PAGE 12-HONGKONG DAILY PRESS
BANKS
HONGKONG AND
SHANGHAI BANKING
CORPORATION
Authorised Capital
$50,000,000
Issued & Fully Paid-Up #20,000,000
Reserve Funds:
Sterling
.....£ €,500,000
HI.K. Currency Reserve $10,000,000 Reserve Liability of
Proprietors
THE CHARTERED
BANK OF INDIA, AUSTRALIA & CHINA Incorporated by Rojal Charter, 1858
· HEAD OFFICE: LONDON: 38, Bishopsgate E.0.2
...$20,000,000 | Paid-up Capital ... £3,000,000
Reserve Fund
.£3,000,000 Reserve Liability of Pro-
prietors
Head Office:--HONG KONG
Board of Directors.
T. E. Pearce, Esq., ClairmunA,
Hon. Mr. J. J. Paterson,
Deputy Chairman.)
W. H. Lock, Exq
G. Miskin, Est..
MANCHESTER BRANCH: 71. Mosley Street, Manchester. -
KARACHI
H. V. Wilkinson, Esq...
Sir Vandaleur, M. Grayburn,
Chief Manager. CAWNPOLE:
KUALA
J. K. Bousfield, Esq..
A H. Compton, Esq.
Hon. Mr. S. H. Dodwell,
род
K. S. Morrison, Esq.,
DATAVIA
Hon. Mr. A. L. Shields,
BOMHAY
CALCUTTA CANTON
KLANG KOBE
AGENCIES AND BRANCHES: ALOR STAP HONG KONG PENANG AMBITBAR ILOILO
RINGOON
BANGKOK
BAIGON SEREMBAN SHANGHAI SINGAPORE SITIAWAN
LUMPUR
CEBU
KUCHINO
Branches:-
COLOMBO DELHI
MADRAS
BOURABAYA TALPING TIENTSIN
A moy
Ipoh
Penang
Bangkok
Johore
Hatavia Bombay
Kobe
Calcutta
Kowloon San Kuala
Canton
Chefoo
Colombo
"
Bangoon Saigon
Francisco Lumpur Shanghai Londor Singapore Lyona Sourabaya Dairen Malneca Sungei
Patani Swatow (Johore Tientsin Mukden
Manila
Foochow Haiphong Muar
Hamburg
Haukow
"Harbin
Hongke floilo.
Tokyo
New York Tsingtao
Yokohama Peiping
Current Accounts opened in Local Currency and Fixed Deposits received for one year or "shorter periods in Local and other Cur rencies on terms which will be quoted on application.
Also up to date Safe Deposit Boxes in various sizes To Let.
Hong Kong. 7th October, 1938.
HONGKONG SAVINGS
BANK
The Business of the above Bank)
is conducted by the HONG KONG
& SHANGHAI BANKING COR-
HAIPHONG HAMBURO HANKOW" HARBIN
MANILA MEDAN
KW YORK TEIPING
(Peking)
Finance and Commerce
NEW ZEALAND FORESTS
REORGANISATION
The directors of New Zealand Forest Products, Ltd. of Auck land, (N.Z.) announce that the terms for compounding the main- tenance contract between New Zealand Perpetual Forests, Ltd.. und the company have been finally approved by the Bondholders Incor- poration Commission.
ers.
"
P. I. MINING
DEAL
Batong Buhay May Come Under Soriano
A mining deal
་
involving
Con-
a property on hich some. Pesos 5,000,000 worth of Dre has been developed was con-.. suminated on October 27 with the announcement of tract between Batong Buhay Gold Mines Inc., and the In- Cor- ternational Engineering poration for the operation of the mine by the latter firm.
The position now is that New way of rights, he said, but every- (£3,000,000 | Zealand Forest. Products, Ltd., will thing had been settled in a wise shortly obtain legal possession of spirit of compromise. the forests, and a transfer of cash.
70,000 BONDHOLDERS investments, and other assets.
The counsel for New Zealand valued at approximately £1,300, Forest Products, Ltd said that 70. coo, which the company is entitled 000 bondholders in different parts to receive from New Zealand Per-of the world, but chiefly in New petual Forests in discharge of that Zealand and Australia, would be company's obligations to bondhold Interested. Counsel for New Zen-
tand Perpetual Forests, Ltd. said International Engineering is the
So Until this contract had been that the proceedings, marked the technical organization of the
and is already compounded New Zealand' Forest onclusion of a monumental task, riano interests,
Antamok Goldfields. Products, Ltd. could not obtain The chairman of New Zealand operating
Consolidated IXIL legal possession of forests or take Perpetual Forests, "Ltd.. Mr. "Wil-Masbate
Mambulzo practical ateps towards their liam Fraser, sald in Auckland that North Camarines, and utilisation
the approval of the Commission Consolidated..
