1931-08-17 — Page 2

THE

CHINA

MAIL.

****

#

8,000,000 4,000,000

1,000,000

2,697,000

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

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authorised Dépikat m 630,200,000 Imad and Fully Paid-upon 329,305,000 Boscere Fundr!--

lingum £ 8,500,000 Bliver mom $16,000,000 Borsers. Glad fly at Proprietors on 199,200, 165

HEAD WPIOR: HONG KONG.

BOARD OF DIRECTORS

Bo. Mt. 0. G. D. Mackle. Chairman.

ton, Mr. J. I. Interson,

Deputy Chairman.

A. 5. Compton, Esq. J. A. Flammer,

B. Lander Lewis, Esq. T. K. B. Ghaw, May,

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

HEAD OFFICE: LONDON. Paid-up Capital

CANTON CAWNFORE OEBI

COLOMBO

DAIREN (Dalby,

Boula Mashuria)

DELHI

HALPUGNO

THE HO HONG BANK, LTD.

(Batablished 1917.)

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

Authorised Capital Straits $20,000,000 Issued Capital Paid-up Capital

B. Mistis, Var.

J. P. Warez, Mag-

Chiat Manager.

J. K. Oybura, Esq.

MANGKOR

BATAVIA

HOMBAT

-CALCUTTA

BANTON

CBE700 QILSIMDO

DAIREN

BOOCHOW

HAIPHONG

"HAMBUR

HANKOW

HARDIN

HONOKEW

ILOILO

IPOH

JOHORS

KOWLOON

BRANCHEN:

KUALA LUMPUR

LONDON

LYONS

MALADÓA

MANILA

MUAB (Johnra

KUKDEN

NEW YORK

PEIPING

PRNANO

BANGOON SAIGON

"HAN"PRANOIROS

SHANGHA

BINGAPORM

BOURABAYA

SUNORI PATANI

TIENTSIN

TOKIO

THINUTAU

YOKOHAMA

Every description of Banklag and Exchange business transacted.

Resorve Liabilities

£3,000,000

of Shareholders. Surplus

Reserve Fund

.24,000,000

Reserve Liability of Fro

prietara

$3,000,000

Agencies and. Branches:

ALON STAR

KUALA LUMPra

(Malay Biates)

KUCHING

AMBITSAR

BANGKOK

MADBAS

BATAVIA

MANILA

q.

BOMBAY CALGUITA

KEDAN

NEW YORK

PERING

Camant Amouetas opened in Joral Dareusay and Fland Deposits resized for ana par or shorter perioda in Leon Ourrency and Berlina a barn which will be quoted in appilantỉờn,

Hong Kong. Så February, 198).

HONG KONG SAVINGS BANK.

The Bustosas of the abara Bank is onduct

od by the 1ONG KUNO AND SUANG WAJ BANKING CORPORATION. Rules may, he abesized_on application.

FOR THE HONGKONG AND HILANGHAI BANKING DORPORATION,

V. M. GRAYBURN,

Chial Manager.

Hong Kong, 18th July, 1880. -

THE BANK OF CANTON, LTD. Established 1912.

Head Office: Hong Kong.

Authorised Capital (H.K. Currency) $11,000,000 Tal3-Up Capital

Bacarve Fund mas

BBANDES:-

1,665,300 1,100,000

Denton Bangkal, «Bankow, Svetom, Bangkok, Haw Tork and fan Framelsoo.

GOREESPONDENTI

LONDON BANKERH

The Lloyd's Back, Limited

In all principal diles of the World.

- Foreign" axolange and banking business of

wwwy description iransacted.

Safe Deposit Boxes (various siano) að a 2001ly

masal of from 8.

LOOK POONG SHAN,

Chief Manager,

THE BANK OF CHINA. 行銀國中

Subscribed Capital....$25,000,000.00

JAMBURGL

HANKOW

HARRIN

HỒNG KONG

ILOILO

*(U Manchuria)

ITOH

ДАПЛОПЕ

KLANO

KOPE

KUALA KANGSAR

(Perah.M.B.)

PENANU RANULON

BAIGON

SEMARANG

SEDEMDAN

HHANGKAI

BINGAPORE

SITIAWAN

BOURABAYA

TAYOY

TAIPING (F.M.)

