HONGKONG DAILY PRESS
Finance and Commerce
JAPANESE ATTEMPTS
TO UNDERMINE LEGAL CHINESE CURRENCY
DOOMED
TO. FAILURE
CHUNGKING, April 5 (Central)—Designs of the Japanese and puppet authorities to undermine the Chinese legal tender In North China and enforce the circulation of notes issued by the hogus Federated Reserve Hank are doomed to fall, declared an eminent Chinese economist in an Interview yesterday.
According to a reliable estimate, creation of the Stabilization Fund the economist said, until Jan. 21. for the Chinese currency through more than $320,000,000 worth of foreign loans further, guaranteed the legal tender notes were in their credit and smooth circula- circulation in the Felping-Tientsin | tion.
FINANCE
H. K. STOCK
EXCHANGE
With Landon, and, New York markets both down this market, be-
AMERICAN OFFER came very quiet and buyers were
DECLINED
Cotton Corporation And Industry's Interests
5" (Rea-,
and
LONDON, April ter)-It is learned · that the Manchester
and Lancash re Cotton Corporation hay de- clined' the bura offer of American cotton, which ks understood to be in the region of three-quarter million bales. spread over three years valued at over £6,000,000. arch "Slace the beginning of thei In contrast to the sound status
A. representative of the Cor- second stage of the war. the of the legal tender notes, bogus poration stated that the Corpora greater portion of thes notes notes, whether they be counterfelt tion had been approached with have been in the Legation Quar- legal tender notes or notes of the the object of buying a substan. ters in Pelping, the British and so-called Federated Reserve Bank tial amount of cotton at advan- French Concessions in Tientsin were discredited by the public as tageous terms, but the offer had and in the hands of Chinese civi- they have no reserves to back been turned down in the best Hans in the rural districts. In them. They were no better than interests of the industry, as : spite of various measures taken by military notes or notes which can- would have demoralized the whole the Japanese and puppet au-not be cashed. They only consti- merchanting system in the coun thorities to underminë their credit,tute a destructive force In the these notes were still widely cir- Chinese currency market. culated. Their premium had even Japan's prohibition of the Infl- increased from about $15 to $25tration of such bogus notes into recently.
the country lest they should in- fate her own currency and the As
a
matter
the
of fact. economist stated, China's resistance reluctance of the Chinese in North' In the past eighteen months had China to accept them were strong considerably strengthened the cre- Indications of their worthlessness. dit of the legal tender. Despite the economist declared. compulsory measures adopted tar their
face value of $1,000 to $886 and $878.
A NEW ÉPOCH
try.
Japan's Textiles,
British Finished,
Enter Argentina
conspicuous by their absence; at the same time there was no selling
pressure.
BUYKEJ
Union Insurance. $460. HK. Docks, $16.
H. & S. Hotels, $31. Chinn Lights (Old), $8.30. China "Lights (New). $5.35, Dairy Farms ex rts, 321}, Entertainments, 's8:40.
HK. Govt. 45/ Loan 4% prem: H.K. Govt, 31% Loan Par. Dairy Farm Rights, $151.
SELLERS
China Lights "(Old), $8.50. FLK. Electrics, 557.
SALES
Canton Insurance, $222. HK, & K. Wharves, $105. Dairy Farm Rights, $15),
Philippine Mining Quotations
Antamkos Ps., 37) Demonstrations Ps., 14! LX. L. Ps., 55 Fogons Ps., 27
North Camarines, Ps, 56. San Mauricio Ps., .190 Suyoc Ps., 18 United Paracale Ps.. .65
HONGKONG
SHAREBROKERS'
ASSOCIATION
BUENOS AIRES. Argentina- The commercial counsellor to the British Embassy here has de- nounced an alleged practice of circulation. notes of the From the standpoint of currency Japanese textile interests as "un- bagus.Federated Reserve Bank had management, a“ new epoch had fairly depriving Lancashire of the virtually depreciated from their been ushered in since the enforce- benefits planned in the Anglo-
between ment of China's new currency Argentine trade agreement."
