1930-12-06 — Page 11

SATURDAY, DECEMBER 6, 1930.

HONG KONG AND SHANGHAI -BANKING CORPORATION.

Amthorised Captial $30,000,000 Land and Fully Fidup-- $30,000,000 Beers Fundac

Harling

LU.300 DCO ......$3.600,000

Barr Liability of Proprietore $38,000,000 HEAD OFFICE: HONG BOSG

BOARD OF DIRECTORS—

7. A. Fluminer, Esq.

Chadema,

flou. . C, D. A. Machle. Depaly Chairman.

W. H. Dell, E. Ho, M. J. J. Paterson

II. Comples, Esq. T. E. Potres, Eng.

Lander Lalu, Esq. T. H. R. Bhaw, Eng.

D. Miskin, Pag.

AMOY

BANGKOK

BATAVIA

BOMBAY

CALOUTTA

CANTON

CHEFOO

COLOMBO

3. P. Warren. Eaq.

Chlat Manser.

V. M. Grayburo, Esq.

BRANCHES:-

LONDON

LYONS

MALACCA

MANILA

YOKDEN

NAGASAKI

MUAR (Johor)

NEW YORK

DAIBEN BOOGDOW HAIPHONG

PEIP:50

PENANG

HAMBURG

RANKOW

DARBIN

HONOKZW

TLOILO

люд

JONGNE

KOFE

KOWLOON

ZUALA LUMPUR

BANGOON

Satoos

BAN FRANCISCO

SHANGHAI

BISOAPUUS

NOURABAYA

SUNGEI PATANI TIENTSIN

TOKYO

TSINGTAO

YOKOHAMA

Current Accounts paned to Local Currenay

and Fixed Depoelle recaived for one r

horter periods in Lal Carronay and g DE which will be quoted on applications.

Bony Koog. 10 april, 1030.

HONG KONG SAVINGS BANK.

The Balm of the above Dark is conduct by the DNO KONG AND SHANGHAI BANKING CORPORATION. Bales way be wed on wpplication.

FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION.

V. M. GRAYBURN,

Hang Tour, 18th July, 2030,

Chal Mangit.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V. (NETHERLANDS TRADING SOCIETY)

BANKERS,

Established 1821.

Hong Kong Uies:-11, Quesa's Bond Central, Authorised Capital”

Pald-Up Capila)

Lowers Fund

(412,500,000.)

(20,609,170) Ouilders 40,010,000 (28,334,583)

Hend Onco-AMSTERDAM, Ender Head OfBee:-BATAVIA,

BRANCHES:-Bandjermani, Dandong". Bombay.

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA. Incorporated by Royal Charter, 1853

HEAD OFFICE: LONDON,

Paid-up Capital Reserve Fund

ALOR HTAN

.£3,000,000

KUALA LUMPTE

.£3,000,000 .£4,000,000

Rosarve Liability of Pro-

prietors

⚫ agencies and Branchest

(Kalay Stats)

KUCHINO

AMRITSAR

BANGKOK

BADBAS

MAXILA

BUNDAY

JALOUITA

CANTON

NEW YORK PEKINO

BATAVIA

CAWKTORE

CHOU

COLUMBO

141AER (Dalny

Bouth Mastàkala)

DELRI

HAIPHONG

HAMBURO

HANKOW

HARDIN

(N. Mancharis)

BONG KONG

ILOILO

KARACHI

KLANG

ROBS

KUALA KAYOSAR

(Pork F.M.8.)

MEDAN

PENANO PESHAWAL RANGOON

BALOON

SENABANO

BKREMBAY

SHANOLIAL

HINGAPORE

BOURABAYA

TAYOY

TAIPING (PMB)

TIENYBIN

TOKYO

TONOKAH (Bhabet) TSINGTAO

YOKOHAMA

ZAMBOANDA

(Philippies Islandı)

General

Foreign Exchange and Banking business transacted.

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

A. H. FERGUSON,

Manager. Hong Kong, 8th January, 1920.

THE CHINA MAIL.

and

Commerce

Finance

THE VALUE OF SECURITIES.

