J
HONGKONG DAILY PRESS
Finance and Commerce
TWO-THOUSAND-YEAR-OLD
ENGINEERING FEAT
miles $100,-
CHENGTU (By Mall) (Central)-Two thousand years ago a Szechwan Gaternor devised an irrigation system 10 northwest of Chengtu, that still operates to produce a 000,000 annual agricultural yield, All the principal features of this water conservancy work including the Tu Klang Dam are well preserved at Kuanhsl en, where the Min River water is still periodically controlled by the opening and closing of the dam
SHARE MARKET REVIEW
Harriman, Black & Co.
FINANCE
US. COTTON
SUBSIDY
Narrowly Defeated
In Senate
WASHINGTON,
May 12 Reuter)--The U.S. Senate de- feated by 31 votes to 36 an attempt by Senator Bankhead. to cast, his cotion export sub-. We are pleased to report that our
sidy programme last week's prophecy of improve-
into the ment in Hongkong Stocks was a
peading Agriculture Appropria- Justifiable one and current" quota-
tlon BUL The opening of the dam, in shape, the delta covers a total tions register welcome advances.-
After the Senate's action, mem- April this year, Way marked by area of 3.500 square kilometres. The tone is firm and buying orders bers of the Agricultural Depart- one of the biggest carnival in In this triangle which has Kuan- difficult to meet Business, how-ment indicated that they did not recent years. More than 40,000 hsien as its up tip and Kingtang, ever, is 011 a narrow scale and propose to abandon the proposed people including Government off-Chengtu, and Haintsin as its base volume limited by the present subsidy, unless cials and hydraulic experts at-there are estimated
Congress speci- to be over system of "cash" trading only. The fically legislates against It. tended. The 40-mile highway be-850,000 acres of farm land which good old active days in this market tween Chengtu and Kuanhsten beneat from the irrigation struc-will only be revived when both allocated for the disposal of the About $50,000,000 of the funds buzzed. with the continuous ture. passage of motor cars and buses
finance the subsidy, it was stated. crop surpluses could be used to from Chengtu and Chungking. The entire city of Kuahsten, where According to legend, confirmed American stocks and commodities the ceremony took place,
by a geological survey, this delta and their business is lost to our beftagged: while milling crowds was in prehistoric times a lake. domestic "share market. Our view The Min River emptied into this is that speculators are necessary feat lake, but because of the large to any market whatever our con- is one of the chief factors rea-quantities of mud and stones servative friends may say to the ponsible for the fertility of Cheng-washed down from the ́ high | contrary. tu's golden delta. Triangular in mountains by swift currents. it Hongkong Electric. were
Alled the streets.
This ancient engineering
H. K. STOCK EXCHANGE
$35
WAS A LAKE
1
exchanges provide facilities for "future" trading. Meantime, spe- culative minded clients prefer
a firm
rich feature up to $564. A parcel of Macao Electrics. was placed at $161. did and further shares are available.
of with only $16.60 bid.
Was transformed into plain by constant silting.
Not until 2.000 years 430 this river become a source wealth. Originally responsible Hongkong Lands are $34 buyers for the irrigation structure was a rise of $1), and Docks have ex- Governor Ping appointed to changed up to $174. Trams are up Szechwan by the then feudal to $16.60 and. Watsons register an The firm tone with which the state Tsin. His work was com-advance of 50 cents at $7.90. Even market opened on Monday continu-pleted by his second SOD, Erh at this figure these shares yield ed throughout the week.
Long, and ever since no
serious 13 per cent.
The market closed with a wave of buying orders which will be difficult to all with sellers still holding for higher rates.
a modern-
Buyers have been reluctant to drought or flood has caused this
Lane, Crawford's have enjoyed a advance their prices but have been delta to suffer.
profitable year's trading and a sub- forced to in order to obtain any Chinesc farmers have 'built stantial dividend is assured. But scrip.
several temples along the banks the shares are neglected and quot- of the river and for generations ed nominally around $8. have offered
Hotels are better at $5.60 and sacrifices to thei immortal father and son.
Vibro Piling have put on 25 cts. Reinforced concrete
at $8 buyers. Telephones (old) being
were particularly firm up to $24. invention, Gover- nor Li created his system out of the materials he found on the spot, ex-shaped travel stones, bamboo and wooden poles, Some distance above the Tu Klang Dam, he built the "Ten Thousand Feet" dyke to direct the current to the triangular dyke In the
Notably advances in Hotels, Docks, Lands, Telephones.» Dairy Farms, Wharves, and Electrics have been recorded."
BUSINESS DONE DURING THE WEEK
Hongkong Bank. $1360, $1370.
$1385, $1362), $1385:
Canton Ins., $222).
