1931-07-11 — Page 2

THE CHINA MAIL.

BANK S

HONG KONG AND SHANGHAI BANKING CORPORATION.

$20,000,000

Tarved and Pully. Paldres "amumas 1:30,308,800 Mera Pode-

Sharing... £ 4,305,035

Messern. Täučiky, of- Proprisioen, um $30,360,948

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINÀ. Incorporated by Royal Charter, 1858. HEAD OFFICE: LONDON. Paid-up Capital

THE HO

HONG BANK, LTD.

(Established 1917.)

HEAD OFFICE:-SINGAPORE, Hong Kong Branch: 13, Quem's Bd. C.

Authorized Capital Stratte $20,000,000 Issued Capital Paid-up Capital

#tikerland Öspilal Yeme

#leg a

$10,000,000

HEAD OPPICE; HONG KONO,

Reserve Fund

.£3,000,000 .£4,000,000

Roservo Liability of Pro-

prietors

:£9,000,000 Reserve

Liabilities

Agencies and Branchen:

of Shareholders Burplus

AMRITSAR

KUALA LUMPUR

KUCHING

MADBAS

MANILA

MEDAN

BOARD OF DIAKÓTOBS »—– Họn, Mɛ, 0, 0. 8. 'Mackie, Chairman,

Hon. Mr. J. J. Externou, Deputy Chairman.

Hon. Mr. 4. H. Dai, T. E. Pouros, Bog L., Compton, Lag. J. A. Pixsonar, Zaq.

29. Landse Lowia, Esq. T. II. 2. Shaw, Boy,

#. Miskin, Esq.

J. P. Warren, Kos.

Crial Manager.

7. M. Grayburn, en

BRANCHES :

LONDO

KLOR STAR

(Malay Ulaice!

BANGKOK BATAVIA BOMBAY CALOUITA DANTON CAWNPORN OBAU.. COLOMBO

DAIREN day

Minshasa)

ΠΑΤΡΙΟΝΟ

NEW YORK

. PEKING

PERANO RANGDON SAIGON

ΑΜΟΣ

DANGKOR

·BATAVIA

BONBAT

CALCUTTA

LIONS

MALAGOA

MANILA

MUAB (Toba)

CANTON

MUKDEN

CHEFOO

NEW YORK

COLORI

FEPING

DAIBEN PoccHow

· KAIPHONG

CAKUURO HANKOW

EARNIN

PENANG

ILANGGON

BAN FRANCISC»

SALOON

BILANQUA

SINGAPURS

HONOREW

HOURADA YA

ILULU

SUNDEI PATANI TIKHINIK

TOKYO

PUU

JUHORK

KUBE

KOWLOON

KUALA LUMPUR

ТВМОГАЙ YOKOHAMA

Current Ancunts opened in Lomal Curenc

Find Depostis tuosivad toe oon' year or shorter pecíode in Local Quercy and Überling win wins which will be quoted on applosion. Hong Kong, with Malwuary, 1981.

HONG KONG SAVINGS BANK.

The Buslim of tha abora Bach is conduct ed by the HONG KONG AND SHANGHA BANEINO CORPORATION. Bules moy be bisiced "PONOFOND AND SHANGHAT

FOR THE BANKING OORPORATION.

V. M. OBAYBURN,

Hong Kong, 10th July, 1986.

Ohlal Manager.

BANQUE DE L'INDO-CHINE.

HEAD OFFICE:

95. Boulevard Haussmann, Paris.

Subscribed Capital .Frs. 72,000,000.00 Paid-Up Capital...Fra. 68,400,000,00 Reserve Funds ..... Frs.102,000,000.00 BRANCHES: Bangkok Hong Kong Quinhos Battambang Tue

Saigon

Singapore

Gunthe Mengtze Shanghai Canton Nam

Dinh Djibouti Numes Thành Fort-Bayard Fapeete Fontain Haiphong Peking Tourane Hankow

Pnom Penh Vinh Pondichery Yunnanțu BANKERS:

Hanoi

IN FRANCE: Comptole National d'Escompte de Paris; Credit Lyonnais; Banque de Paris et des Pays-Bas; Credit Industrial et Commercial; So- eise Generale.

