HONGKONG DAILY PRESS
Finance
and
Commerce
ECONOMIC DEVELOPMENT :TO AID CHINA'S POWER
OF RESISTANCE
CHUNGKING, March 30 (Central) →→ Alongside of military operations, China has been bending her efforts, toward economic development to augment her power of resistance. Chiefly res- ponsible for the economic reconstruction programme, the Mini- try of Economics, under the capable guidance of Dr. W. H. Wong, has achieved phenomenal success in the promotion of agricul- ture, industry, mining and commerce in the face of great hard- ships arising from the war.
mow of land.
FINANCE
H. K. STOCK
EXCHANGE
The turnover on to-day's trading i showed an increase on that of yes-
COTTON CROPS terday's Banks changed hands at
CONTROL
Subsidy Opposition In U.S.
NEW YORK, Mar. 30 (Reuter) In view of the absence of exact detalls, the cotton trade is unable to appraise the prob- able effect of President Roose- veit's cotton subsidy plan. According to intimations from. Washington, the proposed export bounty would probably be between two cents and three cents; how- ever, there is nothing official in this connexm so far.
Agriculturally, Irrigation work With the assistance of the Min- in the North-west has been con- istry 341 factories, mills and other tinued. The Melhul system in industrial establishments have Shensi on the Meiho has been been removed from the war zones completed and is irrigating 200,000 to the interior. This involved the The Lobul irriga-removal of approximately 120,000, tion works, also in Shens, under tons of machinery. Roughly $5,- which 500,000 mow of land will 000,00 was loaned out to help the sentiment will be against the export It is believed that Congressional be irrigated at an estimated con- removal of private-owned indu-aubsidy; moreover, widespread pro- struction cost of $1,500,000, is, pre-trial establishments and $3.500.000 tests are expected from cotton and gressing apace. in Kansu Pro-to enable them to instal new ma-textile circles and, therefore, the
vince, the Taohui irrigation works, j chinery. which were started in 1935, have been completed and are benefiting
DETRIMENTAL PLAN
enactment of the necessary ļegisla- FINANCIAL ASSISTANCE tion i regarded as very difficult Meanwhile, financia] assistance ; and the resolution by Benator 30,000 mow of land, Similar frei-has been extended to the indus-George, against the subsidy, is now gation works have been started in trial establishments originally in likely to be pressed for immediate Szechwan, Kwangs and Hunan, the interior. Altogether $8,000,000 action by the Benate. where 200,000, 180,000 and 200,000 | was loaned to the iron works in mow of land, respectively, are ex- Lahwang, the zinc works in Hunan, Exchange circles are of pected to be irrigated.
the cement works and power plant opinion that the creation of a PRINCIPAL TASKS
in Chungking, as well as the sugar | two-price system would be detri- Increase of production has been factory, oil refinery and alcohol mental to the futures, market and made one of the principal tasks distillery in Kwangsi, Govern- seriously impair the merchandising by the Ministry. In the North- ment assistance has also been ex- of machinery.
the
would tend to bring back into the loan as much cotton as the Govern- ment is able to dispose of with the export, bounty.
west, increase of production of tended to the Tien Fu Coal Mines The trade especially noted that foodstuffs has been stressed and on the Kia Ling, River in Ezech-President Roosevelt is planning a in the Scuth-west that of cotton, wan, and the Nanchuen and Tung-‡continuation of loans on the next According to investigations con- chih coal mines on the Szechwan-crop. Many thought, that this ducted by the Bureau of Agricul- Kweichow border, tural Research. there was 'an in- crease of 2,000:000 mow of wheat fields and an increase of 12,000,000 picula of wheat in Shens last year as compared with the year before, while the output of cotton In Szechwan last year doubled that of the year before.
Another step toward, the in- crease of production conslets. in the reclamation of wide tracts of land in Klangsi, Shens and Fuklen. Co-opëra- tion maintained between the Ministry and the provincial governments concerned for the removal of refugees to these areas to undertake the recta- mation work.
Commercially, the Ministry has been doing its best to boost the export of China's special products such as tungsten, an- timony and wood off, The China National Vegetable Oil Corporation and China Nation- al Tea Corporation are fane- tioning as usual.
