12
HONGKONG DAILY PRESS
in
Finance and Commerce
FRENCH FUNDS Increase In
IN U.S.
Pay For
MORGENTHAU AND Servicemen
LABOUR HAS MISGIVINGS
NEW TAXATIONS CRITICISED
of
rence
FINANCE
Development Of China's Railway Network
National
Government of
new, lines
Japan's aggression deprived the 1,500 kilometers of railways, but 633 kilometers of have been completed with an extensive programme under con- struction, according to Mr. Chang Kia-ngav, Minister of Com- munications.
The new railways projected or ander construction include the Hunan-Kwangsi.. Railway, the Sulfa-Kunming Railway, the Yunnan-Burma Rallway, the Kwelchow-Kwangs! Railway, the WAR DEBTS
LONDON,, August 9 (Reuter) —
Chenstu-Chungking Railway, and the Northwest Railway System. Sir Kingsley Wood, the Chan- WASHINGTON, Aug. 9 (Benter? cellor of the Exchequer, in
LONDON, August 9 (Beuter)- The Hunan-Kwangsi Railway of Szechwan to Burma and India the On the committee stage of -Mr. Henry Mogenthau. at a Dress House of Commons yesterday, anginance BiH, Mr. Pethick Law Southwest
the was originally projected to connect and develop the backward sections China with French lot Yunnan. Wark has been pro- conference yesterday, disclosed
In the House of Commons | Indo-China, the first section|ceeding satisfactorily for two years that the United States was conanounced that in consequence dering the possibility of taking the additional taxation on tobar yesterday said the misgivings of Hengyang-Kwellin) being soon but must of necessity be delayed co and beer, as well as increased the Labour Party as regards the completed and extended to under the present circumstances, World War Debt payments out of
Purchase Tax were by no means Lluchow, from which a highway although every
is being "frozen" French funds in the postal and railway charges,
the increase in the cost of living. removed, but they did not wish runs to Chungking. Kwelyang, and made to ensure progress. United States.
an increase of aixpence dally to thwart the national effort and the Northwest. The fall of Nan- Maintenance cost of railways in will be made in the pay of War: did not intend to appose the pas-ning stopped further work on the China is so low that it would be rant Officers, non-commissioned
sage of the tax.
other two-sections, one of which possible to establish attractive officers and men in the Navy.
The amendments the Labour was almost finished
freight rates from Sulfu to Burma. Army and Air Force.
Party would propose were not de- The Stufu-Kunming, 773 kilome-competing favourably with the signed to destroy any large part ters Tong, will connect Sulfu on Yangtze route and the much lon of the revenue.
the Yangtze River in Szechwanger sea transit from Shanghai, with 'Kunming. the capital of
He added that before French funds are released he wanted to see what happens to American *Investments and debts over
there"
"IT IS SILLY” ·
the "freezing" Asked whether regulations, such as were imposed countries, German-occupied
applied to Germany Mr
по
also
Mogenthau said "no."
and
The cost of this additional grant, which he hoped would be brought into operation at the end of the month, would be in the region of £9.000.000 for each 1,000,000 men.
effort
BOOKS TAX
RAIL CONNEXION. Sir Percy Harris (Liberal) sald Yunnan. This is potentially one of the tax was not very much more the most important railways in With the Suifu-Kunming line
referred The China, as it will carry the produce just
to the Yunnan- attractive than originally.
Burma Railway would valuable
give Chancellor had made concessions to family life, parti-
through rail connexion between the upper Yangtze and the fron- cularly in exempting children's Mr. clothes. If the tax was to produce
tier of Burma. The survey runs
Commons
|"through"country rich in coal revenue, the House of would have to join the Chancellor in resisting some of the amend- ments, but there was a real feel-
books ing that the tax on
The Klangsi Provincial Govern "Any amount of money can be
sment has established an Institute Germany and there sent to nothing we can do about it. It is of Industrial "Research with
with Chang Tse-yao as director. peace
silly, but we are at Germany," he concluded
-INCREASE IN
M.O.I. STAFF LONDON, August # (Reuter- Viscount Caldecote yesterday in-
31
1.385. WLS Overseas.
excluding staffs
He added that there had been ari over-all Increase in personnel country. since October last.
