1930-03-08 — Page 2

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HONG

HONG KONG AND SHANGHAI BANKING CORPORATION.

kushqeland Capital

framed and Yully Polkup

Her Fanda

Bring

$50,000,00 $30,000,

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. incorporated by Royal Charter, 1853. HEAD OFFICE: LONDON, Pafl-up Capital

THE CHINA MAIL.

COMMERCE

AND

FINANCE.

SATURDAY, MARCH 8, 1930.

KONG MARKET PRODUCE.

APPROXIMATE RETAIL PRICES.

£3,000,000

Reserve Fund

24,000,000

LES,500,00

A Tandilty of Propriets 20,000,000

Reserve Liability of Proprie

tors

£3,000,000

Agencies and Branches:

ALON STALI

KUALA LUSITUK

(blainy Nituses)

KUCHINO

AMITRAD

MADPAN

BANGKOK

MANILA

SEDAN

NEW YORK

HEAD OFFICE: HONG KONG

BOARD OF DIRECTORY;--

J. A. Plummer, Foŋ.

Chaimmin

(1.8, Sincklo, Exije

Deputy Charzten.

1. D. 7. Both, Esq.

W. 21. Hall, Log.

AE. Doplon, Esq.

J. Landre Lewis, Waq.

*MOT

BANGKOK

BATAVIA

BUMBAY

CALCUTTA

CANTON GREYIN DULOWRO DAIREN

ПРОН

JONORE

КОВЕ

W. L. Patsenden, Ray.

T & Pure, Eaq.

T. II. R. Miuw, Kay,

J. P. Warzan, Esq.

Chief Manager.

Kòn. Mr. à. C. Hysin.

BRANCHES:-

LONDON

LYOSS

MALACCA

MANILA

M 16 (Jəhøres

MUKURN

SAGASARI

SEW YORK

PEPINO

BATAVIA

BOMBAY

CALCUTTA

CANTON

CAWNPORE

СЕВО

DOLOMBO

DAIREN (Daing

turia)

DELHI

HAIPHONG

HAMBUNG

HANKOW

HAKKI

(N. Manchuka)

HƯNG TONG

IPO

LILO

KARACHI

KLANO

KOUE

KUALA KANGAAR

Per (F.M.8.)

PEKING

PEMANG PESHAWAR DANDOON SAIGON

KEMABANG SZUEMBAN SHANGHAI

SINDAPORE SURABAYA

TAIPINO

(F.3.8.) TAVIFY

HENTAIN KYO TONOKAM (buket) TRENGTÃO

YORDAMA

ZAMANDA

(plands)

General

Foreign Exchange and Banking business transacted.

Current Accounts opened and Fix ed Deposits received for 1 year or shorter periods at rates which will be quoted on application.

SCHW

TENANO

KAIPHONA

BANTICON

HAMBURG

SALOON

HANEUW

AN PRAND1300

MAKBIN

KITANOSSAL

BONGSEW

ALSOAPONR

ILOILO

SOURABAYA

A. H. FERGUSON,

Manager. Hong Kong, 8th January, 1929.

RUNGE PATANI FIENTSIN

TOKYO

THE HO HONG BANK, LTD. (Established 1917.)

CAPITAL.

Authorised

issued

Paid-up

Reserve

Liabilities

Shareholders

KOWLOON

KUALA LUMPUR

IMINOTAU

TOROHAMA

Current counts opened in Icon Currancy and Fixed Deponita tvorived for one year of skurter periode in focal Currency and Harling

sem which will be quoted on application. Song Kuər, Silk Vahenug, 1988,

HONG KONG SAVINGS BANK, Surplus.

The Basin of the abore Bank is conduct

ed by the HONG KOSU AND SHANGHAL

BANKING CORPORATION.

abialded on application.

FOR THE HONG KONG & BANKINIS CORPORATION.

Kalos ray be

RITA KOTTAL

A. C. ITNES,

Chief Manager.

Roug Eng. 345 Beptember, 1X7.

NEDERLANDSCHE. HANDEL. MAATSCHAPPIJ, N.V.

<NETHERLANDS TRADING BOCIETY) DANKERS.

