HONGKONG DAILY PRESS
Finance and Commerce
1
Britain Building Huge Gold Reserves Abroad
To Meet Emergency
The British Government is bailling up gold stocks in South Africa and Canada at the rate of hundreds of millions of pounds a year. market sources reveal, so as to have ample funds avallole outside for emergency requirements stiould the country, become involved in a
27
Approximately £1,000,000,000 worth of the metal, it is estimated. is still at the government's disposal in London in spite of recent drains of funds toward New York, but, in the event of a conflict, Great Britab would need huge quantities of goods from America and the shipping of gold in payment across the Atlantic in war-time would "Involve a serious risk apart from the steep insurance costs.
For this reason, gold has been piling up in Canada and many millions in British gold are report ed to be already deposited in bank vaults in Ottawa.
appears
HOME COTTON JENNY
Plan To Revive
Industry
Costs
GENERAL
KRUPPS TO CONTROL SKODA?
Since the disclosure that con- tro) of the great Skoda ATIA - ment works in Czechoslovakia has been sold by the French the Schneider-Creusot group to Anglo-Czechoslovak
the Bank, City is asking how the transac- tion is being financed, and with whom control will finally rest.
It is surrested in banking circles that the £2,000,000 re- quired for the deal may form part of the £10.000.000 · Bri- tish credit to Czechoslovakia. It is also said that the Anglo- Czechoslovak Bank, which has purchased the shares, is merely acting an an Intermediary, and that control of Skoda will ulti- mately be resold to Germany.
In that event Skoda would be- come a subsidiary of Krupps.
CHUNGKING, Jan. 11 (Cen- tral)-Hoping to revive China's cotton industry by improving home spinning in the interior provinces. Mr. Mu Ou-chu. noted Shanghai Industrialist. has perfected a "July Spin- nkag Jenny", for village co- operatives and small factories. This machine, named after the The position of individuals in Lakouchino Incident of July 7.
made of wood, uncertain." It 1937, and war-time was found impossible to ship gold about $200. It can produce one and is yarn a day. in the last war owing to prohibitive Ellogram of insurance rates, while bankers arejeasy to operate. The most econo- said to believe that another out-mical arrangement is to have 2 break would mean introduction of spinning wheels working with one exchange restrictions in England. cotton gin. By this a rangement, Hoarders seeking safe storage for labout 20 kilograms of yarn can be the metal have been helped by produced daily
The quality of this home-spun South Africa is the biggest pro- the recent decision of South Afri-|
slightly inferior to the ducer of gold in the world and can banks to allow gold to be de-yarn is usually ships its weekly output to posited in London and earmarked factory product, but during times
Since June last to customers' accounts in South of war. Mr. Mu belleves that peo-WHEAT COMMITTEE London for sale.
however, shipments have Africa. At the same time, one ple will buy It because of sheer year sharply declined and recently stop-jenuld also buy gold direct, in South necessity. ped altogether.
Africa, and keep it there, 6,000 miles from Europe.
Although detalls of the Canadian transactions
in are shrouded secrecy, South African gold export statistics help to indicate the ex- tent of operations there.
The questier is asked why If Germany was to be the ultimate purchaser a more direct method of approach was not adopted.
One answer suggested Is that, of shortage aging to her acute foreign exchange. Germany Wis unwilling to finance the deal her- seif, and looked round for a means of acquiring the shares on credit
MEETS IN LONDON LONDON, Jan. 11 (BWS).-Re-· Since the announcement of Mr. Mu's perfection of this improved presentatives of the governments of During the last six months, abou
spinning Jenny, many orders have 22 wheat producing countries who £45,000,000 worth of gold has been
CONFISCATION
beer received by the Agricultural Pere members of the International" retained in South Africa which
Another effect. of the South
Promotion Product
Committee. Wheat Advisory Committee met in normally would have been sent to African banks' move will be to en-
¡Manufacture of these machines | London yesterday to consider the London. This development is inter-courage British holders to transfer preted by market observers as con- gold there. Under the Finance Act has been placed in the hands of position arising out of the large the Experimental Factory of the world carry-over resulting from Arming reports that the metal is of 1928, any Briton owning more China Vocational School which the good harvests of the past year. being stored in vaults of South than £10,000 worth of gold may
has been moved from Shanghafto In the Ught of reports being con- African banks on behalf of the have it confiscated by the govern-
sidered at the present meeting, the British Government.
ment at the official rate of 85 shil Chungking.
