HONGKONG DAILY PRESS
Finance and Commerce
BRITAIN TO EXTEND EXPORT CREDITS
Measures To Combat Foreign Competition
FACILITIES FOR CHINA
London. December 9. Boldly conceived measures to support British expert trade against foreign competition in the world market are to be taken by the British Government. In the House of Commons yesterday, the President of the Board of Trade, Mr. Oliver Stanley. Introduced a B to extend the powers of the Board to give export credit cuarantees.
I
of
The text of the Bill shows that the Government have had within the year to increase the statutory levies
guarantees under the export credits guarantee scheme from £50,000,000 to £75,000,000. This reflects the increased use which exporters are making of the scheme.
period.
The Bill empowers the Board of munts received Fave exceeded the Trade, without necessarily con-total claim paid and administru- sulting the Advisory Committee on tive expenses throughout the Export Credits, to cover export ut goods on conditions which are not strictly on a commercial basis but which, from the national view-guarantees are satisfactory.· point, is well worth doing.
The Government's commitments under this proposal will be limited to £10.000.000.
Under the present scheme, it is contemplated that assistance will
Under the new proposal, war munitions could be obtained
if
MOTOR LORRIES FOR CHINA
The "Daily Herald" understands that immediate advantage will be taken of the B to send motor lorries to China,
be given to a large number of An armament deal of £20,000. small transactions, and I 1s. 000 with Rumania is also contem- understood that cases to be cover-plated, and the fund would be ed will be those where reasons for utilised to assist this deal. granting the guarantee will be more political than commercial.
INCREASING USE Since 1926, when the present quarantee schimne came into force,
the total value of
contracts.
ex-
CHINA LIGHT DIVIDEND
New Issue Also Contemplated
The Directors of the China Light & Power Co., Ltd. have decided to recommend at the forthcoming annual meeting of shareholders. that the profits for the past financial year fatter providing 35-45.875 for deprcelation) amount- ing to approximately $1,063,000, plus $100,000 from last year, be dealt with as follows:
brought
FINANCE
EMPIRE RADIO LINK PLAN
Offer From Cable And Wireless
Details were made available in London last week of an offer made to the Government by Mr. Edward Wilshaw, chairman of Messrs. Cable and Wireless Ltd. to create a chain of wire- less stations throughout the Colonial Empire..
The scheme provides for the in-
with receiving and transmitting stallation of 32 wireless stationis
equipment, and for the eventual employment of about 1.000 men. Including a large number of high- forwardly-trained wireless operators.
The company will bear the cost of installing the, wireless equip ment at each of its existing cable, stations. where no ·commercial wireless service 13 already in
To pay a Dividend of 50 cents per share on the "Old" Shares and proportionate amounts on the "New" Shares. absorbing about operation $934.000.
To write of late General Mana- gers' Rights, $100,000.
To transfer to Contingency Re- serve. $25.000,
To carry forward approximately. $104,000.
The dividend will be payable on Decembe: 21, 1938...
NEW ISSUE
The Directors have also decided to convene an extraordinary meet ing of the Company, to be held immediately after the annual meeting on December 21, for the purpose of increasing the Com- pany's authorised capital to $15,000,000 by the creation of one. million new shares of the nominal Value of $5 each.
Although only £10,000,000
It Is the Directors' intention. If avaliable, the sum can be used the proposed increase of capital is ugain and again as each deal is passed, thereupon to make an completed, and reimbursement is offer to shareholders of 400,000 ade by the purchasing Power. new shares in the proportion of
The "Daily Telegraph" declares one new share to every five exist- that the motor lorries for China jing shares held by them, respec- will be for the building of the tively, at the date of the extra- new Burma read.-Reuter and ordinary meeting. Such new
shares will be issued at par.
policies and guarantees issued by Export Credits Department ceeded. £180,000,000. The Increas- ing use of these facilities by Special; traders is shown by the fact that the yearly total has risen from £7,500,000 in 1933/34 to 242,940, 000 in 1937:38.
Guarantees given will not cost the taxpayer anything, as pre-
PROPOSED SALE OF P. AND 0.
BANK
London, Dec. 9.
The Arst instalment of $250 per share will be payable upon- ac- ceptance of the offer on February 1. 1939: the balance will be called up as and when required.
1:
The first station is likely to be established at Jamaica, which is considered to represent an import- ant Junction of the old and new worlds, and potential flying base.
