Buyen allers Bal
Nominal
FRIDAY. SEPT. 16.
Hanks!
14
$1,420
$1,430
$1,400
Do. (Col. Reg.)..........
£67
+
585
Do. (Loa. Seg )......
210
Chartered Banks
eli
223
Marcanilä Bka. "A"
£28
13
Mercantile Bks. "C"
£13)
Bank of East Asia ...
$88
N. C. & 8. Banks....
03
k. (Insurandos
$226
1225
Canton InesrSLICES.
$310
610
Union Insurances ................
PAGE 12-HONG KONG DAILY PRESS
DAILY SHARE QUOTATIONS Hong Kong Stock · Exchange
$5071
H.K. Backs
Sharebrokers' AssociationTM
Buyers Bellers Biominal
THE EXCHANGE MARKET
MESSRS. ROZA BROS.
Silver prices were unchanged yesterday, the quotations remain. ing at 19 11/18 for Ready and 19 Silver advices 7/15 for Forward. reported sales made by India and speculators. The 'market' was steady with very poor-support. American Silver was quoted at 42 3/4 for Spot.
The London New York cross- New York rate was quoted at 481.
London was quoted at 480. 13/16.
MARKET
FINANCE
NEW YORK STOCK EXCHANGE
High
Through Router's Service)
QUOTATIONS
145.87 96.96 30 Industrials
3:
Sept. 16, 1938. Sept. 14 High Low Close Chang“
132,03
SATURDAY,
SEPTEMBER 17, 1938.
1938
Low Dow Jones Averages,
186.87 134.47 136,32 3,99 up.
38.77. 19.00 90 Haliz 9356 16.14 90 Utilitie 99.30 81.39 40 Bonds
24,22
25.42 24.79 24.19 .87 up
17.80
18.41 17.87 13.38
MS up
88,vid
B8.83
$7 og
59.00 45.03 11 Commodity Index 48.03
47.39
.64 off
Business Done:--1,140,000 shares.
STOCKS
Adams Express ... Alleghany Steel Co.
Last Sale
STOCKS
Last Sale
Sept. 14 15
Sept, 14 15
TD
10
Great Western Suga: 28.
261
183
17.
Greyhound Corpn 141
151
Underwriters".
2805
395 HE. Fires
Shipping
$72
Steady at the
opening and throughout the morning. Business was smail
Allis Chalmers ......... Amer. Can
451
471
Hecker Products
7
71
+
90
Int. Nickel
461
48
Amer. For, Power
21
31
Int. Tel. & Tel......
81
71
#de $22
Donglasses
$321
İstasimboats wo
$60
Indo-Chinas (Prof.)........
$80
184
Indo-Chinas (Del.).....
$24
96 3
86/3 Shalls.................
$9.15
:
18.10 Waterbosta
Mining
16/3 Kailan ...
erdir. 19.70 Baube
Venezuela Gold Fida.
17 eta.' Hong Kong Mines....... Docks, Wharros,
«Godowns, sta
15/8
ex.dir. $0
$3
...
$198
ST
*
$19
H.K. & W. Doch.... Do )...
$15 Shanghai Docks 8.
$3.90 New Engineerings 8.
·H.K. & K. Wharvas...
#12st
Providents (oid}.........
6.80/7
86.80
$680 Providanta (new)................
320
$18
17:30
$3.96
Lands, Hotals, and Balldings
$6.70 $4.90 $61. -$37.05.
$38
5.) H.K. Bosities.......
$10
*17.80
842
H.K. Hotel
H.K. Lands........8.
$107 Do. 4% Debentures-
B8:40 Shanghai Lands B.
SON
324
Humphreys make
Chinese Estates
Cotton Mill
{Bw:(6.) ......
8'hai Cottons (8.)......
Zoong Sings 18.)
Pubile Utilities
6.71/73
$38
11071
€5.00
STERLING
The opening selling rate of 1/3 attracted buyers resulting in. business later for cash. At Junch time the market closed with sellers at 1/3 for near and 1/2 31/32 October December, buyers at 1/3 1/32 Cash /September and 1/3 "Some busi- October/December. ness was also reported at 1/2 31/32 for January.
U.S. DOLLARS Were on offer at 29 15/16 for near at the opening but business was done only at the level of 30 1/16 for Cash. The market closed at 1 p.m. with sellers at 30 September October and 29 15/16 November December, buyers at 30 1/8 Cash /September and 38 1/18 October November.