41
TAXABLE FIELDS
was
H.K. STOCK EXCHANGE
The week's trading has been the 'poorest for a very considerable
are
SATURDAY, AUGUST 10, 1940, -PAGE
Satisfied? Quite ! IT'S
"BLACK
& WHITE"
NO IF OR MAY BE IT'S THE SCOTCH,
LONDON STOCK HUGE FINANCIAL
EXCHANGE
£
(Red
Burma gets its coal from India, and the price in Rangoon is over (REUTER'S SERVICE) 25 rupees per ton. Other rich re-
London, Aas. 8. sources
to be found against the best traditions of the period An effort to discover why but here again the sad fact of middle prices at the close of the The following quotations are "the along the Yunnan-Burma Railway,
there exists this state of almost construction suffering from fack market in London. All quotations complete apathy finds it impossible of imported materials has to be are subject to confirmation and no The total annual expenditure of Bir Kingsley Wood, replying to ascribe it to any one particular recorded. The distance from the responsibility is assumed for errors formed the House of Lords that salaries and wages of that staff said he had done his utmost to reason. The interim dividends re-terminus, Kunming. to Burma is in transmission,
at a rate of approximately meet the views of members while cently announced by some of the 880 kilometers, and work has been the total staff employed in the was
retaining the purchase tax in Utility Companies indicate they, at progressing for one year. Con- War Loan, 31% Ministry of Information on July 403,000.
modified form. If he accepted all any rate., are meeting with some struction is difficult, as tunnels the amendments relating to cloth-measure of success in spite of the will be numerous.
after 1952) Ing. he would lose a taxable field uncertain outlook. Possibly if that meters long.
is 610 Janton-Eloon Rly. 5 or €315,000,000.
Chinese 41% Gold Loan elusive sprite name "Confidence" could be induced to pay us a visi620 kilometers long; is to connect Chinese 5% Gold Bonds,
The Kwe:chow-Kwangsi Raliway, 1896 Brit. Issue)".... price levels ruling today might Liuchow fr Kwangsi with prove attractive to a gradually weiyang capital of Kweichow, Chin 41% Anglo-French
1925-47 .... widening circle. The Land Co., has work began in September, 1939, declared an Interiin of $1 payable and it has been possible to utilise Chinese 5% Crisp Loan. 27th Inst. This is a slight dis- material removed from" invaded appointment as the interim läst territory and from the suspended
HONGKONG SHARE QUOTATIONS
STOCK EXCHANGE,
Buyer Bailers
Namical
SHAREBROKERS' ASSOCIATION
FRIDAY Enyer Bailer Sex04 -9 AUG.
Banks
H.K. Banks
$1180 C.D
$1185. C.D.
X.D. £86
Do. (Cal. Reg.)
£68
£62 £8
Do. Len, Rog.)
£62
Chartered Banke
홍인15
$350.
1 "
$3,20
128 Mercantile Bks. "A".
1
Mercantile Rk. "C".
273
Bank of East Asia.....
8180
#120
Donglases
$11
8100
OKE
32/0
Shells
8164
N. C. & S. Banks.....
Insurances
Canton Insurances......
Union Insurances.......
10 eta. Underwriters
H.K. Fires
Shipping
Steamboats
Indo-Chinas Prof.)...
Indo-Chinas (Def.}......
$6.00 Waterbinats
$00
Docks, Wharves, Godowns, etc.
H.K. & K. Wharves...
H.K. Docks (Old)......
315 H.K. Docks (New).....
827+8bangbai Docks...
10/0
Kailans
$3.55 Baubs
5 cta. Hong Kong Mines......
$3.60 Providenta
Mining
#:1:
{DJ
Again, the omission of all art cles chargeable at a reduced rate would involve the loss of a taxable field of more than £350,000,000..
Obviously he would not accept
amendments of that character.»
As far as newspapers. and books were concerned, he would give careful attention to the debate but £98 he hoped that members would rea- £nf ise that they were part of the
473
taxable field
50 ct.
year was $11.
BUSINESS" DONE DURING THE WEEK,
H.K. Banks; $1180, 51185. China Underwriters, 10 cents. Providents, $3.80.
$210 MARKET REPORT Hotels $3.10, $3.20.
$345
10 eta,
$150
$120
810
$100
$100
32/8
fi
FROM ROZA BROS.
The price for Ready Silver was unchanged yesterday at 23.1/2 but the Forward' rate dropped 1/8 to 22.13/16. Silver advices reported Speculators as having sold A small business was done. $6.90 market
was steady, American Silver was quoted at 34.3/4 for Spot.
The
The London/New York cross- rate was quoted at 402.1/2,
$80
$3.56
816
$154
827
Quiet:
16/0
MARKET
STERLING
"
One
Loan, 1908
1912 ******
Chinese 5% Reorg, Loan, section of the Hunan-Kwelchow „1913 (Ldg. Is.)
ne. Kweyang within the last two Chinese 9% Ster. Noter. years has become a very impor- 1925 (Vickers) tant "center, "roused from its Chin. Imperial Rly. 5% lethargy of centuries by the, in-
Loan.... flux of population and technical | Honan Rly, 5% skill from the coastal provinces. |Hukuang Rly, 5%, 1911.