The Batong Buhay property The directors are now free toneant that New Zealand Perpetual ronsider plans for the utilisation Forests, Ltd, would transfer to New located about 150 kilometres north has been under Zealand Forest Products, Ltd., the of Bagulo, "and of the forests,
planted forests of more than 170, development for about two years. UTILISATION OF FORESTS
000 acres, together, with cash man estimate of ore reserves, At the conclusion of a meeting
vestments, and
as of September, 1938, shows 113. of the Bondholders' Incorporation
490 tons of ore with a value of Commission, the chairman said amounting to over £1,300,000.
Pesos 3,844,004. In gold, with an that after hearing counsel for
Out of this sum, £595.000 was additional Fesos 120.000 in silver. parties a form of order. known as a compounding maintenance con-already held, in cash and liquid Besides this amount,
by securities,
the Australasian tons of possible ore have been tract. was approved.
Forestry Bondholders' Trustees, blocked out with a value of around and the balance, £700,000, was be- Pesos 1,500,000.
TONGKAH
(Bbuket) TSINGTAO KOKOHAMA
in
cther
COMPANY'S ASSETS
assets
Forsion Exchanor and General Banking Business transacted.
CURRENT ACCOUNTS opened and FIXED DEPOSITS received for One Year or aborter periods at rates which will be quoted on application,
The Bank's Head Office London undertakes Executor and
The chairman said that volu" Trustee business, and claims re- covery of British Income
minous evidence had been con- overpaid, on terms which may be
sidered and discussed, after the handed over by New Zealand Perpetual Forests, Ltd. in the ascertained at any of the Agencies sitting of the Commission had
closed. by three members. They shape of cash, Government bonds. inscribed stock, shares, buildings, and Branches.
R. A. CAMIDGE, · agreed wholly with the decision to
plant, and unplanted land. It was the maintenance Manager. compound
mately £1,000,000 in cash
Tax
THE CHASE BANK
15, QUEEN'S ROAD CENTRAL
HEAD OFFICE;
of
pany.
and
13
some 43,125
ESCROW RELEASE
The request of Batong Buhay of the securities and exchange commission for the release of Pesos 500,000 worth
SPOT
WEDNESDAY, NOVEMBER 9, 1938
PAYNE & CO.
ናነ
COMMODITY BROKERS
STOCK EXCHANGE BUILDING
HONG KONG
11
COMMODITY · MARKET
REVIEW
JAN.-MARCH
APRIL-JUNE,
(FROM PAYNE & CO.)"
SINGAPORE RUBBER
Nov. 5
Change
uncti
at
1/8
Nov. 7 buyers sellers buyers sellers 28-5/8 28-7/8 28-5/8 28-7/8 29-1/4 29-1/2 29-1/8 29-3/8 29-3/8 29-5.8. - 29-1/4 29-1/2 off 1/8
נד
The market opened with prices unchanged for all deliveries as compared with Saturday's closing rates.
In sympathy with quies conditions prevailing in London and New York the market ruled dull and featureless during the morning ses- slot Whilst only a moderate demand for "actuals" was in evidence, very little activity was shown by dealers and speculators who pre- ferred to adopt a waiting attitude due to the approaching meeting of the IR.R. Committee.
In the afternoon slightly steadier conditions were noticeable whilst prices remained uncharged.
Closing tone was quiet but steady.
וי
New York Rubber brokers belleve that recent continued purchases of Crude Rubber by Tire-manufacturers at present price-levels was attributable to their desire to keep" tire-prices steady during spring 1939. Furthermore it is assumed that the IRR. Committee might possibly be influenced by slowly increasing World-consumption dur- ing 1938, when fixing the permissible export-quota for the first quar- ter of next year. It is pointed out that. whilst World-consumption was 210,000 tons for the first quarter 1938, world-absorption now is estimated at 290,000 tons for the present quarter and at 250.000 tons for January-March 1939. Whatever the Committee may decide, it would appear that their action will not fall to largely influence füture movements.
of escrow SPOT
valuationAPRIL-JUNE
"LONDON RUBBER
Previous close To-day's close buyers sellers buyers gellers Change
8-7/16 8-3/8
3-3/8 8-7/16.. 8-7/188-1/2 8-7/18 8-1/2 8-1/2 B-9/16 8-1/2 8.5/8-
Market quiet but steady.
forests, and approved the sum fr. Estimated that there are approx stock was recently approved after JAN-MARCH ed as compensation. They con-liquid or easily realisable assets, an examination and a sidered the sum fair and reason for the use of the products com-i of the property had been made by engineers from the bureau of able.
