11
HONGKONG DAILY PRESS
BANKS
HONGKONG & SHANGHAI THE CHARTERED BANK OF
BANKING CORPORATION
Authorised Capital....................... 450,000,000 lagued & Pully Paid-Up $20,000,000 Reserve Funds:
INDIA, AUSTRÁLIA
AND CHINA
Incorporated by Royal Charter, 1855
£3,000,000 ...£3,000,000
Paid-Up Capital Sterling ....
£6,500,000 Reserve Fund H.K. Currency Reserve $10,000,000 Reserva Liability of Pro- Reserve Liability of
prietors Proprietors
........20,000,000
Head Office:-KONG KONG
FINANCE
Finance and Commerce
Economic NEUTRAL TRADE
UNDER WÄR CONDITIONS
Sidelight On
Background Of War
£3,000,000 WORLD TRADE DECLINED FASTER THAN
HEAD OFFICE: LONDON: 38, Bishopsgate E. C.. Sub-Agencies In London: 117/122, Leadenhall Street, E.:0.3. West End Branch: 14/18, Cockspur Street, S.W.1. Manchester Branch: 52, Mosley Street, Manchester, 2.
Board of Directors:
A. L. Shields, Esq.,
W. H. Lock, Esq..
Chairman.
Deputy Chairman,
Hon. Mr. J. K. Bousfeld,
ALOK TAH AMRITSAR
A. H. Compton, Esq.,
Hon. Mr. &. H. Dodwell,
D. F. Landale. Esq..
C. Miskin, Esq.,
K. S. Morrison, Esq..
Hon. Mr. T. E. Pearce,
II. V. Wilkinson, Esq.
Sir Vandeleur M. Grayburn,
AGENCIES AND BRANCHES:
BANGKOK
BATAVIA
BOMBAY
CALCUTTA
HARBIN HUNG TONG
IPOR KARACHI ILANG AGENCIES: KOBE CLIVE STREET
Chief Manager. FULL PLACE
KUALA
LUMPUR ICCHINO МАФЕАВ
MARILA
MEDAN
Branchen:
CANTON CAWNPORE CEBU
Amoy
Ipah
Penang
Bangkok
fohare
Rango
COLOMBO DELII
Batavia
Kobe
Saigon
HATPHONG
NEW YORK
Bombay
Kuwlonn
Sar
HAMBURG
· PRIPING
Calcutta
Kuala
Francisco
(Peking)
Chefoo
London
Colombo
Lyons
Dairen Malacca.
Singapore Sourabaya Sungei
Conton Lumpur Shanghai
Facchow Manila
Haiphong Muar
Hamburg (Johore
Patani
Hankow
Mukden
Swatow Tientsin Tokyo
Harbin
New York
Tsingtan Yokohama
Hongkew. Peiping Iloilo
PIANO BANGOON SAIGON
SKILIMBAN SHANGHAT.. SINGAPORE VITIAWAN BOURABAYA TAIPING
TIENTS IN TONG KAB
1938 DEPRESSION
The volume World Production and Prices which
has just been published shows that world production in 1938 fell slightly
Total below the record levels attained during 1937.
primary al- some 2% this fall, however, is production decreased by most completely
for by the fall in the output of accounted industrial raw, materials, which amounted to 10%, while the
Production output of crude foodstuffs actually increased.
of manufactured
processed materials-steel, pulp and other raw materials-fell by 5% and that of manufactured products
than fell more by 7%. The quantum of world trade
world production as a whole le... by 8%.
raw
British Talks
To Reduce
Dislocation
LUNDON, Sept. 20 (Rapter) --The Ministry of Information announces that negotiationis
are now proceeding in a most friendly manner with a number of neutral governments with the object of reducing to a
dislocation minimum the trade inevitably caused
war conditions.
ВССПО-
SYSTEM BREAKS DOWN
The depression of 1038 may be ly difficult to interpret in traced back to the industrial mic terms. recession which began In *the United States during the second half of 1937 and gradually affect ed a number of other countries. (Bhuket) The decline came to end
Ba towards the middle of 1938.
THINGTAD
YOKOHAMA
HANKOW
FOREIGN EXCHANGE and Qeneral Banking Business transacted. "
CERENT ACCOUNTS opened and FIXED DEFOBITE received for One Year or shorter periods in Local or Other Currencies at rates which will be quoted on application.
'SAVINGS ACCOUNts also opened, in Local Currency and Sterling with interest allowed at rates obtainable on application.
