HONGKONG DAILY PRESS
Finance and Commerce
RURAL BOOM
IN CHINA
Much Waste Land
Reclaimed
16
(Cen-
KWEILIN, -Mar. tral) The depopulation pro- ceag in the cities as a pre- caution against Japanese alr raids has initiated an econo- mie boom in the rural dis- tricts, according to Mr. Lei Ying, Kwangst. Commissioner of Civil Affairs, who just returned here after a tour of Nanning. Longchow, Wuning. Pashlh and Tienpao and other districts.
+3
2
LARGE CREDITS
ARRÅNGED FOR
GENERALISSIMO
£10,000,000 Loans
Announced
Successful conclusion of the Chinese currency and credits scheme was announced in the House of Cornmons by Sir John Simon, Chancellor of the Ex- chequer.
51
The stabilization loan is to the value of £10,000,000.
The Chancellor of the Exchequer in his statement, made reply to Rt. Hon. F. W. Pethick-Lawrence,
With the influx of people in Labour MP. for Edinburgh. who
the rural districts
agricultural pursuits.
have been increased
COUNTERFEIT NOTES FLOOD SHANGHAI
Ministry Of Finance Warning
subsidiary invited" statement regarding circulated in Cheklang and
FINANCE
"
H. K. STOCK
EXCHANGE
The market was steady through- out the week and a large volume of business was transacted in most of the public utility and other Counters, Prices, generally showed
I an advance on those recorded dur-
ing the previous week.
Hongkong Bank, $1455, $1400, $1420, $1430, $1425, $1400. $1420.
Canton Ins, $225,"
Docks (Old), $173. $17.85, $18,
$18.35. $18.90, 319. Docks (New), $18.10, $18. Hotels, c/d $6.85. Hotels, ex div. 381.. Lands, 3361, 336).
Tramways, $17.10, $17, $16.90. Yaumati Ferries (Old), $24, $25. China Lights (Old). $8.80, $8.90. Electrics, $56), $57, 3561, 356). Macao Electrics, $18. Sandakan Lights, $11, 311.10. Telephones (New), $7).
Cements, $142.
Dairy Farms $264, $28.
Watsons, $8. $81, 38.65. 39.10
The Ministry of Finance of the Chinese Government is reported to have again ordered all-provincial authorities and Chinese Chambers of Com- merce to pay close attention to counterfelt bank notes repre senting a face value of $22,000, 000 which are alleged to have been printed in. Dairen, According to the ministerial order, the fake notes have been he said, proposals to assist to maintain the Kiangsu in large quantities and large stability of the sterling value of the especially in the occupied areas tracts of waste land are being Chinese dollar.
where the "enemy" and Man- "The stability of the Chinese choukuo soldiers are said to have As a result of the removal of dollar is a matter of great impor-used the counterfeit notes to pay a large number of schools to the tance to Britain, in view of on farmers selling rice. The counter-CLUSING rural districts, the cultural Jevel financial and economic relations felt notes used in this, particular. there has also been noticeably with China." Sir John Siman. said.
case are alleged to be of $10 elevated and the patriotic spirit of
"The Chinese Government have denomination purporting to be the rural populace heightened, achieved considerable success in issued by the Bank of China.
With the organisation of their efforts to maintain the con- people's political councils in vari-vertibility of the Chinese currency ous districts and representa- for trade transactions, and to keep tives' councils in various towns the "rate reasonably stable or and counties much progress has many months. also been made in
the people's self-government system.
reclaimed.
HONGKONG FIRE INSURANCE CO. LTD. The following is the annual re- port to be presented to the share- holders at the Seventieth ordinary meeting of the Hongkong Fire Insurance Co. Ltd.; to be held at "the offices of the Company on Fri-
day. March 24 1939, at noon.
The 1937 Account shows a sur- plus of $495,866.61, and it la recom- mended that this sum be appro- priated as follows.