SHANGHAI DOLLARS
Bethlehem Steel Boeing Airplane Co. Borg-Warner Briggs M'facturing. Brooklyn-Manhattan
Amer, & For. $7 p.
14
151
Kennecott Copper
381
401
s
ES POT
Amer. Locomotive ... Amer. Metals Amer. Radiator ...... Amer. Rolling Mill.... Amer. Smelting Amer, Sugar Rio Amer. Tel. & Tel.
161
171
Libbey-Owens- Ford
OCT.-DEC.
30
321
GIBAS
461
49
137
141
Lockheed Aircraft .
12
12
JAN.-MARCH
153
161
Loew's Inc. ........
481
433
461
Martin, Glen L
182
20
211
McKesson" & Rob-
1351
1391
bins, $3 pf... 32
#.
Amer. Tobacco "B" Amer. Waterworks ..... Anaconda Copper ... Atchison, T. & B. Fe. 311 Auburn Motors
321
83
Bi
81
Monsanto Chemical 92 Montgomery Ward...
32+ 941.
43
45
301
321
Nat. Dairy Products 121
121
321
Nat. Distillers
213
221
3
31
Nat. Power & Light
53
51
Baltimore & Onio' ...
51
7
Nat Supply Corpn.
14
143
Barber & Ca ........
181
18
New York Central...
44
161
Barnsdall Ol
151
18
N. America. Aviation
71.
#1
531
367.
North America Co.
172'
18.
4
201
214
Northern Pacif
BL
10
301
324
Pacific Gas & Elec
25
251
311
321
Pacific Lighting
351
95
Packard Moturs.....
41
4
70
Paramount Pictures
01
9
Brooklyn-Manhattan
Pennsylvania R.R.....
"181
$10
172.
38 cum. pf.
24 "
251
Phillips Petroleum-367
371
SHANGHAI MARKET
Canadian Pacific
5
51
Public Service of N.J. 261
23
$18
Case. JI.
781
84
'Pure Oli
81
อ
$95
Sterling 8.21/32 and U.8.$ 17.
$244
11/32 both sellers for Spot,
Chesapeake & Ohio Chrysler Corpn.
261
EBA
Radio Corpn. of Am.
6
61
607
701
Republic Steel ..
16.
17
The market opened 11 cent higher for all deliveries as compared 484
with Wednesday's closing quotations. 19)
Early in the morning the market ruled, orm due to favourable. developments in the European political situation, the whole world anxiously awaiting the outcome of the conversations between Mr. Chamberlain and Herr Hitler which will also have a decisive influence upon the immediate trend of Rubber prices.
Active buying of "spot" and forward positions was recorded on the basis of quoted rates, but only a moderate volume of business was. transacted due to the reserved attitude of sellers.
Later in the session, however, the higher price-level attracted" profit-taking, resulting in a decline of 4 cent, the market closing with a gulet but steady undertone.
Commodity Research Bureau uunder date of August 15 reports 38 follows:
"As expected, the International Rubber Regulation Plan was ex- tended for another 5 year period. A few modifications were enacted but the agreement remains almost-unchanged In the broader aspects, of limiting crude rubber exports through shipment quotas. Basic quetas beginning in 1939 are set at 1,449,000 tons, excluding Siam and French Indo-China. with moderate increases allotted for each sucz ceeding year."
LONDON RUBBER
PAYNE & CO.
COMMODITY BROKERS STOCK EXCHANGE BUILDING
HONG KONG
COMMODITY MARKET REVIEW
-(FROM PAYNE & CO.).
SINGAPORE RUBBER
Sept. 14 buyers
buyers sellers
Sept. 15
sellers
Change
23... 23-1/4
28-3/4 27
7 4P. 3/4
28-1/2
28-3/4
27-1/8
27-3/8
27-1/8 27-3/8 27-3/4 28
up 5/B
up 5/8
Wing On Textiles (8.)
$42
THE AFTERNOON
Columbia Gas & El.
52 53
Reynold Tcbac. "B".
401
41
Previous close
Today's close
1657
Η
Tramways ........................
$16.80
Peak Trama (old)......
#31
Peak Trams (na) -----
136
STERLING
$77
Star Forrig...........................
$77
524
Y'mati Ferrias C.B.$
$24
(new)
81.0 China Lights (old)......
$11,95
$11
159
3681
39,36
in Lights (new)...... H.K. Electrics...
$17Macao Electric....
