PAGE 10-HONGKONG DAILY PRESS
FRUIT INDUSTRY GETS NEW AWARD
About 10,000 employees in the canned, dried and fresh fruit industries in Victoria, South Australia and New South Wales will be affected by an award proposed by Judge O'Mars in the Arbl- tration Court.
New classifications, improved working conditions and slightly increased wages for juveniles are proposed, but the judge sald he would not make the award. final unul be had heard certain points discussed by the parties.
Judge O'Mara sald he would
refer the question of standard
-hours
to the Full Arbitration COCONUT
Court. Meanwhile.
a
48 hours
week, as under the old award. CONSUMPTION
would operate.
The basic wage for this industry was fixed by the Full Court on October 8, 1937; The judge left it open for the parties to apply to that tribunal for a revisiori,
within
20
RESEARCH
MONEY AND EXCHANGE
CLOSING QUOTATIONS NOVEMBER 20, 1939
On London:
Telegraphic Transter. 1/8 7/8 Bank Bulls, on demandlj% 7/8 Credits 4 months' sight 1/3 1/4 On Shanghai:——
On demand
On Singapore:-
On demand
On Japan:..
On demand
:།
On India:-
970
12 3/4
102 1/4
Telegraphic Transier. Jeg 38
and demand
On New York:--
Bank Bils, on demand 24, 1/8/ Credita, 60 days' sight 24.7/8 In Batavia:-
On demand On Parts:-
44 3/4
Bank Bills, on demand 1390 Credits 4 months' sight 1145 Un Saigon your
On demand
At the last meeting of the Board of Management, Coconut Research Scheme, the Chairman, Mr. E. Rod- In those parts of New South rigo.. Acting Director of Agriculture. Wales and Victoria
referred to a letter received from miles from the chief post office at the Low-Country Products Associa- Mildura, including the districts of tion. following the discussion of
Cliffs, Red Merbein, Irymple, Wentworth and Curlwaa; in the that body on the Draft Memoranda Renmark and other irrigation set on the future of the scheme. In Itu Manila; tlements in South Australia near they had again asked whether
more stress could be had on con the River Murray, and in the Mur- rumbidgee district, including Lee-sumption research, and suggested ton, the minimum rate for adult certain items to be undertaken raales is £4 a week or 1/87 an hour, where employees are engaged by" the hour.
OTHER PAY RATES The minimum rate for females aged 18 or more and working in those districts is £2/13/4 or 1/2 an hour,
The Chairman sald that some of these had been embodied, and it was thought that without increase of staff. It was not possible to add to the programme »
The minimum for male adults in all other parts of New South Wales ia £3/19 or 1/8 and females 18 and over that age. so that the main office work would
merely be that of an agent.
and
£2/12/4 week, 1/1 an hour; in all other parts of Victoria. £3/18
adult males for week £2/11/10 for females,
A
On demand On Bangkok-
On demand Sterling Notes:-
Bank Buying Rate Bar Silver per ca
Market Report
108
ti
49 1/4
149 1/9
...
1/3 3/4 23 3/8
FROM ROZA BROS.
unchanged Silver prices were over the week-end, the quotations remaining at 23.3/8 for Ready and 23.7/10 for Forward. Silver ad-
Silver
was quoted at Spot.
The London/New York cross-rate York/ was quoted at 402. New
The board approved and authorised the Chairman to deal London was quoted at 389.7/8. “ with any modification of Anancial arrangements which such organisation might entail.
ré-
Quiet.
Market
FINANCE
PAYNE & & CO.
COMMODITY BROKERS
STOCK EXCHANGE BUILDING
HONGKONG
COMMODITY PRICES IN CANADA
DURING THE LAST WAR:
POSSIBLE TRENDS TODAY
וי
OF
precarious
GENERAL LEVEL. THE POSSIBLE TREND OF THE COMMODIFT PRICES UNDER THE WAR CONDITIONS INTO WHICH THE WORLD HAS BEEN TRUST IS A QUESTION RE- GARDING WHIC1 MANY ARK SEEKING INFORMATION Forecasting the probable trend of prices is a task at best with the many and diverse factors of demard and subply which must be taken into consideration," But at the pre sent time, purely economie factors are complicated by the in- jection of political and even strategic elements and conditions are changing with great rapidity.
תן
For many months the inter- in November a slight decline was national situation has been un-recorded.
general price index settled and uncertain with the The threat of a major war constantly Canada reached its maximum in This May 1920, after which it turned overshadowing the world.
an definitely downward. Two groups become threat haя дож actuality and with the impact of of products, animals and non-fer- war, the minds of many turn back rous metals, had commenced the to August, 1914. A study of what descent somewhat earlier, happened to prices at that time and in subsequent months might therefore be of interest.
