PAGE 12-HONGKONG DAILY PRESS
BANKS
HONGKONG AND
SHANGHAI - BANKING
CORPORATION
Authorised Capital $50,000,000
THE CHARTERED
BANK OF INDIA, AUSTRALIA &
CHINA
1ed & Fully Paid-Up $20,000,000) Incorporated by Royal Charter, 1855, Reserve Funds:
Sterling,
£6,500,000.
H.K. Currency Reserve $10,000,000 Reserve Liability of
Proprietors
HEAD OFFICE: LONDON: 38, Bishopsgate E.C.2.
‚$20,000,000 | Paid-up Capital
Head Office-HONG KONG
Finance and
Commerce
SATISFACTORY ASPECTS
OF BRITISH TRADE
Adverse Balance May
Be Less Than In 1937
London, November 21.
Reserve Fund Reserve Liability of Pro- prietors....
1. £2,000,000 .£3,000,000
£3,000,000
"At the moment, only the prandnary figures in relation to overseas trude in September are available. As a whole these to indicate some satisfactory features, September almost
turnover invariably shows an increase in
compared with August, and that feature shown this year. The expansion September as compared with August · Is of imports this year in
of expansion in the corresponding period slightly less than the
the other hand. last year, but the exports, of British goods, an which last year expanded by 1,717,000, this year ; Increased by
€3.477,000.
as
Board of Directors. E. Pearce, Esq., ChairmAKIT, Hom. Mr. J. J. Paterson,
"Depvly Chairman,
J. & Bousfield, Esq,
A. H. Compton, Esq.,
Hom. Mr. 8. B. Dowell,
W. II. Lock, Esq.
. Minkin, Esq..
KS. Morrison, Esq..
Ho, Mr. A. L. Shield,
H. T. Wilkinson, Esq..
die Vandeleur M. Grayburu,
"MANCHESTER BRANCH: 71. Mosley Street. Manchester.
AGENCIES AND BRANCHES:
HONG KONG PINANG ALOR STAR AMBITHAR
(10120
RANGOO IPOA
BAIGON
BATAVIA
| BOMBAY
CALCUTTA CANTON
Chief Manager. | CAWNPORE
KLANG
KOM KUALA
SEREMBAN
seem
Johorr Rangoon
damoy
Branches:- Ipoh.
Bangkok
Kobe
Saigote
Kowloon San
Kuala
Batavia Bombay Caloutta
Francisco Lumpur. Shanghai
Canton
Chainu
Culombe
iyona
London Singapore Sourabaya
Dairen Malaccu Sungei Manila
Patani
Fuochon Haiphong Muar Swstow Bamburk (Johore) Tientsin
Bankow Mukden Tokyo Harbin New York Tsingtao Hongker Peiping Yokohama Haile
Current Accounts opened in Local Currency and Fixed Deposits received for one year or shorter | periods lo Local and other Cur- rencies on terms which will be quoted on application.
Also up to date Safe Deposit Bates in various sizes To Let.
Hong Kong, th October, 1938.
HONGKONG SAVINGS
BANK
The Bestless of the above Bank is conducted by the HONG KONG)
BANGKOK
KARACHI
SHANGHAI
SINGAPORE
CEAU
COLOMBO
DELHI
LUMPUA KUCHING
MADRAS
HAIPHONG KAMBURG HANKOW HARBIN
MANILA MIDAN NEW YORK PEIPINO
SITIAWAN
BOURABAYA TAIPING TIENTSIN TONGKAR
(Bhuket)
TRINGTAO YOKOHAMA
(Peking)
FOREIGN EXCHANGE and Genoral Banking Business transacted.
RESTRICTION OF COPPER
EARLIER THAN EXPECTED
Yesterday's
ot
FRIDAY, NOVEMBER 25, 1938.
PAYNE & CO.
COMMODITY BROKERS
STOCK EXCHANGE BUILDING
HONG KONG
COMMODITY MARKET REVIEW
London, Nov. 24 announcement the reintroduction of "coppër re- striction surprised the market in that it was earlier than generally expected. The present statistical position of copper had led to the widespread belief that such aotich
SPOT would be necessary sooner or later,
JAM.-MARCH Copper brokers admit that the APRIL-JUNE decision of the producers is capable
(FROM PAYNE & CO.)
