HONGKONG DAILY PRESS
Finance and Commerce
STABLE RATE TO BRITISH | TRIPARTITE
EXPORTERS
ASSURED
LONDON, June 8 (Reuter)--The Treasury announced yesterday several important steps taken in continuation of the policy of basing foreign trade on the official rate of exchange and of limiting the volume of transactions in the free market for sterling.
These measures will help to ensure the benefit of a stable rate both to British exporters and to importers in other countries.
AGREEMENT
ཏ་བ་ར་བ་ཡངཏ་ད་ཆ་ར་ཡང། ངས
U.K. FRANCE AND BELGIUM
LONDON, June 9 (Reuter)-The Treasury announces that a tripar-
tite agreement was signed on June between the United Kingdom France and Belgium to regulate
their mutual monetary and ‚finan- cial relations.
From the point of view of the Exchange will normally be pro- British war effort they will secure vided in their own currencies to that full value is received for residents in the U.S.A. and Swit- United Kingdom exports in the zerland in respect of commercial form either of imports or of cur- and current Anancial payments rencies urgently required for pay including Interest and dividends ments for
The document is materials, foodstus due to them.
based on the and munitions essential to the Thirdly, as regards transactions Franco-British Agreement of De- prosecution of the war.
with other countries outside the cember 4, 1939, and its general sterling and Allied areas, broadly effect is to include Belgium in the It should be noted, however, in the same effect will be achieved monetary and financial partner the case of UK. trade with the by extending the system of pay ship established by that Agree- sterling area, which includes allments agreements and special ac-ment.
THE MEASURES
The measures announced yester- day are as follows:-
SPECIFIED CURRENCIES
franc.
the
the British Empire with the excep-counts which enables a settlement An official rate of exchange has tion of Canada, Newfoundland and to be effected in sterling through been established between Sterling. Hongkong, Egypt. the Anglo- oficial channels at official rates. the French franc and the Belgian Egyptian Sudan and Iraq, no ques-!
The rate between tion of exchange arises and with Canada there is an agreement
Fourthly, regulations requiring Pound and the Belgian frane all having the effect of a payment Payment for exports of jute, rub-be the same as the rate between agreement.
ber, tin, whisky, fur and diamonds the Pound, and the French franc, to certain countries, including Bel- that 13, 176) francs to the Pound. glum and Belgian Congo, the
RECIPROCATION Netherlands and the Netherlands The United Kingdom and French Empire and countries
of South mcretary authorities will provide and Central America, to be obthe Belgian monetary authorities First. for the time being, no tained in certain specified foreign with pounds Sterling or French licences will be given for the selecurrencies or in sterling obtained francs required by them and rec!- in the UK. of securities owned by from the Exchange Control against procally the Belgian monetary au persons resident outside the those currencies, have now been thorities will provide sterling and franc areas.
Belgian revoked in the case of exports to francs required by Secondly, all exports from the countries other than the USA. Kingdom and French authorities,
the United
UK to the U.S.A. and Switzerland and Switzerland.
As a consequence of the finan- will have to be paid for in sterling Arrangements similar to the obtained from the Exchange Con-measures announced in London
cial partnership of the three coun- tries there will be an equitable trol at official rates or else in US. yesterday have been or will be dollars or Swiss francs, respective made by other countries in the division of charge on gold or for- eign exchange resulting from the war between the United Kingdom and France on one hand and Bel- gium on the other,
13.
sterling area
HONGKONG SHARE QUOTATIONS
STOCK EXCHANGE
Buyare
$1325
::
!!!
$16
You en
FINANCE.”
[SATISFACTORY RESULTS
REPORTED AT LANE, CRAWFORD'S MEETING
"I think shareholders will agree that the results cannot be re- garded as other than satisfactory in view of present world condi- tions, and the difficulties experienced in obtaining supplies, etc.. which followed on the outbreak of hostilltles in Europe." remarked Mr. P. H. Suckling, Chairman of the Roard of Directors, at the 18th ordinary yearly meeting of Lane. Crawford, Limited, held at Ex- change Building on Saturday morning, a
There was a working profit of $223,284.54 compared with $246– 647.48 last year. The payment of a bonus af„311,100 to the Staff' was approved by the meeting.
Addressing the meeting. the Chairman said:--
Although the Accounts under re- view show a reduced profit com- pared with the previous year's trading. I think shareholders will agree that the results cannot be regarded as other than satisfactory in view of present world conditions, and the difficulties experienced in obtaining supplies, etc., which fol-
lowed on the outbreak of hostili- ties in Europe.
