HONGKONG DAILY PRESS
Finance and Commerce
WITHDRAWAL OF U.S. & FOREIGN
DEPOSITS FROM CHINESE BANKS
Emergency Measure
Is Temporary
SILVER PRICE
Serious Monetary
H. K. STOCK
EXCHANGE
The market closes for the first half of 1939. Arm at slightly lower rates than those recorded at the beginning of the year. Buyers Problem
have been content to let the mar WASHINGTON, June 30 (Rea-ket find its own level. Any shares. ter)-Mr. Morgenthau, U.S. Secre- that have been offered being ab CHUNGKING June 30 (Intl)-tary for the Treasury, sald at a sorbed without difficulty. With all The present restrictions upon press conference, that the Trea local Companies doing record bas- "is due for a withdrawal of deposits, from sury would continue to adjust its ness, this market Chinese banks at Shanghal, aimed foreign silver price to the London boom with any improvement in primarily
stabilizing
the market with a view to prevent political conditions.
dumping by foreign sellers antici- currency situation there, were intended as an emergency measure pating a complete. cessation by of a temporary character; said a Finance spokesman of the
in Ministry
clarifying the order issued last week.
Expressing the hope that "the
He also said that if the pro- situation at Shanghai would soon return to normal, the spokesman posed higher domestic price was said that the measure decreed on enacted, it might be possible that June 21 would be withdrawn as American sellers would be subject soon as conditions warranting Ita to a 50 per cent tax on silver pro- continuance were removed.
For this reason, he added, it was made clear in the ministerial order telegraphed to Shanghal that the, restrictions on withdrawals were of a intended 15
measure 1 temporary character.
As regards the currency measures decreed on August 15, 1937, the spokesman said that the Ministry of Finance had issued a circular order ordering it clear that these measures still remained in force,
Japanese Exports To U.S. Dwindle.
buying abroad.
However, whether it would be continued belönd midnight to- night, would depend on the ac- tion of the Congress on the Mone- tary Bill
fits which was formerly applicable only ta speculators in foreign silver.
Serious Situation,
He expressed the opinion that the possible lapsing of the Stabilization Fund and the de- valuation authority this time pre- serious situation, parti- sents a cularly in view of the interna- tional developments and might also endanger, the tripartite agree- ment.
Mr. Morgenthau conceded that the Treasury would still have cer- tain powers to act in the Foreign Exchange markets if the emer- but with gency powers lapse, divided authority between the
the Treasury and
New York Federal Bank, he was not certain just how successful such, inter- "Ivention might be,
SHANGHAI, June 30 (Int With several polls of public opinion that the consistently showing majority of Americans are sympa. thetle with China, the general
He said he did not know What to do in respect of silver
if the monetary legislation was
not enacted by to-night:
Decision on July 5
The Treasury's silver operations consumption of Japanese goods in would then likely be conducted the United States has dwindled under the Silver Purchase Act, but notably, according to a New York it was possible that no decisión dispatch.
would be made until July. 6, since Treasury never purchased- For example, the Japanese ex- the ports to the United States in 1938 sliver on Saturdays and the Gov- amounted to only US. $123,447,000, ernment Offices were close on as compared with U.S. $207,900,000 Monday and Tuesday. during 1937.
BUSINESS DONE DURING THE WEEK
HK, Bank, $1335.# China Underwriters, '$1.35. Providents. $4.70.
Lands, $354, 3351
FINANCE & GENERAL
HONGKONG MINES LIMITED
Working Profit
Of Over $75,000.
A working profit for the year of over $75,000 was announced by Mr. L R. Nielson, who presided at the annual meeting of Hong- kong Mines, Ltd., which was held yesterday at 11 am.
The following were present: Mr. LR. Nelson. Chairman. Messrs. B. B. Bassett, H. Hung Sling, J. M. Wong, V. E Duclos, F. L. Lam. Wong Kit-wan, B. O. Andersen and F. W. Kendall.
Chairman's Speech.