TIENIGIN

TOXTO

TONUKAI (buka)

TBINGTAO

TOKOHAMA

ZAMBOANGA

(Philippine situde)

TAN ENG HOOL,

Manager.

BANQUE DE L'INDO-CHINE

HEAD OFFICE:

INTERESTS IN INDIA.

Commerce and Finance

Will Public Confidence Be Restored.

96, Boulevard Hausmann, Paris.News.

**

BRITISH TRADE IN FAR EAST.

Business Lost Through Delays in D.E.I.

The British public have more in-

The methods of the British manu- yesed capital in India than in any facturer seeking trade in the Far other country, states the Evening East have been much criticised of The actual amount of late. In many ways, it has been

however, capital invested,"

is pointed out, he is behind his com- petitors, and à greater liveliness is Subscribed Capital Frs. 72,600,000.00 variously estimated. Paid-Up Capital Fr. 68,400,000.00 Some authorities maintain that urged upon him if he would succeed Reserve Funds ....Frs.102,000,000.00 there is a total amount of as much in a field of enterprise which is full as £700,000,000 and that of this, of promise with the bottex times Government, other public loans, and which are approaching.

East Indies The Netherlands guaranteed railway debt represents

Review, organ of the British Cham- over £450,000,000

ap-ber of Commerce for that territory, points to the fact that, while 'Great Britain holds the world's records for mechanical speed on land and water and in the air, British manu- facturers certainly do not shine in what may be termed the speed with which they "get going" in oversens trade.

BRANCHES: Bangkok Hong Kong Quinhon Battambang IIue Saigon Cantho

Mengtzo Shanghal Nam-Dinh Sinzapore Djibouti Numea Thaaha Fort-Bayard Paprote Haiphong

Canton

Peking

Tientsin Taurano Hankow Pnom Penh Tinh

Pondichery Yunsanfu BANKERS:

Foreign Exchange and General Banking business transacted..

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

J. STUART,

Acting Manager. 'Hong Kong, 23th May, 1931. -

NEDERLANDSCHE HANDEL. MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING BOCIETY)

BANKERS.

www.comm

Balaklaked 1894). Hong Kong Don:-21; Quran's Bood Orateul. Authorised Capital Builders 240,DOO,BON. Fald-Up Capital ............. Gulidaes 90,066,00

(20,000,170) kamere Fund norvausmas, Quliðara' 65.07,800 (46,804,443)

(10,000.)

Head Off-AMSTERDAM”. Eastern Hoed Bolse:-BATAVIA. BRANCHEA Bazājnervásin, Bantoeng. Bombay,

Daloutte, Charbon, Diamber. Diok jskaria", The Maque", Jeddah, Robe, Kota-Badja, Makassar, Medan, Padang Palembang Pekalongan, Penang PooManak Hangoon, Rotterdam", Балангаая",

Bibolg (Banten). Singapore, Boszubula Barabarta (Solo), Tugel, Tillajmp end. Waterradan

* Thane od55an kava safe deposit boxes to Coadoo Banker ---Nailótal Provincial Bank LAL Correspondanta ali over the world

Deaking businesa ni every description iransacted.

A. STDEKINE,

Bong Kong Ith Angui. 1980.

THE

IN FRANCE: Comptoir National Escompte de Paris; Credit Lyonnais; Banque de Paris et des Pays-Bax: Credit Industrial et Commercial; So.

sace Generale.

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

-IN NEW YORK; J. P. Morgan a Co., French American Banking Cor poration; Guaranty Trust Co. of Now York.

interest allowed on Current Ae. counts and Fixed Deposits according to arrangements.

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

A. BONNAUD,

Hong Kong, 1st May, 1981..

Manager.

THE NATIONAL CITY BANK OF NEW YORK.

I

HEAD OFFICE: 55, Wall Street, New York.

Capital, Surplus and

Undivided Profits..U.S.$216,097,092

Branches in:-

ARGENTINE LONDON

MEXICO

PANAMA

PERU

PHILIPPINE

ISLANDS

PORTO RICO

Miniger

BELGIUM BRAZIL

CHILE.

CHINA

COLOMBIA

CUBA

DOMINICAN

STRAITS

REPUBLIC

SETTLEMENTS

INDIA ITALY

URUGUAY

VENEZUELA

JAPAN

AMERICAN EXPRESS COMPANY,

INC.