ין
I might mention that it is propos- ed to write off the balance of this type of expenditure, amounting to $17.846.93, by a further appropria- tion from the profits for the year under review.
Depreciation has been provided. at adequate rates on all the fixed assets of the Company.
REDUCTION IN STOCKS
Stocks, which include stocks in transit of $81,124.33. amount to The Profit and Loss Account 5672,711.35, which shows a reduc- shows a working profit of $223,-tion of $140.121.09 when compared 264.52 compared with $246,547.48 with last year's figure. Owing to last year. Apart from an unavoid the international situation certain able decrease in the turnover we
Continental goods are no longer obtainable and in many have usually gathered in conneċ- tion with shipping business, our orders placed through our London endeavours to maintain moderate Agents have been delayed or can. materially affected our price levels. despite rising costs, only be met in part. The stocks profit during the last few months
increase of
ratio of
cases
MONDAY, JUNE 10, 1940.–PAGE
SAY
Gordon's
...and know what you're drinking/
DRY GIN
DISTILLERY LONDON
NO COLOURING matter NO INJURIOUS INGREDIENTS
Rural Development In Shensi
1g
government
SHORTAGE OF RICE IN SHAOHING
CHUNGKING, June 8 (Central)
A formal agreement will be sign-food has risen to over $100 per
abth. ed shortly,
Not a few refugees are said to have died of starvation.
K
en hand are in first class cond tion, and I am satisfied that the of the year under review,
depreciation provided is adequate, Sundry debtors amount to $180.-
SLAN, June 8 (Central) — Mr. DEPRECIATION ON PLANT
142.42 compared with $220,038.40 sun. Shao-chung, Shens Commis- On the debit side of the Account last year; the drop in this figure storier of Reconstruction," who I do not consider that any items is, as you will realise, directly at-now in Chungking, has completed call for explanation with the ex-tributable to smaller turnover: In-negotiations with the Joint Head A Shanghat message says that ception or the items "Depreciation" cluded under this head, however, office of the tour and "Bad Debts written off" The is an amount in respect of certain banks, namely, the Central Bank, there is an acute shortage of rice former amounts to $67,749.20, ao cargoes in enemy vessels which the Bank of China, the Bank of producing town to the south of in Shaching, the well-known wine-. $25.509.72 over last took shelter in neutral ports. Communications and the Farmers' Hangchow Bay in north Chektang. year's figure, which is entailed by of exchange in payment for these Bank, for a loan of $37,000,000 for about 35 miles southeast of Hang- the provision of depreciation on cargoes have, however, been met the development of rural economy chow. The price of this staple the plant, etc., employed in cur and the Company may be called in Shens, new Bakery at Stubbs Road. The upon to bear the less if the goods fatter item at $9,795.69, represents do not arrive. WITH NETHERLANDS Signature of the tripartite finan-an increase of some $2,000. com-
We are endeavouring to. effect cial agreement between the United
pared with last year.
trans-shipment through the woud
the Kingdom, France and the Nether-
There is cheaper rise in The unfortunate failure of twu offices of our Bankers, but as the which will no doubt be gratifying
neighbouring districts but owing Tomla lands is expected within the next trade customers to meet their ac- situation is rather obscure your to Shareholders."
to the war and difficulty in trans- few days, full agreement in prin.counts owing to financial difficul- Directors have considered it advis- Trade Creditors amount to $288-port there are few shipments, ciple having been reached.
tles, is responsible for the major able to recommend an appropria-772.12, a reduction of $57.619.24
Shaching residents in Shanghai portion of the amount written off. tion of a further $10,000 to meet compared with last year.
and Ningpo are devising measures. It will, however, be appreciated this contingency, thereby increas- Our averdraft with the Bank to relieve the shortage. In their that the total figure represents ing the bad and doubtful debts amounts to $315,478.47. compared native town. only a very small percentage of reserve to $20,000.
with * $463.303.53 on February our turnover, and having regard to
Turning next to the liabilities side 23, 1939. This represents an im- the nature of our business may of the Balance Sheet, you will provement of $147,827.06 which I MORE: TAXATION be considered very reasonable.....
notice that the General Reserve feel sure you will agree is very
IN AMERICA" To turn the Balance Sheet, now stands at $200,000, and the satisfactory, especially when it is you will notice that the fixed as Reserve for Star Passages and remembered that this reduction WASHINGTON, June B (Reuter) sets amount to $2,566,517,84 com-Contingencies at $21,661,74, Your has been effected
after paying-The House of Representatives”- pared with $2.673.302.89 last year. Directors recommend the transfer $100.000 of our mortgage indebt-Ways and Means Committee has You will observe that capital adof a further $50,000 to the former edress, in addition to the pay-approved a BIL to raise by taxa- ditions during the year only Reserve which, if you approve, willment of a dividend which absorbed tion $100,000,000 to defray the cost
I think. gentlemen. that fully explains the Accounts before you.
