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HONGKONG DAILY PRESS
Finance and Commerce
BANK OF ENGLAND'S
GOLD RESERVE
Legislation Providing For Weekly Revaluation
of
reading
the
Ex-
LONDON, Feb. ร (BWS)-Before giving third without debate to the Export Credit Guarantee Bill, which increases the maximum of the Government's ability to £75. 900,000 and provides for guarantees up to £10,000,000 in res- pect of home produced goods the export of which might not be undertaken as aordinary commercial risk bat which is in the national Interest, the House Commons Jester- day heard an explanation by the Chancellor of chequer. Sir John Simon, of the Currency and' Bank Notes
for Bill, which provides
revaluation at, the current market price of the gold reserve of the Bank of England, which in future, will, with other assets of the Issue Department, be subject to weekly valuation, any difference between the lolai assets so ascertained and the note issue" being adjusted by movements of gold between the Bank and the Exchange Fqualisation Ассоып
Sir
ASSISTANCE
FOR CANTON
INDUSTRY
LONDON, Feb. 7 (Reuter)--- The draft of the Government's Colton Industry Reorganiss- tion Bill was issued last night. The FULL proposes establish- ment of Cotton Industry Board of 15 members, finaï- cially assisted by the Board of Trade.
4
The Board's function wili broadly be:
Firstly, keeping, a register of Arms for collection of levies.
Secondly, promotion of the Ren- eral interests of the industry by technical and economic research and general publicity measures, and
Thirdly, examination of sectional schemes.
EXPORT COMMITTEE Special steps contemplated in- John Simon emphasised | stabilisation of its currency on elude establishment of an export several times that there was no gold. That matter of high po-development committee and a re- question of any change "of the lley, Sir John Simon reminded presentative
the on
Advisory monetary polley. The Bill made the House, was dealt with in the Council. no sort of difference to the fun monetary declaration of the Bri- Special provision is made for damentals of British Currency:tish Commonwealth of Nations safeguarding, the interests of the It made certain changes In it Ottawa, which was rearm-rnyen and wool textile industries. machinery und It provided for a ed at the World Economic Can- more accurate presentation of facts by showing the true value of gold cover for the note issue.
The proposals contained no trace of
intiation nor of de- Bation. Above all, the proposals. had no bearing whatever upon the question of time or · 'manner in which Britain might effect
ADVERTISEMENT
By ORDER of the MORTGAGEES
PARTICULARS AND CONDITIONS
OF SALE
of the
VALUABLE LEASEHOLD
PROPERTY
Situate at SHAUKIWAN IN THE COLONY
OF HONG KONG and
REGISTERED IN THE LAND
OFFICE AS SHAUKIWAN LOT NO. 126 TOGETHER WITH THE BUILDINGS THEREON
NOW KNOWN AS
NO 0, PRAYA SHAUKIWAN
WEST
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To be sold by
PUBLIC AUCTION
on
'FRIDAY, the 10th day of February, 1939, "at 3 o'clock p.m.
At the Chins: Auction Hoom.
No. 5, Queen's Road Central. 1st floor. Victoria, Hong Kong.
by
Mr V. M. R. DE SOUSA. Auctioneer.
Annual Crown Rent 22/11/5 (or $12.34). Total Area 5.000
square feet or thereabouts.
One or the most important ference in 1933. Those declara-changes proposed is compulsory re- tions stood.
-gistration of firms in a general register to be kept by the Cotton Industry Board.
GOVERNMENT AID Registration for merchants is to ne optional.
FINANCE
FUNK'S PLAN TO FINANCE NAZI SCHEME
BERLIN, Feb. 7 (Reater)-It is learned that when Dr. Funk took over the Presidency of the Reichsbank from' Dr. Schacht, he was told "that wages,' prices and currency must be kept stable and that increased taxa- tion.
1.3 required by Dr. Schacht. must be avoided. The Nazi theories also reject in- Hation but hold that increase in banknote circulation is not infa- tionary as long as the increase is accompanied by larger production of goods.
