1931-11-04 — Page 8

China Mail 德臣西報 中國郵報 All

The China Mail·

Published every evening except Sunday. Annual subscription, ex- cluding postage abroad, 11.K. $34. Local de- payable in advance. Ivery free.

Overland China lail

The weekly edition of the Chinn Mall, pablished every Friday. Annun subscription, H.K. $13 in- cluding postage $19, payable in Published by

Advance.

The Newspaper Enterprise, Ltd.

Printers & Publishers. No, JA, WYNDHAM STREET, HONG KONG.

"'.

TELEPHONES

Business Office: 20022. Editorial Department: 21541. Cable Address:-Mall, Hong Kong.

All communication should be addressed to the Newspaper En- terprise, Ltd., to whom all remit- Lancas should be made payablo.

London Offices:-S. H. Bywaters & Co., Ltd., 7. Garriet Strest, London, W.C.2.

'Phone 20022

FOR

CLASSIFIED ADVERTISING

-

Twenty-Gve Words three inser tions prepaid $1.50. Every addi- tional word five cents for three Insertions,

All repiten under this healing must be called for.

POSITION VACANT.

1

Chinese Filler WANTED.-No. with high school education, who reads A writes English. Age about 30 and with previous experlener as fore- nan in machine shop. Apply in own hand writing stating salary desired Post Office and giving references. Bpx No. 86.

TO LET.

FOR RENT-Two lots, Laichikok and 180,000 Area 600,000 Bay. square feet. Water frontage on both lots. Apply Post Office Box No. 80.

TO LET Matshed (No, 8) at Stan- ley, From November 20, 1931, September 14, 1932. Apply Digby, 551; The Peak,

APARTMENTS TO LET,

AIRLIE HOTEL-23-25, Nathan

Under Rond, Kowloon.

Excellent Management/

Modern Apartments.

GENERAL NOTICES.

THE

CHINA MAIL.

SPORTS NOTICES.

THE CHINA AGRICULTURAL DEVELOPMENT

COMPANY, LIMITED.

PROSPECTUS.

The subscription list will be opened on the 2nd day of November, 1931, and close on or before the 23rd day of November, 1931.

THE CHINA AGRICULTURAL DEVELOPMENT COMPANY, LIMITED.

Incorporated under the Componics' Ordinaner 1911. CAPITAL $200,000 HONG KONG CURRENCY DIVIDED INTO 20,000 SHARES OF $10 EACH.

The shares will be fully paid

The shares will be paid for

$5 per share on application on or before the 23rd day of November, 1931.

$5 per share on allotment on or before the 19th day of December, 1931.

The Directors will be as follows:--

LAWRENCE PETER DOWDALL of No. 8, Des Voeux Road Central,

Hong Kong.

CYRIL CHAMPKIN of No. 10, Ice House Street, Hong Kong WALLACE JOHN HANSEN of John Manners & Co., Ltd., No. 7, Queen's

Road Central, Hong Kong.

One Director to be nominated by Messrs. Ellis & Edgar of No. 9, Queen's

Central, Hong Kong (the Underwriters),

Rond

The Bankers will be-

The Mercantile Bank of Indin, Limited.

The Auditors will be:-

THE HONG KONG JOCKEY CLUB.

THE ELEVENTH EXTRA RACE

T MEETING will he hold (won-

ther permitting) at Happy Valley on SATURDAY, 7th November,! 1331, commencing at 2 p.m.

LAMMERT BROS.

AUCTIONKERS, APPRAISERS AND SURVEYORS.

Public Auctions -

TUE

THE Undereigned have received The first bell will be rang at Instructions to sell by Publ. 1.30 p.m.

MEMBERS" ENCLOSURE. Members are notified that they and their Ladies must wear their Badges prominently displayed.

ure

Auction

ON FRIDAY, November 6, 1931, commencing at 2.30 p.m.,

at their Sales Rooms,

Duddell Street.

A Quantity of VALUABLE HOUSEHOLD

FURNITURE.

No one without a badge will be admitted to the Members' Enclos- UTE. Badges admitting non- members to the Members' Enclos-

at $5 for Comprising:- and Club Rooms Gentlemen and $3 for Ladies (both Including tax) are obtainable through the Secretary upon Intro duction by a mamber, auch member to be responsible for payment of all chits, &c.

Badges admitting to Members Enclosure will not be on sale at the Race Course.