Committee will decide whether if GOLD RESERVE
Hags an ounce against the present
is necessary to summon a new in- England, it is estimated. now market price of 148 shillings, 8
ternational wheat conference. holds a reserve totalling about pence. £60,000,000 in South Africa.
DEMAND FOR CUTTON The problem of supply of raw cotton in Szechuen to meet the, ex- the pected increase of demand in view
introduction of this Im
on Foreign. gold holders, The recent war stare also has other hand, are exempt from this of the been responsible for considerable law which came into operation proved spinning Jenny has also activity by private hoarders, and when England was still on the gold been considered by the authorities although the total foreign-owned standard, and British holders are The Agricultural Credit Bureau of gold in London is still figured now agitating for removal of the the Ministry of Economics has al- around £180,000,000 it is well be- ban or extension to cover every-ready bought a large supply of raw
body.
cotton from Hupën. Five hundred thousand plculs of" Shensi "cotton have also been obtained.
low the peak point.
AID FOR CHINA TRADE PLANNED
►
Britain To Adopt Positive, Measures
LONDON, Jan. 11 (Reuter). Prolific reports coniinue to ap pear in the newspapers that the British Government is pre- Daring positive action in the not distant future in defence of British trade and support of China
"
FOURTH GERMAN
Szechuen cotton also enjoyed a good harvest last year.. The "T" 1938 LOAN .
class of American cotton has
especially good and BERLIN, Jan. 11 (T/Oceani- | been
the The subscription 1st for the Central Agricultural Experimental
fourth 1938 4 per cent, woan of Station of the Ministry of Econo- the German Reich closed on mics, now situated in Chengtu, is January 9. The full amount of mapping out plans for the current the leat namely 1,500,000,000 year's work. Besides planting 70. Reichsmarks, has been taken over 1000 more mow of T class cotton by a consortium.
jin north Szechuen, the Station is REICHSBANK RETURNS . ready to introduce successful cot- Reichsbank returns dated ton seeds to south Szechuen form- January 7 shows gold stock un-ers so as to increase the production changed at 70.8 millon Reichs-jow cotton.
|
marks, but foreign exchange holdings have increased by 0.2 to DUTCH CO:OPERATE The "Financial Review" says that 57 million making a total in-
TO HELP STERLING the Government is seriously con- crease of the note caver by sidering two courses
action. 10.2 to 76.5 millon Reichsmarks. af
AMSTERDAM, Jan, 11 (Reuter)-
learns that the Dutch One is direct support of the Chinese The note circulation decreased by Reuter Government, arstly by a currency $17.5 to 7705,1 million Reichsmarks, banks have declared that they are loan, and secondly, by measures The total amount of credit prepared to co-operate with
Bank In designed to "have a more 'direct issued
checking bills Netherlands fluence on the trade and unce
Invest-speculation against sterling. of Japan than upon the powers of
ments decreased by 1021.4 to They are consequently abstain- Chinese resistance."
8122.1 million, Relchsmarks. The ng from participation in gold total legal tender, in circulation transactions of such a character
29
measured cheques. advances and
by
The paper, however, learns that the Government has no intention of imposing a general embargo on Japanese exports to Britain at pre-same date last year and 5382
sent.
Part of the difficulty in the way of trade retallotion, "Reuter" learns,
is the objections of interests in the Dominions which are doing busi-
# 9805 million Relchamarks as against 7032 million at the
million at the same dateşin 1933.
FORMOSAN GOODS
BS to constitute attack an sterling.
the
a speculativé.
TEA CENTENARY CELEBRATION LONDON, Jan, 11 (BWS-In the
FLOOD SHANGHAI Cty of London yesterday: £1,156 was. bid for a casket containing SHANGHAI, Jan, 11 (T/Ocean)- about 38 pounds of Empire grown Washington is similarly hampered A Japanese paper here reports an tea. The money will go to chari-
ness with Japan in metals, cotton and wool. It is understood that
by nul, cotton, scrap, and machine increasing and tool interests.
ATTITUDE HARDENING
influx roods Into Shanghai,
With 50,000 tons of sugar in 1938
of Formosan ties, associated with the tea in
dustry.
The pccasion was the celebration On the other hand, undoubtedly against 5.000 tons in 1937. Formos of the centenary of Empire tea. the British Government's attitude is topped the import list, even threa The Lord Mayor attended and hardening and opinion is gaining tening to monopolise the market. auctioned the casket, which was ground that there is nothing to be With its low price and the lowrst sealed and will not be opened
sugar until the next centenary.