Whilst the effective demand for many commodities had continued comparatively strong, this had not Absorb the been sufficient to large quantities: produced by geared industrial machine
TUESDAY, NOVEMBER 21, 1939."
BANKS
HONGKONG & SHANGHAI THE CHARTERED BANK OF
BANKING CORPORATION
Authorised Capital... 880,000,000
INDIA, AUSTRALIA AND CHINA
Issued & Fully Paid-Up 290,000,000 Incorporated by Royal Charter, 1883 Reserve Funds:
Paid-Up Capital £3,000,000 Sterling
£6,500,000 Reserve Fund...,000,000 H.K.Currency Reserve $10,000,000 Reserve Liability of Pro-
Reserve Liability of
Proprietors
$90,000,000
Fend Office:-HONG KONG
Board of Directors: Hon. Mr. A. L. Bhields,
W. H. Lock, Esq.,
Chairman.
Deputy Chairmas.
J. K. Bousfald, Esq., A. H. Compton, Esq., Hon. Mr. S. H. Dodwell, D. F. Landals, Esq.; G. Miskin, Esq.,
K. S. Morrison, Esq.,
E. V. Wilkinson, Esq.
£3,000,006
prietors
HEAD OFFICE; LONDON:
38, Bishopsgate E.C.2 Sub-Agencies In London: 117/139, Leadenhall Street, E.C.2 West End Branch; 14/16, Cockspur Street, 8.W.1. Manchester Branch: 59, Mosley Street, Manchester, %
AGENCIES AND BRANCHES:
PENANG HAHBIN HONG KONG TANGOON
ALOE STIK AMRITSAR
MANILA
Hor! Mr. T. E. Pearce,
BANOKOK BATAVIA BOMBAY
CALOUSTA
Sir Vandeleur M. Grayburn,
ILOILO 1PON TARACHI KLANG ADENCIES: KOBE OLAVE, STREET
BAIGON
BEREMBAN
SJANOKAL
81NCAPONE
SITIAWAN
Chief Manager. FLIKLI PLACR
XUALA
SOUBABATA
Branches:
CANTON CAWNPORE
LUMFUR
TAIPING
KUCHING
TIENTSIN
CEBU
MADRAB
TONGKAH
Amoy
? Ipoh
Bangkok
Johore
Penang Rangoon
COLOMBO
(Bhuket)
TINUTAD
'DELFI
Batavia Bombay Calcutta
Kobe Kowloon
Saigon San
HAIPHONG
Kuala
Francisco
HAMBERG HANKOW
Canton Chefoo
Lumpur Shanghai
London
Singapore
Bungei
Patani Swatow
Malatca
Colombo Lyons Dairer Foochow Manila Haiphong Muar
Sourabaya
Hamburg (Johore) Tientsin Bankow Mukden Tokyo Harbin New York Tsingtao
Yokohama Hongkew. Peiping
accumulating and when the slump
Iloilo in trade came, these were thrown upon the market at greatly re- duced price,
PRESENT TRENDS
The Director of Research, Dr. R. Child. said that efforts were being
INITIAL EFFECT made to reduce his routine office
While the general level of com- an work. In particular he was propos- ing to reorganise, the management hour;o the estates on company. Hines, vloes were not received." American modity prices rose substantially to war conditions, stocks had been
34.3/4 for during the period 1914 to 1918, it was by no means A simple or continuous rise, particularly in the early months. The initial effect of the outbreak of hostilities was a partial paralysis of busi-
The trends shown in this review ness as stock and commodity ex-! changes closed all over the world. should not necessarily be regard- The prices of many commodities, ed as prophetic of what may be particularly those of essential expected should the present on-
wheat and fict develop into foodstuffs such
a long war. sugar, rose while those of non-Enormous strides in the technique
ot production of Industrial," essential or luxury goods fell.
The decline in the prices of agricultural and metal products many commodities was accentuat- have been made since the last war ed by shipping difficulties and the and strong trends towards higher fear of the heavy accumulation prices should only be expected in of stocks in the ports "of export- the United States, for example, li. and when, unemployment langely ing countries...
disappears.
The proposed minimum rate for juvenile males is raised from £1/3 to £1/4 a week; the maximum trom £3/1/6 to 3/4 a week.
rates female Juvenile
mange
The Director of Research was also asked to report what informa- from £1/10/5 to £3/0/10 a week, tion was available on each of the according to age..
