HONGKONG DAILY PRESS
H.K. STOCK EXCHANGE
Recordings today do not display a great amount. of "activity they have however, been marked by an impressive rise in Douglases. After remaining nominal for alons while, they have come into pro- minence. Emerging from total neglect an enquiry set in, without attracting shares, and it was not until today, when the rate was advanced to $100 bid, that any passing of shares took place. At the close the demand was still un- satisfied.
BUYERS
HK. Bank, $1365. Canton Ins., 3205. Douglases, $100. Wharves, $101. Docks, $201.
Providents, $4.33.
Hotels, $5.10.
Lands, $33.70.
Electrics. $55.20.
Telephones (0), $24.
Watsons, $8.90.
Entertainments, $6.00
SELLERS
Union Ins. $470.
Electrics, $557.
H.K. Govt. 4 Loan, 102.
*SALES
Douglases; $100.
Docks, $204.
Hotels, $5.15.
Providents, $4.40.
Ttelephones (0), $24). Cements, $184.
FINANCE
NEW YEAR BRITISH MONEY IN TWO WARS
PROSPECTS
U.S. SHIPPING FEELS PRESSURE OF WAR
Asked for an opinion on what the New Year might hold for bus- iness. Mr. Joseph R... Shachan. President of the American Presi- dent Lines. sold:
"I trust that all Americani. bus- iness will see the wisdom of not gearing. itselt to tremendous high levels of production to meet the artificial demands caused by the. present war. Our experience in the last war showed how disas trous such a policy can be.
COMPLETELY INVOLVED
"As for shipping. this industry is so completely involved by the' war that the influences are much this field than ip greater others.
ir.
"Practically all American ship ping not affected by the non- trality legislation is feeling the pressure. but I am sure that American ship operators would in- finitely prefer to forego any in- is which prosperity creased achieved through the medium of tragedy to so many millions of beings throughout the human world."
HONGKONG
SHAREBROKERS
ASSOCIATION
MANILA GOLD SHARES Atoks 19b, Antamok 17s, Bagulo Gold 24s, Batong Buhay 0159, Blg Wedge 22s, Coco Grove 145, Con. Mines 0035s. Demonstration 13s. IXL 40s. Itogon Mining 271b. Manbuldo Con, 01s. Masbate Con. 11s, Mine Operations 10s. North Gamarines 13is, Paracale Gum- maus 224b, San Mauricio 85s, Siroc Douglas Con.
1315. Syndicate Invesment HX. Docks 0275, United Paracale 321s. Min- United Paracales danao Motherlode 0973.
Volume Of Business Transacted en Monday, Jan. 29, 1940.
¡Suyocs
195 $100.00 1.750 20.75 5,000 Ps. 0.32 13.000 PS, 0.131
HONGKONG SHARE QUOTATIONS
STOCK EXCHANGE
Bayers
Seileri ·Bales Nominal
SHAREBROKERS' ASSOCIATION
MONDAY 29.
JAN.
Sellers Buyers
380
$35.00
$211
$11
#
܊ ܐ ܐ ܃ ܃
$1360/65
#21
#171
Banks
H.K. Bank nummieri £88 Do. (Col. Reg.) .... 287
Do. Lon. Reg.)... £st Chartered Banka
2287 Mercantile Bla. "A" £114 Mercantile Bha, "0" Bank of Euri Ada ...
$78
N. C. & B. Bankı
Insurances
1907 Canton Insursaces ...
$470 Union Inwarances
8180 H. Fires marine
Shipping
Underwriters,
⠀⠀
Kaina Nominal
$1355
289 647 £81
£'87
£11 378
50 eta..
3205
$470
90 cta
$175
$11
Dougignen kokoonak? Steamboats
$80
$IL. 8100 $120
$100 Indo-Chines {Prot.) Indo-Chinaa (Del.).......
$80
78/9
Shells.
$71.
