PAGE 12-HONGKONG DAILY PRESS
PAYNE & CO.
COMMODITY BROKERS
STOCK EXCHANGE
BUILDING
HONG KONG
BANKS
HONGKONG AND
SHANGHAI BANKING
CORPORATION
Authorised Capital $50,000,000
THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA
Finance and Commerce
LARGE EXPANSION IN
NATIONAL DEBT
The recently issued White Paper on the National Debt of the United Kingdom, showing the portion, at the close of the financial year 1937/8, reveals a large expansion of nearly 229 million in the total of the Deadweight Debt compared with the preceding year, to the record published figüre of £8,026,143,422.
Issued & Fully Paid-Up $20,000,000) Incur parated by Royal Charter, 1853 transfer three Reserve Funds:
Sterling
..£10,500,000
B.K. Currency Reserve $10,000,000 Reserve Liability at
Proprietors
"
HEAD OFFICE: LONDON: 38, Bishopsgate EC.4.
............. $20,000,000 )}Paid-up Capital
Head Office-HONG KONG“
Board of Directarı. T. E. Pearce, Esq., Chairman, Hon. Mr. J. J. Paterson,
Deputy Chairman.
J. K. Bousfeld, Esq.,
A H. Compton, Esq.,
flon. Mr. & H. Dodwell,
W. H. Lock, Esq...
G. Miskin, Bac
A
K. S. Morrisca, Esq.,
flou. Mr. A. L. Shields.
B. V. Wilkinson, Esq.,
Sir Vandeleur M. Grayburn,
Reserve Fund
Reserve Liability of Prom
prietors....
TEA EXPORTS CONTINUE
Britain Biggest Purchaser
green
stili Despite the hostilities, tea This increase in the total was level to £7.413.3 million 11 years ngures largely in the export trade
13 Red but, with
tea two exceptions, of China.
mostly more than accounted for by "the later, issue, during April, 1937, of £100 there has since been a continuous exported to Britain, while
tea is chiefly sent to the United million 24 per cent. National De- increase.
and other The only material changes in States, South Africa tence Bonds, 1941/8 under the De- tence Loans Act, 1937 and by the the composition of the National places.
months later of Debt during the financial year 200 milion from the Consolidat-1937/8 were rises of £143.6 million ed Fund to the Exchange Equalisa- in the Floating Debt and of £58.1 tion Account.
million in other internal Unfunded £3.000.000 It will be recalled that similar Debt. The first of these increases £3,000,000 transfers of £150 million and of was the net result of an addition $200 million were effected in ol£154.1 million in Treasury Bills,
and £3,000,000 1532/3
1933/4 respectively. In connection with which the ad- making, with the balang £25ditional funds made available to the Exchange Equalisation AC- million from the Dollar Xchange Fund, an aggregate of £575 mil count must be borne in mind, and hion against which realisable assets, a decrease of £10.4 million in gest are held. Moreover, the Chancel Ways and Means Advances. lor of the Exchequer, when pre- senting the 1938/9 Budget, stated) that the Account continued show a profit.
MANCHESTER BRANCH: 71. Mosley Street. Manchester.
AGENCIES AND BRANCHES; ALOR STAR HONG KONG PENANG AMRITBAY ILOILO
RANCOOK
JANGHOR
ПРОН
SALOON STALEMBAN KARACHI BATAVIA BOMBAY KLANG CALCUTTA KOSK CANTON
Chief Manager CAWNPORI
KUALA
SHANGHAI
SINGAPORE
SITIAWAN
40URABAYA
INTEREST SAVING
is
According to the local im- port and export returns, exports of tea from Hongkong between January and Septem- ber (Inclusive) this year total- Thus. It may led $4,283.137. · be seen that the business still a considerable one. In the ne months, Britain
Malaya bought $1,507,900, being the lar-
purchaser.. next with imports amounting $506,043. Indo-China took $363,143 worth, the United States $358.479 and France $353,230.
to
came
TUESDAY, NOVEMBER 15, 1938.