Head Office: 65, Broadway. New York.

Reorganised October 20, 1928, under

Capital

.U.S.$6,000,000

special charter of The National Gov.:

Surplus

Reserves

‚U.S.$1,572,454 U..$1,908,209

ernment as su

INTERNATIONAL EXCHANGE

BRANCHES:-

“BANK"

Amsterdam

Gazon

Antworp

Glasgow

Paid-Up Capital

..$24,710,200.00

Reserve. Funds wi

..$8,820,508,82

HEAD OFFICE; SHANGHAL

Ahm

Barlin Barrika Baby Br

HONG KONG BRANCH:

4 Queen's Road Central,

Brusal Buns Airs

Osloalta

Colombo

Constantinopla

Copenhagen Elsburgh

Полны

Hayaca Hamburg HATTA Interlaken Jersonian Ládo Lowdon Liverpool

nacsen

Lgs.co Lesor Marmallisa Monte-Carla Manila Munich MOO -Man

Ni Suplan

·Plemons Parta Banang Paking

Commercial and Travellers' Letters!

There is outstanding an preciable amount of short-term ob- ligations, and this factor has been _having_a_considerable influence in 'depressing India sterling loan

values.

Within the next seven years there Is a total maturing of over £60,000, 000. Over two-thirds of this sum has been placed since the begin- ning of 1930.

Price Fluctuations.

MONDAY, AUGUST 17, 1931.

HANNAY RELEASED HOME SACRIFICES.

Scottish Silks Case.

ELEVEN IN CUSTODY.

cerned.--Reuter,

Plans for Financial ›

Emergency.

CONFIDENCE DESIRED,

London, Saturday.

Rugby, Saturday. The Crown has announced that Although the Cabinet Economy it does not intend to proceed with Committee adjourned on Thursday charges against Mr. Robert until Monday there has been no "Hannay in connection with the slackening in the preparation of the Scottish Amalgamated Silks case plans to deal with the financial in which eleven men are now con- emergency,

Members of the Committee on [Only on Thursday charges holiday in different parts of the against Mr. John Gardner were country are examining the Treasury also withdrawn. It will be rememoranda and other Departmental called that recently 13 reports on various proposals, under well-known North of England consideration, and the Chanceller of and West of Scotland business the Exchequer, Mr. Snowden, in men were arrested on charges of particular is being in close touch fraud and false pretences arising with the Treasury from his home out of investigations in connec- in Surrey.

The preliminary work involves tion with the affairs of the com- pany mentioned in the cable, exploration of the whole fleld of The amount involved was stated possible economy and a study of to be £438,000. Messrs. Gardner, the implications of the decision of Hannay and Strachie were re- the Cabinet Committee with which leased on bail of £2,000, while the the Opposition, tenders are under- octogenarian, James Sutherland, stood to be in full agreement-that owing to ill-health, was allowed the sacrifices necessary to secure a bail-in: £10,000.]

balanced Budget must bear equality," on every section of the community. Report to Full Cabinet.

METAL MARKETS.

Review in Mail Week.

By the time the Committee re- assembles on Monday afternoon it is hoped that proposals in some detail will be ready for considera- tion. The deliberations will con- Rudolf Wolff & Co., London, tinue on Tuesday and the report will be made to a full Cabinet meet- report on July 24:

Metals have all displayed weak-ing on Wednesday.

A Typical Case. Java is nearly 10,000 miles away from Great Britain, a factor which Will the Prime Minister's state- rendere quick action in regard to ment in Parliament. obviously in the making of trade connections tended to restore pubiic confidence all the more necessary, and speak- In India Government loans, and in ing from practical experience itness under the Influence of the de- The scheme approved by the the maintenance-of-the-rupee-at-18-states-that-British manufacturers Gd...have the desired effect?

lose business over and over again through avoidable delay.

