PAGE 12-HONGKONG DAILY PŘESS
BANKS
HONGKONG AND
SHANGHAI BANKING
CORPORATION
Authorised Capital
$60,000,000
THE CHARTERED
BANK OF INDIA, AUSTRALIA &
CHINA
Issued & Fully Paid-Up $20,000,000, Incorporated by Royal Charter, 1853
Reserve Funds:
Sterling
£ 6,500,000 H.K. Currency Reserve $10,000,000 Reserve Liability of,
Proprietors
"d
HEAD OFFICE: LONDON: 38, Bishopsgate E.C.2.
£3,000,000 .....£3,000,000
$20,000,000 Paid-up Capital
Head Office: HONG KONG
Board of Directors. T. E. Pearce, Esq., ChairmaÐ, Hon. Mr. J. J. Paterson,
Deprty Chairman,
Hon. Mr. 8. H. Dodwell,
Reserve Fund Reserve Liability of Pro-
prietors.... ..£3,000,000
MÄNCHESTER 'BRANCH: 71, Mosley Street, Manchester.
J. K Housfeld, Esq..
A. H. Compton, Esq.,
W. II. Lock, Baq..
A
G. Miskin, Esq.,
K. S. Morrison, Esq.,
Hon. Mr. A. "L. Shields.
AGENCIES AND BRANCHES: ALOR STAR HONG KONG PENANG
RANGOON ILOILO AMRITSAR BANGKOK BATAVIA BOMBAY CALCUTTA DANTON
fl. V. Wilkinson, Esq.,
Sir Vandeleur M. Grayburn,
Chief Manager. CAWNPORE
iron NARACHI KLANG XOBK
KUALA
CEBU
LUMPUR KUCHING
COLOMBO" DELKI
MADRAS
MANILA
4:
iHAIPHONG HAMBURO HANKOW BARBIN
Branches:-
Any
Ipoh
Penang"
Bangkok
Jabore
Rangoon
Batavia
Kobe
Bombay
Kowloon
Saigon San
Calcutta
Kuala
Francisco
Canton
Lumpur Shanghai
London" Singapore
.Columbo
Dairen Malacca
Manila
Fonchow
C'hefoo
Lyons
Sourabaya.
Sungei
Patani
Raiphong Muar
Swatow
(Johore) Tientsin
Bankow Mukden
Tokyo
Hamburg
Harbin, New York Tsingtae
Hongkow Priping Iloilo
Yokohama
..
in Accounts opened Current Local Currency and Fixed Deposits received for one year or shorter periods in Local and other Cur
terms which will be rencies on quoted on application.
Alse up to date Safe Deposit Boxes in various sizes To Let.
Hong Kong, 7th October, 1938...
HONGKONG SAVINGS
BANK
The Business of the above Brak! is conducted by the HONG KONG & SHANGHAI BANKING COR- PORATION. Rules may Be
tained on application.
For the HosG 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 | 5,598,600.00 Paid-up Capital Reserve and Undivided
Profits
2,778,726.78
Head Office:-HONG KONG
No. 10, Des Voeux Road, Central.!
Board of Directors:
Bir Shcuson Chew, Chairman Li Hoon Chun, Ea Li Lan Sang, Esq.
WongChuSon, Esq. P. K. Kwok, Eng. Wong You Tong, Esq. Kan Ying Po, Esq. ChanChingShek, Esq. FungPing Wah Rag
Kan Tong Po, Esq., Chief Managër.
Li Tse Fong, E., Manager.
- Branches and 'Agencies 200 .
Kowlows Fema
Melbourne B Fram
Amoy Babstin
Londos
Manlia
Balgea
Cantos Halphong
Nagsaka
Клокот
Now Tark Omka
Hattie
Honolulu Lobe
Semarang Shanghai Polpla Bingspace
Bonrebaga Swntow Sydney Talhoku Tiada Tokyo.
VADCOUVER Yokohama
Every description of Banking! and Exchange business transacted. Loans granted
Approved Becurities
од
MEDAN NEW YORK PEIFING
SALOON $238MBAN BHANGHAI SINGAPORI HITIAWAN BOURABAYA ΤΑΙΡΙΚΟ TIENTSIN TONGKAH
(Bhuket)
TRINOTAO TOKOHAMA
(Peking). FOREIGN EXCHANGE and General Banking Business transacted.