4
This station is expected to be ready in 18 months.
Other places likely to be includ- ed in the scheme are Antigua, the Barbados, Bathurst, Gibraltar, Lagos, Mombasa, Mauritius, Sey- chelles. Saint Helena, Saint Vin- cent and Zanzibar.
SILVER MARKETS
LONDON SILVER
London, Dec. 8. Silver-Little speculative and continental buying, Offerings small. Buyers satisfied. Market steady. In the afternoon,
the market was very quiet, sales, in- clined to be offered at the rate.
Spot
Forward
20-3/16d. 19-9/16d.
--Reater.
NEW YORK SILVER
New York, Dec. 8. ..... 42-3/4
-Reuter
Omielai Price
SATURDAY, DECEMBER 10, 1938.--PAGE 11
IT'S NOT TOO LATE TO SEND YOUR CHRISTMAS GIFTS BY CLIPPER AIR EXPRESS —
AND YOUR CHRISTMAS CARDS
· AND LETTERS BY CLIPPER AIRMAILI
TO MANILA, HONOLULU, U.S.A. & CANADA
PHILIPPINE CLIPPER"
DEPARTS IEC. 18 DUE U.S.A. DEC. 81
"CHINA
י
CLIPPER
""
DEPARTS DEC. 22 DUE US.A. DEC. 18
For Further Information, Please Apply Gloucester Building
Tel. 31166
LAMMERTS' AUCTIONS
PUBLIC AUCTION
THE Undersigned have received
Estructions
to sell by
PUBLIC AUCTION
ab
MONDAY, the 12th DECEMBER, 1938.
"F
Commencing at 11.00 am.
At their Sales' Room,
No. 2 Connaught Road, Central Room No. 205, 2nd Floor).
and
A Quantity of Furs, Fur Capes Collars. Foxaline, Woollen Coats and Costumes, Silk Evening: Dresses. Overcoating Materials and' Woollen Dress Lengths,
and
a
A Selection of Latest Fashion Ladies Winter Hats.
Terms: Cash on Delivery.
› LAMMERT BROS.,
AUCTIONEERSE
CHINA NATIONAL AVIATION CORPORATION PUBLIC AUCTION.
GENERAL TRAFFIC
ACENTS FOR
PAN AMERICAN EERWITY SENTEM
INDIAN HOUSE
APBIS
COAL.
A limited supply of this Coal is available at the following rates per, Ton of 2,240 lbs. Delivered:
PEAK DISTRICT
$29,00
BOWEN ROAD & LOWER LEVELS
Market-Steady.
BOMBAY SILVER
Bombay, Dec. 8.
Oftake 35 bars
$27.00
KOWLOON Y..
$25,00
REPULSE BAY.
$30.00
Indian Mint Silver
$32.00
UNITED DELIVERY CO., LTD.
A meeting of shareholders of the SCANDINAVIA-FAR Ready
INSURANCE AND P. and D. Banking Corporation has
POGROMS
Problem And Principles
The pogrom in Germany has presented British underwriters with a pretty problem. Some of the wrecked Jewish pro- perties are covered by insur.. ance policies taken out in London, and others by policies underwritten by German In- surance firrns but wholly ог partly reinsured in the London market.
been called for December 16 at which the proposed sale of the undertaking to the Chartered Bank "of India, Australia and "China will
be decided..
EAST SHIPPING
PARTICIPATION BY JAPANESE
the
It is announced that if share-
Japanese participation in holders approve of the sale, the regular shipping trade between Chartered, Bank will, after absorp-Scandinavia and the Far East tion, continue to give clients and started when the motorship Yasu- constituents of the P. and O: Bank kuni Maru, of the Nippon Yasen the services and facilities they Kalaha, reached Gothenburg to have hitherto received from the load latter-Reuter.
GERMANY LOWERS.
IMPORT DUTIES Germany's dependence on for eign markets for a large portion of her food supply is shown by a
The NYK, is joining in the co- operation established years ago between the Svenska Ostasiatiska Kompaniet, of Gothenburg, Wil- helm Wilhelmsen, of Oslo, and Copenhagen, and has appointed the Ostaslátlake Compagnie, of these companies as its agents in Sweden, Norway. and Denmark respectively.
