HONG KONG DAILY PRESS
Finance and Commerce
SOVIET FOREIGN TRADE POSITION WEAKENED
U.S. Is Largest Single
Exporter To Union
The foreign trade position of the Soviet Union weakened sharp-- ly in the first half of 1938, according to Agures compiled by the Linited States Bureau of Domestic and Foreign Commerce. Other outstanding developpents in the foreign trade situation of the Soviet Union, have been the substantial fall in the country's pur. chases from Germany, the rise of the United States as the largest single exporter to the Soviet market and the disappearance of trade with Italy.
AID FOR BRITISH
SHIPPING
Early Report By Owners' Committee
BIG CONSTRUCTION
TO BE URGED
A detailed scheme for assisting British shipping and shipbuilding will be submitted to the Govern ment by the shipowners' com
chair- mittee, which, under the manship of Lord Essendon. hás been examining the problems since July.
New Year.
early
In
sha
It is pointed out that under the Soviet foreign trade system, de- velopment of a heavy deficit in the foreign trade figures is of vital
importance. Foreign trade is vir tually a state monopoly and, bar- ring export of gold. Imports are paid for out of exchange created througli sale of exports abroad.
ASIA LANDS
MEETING
Heavy Loss For Year Shown
The annual general meeting of Asia Lands Limited Wis held in the offices of Messrs. Lowe. Bingham and Matthews yesterday.
Mr. L. Kadoorie presided and Messrs..G. Miskin and J. Fleming. Directors, were present,
The Chairmaŋ sald:---
to
FINANCE"
JAPANESE VIEW OF PROSPECTS
IN 1939.
Tokyo, Dec. 28.
The "Chugal Shugyo," lend- ing financial daily, forecast that while the prevailing poli- tical uncertainty in Europe will continue in 1939, Britain and America will not change their attitude towards Japan. Japanese military operations. the paper says. will not end in the coming year, while the busi-
ness
depression and the erratic market conditions in Japan' will continue, though it is hardly pos- sible that the stock market will grow worse despite the strengthen- ing of control and the tension in Japanese diplomatic relations with the big Powers.
Discussing China's reconstruc- tion movement, the paper says that it will make further head- way in 1939.—Renter.
Paris. Dec. 28.
Figures released by the Bureau
Although the Accounts put be- show that the imports of Russia fore you again show a heavy loss, during the first half of this year I am glad to be able to say that. Jumped 10.2 per cent, while the the forebodings voiced by me at value of exports fell by 21.5 per the annual general' meeting last year of a complete cessation of our cent.
principal source of revenue conse- quent upon the Sino-Japanese hostilities, which have now extend- FRENCH RAILWAYS ed South China, did not materialise to the extent feared, LOAN CONVERSION
There was only a decline of about $4,000 in Revenue from the use of the Hing Kee Wharf while the Po Tak Wharf revenue main- tained the same level as last year.
in so favourable a locality and na- The former whart is not situated
turally suffers to a great extent in any trade disruption. However, the fact that this Company was able to derive any Income at all from troublous times makes it hopeful years, and will be reconvertible. its wharf properties in these very
that we may yet turn the corner when conditions in South Chinu return to normal with a quent trade revival. PROPERTY REVENUE INCREASE
It is reported that there is no of the country which serves ree movement of capital into and
hewhat to take up the slack in other countries.
IMPORTANT CHANGES Importan: changes in the flow of During the debate in the House Soviet foreign trade have also been of Lords Lord Essendon promised noted. Significance is attached to recommendations
the fact that the country had al- most completely stopped purchases The committee is expected, totoin Germany, which formerly propose the francing
was the largest source of Imports mercantile construction
into the Union. At the same time, large scale, both from
it is noted, Soviet Imports from pient and private funds, and the the United States almost doubled taying up of older ships displaced as compared with a year ago. The by new tonnage.
United States is now the largest shipper to that country,
of rew
on it Govern-
The ships withdrawn from ser. vice would not be scrapped. but held as a reserve to meet the needs of a national emergency.