Members can obtain upon ap plication to the Secretary Badges limited to ONE) for the free ad-

Messes. LOWE, BINGHAM & MATTHEWS, Chartered Accountants, when applying.

No. 3, Queen's Road Central, Hong Kong.

The Solicitors will be

mission to the Members' Enclosure and of wives, lady relatives friends. Namas must be stated

On no pretext will children be Messrs. WILKINSON & GRIST, No. 2 Queer's Read Central, Hong Kong, permitted in either Enclosure dur

ing the Meeting. Soliciters and Noteries.

Tiffing are obtainable at the are LAWRENCE PETER DOWDALL of No. 8, Des Voeux Road Central, Club House provided they

ordered from the No. 1 Boy by 6 Hong Kong.

p.m. on the 6th November. Tele- phone 21920.

The Managing Director will be:--

The

PROSPECTUS.

firm

AGRICULTURAL of the CHINA

DEVELOPMENT SYNDICATE (sometimes called the China Guano Company) was started in November, 1930, and it is this firm that the Company is being formed to carry un with a larger cupital.,

The business Is the manufacturs in Hong Kong of Fertilizers and the sale of Fertilizera in Hong Kong, China and elsewhere und such other busi- ness as the Directors may from time to time decide.

The Directora confidently hope that after the first year of business the Company's Fertilizers will be firmly established in the market and that the Company will then muke at least 20 per cent, per annum net on the paid up capital with greater profits as the business increases.

The business will be taken over by the Company as a going concern as from the 17th day of August 1931, the date of the last stocks taking and the Company will have the benefit of all profits realized from that date and, as will be seen from the following account, the benent of the value of the stock which is by far the most valuable asset, which the Company is taking over at a very conservative price,

The property to be transferred to the Company will

comprise the follow

Ing items, constituting the whole capital of the business at the abovementioned tiền,

!!

1. Goodwill, including Canton Government permit to import

(Huchow), Established Agencies in Canton, Swatow, Amoy,

etc., and business connections in Hong Kong; Advertising and propaganda, work done

2. Stock of Guano Phosphate 1,850 tons

Measurer's Certificate and Government Analysts Certificates

$10,000.00

鞋轻 per sworn

of analysis, at $20.11 per ton (Current wholesale value of similar guanos and phosphates $35 per ton)

$48,036.50

$ 533.32

3. Stock of Superphosphate and mixed fertilizers

4. Cash in Butik,

5. Expenses and advertising materint paid in advance

6. Taals and equipment in godowa and furniture in office

7 Sundry Debtors

Less Sundry Creditors

Actual purchase price $67,200.00.

6.724.00 435.90 340.82 $1,983.50

$68,005.03

$ 800.03

$07,200.00

European

Agency Agreements exist and are in force with reliable people in all the évisine.

centres mentioned above and in every case where goods are supplied on credit An suitable Bank or other guarantees are held for payment when due. Terms Moder.

Agency for the New Territories and part of the adjoining part of Kwangtung atc. Three minutes from ferry.

Province has just been given to a very reliable man in Taipo Market. The Tel. 57357.

Fertilizers are well known in Hong Kong and appreciable quantities are taken by the leading

Golf and other sporting clubs. The stock of Guano Phosphate is valued on the basis of the content of Phosphoric

ric Acid (P'2 0'5) supported by Certificates of Analyses by the Hong Kong Government Analyst and in comparison with recent quotations from several other sources of supply of phosphates of approximately the same chemical content,

MISCELLANEOUS.

Mail" Tels.

YOUR VISITING CARDS neatly and promptly printed.--"China” Ufice, No. 3A, Wyndham St. phone 20022

FOR SALE

FOR SALE 1920 Studebaker Tourer 5 senter Apply Digby. 651. The Peak,

FOR SALE-Molor lighter, capacity 30 tons, length 59' 0",.beam 15' 6", depth 5'8", draft loaded 26". China pine hull, 20 II.P. Kelvin engine, speed & knots. Apply Post Office Box No. 86.

"COASTWISE."--An interesting book of cartoons depicting "Happenings" on the China Coast Price $1, on male at the "China Mail" offices, 34, Wynd- ham Street

PUBLIC ENCLOSURE. The Price of admission to the Enclosure Is $2 In- Public cluding tax, for all persons includ ing ladies and is payable at the Gate.