A much larger casket containing Empire tea and Inscribed with the At the same time. It is expected Royal Arms was sent to Bucking- British interests. In the Far East: that Formosan fruits and vegeta-ham Palace for, the King and there is ground for believing that bles will to a large extent replace Queen. the Government may send to Japan imports from Singapore.
gained by diplomatic protests.
3 big rival to Java
shipping costs. Formosan Nothing legally prevents Great constitutes sugar ነ
Britain from leading help to Chins, but as regards direct defence of:
The Osaka Shosen Kalsha is
a comprehensive note comparable. with that of the United States on said to be contemplating an in- December 31, as a final effort to crease of passenger and cargo ser- obtain redress of British com- vices between Shanghai and For plaints, before trying sterner mea- moda,
sures
- EXCHANGE CONTROL PEIPING, Jan. 11 (Rester)-The "Provisional. Government" has is-
sued a statement declining to as-
JAPANESE AIR EXPANSION
The new Japanese air service
SILVER STABLE
CANADIAN WHEAT
FOR TESTS Specially grown and threshed wheat amounting to 1,590 bushels were sent to England recently from Saskatchewan, Canadian province, to undergo exhaustive milling and baking tests.
IN 1938 Despite fluctuations in sterling. which is the major factor in the silver price, silver was surprisingly one of the most stable of all active commodities in 1938. London Anan- clal experts point out.
The price range throughout the
sume responsibility for the repay- from Tokyo to the Pelew Islands, year was only 2 3/16 pence which ment of loans to Britain and east of the Philippines, will bring is the smallest range in history. America, claiming that they were a Japanese air base within 1500 The bullion market average price made to the Chiang Kai-shek, mlies of Darwin and Port Moresby, was 19 17/32 pence; at the highest Government.
Papua. This will mean, that the 20 9/16 "pence and at the lowest,
New 18 3/8 pence.
It is reported from Chefco that Australian the Japanese authorities there are Guinea bringing into force on January 16
mainland ánd
will be within bombing range of a Japanese air terminal,
gontrol of foreign exchange trans- Experts are pointing out that
this expansion, emphasises the
.
The shipment was a further step in efforts to improve rust-resistant wheat strains of the Indian Head Experimental Farm and the Win-. nepeg Rust Laboratory."
BRITISH RADIOPHONE LINK WITH NEWFOUNDLAND LONDON, Jan. 11 (BWB)-A service between defence of New Guinica, and to the United Kingdom and New- air squadrons or build foundiand was inaugurated yester- naval bases. In the island
actions, similar to those which have been in force at Tangtao for some necessity for Australia to begin the radio-telephone time.
The reason given is "naval neces-į station
alty."
day.
"THURSDAY, JANUARY 12, 1939.-PAGE 11
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"CONTENTS]:
APPEAL FOR REFUGEE CHILDREN
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OFFICIAL STATEMENTS
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Governor Wu Te-Chen, Mayor Teeng Yang-fu
CHINA'S ARMY MEDICAL SERVICE
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LAMMERTS' AUCTIONS
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PUBLIC AUCTION
ON
FRIDAY, the 13th JANUARY, 1939
Commencing at 11.06 am.
At their Sales Room. No. 2 Connaught Road, Central, Ground Floor
62 Bags Rice,
L
Chidese Tea
11 Cases Matton
10
ย
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↑
10
Corned Beet
MUX
Sugar
Tea
2 Casks Lithophone
1 Keg and 6 Bundles Ante Springs
Terms Cash on Delivery.
LAMMERT BROS..
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on
FRIDAY, the 13th JANUARY, 1939,
Commencing at 2.30 p.m.
At their Bales Room, No. 14 Connaught Road, Central, Ground Floor.
A QUANTITY OF VALUABLE ·
HOUSEHOLD FURNITURE
Comprising:-
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also
A FINE SELECTION OF BLACK- WOOD FURNITURE
Comprising:
+
Joss Table, Desks, Curio Cabinet and Stands, Tenpoys, Oplum Stools, Standard Lamp, Flower Stand, Folding Card Table, Armchairs, etc. etc.
21
pad
One Radio Set
Two Typewriters
On VIEW froin THURSDAY, the 12th JANUARY, 1939.
Terms: Cash on Delivery.
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