Vannger,
Finance and Commerce
JAPAN HAS NO MORE FOREIGN VISITORS Tourist Trade Dries Up:
Shipping Line Closes
The foreign tourist, formerly a familiar sight in Japan, has be- come almost as extinct as some prehistoric animal. At no time, not even during the stormy days of the "Manchukuo" Incident," has there been such a striking decline in the number of foreign visitors.
TRADE OF CHINA
IN 1937
Rise Of 53 Per Cent.
Over 1936
A
The "Hongkong Daily Press" has received from the Inspec- torate-General of Customs report on China's Trade for the 1937. This contains an year introductory survey with tables of revenue, value, treasure and shipping.
In normal years Japan could The same impulse that leads some
The survey deals with the in- thirty or forty people to boycott Japanese goods count on some
to stay ternational political and economic thousand tourists. many of whom doubtless induces them
situation, the Sino-Japanese hoa crossed the Pacific on Japanese away from Japan.
Moreover, the common or gar-tilities, the Chinese internal situa-. ships. This added to their econo- mic value, as it brought more for-den tourist, as distinguished from tion, the silver and the financial eign exchange into Japan's posses-the more informed traveller. has a position, smuggling and preventive sion. Receipts from tourists pro-vague idea that the entire Far Work, and tariffs. As most of this bably ran in the neighbourhood of East is "dangerous." because of is now so well known, comment three million pounds a year, writes the Sino-Japanese, war, and does would be redundant.
Fot realise Japan's Immunity Expressed in terms of national a Home correspondent.
Now the tourist has vanished against attack, except from the air currency, the total revenue collec from the Japanese landscape and in the event of a Soviet-Japanese tion for the year amounted to $342, his foreign exchange, which would canfilet. be doubly appreciated. in this time! of wartime financial stress, has virtually disappeared as a credit Item in Japan's international bal- ance of payments.
HOTEL'S ONE GUEST
permanent
of
are
of
fa-
C.N.S 251,286,534 29,073.179
SPOT
MONDAY, NOVEMBER 14, 1938:
PAYNE & CO.
COMMODITY BROKERS STOCK EXCHANGE BUILDING
HONG KONG
COMMODITY MARKET REVIEW
JAN.-MARCH
APRIL-JUNE“
(FROM PAYNE & CO.)
SINGAPORE NUBBER
Nov. 10
Nov. 12
buyers
sellers buyers sellers
Change
29
20-1/4
28-7/8 29-1/8
off 1/9..
20-5/8
29-7/8
29-3/8 29-5/8
29-7/8
30-1/8
29-5/8 29-7/8
off W/4- GE 1/4
The market opened 3/8 of a cent lower for all deliveries as
were compared with Thursday's closing quotations.
In London and New York Quiet conditions prevalling
dull undertone after the responsible for the market displaying a
maintain afde-line positions. opening. Despite fair demand for "actuals" speculators preferred to Subsequently some speculative selling, coming on a narrow mar- ket, caused prices to gradually decline by 1/4 cent for all deliveries, the market closing with a quiet and cull undertone.
It was announced that dealers' stocks in Malaya, together with stocks at the ports at the end of October, amounted to 39,638 tons as against 44,827 tons for. September.
LONDON RUBBER
Previous close
buyers
To-day's elcse !
seilera sellers buyers
Change
8-5/16 8-7/16 8-3/8
8-7/16
up 1/16
8-7,16 8-1/2 8-7/16 8-1/2
:8-1/2
8-9/16 8-1/2
8-9/18
unch. unch."
