!
HONG KONG DAILY PRESS
Finance and Commerce
U.S. SILVER PURCHASE POLICY FAILURE SEEN
Repeal Of Act Probable, Says Handy Harman Review
Declaring that the United States' five-year sliver buying policy has falled to obtain its objectives, Handy Harman, well-mown sliver brokers, said in their review dated January 8 of the silver market that quotations and figures' show the probability of repeal of the Silver Purchasing Act of 1934. "We believe." the annual review of the firm said, "that those interested in silver should take into con- sideration the kellhood of such action by Congress in future and the effect of marked unsettlement which would be caused by with- drawing Government support."
WORLD OUTPUT
The review makes a prediction throughout the world. regarding the probable price of silver should the law be repealed. It declared the Act was of benefit to the United States silver mining Industry "But the Act's apparent failure as a monetary measure and the seeming Impossibility of ever attaining Ita avowed objec- tives may raise the question whe- ther it should be continued even for the sake of such benents." and particularly when consideration is given the cost to the United States of the subsidy paid abroad."
The year
HERRING BOARD
WARNING
Prosperity Only By Reducing Fleet
The Herring Industry Board, on the eve of its retirement, recently Issued a report stating that catch- ing power exceeds the markets and a reduction in the size of the fleet is the only way to prosperity in the industry.
GENERAL
GASOLINE
CONSUMPTION.
INCREASE
Based on the larger number of cars in use ka 1939, and giv- ing consideration to an 1m- provement in business. the statistical department of the American Petroleum Institute estimates that the use of gasoline in the United States this year will show an increase of four per cent over that for 1938.
.
This, of course, is based on the of 1:1 average of possibility 27,350,000 cars being in use during 1939, an. Increase of 12 per cent. There
are a great many other factors that will disclose them- selves as the year progresses and. affect domestic demand. Exports of gasolme, however, may show a decline during 1939, the report adds.
If the analysts proves correct. the Institute comments. It would
minimum appear now that the industry's
economie. requirements
of finished and unfinished gasoline on March 31 next will be about
The Board, consisting of three stx and Independent inembers. members drawn from the trade, was succeeded by a new Board of three Independent members, with an advisory council drawn 1938 indicated clearly the silver from the trade.
The change was prescribed by markets' complete dependence! upon the support of the United the Herring Industry Act. 1938. During the debate on the Act, Mr. States "Government."
Colvile. Secretary for Scotland, said that the constitution of the Estimates of the 1938 world pro-Board now retiring "had not fune-80,000,000 barrels, an amount that duction were given by the review
tioned well." at 204.800,000 nunces. apportioned
The retiring Board's report states Las follows: the United States. that the quantity of herrings 161:400.000 ounces: Mexico, 85.000 absorbed by the vartoys mackets 000 ounces: Canada, 23,000,300 last year will probably be the same ounces, South America, 32,000,400 as in the last three years, about (annces and all other countries 1.500.000 crans: worth to the fisher-
62.700,000 ounces. The total out-
men somewhat less than £2,000,000. COST OF POLICY
put showed a reduction of 9.900.000; The silver purchasing polley, the ounces or about 3 per cent from review said. has to far cost the last year's record figure and of this United States U.S. $1,000,000,000 of amount the United States accounts which 82 per cent was paid for for the largest proportion." the re- foreign silver and eighteen per port sald.
,"
"The decrease from
C500,000 SHORT
would appear at this time to in- clude both sufficient working stock and seasonal requirements and to assure convenient operations,
PRESENT STOCKS
Present stocks total slightly over 88,000,000 barrels so that in the next four and a half months there should be an addition of not more "If this forecast be correct.. it
than 12,000,000 barrels. Normally is a mere matter of arithmetic to the production from November 1, to show that this figure is some | March 31 permits an addition of £500,000 to £600,000 short of the about 19,000,000 barrels. amount required to maintain the
to
cent. for domestic silver. Mean | 69,300,000 nunces to 61.400.000 oun-existing fishing fleet and furnish while. the Treasury's silver hold-ces was more than 11 per cent," ings, including.coin in circulation. This decrease, the review be- totalled 2,575.000,000 our.ces On lieved. was mainly due to the December 31: 1938.
"shrinkage in the demand for the The review stressed the seeming base metals from which this coun- Impossibility attaining the try's silver is largely recovered as original objective of purchasing a by-product." sufficient silver to equal one-fourth
of
』
As to consumption of fumace oll, the Institute says that should the reasonable remuneration Itstorthcoming heating season. be representative of the average of cwners and crews.