IN LONDON: The National Provia- C& Union Bank of England, Lid; Comptoir National d'Escompte de Para: Credit Lyonnais.

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

[atozist allowed on Current · Ac- counts and Fixed Deposits according to, arrangementa,

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

A. BONNAUD,

HAMDUBO

HANKOW

DARBIN

(H. Manskarls}

HÒNG XIN

ТРОН

ΠΟΠΟ

IARIOHT

FLANG

TOBE

KUALA KANOBAR

[P.M.B.)

SEMARING

BEKKMDAN

BHANDHAI

HINDANONE

BITIAWAN

BOURABATA

TAIPING : (F.M.B.)

TONGEAH (Bhukai)

YOKOHAMA

ZAMBOANGA

"TAVOY

TIENTBIN

TOKYO

TSINGTAO

(klilypine islande)

General

Foreign Exchange and Banking business transacted.

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

J. STUART,

"Acting Manager. Hong Kong, 28th May, 1981.

THE NATIONAL- CITY BANK

OF NEW YORK.

HEAD OFFICE: 65, Wall Street, New York.

Capital, Surplus and

Undivided Profts.U.S.$226,087,392

-Branches in

ARGENTINE LONDON

BELGIUM

BRAZIL

CHILE

MEXICO

PANAMA

PERU

PHILIPPINE

ISLANDS

STRAITS

CHINA

COLOMBIA QUBA

PORTO RICO

DOMINICAN

REPUBLIC

INDIA

ITALY

JAPAN

SETTLEMENTS URUGUAY

VENEZUELA

Commercial and Travellers' Lettera of Credit, Travellers' Cheques, Bills of Exchange and Cable Transfers Current accounta bought and sold. and Savings Bank accounts opened and Fixed Deposits in local and for- eign currencies taken at rates that may be ascertained on application to the Bank.

8,000,000

4,000,000

4,000,000 2,520,000

Branches, Agencies and Correspon- dents in the principal cities of the world.

Every description of Banking and Exchange business transacted.

TAN ENG HOOI,

Manager.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

(KETHERLANDS TRADING (OCIETY),

DANCERS.

Commerce and

Finance

SHARE MARKET.

Weekly Reports by Brokers.

G. A. HARRIMAN.

has

SATURDAY, JULY 11, 1931.

FINANCIAL WISDOM

Investment of Small Savings.

Sir Spencer Portal, chairman;

CHURCHES

A CHARGE OF ONE DOLLAR 18 MADE FOR ALL NOTICES UNDER THIS. HEADING

ST. JOHN'S CATHEDRAL, HONG KONG.

...

July 12, 6th Sunday After Trinity.

Holy Communion, 8 a.m. Holy Communion (Peak Church),

Banka: Hong Kong Banks have advanced to $2,030 buyers but Trustce Savings Bank Association: skaras are not easy to obtain.-One reads in the papers of Bank of East Asia continue in de-people of small means who have mand at $128.50.

lost their savings through sending Insurances:-China Underwriters. were done at $5.55 with further them for investment to Arms&a.m. buyers at $5.50 and sollers at $6.60. which have subsequently failed, Union Insurances came to business How many people know that Gov- at $652/556 and there are further ernment stock could be bought buyers at the latter rate. Canton

Children's Service, 10 a.m. Matius and Sermon, 11 a.m. Freacher: Rev, H. V. Koop. Evensong, 6 p.m. Proacher: Rev. N. V. Halward.

UNION CHURCH.

Kennedy Road, Hong Kong.

Sunday, July 12, 1931.

Morning Service, 11 a.m.

Insurances and Hong Kong Fires safely, cheaply and conveniently Hong Kong, July, 11.

through a trustee savings bank? Mr. G. A. Harriman's Weekly are neglected.

-have Shipping: Steamboats

Mr. Charles V. Sale, chairman, Report and Market Review days buyers at $25.25 and Union Water- Amalgamated Metal Corporation, A slightly armer tendency pre- boats at $28.50. Douglases are Lid:Science is bringing the dominated during the beginning of neglected.