In moving the adoption of the report and accounts for the year 1918, the Chairman said:
"Before formally proposing the
of adoption such Report and
Tramways, $16.60, $18.65, $16.60, accounts I will give you a resume
Star Ferries, $68§,"! Electrics, $55). Watsons, $81, 58.45.
CHANGES 4 P.M. CLOSING QUOTATIONS}
BUYKES
Canton Ins., $200. China Lights (0), $8.10. Wing On HK.. $41. H.K., Govt: 4% Loan 4% pm.
SELLERS
Canton Ins., $230. HK. Fires, $185. Providents, $4.70, HK. und Hotels, $5.60, HK, Lands, $38. Watsons, $81.
SALES
HK. Bank, $1325/40. Providents, $4.60.
H.K. and S. Hotels, $5. H.K. Tramways, $16.60/50.".. HK. Govt., 31% Loan Par
"PHILIPPINE GOLD MINING
QUOTATIONS
Atoks
Centavos Friday, June 30, 1939.
Bagulo Gold
Batong Buhay
Big Wedge
of the activities of the Company. As you will note from the Balance Sheet, a working profit of $75,000.-85 made.
over-
"In view of the fact, however, that no depreciation was written off last year, we considered it ad- visable to write off the percentage customary in mining. In this case, amounting to nearly half a mil- lion dollars. We feel however, that you will consider this good practice, and shows accurately the correct position of the Company. although it inevitably entalls a nett loss on the year's results.
we have
un-
13
Exceedingly Fortunate "As will be readily appreciated,
been exceedingly fortunate in gelag through protracted period in which the price of lead has been exception- ally below average. To-day's price is approximately £14.1/2 whereas the average for the past 20 years ..is £23-5-0d.
"We can only hope that the price will improve in the near future.
Although we have been in opera- tion for over a year and a half. approx- our ore reserves remain imately about the same as when we first commenced operation.
"With these remarks I now formally propose the adoption' of the report and accounts as pre- sented, and after they have "been seconded I shall be pleased to an-" swer any question on such state- ments."
19
21
012
181
Coco Grove
271
Mindanao
Q
Manbulac
8.
Itogons
224
Masbates Consol.
101
121
North Camarines San Mauricio Suyoc Consol,....!! United Paracales
24
вт
13
39
The motion was put to the meeting and carried.
syndicate Investment Surigao Consol,
035
20
Market CommentQuiet.
Mine Operations
Other Business
Messrs L. R. Nielson & C. c. directors Stärk
re-elected were and Messrs. T. A. Martin and Co...
It is understood that the Simultaneously the United administration has informed the States exports to Japan, suffered, Congressional leaders that it would though to a lesser degree. For prefer to allow the monetary con- example, they totalled U.S. $256,-trols expiring on June 30 to lapse 580,000 in. 1938, "as compared with and then to seek re-enactment not including the power to devalue were re-elected auditors.
rather then accept an extension the dollar. U.S. $304.626.000 in 1937.
VOLUNTEER ORDERS
ORDERS BY LT.-COL. EL B. ROSE, M.C., COMMANDANT, HONGKONG VOLUNTEER DEFENCE CORPS
PROMOTION
Demolition and Works Company July 6. HQ. 5.30 p.m. Organisa tion of Working Parties.
RADIO
PROGRAMMES
(Continued from Page 3)
July 8: HQ. 5.45 p.m. Recruits-Bong-Waltz (The Desert Song'- Romberg). Old Spanish Bong (Louis Aubert); "Les Millions D'Arlequin- Extract from Government Ga-Lyon Light Instruction.
Serenade (Drigo), Standchen zette No. 26 02 18.6.39."
(Strauss): Ay Ay Ay Guyana Perez, Freire). Vienna Blood-Waltz (Strauss) Blus Danube Waltz (Strauss). The Temple Bells Indian Love Lyrics-Finden).
Corps Signals
"No, 486-His Excellency the Governor has been pleased to ap- prove the following promotion in the Hongkong Volunteer Defence July 1: HQ. 2.30 p.m. Line Section Corps, with effect from May 11. West Detachment Reconnaissance 1939:-Lance-Bombardier Kenneth-Cpl. Taylor. D/R's-as detalled. Myer Arthur Barnett to be Second Lleutenant. June 16, 1939.