Proposals may also be made for improving the lot and prospects OJ merchant navy personnel which is now more than 50.000 below the pre-war strength. Un- certainty about employment and lack of prospects have caused grave falling off in the number of men joining the merchant service in recent years.
a
Russian exports to the United States, on the other hand. have fallen sharply. "At the end of the half year. Soviet deficit in trade with the United States amounted
conse-
our house Pro-
Revenue from perties has increased, all being let at reasonable rentals, and every economy "In expenditure has been effected compatible with maintain- ing the properties in a sound con- dition.
A plece of vacant land situated next to our Breezy Terrace Pro- perty has been sold for $10,000 at
In
The Finance Minister. "M. Paul Reynaud. in a broadcast last night, announced the con- version to a four per cent. basis of the entire external debt of the French Railways. amounting 10
3,500,000,000 franes, which is now lasued at. from Ave to 6 per cent.
The new loan will run for 30
after three years. It is to be issued at 95.
An official announcement of the loan states that France has nego-
tiated a loan of £20,000,000 from
a group of Swiss and Dutch banks. and that £12,000,000 will be placed in Holland and £8,000,000 in Swit- zerland, but the public issue in Holland will be only £2,000,000 as £4,000,000 were placed before the issue. Reuter.
little
A large virgin seam main coal. estimated to have a life of 30 years has been discovered and Brick Works Co., of Workington, Cumberland.
to 165.874,000 rubles compared with a reasonable profit and completion 54.512.000 In the same period last of sale is expected shortly.
This adverse trade balance view of the Company's position, by the St. Helen's Colliery year. during the period under review was your 'Directors do not propose to the largest Russia had with any credit Revenue with any profit when the full purchase price is ore country,
received, but to apply the whole amount in reduction of the book value of the Breezy Terrace pro- perty which stands at a somewhat higher figure than present prices warrant,
Trade with Italy has disappear ed. During the first six months of the current year. Soviet imports from that country were valued at only 52,000 rubles compared with the corresponding There were
"A LOSING. BATTLE" Information obtained by the committee which will be embodied 2.461,000 in In its report will make starting period of last year. reading. It is expected to show
no exports as against 9.213.000 for that British shipping in every last year. sea is fighting Д losing battle i against subsidised foreign com- petition, the pressure
01 which
la greater than ever before. CONCERN OVER
As for shipbuilding the facts
are only too plain. 'Owing to the
50 per cent.
rise in. costs
com.
REVISION
pared with two years ago, no new OF TARIFF
orders for mercantile tonnage i
are being placed. and unless the
Chungking, Dec. 28.
With regard to our Investment which is shown at the nominal sum of $1, your Directors have had Information from the purchasers, to whom the shares were sold on deferred terms, whereby we hope to receive a substantial amount in full and final settlement.
"The Report and Accounts were put to the meeting and passed.
Mr. Miskin, retiring Director. was re-elected.
Messrs. Percy Smith. Seth and Fleming were re-elected auditors.
The US Consulate-General in Sharighal is also seeking informa- tlon in this connection" from the
deadlock is broken only 25 per Sir Archibald Clark Korr. the cent. of our shipbuilding resour- British Ambassador to China, Is ces will, it is estimated, be em-paying close attention to the re- ployed toward the end of 1939 ported revision of the tariff in Maze, Inspector-General of Cus
Meanwhile British orders are North China by the Pelping bogus toms, regarding this matter. going to Continental yards, which government under the alleged ins- are now building £6,000,000 worth tigation of the Japanese, according of tonnage for British owners.to a Shanghai dispatch. Because of currency manipula- The British envoy is said to be Shanghai Customs for transmis- 1lon. State assistance. much lower in close touch with Sir Frederick, sion to Washington.-Central News, wages, and few, if any. union restrictions. these yards are able to undercut their. British competitors by as much as 40 per cent,
trade
DECLINING TONNAGE Since 1914 our share of the world's carrying tonnage
has declined from nearly 42 per cent. to just over 26 per cent.. exclud- ing tankers, which are one-way ships unsultable for any except oli.