Considerable interest is being shown, particularly in U. 6. A, over the fixing of the permissible export quota for January/March. and although rumours have it that the quota, would be raised to 55 809,739, representing an increase
per cent, it is generally believed in London that there is no "Justi- LEAN YEARS
of $18,265,448, or 51 per cent., over
fication for such action in the light of present circumstances. As- now the 1936 total of $324,633,291, and American passports
the following suming a continuance of the quota at 45 per cent. for the first in was made up for travel invalid stamped
quarter 1939, the new restriction scheme will release a further- Items:- China and Spain, and the average
7.8.000 tons per month and, unless, world consumption, especially to comes foreign traveller who
American, expands, this additional supply should meet the prospec- CURRENT ACCOUNTS opened and
World stocks and afloats are not FIXED DEPOSITS received for "One
Japan likes to proceed to Peking Import Duty
tive needs of the near future. Export Duty Year or shorter periods at rates
bethg decreased to any great extent and with more elasticity now which will be quoted on application. It is doubtful whether the nun-jand Shanghal.
20.148,870 Stories of bureaucratic police Interport Duty and
as regards Estates carrying stocks, any sudden depletion of supplies For these reasons it is felt that The
terport Surtax Bank's Head Office in ber of foreign visitors to Japan this"
and customs regulations, and of
3.224,511 can be fairly readily adjusted, London undertakes Executor and
14,587.709 the present quiet markets offer an opportunity of entering into year (excluding Trustee business, and claims residents and persons who are in deprivations in daily life, also exert Tonnage......
deterrent effect. Actually Flood Relief Surtax
14,578,836 purchases which should show appreciation during the next few covery of British Income Tax
343,899.739 months. there has been no special tighten Revenue Surtax
Total verpaid, on terms which may be transit to China) will exceed one some
thousand. ascertained at any of the Agencies
The business the largesting of the police regime for for-
The fact that the collection for and Branches.
R. A. CAMIDGE,
British and American travel agen- elgners since the outbreak of hos cles is virtually dead so far as the titles, and such shortages as may 1937 exceeds that of the previous lite are not year is apt. In view of the disas- handling of foreign visitors is con- we felt in daily
hostilities between present cerned. One of the largest hotels experienced in the hotels which trous effects upon grade of the in Kyoto. a very popular city for accommodate foreigners.
Restrictions on currency transfer China and Japan, to convey at first sightseeing. reported only one for- eign guest over a long period or have become more severe during sight a misleading impression.
the last year, but are still decidedly; of the total 1937 collection of SPOT time.
first There has been a drastic curtail-mild compared with those which $342,899,739. $282.261.262 was col- JAN.-MARCH
during the
seven APRILJUNE European legted ment of shipping communication are experienced in many
months of the year, representing between the United States and countries.
Shipping companies, hotels, and an average monthly collection of Japan The Dollar Line, the lar- gest American steamship company shops which depend on tourist cus- $37.5 million, whereas, following operating in the Orient, has taken tom seem to be facing lean years, the outbreak of hestfilties, total off about two-thirds of Its ships. especially since the abandonment collection for the remaining five
smaller American line of the Olympic Games. with their months amounted to $80.638.47firmed further on better general buying, influenced by the while
foreign only, or an average monthly col- which formerly operated a service prospective increase of between the west coast, Japan, and visitors. In 1940. Tokyo's oldest lection of $181 million only.
Total collection for the period the Philippines, has ceased to fine- and best known hotel. the Im-
perial, has postponed indefinitely prior to the hostilities was close tion altogether.
Several reasons account for this a scheme for doubling its number upon $100 million-higher than for the corresponding period of 1936,
Lower cables from the foreign markets caused a lower opening sudden dearth of tourists in Japan. of rooms.
$30 million of this increase being under the heading of import duty: nere and prices declined further on dealer selling and liquidation while for the second period follow-by commission-houses. Later, the trade and manufacturers appear- collec-ed as good buyers and the market staged a partial recovery, finally Ing the outbreak of the war tion fell from $159.5 million during closing steady. 1936 to $80.6 million, collection un der the import heading" declining from $127.4 million to $53.9 million only.
E
THE CHASE BANK
15, QUEEN'S ROAD CENTRAL
HEAD OFFICE:
18, PISE STREET,
NEW YORK.
An American Bank offering com- plete Foreign Banking Service in the principal Markets of
the world.
Interest Rates on Application.