Will it counteract the fear of Gandhism that has been frighten- ing investors away from India loans lately?

the

A typical case is where, in answer to a buyer's inquiry, a manufactur- er repiles (perhaps

after three

pressing conditions arising out of Cabinet will probably be the sub- the European financial situation, ject of discussions with Mr. Neville and prices are all lower as com Chamberlain for, the Conservatives pured with those ruling a week ago, and Sir Herbert Samuel for the The Bank of England Rate was Liberals, and if there is an indica-. raised yesterday from 21⁄2 per cent,, tion that the Opposition Parties are It was noticeable that although weeks) "we regret that owing to at which love! It had stood since prepared to give the proposals their Stock Exchange quotations for In-Mr. So and So's absence on his May 14, to 3% per cent.

general support Parliament will be dia Government loans were mark holidays we have not written soon- Tin has been caster, the price summoned probably next month.

+ Labourites to Meet. ed up sharply on the Prime er," or "our managing director Is showing a decline of £4.10.0 to Minister's statement, that should abroad but your letter, will be £4.15.0 since our last report. Sales: On Thursday, when there is a need arise the British placed before him upon his return.in the East during the week Joint meeting of the General Coun-- Government, would ask for author. Sometimes delays are increased amounted to 1,260 tona: shipments cil of the Trade Union Council and ity to give financial support to In by the manufacturer, finally con- thence for the first three weeks the Labour Executive, the Govern- dia, the best prices were not main-descending. to send incomplete in- were 4,789 tons, and for the month ment will have an opportunity of tained to the close.

formation to his Inquirer in the are still estimated at 6,500 tons. explaining the position to its own India 3% per cents, finished 4 Netherlands East Indies, with the Premiums on Straits and Banka followers.

It is generally desired that a points and the 2% per cent. 3 result that it extreme cases as Tin are quoted at £1.5.0 and £4.- points below the highest prices much as nine monthe go by before respectively. Business with con- atatement of the Government's in- touched during the day, which sug- the would-be buyer knows exactly sumera has been quiet both in this tentions should be made as soon as gests that some holders were not what the manufacturer can supply, country and on the Continent, na possible in order to give a basis for sufficiently favourably impressed the C.I.F. cost in guilden and the also in the U.S.A. buyers being confidence at Home and abroad, by the announcement to retain terms upon which he is prepared to content in view of the unsettled which is easily shaken by irrespon- their investments in the expectingit. Which; as the Review says, is outlook to provide for only their sible rumours. tion that publie.confidence would greatly to be deplored!

he restored and prices of India

stocks would continue' to recover.

The Last Loan.

It remains to be seen whether the

of Credit, Travellers Cheques, Bills public will be any more ready of Exchange and Cable Transfers now to buy India Government. bought and sold.

in present circumstances Current accounts loans

to

į

INDUSTRY NEEDS LESS RUBBER.

Restriction Efforts Condemned.

restriction.

."

BELL'S OF PERTH.

do

Full Publicity Desired. actual requirements. The weak-

The Manchester Guardian, refer ness can be wholly ascribed to the

the proposals under the depression arising out of the ring to strained financial situation on the consideration of the Government, Continent, which has occasioned Bays that if it is wise they will be some selling and liquidation, whilst given fall and early publicity. "A at the same time buyers have scheme that could be sald fairly to adopted a cautious attitude and involve a wide and not inequitable active support has suffered some spreading of sacrifice would and Savings Bank accounts opened than they were to subscribe to the and Fixed Deposits in local and for last India, Government loan, no

In all the circum more than relieve immediate fears ne to the budgetary eltuation. Its eign currencies taken at rates that

The Amsterdam correspondent of stances, less than 62 per cent. of which

fundamental conditions

national character would. provide may be ascertained on application was-left-with-the-underwriters, the Financial-Timea-states-that-the have been rather lost sight of, the the Bank

-the-best-assurance-to-foreignTM opinion." British Wireless. Service, We are also able to offer our Cus- and the price of which had stood at whole of the Dutch Press is against Incidence of supply and demand tomers the services of the Branches! a discount in the market. >

rubber restriction, cabled on July being overshadowed by the "finan- of the International Banking Corpora- The Prime Minister has repeat-27 the Straits Times London Cor-cial crisia, but apart from senti- tion in San Francisco and Spain and

ment it would seem that little, if also of The National City Bank of ed the Government's determination respondent. New York (France), 8.A., in Parli "not to allow a state of affairs to "It is held," states the correspon-any, material change has taken! and Nice,

arise which might jeopardise the dent referred to, "that the Euro-place, and were the general situa financial stability of the Govern- pean plantations must abide by the tion to settle down satisfactorily Perth, have spread far and wide. Manager.ment of India." His further state- consequences of the fact that the the market would undoubtedly re- Few true Scotsmen need to what the firm "stands for." ment as to applying to Parliament world, at present, needs less rubber cover.

to the history for authority to give financial up-than is being produced. It is un Options.-Double £14. Single £7. few notes follow as

of the house, Turnover for the week 3,175 tons.

