PAGE 10-HONGKONG DAILY PRESS
FATE OF BANKING BOUND UP WITH ISSUES BEING FOUGHT
OUT IN THIS WAR
The following are extracts from the statement by the Chair- SIR CHARLES A man of the Mercantile Bank of India, Ltd.. INNES, K.C.SI, CIE, on the report of directors and sheet for the year ended Dec. 31, 1940:-
THE ACCOUNTS
Sk and eggs have
1 do not think that need sus calarly affected, but
the necuunte
much abou!
balance sheet 18 Just what you Exchange would expect frean au Bank at a me when internation al trade has been disorganised by war conditions
to 1101
The chief point China under the
is that our position is Nanking Government
We lly and
exceptionally deliberately malblaned
bala
FINANCE & GENERAL
Finance and Commerce
Chinese Tung Provincial Trade Enterprises
Oil Export
To Be Readjusted
The first meeting of the committee to supervise provincial trade compauses, organised by the Ministry of Economic Affairs for the purpose of readjusting the structure and policy of provincial trade enterprises, was held in Chungking. Fresided over by Mr Chiu Fen:
meet lag
attended Dy Ma Keh-halang. Fang sung chow. Chun Yuch. Liu Yan
Chen
Chuns Ting-chu,
Chi lins. ard
Wal!
MONEY AND EXCHANGE
CLOSING QUOTATIONS
SEPTEMBER 5, 1941.
been part- The restric
Ter Wi
361
ย
1,49% UVED CHE
*
B
Te
Antaka
LET LAME 18
gravely
Loaded high on American heavy
Burma Road duty trucks on the
Chinese The Hom are applied trom
ang oll ure drums tline to most majer comodities heading for tankers and freighters Another threat to British trade in the Raugam harbour, to sup-
China is the recent opening of ply American defence and indus-14 new Central Reserve Bant trial needs
cur Messrs For tung oil is control of the of China's leading cash export In spite of products, and on it is secured the US$25,000,000 credit grunted by the have everything, however. Shangha: It
I sell enjoyed
measure of American fair
Government
1940 Local, The Chinese authorities. are en ties prosperity ring the year
h.dustries all did well, and 99|deavouring to export more of the
s.ared and nation's industries were
production 2,400,000 Subtil, nrtals 11 is flourishtig
Tung
Foreign Wir whelter
1: H of markets
The export of Chlaese tung oil prosperity zo very deep fur
WIN one of conzader began as early as 1869, when the
sent to the je In addition the first shipment was
cm-huan. Tung Chien Tsa ding
to
Dr. Wung Wen-bau. Minister of
Alaira. when bouninte
x0 present. delivered a short address Dr
Wats
!n London:-
Uratk
Jo Shanghai.-—
On demand
4Hi
I became an im- ments t carry readiustments in accordance with the plan of the Central Government
Jn Singapore----
On demand
.. 02 3/4
On Japan...
Vi
dis-
1214
וני
Transter.
is an obvious precaution! like the present but naturally affects the erong power of $56 Bunk
For the rest, deposits and
but larger declined Dwg to
vestments
advances
buta arr have
ΤΕΛΟΣ trading
conditions
have increased
but whe
Transfer. 12-
Telegraphic Wing said that the Generali lasting had been Taking A Kresi!
Bank Bille, on demand 1,2 7 m interest m the work of provincial Credits 4 monthư” sight
companies and had wired various
KOVITI provinctal
and among
must
well maintained
Wi
Overcast un United States
THE FETURE
the uln2314 ojol experts
by
cing production, assisting in the pramotion of people's livelihood,' on and not competing with private, business interests or increasing ( the burden of the people.
I
On demand Paris:-
that 1 Fur Fass and I cannot speak portant export product from 1875 ts due mainly the Caci
The 110 lgnty
courage and when its use in the manufacture they are longer on the wate
Wong Huxter of paint and Jacquer was WER! however. į ability with
These readjustmetils, D
On demand difficulties spite of all
J'ar Manager
1315 Shangha. covered by the Frenchman Coes Further said, were necessary in or-On India:-- difficulties these
In war der that the operation of the pro- Felegraphie helude
in Banen Bonducing the aflairs of The discovery of its use a sharp
rise
tli stimulated Industry further the Bank during a period of con
vinciai trade companies may
and demand taxation not only in this country
Store export of Chinese Fuftg
brought to be with the national, On New York:-- bu also in most other countries! Lunous didiely and anxty
Then and un the war exports i economie poilcy, thereby enchan- where we do business, our profis
little about the Fu have constantly been going upward have beri
Elus Bank is From 352.481 qubitals in 1012 tona ;l I'll have been able to pay our usual' tar
increased 1 506.141 usual bound ap dividend and to make our
w/111
which are quintals in 1923, 105.944 quintets allocations These results, Ink he restendeus insites.