#
$22,000,000 Twenty-two million dollars in countertelt bank notes are alleged to have been sent to Shanghai and Nanking from Dairen for circula- tion: According to the order traitors" have been asked to cir- culate the fake notes. These
EXISTING POLICY CONTINUED
*They have Informed His Majesty's Government that they intend to continue the exist- "traitors" must be arrested and Ing monetary policy, and as part punished according to the Re- of that polley, they desire to esta-gulations Governing the "Punish- blish a stabilization fund of £10.- ment of Traitors, the order 19 000,000, in addition to their other quoted as saying.
reserves"
Although the origin of the "They, invited two Chinese Gov-counterfelt notes is a mystery to enment banks to subscribe £5.- the man-in-the-street, it is a cora- 000,000, and two British banks, mon thing in Shanghat these days namely the Hongkong and Shang- that counterfeit notes. many of hal Banking Corporation, and the which are just of the press, are Chartered Bank of India, Australia circulated. Complaints have often and China, to supply a further been made by Chinese house-
£5,000,000 between them."
wives and Iri buses and shops "The British banks agreed to quarrels over the, use of counter- subscribe these amounts, subject to felt notes and coins are often
To pay a Dividend of $12 per receiving an undertaking from the hard. share. $480,000.00.
Treasury to reimburse them of any
To add to Reinsurance Fund. loss that might be incurred when $15,806.61.
Total: $495,366.01.
the fund is wound up." Sir John
"Investment and Exchange Flac-Simon continued.
tuation Account. The sum cf
TWELVEMONTI
$500,000.00 has been transferred The arrangement will be that
$0.15, $9.05, $9.10, 39. Sinceres, $1.78, $1.80. Vibro Piling, $81, $7.30. Raubs, c/d $81. Raubs, ex div. $8). $8,35.
[CHANGES)
SATURDAY, MARCH 18, 1939. --PAGE 11-
WEEKLY RETURNS AND REPORTS
Public Deposits Other Deposits;----
Bankers
Other Accouditą Total
BANK OF ENGLAND
£
HE Undersigned, have received
THEinstructions
"London, March 16 (Reuter).
Mar. 9
Mar. 18
£
LAMMERTS' AUCTIONS
11.450.
10,534,
97,420
106,470
35,800
35,350
193,120
142,020
Government Securities
89,250.
07.330
PUBLIC AUCTION.
Other Securities:--
Discounts and Advances Securities
3,380
1,710.
21,700
Total
25.780
23.410
Notea And Coins
€7,000
49,340
Total Bullion .....
337,070
237,080
Notes in circulation
Ratio of Reserve to Liabilities
479.180 33.10
477,250
32,66
FEDERAL RESERVE SYSTEM
New York. March 16 (Reuter).
Mar.
Mar, 18 (000's omitted)
1,000
U.S. Securities held
2,564,000
Federal Reserve Ratin
48.47%
1.000 2584 680 B-436%
Federal Reserve Credit Outstanding
2,565,000
Monetary Gold Stock
14,923,000
Bills Bought ".......
Industrial Advance
SIAM TIN-ORE
EXPORTS
14.122,000
3,395.000 14,983 000 14.059,000
ENGLISH CLOTH
FOR CHINA. Exports of tin-ore from Stam to Cloth contracts totalling 20.000 the Straits Settlements in January 000 yards, valued between £500.000 totalled 2,750 tons, equivalent to and £750,000 are the subject of QUOTATIONS 4.00P.M. about 2062 tons of metal, and ap negotiations between Lancashire pear to constitute a record for any cotton Interests and a Manchester one month.
firm of Far Eastern shippers and Foreign imports of tin-ore into merchants acting on behalf of the the Stralis Settlements in January Chinese Government. ". totalled 3.550 tons, compared with An announcement to this effect. 1.581 tons in December and 2,334 appeared in the "Times" recently. tons in January, 1938.
It is understood, says the Journal,
. BUYERS
HK. Fire Ins., $190.
H. & S. Hotels, $6. Yaumati Ferries (Old), $25. Telephones (New), $7.
SELLERS
HK. Docks, $19). H. & S. Hotels, $6.25. H.K. Electrics, $56.90. Telephones Ola), $23.
SALES
Canton Ins. $223. Union Ins.. $480. HK. Fire Ins.. $195. HK. Docks, $191/19 Vibro Piling, $7.20,
HONGKONG
SHAREBROKERS'
ASSOCIATION
Volume of Business Transacted
o Friday, March 17...
No. of.
STOCK Electrics
Shares Price
200 $56.50
4
COCONUT OIL DERIVATIVES
Star Ferries
100 67.50
Dairy Farms
| Telephones (N)
100 500
26.00
7.50
Watsons
500" 0,00
And Germicide
H.K. Banks
Providents (0)
from Reinsurance Fund to the the fund would operate for twelve Value As Bactericide United Paracale
credit of this Account.
months, but could be continued
1938 Account-The balance at for further periods by agreement." credit of this Account is $762.452.20. "It the necessity arose, however, Consulting Committee.-Str. Ro-the fund could be wound up at bert Ho Tung resigned his seat for any earlier time.
reasons of health and the Hon. Mr. "His Majesty's Government would
1. 1390.00
2,000
6.00
2,000 Ps.0.77
United Paracale
East Mindanao
2,000 Ps.0.77 3.000 Ps.0.11
Friday, Mar. 17.
