PAGE 12–HONGKONG DAILY PRESS
BANKS
HONGKONG AND
SHANGHAI BANKING
CORPORATION
Authorised Capital ......$50,000,000
THE CHARTERED
BANK OF INDIA,
AUSTRALIA &
CHINA®
Issued & Fully laid-Up $20,000,000 Incorporated by Royal Charter, 1853
Reserve Funds:
Sterling .....
£ 6,000,000
H.K. Currency Resorve $10,000,000 Reserve Liability of
Proprietors
13
HEAD OFFICE: LONDON: 38, Bishopsgate E.C.2 .$20,000,000 | Fald-up Capital
Reserve Fund
Head Office-HONG KONG
Board of Directors.
T.. E. Pearce, Esq., Chairman,
Hon. Mr. J. J. Paterson,
Deputy Chairman.
J. K. Bousfield, Esq.,
A. H. Compton, Esq.,
Hon. Mr. S. H. Dodwell,
W. H. Lock, Esq.,
G. Miskin, Esq.
K. 5. Morrison, Esq.,
Hon Mr. A. L. Shields,
H. V. Wilkinson, Esq.,
£3,000,000
£3,000,000
Reserve Liability of Pro-· prietors....
£3,000,000
MANCHESTER BRANCH: 71, Mosley Street, Manchester.
AGENCIES AND BRANCHES:
ALOR STAR HONG KONG PINANG
ILOILO BANGOON Irak
SAIGON
SEREMBAN
SHANGHAI SINGAPORI SITIAWAN
BODHABAYA
TAIPIRO
AMRITSAR
BANGKOK
BATAVIA
BOMBAY
CALCUTTA
KARACHI KLANO IOSK
KUALA
Nir Vandeleur M. Grayburn, CANTON
Chief Manager." CAWNPORE
HAIPHONG
CKBU
Branches:-
COLOMAU
DELEG
Amoy
1pob
Penaug
Bangkok
Johore
Rangoon
Batavia
Kobe
Saigon
1 HAMBURG
Bumbay
Calcutta
Kowloon KULIA
Sau
HANKOR
Franciser
Canton Lumpur Shanghai
Chefoo
Colombe
Londor Singapore
Sourabaya Lynna Dairen Malacca Sungei Foochow Manila Patani
Bamburg
Daiphong Muar Swatow (Johore) Tientsin Mukden Hankow
Tokyo Aarbia New York Tsingtao
Yokohama Hongkew, Peiping Itaile
יד.
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
HARBIN
-7
LUMPUR KUCHING MIDEAS
MANILA
LED AN
NEW YORK
PEIPING
(Peking)
TIENTSIN
TONGKAR
(Bhuket) THINOTAO YO KORAMA
Finance and Commerce
ANGLO-AMERICAN TRADE AGREEMENT
Reciprocal Lowering Of Tariffs
CHANGES IN IMPERIAL
PREFERENCE
DUTIES
Washington. November 18.
The long-awaited Anglo-American trade agreement was signed at the White House yesterday afteråson in the presence of President Roosevelt. At the same time the United States and Canada signed, a new trade pact to replace the one expiring at the end of the year.
Besides the signatories, numer-1or 1936, £17,000,000 entered the ous other British and Canadian S. free of duty. diplomats were present, including the Canadian Prime Minister and
This la to be stabilised on £9. 500.000 worth on the whole of the, dutiable goods-now £23.000,000-
Sir Herbert Marier.
The occasion was described and reductions will be granted on existing Mr. Cordell Hull as one of historic £11,000,000, while the significance." The whole scene was duty will be stabilised on £6,000,
filmed
STRENGTHEN TIES
London, Nov. 18 Not only does the agreement greatly strengthen the commercial ties between the contructing par- ties but to a lesser degree affects the economic arrangements throughout the Empire.
in
'
FORRION EXCHANGE and General Barking Business transacted.
CURRENT ACCOUNTS opened and FIXED DEPOats peeived för One Year or borter periods at rates which will be quoted on application.
The Bank's Fend Office London undertakes Executor and Trustee business, and claims re- covery of British Income Tax overpaid, on terms which may be ascertained at any of the Agencies und Branches..
R. A CAMIDGE,
Manager.
THE CHASE BANK
15, QUEEN'S ROAD CENTRAL
& SHANGHAI BANKING COR- An PORATION. Bules may be ob tained on application...