DAILY SHARE QUOTATIONS
Hong Kong Stock Exchange
Bayer Ballers
::
#
Nontual
MONDAY, NOV, 14.
Sharebrokers'
Association
Exper
BeBers
Bales Wamina
$1,360
Banks
31,380 H.K. Baska
Do. (Col Reg.).............
282
Da (Lon Reg).......... |
101
Chartered Banks ....
27 Maroantile Bks. "A"
213
Mercantile Bk "0"
£13
168
Bank of But dela ...
N. C. & 8. Banke...........
Insurances
1290 Canton Intraaca.........
5
¡Union InsurancÔN VA $Underwriteran
10.K. Fires ..........
366
Shipplag
Douglans rin
Steamboats .
$19
160
Indo-Chinas (Prol.)............
Indo-Chinas (Dad.}.
Waterbosta ira
17/0Kaila Ranb
#1
7 eta
Mining
Venezusia Gold Flds. Bong Kung Mines...... Docks, Wharves,
Godowns, ete.
* H.K. & K. Whezven...
$0.20 Provideats (aid)...............
Providente (new).........
$:9
$18
H.K. & W. Docks....
Do (..
JAR
314 Shanghai Docks 8.
New Engineerings A. Lands, Hotels, and Buildings
H.K. Hotels............ H.E. Lands...........
፡፡
!!!
141
$500
39
7:00
$66
$19
38U
924
36/3
$112
$5.50
B18
61901 $3)
to
GROWTH OF DEBT
The cost of the service of the Debt during 1937/8 shows only a slight increase compared with the Grade A red
H.K. previous year and the results of mately the Government's cheap moneyGrade B about $90 The National Debt has grown policy are clearly visible in the low C about $30. Grade A green
approximately $200 per since 191-4 tremendously
From level to which the cost of Treasury costs
per
and
tea 13 approx!- picul, $300
Grade tea
$0.63261
1
1304
i
$107
Do. 4% Debiutores
al
of
com-
$0
[Bhanghai Landa B
H.K. Raaltion countert
Humphreys .......de
*160
Chinese Batistes vikum
817
Bhai Costo
(8.) .........*
Wing On Textiles (8)
$16) Tramways...........
Peak Trams (Dew}........~
Blar Farrin
Y'mati Ferries C.R'S
Sit
3:6)
+11
13)
$723
$3
$22
Do
(Dew
#13
HAIPHONO
LUMPUR
СЕНИ
KUCKING
COLOMBO
MADRAS
Branches:-
DELRI
MANILA
Amoy
loub
Penang
Bangkok
Jahare
Rangova
Batavia
Кофе
Bombay
Kowloon
Saiyoo San
HAMBURG BANKOW HEARBIN
SEDAN NEW YORK PEIPING
Franciscu
(Peking)
Calcutta Kuala
Canton Lumpur Shanghai
Londor Singapore
Chefoo
Colombo
Lynas
Sourabaya
fairen Malacca Sungei
→Foochow Manila
Baiphong Munc
Patani Swatow (Juhore) Tiretain Mukden
Tokyo
Bamburg
Hankow
Harbin New York Tsingtao
Hongkes Peiping
Iloilo
Yokohama
In
Current Accounts opened Local Currency and Fixed Deposits received for one year or shorter periods in Local and other Cur- cencies on terms which will be quoted on application.
11so up to date Safe Deporli 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 & SHANGKAT BANKING COR PORATION. Rules may be ob tained on application.
For the HONG KONG & SHANGHAI BANLING CORPORATION.
V. M. Grayburn,
Chief Manager. Hong Kong, 7th October, 1938.
BANK OF EAST ASIA, 'LIMITED.
Authorised Capital 10 000,000,00 £50,000.00 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 Shows Claw, Chira Li Koon Chun, Eaq. Li Lau Song. Eng.