It is learned that Dr. Funk's view is that Anancing the Nazi re- gime cannot be the task of one Keneration; but debts must be spread over a longer period, which is also contrary to Dr. Schacht's policy.
TWO POSSIBILITIES Industrial firms and the public are no longer able to help the state in defraying the enormous costs of armaments and public works.
Two possibilities are being con- sidered. One is creation of a new kind of bonds resembling delivery notes.
I is understood that Dr. Funk hopes that, by development of the Four-Year Plan and further rationalisation of industry it will be possible considerably to increase production. thus preventing a rise in prices.
Dr. Funk hopes to settle Ger- many's international debt problem. He is of the opinion that when Jewish emigration is settled, the danger of flight of capital will be removed, and that it will then be possible to relax the foreign cur- renty restrictions and consider the question of new foreign credits for Germany.
OPPORTUNE MOMENT Recent events, the Chancellor said, had made it opportune" to Introduce and carry this legisla tion now. There had been A
Government assistance is provid- continuous increase over 4 inng
ed on a pound for pound basis to period in the gold stock of the
the Board's expenditure during the country up to last" March, when first five years up to a maximum the combined gold in the Bank
of £10,000 a year. and Exchange Account reached
It is also proposed to include ກ value of £835,000,000, but
provisions to ensure that the ser- much of that growth represented vice of any joun raised by the sec- deposit in London of short term tional beard for the purpose of a finds owned by foreigners; and redundancy scheme, will be met. on the next six months to Sep-
ember last, withdrawal of these limited to £2.000.000.
The total of such loans will be THE Undersigned have received deposits reduced the combined
gold holding to £689,000,000.
The loss of gold for most part EUROPEAN
need not be regretted, he said,
CARTEL
COAL
LONDON, Feb. 7 Reuter--No
for it meant removal of volatile lements which were a nutaance rather than a source of strength and also the return of confidence Particulars have yet been publish- in the French Anancial altua-ed here concerning the Anglo-Ger- tien, which was welcomed. There man agreement that is to serve as was also the element of specula-the basis for the creation of a pro- tion, which had made it advisable, iccted European coal cartel. to carry out the operation an- nounced in the treasury minute made early in January.
An Interested quarter, however, points out that in the quota question Germany proposed that the exports of the year 1937 should serve as a starting point. for the discussions, while Britain desired to use the verge of exports of the last ten
WEEKLY VALUATION Regarding the provision for weekly valuation of assets of the Issue Department of the Bank ear. Finally I was agreed that
of England, Sir John Simon rethe average of the last five years eniled that, under present ar- should be used as a basis of dis-
profit on the cussion.
This would give Great
rangements, any
note issue accrued to Exchequer Britain a quota of 52 per cent, and revenue, while there was no pro- Germany 30 per cent, of the Euro- vision for making good any de-pean export." "..
ficiency. It seemed a most con-
the
on
OF SHANGHAI CUSTOMS
venient solution of this dimculty NO REORGANISATION that the Exchange Equalisation Account should receive from Issue Department any profit the note Issue, including apprecia- tion, and should make good any depreciation.
in the course of his speech.
CHUNGKING, Pebi ↑ (Central. — A foreign high Customs officer to- day denied that the Bhanghai Cus- toms would be reorganised, as re-
PUBLIC AUCTION.
instructions
to sell by
PUBLIC AUCTION
ON
TUESDAY, the 14th FEBRUARY, 1939
Commending at 5.15 p.m.
At their Sales Room, No. 2,
Connaught Rod. Central.
Room No. 205, 2nd Floor)
A VALUABLE COLLECTION OF POSTAGE STAMPS,
Comprising:—
China, Hongkong. British Colonies.
etc., etc.
On VIEW from MONDAY;
the 13th FEBRUARY, 1939,
Terms: Cash on Delivery.