CURRENT ACCOUNTS opened in LOCAL CURRENCY and Fix DEPORTE The Bank's Head Office in London received for one year or shorter undertakes Executor and Trustee
Hong Kong, 5th June, 1930,
HONGKONG SAVINGS
BANK
Manager,
THE "CHASĘ BANK
and
of
by
BONA FIDE TRADE The British Government an- nounced in the first days of the
THURSDAY, SEPTEMBER 21, 1939. —PAGE:
KIRIN
The
B
E
E
R
Choice of
The Multitude
Sole Agents —
H. HONDA & CO.
Tel. 30720.
A brief introductory chapter war that they would do all in shows that, during the last years. their power to facilitate bona fide far-reaching structural changes neutral trade and would be ready have occurred which make a pure-to consider any suggestions made 13 economic analysis of world to neutral governmenta production in all important. coun economic developments dimcult. This in contrast to German made by neutral countries against tries la now definitely on the The more or less uniform world wireless propaganda, which pre- the British contraband control upgrade. Indeed, in many coun-economic system which had been tends that protests have been system. tries the 1937 levels have again restored been exceeded.
that the turn
during
the
nineteen-
It may be said twenties has broken down. The 101 the business disappearance
of 3 common cycle in the United States in the monetary standard, the growth of policies. middle of 1938 stands out as the nationalistic commercial
first example of the success of and the striving for autarky....... as Government policy work, easy. well as the active business-cycle
nuziber policy pursued in a
made have Production countries
money, ect.
Last year's World
of
זן
NEW
YORK STOCK EXCHANGE
STOCKS
for the Adama Express and Prices brought out the fact creation of a number of more |Alleghany Steel Co.-
Allied Stores less developments
that American
business
of
OF
QUOTATION
Last Sale Sept, 19
economically independent were bound to have far-reaching groups of countries within which Allis Chalmers
Aluminium Ltd periods in. Local and other Cur-business, and claims recovery of effects on the rest of the world, there is space for widely divergent Amerada Corps.
fluctua-trends of movements. rències on terms which will be British Income Tax overpaid, on The American
¡Amer. Cann quoted on application.
terms which may be ascertained at tlons "during 1938 and the begin- · POLITICAL DISRUPTION
American Cyanamid B Auto up to date Sun Drosir any of the Agencies and. Branches. ning of 1939 have had a great This tendency has recently been amer, & Foreign Power Boxs in various sizes To Let
R. A. CAMIDGE,
though mainly indirect influence accentuated by the concentration Ameri & Foreign #7 p... on the general world trend during of national effort on armament. American Gas & Elec the last year and half, but. Past experience is no longer a Amer. Locomotive cwing to a "number circum-safe guide to developments.
It Amer. Metals Co........... stances, world developments have is to be expected that these cen: Amer. Radiator become diversified and increasing-trifugal tendencies will continue Amer. Rolling Mill
to make themselves, felt as long Amer. S'ting and Ring Co. as the presant political unrest Amer. Sügar Ring continues. Production during Amer. Tel & Tel. ...**
..... 1611 1938 reflects this general insecurl-Amer. Tobacco "B" ty, trends differ greatly from Amer. Waterworks country to country, and the gen-Anaconda Copper eral world averages give but an Atchison, T. & S. Fe. Imperfect expression to these Auburn Motors... varying tendencies! Broadly Baltimore & Ohio speaking. however. production Barber "Asphalt Co gures reflect an increasingly un- Barnsdall Oil... settled political situation, and the Bendix Aviation future is likely to be determined Bethlehem Steck more and more by non-economie Bliss & Co. forces.
►
The Business of the above Bank 15. QUEEN'S ROAD, CENTRAL
is conducted by the HONGKONG-
& SHANGHAI BANKING COR PORATION. Rules may be obtaiù- ed on application.
HEAD OFFICE:
'
18, PINE STREET,
NEW YORK. An American Bank, offering com- plete Foreign Banking Service in the principal Markets of the
Interest Rates on Application.
For the HONGKONG & SHANGHAI BANKING CORPORATION.
V. M. GRAYBURN,
world. Chief Manager,
Hong Kong. 25th Feb., 1030.
BANK OF EAST ASIA, LIMITED
41
Authorised Capital......$10,000,000.00 Paid-Up Capital 5,588,000,00 Reserve and Undivided
Profits
2,883,83201
Head Office:-HONG KONG
No. 10 Des Voeux Road, Central.