'nations' into closer contact, and t the week under review and com- Mining:-Benguets are wanted is being made plain to us that the paratively speaking trading has at $9.50. Venezuela Goldfields are prosperity of each is dependent been on a more generous scale than inquired for at $2,75 with sellers upon the equal prosperity of all. its predecessor, but for the most asking $3.00. Raubs are nominal Sir William Goschen, Suz Insur- part steadiness

prevalled at $84.00.

vice. 'ance Office:-There has been no. throughout except perhaps in the Lands, Hotels and Buildings:- improvement in conditions, and Gliders speculative section where Cements, Hong Kong Hotels changed hands the world economic crisis has be-

Hotels, and Realites, were weaker at $16.40 down to $16.25, with fur- come even more acute.

The ox Guildere 4100

(28,804,000) on balance. The Investment section ther buyers at $16.20 and sellers at treme gravity of the position is, held moet command with HK, Landa, $16.80 for Old shares, New shares however, now more generally re- and Trams in renewed favour, and were done at $16.80. Hong Kong cognised, and that circumstance Sterling counters were better with Lands after touching $91.00 at may perhaps afford some ground more enquiries for Bauks at $2,035 which rate business was done have for hope that remedial action may and Union at $555 · owing to the improved to $92,75 buyers, trana be taken. In the not too distant slightly easter tendency of Ex actions taking place at $98.00. future. change.

· Establinked 1884.

Wing Kong Món (e=II, Quiet's Road, OstwAL

Authorved Capital smem Bulldara 180,000,000- Fold-Up Capital Basers Faad

($13,500,000.)

Hand Útion AMSTERDAM” Eastern Hood OMes—BATAVIA, BRANOBES - Bandjarmamala, Bandosna", "Bombay,

Caloutin, Charbon, Bamba, Dj Jakarta®, The Hague, Jeddah. Köbe

Lote-Badia, Maya, Mada, Padang Palembang. Pakalongan

Pontissa Bangoen, Rollerdam Bamarang,

(Burstra), Bingapocs, our Boerakaria (Bok), Tegal, Tiliafsy sal Walleyreden,

T'es for a depoets bores to let

„London_Bankers >>-Naidoual Provindal Bank Lad,

· Correspondents all over, the world Banking basina di army ¿scription tractad.

A. ETOEKINK,"

Hong Kong, 19th Asgual. 1900.

Малацит

THE BANK OF CHINA.

行銀國

Reorganisad October 26, 1928, under special charter of The National Gov

INTERNATIONAL EXCHANGE

ernment as en

BANK.

HEAD OFFICE: SHANGHAL

HONG KONG, BRANCH:

4, Queen's Road Central.

Although the tendency of Hong Kong Realtys after réaching Lord Bearsted, chairman, Vene- the market appeared to be firm on $18.00 have weakened alightly and zuelan Oil Concessions, Ltd.-At the surface, the undertone again are now sellers at $14.80 and the beginning of 1929 a more or pointed to easfness towards the buyers at $14.65. Humphreys are less temporary and rather Infórmal latter part of the week when nearty neglected.

agreement was concluded between all counters could be obtained on Cotton Mills:-Ewo Cottons have the largest producing companica in enquiry. The only saving feature been a strong market the last few Venezuela, which has had the of the week was Ewis which in daya, business being done up to effect of stabilising the production variably come into favour when local Taels 14.40 cash and Taels 14.50 of vil. stocks go quist and these shares July settlement local delivery. At Professor K. Neville Moss, Mines afforded the principal turnover of the time of writing the market ap- Department, Birmingham Univer- a rather moderate week's.trading. paars slightly casier.

city: Modern-legislative tendency Except for the renewed demand for Cottons the market has again lapsed into a quietly easy tendency at the close with the majority of stocks offering fairly freely, at quotations.

Evening Service, 6 p.m. Preacher: The Rev. E. G. Powell. Social Hour after Evening Ser

.. Sunday School: Kennedy Road, 10a.m.

WANCHAI WESLEYAN METHODIST CHURCH,

י.

Opposita Royal Naval Hospital,

Queen's Road E. ·

Sunday, July 12, 1931. Morning Service, 10.15 a.m. Evening Service, 6 pm. Preacher at both Service:-Rev. Donald B. Childs.

At the Sailors' & Soldiers' Home, 22, Hennessy Road, Wanchai.