SEASONAL ALLOWANCE The judge proposes to restore the seasonal workers' allowance of 3/ a week in August, 1940, and to improve their working conditions
forthwith.
Items, suggested by the L. C.A.
DAILY PAID NON-CEYLONESE
LABOUR
In accordance with the Board's instructions at the previous meet- Ing. the Chairman reported the number and the period of service of
· Employers shall supply wood and each of the non-Ceylonese labour- water to all permanent and sea-ers employed at Bandirippuwa and
Eatmalagara estates. sonal employees.
After some discussion, it WAS Where suitable and sufficient ac- commodation in houses and huts decided that, in view of the com- on or in the vicinity of the pro-paratively small number of non- perty of the employer is not avall- Ceylonese labourers. It was not able the employers shall provide necessary to discontinue their tents, a sum not exceeding 1/3 services, but that no daily paid week to be deducted from the em-non-Ceylonese labourers are to be ployees' wages,
taken on in future.
S. AFRICA TO HAVE TRADE COMMISSIONER IN SINGAPORE
IE
with not
that A
The Chairman referred to the discussion on training of students which took place at the 45th meet- ing held on April 19, 1939. He re- ported that he had cominunicated to the Hon'ble the Minister for Agriculture and Lands the Board's views as then expressed: The Minister had replied that he did satisfactory training on by a Commissioner. The Union of University lines could be worked a out, but wished a scheme to ne Africa has appointed Trade Commissioner who will be prepared, if possible, to give a
wanted to who stationed in Singapore.
an oppor- First holder of the appointment practical agriculture. will be Mr. L F. Joubert, who unity to learn the science and tumes to Malaya from Java, where practice of coconut planting. he has been the Union's Trade
think South Africa's trade Malaya will soon be looked after scheme to give a
South
Commissioner in Batavia for some
months,
Malaya's trade with South Africa has shown a steady growth in recent years. Last year alone, the Union exported to Malaya $1,715,391 worth of goods.
of
Biggest item
Malaya's Imports from South Africa is coal,
student
do
After further discussion, the
Board decided that they accepted the view, expressed by the Director of Research that there was little
prospect of framing a scheme for such training at Bandirippuwa Estate at present; but that as Ratmalagara estate was developed It might be possible to consider the question later.
It was resolved that a reply while next in order of importance should be sent to the Hon'ble the and value come non-ferrous metal Minister on these lines,
ores South
and
scrap.
In 1938,
Africa exported coal to HONGKONG
Malaya to the value of $1,318,713,
while ores, and scrap accounted for
no less than $306.550.
But coal ore and scrap are by Volume Of Business Transacted
no means the only South African
Sterling
There were sellers at 1/3 Novem-
ruary, bayers at 1/3.1/52 Cash and ber/December and 1/2.31/32 Feb-
1/3 February.
U.S. Dollars
A small transaction was report- ed at 245/16 November. Towards 1 p.m. there were sellers at 24.1/4 and 241/8 December, November buyers at 24.3/8 Cash and 24.1/4 December.
Shanghai Dollara Sellers at 279.
Shanghal Market Sellers for Sterling at 5.11/32 for Spot and US$ at 85/8 sellers for Spot. Towards the close at 1 p.m. there were sellers for Spot at
for
U.B. Sterling and 5.11/16. Dollars at 8.19/32 sellers for Spot.
Afternoon Market
The market
was steady for Sterling. The US Dollar market was a shade easier.
Sterling
The market closed with sellers at 1/3 November/December and 1/2.31/32 February, buyers at 1/3. 1/32 Cash and 1/3 February.
U.S. Dollars
The market closed with sellers at 24.1/4 November and 241/8 December, buyers at 245/18 Cash and 243/16 December.
281.
Shanghal Dollars
Shanghai, Market
5.19/64 sellers for Spot and U.S.
Dollars 8.9/16 sellers for Spot.
Shanghai Exchange
Shanghal, Nov, 20 (Reuter).
Official T.T. Rates
London New York
Opening 0/4-3/4
7-11/18 32-3/4
...... 26-1/4 ****.. 3.48
..... 31-1/2
• Selleri. Opening Closing 0/5-11/32 0/5-21/64...
ין
The outbreak of war in August so dislocated trade that violent movement transpired during the balance of 1914 in the prices of nearly all groups of commodities. Wheat, followed by other grains and flour, rose abruptly and con tinued upward, with fluctuations, to the end of the year.