847.383 quintals are satisfactory, and we rah, deal wing buget out in this gigantic 1930, and congratulate Mr Crichton.
like every e else in 1936 war, and this country. I have no fearr ad!
regards As the final result
Wild mediate prospects.
Pengnize that since we are an Exchange Bank, our prosperity. depends matnly on the prosperity
and inter Bons Import and Export control. of international trade
Brake 1r the reasoOES national and Exchange restrictions Davi thrown
statistis comparative
which I have already bristly
We have even if the material or makin. diepted is at a low ebb
mind the effect of the Exress Profits Tax combin Beture the Witr Tradi with with the nigh rate of income Cermany
withi the ther
now limiteri Our profits are Tax
TRADE SURVEY
I would not be approqatave to present circumstances to at emot any detailed survey of trade con dition in the countries where have
branches
Deretine regula
them WETP
avullabie
out of gear.
countries
tid
Ou
thu
'I'
completely also to beat
الأوائل
ALL-TIME HIGH
export
The 1937 Ugure reached an all- 1.099,700 quintals time high ot
ell Most of that your's Chinese ports 26 Summer After August, the quantity decreased rapidly on account :1 the Wat around Shanghai Exports drop
to 695.777 quintals Ped sharply.
shin 1836, when most of the ments were sent to Hongkong lo the Canton-Hankow Rallway. The fall of Canton and Hankow October, 1938. forced Chinese tung
On demand
After discussing the proposals | submitted, the meeting deelded to! On dispatch officials various pro vinces to assist them in carrying on Manila:- out the necessary readiustments...
Central News!
LONDON STOCK EXCHANGE
w we we made in our standura | 11 exports to take the long and middle prices at the close of thei
เป Contirent Eur pe now ocrupled og dominat Year
ed by Germany
CHINA POSITION
and muroVe
الماري
Shanghai Exchange
Shanghat, Sept. 6 (Reuter
omela TT. Raier
55:16
MONDAY, SEPTEMBER 8, 1941.
HONGKONG SHARE QUOTATIONS
STOCK EXCHANGE,
Bayer Bellora
Balgo
Yday''
Last Hafo
$1440
SHAREBROKERS" ASSOCIATION
FRIDAY Buyer Baller Bonelax
5 SEPT.
Bank.
81460H.K. Banks
UNI
£784
Do. (Col. Reg.)....... Do. (Lon. Reg.) Chartered Banke
2234 Morcantile Bke. "A" Mercantile Uka. "C"
11 878
་་་
Bank of East Asia.
N C. & S. Banks
Insurances
8230 Canton InsuranceN
17 cl
81450
206
£794
£234
£11
876
$230
8430
$432 Union kurances
$432 50..
$1
UnderwriterA
178 cts
$185
H.E. FireR
$185
Shipping
$120
Flouglases
$120
€10
Steambents
$91
$90
indo-Chinas
(Prod.).
$90
$10
870
51/10A
$8.56 Waterbosta
801
$12
$6.85 B17817817.800/70
::
Indo-Chinas (Bot)
61/10, Shalis
Docks, Wharves. Godowns, cic.
890 & K. Wharves
Providenta
H.K. Dock (Old) BK Docks (New)
$31 +Baughai Docks..
Калпа
Raubs
Mining
113
87)
2 cte
Hong Kong Mines
Lands. Hoteis and
Buildings
#3.70 H&Hotels
$6.00
$13.70 817.86b/.70...
188
13/8
87
271
G.D.
84.60 China Lights (0)
$1.80 Chinn Lights (Now).
H.K. ElectriceX R.(0) 821.78 1. K. Electrics(New...
$3.66
238.60
$97
834
83.90 14.K. Lands
197
Bank Bills on demand 24 15/16 Credits, 60 days' sight 26 6/8 Batavia:---
Do 4% Deboutvzon.
#2)
Shanghai Laurin
$34
HK Rese
87.30
$7
ilumphreys
$7.10
46 3/1
$1
X.D.
208
Chinese EstateTE.