$1370. Unions as $460, Docks at $161. Lands at $34, Providents at $1.00. Prices generally were fairly.. will maintained and the market elosed with Buyers still in evidence BUYERS
HK. Tramways, '$16). Chin Lights, $8.20, HK. Ropes, $3.60 ex div. Dairy Farms ex Rts., $211. Wing On (H.K.), $12. Entertainments, $6.30. HK, Govt. 4% Loan 4% Prem. HK. Govt 33% Loan Par. Dairy Farms Rights, $154.
SELLERS HK & K. Wharves, silla. HK. Electrics; $564, Dairy Farms Rights; $151.
SALER
Hongkong Bank, $1370 Union Insurance; $460. H.K. Docks, $16). Providents. $4.90.
HK Landa, $34.
HK, Electrics, $584.
Dairy Farms ex Rts., $214. Marsmans. (B,K); 5/-, Dairy Farms Rights, $151.
PHILIPPINE MINING QUOTATIONS Antamore, Ps. .39"ex div.. Atoks, Ps. 344.
Benguet Consolidated. Ps. 12.40. Coco Grove, Pa.,30.
Consolidated Mines, Ps. .003. Demonstrations, Pa. 134. San Mauricio, Ps. 1.94. United Paracales, Ps. :87, ex Civ.:
HONGKONG
SHAREBROKERS' ́
ASSOCIATION
OPPOSITION PLAN.
Volume of Business Transacted WASHINGTON, Mar. 30 (Reuter)
on Thursday, March 30. A group of Southern Sentators,
HK Banks after a conterence, announced a new programme for dealing with HK. Döcks Cotton surplus in opposition to Pre-Providents sident Roosevelt's export subsidy !plan...
To tighten the economic boycott against Japan a set of regulations
Senator Smith, who called the governing the suppression of Jap anese goods has been drawn up conference, said that the group had and will be promulgated upon the decided on a two-fold plan to re- approval of the National Govern-dure loan cotton: firstly, to permit
ment.
growers to reclaim loan cotton at from three cents to five cents per pound, provided they reduced their production by an equal amount, and secondly, an addi- tional subsidy of three cents per pound if the growers agreed to market their cotton instead of en- tering it into loan..
have SOIL AND MANURE new Co-operative enterprises entered a new period of develop- EXPERIMENTS ment under the direction of the
CHUNGKING. Mar, 30 (Central Ministry. Fortyfseven co-operative treasuries with a paid-up capital-Experiments on soil and manure, of $250,000. have been established have been conducted by the Na-" In Szechwan, Hupeh, Hunan, Kwel-, tional Agricultural Research Bureau In developing scientific farming chow, Kwangsi and Klangst and a number of
new rural granaries methods in west, southwest and have also been erected.,
CREDIT LOANS
northwest China. A total of 93 samples of soil have been collected for this purpose.
Senator Smith said: "Instead
of exporting it at a discount to foreigners, we are going to re- turn it to the farmers who raised it."
1 $1,370.00 16.70 ........... 200
500" 4.00
EXPORT OF STARCH
FLOUR.
Permission has now been granted
by the Ministry of Finance to the Ningpo Chamber of Commerce for the exportation of starch flour from Ningpo to Shanghai, in reply to a petition recently sent by the latter, says the "Sin Wan Pao."
TEA EXPORT BAN The ban enforced upon the" ex- portation of tea by the Chekiang Senators Smith, Bankhead and Customs authorities does not apply George declared that they would to shipments of tea destined for For general field experiment on attempt to speed the proposal I consumption within the country, soil and manure throughout the through the Senate.
according to a reply fust received provinces of Szechwan, Kweichow, Senator Smith estimated that by the Chinese Tea Merchants Kwangat, Yunnan and Hunan, the the plan would not require more Guild from the Cheklang Bureau stations of the Bureau in those than $120,000,000 for additional | of Reconstruction.' provinces have mapped out plans payments of entail a loss of more
to guide the farmers and those than $60,000,000 on reclaimed cot-
charged with the responsibility for tou
Credit loan, have been ifber-. ally extended in Szechwan, Kweichow, Kwangsi, · Yunnan, Klangai and Shenxi for various agricultural projects and pur- sults. Approximately $8,300,000 was loaned out for irrigation. $4,871,000 for seeds, fertilisers, cows and farming implements, and over $2,000,000 for other agricultural purposes last year.