FALL IN PRICES Within a few weeks, the dis-. location of trade and the inter- been ruptions to shipping had
disturbance to! prevailing. The readjusted to the new conditions industry, however, had so weaken- ed the demand for many materials that the general level of prices fell in October, in spite of the consider- able advances reported for many products.
Unsettler
financial
conditions
may
Of course, prices in Canada rau diverge from those in the United States by changes which occur in exchange relations and in other countries can be affected materially in addition by difficúl- ties of transportation,
UNIQUE CORN MARKET AT IPOH
Unilke all other Malayan of the Hub towns. Ipoh, Malaya, possesses a self-made market for the sale of Indian corn alone, beside the banks of murkish Kinta River.
Any evening, after dusk, passers- further increased the industrial by along Hugh Low Street bridge depression and undermined the will see a hive of activity near the influences tending toward improve- People's Park, haggling, for the
"pow sook! ment up to the outbreak of war, long-shaped although this was partly offset by "jagong."
baskets
or
MIDAN
NEW YORK PRIPING
(Peking)
YOKOHAMA
FOREIGN EXCHANGE and General Banking Business transacted.
CURRENT Accours opened and FIXED DEPOSITS 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
CURRENT ACCOUNTS opened in on application. LOCAL CURRENCY and FIXED DEPOSITS The Bank's Head Office in London received for one year or shorter undertakes Executor and Trustee periods in Local and other Gur-business, and claims recovery of rencies on terms which will be British Income Tax overpaid, on quoted on application.
terma which may be ascertained at ALSO up to date SATE DEPOSIT any of the Agencies and Branches. Boxes in various sizes To Lar
R. A. CAMIDGE,
Manager. Hong Kong. 25th September, 1939.
HONGKONG SAVINGS
BANK
THE CHASE BANK
15, QUEEN'S ROAD, CENTRAL
HEAD OFFICE:
18, PINE STREST,
NEW YORK. American Bank offering com plete Foreign Banking Service in the principal Markets of the world. Interest Rates on Application.
The Business of the above Bank is conducted by the HONGKONG SHANGHAI BANKING COR- PORATION. Rules may be obtain- An ed on application."
For the HONGKONG & SHANGHAI BANKING CORPORATION.
V. M. GRAYBURN,
Chief Manager, Hong Kong, 25th Feb.. 1830.
BANK OF EAST ASIA, LIMITED
Authorised Capital.. $10,000,000.00 Paid-Up Capital
3,598,000.00 Reserve and Undivided
Profits...
2,883,832.01
Head Office:-HONG KONG No. 10 Des Voeux Road, Central.
Board of Directors:
Sir Bhonson Chow, Chairman Li Koon Chun, Esq. Li Lan Sang, Eng P. K. Kwok. Eaq. Wong Chu San, Esq. Wong Tan Tour, Esq. Kan Ting To, fag. Chao Ching Shok, Kaq. Fang Ping Wah Esq Kan Tong Po, Esq., Chief Manager. LI The Fong, Esq., Manager.
Branches and Agencias :—–
Katoom Penang Singapore Bourabaya *Loudon Pangon
Saigya Drstow
Malbourne
A10)
Balavin
which
con-
Bombay
Manila
Mentin
Haiphong
Hantow
El explain Kobe
the high prices for farm products The sellers arrive on bicycles
the and the demand for military sup-to
carriers of
tims plies. In December the markets are for essential foods and materiais taining hundreds of cobs of Indian were again active with prices corn, all boiled and ready for sale. advancing.
Each costs about two cents, with Early in 1915, this upward trend bulk purchases slightly cheaper steepened as it became apparent Indian corn has, to many, become that the conflict would probably a substitute for the "kachang" and be protracted and extensive orders quar chee" habit.
for army, supplies had exhausted Another peculiar thing is that practically all reserve" stocks of this "marker" is patronised by many foods and materials.
STEEP BISE «
both rich and poor, the poor.buy-
ing on the spot, the rich "sending Toward the end of the year, their maid servants to do the however, materials again rose "shopping."^
steeply.
Cereal crops throughout. the world were generally short in
1916 with demand and the pro-
0/5-11/32 0/5-21/84, blem of distribution intensified by 0/5-19/64 0/5-19/04 war conditions. These combined
US Dollars
$8-5/8
Japan India Parts Hongkong
SHAREBROKERS
ASSOCIATION
Spot
Ναν,
Dec.
on Monday, Nov. 20, 1939.