Volume of Business Transacted policy. The stability of Chinese
on April 5, 1939. He has disclosed also that the currency in spite of the war was Embassy has suggested the result of careful planning by to prevent erasion of
measures Canton Ins...... Argentine Hotels The reason for this soundness of Chinese
rules against low-priced foreign Hotels credit of the legal tender notes. Those holding key positions in the textiles, the increasing competi- China Lights (0) the economist sald, was obvious. Central Bank and the. Bank of tion of which has not only been Dairy Farm Rts. They were backed by adequate China were praised by foreigners, the subject of complaint" in the H.K. Govt. réserves and were issued under which proved their high intelli-House of Commons, but also evok. Loan strict restrictions. The recent gence and ability.
led the protests of local "manufac- Demonstrations
ADEQUATE RESERVES
CHINA CURRENCY
RESTRICTIONS
financiers
beforehand.
بالی
URUGUAYANTM MEAT
ture.
JAPANESE · ORIGIN
For some time past, according to the British commercial coun-
50
$200,00
500
5.65
500
5.70
500
8.30
4/8
16.00
4
$10,000 4%Prem.
8,000
Ps.0.14]
· PHILIPPINE MINING
QUOTATIONS
sellor, Japanese firms have been antamoks Uruguayan refrigerated meat sending partially manufactured Atoks experts during 1938 totalled 80.182, cotton textiles to England and Benguet Consol.
Japan Answer To 7 tetons is compared with 64.- having them finished there before Coco Grove
Protests
Protests to Japan by the British, French and American Governments against currency restrictions in North China are. according to the vernacular Press in Tokio, to be rejected. It is stated, that the Chinese Provisional Government is res- ponsible, and 'not Japan.
The protests are stated
to
IX. L San Mauricio Suyoc Conso! United Parcales
378 tons shipped during 1937, an re-shipment to Argentina, as made-
Consol, Mines increase of 25 per cent. Of the in-England articles.
These propemonstrations total for 1938, 43.897 tons were con- ducts of almost entirely Japanese
Itogons signed to the United Kingdom as orgin, therefore, have been, enter- against 43.283 tons shipped during ing Argentina as British goods; 1837, an increase of i per cent. enjoying the privileges. of the
A total of 36.265 tons were ship-Anglo-Argentine agreement. ped to Continental Europe, Brazil. The Embassy expert. in com- Africa, the Canal Zone, the West mon with the affected importers, Indies and Japan. as compared excribes the difficulties as arising with 31.095 tons in 1937. an in-mainly from exchange control. crease of 27 per cent.
"The scheme." he declared, "is
a diversion of trade arising prin-
emphasise that the restrictions ONLY TEMPORARY pally from the control of ex-
constitute an unfair discrimina- tion against foreign trade with North China in favour of Japanese trade in flagrant contradiction of treaty rights and Japanese assuran-
ces.
SOLUTION
change and the various argee- ments which followed and which entitled certain countries to re-
Japanese Press On ciprocity of exchange according to
Fishing Pact
Measures taken aim at enforcing TOKYO, April 5 (T/Ocean)-The
"the amount of their purchase of
Argentine products.
EXCHANGE · ·· HANDICAP "It was almost inevitable that
seek
the circulation of currency issued agreement between Japan and the countries with unfavourable trade by the Japanese-controlled Federal Soviet Union on the fisheries ques- balances in Argentina would Reserve Bank and making that on, which was signed on Sunday issued by the Chiang Kai-Shek after five months negotiations be other channels through which to Government Ulegal.`
tween the Commissar for Foreign sell their goods and avoid the ex-
It was announced that China Affairs, M. Litvinov, and the Jap-! change handicap." would, henceforth be divided for lanese Ambassador in Moscow, is The British counsellor belleves currency purposes into a federal ¡welcomed by political circles here, the Japanese practice can be reserve zone and a "pandit" zone. but it is nevertheless emphasised checked by a definition of origin People found with the old currency that the convention is only a preli- Such a regulation could not be In the federal zone, which includes minary solution, attained in the Iron-bound
but some gatisfac- all the important towns, would be last resort, by far reaching Japan-tory means of calculation could liable to a fine and confiscation of ese concessions.
probably be found. He estimat- property.