"In the absence of new markets the last five years, it should re- there can be no doubt that a pro-gister about five per cent mere portion of the catching power is degree-days of heating than last redundant and that it is only by winter. Interpreting" these figures its elimination or diversion wholly in relation to demand, it appears SUPPLIES FROM CHINA or partially to other modes of fish-reasonable, to estimate that some of the nation's gold stocks because China, the Handy Harman surveying that any measure of prosperity 15 per cent more furnace oils will the latter, due to the Influx of gold said, again proved the largest for the catching side of the indus-
be used in heating homes than the from Europe during the Czech source of supply for demonetized try can be achieved." ~
63,000,000 barrels ased a year ago. crisis. now aggregated US $14. silver.
The report adds that the results 500,000,000 which axes the new "Official reports from the Chi-of the 1938 curing season were dis-
RESERVE BANK OF goal of silver stocks at 3.740.000.000 nese Maritime Customs covering astrous owing to the fish being too
the first 1 months of the year" small for the Continental market. INDIA RETURNS 1,165,000.000 the review sald, "show that over which
demands certain ounces still remains to be bought 60,000,000 ounces were exported. Fishermen's earnings were reduced
This Indicates definite failure of this 5,000,000 ounces were ex-by £180.000. to accomplish the called for posted direct to England and near- "It is certain that the autumn changes in the nation's monetary ty $5,000,000 ounces to Hongkong voyane will have been a dead loss structure, the review said.
This Hongkong stiver, plus other to many of them, although the OBJECTIVES UNSUCCESSFUL coin received prior to 1939: was number of vessels among which the have had to be It added that other objectives | transhipped from Hongkong to gross earnings which were not attained included England to swell the holdings for divided was only 723, compared the attempt to obtain international the Chinese account already in with 805 in the previous year." co-operation on a wider use of s!! | London; and from these holdings ver and to improve the purchasing a steady stream of coin flowed Intel power of silver-using countries the United States throughout the 216,000,000 ounces, and 25,000,000 cunces still remath, according to "which was wholly unsuccessful." year.
advices from abroad.
.ounces.
"The balance of
"Meanwhile." the report said, "the "Presumably the ultimate des- country has been pursalng the tination was the United States silver buying polley alone, which Treasury... An estimate of the has resulted not in a wider use but amount represented by shipments a decreased use of the white metal from London can be placed at
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(EDITED BY THE CHINA INFORMATION SERVICE)
ÄN ILLUSTRATED RECORD
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50 cents PER
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COPY
APPEAL FOR REFUGEE CHILDREN
by Madame Chiang Kai-shek.
OFFICIAL STATEMENTS
by-Gen. Yu Hou-Mou,
Governor Wu Te-Chen,
Mayor Tsong Yang-fu
CHINA'S ARMY MEDICAL SERVICE
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JAPANESE ACCOUNT "In addition to the foregoing there were sales in London on the Japanese account, which we also consider of Chinese origin. Part
of this silver was in the form of bars refined in Japan and the rest in Chinese coin refined in London. Our estimate of such supplies in excess of Japanese mine produc- tion is 15,200,000 ounces
"Hongkong shipped about 3,000, 000 ounces of refined and unre- fined bullion to London and about 140.000 ounces of in to San Francisco. These accounts we ut- tribute also to China, making a total of supplies from that source 240,300,000 ounces."
The review said other supplies included about 35.000.000 ounces from Mexico and about 2,300.000 ounces imported into England on the Indian Government Account.
Handy Harman estimates 40,000. 000 cunces of Spanish silver en- tered the market for the past year and also understands the United States is buying.22,000,000 ounces of Siamese silver.
"We estimate the total United.: States acquisition in 1939 at 432; 200,000 ounces, 'the largest record- ed except in 1935 when the figure reached 534.900.000 ounces," the re- view, said.
"The total for 1938, added to, the 2,171,200,000 ounces on hand at the beginning of the year, amounts to 2.575.000.000 ounces, which repre- sents our estimates of the Treasury holdings on December 31 at the end of the past year, including coin in circulation," the review added
The review's estimates of India's consumption of silver, during the past year placed the figure at 14,000,000 ounces. "Our correspon- dents. abroad don't expect any im- provement in India's demand this year unless the price should be made cheaper," the review said.
WHOLESALE PRICES
DECLINE
LONDON, Jan. 12 (BW8)-The Board of Trade index of wholesale prices for 1938 shows that the aver- age for the year was 6.7 per cent, lower than for 1937 The decline last year followed increases over the four preceding years.