The Chengtu-Chungking Raliway
UNDERTAKING
SIX NEW AIRCRAFT FACTORIES FOR U.S.
WASHINGTON, Aug. 9 (Reutery —The Reconstruction. Finance Corporation has agreed to finance the building of half a dozen new aircraft factories at A Cast of between $150,000,000 and $200,-
000.
This information was given to the Banking Committee of the House of Representatives yester day by M.
the Jesse Jones, Federal "Loan Adminisrator."
30
35
44
13
Mr. Jones added that the money included a loan to the Packard Motor Company for the manu- facture of Rolls Royce engines,
18
Chinese Eng. & Mining
(bearer)
13 Chosen Corporation. ... 4 Pekin' Byndicate
S'hal Elec. Constr. Co.
18
(LF. N/Y Issue)'
S'hal Waterworks "A"
-131
Union Insurance ..
20
(German Issue) Lung Trung "D. H
11
Gula Kalumpong Rubber
13/0
B-A, Tab, (bearer)
8
Mercantile Bank
71/10 211
12
Dunlop Rubber
26/9
Briatal Aeroplane
9/8
8
Imperial Chemical Ind. 24/4)
Dritted Steel
18/101
Woolworths
54.
Marsman. Investments -
7/8
Western Holdings
7/6
Sub-Nigel
162/6
Shell Trans. *
(nearer)
Trad.
32/6
33
Nat Defence Bands, 3% 100) London-Midlands-Scot-.
SALES
tlab. 3%
111
HK, Banks, $1190 Lands, $30.50. Watsons, $8.15.
82"
Great Western Rail-
and opened to trame-(Central H.K. & S'hai Bank (Col News),
Nat. Bank of India. 8%
27
Rex)
66
way, 3%
251
BUYERS
Lands, $32. Tramways, $151.
18 523 kilometers long, important, Hukuang Rly. 5%, 1911 work having been completed on China Lights (0), $6)."
the China Lights (N), $3.80.
Chungking-Nelkiang section,
Rly. 5% 1913 Electrics (0), $37, 8361, 2361, $37, from which a branch to Sulfa will Electrics (N), $354.
be completed before the main line 'hai-N'King Rly. 5%%% Cements, $15.
is finished. From Suitu there is to Tientsin-Pukow Rly. 5%
(Brit: Stpd.) be all-rail connection with Burma.
Tientsin-Fukow Rly. 5% With regard to the Northwest
(German Stpd.) Railway, System work is in progress Tientsin-Pukow Rly. 5% fram Pacchi, railway termiņus on
(Brit. Stpd. Bupl. Loan) 8 the Lunghai west of Sian, to Tien Tientsin-Pukow Rly. 5% shul 165 kilometers, One of the
(Ger. Stpd. Bubl Loan) branches of this great Northwest Jap. 6% Ster. Loan, 1924 344 System passes through a rich coal Ger, 7% Intl Loan, 1924 42 mining area, and the major por-Chartered Bank. tion of this branch line (Sienyang. EK & S'hai Bank (Lễn.
Reg.) Tungkwan) has been completed
H.K. Banks, $1185. Union Ins.. $346.
Hotels. $3.10.
Lands, $30.50. Electrics (0), $36,73; SELLERS
Lands, $31.
Lands. Hotels and
Buildings
..
#3 20
H.K. & S. Hotala...
$3.10
131)
::
87
$100
I.K. Lands..
Do. 4% Debentures.....
79.90 Shanghai Lands..........
$36
H.K. Realties.....
Tlumphreys
$101 Chinese Estates.
Cotton Mills
$34) Ewo (8.)
$200 S'hai Cottons (8.)...)
Zoang Sings (8)
Public Utilities
$3.20 $31 831
3100
$3.70 $61
No business was reported. There. were sellers at 1/231/32 up to November, buyers at 1/3 for any delivery.
U.S. DOLLARS
A small business was done early In the morning at 22.5/16 for the last week of September. The mar ket closed at 1 pm, With sellers 22.1/4 September, possibly August, buyers at 22.5/18 for near and forward. “
$34 "$200
at
Wing On Textiles (8.), 3115
9151
H.K. TramwBydiant
$15
$7.40 Peak Trams (oid).....
$8
$3.70 Peak Trams (new)....
84..
#57)
Star Ferrienamie
557
321
Y'mati Ferries........... $11
China Lights (0)
88.36
$3,80
China Lights (New)..
$3.00
$381
$37
6.K. Electrics (Old)...
