HONGKONG DAILY PRESS
Finance and Commerce
ECONOMIC WARFARE IN "OCCUPIED" AREAS
Chinese And Japanese Strategy Explained
CHUNGKING, April 30 (Central)-An economic war is ragtag side by side with military operations between the Chinese and the Japanese on the Kangnan frost in Anhwei, Kiangsu and Che- king provinces (south of the Yangtze)... In this economic war. aw materials in the "both sides are making a serämble for the
"occupied" areas. Thus far, the Chinese have emerged on the long end and have effectively frustrated the Japanese designs, With the legal tender Chinese winter. Aeecrding to businessmen national currency), as the van at "Changhsing (Cheklang) and guard and with the bayonet as the Liyang (Klangsu), the reward for rearguard. an all-front economic the Japanese efforts last winter way may be said to have been was less than one-tenth that of launched against the Japanese on spring. 1938. the various fronts in Klangsu and Cheklang during the year.
While the Japanese succeeded in Significant indeed is the fact that selaing a large portion of the rice the Japanese have retained the harvest in southern Anhwel "last Kiangnan front as the battleground fall and shipped it through Wuhu, for economic and political wartare: Anhwei's principal Yangtze treaty Kenji Kodama, the soul of the
port above Nanking-as the Chin- Japanese financial tycoons. has
ese were handicapped by the lack
JAPANESE FALLURE
been to Shanghai twice to direct of transportation facilities, the the strategy in this economic battle.
raw
"
Cheklang Provincial Government
Weekly Private
#
Report
Liverpool. April 18.
GIBSON REYNOLDS AND
WHEAT
FINANCE. BUILDING LULL
IN AUSTRALIA
After a long period of unusual activity in the building industry in New South Wales caused by the expansion of manufacturing in- dustries and the operations of building societies, there is now a Full
This has been caused partly by Liverpool-International politics the increased costs of building continue to be the paramount in-materials and partly from a short- fuente in wheat. The market has age of loan funds in the hands of been rather dull, but prices-de- | building societies due to the rals- spite heavy Argentine offers have ing of Commonwealth loans, been inclined to harden as politi- cal tension Increased, finishing 1-1/24. to 5/8d. higher compared with those quoted a fortnight ago. Some improvement in the UK. demand was noticed towards the
that
Artisans in the building trade are now going to New Zealand in fairly large numbers, as there is a shortage of skilled labour there.
The Association of Co-operative
learns Building Societies end of last week, and further about £3,000,000 of loan money on on suitable terms could be business in Australian wheat and four to the Orient has been re-made available by English Anari- ported. In addition to this, some cial institutions, but this awaits legislation under which the State 12,000 tons Pacific have been sold to Shang-Government will guarantee repay-
ment of principal interest
hal
of Hard American
Outturn
1937
the press of Germany and Italy, we have no doubt that the effect of these figures would have been seen in yesterday's markets.
The U.S.A. Government Boreau Report (given in detail below, la bushels) on April 10 occasioned no surprise:—
Winter Wrient As at Apr. 1. Outturn
1939
1938
It would look as if quiet condi- 549,219,000 €88,837,000 685,824,000tions were likely to rule unt de- Excellent rains have been ex-
finite replies are received from the.. above-named Dictators, and manu- facturers and consumers generally are likely to continue a hand-to- mouth policy until the atmosphere has cleared.
Movements of Rubber in London and Liverpool for week ending April 15, 1939: »
prospects have im-
barter deal in Wheat. A figure of contemplating a larger 100 million bushels has been men-
Tu a certain extent, the Japan-made it up by rescuing the salt perienced in the South-West re- ese have reaped some results in from the province and shipping cently, and their collection of raw materials the surplus to the neighbouring proved since April 1. on the Cheklang. Klangsu and provinces of Klangst and Anhwei. Anbwel front. It is an acknowledged This, in a way, had something to steady, with values moving within Chicago has been quiet and fact too that the Japanese Navy do with the Japanese failure in narrow limits. "Much interest was has left three ports of Cheklang buying over the bandits along the aroused by reports that Washing- along the East China Sea coast cheklang coastline, for the vell-ton was open in order to facilitate the imhood of the salt producers in, that portation of Japanese goods and region was well looked after by exportation of Chinese
the Chinese authorities, materials.