8.15 pm. Service Men's Hour. Speakers: Rev. Rudland Showell, B.Sc, and Rev. Donald B. Childs. A Hearty Welcome la Extended to All..

FIRST CHURCH OF CHRIST. SCIENTIST.

Branch of The Mother Church. The First Church of Christ, Scien. tist, In Boston, Masa, USA).

Macdonnell - Road. below Bowen Road Tram Station. Sunday Service, July 12, 1931,

11:15 a.m.

Sunday morning at 10 o'clock.

5.90 o'clock.

·

Subject: "Sacrament.” The Sunday School is held on

Wednesday Evening Meeting at

Reading Room at above address, open

Tuesday and Friday 10 am to

Monday and Thursday 5.20 to 7

Docks, Wharves and Godowns:- le towards giving assistance to the Kowloon Wharves have buyers at uneconomic pita at the expense of $164. China Providents' Old shares the better ones, which might be are wanted at $6.80 with sellers in the immediate interests of the asking 5 cents more. Kowloon miners as a class, but in the long Docks can be placed at $30. run was against the interests of Banke: Small business in H.K.

Public Utilities:-Hong Kong the nation and the miners also. Subscribed Capital $25,000,000.00 & Shanghal Banks was recorded at Trams were done at $211⁄44/211⁄2 and Mr. W. E. R. Innes, chairman, Paid-up Capital .......$24,710,200.00 $2,010/20 closing in demand at have further buyers at $21.40, City of London Real Property Co., Reserve Funds ......$ 8,820,503.32 $2,085. Bank of East Asiae con- Star Ferries can be obtained at Ltd.:-We are suffering from '@ tinued in request at $120 without $96.00. China Lights have fallen surfeit of legislation, and a great attracting sellers.

away to $25.60 buyers with sellers part of many business people's Insurances--Both Canton Fires at $25.00. Hong Kong Electrics time is now taken up more, in try: and Hong Kong Fires continued after a quiet period have Improved ing to save as much as they can quiet, Unions were realised at to $81 buyers, shares having from the effects of new claima in- $550/55 and were still in demand at changed hands at $81/81%. Hong stead of in trying to improve their Owing to our numerous branches in the former figure. We are also able to offer our Cus

China Under Kong Telephones are neglected. business. tomers the services of the Branches China and large connections in the im-writers had buyers at $5.55 after

Miscellaneous: Cements have Mr. H. A. Vernet, chairman, In- of the International Banking Corpora portant commercial centres of the

been quiet with sellers at $19.75 vestment Trust Corporation, Ltd.: tion in San Francisco and Spain and world, we are able to extend to our sales at this rato. also of The National City Bank of clients special facilities for domestic Shipping:-Douglases were still but buyers will not pay more than-The fallure of business in the Now York (France), 9.A., in Paris and foreign banking and exchanges. featureless. Steamboats re$19.50. Hong Kong Ropes have United States to show any appre and Nice.

We also handle the issue of Bonds mained firm with buyers offering been done at $212 to $23 and there ciable change for the better is P.m. F. McD. COURTNEY, and other Public Fands of the Chin $25.40. Union Waterboats were are now further sellers at $22.25, affecting the whole of the world."

Manager, ose Government both at home and

abroad.

Dairy Farms have been more. or Mr. Erik Nylander, managing less neglected. Hong Kong Amuse- director, General Export Associa mente "A" shares have buyers at tion of Sweden: The necessity to $22.00 and "B" shares at $21.75, pay high wages has compelled Building permits issued in Saska- Constructions are nominal at $9.30. Swedish manufacturers to spend toon for the year to date total Lane Crawforde are again inquired large sums of money and much $1,028,410, according to figures for at $8.25. Watsons have buyers

effort OF a very far-reaching issued by H. Mel. Weir, city build- at $16.00.

rationalisation programme and for ing inspector. Approximately 50 Rate of Exchange:The TT.bringing their factories up to a dwellings are under construction In Rate on London is 1-% and on high pitch to technical efficiency. the city. Shanghai 79.

Hong Kong, June 16, 1981.

THE

AMERICAN EXPRESS COMPANY,

- INC.

Head Offee: 65. Broadway, New York,

Manager,

Hong Kong, 1st May, 1981.