Waterboats : $75
Docks, Wharves, Godowns, etc.
103 H.K. & K. Wharves
$41
Providents
Providenie (ne)
H.K. & W. Decka...
$240 Shanghai Docks .... $18.80 New Engineering #.
Minlog
18/0 Kallang - Y
$10
84
Baabaan Venezuela Gold Fida
3 ots.Hong Kong Mions..D
Lands, Hotels and
„Buildinga
10.40 H.K. Hotels
Facts And Factors In Wartime
Supply Of Legal Tender
A
An outbreak of war is of necessity accompanied by an in- creased demand for all kinds of legal tender; notes, silver coin. and bronze. Large additional sums are required to pay the mobilized troops, their dependents, munition factory hands, and the many other classes of, war worker. These disbursements must be made in hard cash. The effects of the present war on the domestic currency system have not been so violent as those of 1914.
One reason is that we have not had the upheaval resulting from the withdrawal of gold and the introduction of paper money; another is that our stocks of coin are larger and better able to meet a wartime emergency, says a correspondent of The Times.
here.
In order to conserve the gold re- serves and to provide the addi- tlong currency required at home
600,000,000
represent extra coins
Is accumulated by the bankers of cinemas and transport undertak- ings, while in areas where large wäge payments are made there is apt to be a shortage. A big foot- ball match brings a lot of silver to a district. Holiday resorts remit cash to London. Notes are taken there in the pockets of holiday- makers and return through the banks,
Bournemouth, for instance, rë-
TUESDAY, JANUARY 30, 1940. -PAGE 9
ALLIES'. GOLD FOR TURKEY
ANKARA. Jan. 29 (Reuter) Gold valued at £15,000,000. which was granted under the recent Anglo-French-Turkish Agreement. "to strengthen Turkey's exchange, arrived here by special train from Syria.
did not
RAUB AUSTRALIAN
GOLD MINING CO., LTD.
Statement for Quarter Ended Deo. 2, 1939 (Consisting of Four- Weekly Periods). BATTERY
Tonnage of Ore raised 18,614 tons.. No. of Ounces of Bullion produced.
5,908 CES,
No. of Ounces of Fine, 'Gold Re-
covered 5,566 ozs.
RETREATMENT PLANT
No. of tons treated 34,891 tons. No. of Qunces of Bullion produced
2,911 ozs.
4
mits notes for practically the conjecture, as no official figures whole of the year, and Douglas, are available. Possibly It is smal- in the Isle of Man. remits very ler than many suppose.
The experience of 1914 would heavily during August. The chief cashiers have to smooth out dif-seem to support this view. In the No. of Ounces of Fine Gold Re-
covered 2,431 ozs. terences and divert the flow of first fortnight of the War of 1914 money into those channels where postmasters were supplied with Value of Gold from all sources
£84,871 Sterling. It is most needed. Their cash postal orders to the value of position last September was com- £4,827,300, compared with £1,962.-Working Costs £37,589 Sterling. In 1914 not only was England on by £7,000,000 and the bronze by oflicated because the great and un- 300 during the corresponding two Capital Expenditure £220 Sterling. Mine Profit for Quarter (subject the full gold standard, but gold £2,000,000,
to Depreciation) £27,282 Ster- expected demands from the recep- Weeks in 1913.. The bronze figures coin was In universa: circulation.
Early in that September, the tion areas came just at the time
ling. Bank notes, then issued in no de- some nomination lower than £5, were weighing over 4.000 tons. Supplies when many normal channels of number in the hands of the public hardly used save by the well-toof coin were therefore adequate supply dried up. Cinemas were was reduced, and by October the exceed the normal do. During the few day's im- indeed, the quantity in circulation closed and the takings of trans-value of the orders in circulation
amount, €1,500,000, although in tion of traffic following any severe duced. mediately before August 4, 1914, compares favourably even with Port undertakings were greatly re gold had been drawn from the that of early post-War years,
quantity there were many more aerial bombardment postal orders, Besides, as railway services were banks in large quantities. Much when prices were much higher
than usual owing to the prepon- being so much lighter than the. of it was sent abroad in repay-than today and currency require-dislocated owing to heavy military derance of the lower denomina-equivalent value in com, could be traffic, it was often difficult to balances heldments correspondingly greater.