SINGAPORE RUBBEK'
Nov. 22
Nov. 23
buyers sellers buyers sellers"
26-1/2 28-3/4
Change
27
27 $7-1/437-1/2 | 27-3/4 27-1/4 27-1/2 27-3/4.28.
27-1/4
up 1/1
up 1/2
up 1/2
| of having a bearish lnterpretation, The market opened 1/2 of a cent higher for all deliveries as com-
as it envisages no substantial impared with Tuesday's closing quotations, " provement in consumption in the In sympathy with better advices received from Lendon and New York the market ruled steady throughout the session. Fair demand for "spqt" Rubber by consuming centres induced better enquiries for trade and speculative accounts, although speculators were somewhat besitant to enter into new engagements on a large scale, preferring to await further developments on the London and New York Exchanges.
Re-exports, as a rule, in con- than 1,178,000 tons were produced, near future. The market, however. tradistinction to imports and ex- thereafter tended to move down-,
appears optimisticaly disposed ports generally decline in Septem-wards, and in recent months fell
the announcement ber as compared with August rapidly, so that in August of this and greeted
with an appréciable advance in and the same feature ta shown year it had dropped to 659,000 tons.
prices, this year.
ex- but to a smaller
At last, however, there is a satis- factory upward movement, for in tent than last year.
In
Sentiment on the whote meta
STERLING MORE BUOYANT.
After some business having been transacted at quoted rates, prices registered a gradual advance of 1/4 cent for all deliveries on further persistent trade-enquiries. Closing tone was steady.
The Singapore Market will be closed on Thursday, the 24th instant.
London, Nov. 24
SPOT Following Tuesday's rather un- | JAN.-MARCH
In the earlier months of the September the total was 755,000) exchange seems brighter, tin, and year, the adverse balance of vi- tons. It must be borne in mind spelter also sharing in the upward ble trade showed an increase as that it is customary to find an up-trend-Reuter.
the correspond ward movement in September na compared with ing months of last year. but fer compared with August, but with CURRENT ACCOUNTS opened and the last few months the reverse this qualification it is satisfactory PLIED DEBITs received for Ons has been the case.
Septem to note the appearance of a "re-
recenti Year or shorter periods at rates bar 1938 the adverse balance was versal of the trend of which will be quoted on application. 231,154,000 as
with months." compared The Bank's Head Office in 4:38,375.000 last year. The, re- Against this satisfactory feature: London undertakes Executor and versal of the trend in recent bas to be recorded a small decline Trustee business, and claims remonths has not yet bean good in the output of pig iron in Sep-happy experience, Sterling dis-APRIL-JUNE covery of British Income TAX overpaid, on terms which may be enough to wipe out the increased tember as compared with August played considerably more buoyancy JULY-SEPT.
theį This, however, is not necessarily soi adverse balance shown earlier months, and the total for unsatisfactory as it would appear only Httle early official support yesterday. Trading was quieter and- the first 9 months of this year is at first sight, because the avall was needed to keep the Sterling-
with ability of scrap for the manufac- £297,539.00 in the same period ture of steel in relation to the out-Dollar rate on an even keel.
The sharpness In Tuesday's of last year. but if the present put is certainly much higher to- trend continues it is certain that day than it was a year ago, and decline in Sterling in terms of the the total adverse balance for the therefore the call for pig iron tends Dollar is the subject. of much discussion, and some criticise the whole year will be less than that to be reduced by this factor,
feeble resistance put up by the for 1937
ascertained at. any of the Agencies and Branches.
RA. CAMIDGE,
Manager,
THE CHASE BANK
10, QUEEN'S ROAD CENTRAL
4
HEAD OFFICE:
18. 'NE STREET,
NEW YORK.
& SHANGHAI BANKING .COR-An PORATION. Rules may be ob tained" os impplication
For the HONG KONG & SHANGHAL BAKKING CORPORATION.
}
V. M. Grayburn,
Chief Manager. Hong Kong, Ith Cotaber, 1938.
BANK OF EAST ASIA.
LIMITED.