Soldiers and Sailors in uniform are admitted half price.

Bookmakers, Tie Tac men, &c., will not be permitted to operate within the precincts of the Hong Kong Jockey Club during the Race Meeting.

Tiffins will be obtainable in the Restaurant in the Public Enclos

ure.

By Order. }

C. B. BROWN,

Secretary. Hong Kong, 2nd November, 1981.

GENERAL NOTICES.

THEATRE ROYAL

HONG KONG AMATEUR DRAMATIC CLUB

"DEAR BRUTUS”

by

Sir James Barrie

November 14, 17, 19, 20 and 21 at 9.15 p.m.

WEDNESDAY, NOVEMBER 4, 1931. HONG KONG STOCK EXCHANGE

Opening Daily Official Quotations 4th Nov., 1931. Next Settlement Day, Tuesday, 24th November, 1931.

1

STOCK

Buy Sell Salen om. Fl

ara cra

yar

Last dividend and whes paid

Banke.

Hong Kong Bank ......3 Chartered Bank ...werk, Mercantile Ek,, A&B.

----- Co

1630

... 181

Sank of Asia ...............$

fostrances.

ទី១០

+3

kat

1104

Deo.tuteri

Dea

Doc

Aug. 10,

31

pt 17-jma' tot. Nul 16 L/T.1x 2/0 1931 † Sep. Test, 7% afc 1011 Iwel/fax..... Sep. 8, 31 Dos. for 143.1

Feb. 25, 31

Fin, $f$1083+1900;

Í Intertia 115 Az 1999 1798) May 18, 3

lust, 1 or 1024

... 1500 Doo. Dec. 428 190/425)

Dec. Nono *6.10/15)

Linterio 24/ afe 1956) ~49 - | May 29; 81°

Fla! #boom #}

and (11 for 1929,,,) - 992.

M

ינו

Canton Tamā www

China Underwriter ...$

Chion Fire Ina, saķ

***

1350

Doc.

Eintarsia 45 otu 1930)

May 28, BL

Dec.

I am sati 2 ante #10.

*** 1150

unking gas für 1999.,

| Mar. 20, 21

2121

Dea,

Dec.

*** 251

$19 m n preferredi |

*** 183

noo,

In 12 1913

June 19, 19

444

... 17

40/-

Doo,

1100 UTN No 1930s

***

*** 129

Deo. | #1-80 for 1991

Chesterfield Teak Hatstand, Couches and Armchairs, Curios. Ki Fire lat. ..............$ Cabinet, Bookcases, Desks, Tables,

Shipping Cabinets, Wall Gramophones, Clock, Oll Paintings, Embroidered Douglass Pictures, Brass and Bronze Ware, H. K. Steamboat...

Indo-China (Prel.) ...$ Ornaments, Carpets, Rugs, etc.

(Del.)...$

Teak Extension Dining Table, Dining Chaira, Teak Side-Board Shelle Bearer. with Berelled Mirror, Crockery. Union Waterbosta ...

Teak Ice Glassware, Cutlery,

Mining. Chests, etc.

Tenk Bedsteads with Mattres88 Dengucts................. Teak Wardrobes with Bovelled Kailan Mlolog Ad. af- Mirror, Dressing Tables, Teak and Langkat (Single) ...Th. Camphorwood Chest-of-Drawers, s'hi Exploration...Th. Losos........ Th. Side Tables, Travelling Rugs, etc. also

A quantity of BLACKWOOD FURNITURE

and

One Large Combination ("Shaw Walker").

Four Enamelled Baths.

Two Grand Pianos.

Sato

On View from Thursday, Nov- ember 5, 1981.

Catalogues will be issued. Terms: Cash on Delivery.

LAMMERT BROS.

Auctioneers. Hong Kong, November 2, 1991.

AMERICAN CHEMICAL

DIAMONDS.

Raubi

Venezuela G3 Fields §

Docke, WharvaL, Godowns, &c.

#

TH

gi.

H. K. K. Whares..$ H. K. & W. Dock... (30) South Ch. Motors (A) E ...

China Provident (old) $ 5

# ! 14 ⠀⠀⠀

SURE

* * * * * * * * ***

a dividend for 102...