SHAREBIOKIES ASSOCIAZION
SATURDAY 8. JUNE.
Banks
H.A. Banks........
Do. (Col.)
Enyer Bollar Salet
£78
81330
£91
Do. (Long)
£78
£81
£81
Chartered Banki
230 Marcantile Bhs. "12
£12) Marcantile Rka, “CA
£30A
873
Bank of Bank Ada ...
£18
$74
50 ct.
3218 8455
EB cta
#170
$120
8100 $100 58/3
$6.90
24524
N. C. & 8. Banku ... Insurances
$218 Canton InenPACIÓNS-
**
(Union InsurRMOM
(83 cts. Underwriters
8180 HI. Firos
Skipping
$120 Douglas
$11 Starbont 8100 Indo-China
90 Indo-Chizae (Dut.)...
56/3
Stelli
$8.90 Waterbcata
Docks, Wharves.
:.
Godowns, eto.
$96
HK. & K.. Wharves "805
Providents
£31
Providenie (now)
8161
H.K. Docks ( Old )...!
$16
H.K. Docks (New)
$106 $161
$181
do Rte.
8201
Mining -
17/03 Kailane $3.85 Bsabe
17/6
826 Shanghai Dooks # ***
$4.20 BE. Position
86
$16 20
|Venerua's Gold Fide
6 eta, Hong Kong Min ... Lands, Hotels and
Bellding
84.30 H.E. Hotels
33% B.K. Landa...$32
$10 Do. 4% Debendors
$10.40 Bhanghai Leads &
Humphreys .....................
$104) Chinose Estates
Cotton Mil
835) Rwo. (8.). 8210 B'hai Cottons (B.)....
Zoong Bings (8.)
Wing On Textiles (8.) Public Utilities
Tramwaje. ......
87.40 Pank Trama jold) ( $3.70 Pink Tmama (nev) ... $50 Star Ferries
$22.85 T'mati Farrios
$6.85
Do. (new) Chipa ghi (0) China Lights (New) China Loghts Ria. H.K. Electrion
822.10 Macao Electrics $11 Bandakan Lágb $234phoses (w)
Tulephone (u) n
¡Tractions
Tracklons (peed.).........
· Industrials
$14.90 Cald., Maog (Ord.) 8.
Cald., Macg. (Pref.) 8.
$16
་ ་-་
#41
***
868.40
| 810.20
Desser
$20. Dairy Farm.........
$12
81.
Canton Ios
$151
Comente
ht
Miscellaneous
Dairy Farin
$7
Ch. 'ainmante
$14
Contractions
81
Constructions
Nanyang Tobacco
307
Lane Crawfords in
$2.80 Binder
$81
WRINKLA
43% Ch. G.5% 1996G BB41,
$103 H.K. Gori. 4% Losos
H.E. Govt, Loma
$39 B.K. Wing Os
B'hai Wing On
€8 Vibro Ping
Haramans Inv. (Lon.).
Maremate Inv. (HL)
Win, Powals an
#Bales 'o
Shanghai
. 10/0
4/0
#1
$8.70
868
$19
$9.50
::f
::
B
Thus the union of the pound countries in their war effort will be effectively extended to the economic sphere,
TIENTSIN SILVER QUESTION TOKYO. June 8 (Reuter)-Pros- pects for the initialling of an agreement between Britain And Japan on the Tientsin silver ques- tion are favourable, according to the press today.
Discussion of the Tientsin issues has been continuing for the past two or three weeks until only one or two points remain unsettled: it Is also reported
The British Embassy, however, continues to be non-committal on the subject
ARMOUR - PLATED TANKS
OTTAWA. Juhe 8 (Reuter)-The Canadian Government is sending engineering experts to London to study the possibility of producing. heavy armour plated tanks in
$3.90 Cr nada.
$100
$4.20 87.76
#36 $210
8120
$16.20
sagg
$50
822
324
88.70
23/0
$1 $10,20
Mr. Norman Rogers, Minister of National Defence, states that four railway and four forestry com- panies will be recruited for service overseas.
They will be ready to go to Britain as soon as they are wanted.