2,000
cargo
We have
cargo-carrying Vessels fewer than in 1914, though the population has grown by 4.000.000, and we are more than ever dependent on imported sup-
plies.
New Waterboat Launched
At Whampoa Docks
The latest addition to the fleet of waterboats owned by the Union Waterboat Co... Ltd.. the motor vessel, al Sze Ho, was suc- cessfully launched yesterday at the West Yard the Hongkong and Whampoa Dock Co., Ltd. The craft was chrtened by Miss Pene- lope Jane Dodwell, daughter of the Hon. Mr. and Mrs. Stanley H. Dodwell, who were present together with Miss P. Dodwell, Mrs: G. D. R. Black. Mr. A., C, T. Bowker, Mr. F. Edwards, Mr. Y. Yvanovich, Mrs. A. f. Penn, Mr. H. ff. Scott (acting manager of the Hongkong and Whampoa Dock Company), Mr. R. G. Craig (yard manager) and others.
developing 152
the BHP. on the shaft. The engine
com-
This is the 13th waterboat, built Diesel engine, All who know the facts about by the Dock Company or shipping and shipbuilding realise same owners over a period of 25 is direct reversing, and its water that these industries rank equally years. The first nine were propell-circulating pump and air with A.R.P. and
the
fighting ed by compound surface condens-pressor are fitted Integral with the services 29 factors in national ing steam engines with a pumping engine, and driven from the main defence..
Should they be allow outfit consisting of steam driven shaft: Fuel costs, when running
ed to decline any farther the horizontal duplex pumps, while the at full speed, will be in the neigh-
country would soon be incapable of holding out for long in a major
· war.
SUYOC DECLARES DIVIDEND
The Suyoe Consolidated Mining Company of Manila has announced a cash dividend of ten per cent. to be paid on January 15 to stock- holders of record on December 31.
latest four boats have propelling bourhood of $2.00 an hour. machinery and auxiliaries of the AUXILIARY MACHINERY Diesel Type..
The Tal Sze Ho has a steel hull of a two-stage Lec-Howl centrifu
The pumping machinery consists with length of 105 feet, a breadth gal pump having an output of 100 of 22 feet and a depth of 10 feet. tons an hour against a head of The vessel is designed to carry 33075 feet. direct coupled to a Gard- tons of fresh water and will have
ner 3L2 type Diesel engine of the
a speed on service of about seven latest design running at 1000 knots.
R.P.M. and developing 19 B.H.P. A two stage air compressor for
CRUDE OIL DRIVE.
The adoption of a crude oil en-stand-by is also incorporated in This dividend, which will gine drive enables all the ma- the pumping unit mounted on a amount to Pesos 125,000, will be chinery for propulsion and pump-single baseplate. This departure the second declared this year, bying to be installed in a compact from the usual practice of fitting Buyoć, one of ten per cent. having and well laid out engine room:a reciprocating pump has resulted been paid in July.. The com- As in the No. 3 waterboat, the fram highly satisfactory results pany, paid, its first dividend, also main engine consists of a Gard- obtained on a similar set which ten per cent., at the end of 1937, Iner "438” type, two-stroke, full was installed in No. 3 Waterboat.
Mr Howard Her
The Millan
Harding
48. Alterion
THURSDAY, DECEMİ ER 29, 1938.-PAGE 11
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At their Sales Room, No. 2,
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A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE,
Comprising:-
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Cooking Stove
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!
also
A FEW PIECES OF BLACKWOOD FURNITURE
and
Dinner Service
1 "Zenith" Radio Set
1 Electric Gramophone
1 Projector 8 and 16 mm.
1 Cine-camera with accessories
3 Typewriters
3 Steel Shafted Golf Clubs
(new).
Engraving is the hall mark
of
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а
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"Samples available
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80. North Road Fouth Shields
The EASTERN ELECTRICAL COMPANY.
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A QUANTITY OF VALUABLE
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A FEW PIECÈS OF BLACKWOOD FURNITURE
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