Cotton Mili
Bank Bills, on demand Now Credits 4 months' sight Nom Saigon :--
$43
Ewo (B) ......
843
$305
S'hui Coltone (8.)...
$305
Zoong Sings (8)
IH
JUR
Wing On Text los 18
$126
Public Utilities
On demand
47.
$17.
817
HK Tramways
817
87
Peak Trams (ald!
67
Or Bangkok:- --
$31
Peak Trams
new;
#
On demana...
14H
Star Ferries...
5494
On Sterling Notes:-
$23
f'mati Forries.
$231
Bana Buying Rate Bar Sliver per of
$6.60 86.00
23 12
$214
X.D.
822/21. 0
$1.90/ 85 $21.901
8214 H
8214
311.20
$11.30
HK Electric (Rs.)) #11.20)
$11.30
these profts Tax
at
verratt
(REUTER'S SERVICE)
London, Sept. 5. The following quotations are the!
expensive overland ruada via Indo market in London. All quotations China and Burma. The export are subject to confirmation and no a further responsibility is assumed for errors figure for 1939 slowed decrease to 335,016 qubitals and, in transmission. that for 1940.232.472 quintals.
31A
Macao Electrion
Marne
ACH Electrics
$12
Sandakas Lights..
Opening
$24
Telephones folds.......
824
London
0/3-5 32
20
Talophones (now).........
Bo
Industrials
New York
$40
Cald, Mang. 108;8
Japan
India
Parla
However, it is estimated that War Loan, 34% (Red considerable oll was smuggled out¦
Hongkong
unquoted 17-1/2 unquoted 21
$36
Cald, Macg. Pref.)8
$1
Canton Toes..
75 ota.
$156
$10 60/70
1nents...
$15.00
89.88/66
K Roper
$9.06 0.86
...
ILE. Govt Lanns
alter 1952)
1058
Sterling
$101 4% Loan
and turthermore, all sent abroad Defence Loan. 3% by the National Government un canton-Kloon Rly. 5% der barter etracts is
not
Chinese 44%, Gold Lon cluded in the export report. For instance, in 1939 Hongkong cus
Crown Colony's toms showed the imports from China that year 500.192 quintals while the Chinese
reported customs
only 300,660 quintals exported to Hongkong, a Idifference of about 200,000 quin
Sellers
101
999
13%
(1984)
898
*99
13
Opening
89H
(1940)
Spot
Miscellaneous
1898 (Brit. Issue) Chinese 5% Gold Bonds.
1925/47
47
Sept
... 0,2-57,64 0,2-57/64
219.66 Dury Farms.
ht
Entertainments
8660
45
Spot
$4-27/32
$4-27/32
$1.00 Constructions (ald)...
$1.85
Chin. 44% Anglo-French
Loan, 1908 Chinese 5 Crisp Loan
1912 Chinese 5% Reorg. Loan
1913 Ldn Is.)
Sept
..
4-27 32
4-27 32
80 cts.constructions (raw)..
16.45 Lane Crawfords
86.45
45
Natyang Tobago....
$3.60
$20
Sinceres
$2,30
30+
The
$11.90 Watsona
$11.90
rate on London
842
CL. 0.5% 19250 $Bds.
28°/
28
was 1/2-1/20.
$39
H.K. Wing On
S'hai Wang On
814
$7.20
Vibra Ping
10
6/3
luv. (Lon.)
1/6
Marsman Lay. (HK)
57
India Rupee Paper
$14
Wm. Powells.....
14
+Bale to Shanghai
1921
15
Govt. 31 per cent. Rupee. 96-0-0
the Hukuang Rly. 5%. 19111 (German Issue)
for are
subject La income accounted if India's toti more than double the rate then abral one sixth
This rade
trad: has obtaining.
We have no complaint overseas
It is the same for all now been cut off, and trade WIL: Of course, other countries has beet gravely Public Companies, but 1
freight : nevselt just one observatten about hampered by lack of
1 effect of the Excess Prots als by Import and Exper! Cou
A Bank's trol
wx at its present level
15 jiry
w keep its dividen
The war
When has a god year. in China has drugged stable on through another Year wh does not 'dissipate" the word tle in the shape of success to is in mine. It is the word used
Each by the Chancellor of the Exche the Japanese armed forces month, however, has seen Japan quer- the extra pref in thereas obtain by political manoeuvres Bing its vidend I puts way fighter Pronomie grip The Reserve, and the strength and country During the year tri stability of British Ranks is large
major
fur- commodities [1 warded to Shanghai from the in
terior has been enlorced. A sys- ceIVE.