"Every issue in dispute had either
New Zealand Forest Products, mines. been finally dealt with, or as stated Ltd. would assume complete con- Thcs. I. Weeks. president of Ba- in the deed, reserved for the final trol of the forests, with sufficient tong Buhay stated that the con- his company and continue decision of the Commission.
funds to
maintenance tract between
Engineering was He expressed appreciation of the and development, and to com- International
for 18, PINE STREET,
co-operation of counsel themence cutting and marketing the subject to ratification by the stock holders, Accordingly, a spectal There had been no giving timber. parties. NEW YORK.
meeting of Batong Buhay stock holders. has been culled for the purpose for November 12
PORATION. Rules may be ob- An American Bank offering com-
tained on application.
For the HONG KONG & SHANGHAI BANKING CORPORATION,
V. M. Grayburn.
Chief Manager. Hong Kong, 7th October, 1938.
BANK OF EAST ASIA, LIMITED.
Authorised Capital....$10.000,000.00 Paid-up Capital,508,600.00 Réserve and Undivided
Profits
2,776,726.76
Head Office:-HONG KONG No. 10, Des Voeux Road, Central.
Board of Directors:
Sir Shousen Chow, Chairman Li Koon Chun, Esq. Li Lan Skog, Esq. P. E. Kwok, Eng. WongChuSon, Esq. Wong Yun Tong, Esq. Kan Ying Pu, Esq. ChanChinganck, Esq. FungPing Wali Esij.
Kan Tong Po, Esq., Chief Manager. Li Tse Fong, Esq., Manager.
Branchen and Agencïne 200
Kowloon Perang
Kelbourne Ban Fran.
Amoy
Datarin
London
Bombay
Manila
Caletta
Canton
Halphon
olco Now York Boatin
Daka
Hankow Bonolulu Kobe
Parda Priping
Sourabaya Awstow Xangion Balgon Hydney
Dalhou Tisatzla Takyo Yanovse Ser Shaba Yokohama
. Mingapore
Every description of Banking' and Exchange business-transacted. Loans granted On approved
securities.
plete Foreign Banking Service in the principal Marketa of
the world.
Interest Rates on Application.
SAFE DEPOSIT BOXES
This Bank is entirely owned by THE CLASE NATIONAL BANK, New York, with Resources over U.S. $2,500,000,000.
D. M. BIGGAR,
Manager.
BANK OF CHINA
Specially Chartered by" THE NATIONAL GOVERNMENT OF CHINA AS AN INTERNATIONAL EXCHANGE
BANK
TWO JAPANESE CONCERNS
For Exploitation
Of China
COTTON SUPPLY ABOVE LAST
SEASON
consecutive
For the third season, the world's cotton sup- plies will reach a new high mark, the United States De- partment of Agriculture pre dicted last week in its annual MILTON.
During 1938-39, the world sup- is ex-
Reports of the signing of the contract has stimulated trading in Batong Buhay stock.
CZECH-GERMAN CUSTOMS UNION
and
NEW YORK COTION
unch.
Early in to-day's session prices declined on the weakness of the Liverpool market. Southern hedge selling and liquidation, combined with the Imminence of the Elections. Traders, however, were gener- ally apathetic and showed more disposition to keep on side-lines until there are more definite Indications of trend and until the results of the elections are known Towards the close, the market recovered somewhat on the strength of buying by Bombay Interests and specula- tors, as well as some pré-Bureau report covering.
1
NEW YORK RUBBER
"J
||
The market closed quiet in a dull and featureless session. The Trade and Commission Houses bought, whilst some short interests covered.
CHICAGO WHEAT
Early in the day, values declined on weak foreign markets. Liquidation and. favourable weather reports were also adverse fac- tors. At the lower levels, some buying was in evidence. At the close, prices partially rallied on a higher stock market and on news of a better export demand.
N. Y. Commodity Market
Well-informed circles in London confirm that Ger- Tokyo, Nov. 8.
many has proposed to Cze- Two Japanese companies, "The
choslovakia the establish- North
China Development Com-
cent for either s Customs pany. Limited" and "The Central
Union. or ⭑ Preferential China Development Company.