Established 1834. Trag King Odoo :—1! Quera's Bond Central Authorised Ceplied .......... Oudem 150.000.000- 1812 500.000.) Paid Capital Guliare 0.000-

(20,008,307.) Hearts Fan

Oulifers $5,000,000

.$20,000,000 8,000,000 4,000,000

4,000,000

FINANCIAL BIRDS OF ACCOUNTANTS AS

PREY

ADVISERS

STRONG COMMENTS BY A LORD THEIR LIMITATIONS IN MODERN

JUSTICE

A BAD EXAMPLE

"I regret to say that this appeal must be dismissed, and I regret to any it because this seems to me to be a very bad example of the sort of thing that has been going on in the City of London during the last three or four years in connection with underwriting."

BUSINESS

SOME COLD FACTS

are

According to the London Observer. Many business men are beginning to look askance at the large part account- anta

modern playing in business developments. These "men of figures," they declare, are grad. ually usurping control of many not only in the great businesses

Lord Justice Scrutton with these words recently announced the decimatter of finance but also in admin-

Steak Sivlen Sausagea

Hullock's Brains .....

Tongue, fresh ..

manage- Calves' Head & Foot

istration and executive ment.

Such contr

. it is asserted, is not beneficial, expert though they may be iuaving financial struc-

sion of himself and Lords Justices Greer and Slesser in the Court of Appeal in the appen! by North Bri- tish Artificial Silk, Ltd., of Brond Street Place, E.G., from the judg- ment of Mr. Justice Rowlatt dis-tures, accountants are by nature pig's Chitiangs

conservative and lack the spirit of missing their claimi for £19,125 against Tokenhouse Securities Cor-enterprise and initiative so essentiat poration, Ltd.

The claim was for alleged breach of, an agreement to procure antis- factory sub-underwriting contracts.

"A Very Bad Case" 2,219,000 Lord Justice Scrutton, dismissina HEAD OFFICES: SINGAPORE Branches, Agencies and Correspon- the appeal, said:- dents in the principal cities of the | world.

Every description of Banking and Exchange business transacted.

TAN ENG HOOI,

Managor. Hong Kong, 15th May, 1929,

THE BANK OF TAIWAN, LTD.

(TAIWAN GINKO)

HEAD OFFICE:-Taipeh, Formosa Incorporated by Special Imperial

Charter, 1999.

Central Bank to Formosa BRANCHES AND AGENCIES:

Where there has been a new com- pany to be formed during the boom that has come to an end, it has been a. case of "Where the carcase is, there the birds of prey will be gathered together," and, either as promoters or underwriters or sub underwriters, they have been mak ing, as much as they could from he new company at a time when it had very insufficient protection from its directors. This seems to me to be a

very bad case. of robbing the com

pany.

to progress in industry.

The complaint can be understood. No man likes to see his authority undermined and his power passing into other hands. It must not be overlooked, however, that the prin- cipal part apcountants are playing

Pork Chop

is that of the doctor called in to proscribe for the business crippled too much enterprise and by initiativo,

The super-optimist is apt in his cold enthusiasm to overlook the facts which figures properly pre- sented provide for his guidance: Sucking Pigs, to order The conservatism of the accountant Sust, Beef is the proper antidote to such over- optimism.

It would; indeed, be of consider- able advantage if his advice and

Feb. 21, June, June,

1990, 1018, 1014.

Boef Sirloin

Butcher Meat

Prime Cot

Corned

牛路耙

Gts. Cis. Ct.

Poultry.

1030. 1018. 1914.

Cls. Cis. Cta

lb. 32

Chicken

Ronst

Breast

Soup

Bitenk

وہ

Hviap, Salt

Faet

Kidneys

Tongue, corned Hand

Heart

Tall

Liver

Tripe

Slutton Chop

Leg

Shoulder

Saddle

Brains

Feat

Fry

Head

Heart

Kidroya

Liver

Leg

停车

Loin

Fat or Lard..

Sheep's Head & Feet

Heart

Kidneys Liver

гр

Veal

Mutton

Sausages

No. 1.

Fish.

*由腩排都幾閲郴府心羼脚腰肝肚柳骨牌手肉腦與什烩心肝骨牌團讪脚心胞肝猪油油肉船

14+****************÷÷÷¢ASS++

魚魚魚魚魚沙鰵魚蝤班魚白甲花魚蝦魚魚魚蝾魚芒砣蝦鯊魚鮪魚婥局逬呫類繁弳飛黃鋨海淡萬国石台蜥將黃島被在芒游能鹗㳦花班白织以悌石张耳沙租立捷尤左公班

魚魚魚魚脚

昆肚水

RB 23 12

92 24

Duck Dove

28 20 18

24 20 18

24 22

Eggs, Ren (fresh)

Capons, Small

Capona, Large

Eggs, en icooking)..