Authorised Capital....$10,000,000.00 Paid-up Capital Reserve and Undivided
Proats...
American Bank offering com- plete Foreign Banking Service in the principal Markets of the world. Interest Bates on Application.
SAFE DEPOSIT BOXES
This Bank in entirely owned by THE CHASE NATIONAL BANK, NEW YORK, with Besources over
.S. 2,500,000,000.
D. M. BIOGAR,"
Manager.
6,600,00
2,776,726.76
BANK OF CHINA
11
Blend Office: HONG KONG No. 19, Des' Vooux' Baad;. Central.
Board of Directers:
Bir Souson Chow, ChairEIKA Li Hoa CỘNG, Tăng. Li Liên Sang, hay P. E. Kwok, Hey.. WongChuson, Esq. Wong Yu Tong, Esq. Hao Ying, Pa, Esq. Chan Chlagbhck, Raq. FongPingWah Paq.
Kam Tyng Po, Eng., Chief Maungor, Li The Fong, Esq., Manager.
“Kemohot and diproplan tree.
London
PRAK Horabaya Balkris
Balyan Hyd.any Bombe7 Chex.co
Talkoku siapo Teutait. Confirm Blog Hew York
Takya Haikou Omka Blog Tancatter Tokohama Henrixi:
Pelalag.. FBCBET
Specially Chartered by
THE NATIONAL GOVERNMENT
OF CHINA AB AN INTERNATIONAL EXCHANGE
BANK
£298,106,000 as compared
in
INVISIBLE EXPORTS
hand. On the other
there 14 little doubt that invisible exports
SANDAKAN LIGHT DIVIDEND
will show a substantial decline. At the
LONDON RURBER
Previous cicase To-day's close buyers sellers buyers sellers. 7-7/8 7-15/16 7-15/16 8-1/18 7-15/18 C
$
Change
up 1/16 up 1/16
up.1/16 up 1/16
B
8-1/8 8-1/16 B-1/16 8-3/18 8-1/16 5-1/8 B-1/8 8-1/4 Market Improved fractionally on moderate general buying.
NEW YORK COTTON
The market opened higher on better Bombay and Liverpool ad vices, but then reacted on reversal of the trend at Bombay and re- ports of easiness at Liverpool Later, prices further deciined on Southern hedge-selling and liquidation, whilst the coming holiday: also had a restricting influence. The spot and textile markets were quiet and featureless.
NEW YORK RUBBER
Prices advanced on higher cables from, Lendon and Singapore;-
Bitish Control.
On the other hand, others, assert. that the pound was depressed by annual international political considera- forthcoming and therefore for the year "as a general meeting of the Sandakan tions, causing a renewed drift of but, in spite of continued reports of steadiness on the foreign mar- whole there is likely to be an in-Light & Power Co.. (1922)Ltd. Continental Sterling balances toets, trading here was quiet and was, mainly characterised by profes- creased adverse balance of pay-to be held on December 14. the Dollar Whlie this movement of sional operations, with a certain amount of liquidation in evidence. ments as compared with 1937. Board of Directors wil recom- "hot" money is temporarily unset The growing adverse balance mend payment to shareholders tling, it will not be regretted in in the carter part of the year of a dividend of 15 cents per the long run and does not warrant was brging about 4 rechuced anare in respect of the financial the Exchange Fund literally throw- exchange value of the Pound year ended June 20, 1938.
ing good money after bad. Reuter Sterling, and this, of course. operates to stimulate exports and restrict imports.
The recent crisis which led many people in Continental coun- tries to withdraw the balances they had in London banks with a view to their conversion into Dol- fars, brought about a beavy fall in the exchange value of the Pound Sterling, out much of this fall was regained following upon the Munich Agreement.
ADJUSTMENT-
Whereas the Pouiid was
worth
$491 at the end of July, on October
13 it was worth $4.75, an' alteration
INCREASE SHOWN IN PEOPLE'S SAVINGS
The Chief Registrar of Friendly Sociétiés (London) rives at the end of the general section of his report for the year 1937 à table of gutes of small sizings-"the savings of the people"-in the re- gistered provident societies of the country. It is shown that the funds of the societies have risen from £254,080,000 at the end of 1913 to £1.550.000.000 at the end of 1936. There was an increase of €107.000.0000 during the year 1936. The Registrar "explains. of roughly 3 per cent. representing the igures for funds PAID-UP CAPITAL $40,000,000,00| for the moment until prices have been compiled .so
(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.