Tariffs Agreement, similar to Limited:" have been formed to
that of the British Empire. exploit sections of North and Cen-ply of commercial cotton
pected to total 51,400,000 bales,
The same circles deny, how- tral China under Japanese control,
three per cent, above the record ever, that the Reich has proposed It was announced here yesterday. supply of 1937-38 and 20 per cent. a unification of the Czech
The former is provided with a above the average of a decade ago. German currencies or a Common capital of 350,000,000 yen and the
It was estimated that the world bank of issue. latter with 100,000,000 yen, 60 per
It is not yet known whether cent in each case belig held by consumption of all cotton in 1938-
The 39 will probably not exced the Prague has accepted the Customs the Japanese Government.
bales consuméd last proposals, but it is understood
New York, November 7. 26,400,000
perhaps that the Czechs could hardly re- season and may even
are Prospec- Ject them unless they be considerably smaller.
dis-New York Cotton - Dec. tive decreases in European and pared to stand commercial Japanese consumption of United crimination on the part of Ger- New York Rubber - Dec. States cotton may be offset by an many which would gravels afect Chicago Wheat expected increase in the United Czech economy, already hard hit Chicago" Corn
Winnipeg Wheat by the loss of important Indus-, tries
Apparently the Czech answer
PAID-UP CAPITAL $40,000,000.00 remaining stock has been offered (BRANCHES ALL OVER CHINA) for pubilc subseription. Trans
Owing to our numerous Branches ocean.
in China and connections, in the principal Commercial Centres of
the World, we are able to extend UNEMPLOYMENT IN to our Clients special facilities for
GREAT BRITAIN Domestic and Foreign Banking and Exchange.
I
Head Office: SHANGHAI Hong Kong Branch:
4, QUEEN'S ROAD, C. South China Offices:
CANTON KONGMOON
TOISHAN SWATOW SHIUCHOW KINGCHOW
We also handle the issue of
Current Accounts opened in Local Currency and Fixed Deposits re- ceived for one year ur shorter periods in Local and Foreign Cur- Bonds and other Public Funds of "rencies Оп terms which will be the Chinese Government both at
quoted on application.
Safe Deposit Boxes To Let
KAN TONG PO.
Chief Mannyer.
THE MERCANTILE
BANK OF INDIA.
LIMITED
T
Head offco15, Gracechurch Street. London, EC3
Authorised Capital
28,000,000 21,6000 £1,050,000 21,247,290
Seberibed Capital
Paid-up Capital
Harry Pund and Reet,
BANKERS;
The Bank of England and Midland
Bank. Ltd. BRANCHES:
Bangkok
[poh
Bombay
Calestia
Calomba
Kantes Kandy "Kota Bharu ·
Galle Bowthong
Kuala Lumpar
New York Редли Han Food Shankhs Shuk Minxporn
HONGKONG BRANCH.
Žvary, defeription of Banking and Exchange
resplend
- Travellers":
TRUSTEE AND EXECUTORSHIP
TEN UNDERTAKEN... GURLENT ACCOUNTS uses In Loont Duty rey and MIRD DEPORTS ofired in Local Carrano, STERLING & U, 8, DOLLARS de therma that way scertained on application,
CBENSON, E
Manager/
Home and Abroad.
SHOU J. CHEN,
Manager.
DONT FORGET
THAT WHEN
You are at Home you can get the
HONG KONG
DAILY PRESS SELFRIDGES.
States domestic consumption.
London, Nov. 8 The Ministry of Labour estima- tea that at October 17 the number
SLIGHTLY BELOW RECORD
pre-
It was estimated that of the pre- will depend on the success of the
(By Courtesy of Messrs. Swan. Culbertson & Fritz and S. L Levy & Company)
هم
and December of insured persons in employment sent season's world supply, Unit- talks which Czech economic in Great Britain was about 12.294.ed States cotton amounts to 25,700, financial experts are having now January (1938) 000 or 23,000 more than the month 000 bales or four per cent. above in London and on the hopes-
one-fifth British financial and before but, on a comparable basis, last season and nearly about 210. 000 less than a year ago, above the average for the decade. assistance.
the same date, registered The production, however. unemployed totalled 1,781,227, com slightly below the record supply
AC
prising 1,408,932 - wholly
unem-of 1932-33.