SAFE DEPOSIT BOXES
This Bank is entirely owned by THE CHASE NATIONAL BANK, New York, with Resources over 17. 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
PAID-UP CAPITAL $40,000,000.00 (BRANCHES ALL OVER CHINA) Owing to our numerous Branches in China and connections in the principal Commercial Centres of the World, we are able to extend to our Clients special facilities for Domestic and Foreign Banking and Exchange.
Head Office: SHANGHAI Hong Kong Brunch:
KONGMOON TOISHAN KINGCHOW
4. QUEEN'S ROAD, C. South China Officer: CANTON Current Accounts opened in Local SWATOW Currency and Fixed Deposits re-SHIUCHOW ceived for one year or shorter periods in Local and Foreign Cur- terms which will be rencies quoted on application.
Safe Deposit Boxes To Let.
KAN TONG PO,
Chief Manager.
on
10 BL
NACET
ALGO. TRADE MARK
MADE IN ENKILAND
We also handle the issue of Bonds and other Public Funds of the Chinese Government hoth at Home and Abroad.
а
SHARE MARKET
REVIEW
Dull Market
BY C. A. L. RICKETT Secretary, Hongkong Sharebrokers' Association
Except for a few isolated sales
the market has been practically at
9
France's Gold Stock To Be Revalued
1
Market very quiet The average forecast of last week's stocks of rubber in Landon and in Liverpool shows a decrease of 400 tons.
NEW YORK COTTON
-1703
Prices opened upward on higher cables from abroad and tinued firmness of the Bombay and Liverpool markets. The firm- ness of textiles was also a contributory factor to the advance. To- wards the close, trading quietened and an inactive period ensued, but. prices continued steady..
NEW YORK RUBBER
11
CHICAGO WHEAT To-day's market was quiet but arm on the very healthy tone at Liverpool and the lightness of offerings on the part of the European From the figures for the Janu-exporting countries. "The improved demand for Canadian wheat and fears of frost damage in the Argentine were additional factors for ary-July period, it is safe to as
steadiness. sume that but for the lamentable events connected with the present undeclared war, resulting in a putative loss of some $100 million Paris, Nov. 13. over the five-month period from
NEW RECOVERY PROGRAMME
After
a. day long sitting, the August to December, Customs re-
1937 would a standstill during the week: In- Cabinet yesterday finally approved venue collection for terest, in gold mining stocks con-of the recovery decrees, understood easily have surpassed the record tinues and tends to divert business to number 33, which were drawn collection of $335,002,673. (not in- up by the new Finance Minister. M. cluding the Native Customs duty
and junk dues made in 1931. from the local market.
Pani Reynaud.
Trams changed hands at $161 with further enquiries at this price. Electrics could be obtained at $57,} Hotels at $8 and China Lights (Old) at $10.60. Business was re- ported
in Lands at $38 and Steamboats at $19.
Бал
Mauricio
at
A decree has been issued pro- viding for revaluation of the gold stock of the Bank of France at the rate of 170 francs to the Pound Sterling- Gold is at present valued about 110 francs to the Pound
Another decree provides a credit;
TRADE AGREEMENT SAID REACHED
1
It is believed here that
is ready for signature, and that
the formalities will be completed in a few days,
N. Y. Commodity Market
December
Gold mining stocks have been very steady and in spite of profit taking there was practically no fall of £570,000 to atd French agricul- Anglo-American trade agreement in price levels during the week ture." by appropriation to special
from advanced
accounts of 100,000,000 francs, re- Ps.1.48 to PS.1.70. Benguet Con- payable in ten years, to be devoted
The British delegates have al-January (1939)
March ( solidated closed at Pr.13.40, an to agriculture at home and in the
a farewell party-Reuter. improvement of 80 ctvs. Demon-colonies by way of bonuses, sub-ready begun issuing invitations for
U.S.-CANADIAN strations advanced 3 etvs. to 31aidies or loans. ctvs.
SHOU J. CHEN,
Manager. (10th) a steady market is reported alised by agreements to be reached
You can depend upon Nacet Blades to give you smooth close, many shaves. They bring that uniformly high quality never before in low-priced blades every blade in every packet having an edge that is keen and lasting. Nacet-Blades it three-peg razorS;
NACET BLADES
N
"
The decree stipulates that agri- At the close of business to-day cultural production is to be ration-
PACT CONCLUDED
Washington, Nov. 13. between the parties concerned. Mr. Cordell Hull, at a press con- December
REVALUATION PROFIT ference yesterday, said he hoped March
from Manila,
LOW RATES
ENCOURAGE
up
up
1 up
(By Courtesy of Messrs. Swan. Culbertson & Fritz and S. L. Levy & Company)
New York, November 11.