tions ment of foreign
issued to provide small transported more easily to those deliver coin even when the neces change. Postal orders ceased to districts where currency was re- A SEPTEMBER PROBLEM
sary supply had been obtained. be legal tender after six months quired. difficulties Nevertheless,
did with the reopening of places of of service by the issue of the ap- The postal order, however, as an. arise when war bruke out again, amusement and the improvement propriate Royal Proclamation on article of currency is not popular. The trouble was distribution. or transport services came much February 3, 1915.
| Printed on paper which was not" were originally intended to This year postal orders
be sub- Higher demand to meet "military relief in those districts that had
soon requirements was to be expected, suffered shortage.
currency for only 3 months as the [jected to hard service, it LACK OF SMALL CHANGE Treasury announced on December looks the worse for wear. Few but the problem was intensified by the large number of persons who It was then, to meet the possi-20 that they ceased to be legal tears will be shed over its pass- had been evacuated.
bility of a lack of small change tender from that date. Even then ing. Not only millions of school chil-whether from larger demand or it was thought by many people
Few people may know that the dren, but the staffs both of large breakdown of supplies, that, as in
demonetization wis "BRADBURYS"
last War was responsible for the commercial undertakings and Gov-1914. postal orders were declared overdue. For some time there The first notes were crude
ernment offices sought refuge legal tender. Although postal or had been no real shortage of coin Printing of large quantities of 55. efforts; beauty of execution had
in the country. Small centres ders are issued in, denominations and large stocks of postal orders notes. These had been prepared been bound to give place to speed with a coinage circulation sufft-up to 21s. their real purpose as had accumulated, particularly in in case of need, but were never
Issued. production. They bore the cant for their moderate needs currency was to augment the those banks which carry the ac-
The original stocks bearing the effigy of King George V. and the found themselves faced with calls available
quantities
sro all of
counts of mail order businesses.
signature of Sir John Bradbury impression used for printing it was from a much larger population, change rather than of the £1 and
POSTAL ORDERS
were destroyed when he retired that used on the halfpenny post-Some anxiety was felt by the chief 10s, notes. As an emergency step card, while the paper resembled cashiers at the head offices of the this had much to commend it. On the other hand, it had been from the Treasury in 1919 and the stuff of which postage stamps great banks who have to supply Here, already in existence, was a thought in some quarters that the were replaced by new ones which are made. The £1 notes were in cash to every part of the country. vast supply of rotential paper Government would have been in carried the signature of his suc- black ink, the IDs. in red, and they
In normal times money, both money distributed over all parts of no hurry to demonetize postal or-cessor, Sir N. F. Warren Fisher. those of the Stocks of these notes were main- were signed by Sir John Bradbury,
notes and coin, tends to flow in the country. The quantity of pos-ders, particularly
tained for some time after the now Lord Bradbury, who was then
Exed channels. Its habits are tal orders put into circulation this lower denominations. Permanent Secretary to the Trea- known. Coin in large quantitie- year as currency is a matter of sury: But these primitive produc- tions were soon replaced by some df better quality.
the Government decided to issue Its own notes for £1 and 109, Sup- plies of these notes were available on August 7, 1914, when the banks reopened after a Bank Holiday that had been prolonged to four days.
Li
A new £1 note was introduced on October 23, 1914, and the 103. on January 21, 1915. They con- tinued to be printed th black and red, respectively. Completely dif ferent and more elaborate was the £1 note printed in colours, intro- duced on February 1, 1917, and the corresponding 10s. note on Novem- ber 2, 1918.