Interesting Views of Mr.

WAR

one, tried to get to the bed-rock of the matter the basis of the price of all securities must be some point of income or earning power which was behind the security.

|

11

HONG KONG STOCK EXCHANGE

Opening Daily Official Quotations 5th Dec., 1930.-

STOCK

Day-Seti-

en

Ara

Backs

Sales Nom Fl

What the Investor Wants, What an investor wanted really was a security that he need not bother about, that he could sleep upon and leave for ten or 20 years. How many of them could name any security at the present moment that could be treated in that way? In the last few days they had seen a heavy fail in the Bonds of the German Republic owing to the Hong Kong Bank ...... 1720 result of the General Election Chartered Bank......... Many people were saying that the Marcantile Bk., ASI, fall of those securities had been Of course, any security onb pur- greatly exaggerated, but it

a question of, national chased was with the idea of re-entirely ceiving an income from it, and, if | psychology.

With regard to Great Britain, Canto fas. ....... 1205 possible, being able to get one's money back on Its realization, and many people were saying and with Union Eas. $:00 500 It was always a desirable aim to perfect truth that one Government China Underwriter...$ 39.30 5.00

whether Tory or got a little more than the purchase or another, price.

The Investor's Ambition. That was an ambition, however, that was not very easily realized in such times as at present. In

Hartley Withers. FACTORS IN THE PUBLIC MIND.

the "Influences A lecture on Affecting the Value of Securities" delivered recently by Mr. Hartley Withers (formerly editor. of the Economist) before the. In corporated Accountants' Students' Society of London.

Sir Stephen Killik (president)come of some kind must be behind was in the chair. In introducing

In the case of Government and the lecturer, he said Mr. Hartley public debts it was obviously, the Withers, on leaving Oxford, be-

revenue that could be collected by came associated with the Stock Ex the borrowing Government or change, but he soon exchanged

revenue Municipality, and that that atmosphere for the mora At-

consisted of the taxable or rateable capacity of the area over which it had taxable power. In the case of income behind securities It was clearly the net profit that the com- pany might be able to earn.

tractive, and he, the speaker, hoped more remunerative sphere of tinan

THE HO HONG BARK, LTD.cial journalism.

(Established 1917.)

HEAD OFFICE:-SINGAPORE. Hong Kong Branch: 13, Queen's Rd. C.

Authorised Capital Straits $20,000,000 Issued Capital Pald-up Capital Reserve Liabilities of Shareholders Surplus

Mr. Hartley Withers, who was received, with applause, said they were there to consider the influenco that affect the price of securities. What one could get for securities 8,000,000 depended ultimately on what the 4,000,000 investing and speculating public. 4,000,000 guilded by its skilled advisers in 2,520,000 the City and in

the Press, was Branches, Agencies and Correspon. prepared to pay for them. dents in the principal cities of the As to what was meant by values, world.

that was a subject that could be Every description of Banking and discussed at

enormous length. Exchange business transacted.

People talked about real and in- TAN ENG HOOL,

trinsic values, and it seemed to Manager.

him the only thing to do in discuss- Ing such business questions was to keep one's attention to the strictly

THE

business point of view as to what

AMERICAN EXPRESS COMPANY, you could get.

INC.

Head Office: 65, Broadway, New York,

Athena

U.S.$6,000,000 U.S.$1,572,464 .U.S.$1,008,209

Guilders 150,000,000-

Dulider 60.000,000

Capital Surplus Reservos

Amsterdam Antworp

BRANCHES

Inno Glasgow JAYADA Flambung

Fice

splas Pirsqu Patta

Berlin

Biarla

Bombay

Bremazı

Brussela

Bunce Airee

Calm

Bavo Interlaken Jerusalem Lido Landca Liverpool Lucerne Lugano

Fabang

Fehing Palaro Kaltandam Tame

Luzer

Monte Carlo

Muninh

Bisaste

Milan

Calcula, Charbon, Djember. Djok jakarta". The Ingue", Jeddah, Hobe, Kota Badia, Makassar, delas, Pedang Falemba Pekalongan, Funings Pontianak, Bangoon, Rotterdam Samateur".