For the HONG KONG & Suanomai BANKING CORPORATION.
V. M. Grayburn,
Chief Manager. Hong Kong, 7th October, 1838.
BANK OF EAST ASIA,
LIMITED
Authorised Capital $10,000,000.00 | Paid-up Capital ...... 6,598,800.00 freerve and Undivided
Profits
2,776,726.76
Head Office: HONG KONG
No. 10, Des Voeux Road, Central.
Board of Directors;
Bir Shoup Chow, Chairman Li Koon Chun, Fay, Li Lan Bang, Esq. P. K. Kwok, Eng. WongChuBon, Esq. Wong Yun Tong, Esq. Kan Ying Po, Raq. ChanChing Shick, Esq. FungPing Wah Esq.
Kan Tong Po, Esq., Chief Manager, Li- The Fong, Esq, Manager.
"
Broncher and Agencias z***
Kawdon
London
Amoy Ba Bamber
Wanita
Cheatin Cantos
PHALIC
Batroon
Amster
Raizon Bydney
Kolkouras 830 Fran. Tainsku diseo Tintois
Takro
Haiphong Now York Bestlie
Hankow Honolulu Parit
Palping Blagapore
HEAD OFFICE:
18, PINE STREET,
NEW YORK.
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 agreement is based on the most-favoured-nation treat- ment," and will run for three years commencing January 1. 1939, after which it is subject to six months' notice of ter- mination.
COO,
"
JAPANESE PILE
TEXTILES IN HONGKONG
Reshipment To.
South Seas
A large consignment of tex- tiles of Japanese manufacture. « valued fat lovar $1,000,000, is
reported by the "Ta Kung' Pao," well-informed local Chi-" nese paper, to have arrived in „ Hongkong within recent weeks. Certain local arms. It la stated. have arranged for the disposal of the goods in the Philippine Is-
lands, Straits Settlements and the Netherlands East Indies. How
to ever, they are
be sold openly as Japanese goods. Trade
not
A great part of the reductions marks and labels are being chang- range between 30 and 40 percent.ed here, and the goods are being Reductions have been secured shipped from the Colony as of covering the bulk of British textiles, Italian, German and Czech origin. whisky figures among the most im- portant products stabilised under existing duties.
American tariff concessions num. ter 800 altogether.
BRITISH CONCESSIONS Contrary to "general anticipation, there will be no reduction in tha duty for motor cars, but Britain will not increase the duty on cars over 25 horsepower.
Other British concessions pro- The agreement. which with vide that the present preference of schedules and correspondence ap- 2 shilings per pound on Empire #111 not be increased. pears in the form of a 118-page tobacco
Due to the favourable exchange
rate, the lower transportation fees and the inferiority of the materials used, it is possible to sell the pro- ducts at prices far below even the cost price of European goods of the same description.
BRITISH TRADE IN CHINA
RETALIATION TO JAPANESE
8
SPOT
SATURDAY, NOVEMBER 19, 1938.
PAYNE & CO..
1
COMMODITY BROKERS
་་
STOCK EXCHANGE BUILDING
HONG KONG.
COMMODITY MARKET REVIEW
JAN.-MARCH
(FROM PAYNE & CO.)
SINGAPORE RUBBER
Nov. 17.
sellers buyers sellers 28-17228
Nov. 16
buyers
28-1/4
28-3./4
29
29
20-1/4
Change
1.
28-1/4 of 1/4 28-1/2 28-3/4· of 1/4 28-3/4 29
of 1/4
APRIL-JUNE
The market opened 1/2 of a cerit lower for all deliveries as com- pared with Wednesday's closing quotations.
Throughout the session the market ruled dull and very quiet, thus responding to the disappointing action of the New York market which was subject to outside "influences such as decline of the Stock market, weakness of the Pound Sterling etc.
There was fair enquiry for "spot" Rubber by consuming centres. but dealers and speculators preferred to maintain side-line positions before entering into fresh commitments.
A moderate volume of business was transacted on basis of quoted rates, the market closing with a quiet undertone.
LONDON RURBER
SPOT
Previous close buyers sellers buyers 8-1/8 8-3/16 8-1/4 8-5/16 8-5/18
To-day's close
sellers
Change
7-15/10 8-1/16
OF 3/18
8-1/10 8-3/8 8-1/8
8-1/0
off 3/16
8-3/18
of 3/18
JAN.-MARCH APRIL-JUNE |||
After ruling weak on speculative selling, the market rallied par- Mally.