Sandakan Lights..........
$30 Telephones (aid)....... $9.3 Telophones (DEM).........--- **/*
Traction ......
$8.10
$581
The market was quietly steady Columbia 6% "A” på. in the afternoon.
The market closed with sellers at 1/3 Cash /September and 1/2 31/32 October /December, buyers
at 1/3 1/32 Cash /September and 1/3 October/December.
67 * Commercial Credit... 443
87 +
Schenley
141
15
46 Schenley, 51% pfd..
70
71 *
buyers sellers buyers sellers
Change
Commonwealth & S Commonwealth & 8
6% cum pf. Consolidated Edison 24 Cansolidated C
1
1
Sears Roebuck
853 89
SPOT...
7-15/16 8
Shelf Union Oil
13
143
JAN-MARCH
341
37
Socony-Vacuum Ou"
121
13
APRIL-JUNE
247
Southern Pacifie
141
151.
81
B
Southern Rly $5 pid.
14
152
Continental Can
371
39
Standard Brands ....
67
.62
8-1/16 8-1/8 8-1/4 8-1/18 8-3/16 8-3/16
up 1/8 8-1/4 8-3/16
8-5/15 8-1/4
up 1/16 Market firm in response to improved political, atmosphere, but ruled quiet.
up 1/8
A
Continental Oil
27+
291
Stand Gas & Elec.
2)
3.
$261 $9.65
26.0
26/7 | Tractions (praf.)
Industrials
DS. DOLLARS Sellers at 30 September and 29 15/16 November Decem
Cash 1/8. at 30 ber. buyers /September and 30 1/16 October
December.
Corn. Products
661
Standard Oil of NJ. 51.
512
October
Curtiss-Wright (C)
44
Stone & Webster
71
P
Caftiss Wright "A" 191
19
Switt International 28
Distillers Corpn. Sea-
Technicolor
172
-201 182
131
141
Texas Gulf Sulphur "34
351
Douglas Aircraft
411
421
20th Cent. Fox. Films
231
243
$14
Cald, Macg. (Ord ) B.
$13
Caid., Mace. (Prof. B.
$1.70 Cancun Ices
$1.80
172.
$17 Cemedia
4171
$4.90 Hopea
Consolidated
$4.80
::
China Prov. fold).....
China Prov. (new)..............
$16
Miscellaneous
Dairy Farma -
SHANGHAI DOLLARS
SHANGHAI MARKET
Last advices from Shanghai in- dicated the market as follows: Sterling 85/8 and U.S.$ 17. 13/32 sellers for Spot.
Du Pont...
12T
1311
do. Flima pf...
311*
311"
Eagle Ficher: Lead
31
91
Union Carbide &
Elec. Bond & Share
51
84
Carbon
778
80
Elec. Bond & Share
Union Paciie
BO
83
$5-01.......**
40
36 *
United Aircraft
241
251
* NEW YORK COTTON
Early in the day. prices advanced on Trade buying and covering by shorts. Later, however, trading quietened down, awaiting the re- sult of Mr. Chamberlain's meeting with the Fuehrer.
There was some heavy liquidation, but this was well taken by the Trade. Good factory interest was in evidence.
CHICAGO WHEAT
The market was lower in sympathy with Liverpool cables and heavy liquidation.
NEW YORK RUBBER
J
Elec. Bond & Share
United Airlines Trans
7
$8 pl.
48 *
501
United Corpn. ....
21
21
Elec. Power & Light'
United" Corpn.
$3
$20
$7 pt
28
291
cum. pf.
271.
27
6%.pm
360
H
Ch. E'tainments
$130 Constructions (old).....
Constructions (new)..
$8.70 Lane Crawforda.......
Nanyang Tobacco.....
$2.308mcereal
674
Ch.G.5%19%G.B
H.K. Gort, 4% LogAs
4.pa H.K. Govt. 31% Lowas 3101
H.K. Wing On
S'ial Wing On............
$65 | Vibro Piling ................
13/
Marsmans Inv. (L00)
Marco Lav. (H.K.)
|75 cia | Wm. Powells her
*Skies to Shanghai
LONDON EXCHANGE RATES
58,30
Flintko c
211
221
United Gas Corpn.
3
31
31.50
H. K. STOCK
Gea. America Trans
451
451
Un Gas I'provem't
ទ
91
Gen. Electric,
382
40
U.S. Rubber pt.
412
431
#3
$2.05
EXCHANGE
Gen. Motors...