Albalga Hotel (Sumates), Singapore, Borabala Noerslaria (Solo), Tegal, Tillajup and Waltevreden

• These offens ha anda deposit boxes to . Landon Beskors-alloons Provincial Bank Ltd.

Cosespondents all over the world

Banking busines of every description tracked.

A. STOZZINE,

Acting Manager.

Hong Kong, 18th Augusi, 1930.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE: 96, Boulevard Haussmann, Paris.

Subscribed Capital Frs. 72,000,000.00 Pald-Up Capital...Frs, 68,400,000.00 Reserve Funds ....Frs.102,000,000.00

BRANCHES: Bangkok Hong Kong Qainhon

Salgon Battambang Hue Onthe

Shanghai

Mengtze - Canton Nam Dinh Singapore

Djibouti

Neumea

Thanhen

Fort-Bayard Papecto Tientsin

Peking Haiphong

Taurono Harkow Pnom-Fenh tinh Kanel Pondicherry Yunnanfa

BANKERS:

IN FRANCE: Comptoir National d'Escompte de Paris; Credit Lyonnale; Banque de Paris et des Pays-Bas; Credit Industriel et Commercial; So- ciete Generale.

IN LONDON: The National Pro- vincial & Union Bank of England, Ltd.; Comptoir National d'Escompte de Paris: Credit Lyonnais.

IN NEW YORK: J. P. Morgan & Co. French American Banking Cor- poration; Guaranty Trust Co. of New York.

Interest allowed on Current Ac- counts and Fod Deposits according to arrangements.

Every description of Banking, and Exchange Business transacted. Bafe Deposit Boxes to let

A. LECOT,

Manager,

Hong Kong, lut May. 1929.

THE YOKOHAMA SPECIE BANK,

··LIMITED.

·Established 1880. Capital (fully paid-up) Yen 100,000,000 Reserve Fund Yen 118,500,000 Head Offer:-YOKOHAMA. Branches and, Agencien at: Alexandria

Nagoya 'Newchwang New York Osaka

Batavia

Bombay

Bannos Aires,

(Temporarily

closed).

Calcutta

Canton

Changchun

Dairen (Dalny}"

Peking

Rangoon

Rio de Janeiro Saigon

Ban Francisco

Fongtien. (Mudan) Seattle.

Hamburg

Hankow Harbin

Rong Kong

Honolulu Ka! Yuan Karachi

Koba

Loudon Los Angelat Lyona Nagasaki

#Manila

Bemarang Shanghai Shiroposald Slagapore Boerabaya Bydney Tientsin. Tokyo

Tsingtau

Temporarily losed) Interest allowed or Qurrant,,

Deposits received for fixed period

it rates to be obtained on

Hong Kong 10th Ben

Onioutle

Canto

Calamba Constantineple Copenhagen Edinburgh Floo Caserm

Availa

مالهوية

Bumteul Shanghai Bcalhampton Singapore

61. Molla

Tinstala

Vienda

Vesica

Tokobacc Zariob

Branches of American Express Company in Principal cities of Unit ed States of America and Canada.

All classes of Commercial Banking Transactions undertaken.

Personal

handled.

investment

accounts

The Company offers to intending Travellers the use of its Travelora Choques" and Letters of Credit and, in addition, the world-wide services of its thoroughly equipped, Travel De- partment.

Affiliated with

THE CHASE NATIONAL BANK Resources ..Over GF2,500,000,000

E. W. DUGGAN,

Manager.

THE BANK OF CHINA.

行銀國中

Earning Power.

every security,

{TI

子

C.

was Bank of Asta $115

extrava-

Lance

་་་

Fas

BKM

19

27

នំ ១គឺ ៖

!!!!!

TORE

Last dividend and when pald

Deo. Iatarima Dea. Interim 7-tres Tax ale 1900 Dec. 1a/e 1930 les UT

x.