1-0 for V: None for 1930.....Mac. 4. 14

at dirilend far 1991 E.

be

Final 1 Cusson No. 6 July 6, 31 Mar, $1,31

Doo. Thielt.ventsemusic 183 - Sept. 80, 81

128~ Jaus) Fin, 3% frea Tax Cpen 59;

klag for year 20-3-50) Doc, 20, 30 4.95 Oct. 7. 84 fist peat 31-10-29-May 8, 30

Doo. Xoom Dos. (Plus) T. 8_

Feb, 0, 1 mikina ...far 1999..... Marmer inte gear 31-3·35........ | Sop. 21, 31

និ

***

*

F

*... (152)

Doo: Eurowomen Dec.Laut divided for 1024,

Mar. 19,1

10

***

WYK

(B) $

12

***

***

12.40

| Doo, | {10, conta on oflj

240

Dea. Interim T. 3 afe 1031

-

10

41

Doo... for 1935-

***

107

Apt. 6 for your 20-8-31

(Gew) $ 9.20 Hongkem..........THE.

N. Engineerlog...Th. Shanghai Docks ...Tit,

Lands, Hotels & Buildings.

H.K. & S. Hli, (old) $

(new) H.K. Lands

Equal to real diamonds HK. Realies in brilliancy of lustre Chinese Estates and hardness. Cuta

Shanghai Coutop...Th.

glase like real dia- Cotton Mille, monds. Proof against Ewo Cotina.......... fire, steel file, nitric acid, etc. The bril- laney of lustre will never become dufl. Price per carat ten shillinge

Terms: Cash or C.O.D. THE AMERICAN, CHEMICAL DIAMOND CO.,

P.O. Bax No. 240, Penang.

COASTWISE

by

"ALGIE" BENNETT.

An interesting book of Cartoons depicting "Happenings" on the China Coast.

PRICE $1.00.

As regards the working capital, it is considered that the amount to be raised out of the proceeds of the share how offered for subscription, $47,800.00 plus the amount represented, by the stock, cash in Bank, etc. (see above) will amply suffice for the Company's Wants.

Messrs. Lowe,

Bingham & & Matthews, Chartered Accountants, have re- cently made a special investigation and have given a certificate that they are entisfied that the retail selling price of the stock of Guana Phosphate is con- siderably higher than the price at which the Company is buying $28.11 (se Matinee November. 18, at 5.15 p.m. EXCELSIOR BOOK STORE. above) Copies of this Certificate may be seen at the Offices of the Vendors, of the Auditors and of the Solicitors.

It is proposed to continue the business without break or interruption, re- taining the services of the present Managing Partner, Mr. L, Dowdall, tho. Agronomist, Mr. J. Watson and the staff who have largely contributed to the success of the business.

The Managing Partner of the firm, Mr. L. Dowdall, will act as Managing Director of the Company, it is hoped for a long period, and while so acting will retain an interest of at least 500 shares ($5,000) in the capital of the Conipany.

other Directors will retain at least 100 shares ($1,000) cach while they aut.

The purchase price for the sale of the above property has been fixed by the vendors, who are the promoters of the Company, at $67,200.00, of which only $10,000.00 in for the good will. The purchase price will be paid in shares of the Company in the following proportions!

L. P. Dowdall, Esq.

AN INTRODUCTORY HISTORY for schools by A. H, Crook, W. Kay and W. L. Handyside, Price 2, on sale at the publishers, Newspaper Enter-W. -prise, Lid, JA, Wyndham Streat

HONG KONG DOLLAR DIRECTORY. On sale at all book-stails and at the offices of the Publishers, 3A, Wynd-

ham Street.

TUITION GIVEN,

PRIVATE LESSONS in English, French, Music, Shorthand and Type writing Term moderate. 0, Aimal Villas Austin, Road, Kowloon,

HOME TUITION, WESTOVER STEVENAGE Within an hour from London. In healthy neighbourhood. SCHOOL for GIRLS and SMALL FOYS.. A few Boarders received in the House of the Principal, Individual cafe and attention. Particulare apply to

For

8, Queen's Fload Central, Hong Kong J. Magnen. E

c/o John Manners & Co., Hong Kong.

C. Champkla, Esq

Chau Ngan Ting, Esq.

If. 8. Ilk.

י.

F. S. Weir

A. Rollin, Eag

1442 shares of $10 each, $14,420.00

*4,890.00

9,580.00

1,200.00

Booking at Anderson's.