According to an intelligence, the CHINESE VICTORIES
Japanese are extremely unwilling However, the Chinese have not to see a recrudescence of hostill been losers in this economic combat ties on the Klangnan front, which during the past year. In the first comprises the richest part of place, the quantity of "enemy mer-soastal China, A logical explanation chandise shipped into the Klang- is that the Japanese are anxious nan front in the last twelve to keep peace during the present months was only one-third that season so that they may reap the of the prewar period. Of these, six-the fruits of the Chinese peasants' tenths came in through the three labour. Cheklang ports and the rest ar- But the strategy of the Japanese rived by a roundabout way through industrialists is being frustrated
Winnipeg prices show a small Yuyao, Yuhang. Changhang (in by their own puppets and troops
Improvement of balance. A Bill Cheklang) and Wuhu (in Anhwell who are foreing worthless military guaranteeing farmers an initial Lotes and bogus currency on the Payment on all agricultural pro- On the other hand, the export farmers, resulting in the latter's ducts has been introduced into of Chinese tea and wood oll distrust and, consequently, decrea-Parliament and referred to the through the three ports during the sed production same period registered a one-With ! Increase. Thus, from a purely com- mercial point of view the advan- In this economic battle, Cheklang now been amended to 70 cents & tages have offset the disadvantages, is playing the most important de-bushel.
by highway.
CHEKIANG'S ROLE
Landed: Dvered: Stk.: Same
time last y. tons tons tons tens
-901 824 45,807 51143
tioned, but the 'plan is very nebu- lous at present. On Thursday last London it was announced that America Liverpool 269 530 24,527 26.123 will continue to subsidise exports New York-This market remain- this season, even though her ori-ed comparatively steady, until the ginal goal of 100 million bushels latter part of last week, when an has been reached. "Sales of wheat easier tendency was revealed. At and wheat flour for export from times then it was possible to July 1, 1938, to April 1, 1938, have initiate resched
"straddle purchases of a total of 101,300,000 March against sales of Jan./March bushels, of which 79 million have in London on a better basis than already been exported.
had been possible for some time. Much has been reported in the press of a proposed Barter plan of rubber and tin for U.9. cotton and wheat, but there seems a measure of doubt whether such a plan can be brought to fruition.
Agricultural Committee. At first the proposed guaranteed minimum price was 60 cents, but this has
All the cities and towns n eastern ensive role. In this respect It Markets will probably mark time Cheklang and southern Anhwel may be reported that great im-until the tenor of the replies to reported a profit last year as provement has been achieved dur- President Roosevelt's appeal is.) business "conditions were even bet-ing the course of the year-from a made known or until Europe faces ter than in 1930 and 1931. This was confused free trade to a partially her next serious crisis. In the all the more remarkable in view controlled trade. Already, a bigger meantime, we wish again to stress of the fact that business waste crop is expected from southern the danger to speculators of the entirely transacted in cash, and Anhwel--where the famous tea- short side and continue to advo that business prosperity broke the producing region of Keemun 15 cate purchases on recessions. record of the last five decades. situated this year. 1:
REYNOLDS AND Most intensified efforts
One month ago, the Japanese exerted by the Japanese fi exploit-held a so-called
RUBBER "Iron-Offering
were
GIBSON
ing the resources of the "occupied" Movement" in the "occupied" areas, London Our market, on the areas in Kiangsu and Cheklang in The result was almost nil, as the "the first six months of 1938, but a inhabitants buried all iron wares
stagnation existed in the fall and in the mountains,
NORTH CHINA CURRENCY
whole, has been quiet steady dur- Ing the interval since our last cir- cular. The political affuation. however, has not been conducive to active conditions, which in any case would normally have been
CHINA'S TEXTILE quiet around the Easter holidays.
INDUSTRY CHUNGKING, May 1 (Central)- An important resolution, request- ing the Government to map out a
F.R.B. Notes Barely comprehensive programme for the
Worth Six Pence
41
TIENTSIN, May 1 (Reater) Federal Reserve Bank notes in North China moved an- other notch lower to-day, the National dollar ruling at a premium of 33 per cent. "in terms of the Japanese foster- ed currency.
With the National dollar valued at 8 1/2 pence, the Federal Re- serve Bank dollar is actually worth barely more than 6 pence, despite the official value of 14 pence.
Moreover, since the Federal Re-
revival of China's cotton textile industry, WAS
the adopted by | seventh annual meeting of the Chinese Textile Society here yes- terday.
Another resolution adopted bý | the meeting was a petition to the Government, urging the establish- ment of a factory for textile machinery.
The meeting was attended by a large number of the nation's fore- most textile manufacturers and experts. Mr. Chen Ku-fo, Minis- teg of Education, also attended the meeting.
