HONGKONG DAILY PRESS
Finance and Commerce
JAPANESE MENACE TO | MR. SAVAGE ON
1
BRITISH SHIPPING
"Progress Through Action:" Need For Liner Defence Fund
LONDON, March 3 (By Air Mail)-"Progress through action" was the watchword given by the new president, Mr. Robertson F. Gibb, chairman of the Union-Castle Mail Steamship Company. Limited, to the Chamber of Ship- ping of the United Kingdom at the annual meeting held on March 2 at Leathersellers' Hall.
'
: In his presidential address | call either for increased financial Mr. Gibb said they were on assistance to British shipping be- the threshold of a new age yond the present proposals or for: of constructive action. The
vitality of this country was immense and unimpaired.
Tt, is," he said, "our duty to- day to show that while retaining the traditions of life and habit developed by centuries of freedom we can discipline' ourselves to the needs of a changing world."
a complete reversal of British ship- ping policy. In the meantime,
British shipowners would concen- trate on the policy which they had proposed to the Government and would cooperate in working out the salvation of the industry,
STAGNANT SHIPYARDS
Nothing could be more signi- The effect of the Government feart of the needs of a firm and rearmament programme upon effective shipping policy than the shipping had merely been to put fact that while foreign shipyards up the costs of the industry, and were booming. British shipyards. to make it difficult for them to were virtually stagnant. A further retain their skilled personnel. The disquieting feature was that Brit- cost of shipbuilding itself was at ish shipowners were being forced least 20 per cent, above the pre- to build their ships abroad. "United rearmament level, and the costs of Kingdom building prices were 17 repairs had increased propor- per cent, above the lowest Contin-
ental prices.
tion
BANK REFORM
Mr. Savage, the Prime Minister, in a speech, said he wondered if the New Zealand Reserve Bank would not be better if it employ- es a scientist to put banking on
the
same focting as +1 manu- facturer employing a chemist,
The Prime Minister explained ater that he was riot apologising for the Reserve Bank or anyone eise, but the monetary system must be changed fully to express the increasing production of the country.
"Unless we ret the results of increased production what is the use of it?" he said." "The money system, as we know it, has never done that."
The "New Zealand Herald," commenting, says it is well-known that a strong group of the La- bour party considers that in mat- ters of finance the Government has not travelled far or fast enough. Mr. Bavage is at least giving lip service to the point of view of this group. It he un- happily. "transforms this into action the financial consequences for New Zealand will be serious.
A petition by importers asking for the suspension of "the import regulations on the ground of their illegality nas Governor-General.
been sent to the
HONGKONG FIRE INSURANCE CO., LTD.
FINANCE.
H.K. STOCK EXCHANGE
There was more activity in the market to-day and the "turnover was fairly large, particularly in Docks which were deak-in at $18.90/$10 for the Old and $18.10/ 18 for the new shares. Electrics at $58/$57 and Watsons at $9.05/ 9:15.
BUYERS
In contrast with British ship- No fewer than 28 Governments ping. Mr. Gibb 'spoke of the assis; he said, assisted their shipping in The general managers and con- tance received by foreign shipping one form or another, and scarcely sulting committee of the Hong- The manipulation of currency was a week passed without reports of kong Fire Insurance Co., Ltd.. being used by Germany, Italy, and further penetration by foreign will recommend at the forthcom- Japan to divert cargoes to nation-shipping or of further State assis- ing meeting of shareholders to bel ex-tance in some direction. The Gov- held on March. 24 the payment} al vessels in order to secure change.
ernment, he urged, should make it on account of the year 1937 of clear beyond any doubt that they a dividend of $12 a share absorb were determined to stand behind: ing $480,000; to pass the balance British shipping, and that ma- of $15,866.61 to the credit of Rein- chinery was set up which would "surance fund and to carry forward operate in every case immediately $762.450.20 in respect of the year the need arose..
JAPANESE MENACE
Japanese merchants and snip owners Had, with the support and assistance-if not indeed by the direction-af the Government de- veloped system of buying large quantities of certain commodities at-above the market price and sell- ing them below the market price.. Shipment was easily thereafter confined to Japanese vessels, and this practice was being adopted not only in direct trades with Japan, but in indirect trades be- tween parts of the British Empire and foreign countries. The Jap- anese tonnage which would be re- leased when the war in the Far East ended would form a serious медасе.
Action was required now to counteract this menace before. It was too late; already trades in which British shipping was once predominant had been.. practically banded over to the Japanese.
British
1938,
Ships' Plight
Against Subsidies
No fewer than 28 countries are now assisting their shipping
In some degree by subsidy, states the annual report of the Cham. ber of Shipping. The Chamber point out that the intensity of the competition was greatly increased last year, and that It is likely to be greater in the future.