HOLIDAY Corps HQ. will be closed on July 1 1939:
DRIVING LICENCES O's.C. Units will send in all Driving Licences held by members of their units, for renewal by Mon- day, July 3, 1939.
PARADES
1st Battery
(Four
8.90 pan. Local Time Signal, WeL- 8.03 p.m. Brahms-Concerto No. 1 ther Report and Announcements. to D Minor, Op. 13.
Artur Schnabel (Piano) and London chestra conducted by Philharmonie Orchestra com
July 3: H.Q. 5.15 p.m. Line and Operating Section-Map Reading.
July 7: H.Q. 5.15 p.m. D/R. Sec- tion-Miniature Range, Empire Georg Szell
Test.
Armoured Car Platoon July 4: H.Q. 5.30 p.m. N.C.O. In- Bulgetl struction-All members of Platoon may attend.
the
#
All members will hand in their driving licences to Sgt. F. Brett by Monday, July 3.
8.53 p.m. Brahins-Gypsy Songs, Op. 193- The Madrigal Singers,
9.02 p.m. Violin Solos, by Joseph Danse, Russe (from Petrouchka_ Stravinsky); Norwegian Song Snow Lie): Gavotte (from Classical mphony Prokener, Op. 25)—with Piano by Nikita de Magalo. Nigun (from Baal Shem-Bloch)-- with Plano by Kurt Ruhrseltz
9.15 p.m. Londos Relay-The News and Newletter.
9.35 p.. London Relay Talk.
Choir of the Templa 9.45 pm. Church
("The The Heavens Are Telling Creation Haydn)-with G. Bhalben Ball at the Organ Hear My Prayer End Thaiben Ball (Bay-Soprano) Mendelssohn) with Master L. Lough at the Organ.
10.60 p.m. London Relay Other members may attend if on the Table, they wish to do so."
Motor Machine Gun Platoon July 1: The following are detailed July 4: Belchers. 5.45 pan, No. 1 Gun and D.R.F. Class. Gan drill for riding practice in the New Ter- and D.R.F. Dress-Khaki shorts ritories and will parade in Overalls and shirts (or overalls), 5.D. caps and R.TR. caps at Hung, Hom Raliway Depot, Kowloon, at 2.45 and gun platform shoes.
July 7: Belchers, 5.45 p.m. No. 2 p.m. .Gun, D.R.F. Class and Lewis gun-
ners.
Pte. J. H. Odell, Pte. G. A. Gun drill, D.R.F. and Lewis Lomaev, Pte. D. O. Parsons, Pte. P. gun instruction Dress-Khaki M. Bemmelmann, Pte. G. Knight, shorts and shirts for overalls), 8.D. and Pte. C. A. Sis, caps and gun platform shoes.
2nd Battery
July 5 and 6: Scandal Point, 5.30 p.m.
Those detailed for Range Takers and Layers coursen. Dress-8.D. caps and Overalls.
'3rd. Battery. July 3 and 6: Belchers, 5.45 pm Gun drill. Dress-8.D. caps, Over- alls, gun platform shoes."
4th. Battery
July 7: Queen's Pier, 5.30 p.m. Dress B.D. caps, Overalls, sun platform shoes.
Corps Artillery-Recruits
(3rd and 4th Btys.) July 3 and 5: H.Qq. 5.30 p.m.
D.EL. Section
July 3: HQ. 5,30 pm, Section
Meeting.
Beach Light Company July 3; HQ 6.45 p... Tactical Handling of Lyon Lights.
·
July 7, N.C.O's-H.Q. 5.30 p.m.- E.G.D. Privates-Hung Hom Rail way Depot, Kowloon, 5.30 p.m. Riding Practice.
July 14: H.Q. 5.30 p.m. N.C.O.'s examination.'...
send their licences to O.C. Platoon for renewal by Monday, July 3.
All ranks must
No. 1 M.G. Company
Sports
Cards
A discussion on topics of the mo ment.