Tead Office: SHANGHAI
"Hong Kong Branch
4, QUEEN'S ROAD, O. South China Offices; Every description of Banking!
CANTON
KONGMOON and Exchange businem transacted SWATOW TOISHAN Това granted OR approved
SHIUCHOW KINGCHOW securities.
We also handle the issue of Current Accounts opened in Local Currency and Fixed Deposita re- Bonds and other Public Funds of ocived for ons year or shorter the Chinese Government both at periods in Local and Foreign Our Home and Abroad. reapies on terms which will be!
quoted on application.
Safe Deposit Boxes To Let
THE
HAN TONG PO,
Chief Manager.
CHINA-SIAM
SHOU. J. CHEN,
HUNG KÔNGBANGKOK
adjusted themselves the equivalent present 15 nearly
as
that Thus the share capital and de have posts of the co-operative whole
re-sale societies (with the exception pos of certain "private" deposite in the
Wholesale
of a 3 per cent. valorem duty on all sible the combined savings of the Scottish Co-ope.ative imports, and a 3 per cent. subsidy members-e.. the total suns ac- Society) are not included in the on all exports.
cumulated in specific funds for the total figures for industrial and collective benent of the members. provident societies or in the total of protection, however, is that it or the aggregate of the amounts figures for all societies, because is indiscriminating and applles just standing to their credit in shares, they represent a reinvestment of
The disadvantage of this form
CHICAGO WHEAT
The market to-day was quiet and prices moyed within a narrow range, being influenced by the action of com prices The latter ad- vanced on scarcity of offerings and Influenced new buying and cover- ing on the wheat market.
N. Y. Commodity Market
--(By Courtesy of Messrs. Swan, Culbertson & Friir and S. L. Levy & Company)
December January (1930) For, a somewhat similar reasonMarch (..) the amounts outstanding on cur May {...} rent and deposit accounts with the July (...) Co-operative Wholesale Ecciety's October"..
been banking department have
Spot omitted from the totals.
as much to goods that we must deposits, etc., as the case may be.funds by the retall societies. import as to those goods that we A general summary is given in the could produce here instead of im following tables:—- porting, and since it applies to the goods we must Import it tends to force up the prices of raw materials and to that extent is disadvantage- ous. A tariff, on the other hand, properly applied does not increase prices in this way.
WHOLESALE PRICES, What has just been said, of course, is subject to the qualifica- "Manager. tion that the level of prices here is determined not merely by the exchange rate of the Pound Ster- ling, but also by the world level of prices.
LINE.
Javing Hong Kong 4th December via Swatow *#. "HELLAS". Leaving Hong Kong 14th December via Swatow “HELIOS" leaving Hong Kong 21st December via Swatow
HONG KONG-SWATOW-AMOY .' HAI RING" learing Hong Kong 8th December Accepting Fumongors & Cargo for all the above motioned ports. HONG KONG-BINGAPORE-PENANG-RANGOON. Regular Express Burrion
"HA LEE Leaving Hong Kong 19th December "HAS HING* leaving Hong Kong 13th December Asompting barge for all the above mentioned ports.
Razliet passager socommodation available. For fright, pallage rates and all offer information-
THORESEN & CO. LTD.
General agente,
TU. 20147.
Friendly Societies Acts:-
Friendly Societies Other Societies Industrial Assurança --- Collecting Societies. Companies"
Industrial and Pro- vident Societies Buliding Societies Trade Unions Workmen's Campen- sation Schemes Certified Loan ·:50-
cieties Railway Bavings
Banks Superannuation and other trust funds
141,168 000 7,081,000
Prev. To-day's High Low Close Close Change
8.848,71 8.66. 05 15.95 15.98/98 15,90b 08 of
New York, November 23.
New York Cotton - Dec. New York Rubber chicago wheat chicago Corn
Dec. Det.