Board of Directors:
Bir Bhonsoo Chow, Chairman
Li Lan Sang, Ei, Li Koon Chub, Esq. P. K. Kwok, Esq. Wong Chu Son, Esq. Wong Yan Tour, Esq. Ean Ying To, Esq. Chan Ching Shor, Esq, Fong Fing Wah Baq Kan Tong Po, Faq.. Chief Manager. Li Tse Fong, Esq., Manager.
Amoy
Rombay Calentin
Haiphong Blackow Honolulu Lobe
Branches and Agencies ;—“e
Karkon
Рение
Megaporn London Haroon Bourabaya Moaika. Balros Water Melbourne, Bali Fra Bydney
New York
Partr Palplog
diso Beattie
Semarang
Shanghal
Tlentin
Vancovar
Every description of Banking and Exchange business transacted. Loans granted on approved securities
Current Accounts opeasd in Local Currency and Fixed Deposita re- ceived for one year or shorter periods in Local and Foreign Cur rescies on terms which will be. quoted on application.
SAFE DEPOSIT BOXES TO LAT.
KAN TONG PO,
Chief Manager.
BANK OF CHINA
Specially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN. INTERNATIONAL EXCHANGE
BANK
PAID-UP CAPITAL $40,000,000,00 (BRANCHER ALL OVER CHINA)
Owing to our numerous Branches
in China and connections in the principal Commercial Centres of! the World, we are able to extend to our Clients special facilities for Domestic and Foreign Banking and | Exchange.
Head Office:--SHANGHAI Hong Kong Branch:
4. QUEEN'S ROAD, C.
South China Offices: ":
CANTON SWATOW SHIUCHOW..........
KONGMOON TOISHAN KINGCHOW
We also handle the issue of Bonda and other Public Funds of the Chinees Government both at Home and Abmad.
BROU J. CHEN,
SAFE DEPOSIT BOXES
This Bank is entirely owned by THE CHASE NATIONAL BANK, NEW YORK, with Resources of over U.S.$2,000,000,000,
D: M.. BIGGAB,
Second Vice Pres
·H. K. STOCK EXCHANGE
U.S. Concerned Over Sterling
UNSETTLING
EFTECT
ON BUSINESS
WASHINGTON, Sept 20 (Reuter) Mr. Henry Morgen- of the than, U.S. Secretary
stated yesterday Treasury,
variation between that the the New York rate of sterling and the official rate was such, that the Treasury would not risk a single dollar from In the Stabilisation Fand foreign exchange transac~ tions.
ELECTRIC POWER Biggs M'facturing
FAMINE IN JAPAN
SHANGHAI, Sept. 20 (Int) -The electric power famine ia Japan is becoming serious, as it is spreading to all parts of the country, not only affect- ing factories and public enter- prises, but private homes as well, according to a Tokyo dis- patch.
Celanese
40, Johnston Bond. Hong Kong,
LAMMERTS' AUCTIONS
PUBLIC AUCTION.
THE Undersigned have received instructions from The Liquids- tor of The Deutsche Klub
101
Comprising:-
Couches and armchairs. Teak tables, Teak armchairs, Teak card tables, Crockery, Glass-ware, Cat- lery, Linen, Teak Ice chest, Electric Ceiling fans and lights, and Car- peta
SEPT. 20, 1939
STOCKS
103
251
Johns Manville...
31"
Last Sale Sept. 19 -784 J&'Laughlin Steel $7 pfd. 713
45
Kennecott Copper
421,
91)
Lakey Foundry & Mac.
34
Libbey-Owens-Ford
Glass
452
109
to sell by
PUBLIC AUCTION
Lockheed Aircraft
28
33
Loew's Inc. i
344
21
Manhattan Shirt Co.
21.
'Martin, Glen L
371
351
McKesson, Robbins
161
241
FRIDAY, - the 22nd SEPTEMBER.
1939.
Monsanto Chemical
106+
283
| Montgomery Ward
534
Commencing at 18.30 am.
101
at Dairy Producta
154
212
Nat... Distillers ..
23
571
National Gypsum
10
27
National Load
231
At No. 2, Connaught Read Central, 4th Floor.
Nat Power & Light
B
781
National Steel Corp.
781
13
Wat Supply Corpn.
121
THE FURNITURE AND EFFECTS OF THE DEUTSCHE KLUB
341
New York Central
20
301
Niagara Hudson Power
71
4
N. American Aviation
201
72
North American Co.
223
141
Northern Pacific
161
Owens-Illinois Glass Co."