Aug. 11, 30 Sep. ---- 80 Sop — 80

Doc. tar Fot. 14, 80

Doc. Final 7 for 10-May 15, 80

Interim Blaze 1990)

Dearmat 10 for 193... May 80, 80

Interimaja 1993)

Des. None

(Foal bonus (2)

Dad. For 1929,

-

Interim 5 m/c 1993)

May 30, 30

Deo. 42 for ed

Mar. 96, 30

Dro. La den for 192

Dec.

$150 for A

**

43

[11), 6x 2/3 on proferred}

for 19 1725 Bec. Last illakkad for 1921.

Mar. 4,80 June 19, 29

*

***

281 281

312

ཧཱུྃ::;:g

Liberal or Labour, vied with its China Fire Ins. $100 predecessor, notwithstanding lip H. K. Fire Ins. $1200 service to economy. gance. If this process continued

Shipping. long enough British credit would

Douglases...... H. K. Steamboats ...$ no longer stand at the eminence it had so long enjoyed. Who could

Indo-Chins (Pref.) .-‡¦ tell?

(Def.) ...$ There was the possibility of ac- tual revolution or war, as was to Shell Transports fu be seen now in Brazli, the result, Union Waterboats ... being that Brazilian bonds had

Mining, tumbled like a cataract in the last few days. Therefore, there were a Bengueu great many items which had to be Kailan Mining Ad, sl- remembered in considering any Langkat.....Th. security.

S'bai Exploration...Tit. 1 Sentiment Factor.

Loaas......... on Another Influence It was in making assessments of

Becurity •Rauka the probable trustworthiness of the values

the state mind of was growth of this income behind investors and speculators. If the Docks, Wharvat, securities that the general public general sentiment was hopeful and Godorus, &c. and their advisers, the stock cheerful and prices were thought | H. K. & X. Whavo. | ... 171 brokers and journalists, formed to be going to rise, buyers of H. K. & V. Docks... their opinion. It was upon the insecurities would capitalize this China Provident (old) of 4.35

(new) $ 2.55 come that the forecasts and judg- sentiment by paying prices for ments had ultimately to be made. securities which, in times of gloom, Hongkow .........Th. when that was stated it was seen they would consider ridiculous, N, Engineering ...Ths. at once how immensely difficult the And the influences which produced Shanghai Docks ..Tls. problem. was.

those changes in sentiment were manifold.

Frank Accounts

to

He did not know whether they had tried to study the accounts 48 presented in official statements. If so, they would find how difficult it was to make them agree and understand all they meant, and yet What they were trying to con- this country was always supposed sider was what were the influences to be looked upon as the leading which made people give a certain country in the world in the full- price for securities. He thoughtness and frankness of the accounta he was right in saying that when which were officially presented.

THE BANK OF CANTON, LTD.

Established 1912.

Head Office:-Hong Kong. Authorised Capital (1.K. Currency) $11,000,000 Paid-Up Capital

8,500,000 Maserte Fund

3,000,000

BRANCHES 1- Colon, Shanghal, Hankow, Swalow, Bangkok, New York and San Francisco

CORRESPONDENTS

LONDON BANKERS:— The Lloyd's Bank, Limited.

In all principal cities of the World. Foreign exchange and boaring bualcem of atory description transacted.

Bala Depout Bazar (various alzan) at a yearly antal of tram $3 to $10.

LOOK POONG SHAN,

Chief Manager. Hong Kong, 14th May, 1980.

THE MERCANTILE BANK OF INDIA, LTD.

HEAD OFFICE:

15, Gracechurch Firest, London, E.C.).

Authorised Capital

Subscribed Capitai Paid-up Capital

£3,000,000

1,800,000 1,050,000

Reserve Fund and Rest 1,040,600

BANKZI

The Book of England & Midland Bank, Lid.

DRANCHES

Брова

Kandy

Karachi

Kota Bharu

New York

Pinang

Port Loui -(Mauritian)

The goo

Dangkok

Booba Calcutta

Dolors bo

Kuala Krai

Delbi Quil

Kazi Lápis

Kuala Lumpur

Sim

Berg, Hong

Kina

og Bingspore

Hewish

Midra

Hourabaya

ايرنسا

HONG KONG BRANCH.