Union Ins., $439, $4371, $440 $437), Wharves, $101.
Docks, $16.60, $17.
Hotels, $5,55, $5,60.
Providents, 541, $4.65.
Lands, $331
Humphreys, 571. $75.
Realties, $4.35
Tramways, $16 45, $15,
$181.
Star Ferrys, $65.
$16.60
Yaumati Ferrys, $22.60, $22,70.
China Lights (0), $8.30.
China Lights (N); $51. Electrics, $55), $562.
Macao Electrics, $16.80, $161. Telephone (0), $22), $23, $231.
$23.60.
Cements, $12.60, $12, $124. Ropes, $3.70.
middle of the river.
U.S. COAL STRIKE DEADLOCK OVER
NEW YORK, May 12 (Reu- ter)-Mr. J.R. Steelman, the Federal mediator" in the con! strike, Issued
B statement yesterday that insofar as the public is concerned, the dead- lock between the owners and the miners is over.
HONGKONG
SHAREBROKERS'
ASSOCIATION
on Friday, May 12, 1939. HK, Banks Telephones (0)
Trams. Watsons Electrics
H.K. Bankshares have been dealt in dering the week between HK. Docks $1,370 and $1,350. and Union In-Watsons surance at $435, $437 and $440.
London, has bid Kailan Mining up to 19/-, and Marsman Invest- ments were taken at 13/6...
Of Manila shares, San Mauricios alone register any appreciable change, being 10 centavos higher at FL10. The rest of this list re-
Built of rock, and protected by mains practically the same as a basketfuls of egg-shaped" "gravel week ago and that market stones, the triangular dyke splits throughout the week has been dull... the Που into two channels. Coco' Grove are a few points up. the Outer River and the Inner at 38 centavos.. on River. This dyke is now of rein- rumours
optimistic forced
Concrete.
LONG DYKE
Closing Comment Hongkong: With an absence of
Behind this triangular dyke is any more war scares further ad-
another long dyke to direct current. Two additional
the
over-
now dykes stand further below, so
vances look certain,
Manila Appears a shade steadier but needs a lead and some sub-
Into It.
as to divert excess water in the stantial buying orders to put life spring from the inner river to the: outer, and to divert it again from the outer to the inner in the dry i season.
Between the two overflow dykes
Dairy Farms, ex. rights, $201. $21. jis an from pole which Governor Dairy Farms, Rights, $14.70, $15,10
$15.
Watsons, $73, $7.80. Vibro Pilings, $74, $8: Raubs, $8,16.
Maramang (H.K.), 4/2.
Govt. 4% Loan 4% prem.
CHANGES 4 PM. (CLOSING QUOTATOIN
BUYERS
Hongkong Wharves, $102. Hongkong Docks, $174. Providents, $41. HK Hotels, $5.70. HK Tramways, 316.60. China Light (0), 38.35. Telephone (0), $23,70. -
Telephone, (N), 571. HK. Ropes, $3.65.
Dairy Farms Ex Rta. $211. Dairy Farms Rts., $151. H.K. Lands, $34.
SELLERS
Provvidents, $4.95. H.K. Realties, $4.70. H.K Tramways, $164. China Light (N); $5.60.
SALES
Hongkong Bank, $1355/60. HK. Docks, $172/17). Providents, $4.70..
H.K, Hotels, $51/.80. HK. Tramways, $161.60. HK Eectric, $501.
Telephone (O), $24.
Dairy Farms Ex Hts., $21. Dairy Farms R18., $15).
PHILLIPPINE MINING QUOTATIONS
Friday, May 12, 1939.
Centavos.
Antamoks
Atoks
Baguio Gold Benguet Consol,
Coco Grove
Demonstration's
I. X. L.
Ban Mauricio.
Siyos Consol,
United Paracales
Market Comment Steady.
L erected to mark their height, In the 2,000 years that have followed, this height has been al- ways miantained.
LONDON METALS EXCHANGE
2.
I's: $1,360.00
200
24.00.
100
16.50
200
..7.90
50
56,25
171-
200
17.25 7.90
RAUB DIVIDEND Out of the funds for year ending on March 31, 1940, Board of Directors of Raub Australian Gold Mining Co., have declared Dividend No. 1 of 5d per share "payable on June 15,
SATURDAY, MAY 13, 1939 -PAGE 11'
'NACET BLADES
NACET
REGE, TRACE MARK
MADE IN ENGLAND D
Nacet, beyond any question are, pre-eminent among low-priced blades. Their quality is some. thing apart, and the extra keenness of thefi edges, and the extra number of clean, smooth shaves they give, cannot fail to appeal to every- one to whom the utmost economy in shaving is a matter of importance.