Capital Surplus Beserves

THE YOKOHAMA SPECIE BANK,

LIMITED.

Established 1890.

Capital (fully påld-up) Yen 100,000,000 Eeserve Fund

Yen 115,000,000

Head Office:-YOKOHAMA.:

Branches and Agencies at:

Mapila Nagasaki

Alexandria

Batavin

Berlia

-Bombay Calcutta

Canton

Changchan

Nagoya

Newchwang

New York

Osaka

Pelping

Dairen. (Dalny} Rangoon

Fengtian (Mukden) Rio de Janeiro

Hamburg

Hankow Herbla

Kong

Kai Yuen

Karachi

Kobe

London

Los Angeles

Lyons

San Francisco

Seattle

Semarang

Shanghal Shimono all

Singapore

Boarabaya

Bydney

Tientsin

Tokyo Tsingtan

Interest allowed on Current Ac Tenants” (saunat

.U.S.$5,000,000 .U.S.$1,572,454 .U.9.$1,008,209

BRANCHES--

Amatordam

Later Athens

Berlin

Bocabay

Brusela Busan Lire Cairo

Он Guzow HAVANA Hamburg Havre Exclation Jerusale Lido Look Liverpool Linosa

Naples

Pirazza

Farla Faking

Sapang

Palermo

BotterLaca Boe

Lugina

Colombe

Lase Masini Continople Monte Carlo

Goyenhagen

Esburgh

Florados

Manila.. Munich

Metros. Milan

Bambol

Shaczka! desshampoos

Singapore

84. Mor

Урасле

- Semion

Yokobane

Manager.

SHOU J. CHEN,

Hong Kong, 5th March, 1981.

unchanged with enquiries at $28.50.

Mining:Raubs receded a great deal with shares offering at $36.

Docks, Wharves and Godowns: H.E. & Kowloon Wharves changed THE BANK OF CANTON, LTD. hands at $164 and there were fur

|ther buyers at this figure. Pro- vidents (old) were very firm at $5.80 and $6 for September.

Established 1912.

..:

Head Office: Hong Kong.

Authorised Capital ·(H.L. Currenaz) $11,000,000 Pald-Up Capital

8,880,800 Besarts and stake it into some 1,100,000 BRANCHES |--

Canton, Bhangial, Bankow,

Hotels and Real Estate:-H.K. & Shanghai Hotels weakened slightly with buyers offering only $15 for the old shares and $15.75 for the new, H.K. Lands advanced to

Bangkok, New York and San Francisco. 302.50 cash and $93 for July Set

CORRESPONDEN78

LONDON BANKERS 1----

The Lloyd's Bank, Limited

la ali principal attinget iha World

Fordlen szobangs and banking, businams of

eracy Emoription transacted,

Bain Deposis: Boss (relom alam; at a zászly rental of From 15 to $48.

LOOK-POONG SHAN,

Chief Manager.

tlement, but were offering slight- ly under these rates at the close. Humphreys foll" away to $19.75 without attracting buyers. Real- ties were

on the easy' aide and were wanted at $14.80 cash and $14.65 July, with business done ať $15.10 September

Cotton Mills: Ewos attracted a

Forward Settlement Days:-28th July, 25th August and 28th Sep- tember, 1981

MR. EDISON MAKES RUBBER.

Product Of Lengthy Research

Completing his annual Winter vacation at his estate

near Fort Myers, Mr. Thomas Alva Edison,

THE BANK OF TAIWAN, LID. great deal of attention and there world-famed Inventive wizard, an-

(TAIWAN GINKO;) GARA

HEAD OFFICE: Talpeb, Formois.

از یاد

was quite a large turnover at ris-nounced that he has been succesá- Ing rates. They were done as high ful in vulcanizing rubber of the as $14.40 Cash and $14.90 for Sep-synthetic variety make from golden

rod." tember, the market closing quite

Many believe that ВСОП firm at these rates.

Public Utilities Trame Improv. Edison will start the production All classes of Commercial Banking Rack.oles and regen.,000,000 ed slightly and were negotiated at of synthetic rubber on a commercial Transactions undertakes.

Branches of American · Express Company in Principal cities of Unit- editates of America and Canada.