新鮮容

80 35

per net

cách 70 ĐỘ

80 60

.. $1.25

ib. 26

each 12 10

lb.

Bot $1 20 31.00 $1.00

排骨 16.

43 H

Per me 3

Ib.

བྲྀ ་ -སྩོ ༅

each 15

排行

}

rer set 20

each 12

15 12

42 20

牛羊仔仔

BO 20

36 20

|| 8 8 8 8 8 8 8 | R853865112888-685885198

→ $1.20

Fowls, Canton

Fowls, Hainan

Greze

Pigeous, Canton

Hollow

Turkeys, Cock

Turkeys, Han

Snipe

Pheasant

25 20 22

Quali Partridges

Fruits.

BA SHERR ##KNABRA

餘記到班前新冰海海白海火火沙山血

כן

DAR

IL.

51 28

ench. -

Af per doz. 40

lb.

each 55

jb.

pair 2.00

cách 26

គនន៩៧ | ន៩៩ | | | | | |

Almonds

Apples (California)

# 16.

鄰

Bananas (bride's)

街山寺感

ม.

Carambola

Coconuts

10 4 cách 13

Letnons, China ................... #

Ib. 10 25

Lemons (American)

金山檸檬 each

ilcheca, Dried .......

## D.

Oranges (Canton)

新合甜橙

Oranges".

链

Penra (Canton) ......

Pennuta

生 #

Persimmons, Large

ง

Plantain

* 藉

2ŏ

Punelo, Siana

each

Walnuts

合

#lb..

ཋཱ ཧྨ * ས ༤ ཊྛཱ ཁ ༅ ། | ། ཋ ཨྰཿ ཨྰཿསྐྱུ།|

14 10 12

! | [ ! ༄ ༅ | ༅ ། ༅ ། སྭ ། ། ༄ཏྟཱ །

repes

Vegetables, &c.

Artichokes...............

Real... Sprout

Ib. 50 18

Long...

Bret Root ...

Bitter Squash

Brinjals, Green,

Red

Cabbage, Chinese ....

- 9

(Shanghai)

Cane Shoots, bunch

(Medium)

EASTE

(Small)

•

椰榮花

Carrots

Ib. 8

Celory, Chinese

購獒榮

8 10

Chillies, Dried

辣椒:

26 25

Red

红辣椒

16 10

Green

# E **

Curry Stuff, English..

Cucumbers

22 18

€

Garlic

Ginger, Young

18 16

014

Horseradish, Shanghai

22 24

Indian Corn

Lettuce

*20

Water Chestnuts

Mushrooms, Fresh

Okroes.

Onions, Bombay

洋您

Green

Shanghai

上海意的

.80

Pursley

Potato, Sweet

Japanese

American

金山

Pumpkin

Radish

紅攜

Rhubarb (Fresh)

Shallota

Spinach

Tomatoes

Taros

20 85

Vegetable Marrow

18 12

Water Cresa

1,25

Water Lily Boot

還

guidance were asked for and ac- cepted at an earlier stage than is

Were every Barbel now deemed necessary. audit to be a thorough examination Bream

Fish

Lord Justice Scrutton said that when North British Artificial Silk, Bank-NoM issued Average sesonat 25 AB. 45,300,000 Ltd., was being promoted, it was of methods rather than a mere cer- Canton Fresh Water ! | JAPAN :--Tokyo, Yokohama, Kobe, Chals. 1,35,33)

FORMURA:-Gro, Kag.

Karako, Xestung expected that the public, following tification of certain sets of figures Hakone, Naulo,

of speculative gambl many financial disasters might be Carp Hailo, Talas, their course bau, Traci Tochiku

Catfisk rush in take the saved.

to shares, but they were underwritten Dalesia by Tokenhouse Securities, and the case turned on the agreement made with them.

Head (AMSTERDAM"). Entorn Hood Do:-BATAVIA, GRANQUES – Bendjermanis Bendang) Bombay.

Calenta, Charlion. Dember. Dok

The lagu Jaddah, Kaba,

1 Rate Makumar, Moded, Padang

CHINA Haghat, lesion, mor, Youshow, ing. would

Hwatow, Canion.