434
40
U.S. Steel...
801 831
New York Commodity Market
Gen. Railway Signal 161
18
US. Rubb
54J
503
$8.10
Glidden Co.
19
191
Valudium
"101
171
67%
1100
Goodrich (BF.).....
191
311
Warner Bros. Pict...
SI
5}
++
Goodrich $5 pl.
61
52
Westinghouse
Elec. 98
091
550
Goodyear Tire & Ca..
253
37
Woodward Iron Cor.
161
17
(By Courtesy of Messrs. Swan, Culbertson & Fritz and 8. L. Levy & Company)
Great Northern Iron
Chase National Bk.
29.*
297*
Ore, i
101.
11
National City Bank
22
2237
New York, Sept. 15 (Thursday)."
Great Northern Rly. 16
18
Call Money
1%
1%
+ ex. dlv.
bid.
75 eta
New York Cotton New York Rübber
Chicago Wheat"
Dec....... Dec. Dec.
Chicago Comm Winnipeg Wheat - Dec.
Dec...
83 061
Prev. Today's. High Low Close Close Change.
*7.88 7.94 7.09 7.92
.06 up *01 of 16.64
18.31 16.23
16.30 46 641 671 047 21 03 514 501 511 511 641
14 of
631 21 off
Parls
Geneva
Beriln
Athens
Milan
Copenhagen
Sept. 14
(British Wireless Service)
178-21/84
Sept. 15 178-21/04
21.27-3/4
21.291
12.02
91-5/16
911.
Stockholm
18.40
19.06
Shanghai
Bld.
82d
New York ....
4.781
Amsterdam
8.92
4.81 "8.021
Vienna
Prague, ....
1391
139-11/16
220-3/4 .. 670
Helsingfors
Bucharest Hot Kony Bombay ... Montreal
Yokohama Belgrade
Buenos Aires
Monte Video
31lver. (Forward)
Silver (Spot) summilli War Loan
UN LONDON:-
1/2 31/32
1/5-29/324. 4.82-1/4
28,36
1.5-15/16 4.831 *28.491
214
19.071
204
20
2-15/18 191 19-9/16 3%87+
197
Closing Quotations
eptember 18, 1983,
Telegraphic Transfor... 11/97 Bank Billa, on demand. Credits, 4 months' sight. 1/3/
UN SHANGHAI:'---
On demand
UN SINGAPORE:-
On deniand
IN JAPAN
On-demmad
165 mom.
19-9/16 34% 1001
$6.40
On Naw Yoxx:.~---
Bank Bills, on demand 2913/18 Credita, 60 days' right. 20-5/16 ON BATAVIA
45-3/16
Du demand ON PARIE:-
Bank Bills, on demand; 1,095 Crédits, months' right 1,180 US SALDON:
On, demand
68-8/16 ON MANILA:-
1081
Telegraphic Trameter.... | Pa Jerak. 40 dan
15/16
On démand'
On demand
ON BANGKOK:-
149)
Sovereign Noten
Bank Buying Rate........... · 1/8÷1/16
Silvar ¦ DIE WIL
YESTERDAY'S
OFFICIAL QUOTATIONS
In view of the political situation, the market has remained very steady with enquiries tor most stocks at slightly reduced prices.
BUSINESS DONE DURING THE WEEK
Hong Kong Bank, $1,460, $1,450, $1.420, $1.430) =
Union Insurance, $510.
Wharves, $128).
Docks (Old), $19.
Docks (New), $19j.
Providents (Old), $7. $61.p
Providents (New); $7.05, $6.80,
$6.50.
Hotels, $0.
Lands, $384, $38. $37.70. Tramways, $17.10, $17.05, $17.00, $16.80, $17.00.
Peak Trams (New), $31. China Lights (Old), $11.05, $10.90. China Lights (New). $8). . Electrics, $59, $583. Ewo Cottons, (8.), $17.80. 3.15 pm CHANGES (CLOSING
QUOTATIONS).
BUYERS
Hong Kong Bank. $1,425. ́. H.K. and K. Wharves, $128. Providents (Old), $8.65. Providents (New), $8.50. Hong Kong Lands, $37.50.
SELLERS HK and 8, Hotels, '$6.80. Hong Kong Lands, $37.70. HK. Realties. $5.80. HK. Tramways, $17. Dairy Farms, $253.