Every Ameription of Banking and Exchange bost mez iramsacied.

Travellers Choquen terved.

Trustee and. Executorships under.

taken

INTEREST allowed on Current Account and Fixed Deposit at Rate that may be srcartaloed

Reorganised October 28, 1928, under application.

special charter of The National Gov- arment as an

INTERNATIONAL EXCHANGE

BANK.

Subscribed Capital...$26,000,000,00 Paid-Up Capital ..$24,710,200.00 Reserva Funds

..$3,820,603.82

HEAD OFFICE: SHANGHAI,

HONG KONG - BRANCH;

4, Queen's Road Central

Charter, 1899.

It was seen every year when the Budget debate took place in the

House of Commons how great a difference there was between the Chancellor of the Exchequer and his opponents on the front Opposi- tlon Bench concerning such a mat- ter as the amount of the debt that had actually been paid over during the former year.

Yet another influence was the rate of saving, which, again, was profoundly affected by the rate of taxation, the state of public cou- fidence, and the view held by the community as to the desirability of saving.

CARMELITE TRUST.

A DEBIT BALANCE OF £388,632.

The second annual report of the Carmelite Trust to April 30 last shows a net pront of £19,555. To this is added £88,669 brought for

£152,803 transferred ward' and from general reserve account, mak- ing a total of £261,027.

#

Lands, Hotels & Bulldings.

13

--

44-

+

FInterim / Quspen No. 81

78/10 Doc.free 1/Tax/3 1950

Bird. $150 for 1030

Dev.(aterlin 15 botram 5

||

Pendiag

3far, 10, 80

{ making 50 ewuztaroafe 1925) Sept. 10,30

Jane Interim f. tres Tax

||Coupon No. 27 yür 30-30)) June — Du

Oot. T. 0.80 for year 11-19

Dec. Interim T. 25 afu 1000 ———

Mar. Hecout ine: 11

Laje year $139} mom

www

37/0

... 8

++

Deo. None

24

131.70

H

***

100

32

May 9, 30

July 1, 80

AN

Pending

Mar. 18, 80

14

Dec. 9 for 19

at mga J

Dvo. Laut dividend for 19240900424

Deo. Last dried for 1994 tren

---

280

Dec. Interim T. 31090,- Sep, 12, 80

7.100..0,50 for 1959............

Feb. 35, 89

114 Apr. T. 7 for year 2-1-00

July 30, 80

12,40

2

201

H. K. & S. Hotel...

K. Laada (old)...81 in (new) ...

... 811 81/1 Rights...$20 Shanghai Lands ...Tie: Humphreys 18.30 H. K. Realties.......

......95 Chinese Estates.....$

Cotton Mill.

Ewo Cotton.......Tia,

Shanghai Cotto...Tls. Zoong Sing ........

Public Utilities. H. K. Tramways...$ Peak Trams (old)...$

(new) ...

"

Star Ferries "China Light (old) ...

H. K. Electios ....$ Macao

1

་་

1.⠀ ⠀

༴༴་བྦོ༔་༞

Deo, & cont for 199med the

Apr, 1, 80

Des. Interim a ne 1030 Aug. 8, 80

Deo. Bà cents for 1957 an

Dec. Interim T. 31390.

July 51, 80

a

May 1, 30

Sep. 4, 30

July 91, 80

Dec. Intasticos e 1930

Feb. 45 for your 29-330

min Mar. 17, 50

11.00 11.60

Doo, Final Taft 1999

and

T. 3-05 for ball year 31-10-20 Nov. 20, BO

Och

*...

!

June. -s for rent 318-30 —

Oct. 11, 80

Dec. Interla 40 coque ado 1900..............

Aug. 97,80 190 cts, an old) for year Apr. 10 a 0-4-0 June 15, 30

|Dec. | 44 for 1929

... 20.06.30/3 Sept. Pinaio eta aja yr. 309-33. Pending

Dec. 250 for 1929

་་

thing toof that

Feb. 14, 90

Mar. 19, 30

28

14}

(new)...