OTHERS :-Hong Kong. Bingeyre, Boarabaya.

Java, Bombay, Semarang, London, New York, Dalean.

LONDON BANKERS,

Palambesy. Pobason Foung. Paakasak, Rangoon, Borientams as London County Westminster and Pure's lisak, Samrang),

Sibolg Scarabula. The Bank ha Costurpondants, in all the près. (Bolas. Temal, Tilialias|cipal Commercial Centres throughout the work and Weltevreden.")

[*] Thass offione kare safe depoelá bezse in 145 London Backars Nasional Provincial Back Lt

Porresponde all over the world

Bearing busin

description rasanted.

P. M. ELBERO

Rang Kota, K7th May. 1929.

Manager.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

96, Boulevard Haussman, Parla.

Subscribed Capital Fra. 72,000,000.00 Pald-Up Capital...Fr. 68,400,000.00 Bonerve Funds ....Fra.102,000,000.00

BRANCHES:

Hong Kang Quinhon

Salgon

Bangkok Battambang Hus

Canton

Mangtze Shanghai

Nam-Diah Singapore

Djibouti Noumea Thanhea Tiantain Fort-Bayard Papeete

Haiphong Peking Tograne

Haskow Надо!

Pnom-Ponts Vinh Pondicherry Yunnanfu BANKERS:

IN FRANCE: Comptoir National 'Escompte de Paris; Credit Lyonnais;

Banque de Paris et des Paya-llas; |

Credit Industriel et Commercial; So- siete Generale.

IN LONDON: The National Pro-

vincial & Union Bank of England,

KUNAGURA,

HONG KONG ĐA NGH

18, 1994 Vonur Road Central Hong Hong, January, 1939.

Manager.

THE BANK OF CANTON, LTD.

Established IV12,

Head Ofice: Hong Kong.

No accountant would be foolish Codish enough to claim omniscience in re-Crabs gard to any business. His actual Cuttle Fist responsibility begins and ends with Dab telling the story of the business with Dace which he is dealing in figures and Dog Fish making clear to those concerned all the implications contained in the

They were to have 5 per cent. for underwriting, and the sub-under writers were to have 4 per cent, out of that, leaving 1 per cent. for Tokenhouse Securities, Ltd., at aflgures. time when the public were rushing in to subscribe in any company, towever ridiculous.

"At that time underwriting and sub-underwriting was a very soft job," he added, "and promoters, underwriters, and sub-underwriters were getting a good deal of the Facton, Shang, Bank, Eaton, honey subscribed by the public for Bengkak, New York and Ban Fransiaco no particular services."

LONDON BANKERS;-

Avanoriard Capital (1. Gurman111,000,00 Paid Up Capital 8664,300 Ilavery Fund

BRANCHES.—

The Lloyd's Bank Limited, CUBBESPONDENTS

840,000

Bali princf cities of the World. Koralga uzchange and beaking business of wowy dsscription seansacted.

Dale Depoda Boze varien Izs) at a yearly Pautal af kom jả 10 840.

LOOK POONG SHAN,

Chief Manager. Horg. Kong, 19th Februsty, 1927.

THE BANK OF CHINA. 行銀國中

£55,000 Liability

Of the sub-underwriting applica- tions ter 345,000 proferred ordinary shares of £1 each, those relating to 155,000 applications were ridiculous, and If any Inquiry had been made by Tokenhouse Securities they would have found that they were ridicul-

ous.

"One was an application," said Lord Justice Scrutton, "for 55,000 shares involving a liability for £55,000 by a man who had a county

Reorganised October 26, 1928, under court judgment against him for

Ltd.; Comptoir National d'Escompte ernment as an

special charter of The National Gov-13. They put forward five other

applications which were equally' ridiculous,

Eela, Conger

Fresh Water

Yellow

陛

Frogs Garoppa

Gudgeon

Herrings

Halibut

It is remarkable, however, what an immense amount of technical knowledge is to be found within the profession. Comparisons not only of accountancy methods but of ad- ministration and management come under their notice which though Labrus confidential in detail have very de- Loach

Lobsters finite general application.

It is, in the Observer's opinion, a Mackerel matter for congratulation that this Monk Fish expert body is more and more being Mullet taken into consultation in the con- Dystors duct of large and important com- Parrot Fish panies.