Away back in the year 1825, there port to India is taken to mean that sound policy to remove these con- the British Government will, if sequences temporarily by tinkering Copper has been weak, the price necessary, lend money to the In measures which are sure to be total showing a decline of £1.13.9 for was established in the ancient city dian Government to maintain the ly ineffective and, consequently, the Cash and £1.8.9 for three months of Perth, Scotland, the foundations rupee exchange at la. 6d.

Dutch Press urges the Government since our last report. The weak of a whisky blending business E: part of Capital.

to give, at the earliest moment, iteness in this market also must be which, through the vicissitudes of Export of capital from India re-decision against the introduction of Ascribed to the depressing circum-century's existence, has stood the aulting from, fears of Gandhi and forced restriction."

stances arising out of the European test of competition and-time, and

Falerno Bottardan Bema Stamboul Glasshai sotho Singapore Bi. Morli Tientsin

F. McD. COURTNEY,

Hong Kong, June 18, 1931-'

Vienna

Venice

Yokohama Zarlok

Owing to our numerous branches in China and large connections in the im- portant commercial centres of

CIDATI the world, we are able to extend to our Branches of American Екргова clients special facilities for domestle Company in Principal cities of Unit-|

ad States of America and Canada.

and foreign banking and exchanges.

We also handle the issue of Bonds and other Public Fund of the Chin- ese Government both at home and abroad.

SHOU J. CHEN,

All classes of Commercial Banking Transactions undertaken.

Personal investment

Manager, handled.,

Hong Kong, 5th March, 1931.

accounts

The Company offers to intending Travellers the use of its "Travelers Cheques" and Letters of Credit and, THE YOKOHAMA SPECIE BANK, in addition, the world-wide services

of its thoroughly equipped Travel De partment.

Affiliated with

LIMITED.

Established 1880.

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

.Yen 115,000,000

Head Office:-YOKOHAMA,

Branches and Agencies at:

Alexandria

Batavia

Berlin Bombay

Calcutta

Canto

Changchun

Nagasaki

Nagoya Newchwang

New York

!. Osaka

Paris Peiping

Dairen" (Dalny). Kangoon

Fengtis (Mukden) Rio de Janeiro.

Hamburg

San Francisco

Hankow

"Harbin

Han qu

Semarang Shangha

Chimono a

Honolu!**

Karack)

Tabe

London

Loa Angela

Manila

Singapore

Волгабада

Tientsin Tokyo Talogtan

Zatarent allowed on Current Ac

Deposita received, for fixed periode at ratai to be obtained on application.

Hong Kong, 6th July, 1981, GO

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

HEAD OFFICE:-Taipeh, ForINDSB,

Incorporated by Special Imperial Charter; 1899,

'Cantea! Bank in Formnes

Bank Notes Saeed Average mot... 45,000,000 JAPAN-Tek, Tophama, Koba, Cala FORMOSA 1-biran, Eng Karaho, Makong, Naoto, Basklin, Tada, Tal

Tamsul, Town, Helio, Talto. CHINA duanghal Eaubow, LOT+ Foockow,

Bwalow, Canton. OTHERS Bong, Bingsons, Boarby,

* BRANCHES AND AGENDIZAI

Boenbay. Barang, Batavia, London, New York, Dairsa, LONDON BANKEES

Calcula

"

r

The name and fame of Bell's of

ask

A

his programme has adveradly The rubber share market was situation, and prices have declined to-day occupies a leading position affected the rupee exchange and very slack indeed; but there was more by reason of the reserve die- in the trade at Home and abroad. concern has flourished under the necessitated drafts on the Indian but little selling in spite of the fall played on the part of buyers, for For more than half fis life the Government's sterling reserves in in the price of the commodity. the market has not been subjected aegis of the Bell family. Mr.. Britain.