10.15 pm. Studio Sunday Evening Epilogue
Conducted by the Rev. Father Ryan. B.J, Bubject: the Friendship of Christ" No. 1 The Demands of Friendship."
10.35 p.m. Close down.
types of ground.
No. 1. M.G. Company July 4: HQ. 6.30 p.m. (1) N.CO's July 3: HQ: 6.30 p.m. No. 10 Class-E.G.D. Instruction: (1) No. 4 Platoon-Miniature Range: No. 12 Troop) Platoon Trained Men Platoon-Kennedy Road; Remein Application of Aré-Indirect, Re-der-as given in Company Circular. crults. M.G instruction.
No. 4 MG. Campány
July 7: EQ. 5.30 p.m. Nos. 1 and July 7: EQ 5.30 pm Company 2 Platoons. Trained Men-Direc- lecture on Defence against Gas tar Methods. Recruits-LA 1st and 2nd positions.
No. 2 M.G. Company July 6: HQ. 5.15 p.m. Visit new area Gun mounting on various
No. 8 MG Company Bus July 4 HQ 5.30 pm. Those de-s talled-Revision LA Remainder Mechanism Heads 9-14
de Continued on Back Face
SATURDAY JULY 1, 1939
GREEN ISLAND CEMENT CO., LTD.
Sole Selling Agents in Hong Kong
and South China for
THE ASSOCIATED PORTLAND CEMENT MANUFACTURERS' PRODUCTS,
COLORCRETE,"
"SNOWCRETE,"
"STIPPLECRETE"
"IMPERMO" Waterproofing Compound.
HEAD OFFICE
TELEPHONE 21463.
EXCHANGE BLDG. HONG KONG.
KIRIN
The
B
E
E
Choice of
The Multitude
4.
Sole Agents.
R
H. HONDA & CO.
Tel. 20790.
40, Johnston Road, Hong Kong.
THORNYCROFT
FAMMERTS AUCTIONS
PUBLIC AUCTION.
Undersigned" "have received
to melk by
PUBLIC AUCTION
TUESDAY, the fi JULY, 1939
Commencing at 2.36.p.m.
their Sales Room, No. 35. Hankow Road, Kowloon,
A QUANTITY OF FALUABLE HOUSEHOLD FURNITURE
Comprising
Teakwood Bed Room "Din Room and Drawing Boom Furni ture, Desks, Typewriter Tables, Cutlery, Dinner Crockery Sew Machine, Enamel Bath, - -Chass Cabinets and Bookcases, Gramo phones and Records, Electre Table Fans and Lamps, Ornaments Brass. E P. Glass and Porcelati Ware, etc. etc.
A FEW PIECES OF BLACKWOOD, FURNITURE
On VIEW from MONDAY
the 3rd JULY 1939
TERMS: Cash on Del
LAMMERT BROS: AUCTIONEERS,
NOTICE OF REMOVAL
As from to-day (1st July 1938) our Bales Room will be situated the White House" No.12, Del Voeux Road, Central. The entrance is from the lane between The White House and the premises of Messrs. Lane, Crawford, Etd Our office, address will remain un- changed, viz: Room 205, No. 2. Con naught Road, Central, Second Floor.
· LAMMERT BROS,
Auctioneert
Here's a REAL
REAL boon to boatowners!
the
HEAVY OIL
THORNYCROFT
'HANDYBILLY'
operated on the Hesselman principle
or
with very little increase in weight overall dimensions, combines the lighter weight and smoother running of the petrol engine with the low fuel cost
the diesel,
of.
9
H.P.
Bore, & in. (80 m.m.); Stroke, 4 in. (114.2 mm.); Displacement, 86,5 cu. ins. (1415 c.c.).
Two cylinders
Engine speed: 1,100 r.p.m.
Tailshaft speed: 700 r.p.m
Fitted with combined reducing-reversing gear,
THORNYCROFT
stands for Satisfaction
FOR FURTHER PARTICULARS
APPLY TO OUR
HONG KONG OFFICE.
TEL 22363
ST. GEORGE'S BUILDING, IST. FLOOR.