20.30

70.30

28.20

1+

-

AIM

1273

Des

June Nons

L

08.16

Deo. Int. to cent af 1950

Ang. 1, 30

10

Feb. 25, 30

17/0

(Prof.)}/-

Sept.

10/-

[is on preferenca ahuras) Subject to Income tax.....Í

Fob 6, 80

Industrials.

One would have thought, he Of the amount available, £33,385 said, that sort of thing could have has been utilised in writing off bad been arrived at fairly easily, but and doubtful debts, £20,844 for In-

come tax, and £82,980 as provision Sandakan Lights there might be a difference of many millions of pounds in the opinions on account of loss on realisation of HK. Tek. fully paid $

part paid expressed by these distinguished Investments, leaving a balance of experts on the figures presented to £123,868. This sum has been trans-China Bu them officially. Even if these ferred to the reserve for deprecia- S'poreTactions(Ord.p/- figures were all correct-the action of investments and for con- The total transfer tual income received by the Gov- tingencies. ernment and the actual amount of made to this reserve in the current expenses-it was not really known.accounts is £512,500, the balance

DAILY CROSS-WORD PUZZLE.

(This cross-word puzzle has been made by an expert but our readers are toarned to look out for occasional phonetic spellings, such as harbor, plow, and altho.)

22 15

#

114

20

18 9 10

China Segara 80cte... Malabon Sugars abouă Caldi Mag, Ord....Th. Pref....Tls. Canton loss ............ *Cements (com.),$

17.80 18 (old)... [12] (DLC)

#

*

H. K. Ropes ..................$ {11}

United Asbestos ......$

[271

Stories, &c. Dairy Farms C/R X/R Right..... 6.90

30

Watsons

Der A Wings............... Lane Crawford $ Mackintosha

Sinceres

Wm. Powells ga♣

Miscellaneous,

II.K. Amusement...$

Cb, Entertainment...$

[H, K. Constructions...$ | 48

פן

10.40

| 40 centr]

Doo.. 0.00 for 1923..---

In Liquinta

Doc. Pa, 1 for 1023

103

Deo. T

M

***

3.80 July Nons

20

Apr. 11, 29

matthe 19 Apr. 80, 80

(30 cents on old for. 1929 Mar. 19, 90 Dec.ents

Deo. Last liddend for 1928......

**

-

| Dec. | $1,80 for 1923

Mar, 14,00

Oct. 70 cents for sx4d01-15-29,..........] Mar. 31, 80

*

12.00

3.70

Feb. | Kastálával for your 2-120 ) 19) Feb,"

11.00 ...

Thig

for year 23-4-30 urin) May 15, 80

1.86 Feb. 25 centstṣe your 23-2-29 Jun 10, 29

*Speculative shares."]*Sales to Bhanghai.

$12.00 on Preferred). Jos penz

Mar.1.00 on Deferred) 81-8-0 Bept. 27,00

F. THOROUGOOD,

Manager.

28

7, Queen's Road Central,

Hong Kong, 10th April, 1930.

***

32

-

Deo. None

THE BANK OF TAIWAN, LTD. (TAIWAN GINKO.)

B. Ind. G. Bonds.00%

J

34

35

69.

H. K. fort. Loans... 51% (Prem%

*

+++

Interest half yearly.

HEAD OFFICE:-Talpeh, Formosa.

142

Incorporated by Special Imperial

43

45

48

149

53

58

HORIZONTAL

Central Bank in Formen. Bank-Noton sued Awangu suncunt...Ten. 45,000,000 BRANCHES AND AGENCIES: JAPAN 2-Tokyo, Tokohama, Yoba, Duks. FORMOSA -Uirst. Kagl. Karenko, aling Makong, Nink, Bhinchiku, Twicks, Zalán, Takso, Tal, Toen, Hello, Taito.