581
301
Pacine Gas & Elec,
31A
924
|Pacific. Lighting
45
174
Packard Motors
31
Boeing Airplane Co. Borg-Warner
261
Paramount Pictures
also
25}
*Pennsylvania R.R.
241
**2-2
Phelps-Dodge
44
1 Large motor refrigerator
Brooklyn-M'hattan Trans. Blyn-M'hattan $6 cum pf. Canadian Pacific R'way... Case, J.I.
112
Phillips Petroleumi
45
41
Public Service of N.J.
1 Plano by "Morrison"
381
.41
Pullmari Inc.
.361
84
Pure Of .......
10+
1 size Billiard Table (in good
condition), and accessories
29
Radio Corpn. of Am. ...
缝
Chesapeake & Ohlo Chrysler Corpn.
411
Reading Company, Com
161
and fo
.881
Reading Company, lat pfd
231*
Colts Patent Piré-Arms ... Columbia Gas & El. Columbia 6% “A”- pÍ.. Commercial .. Commonwealth, & 8. (ord.) C'wealth & S. 6% cum pr.
921
Remington Arms Co., Inc.
New Model Telefunken
72
Republic Steel
27+
81.
Reynold Tobac. "E"
361
43+
Richfeld".On
81
14
Safeway Stores
On VIEW from THURSDAY
407
64
Schenley Distillers
13
the 21st SEPTEMBER, 1939.
matter,
301
{Schenley, 54% pfd.
67
81
Sears Roebuck
782
491
Seversky Aircraft
47
261
Shell Unlon Ol
16
Catalogues will be issued.
61.
Bocony-Vacuum Of
137
7+
Southern Paciãe ......
161
371
Southern Rly $5′′píd.
1280
221
"
Sperry
491
Terms: Cash on Delivery.
mispend
Distillers" Corpn. Seagrama Douglas Aircraft
141
Spicer Manufacturing. Co., 26)*
751
Standard Brands
177
Stand Gas & Elec.
131
Standard Oil of California 30%
26
Standard Off of NJ.
51
3711
Stone & Webster .....
111
91
Swift Internationa).
317
651*
Technicals, mesi
12
32
Texas Corpn.
481
PUBLIC AUCTION.
Texes Onit Sulphur ...
359
177
35.
Tifos-America....... Co.
64.
20th Cent. Fox.
13
151
15
Baguio Gold
12
Mr. Henry Morgenthau's statement! on Monday night.
581
THE Undersigned have received
417
20th Cent. Fox 814 pt.
24
Union Carbide & Carbon
91
631
Batong Buhay
010
Benguet Consolidated
9.00
Big Wedze
18
Coco "Grove.
13
Consolidated Mines
Demonstration
However, many do not believe that the rally, will have a direct relation to Mr... Morgenthau's statement or to any official inter- 0040 vention." 061...
cause
I X, L
-34
10
18
Manbate, Consol
064
Mandanao Motherlode
.054.
of all lies in inemcient Gen. Railway Signal operation of the Japanese Electric General Tire & Rubber Co Power Generation and Transmis Glidden Co...... sion Company, a national policy Goodrich (B.F) Institution established last April, Goodrich $5 pf MAJOR FACTOR
and insufficient supervision Though the former will ap- the company by the Communica parently influence the market tons Ministry anyway, it is pointed out that the recovery was largely attributable
Unton Pacific M...
is
{United. Aircraft
434
21
United Airlines Trans,
109
PUBLIC AUCTION
171
United Corpn..............
3
22*
United Corpn. 3 cum p. 342
60+
United Gas Corpo
2
of
ACTUAL SITUATION
Goodyear Tire & Co.. Great Northern Iron Ore ... Great Northern Hy, pid. 291 Great Western Sugar
324
28
United Gas Improvement
134
FRIDAY, the 22nd
201
08., Industrual Alcohól
284
U.S. Rubber ":2,
438
UB. Rubber $8 pfd."
1041
U.S. Steel
772
55
Vanadium
37
Mine Operation
08
92
Warner Bros. Pict.
4
North Camarines ....
14
Westinghouse Hoc.
114
Paracale Gummaus San Mauriclo
13
27
Woodward Iron Cor,.....
281
71:
6811
Chase National Bank
381*
Buyoć Consolidated,
10
391
National City Bank...
29
V.: 234
*bid..
f-ex. dlv.:
DOW JONES AVERAGE A
de Sept. 20, 1930.