NEW YORK COTTON
The market to-day was inactive. Liquidation of December con- tracts were well taken by Trade shorts. There was very little pres- sure in old crop months owing to continued frmness of "spot" cot- ton and the absence of hedge pressure. Distant positions, however, were easter· on liquidation and local selling as the Secretary of Agriculture has advised farmers to accept a lower Government Loan on future crops. He indicated al the same time that Loan holdings. will probably reach 10,000,000 bales. Finally, the market closed steady
London, Nov. Blue look, signed by Sir Ronald Britain is maintaining the existing
A resolution urging the Goy- Lindsay. British Ambassador in free entry of raw cotton and maize. 'emment to take immediate steps Washington. Mr. Arriold Overton, Wheat and certain kinds of frult to alleviate the losses suffered by
among the British interests through Japanese on coveting by short interests. Principal Assistant Secretary of and soft wood are the Board of Trade, and Mr. Cor- United Kingdom's concessions re aggression in China was yesterday dell Hull, US. Secretary of State, garding, reduction of
adopted by the Scottish Unionist carries a foreword in which is general level of reductions in US Conference at Glasgow. Majesty's Government gladly takes Foods are from 20 to 15 per cent. the opportunity of expressing to
COLONIES IN LINE"
duty. The
Lord Elibank suggested retalia- tory measure in the shape of a the Dominions and India Govern- The Colonies reap the same denunciation of the Anglo-Jap- ments a cordial appreciation al general benefits and assume the anese trade agreement, with the their readiness, to facilitate the same general obligations as the view of excluding Japanese ex- conclusion of the agreement by United Kingdom. The existing ports from British colonies.-Reu- consenting to certain modifications duty free entry on practically all ter.
of their rights under the Ottawa Colonial Empire products into the Agreement.
United States continues.
In this connection. the British
HRITAIN'S LARGEST CUSTOMER Preference on motor cars to cer- THE CHABE NATIONAL BAXI, Stripped ót diplomatic ter- tain Colonies, principally Malaya. New York, with Resources over "minology, the agreement" "shows will be reduced from 20 to 15 per- 1.S. 82,500,000,000.
D. . BIGGAR,
Manager,
BANK OF CHINA
Specially Chartered by THE NATIONAL GOVERNMENT
OF CHINA'AB AN......
·INTERNATIONAL EXCHANGE
BANK PAID-UP CAPITAL $40,000,000.00 (BRANCHES ALL OVER CHINĄ) Owing to our numerous Brancher 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.
THE EXCHANGE
MARKET
that the United States is Britain's cent. largest foreign customer British Provision is made for the ter- MESSRS. ROZA BROS.' exports to America reached £40, mination of the agreement if the 000,000 in 1936. while in the reverse Pound-Dollai
REPORT
direction
British
importa
·EMPIRE I'REFERENCES
11
"
:
NEW YORK RUBBER
The market to-day reflected easy cables from abroad. Yester- day's weakness was attributed to the easiness of securities and selling as well as liquidation by foreign dealers. There are indications that the Trade will absorb offerings.
ト
CHICAGO WHEAT
After ruling quiet, prices advanced on rumours of the removal of the Preferential duty on wheat outside the British Empire under the new Anglo-American Trade Agreemnt, which was signed at Washington this afternoon. The indifferent foreign markets, scan- tish foreign demand and helpful rains in sections of the Argentine created hesitancy early in the session.
N. Y. Commodity Market
(By Courtesy of Messrs. Swan, Culbertson & Fritz and 9. L. Levy & Company)
rate of exchange were alters radically, and the agreement Silver prices dropped 1/8 yester- larger than from any country. may also be modified should some day for both deliveries, the quota- Walle British imports from the other country obtain the major tions being 19. 7/8 for Ready and United States mainly raw materials benefit of any particular conces-19, 1/2 for Forward. Silver ad- Britain exports mainly manufac- sion.
vices reported purchases made by tured goods. headed by textiles,
American Trade. The market which exceed £10,000,000 in value, Provisions are made against closed steady. There were buyers followed by whisky, of which 5 dumping and export subsidies.
at 1/16 over the quoted rate but 000,000 worth Altered into
Reduction in British Empire Pre-sellers were disinclined to bld. New York Cotton - Dec. United States from the British ferences range up to ten per cent. American Silver "was quoted at 42 New York Rubber Isles
and affect United Kingdom trade 3/4 for Spot.