COTTON SUBSIDY DISPUTE IN U.S.
Senate Action And
This view is also voiced by theed that only 5 per cent. of the Japanese press, which adds that workmanship in “Japanese-via- Japan should now insist on a Britain textiles is British. formal and conclusive agreement
on the matter.
The Nationalist "Hochi Shim- bum," In this connection, doubts
COLUMBIAN
יין
sand
ABRASIVES With the exception of the sincerity of Moscow's aims and emphasises that Moscow regards paper prepared from imported Japan as "State Enemy. No. 1" and materials by the match factorles
aims at weakening Japan. wher- for use WASHINGTON, April 5 (Reu-ever she can.
on locally-made match boxes, abrasives are not manu- ter)-The Agricultural Committee
factured in Columbia, and that
New Bill
NO MORE CONCESSIONS
of the House of Representatives The "Tokyo Asahi Shimbun" country is dependent upon foreign will. late this week, take up the demands that the Japanese Goy-sources of supply. The principal Bankhead Cotton Bill, Some ernment make no further conces-source of abrasives is the United doubt, however, is expressed as to sion to Russia in the final settle- States which, however, encounters whether it will be reported onment of the fisheries question. elose, competition on a price basis favourably.
The "Miako Bhimbuin” says that in certain items from Germany-and Meanwhile, the sponsors of the the view that the provisional set- Bili are disappointed over the tlement has dispelled the clouds on action of the Senate in raising the horizon is erroneous and that the repossŁ lon price to five an improvement of Japanese-Rus- cents,
regarded by stan relations la consequence can many as a Fe gesture and as hardly be expected. offering 11twe inducements to ..
as
farmera to curtall particularly VENEZUELAN
to those who have already beguri
"cultivation of their acreages.
Sweden.
PERUVIAN
North Camarines-
Market Cominent Quiet.
38
12
37
003
· ឌ ឌ ដ គឺ ខ្ចី ឌី ឆន
8-988
1.90
18
66
56
PLEASE TAKE OUR SINCERE ADVICE DON'T MISS COLUMBIA'S "YOU CAN'T TAKE IT WITH YOU
A TOUR STAR PICTURE
COTTON - Production" of "cottón: ́in Peru during the year 1938 amounted to 84.022 metric tons to record a de- cline compared with the 90,032 ¡metric tons produced in 1937. A PETROLEUM slight decline was recorded In While there was ho move Taxes paid by petroleum com- domestic consumption and the. by the administration lately to panies operating in Venezuela movement to foreign, markets push the export subsidy, presun-during the first eight months or weakened considerably, but ably owing to a desire to obtain 1938 amounted to $47,820,393 com- Exports' in 1938 totaled 69,551 a clearer picture of the congres"}pared with only $49,014,649 received metric tons to register a drop of 15 sional strength behind the Bank-during the entire year 1937 from per cent. compared with the 81431 CAST IN FILM HISTORY head BILL, there are many who have this source. Production of petroleum tons exported in 1937. The Cult- no doubt that the export subsidy and exports for the first eighted Kingdom was Peru's best cus-
Bankhead BILL
WITH
THE MOST FERFECT
AT KING'S
will ultimately win out over the months, of 1938 were well ahead of tomer during the year, taking 67.39 TOMORROW THE
the previous year."
per cent. of total cotton exports.
THURSDAY, APRIL 6, 1939. -PAGE 11'
Shumchun Rural Welfare
Centre
We need Rice and Vegetable Seeds
Fertiliser-Farm Implements-Animals
for the Refugee Farmers to return to
THE GOOD EARTH
Please send all monetary donations to:
Hoa. Treasurer: Mr. J. M. Tan,
Co Wong Tan & Co.,
Alexandra Buildings,
Des Voeux Road,
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All contributions in kind to:
Hon. Secretary: Mr. K. 8. Lo. C/o Eu Tong Sen Ltd., 109, Queen's Road,
Tel. 21988.
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