LAMMERT BROS.. AUCTIONEERS.
the Chancellor also made a state-ported by Mr.. A. Arita, Japanese PUBLIC AUCTION.
ment On the pront ct about £95,000,000 resulting from re- valuation of gold reserves of the Japanese had asked for an in-
Foreign Minister, in the House of representatives, but admitted that!
the Bank: He said: "This un- realised capital appreciation could not appropriately be
crease of Japanese officers,
The matter, he said, was being used discussed between the Shanghai
24 revenue, and I am not so Commissioner and the Japanese proposing to use it. My proposal authorities..
is that this sum shall be passed
For further particulars apply to:to reserve. It will increase
Messrs. T'80 AND HODGSON,
Mortgagees' Bolicitors.
Prince's Building, 1st Boor.
Ice House Street.
Hong Kong
or to
Pi
ME E V. M. R. DE SOUBA,
Auctioneer,
No, 5. Queen's Road Central,
first floor.
Hong Kong.
Hong Kong, 8th February, 1939.
"NIKS"
A Guarani Cu For Hong Kong Fact,
the
the Exchange Equa-
assets of
sation Account.
"The Bill, which was favourably
ECONOMIC AÏD
FOR CHINA'
LONDON, Feb. 7 (Reuter)-Cer-
received by the opposition, wastain proposals by the Chinese Gov- given second reading, and after ernment for economi: assistance
passing the
Export
Guarantees
Bill the House rose early.
UNEMPLOYMENT INCREASE
LONDON, Feb. 7 (BWS)--The Ministry of Labour estimates at January 16 the number of insur-
are under consideration by the British Government, stated Mr. R. A. Butler, Under-Secretary for Foreign Affairs, in answer to a question by Mr. Arthur Henderson (Labour) in the House of Commons yesterday.
He was unable, however, to make a detailed statement at present.
ed persons In employment in INTERNATIONAL TEA
Great Britain was, approximately 12,079,000. This was 184.000 less than the month, before and about 50,000-less than a year before.
CONFERENCE
LONDON, Feb. 7 (T/Ocean) The next session of the Interna
At the same date. registered tional Tea Conference has been unemployed numbered 2039,026, fixed for March 2. when the quota comprising 1,594,430 wholly unem-for the period from April 1, 1939 ployed, 379,027 temporarily laid to March 31, 1940 will be fixed. “ off and 65,568 hormally in casual
employment. The total was 207,-
644 more than the month before December term, while 84,319 is in
and 211,419 more than a year respect of persons temporarily before.
laid off.
Of the increase of 207,854, over Part of the decline in employ- 30,000 is accounted for by the first ment Was due to the severe registration of boys and girls weather which restricted outdoor leaving school at the end of the l'employment,
THE Ündersigned, have, received
Instructions
TO SELL BY
PUBLIC AUCTION
ON
THURSDAY,
the 9th FEBRUARY, 1939
Commencing at 2:30 PM.
At their Bales Room, No. 35, Hankow Road Kowloon
A. QUANTITY OF VALUABLE --
HOUSEHOLD FURNITURE
Comprising:--
Blackwood Waze, Teakwood Din- ingroom. Bedroom, Drawingroom and Omice Furniture, Cutlery, Pictures, Carpets, Rugs, Brass,‚E P., Class and Porcelain Were, Ornaments, Cabin and Wardrobe
Trunks, Gramophones and Records,
Electric Lamps and Heaters, Cooking Utensils, etc., etc.
On View from WEDNESDAY, the 8th FEBRUARY, 1939.
TERMS: Cash on Delivery.
LAMMERT BROS.
AUCTIONEERS.
WEDNESDAY, FEBRUARY 8. 1939. —PAGE 11
KAIPING
FOR ALL PURPOSES
HOME, FACTORY AND BONKERS
LAMMERTS' AUCTIONS
COAL
0.
Bu
POWER HOUSE, TUGS & LOCOS
THE KAILAN MINING ADMINISTRATION.
Head Odee—TIENTSIN.
DODWELL & CO. LTD.. Agents, Rong Ronx.