Hongkong Bank, $1410. Bank of East Asia, $80. Canton "Insurance, $225.", Union Insurance, $imi.. HK. Fire Insurance, $190. Douglases. $67. ·
HK. Docks (Old), $19. HK. Docks (New), $181, H. & S. Hotels, 361. H.K. Tramways, $18.90. Yaumati Ferries (Old), $243. HK. Electrics, "$564. Macao Electrics, $18. Sandakan Lights, $11.10.. » Telephones (Old); $22}..... Telephones (New), $7.30. Canton Ices. $1. H.K. Ropes, $4.10. Watsons, $9.
Wing On (HK), $45. Entertainments, "$7. Vibro Filing. $61.
H.K. Govt. 4% Loan 4pm, " HK. Govt., 31% Loan Par.
SELLERS Union Insurance, $485. H. & S. Hotels, $6.90. H.K. Tramways. $17.10. China Lights (Old), $8.95. Macao Electrics, 318j. Sandakan Lights, $11).
SALES
Hongkong. Bank, $1410/25. HK. Docks (Old), $18.90/194. HK Docks (New), $18.10/.50. China Lights (Old), $3:80/90. HK. Electrics, $561/57. Telephones (New), $7}." Watsons, $3.10/15.
HONGKONG
SHAREBROKERS'
ASSOCIATION
Volume of Business Transacted on Tuesday, March 14
No. of STOCK
Shares Price H.K. Decks (O)..... 500 $18.90 750. 19,00 700 19,25 50 18.10 275 18.50
(N)
Electrics Hotels
100 56,50
'500
6.85
China Lights (0)...
500
9.10
Providents (0)
250
6.00
Chinese Eng. Mining
Co.
s.d
113 18/-
United Paracale 4,000 P3.0/73 Philippine Gold Mining Quotations
Tuesday, March 14.
Antamoks Germany and Italy, it is pointed 30 per hent. af Russian exporta as out, now buy a large and increasing compared with only 5 per cent. in Baguio Gold"
Atoks proportion of their national im-1932. Įports, and require the shipment or
44}
391
28
13.50
47
12
66
15
2.20
21
75
Market Comment-Steady.
Benguet Consol. Germany has secured the carr-Coco Grove such purchases in national vessels. age of the whole of her imports of Demonstrations
Italian, ships are being directed to Russian timber a German vessels. XL. carry British coal to Italy on ac- whereas British ships have been Paracale Gumaus count of the Italian Stafe Railways, virtually eliminated from the car-San Mauricio and are being paid rates in excess riage of the far greater quantity of Euyor. Consol. NEED FOR ARRANGEMENT
of market rates both on time and timber bought by this country.
United Paracales Unless A programme of trade voyage charters.
Passenger traffic between Norway French coal decrees have led to and Britain is now confined to expansion could be realized within the near future, British shipping most of the coal imports being Norwegian subsidised ships, while
and industry would be forced more carried in French vessels at pre Denmark, carries 90 per cent, of ports increased from 75 vessela of and more to adopt a nationalist terential rates of freight. In Japan Danish agricultural produce to this 172,000 gross tons to 175 vessels of and imperialist policy... Already merchanting and shipowning are country in Danish ships,
560,000 gross tons, although this British shipping had been forced closely co-ordinated, Japanese Between January, 1938 and 1939 was slightly less than in October to apply again, and on a wider merchants buy above the market British tonnage laid up in British last. scale, for, Government assistance. price and sell below it.
Unless they could come to some arrangement with other countries to limit their shipping competition to economic competition, this country would be driven to adopt further measures.
Ang further extension of foreign -Government intervention in ship-
ping and trade would inevitably ·
SOVIET JAPAN FISHERY DISPUTE TOKYO, Mar. 14 (Reuter)-The Soviet Union must assume respon- stbility fot the consequences should she diregard Japan's reasonable requests, said Mr...Arita, in discussing the fishery negotia- tions with Russia in the House of Peers yesterday.
"It is abundantly clear that
so soon as Japanese tonnage is released from the war in the Far East ап unprecedented attack must be expected from Japan in all' markets, not ex- cluding Europe itself."
BIG SOVIET INCREASE
Soviet tonnage has doubled its share of the carriage of Russlan imports since, 1932, and now. carries 62 per cent, of them. It carries
LONDON METALS.
EXCHANGE
London, Mar. 13 (Reuter).
COPPER
buyers ".. £
sellers
...
Mr. Arita added that the Govern-Standard, Cash 43-3/16, 43-1/4 ment was prepared to take most standard; "*. effective and adequate measures
3 months 43-7/18 43-1/2 for safeguarding Japanese rights Electrolytic ... 48
49 and interesta with a firm deter mination, should the worst even- tualities arise.
TIN Standard, Cash 215-3/4 Standard,
216
3 months 215
LEAD
215-1/2-
Foreign.