.42)..
39
27
The following is from the Journat Philippine Gold Mining Quotations of American Medical Association.-
Mr. Walter found that a mixture Antamoks
M. K. Lo was invited to All the welcome the establishment of the of coconut" oll derivatives thigh Atoks vacancy. This appointment refund, the successful working of molecular alkyl -dimethyl-benzyl- Bagulo Gold... quires the confirmation of Share which would be of material assist-ammontana chlorides has proper holders.
Benguet Conso). ance to British trade and enter- ties, other than high bactericida! Coco Grove, prise, in China, and the Treasury power, which distinguish it as an Consol. Mines has agreed, subject to Legistative efficient bactericide for use in the approval, to give the banks the operating room. guarantee for which they ask." Sir John Simon went on.
Demonstrations
13.30
451
00.25
15
Cutaneous Tolerance of the skin for the bactericide was demonstrat-
I. X. L. Paracale Gumaus San Mauricio Suyoc Consol
64
171
2.05
20+
75
Messrs. C. Bernard Brown. A. H. Compton. T. E. Pearce, J. H. Tag- gart and ST. Williamson retire but. being eligible, offer themselves for re-election. Mr. F. A. Joseph is resigning from the Committee "I hope to present the necessary ed in 2,000 cases in which the com- on leaving the' Colony.
Bill early next week," he con-pounu was used as a pre-operative United" Paracales Auditors The Accounts have cluded.
cutaneous disinfectant. been audited by Messrs. Lowe.. Replying to supplementary ques-
The skin of every Bingham and Matthews and Percytions, Sir John Simon said that the region and the mucous membrane Smith, Seth and Fleming, who, be-first charge on any results would of all the offices were exposed to ing eligible, offer themselves for be to indemnify the banks suitably, the action of the bactericide. "re-election.
but any further profit thereafer ac-
The routine preparation of the eruing to the British banks would operative field consisted of scrub-
:
anatomic
Market CommentQuiet.
SINGAPORE STOCK QUOTATIONS
March, 18.
F.B.I. AGREEMENT be transferred to the British Trea-bing the site for one minute with. The following quotations of 12
WITH GERMANY
sury.
LONDON, Mar. 17 Reute:-The U.S. TO SUBSIDISE
Federation of British Industries: delegation now at Dusseldorf, will
COTTON EXPORTS
be returning to London to-morrow. NEW YORK, Mar. 17 (Reuter)—A abandoning the intention to spend cotton export subsidy plan fore-
Trade, and Mr.
have
stocks soap (10 per cent, aqueous suspen-leading Singapore slon of equal parts of coconut and been received by Messrs. Ellis and olive oil soaps) and water until a
Edgar from Messrs. J. M. Sassoon & Co.
stir inther was producen
GERMAN TRADE FIGURES
MIDDLE PRICE Rubber Shares Amalgamated Malay Estate Ltd, $1.45; Kempas Ltd., $1.80; Kunla
Sidim Rubber Co., Ltd.. $215;: Pajam Ltd, $1.75; Sungel Bagan Rubber Estate "Ltd.. $1.321 and Tapah Rubber Estate Ltd. $1.72). Tin Shares Petaling Tin Ltd.. $6.80 and
3 day in Beilin due to the poet-shadowed yesterday Mr. Henry A. ponement of the visit of Mr. Wallace. Secretary of Agriculture, Hudson, Secretary for Overseas may be expected to be announced. BERLIN. Mar. 17 (T/Ocean)
Oliver Stanley, in relatively few days, according to The foreign trade figures of Great- President of the Board of Trade. the Washington correspondent offer Germany give total imports in Yesterday the FBI delegation the New York Journal of Com- February at 471.5 million marks and the Reichsgruppe Industrie merce" forecast to-day. The cor- and total exports at 411 million signed an agreement at Dusseldorf. respondent added that there had marks. While the imports were Both sides consider that new been renewed discussions at White almost unchanged compared with Sungel Luas Tin Dredging Ltd., negotiations for this purpose should House on such a project.
the previous months (472,2 million),| 31.43. be started immediately and
In his statement yesterday, Mr.the exports were by 302 million Joint committee will be appointed, which Wallace intimated that the United marks, or 6.8 per cent, lower than Straits Trading Company Ltd., will meet in England in June to States would soon enter the world in January...