Prev. To-day's
High
Low
Close Close Change
New York Cotton
Dec.
8:55
8.61 8.58
8.62 .04 up
New York Rubber.
Dec
17.05 16.99
17.10
18.99, li off
Washington, rov, 12.
the
Chicago Wheat Chicago Córn Winnipeg Wheat
Dec.
641
632 632
031
Dec.
481
477
.471
481
Dec.
59
581
58
581
NEW YORK COTTON
Close
Opening
Closing
Change
8.58/58
8.62/62
8,82/63
04 up
8.50/50
8.53/53
8.52/52
.02 sup
>
8.50/50
8.55/55
8.52/52
02 up
May
{ ") July S » J October ) Spot
... 8.30/31
8.34/38
8.34/36
.04 up
8.18/19
8.21/22
8.21/21
.03 up
7.95/98
7.99/99 7.98/98
9.18 N
9.27
NEW YORK RUBBER
17.10/10
17.05/01
18.09/99
11. of
17.00/01
16.90/90
16,94/94
.06: off
17.00/01
10.91/92
16.88/95
.05 off
17,03/04
16.95/95
08. of
17.04 N
18.96 N
0%
off
Sales for the day:,
850 tons
CHICAGO WHEAT 631/831
341/841
654/652
865/661
632/04 60/061
851/651
657/651
Thursday's Salça:
9,653,000 bushels
CHICAGO COEN
Next year, he said, France would spend 25,000,000,000
They franes on arviaments. cosid, therefore, not simultane- the ously offer themselves luxury of large public works.. "Do you think that with Europe
December May July
473/478
48/481
481/481
611/511
614/62
614/611
52/521
523/521
WINNIPEG WHEAT
December Mey
58/58
582/581
581/661
61/61
611/613 611/617
July
012/011
€21/621
In a broadcast last night, M. Rey-the U. S-Canadian trade agree-May naud said that the situation was ment would be formally concluded September
October AIR FREIGHT very grave, but the good news was next week, but declined to predict that they could get over the situs when the Anglo-Americani agree-
ment might be signed-Reuter. Since the reduced air express tion. rates of Pan American Airways came into effect a few months ago, shipments have increased about 125 per cent, and weight per ship. ment has increased by about 98 per cent.
Commodities never before sent by air now regularly make up the cargo on the Clipper planes.
Revaluation of the Bank of France's gold stock, he said, would bring a profit of about
· £170,000,000.-.
The Government contemplates a three-year plan for financial and economic recovery.
Decrees provide for the principle of the 40-hour week, to be retained, One of the largest air express, but for a period of three years the items at present are expensive ave-and-half-day week will be children's dresses, styled and sawnworked. Each employer is entitled in the United States, which are to employ workety up to 40 hours flown to the Philippines for em- broldering.
A committee of three railros American
executives4
week to ber
Live for rel
and three labot
Further extension of
December May creating a prosperous and strong | July country, and are merely the first steps on the road to recovery.
ARMAMENTS
week Hours à subject to the approval as it is at present, "anker M. Rey-,
of the Binistry of Labour In-naud, France can at the same time December
wassa will be paid for maintain her standard of living March extra hours, and a special ten per and spend 25,000,000,000 francs on cent tax will be imposed on the armaments and take two days"
NEW YORK HIDES: (New Contracts)
A profits of Employers.holiday a week? The week with December
Huick recovery, Diane said M. two Bunday has ceased to exist NY Silver, Official
..
13.256/30a 13.21b/30a 13.21/21- 13.64/64 ∙13.67/8713.59/60 NEW YORK STRAITS TIN-
46.806/700 46.75b/958 42-3/4
declared Reuter NT-London Cross Rate 4.73-3/4
46,80b/05a.
tinquoted 4/12-15/16
분