WES
SINGAPORE STOCK On October 25, there were ployed, 307,947 temporarily laid off
QUOTATIONS casual approximately 8,700,000 bales of and 64,348 normally in
Singapore, Oct. 28.. employment. This was 17,301 less United States cotton held as col-
The following quotations of 12 May. than the month before, but 390, lateral against government loans. 978 more than a year ago,
and as a result, the supply of "free" leading Singapore stocks have been September United States cotton is somewhat received by Messrs. Ellis & Edgar October The total included 1,318,423 men below the preceding season
from Messrs. J. M. Bassoon & Co. and 51,996 boys, 358,269 women and
Singapore. considerably belas the average 52,539 girls.
for the decade. Industries in which the principal į *. increase in unemployment has occurred, compared with a year KWANGSI MINT NEAR Amalgamated Malay Estate, Ltd. ago, are cotton and building.-- British Wirelcas.
PRICE OF CHINESE
DRUGS RISE
Dec. Dec.
קט 02.
03 01
17.04/05 17.01b/04a 17.00b/07 1.03 up 17,00b/078 ·^.02 Sup
High Low
8.46 8.37 17.07 15.98
Prev. To-day's
Clase Close Change
8.43 8.44
.01 up
16.975 17.05b .08 up
- Dec.
64
631
841
04
off
464 45)
454
481
1 up
57 56+
574 561
1 of
NEW YORK COTTON
Close
Opening
Closing →→→→
Change
8.43743
8:39/39
8.44/44
01 up
8,35/35
8.30/30
8.34/38
.01 off
of March
}
8.33/33
8.30/29
8.35/37
commercial May
() July (...) October"} Spot
819/19:
8.14/14
8.18/18
01 off
8.08/08
8.04/04
8.05/05
7.82/83
7.80/79
7.81/81
.01. of
8.88 N
8.94 N
.06 p
NEW YORK RUBBER
December March
16.97b/992
16.96b/17.00a 17.05b/068
08 up
16.95 N
-15.93b/97a
09 up
16.93/93 16.97 N 16.98 N
16.97/97
08 "up
Bales for the day:-
2,110 tons
December
May July
CHICAGO WHEAT 648/04
632/634 651/651 €54/851 852/851
64/831 851/654
854/851
Saturday's Bales:
8,455,000 bushels,
Kwellin, Kwangxi Province, draw- Sungei Bagan Rubber Estate, Ltd. ing rear, minting is scheduled to 31,50.
December
CHICAGO CORN
4517451
462/461
May July
491/591 49/401 501/501
61/81
WINNIPEG WHEAT 571/571
E41/56]
May
601/801
MaIndustrials
July
60/80%
01/601
Straits Trading Co., Ltd., $28.75.
United Engineers, Ltd. "(Ordinary);
$8.70 X.1 Wearne Brothers, Ltd., $14.85.
December
March
NEW YORK HIDES; (New Contracts)
1282 N 13.20/23
12.80b/952 13.13b/15 ́ ́13.18/21 13.53/54
Gold
in Londen on: January 12 1989 ----British wireless
December; Ltd, $5.19. Note: The above quotations are | ¿TY Biver; (Oficial
NY-L/don Cross Rate... 478- in Straits Dollata
NEW YORK STRAY:18 TIN 4
46.00/00 46.056/02a 46.10b/30s 42-3/4
+42-8/4
4.78-1/2
COMPLETION
MIDDLE PRICE Rubber Shares
$1.70. Kempas, Ltd, $1.90,
With the completion of the Kuala Bidim Rubber Co., Ltd., $2.40. Chinese Covertiment int in Pajam, Ltd., $1,92).
In consequence of the disruption commence some time in Novem-Tapah Rubber Estates, Ltd., $1,90.
The mint is located on a ber.
Tin Shares.
of communications between H-300-mow vacant lot in Mulung-Petaling Tin, Limited, $8.00 xd. keng and the interior, the myth and will produce subsidiary Sungel Luas Tin Dredging. Ltd. December of Chinese drugs has been inter-wicket and copper coins of the $1.60. rupted, and the local prices of drugs are reported to have crea20beat, 10-cent, 3-cent and one-
sed tenfold.;
CHINA LIGHT ANNUAL GENERAL MEETING
The annual general meeting of the China Light and Power Co... Ltd. will take place on December 21.
cent denominations.
SUGAR COUNCIL
London, Nov.
next meeting of the T-Raub Australiën Gold Mining Co, Coat Bugar Council will be
100/100
402/492