#37
$351
H. K. Electrica New)... #384
#361
$17
Kaeno Electrics (Old)
016
Macao Electrics (New)
811
Sandakan Lights.
#22
Telephones (old)........
i
:
881 Telephones (Dew)......
S'pore Tractions (Ord.)
Industrials
$14.50 Cald., Maeg. Ord.) E.
Cald., Macy. (Pref.)8.)
Cethonta
H.E. Gort Loans
$12
$1
Canton Ice....................
H.K. Eopes
$99
14% Loan
.806
31%
"
$95
3%
810
Dairy FA
$8.80 Entertainments:
(1934)... (1940).... Miscellaneous
$1.60 Constructions (old)
81
Constructions (new)..
17.45 Lane Crawfords..........
Nanyang Tobacco
82.15 Bincerts
Watsons
Ch. 0.5% 1925GB
35%.
$39
I.K. Wing On
B'hai Wing On
日 Vibro Filing vipiétones
Marsmans Inv. {Lon.)
7/0
4/0. Marsians Iov. (HK)
怎 Wm. Powell.........
+Sale to Shanghai
***
$22.
SHANGHAI DOLLARS Opened with sellers at 388 with a small business done subsequently at 400. Later business was done at 398.1/2 and 398. The market closed at 1 p.m. with possible sellers at 397 for Cash.
آ گیر
SHANGHAI MARKET
Sterling' opened with sellers, at
SHOE CO.LTD
HONGKONG SUPPLIES ALL
KINDS OF
FOOTWEAR
3.47/84 and closed steadier at HONGKONG
3.3/4 for Bpot, U. 3.
8.30 at 5.19/32 for Spot.
Dollars
AFTERNOON MARKET
Qalet
50 ota.
#143 is
100%
805
STERLING
The market closed with sellers at 1/2.31/33 up to November. buyers at 1/3 for any delivery,
U.S. DOLLARS
The market closed with sellers August/Beptember, $183 at 223/16 $6.20 buyers at 22.1/4 for Cash. $1.86
$2.06.
$7
$7.75
30°
$38
$14
SHANGHAI DOLLARS Business was done at 398.1/2 for Spot, The market closed with sellers at 388.1/2 buyers at 399.
SHANGHAI MARKET
SHAREBROKERS
ASSOCIATION
Volume of Business Transacted on Friday, Aug. 9, 1948. ELK, Banks China Lights (N)
HK. Tramways
Hongkong Baily Press
CLASSIFIED ADVERTISEMENTS
FOR SALE
A selection of the best varieties of
2 $1,190.08 RELIABLE & TESTED
1,000
3.55
100:
3,60
200
3.60
200
15,50
1,502
The total value is $10.110.00
COOPERATIVES
SHENSI IN S
- MIÁN, Ang. § (Central) There are now over 8,000 oc-operatives In Bhensi province with more than 400.000 mmbaug, according Sterling opened this afternoon to the Shenat Co-operatives with selfers at 3.49/64 and closed Bureau, which has drawn up a a shade easier with sellers at 3.3/4 new project for the readjustment U A Dollars opened with sellers and further promotion of the co at 5.19/32 and closed a shade easier operative enterprises to develop with sellers at 5.9/16 for 8put.
rural economy.
FLOWER AND VEGETABLE
SEEDS
From
Messrs. Suttons & Sons, Reading. Messra Atlee Burpee & Co., Philadelphia Messrs. Arthur Tales & Co., Ltd., Sydney
The opportunity of serving you will be a pleasure and your commands will have our best attention.
GRACA & CO.
No. 10. Wyndham Street
O Box 620 Hong Kong
相
富”
ROYAL STUDIO
Art Photo
Excellent Enlarging
HOTELS
Developlus
39, Queen's Rd. C.
Tels. 21184 & 33008.
RUSSIAN CUISINE
MORE POPULAR EVERY DAY
METROPOLE HOTEL
AUCTIONEERS
GREATEST COLLECTION AR BARGAINS IN POWS
..1 LAMMEATS ALCETON ROUM
Teletube. Ma. Morta
EAT
Jimmy's
TEA DANCES
Tuesdays
Thursdays
·Saturdays:
Sundays
5 to 7.80 m.
·ENGRAVERS
FEI FEI & CO. Photo Engravers
18, Cochrane Btreet.
Telephone No. KAZA
INSURANCES
The National Muius! Life Association of Australasiaoffies you the best. conditions for fund for old age, and your family in case of your desti Annuities and educational
Policies
are: 250 Issued.Insurs now, - Ontes fund, De Vormi Ed. Central (6th Boo Boum No. 60), Bank,
Canton
Bulld ing.
Hongkong
Tel. No. 97478, USB. K. WELLS.