Hankow Amer. Foochow, CHINA-Ebanghel

Bwstow, Canion. OTHERS-Rog Kong, Bingspore, Bourabaya. Beratung. Dalarik. Bombay, Calezije, London, Kaw York, Dairen.. LONHON BANKERS;

Owing to our numerous branches in China and large connections in the important commercial centres of the world, we are able to extend to our cheats special facilities for domestle and föreigu banking and exchange.

We also handle the issue of Bonds The London County Westminster and Farz'e Baik, and other" Public Funds of the' Chin-

The Bank has Correspondanta la all the principal

ese Government both at home and commercial Centres throughout the world. abroad.

NAK. NADURA.

SHOU J. CHEN,

Manager.HONG KONG BRANCH: "Hong Kong, 5th March, :1980.

Duy Your Food Central Hong Kong, 10th January, 1929.

Manatee.

THE BANK OF EAST ASIA, LTD.

Established 1918. -

HEAD OFFICE://

10, Des Voeux Road, Central,

HONG KONG

Capital and Sarplus

Total Resources

ever H.$.8,000,000.00

Over H.580,000,000.00

Every description of Banking and Exchange business transacted. po

Current and Fixed Deposit Accounts in local and.

eign currencies opened for ellante

Barings Account and Bafe Deposit Boxes.

Branches and: Agencies""ll over the world.

KAN TONG - PO,

55 17 Chief, Munkgerfi

اژه

Te foolishly

toquealous. B-A native of Great

Britain. 11-A"narrow road- 12-Black olly Hankd

from coal 13-River, flowing from

Lake Ladona, # Hussla

14-Half-an em

336-To mimle

117-Vase-

19-In

HORIZONTAL (Cont)'

|43-To attempt:

45+Imbecile

45-At a distance 48-Toward

T

VERTICAL (Cont.)! to-Indijancus 16-Bection of Argentini

Repubile 13-Bodies of soldiers

49-German for month || ||21-A, playing card MP, of May 50-Pounds, whillings

jair and pones {abbr.)

62-Behold

63-Brother of Jacob

|55=Profix-three

36-Abara

156-Litts

(69-Young) #WAN

20-Turkish commander WYS

[22-Solitary 12

24-Mohammedan

- proper_name,

20-One who compiisa

catalogado S

28-A queen who visited

King Bolemanag 20-3amačna južio“ Vig $2-Sines -33-Game #e, Ridati, -St-Lariat -

87-Choicest part of

40-Inferior apartmant

Op

VERTICAL

1

1-Bags

2-Reverberated Seindefinite artiste 4-Light" wvaking meal

23-Ancient 124-A branch of

Tearning

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of £388,632 being carried forward Foreign Newspapers, which to the debit of profit and loss. pears at $147,115, and in connec- The balance sheet shows quotes tion with the leans of £191,124 to securities at £1,204,005, of which Associated Anglo-Atlantic and the market value was 2684,430. | £201,236 to British Cement Pro- Loans advanced by the company ducts, negotiations at present in have increased from $128,509 to progress Indicate that these will bo, £539,475; 'and the report states that consolidated on basis which owing to the severe depreciation in should enable them to be ex general market values the security | tinguished without ultimate logs. held against these advances does not fully cover this amount.

The director state they are satisfied as to the loan to Anglo

YESTERDAY'S SOLUTION

ASTARED TA PA MNACLOSI LID SON ALUM 1 NONCS RED

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In regard to the action.by Anglo- Foreign Newspapers, It is stated that conversations are taking place in an endeavour to avoid litigation. Since the date, of the last meeting the following directors have signed:Mr. G. F. Forsdike, Mr. AJ Greenly, Mr. W. Li Stephen- son, Sir John Forster Fraser, Mr. HL S. Horne and Lord Stanmore.

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9 J. E. P. Nowman has joined the board and the appointment of additional directors is under con- Videration. The auditors, in their report state that they are unable to obtain verification of the amount of the loan appearing as due from Anglo-Foreign Newspapers. It bas not been possible, they say, to as" certain the value of all the Becuri- Hex deposited with the company. against partly-secured loans, and no provision has been made for loss, if any, on such loans.