Wong Chuson, Esq. P. K. Kwak, Esq. Wong Ya Tong, Esq. Kan Ying Pu, Esq. Chan Chingbbck, Esq. FungPingWab King.
Kan Torg Po, Esq., Chief Manager. Li The Fang, Kaq., Manager,
Bombay
Gilotta OBAL Elyng
Hankow ELME
Kabe
Branchen und Agencise 1---
Poun Exxrens Salgan
Korio Loedu
Swabow M Maloneras Bag Tran. Thika ka Esk
since Tankstel Hextin
Tekys Bomurang Shanghal Tahoe Poping Blagspare
New York
Caka
TAIPING
TEENTHIN TONOKAK
(Bhuket) TSINGTAO YOKOHAMA `
FOREIGN EXCHANOR and General
Banking Business transacted.
CCRRENT ACCOUNTS opened and
a total of £649.8 million on March Bills nas taller since 1931/2. The mcul.
31, 1914. there was a rapid increase saving of interest resulting from
Since the disruption in the total during the War and the conversion operations has conmunications along the Canton- earlier post-War years to the pre-tributed materially to the sub-Hankow Rallway, tea from the vious peak of £7,828.8 million of stantial decline by the total of in-intertor is now mostly exported March 31, 1920. Subsequently, terest, management and expenses from "Wenchow. In Cheklang pro- decline took place from this high of the Debt since that year.
FIXED DEPOSITS received for One NEW NATIONAL
Year or shorter periods at rates which will be quoted on application. The Barik's Head "Office in London undertakes Executor and Trustee business, and claims_re-
of British Income covery overpaid, on terms which may be ascertained at any of the Agencies and Branches.
R. A. CAMIDGE,
CENTRE
Tax Activity, Changes
In Kunming
Manager,
THE CHASE BANK
15, QUEEN'S ROAD CENTRAL
HEAD OFFICE:
18, PINE STREET,
NEW YORK.
Au 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 CRASE NATIONAL BANK, NEW YORK, with Resources over U.S. $2,800,000,000.
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 ia 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 Branch:
4, QUEEN'S ROAD, C South China Offices:
i.
Every description of. Banking; and Exchange business transacted. Lorns
approved granted *
KONOMOON CANTON securities.
TOISHAN Current Accounts opened in Local SWATOW
KINGCHOW SHIUCHOW Currency and Fixed Deposits re-
We is handle the ine of ceived for que year or shorter periods in Local and Foreign Cur-Bonda and other Public Funds of cencies on terms which will be the Chinese Government both at,
Home and Abroad. quoted on application.
Safe Deposit Boxy. To Let
KAN TONG PO, '
Chief Manage
A Job?
Consult
WANT ADS
BHOU J. CHEN,
Kunming, Nov. 13 Kunning, provincial capi- tal of Yunnan province, to-day flourished #S the political, commercial, aviation and cul- tural centre of China follow- ing the loss of Wuhan and Canton.
JAPANESE PLAN DOCKYARDS
Repairs To Naval Vessels
The "Japanese are planning to construct dockyards at Nanking and Hankew for the repair of their naval vessels, the number of which
vince.":
EXPANSION OF U.S. TRADE IN SOUTH AMERICA
After a tour of Latin-America, recently, Mr. Warren Plerson, pre- sident of the Export and Import. said that he. Bank of America, foresees Я definite increase in trade between the United States and South America.
"Recent disheartening events in
Cotton Mills
#17) Ewon (S.)
事记
Zoong Sings 18.) age
Public Tilleg
Peak Trims (old)...... $4
China Lights (old)..............
$1225 bina Light (DW).....
H.K. Mlectrics...
$17Maso Electrica ................
Sandakan Lughts ******** Tlephones (oid).
#10
.50 Telephones (DEW).............