obtained before goods are
pur
Loan
by the resull at this polley The tals. Besides, the Hongkong roule great disadvantage of the 100 perts not the only smuggling route. Chinese 8% Ster. Notes
Excess Profits Tax. from a Large quantities of Kwangsi and
1925 (Vickers) tem whereby permita have to be Banker's point of view, is that Yunnan ell are smuggled through chain. Imperial Rly 5%
makes this policy impossible, and Indo-China, Cheklang and Fakten chased up-country and moved to that it prevents us from taking Shanghai for export has resulted, advantage of 2 good year in more and more business going strengthen ม Reserves to Japanese Arms who have no Tax is kept on to long. it will be difficulty in obtaining permits to a serious thing for British Bank the exclusion of European firms. ing
Chinese Goodwill Mission
Welcomed In Burma
the
The Chinese Goodwill Mission to Burma which arrived at Ran- It is goon on August 28 has created a most favourable impression.
further strengthen the generally believed that the Mission foundation for Chinese-British-Burmese co-operation in this part of the world.
will
Since its arrival. the Mission has been royally enterained and cordially received by the offletal, public and private circles.
Dr. Moniin Chiang. Leader of Burmese leaders and a return vi- the Mission, and Messrs. T.K. to two Burma Goodwill M Tseng and Y.T. Mlar were the sions to China.
Chlang sach
Burmese Government's house Dr
"After three guests for two days while the days stay. I have gained the im- Mission the far has met the Pre-pression that there is some mis- the Bur. mler, Mr. Saw, and various Ca-understanding among
the possibility of in- binet Ministers on four different mese over
01 Chinese emigrants 1:: occasions providing ample oppor-lux
on Burma and a doubt about the tunity for exchanging views current problems between China permanent value of the Yunnat and Burma,
Dorman
Smith,
ston.
oil through the coast and Hupen Honan Ry, 5% 1905... and Anwel oll through the front Hakuang Rly. 5%. lines. The Actual
mmayi aniouut
(LP. N/Y Issue) thus be more than doubled
customs figures,
The 1937 tung of expert UCEL pied first place in Chinese exports
was
Lung Tsing & U Hal
Rly. 5%, 1913 'hai-N'king Rly 5%.
that year. The 1938 export fourth, following cotton, tungsten, Tientsin-Pukow Rly. 5% and egg products. The 1939 ex-
(Brit Stpd.)
port was sixth, following silk. ege Tientsin Pukow Rly. 5% products, tungsten, bristles and (German St.pd.)
cotton piece goods. It took eighthTientsin-Pukow Rly. 5% place in 1940, excceded by silk,
(Brit. Stpd. Supl, Loan)
tea, egg products, bristles, cotton Tientsin-Pukow Rly. 6% piece goods, yarn, and coal.
(Ger. Stpd. Supl, Loan)
ES
සු
18
13
**
21 22 23
6
£
Most of the Chinese tung oil is Jap 8 Ster. Loah, 1924 26-27 sold in the United States which Ger. 7% Intl. Loan, 1924 took about 70 per cent. each year Chartered Bank before the war. Hongkong was H.K. the second with about 10 per cent. Since the war, however, Hong
taken kong hay
the lead with than 60 per cent of the total export-(C.1.C.)
more
RUBBER FACTORIES
Closing
0/2-57:04 0.2-57, 84
0.8. Dollars
Market-Very quiet.
Silver Duty Rate
Central Bank of China's!
at
The Equalisation rate was 24-12 per cent
10 am
today
Bombay, Sept. 8 (Reuter
LONDON METALS
Tin
EXCHANGE
London, Sept. 5 (Reuter).
Standard, Cash, Middle
Price, buyers £256. sellers 258-
-100
1:4
121
Tin, Standard, 3 Months, Middle Price, buyers 259, sellers £259-
123
1/2.
12
Market idle and almost at a standstill.
and Buyers were unwilling to make
sellers
conces-
sions. Small
business was
fined to "spot."
& B'ba! Banking
Corp. (Ldn, Reg.).
78
HK
& Corp. (Col. Reg.)..... Chinese Eng, & Mining
(bearer) Chosen Corporatturi Mercantile Bank of In-
dia, £8, “” .......
Bhai Banking
The average opening selling rate
85
13/6 4/-
for the month of August, 1941, of the Hongkong and Shanghat Bank- ing Corporation for demand drafts on London is settled at 14.85.