NOTE ISSUES

Official Monthly Returns

Perch

Pike

Platco

Pomfret, White

Porafret, Black

Prowns Ray

Rock Fish Ronch

Salmon

Shark

Skate

average Shrimp"

Snapper

TOTAL OF $93 MILLIONS

The returns of the amount of banknotes in circula- He added that Tokenhouse tion and of specie in reserva in Soles poration; Guaranty Trust Co.bf New | Subscribed ·Capital ....$25,000,000.00 Securities Corporation recognised Hong Kong, during the month Tench

de Paris; Credit Lyonnais.

IN NEW YORK: J. P. Morgan & Co.; French American Banking Cor-

York

Interest allowed on Current Ac counts and Fixed Danosits according to arrangements.

Evary description of Banking and Exchange Business transacted. *Bafe Deposit Boxes to lat.

A. LECOT,

INTERNATIONAL EXCHANGE

BANK

Paid-Up Capital

$24,710,200.00 that it was a ridiculous perform. ended February 28, 1930, as cer- Turbot

Reservo Funds .... - 3,820,503.82|ance of their contract to put forward tied by the Managers of the res-Turtles, small, ft. water

applications such as these by declin-pective Banks is as follows:---

HEAD OFFICE: SHANGHAL

HONG KONG BRANCH:

4. Queen's Hond Central.

ing claim the commission of 1 per cent. for themselves and 4 per cent. by the sub-underwriters in respecti of these 155,000 shares.

The shareholders of the company. Owing to our numerous branches in In view of the agreement with China and large connections in the Tokenhouse Securities, had grave important commercial centres of the THE YOKOHAMA SPECIE BANK, world, we are able to extend to, our reason to complain of the directors

Manager.

Hong Kong, 1st May, 1929.

LIMITED,

Established 1980.

Capital (fully paid-up) Yen 100,000,000 Banerys Fund

Yan 108,500,000

Head Oflice:-YOKOHAMA,

Branchen und Agencies at: Alexandria

Nagoya Newchwang Now York Oraks Peking

Rangoon Rio de Janeiro Balgon

Materia Bombay Buenos Ayres Temporarily

Calezita

Canton

Changchun

Dairen (Dalry) San Francisco Fangties (Mukden) Seattle

Bankow

Harbin

clients special facilities for damatle who considored these underwriting

and foreign banking and exchange. applications,

Wo also handle the issue of Bonds and other Public Funds of the, Chín ese Government both at home, and abroad.

Hong Kong, 5th March, 1930.

Reference to Australia's financial SHOU J. CHEN,

Manager. situation was made in a joint state- ment by the Federal Prime Minis- tor and the chairman of the Aur- THE MERCANTILE BANK OF of the whole question, it was de- tralian Loan Council. The final test

INDIA, LTD.

HEAD OFFION 1

clared, was to be found in the Integrity of the Australian people. 18. Geneschurak-Bleset, London, 3. CA Helders of Australian securities in London would be making needlesd .28,000,000

1,800.000 sacrifices by selling their holdings. 1,050,000 at the prices now ruling..

Authorised Capitāl

Subscribed Capital Paid-up Capital ... Reserve Fund and Beat 1,812,047: The Balk of English & Midland Bank, Ltd.

Balaya Randy js

Buzrok

Hamburg

Bemarang Shanghai Phonmall

Bombay

Chlo

Dellal ORJA

Hang Long Honolulu

Ext You Karachi Kobe London

BANKERS:

FARE WOM

Bar

RuslaIdpón

New York

Bangoon Shangha Simla

Kuala Lumpur Stayspore Hong Kong Inatha (Falung). Bourabaya

Eløwish – Makro:

HONG KONG · BRANCH:

| Ivory": "Ziemiption (of Banking and Kahangi

*Travellaza Chequer irsyad.

Temitis and Executorships unders

THE INDUSTRIAL & COMMERCIAL BANK, LIMITED.

HEAD OFFICE: 12-14, Queen's Road, Central,

Banka Chartered Bank of India, Australia and China

Hong Kong and

Shanghai

Banking Cor-

Average Specie Amount In Reserve.