The fact that efforts in favour of to selling pressure of particular A. K. Bell, along, with Mr. Alexan So far this year

rubber restriction are unlikely to importance, Returning confidence, der Thompson, is still actively £6,750,000 has been withdrawn.

Part of the proceeds of the sev be approved in official quarters in which no doubt at this present low engaged in directing its affairs. ural sterling loans which have been Great Britain was indicated by Dr. level of prices would stimulate de The firm that of Messrs. Arthur The London County Westminster and Faerie Bank raised by the Indian Government In Drummond Shiels, the Under-Secre- mand, depends entirely on how the Bell & Sons, Ltd.-remains one of The Bank has Coensspondents in the pledged the last twelve months has, it is tary of State for the Colonies, at generai situation may now develop. the largest blending and wholesale Dommernial Centres throughout the world, believed, also been employed in the the dinner of the Incorporated. So- Options.-Double £4.15.0. Single selling concerns outside the control

purchase of rupee exchange, which clety of Planters in

London. £2.10.0.

of the great Scotch whisky com- means, in effect, that while Bri. Dr. Shiels stated that be Turnover for the week 4,800 tons, bine. As the Company holds large tish investors have been invited to had no "Stevenson Plan" "in his Lead has been easier, the price stocks. in Government warehouses put money into India, people in In-pocket, and added that the fact showing a decline of 7/6d. for July and distilleries maturity is assur dia in close touch with affaire have that a large number of small pro- and 12/6d for October as compared. been getting their money out. ducera existed would make the ored with last Friday. This metal Mr. H. L. Andree, who arrived ganisation of any scheme very has remained very quiet, with here from London a few days ago,

THE CHASE NATIONAL BANK Resources...Ovar G$2,500,000,000

K. NAJUBA.

Manager.

C. EL BENSON, HONG KONG BRANCH:

28 Das Vorum Bond Casir General Manager. ↑ "Hong Kong 18k Jamary) 100.

THE BANK OF EAST ASIA, LTD.

Established 1918.

HEAD OFFICE:"

10, Des Voeux Road, Central. HONG KONG

Capital and Surplus

Total Resources

over H.$ 6,000,000.00 over H.$30,000,000.00

Every description of Banking and Exchange businens transacted: R

DUTY ON OILS.

in

A.P.C.

and U.S. Navy Philippines.

difficult...

little disposition to deal on either le foreign representative of the side: Conditions, normally govern company.

ing this market remain unchanged,

Imported from foreign countries was held at the law division of the customs house. After hearing the arguments of the counsel, for the Attorney Dacpane, chief of the Asiatic Petroleum Company,. con- law division of the Bureau of Cue-tractors, for the navy organisation, 15/ toms, has given Attorney Selph, Attorney Dacpano decided to ad- counsel for the Asiatic Petroleum journ the probe and gave tha Company, 16 days within which to protestants 15 days time to submit alow cause why his cllenta should their memorandum. not pay the customs duties on goods.

prices having declined under the little selling and liquidation. influence of the depression affect Sentiment has suffered some set. ing marketa: generally.**

back and the strengthening in- Options Double 21.10.0. Single fluence of the Cartel and resultant A curtailment of production has Turnover for the week 2,650 tons rather lost its effect. Moreover, Spelter has bean wosk, the price business with consumers has been. showing a decline of 15/- to 17/63. dull, and similar conditions have compared with our last report obtained on the Continent, where

Savings Account and Safe Deposit Boxes.

imported into the Philippine Islands navy protest is a test case. Should Fairly, steady conditions prevailed demand is reported to have been for the consumption of the naval the case reach the court and be for a time, but subsequently prices on a very reduced scale. The mar Branches and Agencies all over the world.ar

forces, says the Manila Tribune decided in favour of the custome! Bave way rather sharply, the market in America has been quiet and KAN TONG PO,

The hearing on the protest of the bureau, the Government will collect kot coming under the influence of the price there has remained un

the prevailing depression, in con- changed; OLUN navy authorities against the impost more than P300,000 in duffes from sequence of which buyers withdrew Trans Chief Manager..

Options Double £1,100. Single tion of customs duties on goods the navy, it was said.

and values declined in÷face of a 167, PYN Sa madalamalgama

Turnover for the week 3,550-tons.”

Current and Fixed Deposit Accounts in local and for- eign currencies opened for clients.

Mr. Dacpano declared that the