Chicago Wheat STABILISATION
to the extent of over £2,000,000. The London New York Cross-Chicago Corn The remainder of British exports The main items affected are rate was quoted at 471. 25. New Winnipeg Wheat consists of a large variety of pro- chemicals, tin plates and fron and York Loridon was quoted at 470. ducts. of which the chief is steel manufactures.
the
.3/4
Head Office: SHANGHAI
machinery. £900,000 of which was The separate Canadian treaty sold to the United States in 1936 with the United States has not yet;
Of the total exports to America teen published.
Quiet.
VanGove
4. QUEEN'S ROAD, C.
Tokuma
中
CANTON
Hong Kong Branch:
South China Offices:
Every description of Banking SWATOW
and Exchange business transacted. SHIUCHOW >> Loans granted
securities,
01
approved
+
KONGMOON TOISHAN KINGCHOW
We also handle the issue of Bonds and other Public Funds of
Current Accounts opened in Local the Chinese Government both at
Currency and Fixed Deposits re oaived for one
year or shorter periods in Local and Foreign Cur rencies on terms which will be quoted-on application.
Safe Deposit Boxes To Let.
KAN TONG PO,
Chiet Manager.
THE MERCANTILE BANK OF INDIA. LIMITED
Head ofco:-15, Gracechurch Street. London, EC3
£3,500,000
Authorised Capital
Valverded. Ospital
Put-ap Capitał
Reserve Paad And Bost
4
BANKEES:
€1,27,830
Home and Abroad.
SHOU J. CHEN,
Manager.
IMPERIAL
AIRWAYS
MARKET
STERLING
2
יי
W
New York, November 17
Dec,
Dec.
Dec.
Dec.
Prev. To-day's - Figh Low Close Close Change 8.05 8.54 8.57 8.64 2.07 up 16.18 16.11 16.33 16.12b 21 off 641 041 632 041 i up 48+ 47+
i up 504 501
I up
472 481
594 591
NEW YORK COTTON
Close
Opening
Closing
8.57/57
8.54/55
B.64/85
8.52 N
8.51/51
8.59 N
07 up
8.45/48
8.45/45
8 49/49
04 up
8.28/28
8.26/25
8.30/30
.02 up
8.11/11
8.10/12
8.10/11
.01 off
7.83/83
7.81/82
7.79/79
04. off
9.27 N
[
9.34 N
.07 'up
NEW YORK RUBBER
December
There were sellers at 1/2 31/32 ) January (1939) November and 1/2 15/18 January March up to first half February, buyers May
GERMAN FOREIGN | SHANGHAI EXPORTS at 1/3 cash and 1/2 31/32 Decem- July
TRADE RETURNS
BALANCE HELPED BY SUDETENLAND
Berlin, Nov. 18
returns German foreign trade
“
DECLINE
Shanghai, Nov. 18.
A decline in exports and an advance la imports is re- vealed by Agures by the Chilese Maritime Customs yesterday.
ber first half February.
October
Spot
P
D. 8. DOLLARS. Nothing doing. There were sel- lers at 29 3/8 cash, 29 5/16 No- vember December and 29 1/4
December January and probably February, buyers at 29 7/16 for cash, 29 March 3/8 December and 29 5/18 Feb-May
September ruary, probably January.
October
for October include for the first Imports in October were valued the at $27.017.952 against $25,758,350 time imports' and experts of
September. Exports totalled newly-incorporated Sudeten ACCOUNTS gions so that exports increased, $22.796,371 against $27,436,171 in 184 1/4.
re-
SHANGHAI DOLLARS Sellers at 183 3/4. buyers at
SHANGHAI MARKET Shanghai's total trade in the Steady. There were sellers of Arst ten months of the year Sterling for Spot at 8.-7/64 "and following the anschluss with Aus-amounted to Imports $201.941,867. U.S. Dollars 15. 1/8 sellers for tria, which was a heavy importer. and Exports $164,302,498, compared spot.
to $484,887,003 with Septem-
and $367,799,163 exports, including respectively, in the corresponding The market was quiet in the af-
by 48.4 period last year-Reuter.
A smaller profit but an expan-stace the Sudetenland has always. September. sion in the number of passengers been a heavy exporter.
This is in contrast to the period and in traffic ton 'miles are fea- tures of the annual report of the Imperial Airways, Ltd.