Calcutta. Jun. 13
1939- 1938
Dec. 30 Jan. 6
Noves in circulatior
including Notes held in the Bank- "Ing Department). 20,643 20.338 Rupee Coin and Bul-
lion in India
7,019 6,980 Gold Coln and Bul-
lion in India Securities
Governments. Securities (British
Government)
"Indian"
4,154
3.232
5,950
FRIDAY, JANUARY 13, 1939.-PAGE 11
Dewar's
THE
WHITE LABEL
White Label EST SCOTCH WHIS
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PERD
DISTILLER
LAMMERTS' AUCTIONS
PUBLIC AUCTION.
THE
HE" Undersigned have received
instructions
TO SELL BY
PUBLIC "AUCTION
OR
FRIDAY, the 13th JANUARY, 1939
Commencing at 11.08 x.m.
At their Sales Room, No. 2,
Connaught Road, Central. Ground Floor.
62 Bags Rice
8
*
Chinese Tea
1 Cases Mutten
Corned Beer
10
WHISKY OF
9
MIK
DISTINCTION
7
Sugar
10
BOLE AGENTS:
A. 8. WATSON & CO., LIMITED. -
TRANSPORT
OUR. 54 MOTOR TRUCK & VANS
ARE
AT YOUR SERVICE
SINGLE PARCELS ACCEPTED
FOR DELIVERY
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UNITED DELIVERY CO., LTD.
Phones: 22906, 58556 58557 & 58985.
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HE HONG KONG DAILY PRESS, LTD., 5.154 and the HONG KONG! 3.232 WEEKLY PRESS, through their London Office, at 53, FLEET STREET, E. C. 4, Tel- SATURDAY, the 14th JANUARY, 3137, are prepared to give Subscribers and Visitors
5,683
(Figures in lakhs of Rupees: -Reuter,
AUSTRALIA MAY
STOP SHIPPING
· 1939.
Commencing at 11 am..
Connaught Road West
advice regarding accommoda- At Wing Yuen Godown. No. 182, TO AGGRESSORS tion aväiläble, motoring faci- SYDNEY, Jan. 12 (Reuter)-The lities, suitable shopping
P
Q.
Attorney. General, Mr. Menzies, promised unfen leaders centres, etc. yesterday that if waterside work- ers at Port Kembla who held up
If, when at home, they will loading 25.000 tons of ple iron for call or telephone to the above Japan would reverse their decision, the Dominion Government would review its policy regarding export of pig iron to aggressor nations.
LONDON GOLD
London, Jan. 11. Bar Gold. Fine per z., 148/10, Dollar Parity. Id. Premium.
-Reuter.
address, they will receive the utmost assistance and the latest available information on all subjects of enquiry will be placed at their disposal.,
THIS WILL
INTEREST
YOU!
For Account of the Concerned.
1100 Sacks "FIVE SPARROWS"
Brand Flour.
(More or Less Damaged by Bea-Water)
TERMS: Cash on Delivery.
LAMMERT BROS. AUCTIONEERS.,
THE
CHINA JOURNAL
Tea
2 Casks Lithophone
1 Keg and 6 Bundles Auto Springs
Terms: Cash on Delivery.
LAMMERT BROS..
AUCTIONEERS.
|PUBLIC_AUCTION.
THE instructions
Undersigned have received
to sell by
PUBLIC AUCTION
on
FRIDAY, the 13th JANUARY, 1939.
Commencing at 2.30 p.m.
At their Bales Room, No. 2, Connaught Road, Central, Ground Floor.
A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE
Comprising:--
Iron Cot, Teakwood Bedstead, Chesterfield Suites, Box Couch, Wardrobes, Dressing Tables Side- board, Dining Tables, Chairs, Desks, Typewriter Tables, Book-
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also
A FINE SELECTION OF BLACK- WOOD FURNITURE
Comprising:--
Joss Table. Desks. Curio Cabinet and Stands. Teapoys, Oplum Stools, Standard Lamp, Flower. Stand. Folding Card Table, Armchairs etc.. etc.
and
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On VIEW from THURSDAY, the 12th JANUARY, 1939.
Terms: Cash on Delivery..
LAMMERT BROS..
AUCTIONEERS,
PRICE
$150
available at all bookstores
OCTOBER
THE MAGIC OF THE WINE CHINESE GUERRILLAS:
CHINESE GUERRILLAS OF THE PAST
GUERRILLAS 'TO-DAY
MASS EDUCATION MOVEMENT OF HONAN PROVINCE
INTRIGUES ON THE ROOF OF
THE WORLD SOME OBSERVATIONS ON THE WINTER BIRDS OF FEI HAI PARE, PEKING
CHINA'S ECONOMY AND FINANCL' WAR ORPHANS IN CHUNG-KING
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