$26.25; United Engineers Ltd., (Or-· report progress.
cottén markets on a competitive; The imports from overseas the ¦ „dinary), $8.70 and Wearne Brothers basis, but he declined to say creased by 12.6 millione especially Ltd., $13.50." GOLD PRODUCTION whether the plans under considera-deliveries from America and Africa. tion would involve a direct export The February exports to all con- subsidy and added that whether a tinents decreased with the excep- Canada stands third among gold-specific plan was to be adopted, tion of Africa.
IN CANADA
producing countries, it the output
* of the Philippines is excluded from
the United States figures, fourth If those Dgures are included. The
was up to the Congress.
BANK OF FRANCE GOLD RESERVES world production of gold in 1937 is estimated by the American PARIS, Mar. 16 (Reuter)-The Bureau of Metal Statistics at 36, return of the Bank of France for .266,000 fine ounces.
!!
The exports to America dropped by 8.8 millions and to Asia by 9.2 millions. The exports to Australia
showed only "an. unsubstantial
décrease and the exports to Africa : were slightly higher.
s
CHINA CURRENCY BILL
Industriais
Gold
Raub Australian Gold Mining Co., Ltd., $4.55 x.d. x.b.
The above quotations are in straits dollars,
MUCH PROGRESS IN OIL TALK MEXICO CITY, Mar, 17 (Reuter) A very hopeful oficial statement the week ended March 8, shows
was issued on the discussions tak Or this total Transvaal, Cape Gold reserves totalling $7,266,000, Colony and Natal were the source 000 Francs of Gold content 27.5
ing place. between President Car denas and Mr. Richberg, of the of 11,734,000 ounces; Russia and milligrammes, showing no change LONDON, Mar., 17 (Reuter)The Standard Of Company, regarding Siberia 6,500,000 ounces; the from the previous week,
Chinese Currency Bill will be passed the oil fields dispute in Mexico, United States (including the The total note circulation is in all its stages in the House of It was stated that the discussions Philippines): 4,753,000; and Canada given as 113,888,000,000 Francs, Commons next week. The second had made much progress and that #4,090,000- otmces. Production in showing a decrease of 260,000,000 reading will be passed on Monday the views of the oil companies and the Philippines amounted to 694, Franca, as compared with the pre-and the remaining stages will be the Government were reaching 900 ounces,
vious week..
taken up on Friday.
approximation/
13
Of the January imports, 2755) that the orders will be in drills and tons came from Stam, 381 tons from other fabrics for Army purposes. Burma, 261 tons from French Indo- | and, when the contracts are finally China, 18 tons from China, 58. tons placed the total quantity, involved trom Japan, 18 tons from Union of will actually be larger than the South Africa, 2 tons from Ne- whole of Lancashire's cloth exports therlands India and i ton from to Chins in the last four years. Tanganyika...
SIAMESE COTTON
TARIFFS
The Siamese Government has raised its import duties on cotton goods, Hither.o all goody were subject to a duty of five per cent, ad valorem, but the new duties
are on 2 specific basis. The lowest rate is also put at 15 per cent. ad valorem (equivalent). It is staged that, the present revision shows an average increase of en per cent.
CALENDAR
30
TO SALL B
PUBLIC AUCTION
UN
SATURDAY, the 18th STARCH, 1939
Commencing at 10.30 am.
At their Sales Room. No. 2 Con- naught Road, Central, Ground
Floor.
A QUANTITY. OF VALUABLE HOUSEHOLD FURNITURE,
also
4 Enamel Baths
and
A Quantity of Clothing (deceased effects)
TERMS:-Cash on Delivery
LAMMERT BROS..
AUCTIONEERS.
FOR SALE
KING GEORGE IV" WHISKY
Non refillable QUARTS 85,00 per bottle
Flask Flask
PINTS 82.95 21
PINTS $1.65 „,
Obtainable at"
HUNG
Tel. 57108,"
CHEONG
66. Nathan Road.
Kowloon.
YOUR DAILY SHERRY SHOULD BE
༡ཚད།
SOUTHARD'S
"
GORDON SHERRY
30
28
OBTAINABLE FROM LEADING WINE MERCH
SOLE IMPORTERS 'S
H. RUTTONJEE & SONS, 7 DUDDELL STREET, HONG KONG.
Shipped by Southard & Co. Ltd.. Sharry! Shippers, Etablished, 1864,