$20,551,195 $ 7,800,000*

***

石班

·LOCAL SHARES

Benjamin and Potts❜ Weekly Report

233

*****#*.***=*=*ERENCERE***GBONE 66686858851

each 10

Cauliflower (Large) 大郵类花 cach 20

Mandarin.桂林烏路

Turnips, Punti (Long)

وار

*~ || | | | | | | * * * *AR | [ ~ { {* { |*--*-* |~ | | |* |

Shell Transports are unchanged at $2%. Dairy Farms were done at 93/6.

at $22.30. Telephones have ap- Docks, Wharves and Godowns.preciated to $10. -Kowloon Wharves are slightly Cotton MillsEwos were book- easier with buyers at $181, and ed nt Tis. 16. Shanghai Cottons sales reported at $152. Whampoa (Old) can be placed at Tls. 88.

can be placed at $32. Rubbers. The following are the The wack under review opened Docks rather quietly, but with the per- China Providents are on offer at latest. cabled quotations received

Hongkew, Wharves have from Shanghai:- 200,000 sistent drop in Sterling Exchange $5.35.

creating a now low record, the advanced to Tla. 220. There are Total $93,959,452 $54,100,000 local market has developed

enquiries for. Shanghat Docks at * In addition Sterling Securities

are deposited with the Crown more active tendency and we close Tis. 125 and New Engineerings at

with a good demand for the major- Tls. 7.30. Agente valued at £1,285,400.

poration. 71,141,807 45,500,000† Marcantile

dia, Ltd... 2,260,450

Bank of In-

ed with the Crown Agenta and Straita Government valued at $2,875,608.

Lands. Hotela "and Buildings, + In addition' Securities depositity of stocks, both speculative and

Hong Kong and Shanghai Hotels Investment, at improved prices.

were much firmer and changed Banks-Hong Kong and Shang- hands to a fair extent up to bal Banks are higher with buyers $13.10. A fair quantity of Hong at $1,375, after transactions from Kong Lands were taken off the $1,850 up to this rate. The Lon-market at $64.

In addition Securities deposited with the Grown Agenta valued at £180,000.

Humphreys Eg- don quotation has recaded to £112 tates are saleable at $14. Realtys (Middle).

are on offer at $8.80.1 Shanghai The following statement of the Marine and Fire Insurance. Länds have further advanced to securities lodged with the Crown Unions have been a strong re- Tls, 225. Agenta by the Mercantile Bank of quest and were dealt in extensive- Pablle Utilities-China. Lights India, Limited, against their notesly from $385 to $109. Cantons (Old) were negotiated at the im in circulation, is published for have likewise strengthened and proved price of $19.40, Hong general information under Section 6 can be placed at $765. Hong Kong Trams have continued their of the Mercantile Bank Note Issue Keng Fires have been steadily bid rise and were placed at $205. Ordinance, 1911, (Ordinance No. 65 for up to $895. China Underwrit Hong Kong Electrics have remain- of 1911) A

ers continus very flat and can be ed steady at $695.- Star: Ferries Amount Latest had at $1%.

are obtainablé at 507, D Security

Shipping Douglas: Steamships Miscellaneous Green Island have weakened and were sold at Cements (Combined) met with a 1980 £180,000 99-100 $231. A mill decline has oc- fair amount of support and rose curred in Hong Kong, Canton and to $15.20 but closed with buyers Every description of Banking and In fifteen minut the largest Macao Steamboats to $24% ex the at $15.10. Benguets have risen Exchange: business transacted. We cuantity f sabor ever, sold in dividend of $1.50 just paid. to $8% Raubs have been strong offer prompt and personal karviço, Des

TIENMU L. LIN, - | Britain was disposed of at Good Waterboats have continued their and £nlahed up with buyers at

General Manager. :: wood.

rise and are in demand at $25, $10. Lane Crawfords were sold

Hoat Tour BRANCHES Shanghai, Hankow Canton, CORRESET,

In all principal cities of the world.

53% Treasury.

Bonds tepa7- able@100

market price

Anglo-Javas Anglo-Dutch Batu Anams

Chemora Consolidateds Kroewoeks

Buyers.

Tls. 7.25

*4.10

.50

1.80

8.10

1.65

Repahs

1.26.

Tanah Merahs

1.10

Tebongs Ziangbes

2.00-

8.50

YOU

́ ARE INVITED TO INSPECT OUR

STOCK OF DATA ASIATIC, FOREIGN AND COLONIAL

POSTAGE STAMP

IN SETS, SINGLE PACKETS, BAGS and in APPROVAL SHEETS,

GRACA & Dealers in Postage Stamps, Philatelic Goods, Picture Postcards, Toys;'de, o

1930-03-08 — Page 2

Comments

Private Research Note