500
$9.60*
100 33
.1,000
5,000
13
380.00 500 18.75 15.90 49.75 9.60 13,000 Ps. 0.19 Pr. 0.25 3,000 Ps. 0.83 200 Ps. 11.30 200 Pa. 11.40 100 Ps. 11.50
Spot Nov. Dec 8-17/33
8-5/8
*Bales on Nov. 18, 1939.
products imported into Malaya. Raubs The Colony and the Malaya States Unions
a market for Bouth HK. Docks are also African chemicals, drugs, dyes and HK Trams
a large variety of articles, either HK Electric
wholly or mainly manufactured.
$3 MILLION EXPORTS
Raubs
Antamoks
It is interesting to note that Itogons Malaya's trade with Bouth Africa San Mauricio yielded a "profit" to Malaya in 1938 Benguet Consol.... -Malayan exports to the Union Benguet Consol....
Benguet Consol. being $3.606,363, against imports, from South Africa of $1,176,391,
South Africa
one of
for
Market:Quiet.
Merchant Rates
Sterling, 0/5-9/32,
U.S. Dollars, 18-9/16.
The
$8-19/32 8-19/32 8-15/32
811ver Duty Base Central Bank of China's rate on London at 10 am, to-day was 1/2-1/24.
The Equalisation rate was 24 per cent,
factors resulted in a marked in-
crease in the general price level
Nagamis Maw York Tarix
Pelping
Ban Fran- Sydnay
alago eztain
Beattie Vancouver Semarang
Shanghai
"
SAFE DEPOSIT BOXES
This Bank is entirely owned by
THE CHASE NATIONAL BANK NEW YORK, with Resources of over U.S.$1,900,000,000.
D. 'M. BIGGAR,
Second Vice Pr
BANK OF CHINA
Specially Chartered by THE NATIONAL GOVERNMENT OF CHINA AS AN INTERNATIONAL EXCHANGE -
BANK
PAID-UP CAPITAL $40,000,000:00 (BRANCHES ALL Över CHINA) Owing to our numerous Branober in China and connections in the principal Commercial Centres of the World, we are able to extend o 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:
KONGMOON TOISHAN
CANTON SWATOW
Every description of Banking and Exchange business transacted. Loans granted on approved securities.
Current Accounts opened in Local Currency and Fixed Deposits re SHIUCHOW KINGCHOW ceived for one year or shorter We also handle the issue of Bonds periods in Local and Foreign Our and other Public Funds of the rencies terms which will be
Chinees Government bath at Home quoted on application.
and Abroad. SAFE DEPOSIT BOXES TO Lær. -
BHOU J. CHEN, KAN TONG PO.
Chief Manager.
Manager.
{
INDO-CHINA
in the fourth quarter of the year STEAM NAVIGATION COMPANY LTD.
involving a much steeper rise
than had theretofore been re- "corded.
The underlying feature of the prices movement "during 1917 was the "world
food, shortage of aggravated by the difficulty of transporting stocks from the prin- cipal sources of production, a difficulty due largely to the de- mand on the world's ocean ton- nage for the shipment of war Messrs. North Eastern Trading supplies and Increased by the Estates, Limited, Team
losses caused by submarines, Valley
DAN UPWARD SURGE Estate, utta
manufactured, non-ferrous metals "Trading percha,
Gateshead-o- and unmanufactured articles and Tyne, 11, now have 145 tenants, of
The upward surge of prices in absorbing nearly $1,500,000
raw materials.
whom 110 are in production, Canada assumed renewed intensity worth of these products last
The figures for 1939 show that employing 3,720 persons. In add! in 1918 and the trend was partl- year. Exports of Malaya olls, fats and Malaya's trade with South Africa tion 538
are engaged on cularly steep during the first halt manufactured resins in 1938 came has been well maintained, and building work. Among the new of the year. The rise slackened next with $1,257,017« while the indications, are that the appoint-tenants other less, important exports from ment of a South African Trade paint the Colony and the Malay States Commission
Malaya's big markets rubber and
to
South Africa were
men
are manufacturers of somewhat during the third quarter brushes, snap-fasteners. when the possibility of an armistice
Operating Services for Cargo and Fassengers
TO-
SWATÓW, SHANGHAL TSINGTAU, CHEFOO
and TIENTJIN
KOBE and OSAKA
SINGAPORE, PENANG and CALCUTTA SANDAKAN HAIPHONG
For further particulars
please apply tom
JARDINE MATHESON&Co.,LTD.
will yleld results building chemicals, steel root appeared on the horizon and withLEPHONE SOJIL • GENERAL MANAGERS
rubber beneficial to both countries.
frames, batteries, and other goods. the actual cessation of hostilities
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