2310 Trections
26,-
has obviously, increased with their Europe and the Orlent" he said, realization penetration up the Yangtze into "have brought Hupeh province, states the Shang- that the hope of America les in
"Wah closer mutual economic and hai correspondent of the Kiu Yat Po," leading local Chinese tural relationship." dally.
$14
D
$13
cul-
Mr. Pierson said be noted
conviction growing
In South America that the most per- market for Bouth manent
A
16)
$1
કર્યું
Many banks, universitles, ROV-
A campaign by advertisement to to moved ernment offices have
enlist labourers for these works Govern- this city. The Pelping
has been, in progress in Shanghai, ment University and Tsinghua but
has που met with ready American goods les in the United Universities are located here, while the Academic Sinica and The report says that no less than the Central Observatory will also 400 Japanese naval vessels of all move here shortly.
response.
States.
He said he WOA "reluctant sizes have undergone repair at the to comment" on reports of Nazi All the four government banks. Kiangnan Docks in Shanghai since and Fascist activity
American republies. the it was taken over last year. namely the Bank of China.
the the Central Bank of China. Bank ul Communications" and esta- the Farmer's Bank bave
blished branches here.
Kunming is also connected by air Hines with Chungking. Hanol places in Lanchow and other
the interior.
Tractions (pref.)
Industrial
Cald., Macg. (Ord ) 8. Cald., Marg. (Prof.) &
$1.70 Cantom. Iota denna 7154 Cements wer $4.65 Ropes
Miscellaneous
$24) Dairy Farm .........
Ch. Etainmente........ Constructions (old)..... Constructions_(new)....... Lane Crawford......... Nanyang Tobacco .....
$7.6 Ch. G.3% 1925G.$Bds.
$6,20
:
$10.70.
$10.20
$577
$8.56
$160* $154
221)
$1.70
$7.30
H.K. Gort. 4% Losas
in Southp
$106
[ H.K. Govt. 81% Lowas
pal
$100
#47
B.K. Wing On.......................
2474
Vibro Piling ...................
Sh.40
18, 11
Marsmas Inv. (Lpt.) Maramans Inv. (IX)
Philippine Mining News
bins to
AD
SORIANO-MANAGED Mines now under way.
airway treated 113.704 tons of ore during tram car is being installed from the wharf to The Provincial Government is October from which Pesos. 1,055, the ore
the re-facilitate loading ..More roads pushing to develop communica 973 was produced, with tion by highways to facilitate ceipt of the month's output from are also under construction from
tons the mines to the ore bins. and
12,297 industrial I. X L which was trade, banking
assis valued at Pesos 286 055.26. Anta- enterprises. With French tance, a railway is being con- mok Goldfelds and Masbate Con- have already structed to connect Yunnan with solidated reports
been" released. | Szechuen and Kwangsi...
Many blg commercial firms have also moved here from the interior in order to keep contact with the outside world via Indo- China-International
NEW FRENCH MEASURES
GENERALLY WELL ACCEPTED
MINE FACTORS Inc., reported a monthly production of 4.800 tors of manganese valued at Pesos 86,000 ton for October. This Tons of Ore Value
23 2,400 tona Lew than Jast Milled Pesos month's record of 7,200 tons.
PHILIPPINE IRON MINES re- 385,533 44 266,055.28 ports that its October production 424,435.00 was 66,180 tons of iron ore valued at Pesos 297,810, up Pesos 7.245 Totals .113.704 1,055,073.70 from the production last month.
24.803
Antamok
Goldfields I.XL
- 12,297 Masbate Consol. 76,604
• tons
MINERAL RESOURCES,
| resumed operations at
mine in Labo, Camarines
STAR MINING Company pro-
Inc., duced Pesos 65.000 from 14,500 its gold tons of iron ore in October, accord- Norte Ing to the eport of the Manila
office of the company:
41.
vein.
jon November 10. The company
temporarily stopped operations PRUDENTIAL MINING Com- Paris, Nov. 14 some time ago due to mechanical pany, Inc., reports good progress development emphasis trouble. New machinery was re-in exploration'" and The press yesterday:
footage United work for October. Total ed that the financial reforms in-cently bought from the
darring the afinister for States.
month advanced troduced by the
to 197.5 feet. Judge Finance are France's last chance.