In a brief address. Mr. Chen serve Bang dollar is convertible pointed out that China must be was possible put in a state of economic self- to-day to buy yen for approximate-sufciency as soon as possible, and ly 6 1/8 perice.
into yen at par, it
NOT VERY SUCCESSFUL
in this regard the Important mis- sion of the textile manufacturers
LONDON, May 1 (Reuter) The is to expand the industry to rural attempt of the Japanese authori- districts.
ties in North China to supplant
the old Chinese currenty with
the Japanese yuan.
la not prov
A new industry for the Leices-
The Malayan Information Agen- cy publishes the following stock figures:
4
Stocks-Dealers
Singapore and Penang-
March Feb.
tons tons
(Outside regulated
area)
16,633 19,551
2,748 3,612
||
19,381 23,169
Province Wellesley, etc. (Inside re- gulated area) 1,877 2,556
21,258 25,725
Stocks Fort, etc.
Singapore and Penang---
March Feb, tons 'tons
(Outside regulated
area)
3,184 3,404
704 1,998
3,888 5,400
American Questionnaire figures for March are given below with" those of: February
ing very successful, says "The ter district, that of making cara-
Consumption Ivans and trailers has been start- Times." in its city notes.
Arrivals Reclaimed
sumption
.Re-
It now remains to be seen whe-ed. Manufacture will include horse ther the Japanese authorities will boxes, luggage trailers, caravans, press on with their plan, which mük bars and farmers trailers. certainly seems be turning out to for home and export trade. their disadvantage, since the yuan cently trallers were exported to is supposed to be linked with the the West Indies, Portugal and yen, april
It is not freely interchangeable
with the yen and cannot be im-
ported into Japan; neverthless,
Mauritius.
Stocks Afloat:
March Feb.
tons tons 50,185.42,365 38,989 38,400
Con-
..... 15,322 12.625
March Feb..
tons tons 219,843:231,475 65,981 56,814 The U.S. consumption figure pub- llshed over the week-end exceeded all anticipations, and had Preat- dent Roosevelt's appeal to Herr
it has always been understood the currency of which would have that the • Japanese intention was a fixed exchange rate with the Hitler and Bignor Mussolini re- given to North Chins territories, yen
ceived whole-hearted support from
TUESDAY, MAY 2, 1939. —PAGE 17
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STREETW.Ľ
LAMMERTS' AUCTIONS
PUBLIC AUCTION.
THE Undersigned have received
Instructions.
to sell by #
PUBLIC AUCTION
on
WEDNESDAY, the 3rd MAY, 1939.
Commencing at 11.00 am.
At their Sales Room, No. 2. Com- naught Road, Central, Ground
Floor.
A QUANTITY OF MISCEL- LANEOUS GOODS
Comprising:-
Matting, Rattan Baskets, Marble Slabs, Old Rubber Tires, Zinc Tubs, etc., etc...
also
A QUANTITY OF HOUSEHOLD FURNITURE AND PERSONAL EFFECTS
Terms: Cash on Delivery...
LAMMERT BROS.,
"AUCTIONEERS,
PUBLIC AUCTION.
Underdaned have received instructions
TO SELL BY
PUBLIC AUCTION
OK
THURSDAY, the 4th MAY, 1939.
Commending at 2.30 p.m.
At their Bales Room, No. 35 Hankow Road, Kowloon,
"
A QUANTITY OF VALUABLE HOUSEHOLD FURNITURE
Comprising:
Divans, Bedsteads, Wardrobes, Dressing Tables, Chests of Draw- ers, Chesterfield Suites, Sideboards, Dining Tables, Chairs, Typewriter Tables, Hatstands, Folding Screens, Ice Chests, Glass Cabinets, Cutlery, E. P., Brass, Glass and Porcelain Ware, Electric Table Lamps, · Fans and Heaters, Gramophones and Records, Radios, Rugs, Carpets, Ornaments, Cooking Utensils, etc., etc.
also
A FEW "PIECES OF BLACKWOOD FURNITURE
On VIEW from WEDNESDAY,
the 3rd MAY, 1939.
TERMS:-Cash on Delivery.
LÄMMERT BROS..
AUCTIONEERS.
PUBLIC AUCTION,
HE Undersigned have received
instructions
TO SELL BY
PUBLIC AUCTION
FRIDAY, the 5th MAY, 1939
Commencing at 5.15 pm.
At their Bales Room, No. 2, Connaught Road, Central (Room No. 205, 2nd Floor).
A VALUABLE COLLECTION OF
POSTAGE STAMPS
On VIEW from THURSDAY,
the 4th MAY, 1938.
TERMB-Cash on Delivery
LAMMERT BROS. AUCTIONEERS.