SALES HK. and K. Wharves, $1281. Providenta (Old), $89. Providents (New), $81. Hong Kong Lands, $37.70. Hong Kong Tramways, 317.
A.K. SHAREBROKERS ASSOCIATION
3
RALES
Wharves, $1231.2
Lands, $37.70.
19-9/16
Trams, $16.85.
How Stamp Values Are Fixed
and of economies, even economic theories don't always work out to the text? book:
עם 09.
J
Time and again I am asked the for life, demand may be „a question-"What makes a stamp thing.
One year a stamp may be worth valuable? So today I propose to sketch briefly some of the influ- only a few pence, and then on Bonie external in- ences which work on the stamp account at market, and to dispel some of the Avence, romantic or otherwise, the may push the price up fallacies which seem to exist in demand the minds of some collectors. to shillings" or even to pounds writes a. Bulletin correspondent. Bome stamps are dear because the
country is "popular." Actually I cannot lay down
NEW YORK RUBBER DEPENDS
MARKET hard and fast rules regarding
ON the value or market price of
Then, again, the price which September a stamp. It is essentially a
stamp may "fetch depends on the December
It March question
market in which it is sold. will realise only what the market May will bear
Ackle
NEW YORK COTTON - Close October
Opening
Closing
Change
7.83/83
7.93/94
7.87/87
.04 up
December January March May July
7.88/89
1.98/99
7.94/95
08 up
(1939).
7.82/83
7.90/96
7.92/92
.10 up
7.86/87
8.00/7.99
#
7.98/97
10 up
{
7.81/81
7.94/93
7.90/90
}
... 7.79/79
7.93/92
7.89/39
.10 up
Spot
7.95
7.99
.04 up
16.20 B *...... 16.31/32 18.38/42
16.18 N
.02 ou
16.54/48 16.53/56
16:30/34
.01 off
16.40/41
16.43/44
16.45b/51a
02 up .03 up
Bales for the day:
CHICAGO WHEAT September ... December....
7.510 tons
662/861 673/673* 681/681
641/641
642/642
001/652
66/661
34.027,000 bushels
... 631/631 514/52. 5377541
524/521 501/502 501/501 -521/521
521/521
86+/601 84/631 83/631 601/001 691/691
84/04 631/832 *67767
.21. aft
43.25b/42.80a 43.80 N
42-3/4 480-13/16
It really surprises me that more people do not write to the editors of newspapers which from time to time describe the Penny Black as the world's rarest and most valuable stamp.
May
This is the explanation of the fact that you may see stamp fa some small recond- hand book shop selling st few shillings, while the same
Wednesday's Sales:- stamp may fetch a pound in
CHICAGO CORN an imposing London dealer's. They argue of the assumption
Apart from the fact that the
September that because the Penny Black is
December the oldest stamp it is the rarest antique dealer may not be aware of
May ...... and because it is the rarest it the demand for such a stamp, he is trying to attract at least one must be the most valuable.."
stamp collector to his shop. | WINNIPEG WHEAT Those theories explode imme-whereas the dealer, by an adver diately when one discovers on cantisement in a philatelic paper. October get a tolerably good copy of as the attention ...of. Bome Penny Black for about $5.
thousands of collectors.
QUESTIONOF;, DEMAND Actually there is no such thing
December May:
If you are stranded on's desert NEW YORK STRAITS TIN island you might as well exchange
December
coconut, and
consider yourself
Do I make myself clear? The leading dealers guarantee their stamps-that has to be paid for
*** 43.00 N NY Buyer, amcial ...... 42-3/4 NY-L'don Cross Rate... 4.86-7/8
65/641
as the rarest stamp: we hear about the British Guiana of 1866 being a stamp, catalogued at £20 for a worth about £10.000, but there lucky. are other stamps just as rare but not in such great demand."
This brings us to the most im portan factor in market price the
INFLUENCE OF CONDITION relationship between supply and
An interesting point, from the demand. I the supply is amall and the demand great, then the psychological point of view, 18
to offer up for because the stamps belonged to a for substitutes. Thus a Ane speci price will be high. But since this. If I were
stamps can sale a set of stamps and "Lord notable person and then they men may fetch a few pounds, but obsolete...postage hardly be regarded as a necessity Timbuctoo" were to offer an iden-could boast of their acquisition, a poor one only a few shillings.
tical set, I would be willing to Lasty, but by no means of least wager that his set would realise importance, is the influence of considerably more than mine condition Collectors want the People would pay more just best they will not willingly pay