituting a record for such a Alexandria Honoluin Rangoon peribd and providing ample justi- Bangkok Hainking Bio dot Geation for the assumption that it Batavia Karachi Janeirs hostilities had not broken out the Bombay London
Berlin Kobe 1931, would have been exceeded this Canton Manila record collection of $388,510,000, in Calcutta Los Angeles Bestlis year
Bemarang Dairen
Moji Shanghai (Dalny) Nagasaki Singapore Soerabaya (Mukden) New York Sydney
Tiantaia
San
Pranoles
Tokyo Tsingtao
Yinkow
Paria
Interest allowed on Current An-
The service of the Anglo-Ger man Loan of 1888 the Boxer In- Fangtien Nagore demnity obligations and the 1913 Reorganisation Loan, were provid-Hamburg Ozaka fronted in full from Customs revenue at Hankow Otern
à total cost of $70.911,000, while the Harbin service of consolidation notes of
Hong KongPeiping'. 33,390,000 from Tientsin, a de- the American Wheat and Flour counts
Loan of 1081 and the American Deponita received, for, Fixed crease" of $2,130,000,
cotton and wheat loan of 1933, Periodi et rates to be obtained on met in full from the collection application, Red, N Crease of $4,000,000
of food relief surtax at a total cost
* KANO; $25,830,00g from Hankow, an in- of $8.728,000.- crease of $1,950,000 and
Bruter:
armaments are the logical outcome that the militarist takes charge $24,319,000 from Tsingtao, an t-
I have noticed the vast armament, Reuter,
of the countries he mentioned, and
BO
I also noticed that he gave no
. it
14DL
1/21/11 + 189/16
Boring Bank, Buying
Babe
Ban Ritter, GAT OB
of trade restriction. Tariffs mean
Yours,&C..
Houghton Diggle, frontiers, frontiers mean armies Secretary National Reform Onion, 'and' naviės, Hence, In the world. Barton House, 66. Deansgate,
gone tariff mad it is not surprising Manchester 3, December 15,
Hong Kong, 11th- Se
Manage
7
お
..