8.72 10,07
621 621
Dec. Dec. Winnipeg Wheat
62+ .621 SH 461 461 471 -581 571 53
of
up
521
I up
NEW YORK COTTON
Close Opening Closing
8.71/72
8.72/72
2.68/66
.05
8 57/57
8.58/56
8.51/61
Change
of .06 off
8.51/52
8.52/52
8.46/48
:06 off
8.33/33
8.31/31 8.28/26
·.07· ON
8.11/11
8.10/10
8.05/05
06 off
-7.81/81
7.79/70
7.75/75
.08 off
9.11 N
9.05 N
NEW YORK RUBBER
་
-15.98/98 16:03/03 15.96/03 18.07/03 15.07/97 18.03b/10
15.00b/93a .08 off -15.00/94
.06
15.00/92
07
13.99 b/16.00a 15.99 N
15.91 B
.06
15.92 N
.0% of
Sales for the day:
3,650 tons
CHICAGO WHEAT
December May July
621/623
621/621 653/651 054/651
621/621 850/85)
unch
65}/65)
684/651
-Tuesday's Sales:--
74.498 003
INSURANCE RESERVE $17,085,000. The insurance reserve of the,
Co-
December operative Insurance Society March (1939) 287.728,000 been omitted from the total for all May 643,292,000 societies because it is included in September
the summary under "Industrial A4 October {surance Coupardes”, as well as un- der Industrial and Provident Societies." There still remains a certain amount of duplication, but it cannot be readily eliminated and probably, in relation to the total
gures, is small,
The duplication of figures of Adjusted Totals... 1,549,945,000 membership is brought out in the membership totals. Adding all the
16.367,000
38,000
180,000
25.357.000 70,538,000
On account of large harvests sterling prices have been falling rapidly, and the Board of Trade: index number for cereals which was 133.1 in October 1937 (prices for 1939 being taken as equal to 100) fell in Béptember of this year to 98.6, having fallen, heavily in A considerable amount of dupil-memberships together the total that month from 105.2 in August cation necessarily arises, the Cnter was 121,262,000. There were 8,221 December of this year.
Registrar points out in the figures 000 members of friendly societies May The price level of all articles for membership and funds. A p and 1,076,000 members of other July showed a small drop between son may be a member of more societies registered under the August and September from 99.5 to than one society. He may, for exiendly Societies Acts; 23.816,000. 58.4, the main cause of this fall ample, be a member of a friend policies in industrial assurance col- being the heavy drop in cereals re-society, a co-operative society, and lecting societies and 72,634,000 m. December ferred to above. Naturally, the trade union, a shareholder in a
Industrial assurance companies: Mas course of prices in September was building society, and also hold one affected by the crisis, but not uni or more policies in an industrial 8.983,000 members of industrial formly, some commodities falling assurance once. and others rising sharply, and for this reason it would be unwise at
of trade
to
Qunga'a Building,
ADJUSTMENTS MADE.
and provident societies; 2,011,000 members of building societies: 4,264,000 members of trade unions; 47,000 members of workmen's com
the moment to draw any conda- If a not possible in combining sions from these recent price the membership figures: to attempt auctuations as to the future course any elimination of this duplication, pensation schemes; 20.000 members In compiling the funds, however, of certined loan societies; and ON STEEL PRODUCTION adjustments have been made, so 104.000 members of tallway savings. The production of steel, which far as is practicable, to eliminate banks. The number of persons in reached a record level in this coup duplication que to inter veterested in superannuation and Įtry in. Nayember: 121, when, no te ment and deal, registration other trust funda te, not scrabble
aly
December
March
Gecember
9.522,000 bushels
CHICAGO COHN',
481/461 462/461 *.47/47
50/50
501/501 511/611
511/811
521/521
WINNIPEG WHEAT
58/58
8X8/011
58/571 611/611
*5017681
813/611
626/821
NEW YORK HIDES: (New Contracts)
12.00 N 1246/46 · 12,60/60′′ 12.55/55
12.05b/10a12.17/18
NEW YORK STRAITS TIN
45.80 b/46.00n 46,00b/302 45.95b/46.902
4:88-3/16
NT silver. Officiat ...... 42-3/4. NY-L'don Cross Rate.... 4.66-3/8
555