If the British underwriters meet recent ordinance adopted by that such claims for damages as may country conditionally reducing the be presented, the Jewish policy-duty on imports into the Austrian holders will not get the money, customs area. The German Government 1123 decreed that, it is forfeited to the eredive early during the second September and published in the The import duty which became ducing this duty was passed in State as atonement for the Jews hair or 1938 is 1.10 crowns per 100 Reichsgese:zblatt. "'crimes."
RESPONSIBILITY
Į
kilos and will apply on wheat, rye.
Normal import dulles on these barley and oats Imported under a products, it is pointed out, range Now it is a cardinal principle special permit into the Austrian from 16 to 6 gold crowns per 100 of British law that no person may customs area. The ordinance re-kilos. legally benent by a criminal act;
You may not Insure a building.
་
you or rather WEEKLY RETURNS AND REPORTS
burn it and enjoy the insurance money; nor may your heirs participate in the as- surance of a man you have mur- dered.
י'
Does this principle apply to a Sovereign Government? If the German Government be held. responsible for the wrecking of Jewish properties-and it certainly tolerated them should it be en- titled to profit by the insurancej proceeds:
BANK OF ENGLAND
Public Deposits Other Deposits:-
Bankers......... Other Accounts.... Total...
50-14
51-01 Dec. 17 Settlement... 50-14 51-01 Jan 18 Settlement... 50-12 51-00 Unofficial Price
Ready December 17 Settlement... January 16 Settlement
51-02
51-02
51-00 ---Reuter.
SHEK & STANLEY!
NEW TERRITORY
الروم
"Phones: 20006, 30939, 58556, 58557 & 58985.
THORNYCROFT
HE Undersigned have received
THE instructions
to sell by
PUBLIC AUCTION
FRIDAY, the 16th DECEMBER, 1933.
Commencing at 5.15 pm.
At their Sales Room, No. 2 Connaught Road; Central (Room No. 205, 2nd Floor).
||
POSTAGE
A COLLECTION OF POSTAGE STAMPS
On VIEW from THURSDAY, the 15th DECEMBER, 1938.
Terms: Cash on Delivery.
LAMMERT BROS.
Heres a REAL boon to boatowners!
London, December 8.
Dec. 1
Dec. 8
£ 23.110
97,080
1000's omitted)
£18,030
102,940
37,190
35,940
134,270
138,880
1
Government Securities
20,170
06.140
Other Securities-
Burn a
Discounts and Advances
17,500
17,870
Two cylinders
Securities
20,640.
21.500
Total .........
38,200
30,370
Notes and Coins
46,840
69,860
327,850
327,610
Notes in circulation.
480,810
487,750
Engine speed: 1,100 p.m.
Ratio of Reserve to Liabilities
29.76%
44.35%
Reuter.
The principle is important. If the answer be "Yes," the Nazis would have found royal road to the acquisition of foreign exchange;
synagogue and draw sterling from Lloyd's.
SOVIET JAPANESE
FISHERIES
Moscow, Dec, 9 An official announcement pub- -----lished in the Soviet press yester- day states that the Soviet Gov- ,ernment will agree to a renewal of the Japanese Russian Fisheries Convention only if Japan declares her readiness to make certain payments resulting from the sale of the Chinese Eastern Railway to Japan.
The sum claimed by Soviet Russia is about 6,000,000 yen. Transocean,
Total Bullion....
FEDERAL RESERVE SYSTEM
New York, December 8.
Dec. 1
Dcc.'8
2,884,000
(000's omitted)
1,000 $ 1,000 2,564,000 83.68% 2.591,000 14,387,000.
Bills Bought
U.B. Securities held...
Federal Reserve Batlo.
83.68%
Federal Reserve Credit Outstanding
2534,000
Monetary Gold Stock
14,312,000
Industrial Advance....
15,821,000
15,485,000
--Reuter.
"the
AUCTIONKERS.
HEAVY OIL
THORNYCROFT
'HANDYBILLY'
operated on the Hesselman principle and, with very little increase in weight or overall dimensions, combines the lighter weight and smoother running of the petrol engine with the low fuel cost of the diesel,
9
H.P.
Bore, 3. in. (89 m.m.); Stroke, 4 in. (114.2 m.m.); Displacement, 86.6 cu. ins. (1416 cc.)..
Tailshaft speed: 700 r.p.m.". Fitted with combined reducing-reversing gear,
THORNYCROFT
stands for Satisfaction
FOR FURTHER PARTICULARS
APPLY TO OUR
HONG KONG OFFICE.
TEL. 22363.
ST. GEORGE'S Building, 1st. FlooR,