,rose
By comparison Profit fell from £164,735 for
ber, German 1936-37 (to £387.267. after provid- #130708 £145,420 (against £139,918) for the Budetenland,
obsolescence, and the distribution millon Reichsmarks to 490.2 mil- Imports to shareholders is reduced from Hop Reichsmarks, while nine per cent to seven per cent, in October, at 528.3 million "Rel- was only 33.7 millions although the smaller payment ab- chemarks, sorbs more (£82,738, against £42, higher than in September. |128), the 1,000,000 new Ordinary New York shares issued in June, 1937. rank- ing for dividend for the first time.
The increase in the number»
The Bank of England and Midland
Bangkok Bombay
Caleraita Ozinho
Balk Galle
Bank, Ltd,
BRANCHES:
Ipou Kaplan
Kandr Karachi Hot Bhart
Kunta Ligu
Hongkang Karin Lumpur
Howar· Khala Trenigi
Petang Bang Shangh
Silk
HONGKONG BRANCH. Esary scripting of lacking and Kxchange hain tractat
Travellers Cheque eső,
TRUSTEE AND EXECUTORSHIP'
UNDERTAKEN.
+
CÜBBEST 4000USER spened in Lonal Our:
FA SA FIZED PREOSTES reared in
a
Carey, VERLING EUR, DOLLA 18 os larcen
that may apertxéund on syyliqniles,
O BENSON; ・・
of regular servic: passengers---. 62.105, compared with 60,367/-- has been almost wholly ob- tained on the Empire routes,
TRAFFIC TON MILES
The German import surplus of 50.9 million Reichsmarks in Sep- tember therefore declined to million Reichsmarks in October.- Transocean,
30.1
BEICHSMARK QUOTATIONS
Berling Nov: 18 The Reichemark was quoted without guarantee at:
New York, 40,07 Paris, 1624..... Amsterdam, 73.80 to 73.90 London, 11.75"
Paris Sterling, 178.66 to 178.64 Paris UB. Dollar, 37.99-Transo-
troduction of the Empire Air Mall | cean. programme under which Arst- class letter mall for the Empire 18
IN THE AFTERNOON
ternoon...
STERLING The market closed with sellers at 1/2 31/32 November and 1/2 15/16 December first half Feb- ruary, buyera at 1/3 cash /No- vember and 1/2 31/32 December /January.
16.83/38 16.15/14
Change
16.12b/16a
.21 off
(1939)
16.32/35
16.10/17
18 07/10
25 off
16.35/36
16.20/15
18.11/14
24 of
16.38/39
16.14/15
.24 DIT
16.39 N
16.14 N
.25 off
Sales for the 'day:—
4,420 tons.
December
May July
Wednesday's sales:-
CHICAGO WHEAT
621/64 638/637 641/844 664/661 66+/661 564/667 60/661
8,656,000 bushels
* 683/661
up
CHICAGO CORN
471/4T1 47/474 48/481 611/514 51751
December May July
519/51)
... 521/52)
52/521
WINNIPEG WHEAT
December
U.S. DOLLARS
May The market closed with sellers at. July 29 3/8 Cash, 29 5/16 December and 29 1/4 January /February, buyers at 29 7/16 Cash /November,
:29 3/8 December and 29 5/18 Feb-December
ruary, possibly January.
SHANGHAI DOLLARS Traffic ton miles operated rose carried without surcharge, as from The displacement of an electrio Bellers at 183. by over 60 per cent, from 5,171, June 29, 1987; on the African rall at Kensal Green interrupted
SHANGHAI MARKET 50% to 8,353,618.
route, and as from February 23, the LMB electric train service Sterling sellers at 8.9/64 for "This increase (the directors 1938, on the route to India and from Watford to Euston for 40 spot. U. 8 Dollars sallere at 15. state) is due to the progressive in- 1 Singapore.
31/33, för Epót
minutes
March
621/621
83/631
* 591/591 591/591 501/591
#2/52) 62/811
NEW YORK HIDES: (New Contracts)
..... 627/021
12.77 B 12.80/80 12.7MB 13.17/17 13.34/12 13.15/15
NEW YORK STRAITS TIN
December ......... 46.40b/601 48.25b/40 46 20b/80%
NY Bliver, Oficial...... 42-3/4 NY-L'don Cross Rate... 4.70
42-3/4 4:70-3/4
€€
. ន ន ន
€€€