BANK NOTES IN CIRCULATION
Returns of the Average Amount
uf Bank Notes in Circulation In Hongkong, during the month end-
ed May 31, 1940, as certifled by the
amounted to $10,984.15, and the re- then amount to $250,000. duced figure results from the in-
$80,000.
cidence of depreciation, plus the MORTGAGE REDUCED appropriation of $50.000 approved The Company's mortgage indebt-
DIFFICULT PERIOD by shareholders at the annual gan-edness to the Bank has been re- The improvement to which I eral meeting last year, which was cuced by $100,000-during the year have just referred may be consi- used to write down the major por- and now amounts to $1.650.000,- dered evidence that we have com tion of the cost of building altera- The amount repaid this year is pleted a difficult trading period tions at Stubbs Road Bakery, Here double last year's figure, fact
Continued on Page 11
SHOE CO. LTD.
HONGKONG SUPPLIES ALL
KINDS OF
FOOTWEAR
TO LET
TWO FURNISHED ROOMS-
Hongkong
CLASSIFIED ADVERTISEMENTS
Daily Press
TO LET
Large, furnished or unfurnished YOU CAN NOW BAT:-
of national defence."
OTTAWA, June 7 (Reuter)-It is Jearned that an agreement has been reached between Canada and France for the control of foreign" exchange dealings similar to the agreement now enforced between Canada and Great Britain.
相照
藝富
41
ROYAL STUDIO
." Art Photographer
Excellent Enlarging & Developing
HOTELS
39, Queen's Rd C.
Tels. 21184 & 33008.
(One bed room and one sitting room near Bus station, Waterloo RUSSIAN FOOD COOKED IN THE
room) with bath room. Full board Road, with Laundry and with.or and laundry. $350 per month. without Breakfast. Managers of the respective Banks Apply to Box 337 c/o Hongkong
5
are: Chartered Bank of
India, Australia and China
Hongkong and Shang-
$25,700,302
hal Banking Corp. 195,132,228, Mercantile Bank of
India, Ltd.
Total
4,815,807
$225,848,337
SELLING RATE FOR DEMAND DRAFTS
The figure representing the aver- age opening selling rate for the #lès ( month of May, 1940, of the Hong- kong and Shanghai Banking Cor- poration for demand drafts London is settled at 14.54.
$3.40
32.20
28.40. 43% *103°
$30
t:
$14
TREASURY BILLS
Daily Press, or Telephone 26585,"
For particulars please apply to Box No. 334, c/o H.K. Daily Press, Ltd. or phone, No. 30251.
H.K. STOCK EXCHANGE
Saturday, June 8. The morning passed off very quietly.
BUYERS
H.K. Banks. $1330. Providents,, $3,80. Trams, $10 Esectrics, $58.25.
SALES
Union Ina, $450
HONGKONG
SHAREBROKERS"
ASSOCIATION
The total amount applied for. in tenders for £65,000,000 Treasury [Bills was £116,385,000. The aver- age rate per cent. for Bills at three months WILL 20/4.778; against 20/4.11d. a week ago, according to Union Ins British Wireless.
Volume Of Business Transacted on Batturday, June 8, 1840.
: 15 3450,00 The total value is $6,750.00.
Fully Furnished Room Laundry included-Healthy Locality, North Point-Breakfast Optional --—--- $40. Telephone 30251 or write Box No 315 c/o Hong Kong Dally Press.
Just Received
Fresh supply of the best varieties of
#
Reliable and Tested
Flower and Vegetable
Seeds
from","
Button & Sons Ltd. Reading now obtainable at GRACA & CO.
Dealers in Garden Beeds, Postage Stamps, &c. &c.
No 10. Wyndham Street. Established 1896. Enne Kope.
RUSSIAN WAY TABLE D'HOTE $100 ALSO A LA CARTE AT THE
JJ
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.
AUCTIONEERS
GRLYFEST CORLU TRX OF BARGAINS IN TOWN!
LAMMERTS MCHHON ROOM Lunately, Br Med 2 4 ani. Bad Conta a Telia No 2002
Jimmy's
TEA DANCE DAILY A
5 TO 7.30 P.M. MUSIC BY THE
METROPOLE SWING BAND
Telephone 24311.
ENGRAVERS
FEI FEI & CO. Photo Engravers
18, Cochrane Street, Telephone No. 22224.
BUTTERICK
Expert Ladies' Tallor
New Style Ready Made Dresses FOR SALE.
16, Wyndham Street, Tel. 23615.