A few enquiries are coming into Mr. Morgenthau said he is con- the market but, as is customary cerned over the unsettling effect after a dull period, business is on United States exporters and difficult. There is too much diver- importers and they would try to gency to be bridged between the fight the selling of sterling at prices offered and those accep- level below the official rate. table
BUYERS
Uniori Ins; $355,
HK. Docks, $18.
H. &. S. Hotels, $4.55. HK, Lands, $30.......” HK. Tramways, '$15). HK. Electrics, $49. Cements $134.
→ SALES
HK, Bank, $1200. HK. Docks, $18.
"H. &... Hotels, $4.65.
HK. Tramways, $15), HK. Electrics, $50.
PHILIPPINE GOLD MINING QUOTATIONS
Atoke
Antamok
Ipo Gold
Itogon Mining
United Paracale
HONGKONG
SHAREBROKERS:
ASSOCIATION „Volume of Business Transacted
Abrupt Rally In Sterling
2
The most
serious
however, is that this power sher Consolidated. Edison tage is affecting the programme for expanding production most adversely. Productivity enlarge- ment is very urgent in the presenti momentous situation. In
Consolidated Onl Continental Can Continental Oli Com Products Curtiss Wright (C.) heavy Industrial works, It has Curtiss Wright “A”
Deere & Co.
become" necessary
to
FOREIGN EXCHANGEperations for the time being.
REACTIONS
WATER SHORTAGE
500c
Du Pont de Nemours An unprecedentedly dry simmer Eagle Picher Lead NEW YORK, Sept. 28 (Reuter)-18 responsible for shrinkage of Faton Mfg. Co. On the Foreign Exchange yester-water in reservoir. Steam power Elec. Autolite day sterling abruptly rallied al- plants, which act as auxillary Elec. Bond & Share most twenty cents above Monday's units when hydro-electric power Elec. Bond & Share $5 pf. low mark. Some said that the re-falls are not in a position to Elec. Bond & Share $8 pf. covery was due to the threat of generate power sufficiently, be-Elec. Power & Light $7 p. active Treasury steps to combat a cause of the shortage of coal and Flintkote two-price market a Indicated in strained transportation facilities. Food Machinery Corp. These factors are mentioned as Gen American Trans. the leading causes for the power den. Electric shortage, but, the most serious
Gen. Motors
211
This company is responsible for Greyhound Corpn.......... 16 to the drying up of some distress supplying the main volume of Hecker Products offerings, chiefly trum neutral electric power in Japan, through Hercules Powder Co. European currencies, which have operation of power stations and Homestake Mining been a major factor in bringing transmission. lines under its con Industrial Rayon « about the recent slump. ** trol.
At International Harvester The banks are seemingly puzzled The Communications Ministry Int. Nickel
by Mr. Morgenthau's statement, replaced its Bureau of Electricity, Int. Tel & Tel. which is regardéd only as a re-established purposely to control flection of irritation at events this company. Smooth power sup- which reduced a tripartits agree-ply and cheap power rates are ment to virtually a shadow of its the company's foremost objectives. former substance.
The actual situation, however, la The franc, the gullder and quite otherwise. Europeans mostly rallied with
Responsibility for the present sterling, although not on a large predicament must be bome by the *.... 400 $18.00 - scale, while the lira continued government authorities, declared
or Wednesday, Sept. 20, 1939. - ELK Docks Konger HK. Docks
400 $1850 wenk
the "Nibi: Nicht”:
1039
to
00
High - Low Dow Jones Averages,” Sept. 18," High Low Close, Changa 156.99 132.44 30 Industrials
34,33. 94.14 : 20 Halle
37.07.-20.71 20 Utilities
DRAS 66.51 40 Bonds
147.78 - 132.88 148.40 152.14 4.38 'up 30,01 31.255 31.18.35.19 1:38 up 24.25 420.89 24.38 24.74 ₫ 48 up 87.61
0787.95 34 up 57.3710 of Business Done ---3,930,000 shares
60.33 | 45.59 - 17. Commodity Index · 57,47
LAMMERT BROS.
AUCTIONEERS.
Instructions
to sell by
Commencing at 5.15 p.m.
At their Bales Room, No. 2, Connaught Road, Central, (Room No. 205, 2nd Floor),
A VALUABLE COLLECTION OF POSTAGE STAMPS
On VIEW trom THURSDAY; the 21st SEPTEMBER, 1939)
Terms: Cash or Delivery
LAMMERT BROS