Now on sale at BREWERS WHITEAWAY, LAIDLAW

16.20

...101

Zoong Sings... [191

+1

1.⠀ ⠀

: ēគឺ៖ គឺ៖

101 conta un new for 1930 ..... April 8, 23

Oct. 1. Bi

Mar. 4; L July 29, 8

Fopt. 1, 51.

(16)

92) 01

Dec.180 cents for tagommer Don.) Interim rufe 183 m

Apr, 16, 11.

um

Aug. 15, 01

Shanghel Lands....Th. Humphrey (old)........$.

(new)...

*(81)

Doc.

Interfes T. 0,30 n/e 1933

July 30, #1-

8

- 10

Dea,

cents for 19010...............

Fab. 11, 2

8.40

Doo,

Interius nontenfo 1034

.....

1+0

Feb.98 for year 25-2-31.

July 8, 31

"

Doo, T.075 (ar 19

| Mar. 13; 81 .

[Apri

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and

T. 328. fordrail yane 90-4-31 May 27,81

Oct

ww

June T. for year 200-82 Oct. 8, 31

120

(2100)

Dec. Interconte ale 1971.

Aug. 25,31

$141

16.80

Apr.ee new

180 cls, on all for year

Jane 15, 31

AM

$ ... (03

Dea

for 15%) 30 BEDEN

Feb. 10, 81

120

Dec. 1. fal 1951

Juor 93,31

201

Sept. Plua! ra eta, n/c 72, 80-9-30,

Dec. 15,00

Mar. 18, 01

20

Doo.

19

Jons

18

Deo. Interim +% afe 1901

Aug. 4, 1

| Feb, 24, 30

Pablle Utilition,

H, K. Tramwaya: ...Ş Peak Trama (nid) ...‡

(new) ...

Ya

Star Ferries

Yaumati Ferrier $

China Light

H. K. Electrice $ 701 MICRO

Sandakan Light

+

1.K. Tel folly palt 8.

part pild. §. ** China Busca.......The. S'poreTractions(Ord.)«/»

+1

10/-

(Peeliyi

**

Industriala. China Sugars ....................... Malibon Sugara zinošā Caldi Marg, Ord.... TU.. Pref....Th.

Canton fccund Cemenu (com.) ......ma (old)...... (new).....

H. K. Ropes wo

Stores, &n.

17.90 Doc. T. 0.8) (+ 1923,

10f-Bapt. 1 on preference aluran | Fch. 8, 4T

| Haljert ta income inz,..)

Dos. Px. 4.50 for 193) .................

**

**

Deta

139

***

Mar. 4

... 10

==

Des 1935 ... |3,80 | July | 90ccstå for year 71-7-91

Mar..

...Got. 9, 31

|90 100

Mar. 18,81

***

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***

*... [17]

Den. 75 center-* 1934-.......

Mur. 57,31

Dan. 81,50 for VT v

Mar.18,31

Dairy Farms eurā

414

and at the Publizkera

The Newspaper Enterprise, Ltd. Lane Crawfords (old)...

~China Mall Building.

toj

| Der' & 'Wings, mostred

พ Idackintoshr

(new)..

(15)

The business will be taken over subject to all existing trade contracts. These are of the, ordinary trade character.

The minimum subscription on which the Directors may proceed to allot- ment 18,11,500 shares ($115,000.00) including the shares already applied for by the Syndicate, ($67,200.00 as above).

The shares now offered for subscription have been underwritten by Mesara, Ellis & Edgar of No. 9, Queen's Road Central, Hong Kong, for a commais- sion at the rate of 5 per cent. on the amount thereof, and such commission is payable by the Company.

The Company, in, to pay the preliminary expenses of and incident to the formation and floating of the Company including the underwriting commnis- slon mentioned above. Tho, estimated amount of the preliminary expenses 18 $4,000.00,

The contract for the sale of the business is dated the 21st day of September, I made between the China Agricultural Development Syndicate of 1981, and the one part and the Company of the other part, The contract includes the items stated above.

Siacetes Was Powells...

Miscellaneons..

H.K. Amusement ......

C. Entertainment (dd).

(new).

Sou, Ch. Enterprises...$]...... K. Chructions (old) $ 0.10

(new) $.[2

B. Ind. G. Bonds..... H. K. Gort. Loene. $2%

Preid.

EXCHANGES.