FOR THREE
PRO RAZORs
H3
KIRIN
The
B
E
E
Choice of
The Multitude
Sole Agents
R
H. HONDA & CO.
Tel-20790,
40, Johnston Road, Hong Kong.
TO-NIGHT
SATURDAY, 13th MAY
THE "GRIPPS
IN THE
sellers £
42-1/16
London, May 11 "(Reuter).
COPPER
buyers. **
£ His frial in-Standard, Cash, 42- structions, engraved on ค stone Standard. tablet, "keep your, dykes low
3 months 42-5/16 42-3/2 48-3/4
but dredge deep have been kept. Electrolytic 47-374
TIN Standard, Crist: 228 Standard.
228-1/4
How flawless were, Governor-Li's findings and how.sound was. his knowledge of the currents and the irregularities of the river. have been proved by the lasting effectiveness of his system. Recent studies by hydraulic experts are Foreign,
3 Months 223-1/2 223-3/4
LEAD
reported to have endorsed the Official Price 14-9/16 14-11/16 scientific value and economie Foreign Official
utility of this. conservancy work. :
Plans are, however, being made
3 montha 14-13/16 14-778
SPELTER
for the further development of Ordinary.
the system. The construction of h Official Price 13-3/4 13-13/16
a hydraulic power plant, the Ordinary, Oficial
maintenance of the water level to
14-1/8
3 months 14-1716 Final Afternoon Transactions. Tin, Standard, Cash; £226" pald
allow steamers to ply between Chengti and Chungking, and the erection of water gates are among and buyers.
the items enumerated in the Tin, Standard, 3 months, £223- plans.
1/2 paid and buyers.
WEEKLY RETURNS AND REPORTS
Public Deposits Other Deposits:-
Bankers
BANK OF ENGLAND
3
HONGKONG
HOTEL
COWAN & BAILEY
WITH PIANO - BANJO - SONGS
Dance Music by Two Bands
ART CARNEIRO AND HIS HONGKONG HOTEL BAND
THE HONGKONG HOTEL TANGO ORCHESTRA
EXTENDED NIGHT TILL 2 AM
SPECIAL DINNER MENU $5 per person
London, May 11 (Reuter).
April 27
10,400
10,000
105.210
101 360
Other: Accounts Total
37.040
26.280
145,250
137,640
Government Securities
111,910
114,130
Other Securities:-
Discounts and. Advances:
..5,180
8,100
Securities
21,940
21,240
• Total.
30,120
29,340
Notes and Coine
31,450
30,970
Total Bullion.
228,910
226,850
Notes in circulation
31
495,460
495.890
Ratio of Reserve to Liabilities
20.19%
10.48%
31
No Extra Cover Charge Reservations phone 30281
11.60
38
134.
May 11 (000's omitted):
3
53
Bills Bought
1,000,
1,10
U.B. Becurities held
2,564,000
254
Federal Reserve Ratio
83.28.9%
Federal Reserve Credit Outstanding
2,572,000
1,000 2.664.000 85.37% 2,575,000
THE HONGKONG & SHANGHAI HOTELS, LTD.
Monetary Gold Block
1801,000
Industrial Advance
2,811,000
FEDERAL RESERVE SYSTEM
New York, May 11 (Reuter).
May 4
-16,858,000) 12,810,000
LAMMERTS' AUCTIONS
PUBLIC AUCTION.
THE Dadoraigned have received
instructions
TO SELL BY
PUBLIC AUCTION
ON..
MONDAY, the 15th MAY, 1939.
Commencing, at 11 am.
At Godown No. 2 of the Hong- kong & Kowloon Whart & Godown Co., Ltd., Kowloon...
(For Account of the Concerned)
17 Jettas Gum "Assafoetida.
also
2 Jottas Gum Assafnetida
(Now stored in C Godown of the Hongkong & Kowloon Wharf
& Godown Co., Ltd.)
"
(All More or, Less Damaged)
TERMS:----Cash on Delivery
LAMMERT BROS..
AUCTIONEERS.
PUBLIC "AUCTION.
THE
HE Undersigned have received
instructions.
TO SELL BY
PUBLIC AUCTION
SATURDAY, she, 13th. MAX, 1939.
Commencing at 11.99 am
At their Bales Room, No. 2, C- naught Road, Central (Room No. 205, 2nd Floor).
A Quantity of Valuable Chinese Carlos, Lacquered Ware, Prints and Paintings
مملع
Fine Cut Crystal and Glass Ware'
On VIEW from 'FRIDAY, the 12th MAY, 1939.
TERMS:-Cash on Delivery.
LAMMERT BROS..
AUCTIONEERS,
SERVICE TO READERS
THE HONG KONG
DAILY PRESS, LTD., and the HONG KONG WEEKLY PRESS, through their London': Off
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motoring faci
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الله
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