靠可用耐油漆牒驼駱
PAINTS, ENAMELS,
VARNISHES & SPRAY LACQUERS
DURABLE & ECONOMICAL
MAJLIFACTURER OF
-- THE NATIONAL LACQUER & PAINT PRODUCTS CO. LTD. KING'S ROAD, HONG KONG, TEL 31601-2
品出司公限有油漆燥製民國
MEUKOW
BRANDY
GUARANTEED
PURE GRAPE
|A.C.NEUKOVACY
BRANDY
Obtainable Everywhere
Bolc Agents:
H. Ruttonjee & Son
CHINA WAR RELIEF ALBUM
(EDITED BY THE CHINA INFORMATION SERVICE)
AN ILLUSTRATED RECORD
OF
WAR RELIEF IN CHINA
50 cents PËR, COPY
CONTENTS
APPEAL FOR REFUGEE CHILDREN
by Madame Chiang Kai-shek.
OFFICIAL STATEMENTS
by Qon, Yu, Han-Mou,
Governor Wu To-Chen, Mayor Teeng Yang-fu
CHINA'S, ARMY MEDICAL SERVICE
PICTURES- WOODCUTS
-DRAWINGS.
ETC.
ETC.
ETC
OBTAINABLE AT ALL BOOK-SELLERS
AND
HONG KONG DAILY PRESS OFFICE
18-19, Marina House, 'Queen's Road 0.
Tel. 80251,
PUBLIC AUCTION.
HE Undenigned have received THE
instructions
TO SELL BY
PUBLIC AUCTION
ON,
THURSDAY and FRIDAY,
the 23rd and 24th FEBRUARY,
1939
Commencing each day at 9.30 am.
with an interval from 12 noon
to 1.30 p.m.
At H.M. Naval Yard, Hongkong.
and at Kowloon Naval Depot.
OLD AND SURPLUS NAVAL
STORES, &c.
Comprising:—
Steam Boat without boller, Machinery for Steam Boat, Bollers. Wall Cranes.
Old Tools, Canvas, India Rubber, Clocks. Leather, Electric Gear. Electric Motors, Lamps, Oars, Cordage, Firewood, Blanketa, Counterpanes. Carpets, Rugs, Coverlets, Beds, Wash Basins, Furniture, Electric Cable, Ou Drums, Dirty Oil, etc.
also
Zinc,
Old Metals comprising Copper, Brass, Iron, Steel, Lead Old Battery Plates, etc.
Lots may be inspected on Wed- nesday. 22nd February, 1939, Terms of Sale:-As detalled in Catalogue.
LAMMERT BROS By Appointment, Auctioneers to the Admiralty.
PUBLIC AUCTION.
THE Undenigned have received
Instructions
to sell by
PUBLIC AUCTION
"FRIDAY,
the 10th FEBRUARY, 1939
Commending at 230 PM
at their Sales Room, No. 2. Connaught Road, Central, Ground Floor,
A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE
Comprising:-
Teakwood Bedtead, Divans. Chesterfield Suites, Wardrobes, Dressing Tables, Chests of DrawerE, Bideboard, Dinner Waggon, Dining Tables, Chairs and Armchairs, Carpets and Rugs, Pictures, Desks, Typewriter Tables, Filing Cable nets, Bookcases, Glasy Cabinets," Wooden Trunks, Cutlery, Crockery, : Glasses, Tea Bets, Gramophones and Records, Sewing Machines, Typewriters, Radio Sets, Electric Table Lamps and 'Heaters, Orna- menta, Curios, etc., etc.
also
A FEW PIECES OF BLACKWOOD
FURNITURE
and
1 Full Size White Polar Bear
Skin Rus
1 Electric Refrigerator Elec-
trolck Ltd."
1 Piano "Haake Hanover'"
1 Cooking Stove "Ca.con Dover"
1 Radio Gramophone "Atwater-
Kent***
1 Wardrobe Trunk
1 Ewart's "Lighting" Geyser
1 Radio Set "Philips"
I Portable Typewriter "Under-
wood "
On. View from THURSDAY, the 9th FEBRUARY, 1939.
TERMS: Cash on Delivery
LAMMERT RE
BROS.
AVOTIONEERS.