There were in all three separate series of currency notes, and when their issue was merged with that of the Bank of England in 199 the aggregate issued had amount- 70/9 ed to £6,000,000,000. It should not be supposed that £1 notes were an innovation of 1914.
The Bank of England had issued them
over 100 years previously, but none since 1826. These old £1 notes continue to trickle in to the Bank of England even today. and they are promptly paid--more than a century afterwards,
#1021
$4.35 $4
||$21
$20.75/21
$265 825
18/0
89.70
$3
01
!!!
$6.15 $5.30
H.E. Landı.233.60
$100 Do. 1% Debecimarum "2
$14.40 Shanghai Lende
B.
$4.60 H.K. Realtio ........
..
Humphreys *****
8101 Chinese Estaing
Cotton, Mills
$33 Ewe (B.)
$179 B'ha Cations (5.)
$44 Zoong Singa (B.)
$48 Wing On Tartiles (8.)
Public Utilities
Tramways
88 Fack Trump (Old). ...
$4 | Peak Tram
$98Btar Ferries
7'mat Ferries
87 70 China Lights (0)
(new).......
#241
Do. (ww)
$71
$4
China Lights (New)
China Lights Rta,
$551
H.E. Kleotris .........
$55
$20
Macao Peoria
124
#244
89,60 Telephones (new)
$9.60
$11) Sandakan. Täglie kam
(Telephones (old) ******
19/6 Tractions........
18/9 Traction (prof.),
Industrial
814.90 Cald., Mung. (Ord.) 8:
$12 Cald. Macg. (Fref.) 8.
Canton Los
16 Ropuc
NO DIFFICULTY
In 1939 there has been no dif- ficulty in obtaining from the Bank England all the additional notes which wartime conditions demanded. Much
currency his
-100%, 25
$8.26
$4.80
14
$33
$179 $44
$100
$171
#
$4
$68]
tory had been written during the years since 1914, Great changes had been made in the laws governing the issue of cur- rency.
The Bank of England was no longer obliged to back practically
all its notes pound for pound by gold," but could now issue them in hundreds of millions with no gold. backing whatsoever.
This year, again, there were few 18 panie withdrawals from the banks, though many people, not knowing. what their movements were to be "and fearing the possibility of serious dislocation through air raids, drew a few extra notes just to be on the safe side...
In normal times the quantity of notes in circulation tends to fall at the end of August, owing to re- duced holiday requirements; this 18/0 "year, In the three weeks between August 23 and September 13, the circulation rose from £508,000,000 £553,000,000 an increase of £45,000,000.
#1"
18,60
20
to
Since then the circulation has declined somewhat, the present figure being around 2552,000,000. So far as actual cofriage was concerned, the position was more satisfactory. than in 1914. For some years the Royal Mint had been working at high pressure to meet the additional demands due to the increased industrial activity which, in part, was brought about
$1
$18.60 Cemente
$22 602
#914
Dairy Farm (New)
Miscellaneous « Dairy Farm (Old)...
$224
$211
$7
$8.00
$14
(obil)
$1.80
$8
$9
$102
2005
by rearmament.
94%
841
H.R. Wing On ün Bhal Wing D
141
$10
$9.10
Ch. E'tainmache
Constructions
Constructions (new)
37 Lane Crawford
Nanyang Tobacco ***
$1.80 Binceremon
89 Watsons
50% Ch. 0.5% 19700 BBds. BIL. Goth, 1% Loans
3051 H.K. Gor, $1% Loan
181 Vibro Piling ...............
Marasouna Itry. (Late)
Maramans Iny. (H.K.) Wm. Powalls
Bales. to Bhanghai
15/9
4/0
31
:
SHOE CO.LTD.
HONGKONG SUPPLIES AELİ
KINDS OF FOOTWEAR
that this
In the event of grave disloca-' War.