Personal investment

handled.

Incorporated by Special Imperial

*** Charter* 1899.*

Castral Bank la Formosa

PHANÓHIES AND AGENCIES:

JAPAN :—Tokyo - Yokohama, Kobe, Deskad

821/21.50 with further buyers at scale. accounts FORMOSA palean, Kag, Kero Kalang, the latter figure. Star Ferries

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

Affiliated with

“Tamoul – Zam; (falto, Saito, Pat

CHINA Bbanghely

London; » How Losky · Balzan,

Mr.

For many years Mr. Edison Yang Mai, Bhlasilos. Tales, Zaloes, wore in offer at $95. China Lights has been working on his ex- Amoy, Foochow could be placed at $26:80. H.K.periments for the manufacture of OTHERS Logo Bagepors, Borsbaye, Electrics were sought for at $814 artifical rubber. Several months Secara alamia Hombay Cake with sales reported at $82. Tele- age he announced that he had made

LONDON BANKERS

phones (partly paid) were obtain good rubber from the golden rod. The London County Wales and Parr's Bakable at $88. det

He predicted that his synthetic rub- The Bank has Correspondents in all the princ

pado Miscellaneous: Cementber would make it no longer neces- Coral Centre Carought the world.

(comb.) fluctuated between $19 Bary for the United States to depend › KASNAGURAL

and $19.80, the market closing upon tropical countries for its raw HONG KONG. BRANCHT

stendy at the former rate. Ropes rubber supply, Aturlari qat di advanced to $284, but the demand Mr. Edison is now en route to his has since eased off to $222. laboratories at East Orange, New Dairy Farms were on offer at: $50 Jersey.

DeVoe

Deposits received for fixed periods THE CHASE NATIONAL BANK Bord Central

at rates to be obtained on application.

DOH, MORL

at Manager.

Hong Kong, 11th April, 1981

Resources..Over G$2,500,000,000

C. H. BENSON

General Manager.

THE BANK OF EAST ASIA, LTD.

Established 1918

HEAD OFFICE:

10, Des Voeux Road, Central,

Capital and Buy Total

HONG KONG SUZU

THE MERCANTILE BANK OF

VEINDIA LTD 934

15, Gracechnada: Break,-Iraidon, 8.0.1.

Authorised Capital.ro,£3,000,000

Subscribed Capital Paid-up Capita pava Roberve. «Find-and-Hest 1,6886,845

1,800,000

The Bank of Sazanë Midland Bank, Kadi

at the opening, but buyers pường

dominated at the close at $30 Plans for construction of another Watsonk were in demand at $18. | hydro-electric power station on the Lane Crawfords were, sought for Kootenay river in south-onstern at $8.20. and Sinceres at $154. British Columbia became known Forward Settlement DaysJuly when, the West Kootenay Power and 28" "August 25, and September 28. Light Co. Ltd. - recently made formal application to the Govren- ment of British Columbia for its fifth power – alte on that stream. The Kootenay is rapidly becoming

CARROLL BROS.

- Hong Kong, July 10.

Since our last issue there has one of the most intensively develop-

ed power streams in the whole of shares have Canada

the good

light of the ora have

Represe

tives of Japanese buy. sh: Columbia -(Angóra oria' negotiating

12 Noo

The Pubiles cordially invited to attend the service and visit the Reading, Room

NOW ON

SALE

The

CHINA YEAR BOOK

1931

EDITED BY'

H. G. W. WOODHEAD, O.B.E.

"A Mentor Superb... It is not an exaggeration to say that the "China Year Book" Is one of the most remarkable produc tions of its kind in the worldz va No-one who pretends to desire to discuss or study affairs in China can afford to "de" with- out this book."-North-China Daily Newa

The

"China Year, Hook" as it is presented to-day, is a volume that no newspaper, commercial, government, ́in fact any office

can do without." China Press."

"There is no single work containing such a mass of varied and most wiefal information on things Chinese as the "China Year Book Similar publications exist in many other countries, but few can compare with, and none excels, the latest issue of this work Finance & Commerce.

On Sale at

Messrs. Kelly & Walsh, Ltd.,

Chater Road, HONG KONG

Commercial

and

beent

of fur

PRICE $20.00 net.