There is no indication yet of amounted The "proposals
are generally the resumption of operation on Timmel M.D. has advanced 14 feet, well accepted, though they are the lead and zinc properties of the the XCC-N.D. 6 feet and the XCC- attacked by M. Leon Hum in company in Marinduque, which 18.D. 75 feet. Tunnels No. 2. MD. his "Populaire” on the grounds was stopped about the later part was advanced 39 feet for the Mamayer that they will weigh heaviest on of September because of the low month and continued driving here those least able to bear the bar-price of these metals at that time. is deemed advisable as it. is con- sidered of interest to know the dan-Reuter
GOLD STAR · MINING Com-extent, and nature of the pany reported that its monthly Tunnel No. 2 XCC-S, D. was adON production for October was 9,000 vanced 34 feet,, with calcite vein tons at fron ore valued at about being followed in this project as The disruption of land and sea Pesce 45,000 or Fesos 18,000 more it is considered a very promis communication with Canton, has a last montire output of Pesos ing objective for the interest and O
valuable return expected: Bayani caizsed the local price, of tin to 27:040, scar from about $90 per picul to The company is making im-Tunnel M.D was advanced: 185 feet and XCC-W.D. 5 teet, Suide over $200. Tra le imported, inga pretenents.qu. ita mining Pre-Tunnel. Mix was advanced, 57- Hongkong from Kwangtung. pertles and in the are bins - and
feet, Kwangel and Yunnan provinces wharf. The construction of build-
The company also reports that and re-exported to, European ings to house the hospital which countries. The demand recently will take care of sick employees. the assay laboratory commened has been very great due to resz- - Isbensere, and ether. emergency functioning Oetober 20 and trice ORCE and Labourers quarters Is then 15 tits amoys have been'rum.
TIN PRICE SQARS
mament
3/0
190 c
90 ct
Win. Powelle nimmer *Sales to Shanghai
LONDON EXCHANGE RATES
(British Wireless Service)
Nov. 10
Nov. 12 178-51/64
90-1/10 11.83
Paris Geneva Berlin
Athens Milan..
Umbon
Stockholm
Shanghai Now York Amsterdam
178-55/04
20.98
11.85
5471
901
1104
19.411
&
4,74)
4.732
8.74
8.74
Vienna.....
Prague unausea pe mas Helsingfors surakuntzara
138
660...
Bucharest.........................
1/2-15/16
1/2-15/18-
1/5-15/18
4.781
4.781
28.06
28.00
Yokohama IGNAN ANG Belgrade
1/2
#11
Buenos Aires .....
20.11
20.894.
193
Rio de Janeiro:
3.
Copenhagen sajosmosemissas
22.40
Oslo
Sliver (Forward) Silver (Spot) War Loan
13-5/18 199
31997-
Hong Kon
Bombay
Montreal
Prussels
Monte Video
LONDON:
Closing Quotations
November 14, 2633.
Telegraphic Transfer..... }}/9 Bank Bills, on demand 27/3. Credits months' sight 1/23/22 BHANGHAT:--
On demand ON SINGAPORE :----
On demand ON JAPAN:
On demand On India:—
Or New YorE 200
*
19-5/16 194
31% 99-13/14
Bank Bills, on demand zaj Credits, 40 days" sight. 191
ON BATAVIA:-
On demand ***nia
On Pints:-
Bank Bills, on demand 1,100% Credits, 4 months' sight 1,180 175 ON SAIGONTM***
108
Telegraphie Transfer... Bank, our demand, }}
On demand 2247
ON MANILA:
On demand OS BANGTOR:-
On demand ...r Sovereign Notes
Bank Buying Babe Bar Bilrer per os
∙110;
Set