11+
1/-
*
15/-
16
22
MAY CLOSE DOWN Pekin Syndicate....
S'hai Elec, Constr. Co, S'hal Waterworks "A"
A shortage of the chemicals
404
necessary for the manufacture of Union Insurance Batmu Railway about which Mr their product may force the clos-Gula Kalumpang Rubber 15 T. K. Tseng is expected to speaking down in the near future of Lon.. Mid. & Scot., Rly. 148 The Governor, Sir Reginald Wesnay evening clarifying the Colony's ten rubber factories. Great Western Rly.
entertained ย!
The position on behalf of the Mla- One of the largest of these--the National Bank of India 32 dinner six man-members-Lady
Hongkong Rubber Manufactory, Smith entertained the womat
"Since Its arrival the Misston Limited, at Tam Kung Road, Kow- member of the Mission on Mon
loon City-has already discharged day evening last Saturday night has repeatedly stressed such cur when high Burmese and British rent problems as immigration and 900 of its employees, retaining only economic relations. merely the 100 men employed on a monthly officials were invited Unpreceden- todly, the Governor proposed a
Uther
factories indleate that toast to Generalissimo Chlung Kai-shek and paid a tribute to the Co-operation and understanding they may be compelled to follow between the two countries." sult if they are unable to replenish Ohidese people "whose tenacity
necessary and courage have won the The Burmese are widely awake their stocks, of the
chemicals. Badly needed are to the danegr of Japanese aggres- admiration of the world."
ston and are making feverish thefoum and zinc oxide, former- military preparedness against any ly imported from Germany, which are пот available only from America and Britain.
FACTORIES AFFECTED
STUDY PROGRESS
passing problems which can bebasis. easily solved, through the spirit of
88/9 B.-A. Tob. (bearer) Dunlop Ruhhar
35/9 Bristol Aeroplane.... 10/9 Imperial Chemical Ind. 31/8 United Steel ... Woolworths
Western Holdings Marsman Investments...
Sub-Nigel Shell Trana.
(boarer), * bld.
23/0
Trad.
1 ex div.
61/101
57/3, 6/3 18/- 143/9
The Mission's arrivni aroused eventualities. The Authorities have speculation that it was an offlent put into execution the evecuation
the Wah Keong Rubber Factory, mission in connexion with the scheme while Rangoon is taking Yunnan-Burma Raliway but Dr. air-raid precautions, However, t The tactories affected are the the Kin Man Manufactory, the Moniin Chiang has twice stated is authoritatively stated that the Tai Hang Rubber Factory, the Bing Young Rubber Cloth and that the mission is merely a good-present preparedness is merely a ring Keong Rubber Factory, the Ruincoat Factory, the Foch Ah Atngo."—¿Citra Canton Bros. Rubber Manufactory, Company. Limited, and the Cec will tour to study Burma's pro- "precautionary
the Continental Rubber Factory, Koung Rubber Factory. gress and to exchange views with News)
:::
i
N.A. Chemicals (UK) $6.70
THAI-JAP. TRADE AGREEMENT
DENIED
85,65
8101
LARGE FARM IN KWANCTUNG
With a view to increasing food production in the province, a con- BANGKOK, Sept. 7 (Reuter)tract involving $6,000,000 has been Questioned about a Tokyo report signed between the Reconstruction of the Kwangtung that Thailand had decided to en- Department
Government and ter an economic agreement with Provincial Japan, a member of the Thailand Kwangtung Provincial Bank for
Reuter Government told
yester-the establishment of a large farm of of 1,000 mow, mainly for the cul- day: "We have done nothing
tivation of rice. the kind."
SILVER MARKET
BOMBAY SILVER Bombay, Sept. 6 (Reuter) Market--Steady. Offtake 50 bars.
Indian Wint Silver
Ready Sept. 17 Settlement Oct. 14 Settlement
62-14-8 02-14-8 82-15-0
the
A plan in this connection bas been drawn up and will be put into execution next month.
the Under the
of direction Kwangtung Provincial Bank, several farins have been establish- ed in Linhsien, Yeungshan and other places and large numbers of tung trees have been planted in northern Kwangtung-(Centrai News).
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STEAM NAVIGATION COMPANY LTD
Operating Services for Cargo and Passongars
TO-
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and TIENTSIN
KOBE and OSAKA
SINGAPORE, PENANG and CALCUTTA SANDAKAN
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