TOLL

Si conta on all for 130

Depart

Oct. 75 penis for year 31-10-6 Mar, 16, 11

2.10 Feb. Laat deest for your 15-242

Fob. $2 for year 23-25, Apr. 80, B1

0.00 Feb. 20 centator your W. 8-11 Jaze 17; 81 - -

10

www

|Mar. | $200 for year Hikat

•Sept. 8, 81⋅

1

8.15 ***

Deo. cent for 1930, in

Apr. 29 51

**

{87%

Intermetesti ya crique minuna

-:-- TO-DAY'S - QUOTATIONS.

On London-

The Articles of Association provide that the qualification of a Director Is Bank, wiro

1/4"

to be the holding of 100 ordinary shares. In the Company, (51,000.00); The Bank, on demand. 1/4 1/16 remuneration of the Directora and of the Managing Director is to be fired by Bank, 4 months' sight 1/4 8/16

Company in General Meeting.

of the Memorandum and

can be inspected at the office of the Solicitors of the Company or at the offices

20180

958

to

Hong Kong Clab, Hong Kong.

120

H

6, On Hing Terrace, Hong Kong.

Capla Kong Club, Hong Kong.

120

-1,200.00

60

Royal Army Ordnance Corps, Shanghai,

Chau Yue Teng, Esq.

240

Chian Building, Hong Kong.

Bum Pak Ming, Esq

240

600.00

2,400.00

2,400.00

Dr. 8. 9. Strahan

286, Des Voeux Road C., Hong Kong,

1200

12,000,00

Alexandra Buliding, Hong Kong.

the

120

7. Peak Road, Hong Kong. Felix M. Ellis, Esq. ...

600

1,200.00

6,000.00

60

360

3,690.00

120

1,200.00

of the deposit will be

120

Queen's Building, Hong Kong... E. Pearce Eaque vendi

King Building, Hong Kong, Major H. B. L. Dowliggin, O.RE. Dat Honr Huar Club, Hong Kong

360

+1,200.09 8.400.00

1,200.00

6,720 shares of -$10; each,

$67,200,00

9, Queen's Road Central, Hong Kong, H. L. Dennys, Esq. ***8, Des Voeux Road C., Hong Kong. J. Watson, Eaq.

B. Queen's

"Road, Hong Kong, Li The Fong, Esq.

9, Beymour Road, Hong Kong. L. 8. Greenhill, Esq.

MISH RUTH CULLEY,

(Camb, Higher Local, Camb. Teachers' Diploma)..T, MISS GERTRUDE TURNER,

(National Frodel. Higher (Certificate),

A

CREP

Articles of Association of the Company Credits. 4 months

the business hours. of the underwriters at any time during the

of the Company's

Memorandum of Association is printed at the foot of the Prospectus and forms a part of it.

Application nharca

Company's Bankers, The Mercantile Bank of India Prospectus and sent to the old be made upon the form accompanying the Limited,

with

remittance of the amount of the deposit. together Where he allotment is made the deposit will be returned in full and where is less than the number applied for the balance the number of shareplied towards the remaining payments.

render Mit Failure to pay future inatalmente on shares allotted when due will previou

Vermente liable to forfeiture.

On demand ...

sight'... Documentary,

months sight

Credits, 4 months'

On Paris-

1/5

4

1/5 %

690

sight..

700

-- On Berlin

On demand:Nom

On New York

24%

Credits; 60 days' sight.2011⁄2

On Bombay-

(Wire day.

··882/?

'On demand.

88%

Prospectus and forms of application can be obtained at the offices of the On demand. Company, of the Company's Solicitors.or of the Underwriters.

This prospectus has been duly filed with the Registrar of Joint Stock Companies

Dated this Cnd day of Noyember, 1981.

On Calcatta

Wire

On demand

88 88

· On Singapore--

On demand

On Manila.

On demand ....

56%

49

Tix. 75 24% dis.

buying sate)

1/5 %:

On Shanghai-

On demand

Dollar...

On Yokohama...

On demand i.... 492. Sovereigns (Bank'sy,"

Silver (per az.). 19 8/16- Bar Silver in Hong.

Copper Cents... 3% prom. Rate of Native In-

Chinese Sub, Coin. 26% ·dis. ;

Hong Kong Sub. Coln Par.

Kong.

Copper Cask

terest

Nom.

Nom

8%% pa

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