Official Price 14-13/18 14-7/8 Foreign. Omelal
3 months 15-1/16--15-1/8
SMITH BILL WASHINGTON, Mar. 14 (Reuter) The Senate leaders have revised the legislative programme to per- mit the Smith Bill, to take pre- cedence over other controversial measures with a view to expedite Omcial Price 13-7/8 action in the hope that the enact-
Ordinary. Official ment will be in time for the new crop.
-+
Ordinary.
SPELTER
Japanese Fail To Destroy
Chinese Silk Industry
CHUNGKING, Mar 14 (Central)-Japanese efforts to des- troy the Chinese silk industry” in the Japanese occupied areas near Taihu Lake in southern Kiangsu and northern Cheklang have so far made very little progress, according to reports reaching here.
The regions there farm the largest and best silk-producing centre in China, yielding more than 3,500,000 sheets of improved allkworm ezis and exporting some, 150,000 piculs of raw silk, nearly two-thirds of the nation's total silk exports, each year. Japariese silk experts toured the establish a monopoly over the slik area at the beginning of 1938 and industry in the Taihu Lake district. later mapped out three, plans to The Hulmin Silk Company was destroy the Chinese serieulture in- formed last May by two Japanese dustry. The first, and, the implest to monopolise the silk trade there. and most effective, was to order a Capitalised at 250,003,000 the #holesale destruction of the mul- Comparly has taken over eight berry trees. throughout the Klang-Chinese silk latures and is re- Bu-Cheklang border regions to deported to have made a profit of prive the silkworïns of their means $2,000,000 last year***** of subsistence.
It was re-organised as the Cen- This plan, however, tailed be-tral China Silk Company last cause the Chinese mobile units/m August and a more intensive plan that area saw to it that no Japan- for taking over, all Chinese silk ese mulberry tree cutting parties flatares in the Taihu district was could venture far into the country. launched.
The second plan was to ven- courage the Chinese farmers to breed a kind of silkworm "which yield silk of an inferior quality,
CONTROL ATTEMPT..
At present, it is reported, al- though the silk industry in the Klangsu-Cheklang border regions STUCK TO SILKWORMS
is having a hard time. under This also met with little success, Japanese menace, it is enjoying a 13-15/18 because the Chinese farmers, noted thriving trade in-places under the for their conservatism, stuck to the protection of Chinese mobile units. allkworms which they were accus- Small silk flatures have grown tomed to. and ignored the like mush-rooms in the villages Japanese suggestiona,
and a number of larger aff.fac-
3 months 14-1/8 14-3/16 Final Afternoon Transactions Tio, Standard, Cash, £215-1/2
However, it is believed uncertain whether the BUI can be disposed of without a long fight which appears. value. H to be looming, especially in the House of Representatives
Tin, Standard, 3 months, £215 paid and sellers...
The third plan, which bas partly tortes have been moved to the in- succeeded in the various cities now ternational Settlement in Shang- urider Japanese occupation, was to hal.
WEDNESDAY, MARCH 15, 1939. -PAGE
KAIPING COAL
FOR HOME, FACTORY, & POWER HOUSE
HOME, FACTORY AND BUNKERS
POWER
BUDSE,
TUGS & LOCOS.
THE KAILAN MINING ADMINISTRATION
DODWELL & CO..” LTD.. Agents, Hong Kong.
AH TUNG
廞爐補器 ̇機鐵釬東亞
Diesel Engine-Driven ARC welding Plant-2
operators for Oxy-Acetylene Cutting and Weld- ing for Ship and Boiler Repair, Copper-smiths, Boiler makers, Iron and Brass Founders, Ship- building Contractors and General Building Contractors.
+
General Office:-Asia Life Building, Room 414,
Tel. 25621. Post Office Box: 638, Hong Kong, Workshop
"Tai Kok Tsui,
Tel. 56083.
Please apply for estimates."
FOR SALE
KING GEORGE IV” WHISKY
Non refillable QUARTS 85.00 per bottle
Flask ... Flask
PINTS $2.95
PINTS $1.65 -
Obtainable at
HUNG CHEONG
Tel. 57108:
Mr Howard Harding.
The Millows.
86, Nathan Road.
Kowloon,
{LAMMERTS' AUCTIONS
PUBLIC AUCTION.
HE Undersigned have recsired
structions
TO SELL BY
PUBLIC AUCTION
ON
THURSDAY, the 16th MARCH, 1939
-Commencing at 2.30 p.m.
At their Bales Room, No. 35 Hankow Road, Kowicon.
A QUANTITY OF VALUABLE CURIOS
Old
Comprising:""
and
Porcelain, Pottery Brotizes. Ivory,"Jade, Agate, Corne- llan, Amber, Grystal and Quarts Ornaments. Chinese Hand Paint- ings, Pictures, Embroidery, Carved | Lacquer Screens and Table Screens,
etc., etc.
On VIEW from WEDNESDAY,..
the 15th MARCH, 1939.
• TERMS:-Cash on Delivery
LAMMERT BROS..
AUCTIONEERS.
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Samples available.
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