The experiment aimed to ascer- tain the exact amount of those Transportation and distribution
three of agricultral products in this war
necessary constituent ele- time has also demanded much atments contained in the soll so as to discover the most suitable fer-
The Chinese tilizer, for increasing crop produc-|
Government has appropriated the sum of $50,000,- 000 to Amance the search the
tention from the Ministry." Ap- proximately, $12,175,600 of cotton, cotton cloth, rice, and wheat were
agricultural Improvement...
tion.
The Bureau also helped
CHINA SEEKING
MINERALS IN WEST
for
purchased for distribution in the Kwangsi Provincial Government in mineral wealth in western China. rear and loans, amounting to $2,- 700.000, were granted to help the promoting the use of green manure It is planned to despatch three The first transportation and distribution of the land was left to waste during will leave in the middle of May
throughout the province. Most of scientific expeditions. agricultural products.
In the field of industry the Min
winter time resulting in the lack for western, Bechuen and later istry has, in collaboration with of organic matter in the soll. on proceed to. Kangting, capital the Arsenal Administration of the This has necessitated the promo-of Bikang, to carry out geological Ministry of War, removed a part tion of cultivating green manure explorations on the Tibetan table-
land. of the machinery of the Hanyang crops in order to increase the fer- Iron and Steel Works and, the tility of the soil. *****
Tayeh Coal Mines and also the furnaces of the Luhokou Coal
મર
Mines to the interior to establish CHINA'S FOREIGN
TRADE INCREASE
a new iron works. A copper re-
finery has been established in
Before returning home, this party of scientists will visit the Sungpan district in northern Szechuan where considerable gold deposits are reported to have been found.
The two other expeditions will Hunan, while another one has Showing a healthy increase over been planned for Szechwan. A the corresponding month of last set out in June for the north- machine workshop and an electri- year, the Customs report on the west and south-west of China.
་
trade of. China for
states
cal workshop, each capitalised at foreign
that Imports BRITAIN'S FINANCIAL $5,000,000; have been erected in FebruarÝ Yunnan and Kwangel An alcohol totalled $75,153,789 and exports
YEAR ENDS distillery has been installed in $58,228,255.
LONDON, March 29 (BWB)-The Total imports and exports are Szechwan.
GOVERNMENT CONTROL ·
$133,382,044 for the month making financial year ends at intúnight on the total for January and February Friday Up to last Saturday the Government control has been 285,355,847 as compared to a total total ordinary revenue amounted Instituted over the export of tung-of $213,708.636 for the January- to £906,108,619, an increase of sten and antimony. In co-opera-February period last year. tion with the Kwangsl Provincial Government the National Re-
sources Commission under the TAX COLLECTIONS source in which revenue bas fallen
Ministry has founded a Kwelping
nearly £48,000,000 on a year: ago but still £38,500,000 short of the budget estimate. The principal
short of the estimates is in death Mining Administration with a Fresh instructions urging that duties which have so far yielded capital of $5,000,000, which is ex-the various tax organs established £75,140,000 compared with £87,- ploiting the tin mines in Kwangat, in the war zones be maintained 000,000 a year ago and against an
Now power plants have bean to collect taxes as hitherto, have estimate of £88,000,000 SE
been sent by the Ministry of The total expenditure less self- erected In Kmming, Han- chung. Chengki and Yuanling Finance to the Chinese military balancing items for siriding, funds, to provide electricity for indus- “ authorities through the provincialis 2917.109,922 compared with trial purposes while the elec government authorities. The in-826408.061 a year ago. Ordinary trical supply in Lanchow, structions specifically refer to the expenditure also looks like being salt tax, the consolidated tax, the less than the total budgeted for and Wanhien, and Kwelyang has been improved to meet the de- tobacco, and the wine taxes, the provided by supplementary esti- mand of factories,
report staten.
mates which is £931,725,000.80
11
Stroke of Luck
DEWAR'S FAMOUS SCOTCH
FRIDAY MARCH 31, 1939-PAGE 11
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