Hongkong Daily Press CLASSIFIED ADVERTISEMENTS
RELIABLE TAILORING
LADIES AND GENTS, TAILORS
We are disposing of all our present stocks of Ladies" Goods at price less than cost, as we shall from 1st Janu- ary be changing our business over to the sale of. Gents' Goods, and must make room for new stocks, shortly arriv- ing.
THE JUBILEE SILK STORE Specialists in Gents' West, Suits, Shirts, Pyjamas and Underwear."
31 Nathan Road, Kowloon,
Corner Peking Road.
Her EYES Won Hum
CLEAR MILKY WHITE LUSTROUSİ THOUSANDS CLEAR EYES. J Bacanis.Now Emy Wor
ES reddened or prominently veined by fata hours or indulgees thousands of girl now clone tham is seconds. With new scientine BE GENE. And what a diferees whan white are clear parkling white! Money back it faiz Refrenbon
his tired mym 118 magle. Bound—mit, Cel EYE CENE SE any drug or departmens stark,
EYE-GENE
Obtainable at all leading Drug & Department Stores Sole Distributors:
UNITED TRADERS-Hong Kong.
POLICING MINING-
DISTRICTS
-4
Telephone No. 50451
Jimmy's
BUTTERICK LADIES TAILÖR
Winter Sale
Ready made Overcoat and Dresses made to order. No. 16 Wyndham St. Tel 23815,
We have in Stock and for Sale Great Varieties of used
and unused, POSTAGE STAMPS in sets, bags, packets, single, and in approval books..
for collections also
KWEILIN, Jan 29 (Central) Flower & Vegetable Seeds
The Kwangst Provincial Govern-
men has decided to establish
a number of new police stations
During the five, pre-War years at the more importan, mining 1909-13 issues from the Royal Mint distric's in east Kwangsi, includ- and had increased the silver in ciring Fuchuan, Hohaien. culation by some £3,500,000, and Chungahan. Adequate police pro the bronze by £1,000,000; but dur tection, it is stated, was found! ing the five years 1934-38 the lacking in these districts to safe F.O. ver circulation had been increased guard the mines.
GRACA & CO. Dealers in Postage Stamps, Religious, "Goods, Garden. Beeds. Toys, etc., etc.. No. 10, WYNDHAM, STREET,
HONG KONG Box No. 620
Established 1896.
SUMMER
MARBLE HALL
(and Annexe Private Hotel), 34, Granville and 103, Austin Roads, Kowloon, tennis courts. Beautiful garden Rooms and suites with private bathrooms, All modern conveniences. Apply proprietress, 183, Austin Road: Phone 50233 and 34, Granville
Road. Phone 59433.·
DRESSES, DAY & EVENING HATS, BAGS & BEACH TUGS& at very moderate prices. Call on us and let us demonstrate to you
THE SHANGHAI SUN FAT COMPANY.
EXPERT LADIES' TAILORS
No. 30. Nathan Rosd, Kowloon...
YOU CAN NOW EAT:
HOTELS
Telephone No. .56848.
COOKED IN THE
RUSSIAN FOOD RUSSIAN WAY
TABLE D'HOTE, $100 ALSO A LA CARTE AT THE
USE
METROPOLE HOTEL
1940 ZENITH ®
NEW MODELS Just arrived NO AERIAL, NO GROUND, Just plug in and play CHUEN YEE HONG
54 Des Voeux: Road C.
TEA DANCE DAILY
5 TO 1.30 P.M.
MUSIC BY THE METROPOLE SWING BAND
Telephone 24311.
SPECIALTY SHOPS
MADE YOUR HOME CHARMING !
B. B. Co., LAMPSHADE
44A, NATHAN ROAD, KOWLOON.
ENGRAVERS
FEI FEI & CO. Photo Engravers 18, Cochrane. Street, Telephone No. 22224,
TEL:- 89431.
AUCTIONEERS
GREATEST CORA TAGON
BARGAINS IN JOWNI
AYMAKES
METHION BOOM