1931-12-28 — Page 2

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Authors. Capitel

Issued and Fully Feidty ven House Bunde

Sterling

Sliver

........................ 100,100,000

0,300,000 $10,000.000

Reserva Låsbilliy el Proprietare... $30,000,000

HEAD OPPIOK: HONG KONG,

4

BAND OF DIAKOTONA 1-

lion. Mr. C. Q. 3. Markle, Chaleman,

Hon. Mr. J. J. Paterson, Deputy Chairman,

W. . B, Faq.

A. . Compton, Eng.

F. Laoder Rowia, Beq.

.. akin. Leg..

AMOT

BANGKOK

BATAVIA

HION DAY

CALCUTTA CANTON CHEFOO

COLONIED

DAINEN POOCHOW HIRIONG HANNURO

MANKOW

HARJUN

HONOKEY

11010

ХРОП

JOHORE

HONE

KOWLOON

1. FERTE, Tag.

J. A. Plummer, Esq.

T. i. R. Shaw, V.

3. P. Warren, Fag Chlet ausger..

V. M. Grayburn, Esq.

BILA NOJIES

KUALA LUMPUR

LANDON

LYONG

MALACCA

MANILA

MUAH - (Johore}

ARKDEN

NEW YORK

PEIPIKO

PENANG

SAN FRANCISCO

BASUQON

SAIGON

SEASONAL

SINGAPORE

MUBANYA

SUNGRI TATANI

TIENTSIN

TOKYO

TSINGTAO

YOKOHAMA

Current Acnounce "opened In Local Currency and Shand. Dugomila rucnited for one your of aborter perioda In Loral Currency and Sterling on termi which will be quoted on application, Tong Kort December 7, 1981.

HONG KONG SAVINGS BANK.

The Hainen of the above Jiank is rondualed by the NG KONG AND SITANOTAY BANR IN CORPORATION. tulee may be obtakord on application,

YOR THE HONG KONG AND SHANGHAI BANKING CORPORATION,

V, M, QRAYBURN,

Chiet Manager.

Hong Kong. 19th Juls. 10,

THE BANK OF CANTON, LTD.

Established 1912.

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

8,000,000 Reserva Fund

1,100,000

BRANCHES

Canton, Shangbai, Hankow, Bustow, heghok, New York and San Frantino,

- LONDON BANKERS-

The lord Bank, Limited. CORRESPONDENTS

Tu all principal cities of the World,

Farsig change and banking buricos of

rynscription transacted,

Safe Deposit Boxra (various alees) at a grizly

rental of Iran $31 $40

LOOK POONG SHAN,

Chlef Manager.

--THE BANK OF CHINA.. 行銀國中

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1833.

THE

CHINA

MAIL.

THE HO HOND BANK, LTD.

(Established 1917)

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

Authorized Capital Strafts $20,000,000 Issued Capital....

8,000,000 Fald-up Capital...

4,000,000 Reserve

Liabilities

Commerce and

Finance

MONDAY, DECEMBER 28, 1931.

SHORT SELLING.

**THE LESSON OF THE DAY."

The theoretical value of short For the benefit of those who ro selling has always boon recognized gard the present situation as with- by economiats if not by the general out precedent, we reprint below an public, but rarely have the practical editorial which appeared under the benefits in a financial crisis of such above title in Harper's Weekly of 4,000,000 HONG KONG TRADE. for example, into two groups, AC-|

cording to whether Great Britain operations been so clearly revealed October 10, 1857.

as by the recont address of Richard "It is a gloomy, moment in þis... supplies more or less than 60 per Whitney, president of the New York tory. Not for many years not in of the imports, the total Stock Exchange, dealing with the the lifetime of most men who rand amount of these groups is, roughly market situation brought about in this paper has there been so much equal, but in the one the British late September by Great Britain's grave

2,587,000

READ OFFICE: LONDON...

Paid-up Capital Reserve Fund

Reserve Liability of Pro-

priators

Agencies and Branches:

of Shareholders; / Burplus

Branches. Agencies and Correspon- ..£8,000,000 | drate in the principal cities of" the

£4,000,000 | world.

Every description of Banking and £3,000,000 | Exchange business transacted.

TAN ENG HOOL

Dull Business Reported By Importers.

Manager.

- KUCHING

MADHAS

MANILA

NEDAN

BANQUE DE L'INDOCHINE.

PEPING (Esking} PENANG

ALOR STAD AMRITSAR DANOXCE NATAVIA BONDAY CALOUTTA

CANTON САЖИРОЯВ OLDU онакво DALICEN

DELI

HAIPHONG HAMBURG

HASKOW

HARBIN HONG KONG

10

TROB

KANACHI

KLANO

KOHE

KUALA KANGFAR

KUALA LUMTUR

NEW YORK

BANGOON BATOHUN SEMATANO HEREMBAN 911ANGHAI BING PORE SITIAWAN HOURABAYA TAIPING TIENTSIN TOKTO

Forolgn. Exchange and General Banking business transacted.

HEAD OFFICE:

96, Boulevard HaässmanO, PARIS.

cont.

share in 1980 was under a third of

about five-sixths.

and deep apprehension; nover has the future seomed so in-

the total, while in the other it was suspension of gold payments.

Since the latter part of May the calculable as at this time. In our Certainly, dur- The following reports by importing last year improvement was New York Stock Exchange has been own country there is universal com. ers have been supplied to the Gen-shown in the important group of obtaining from members at least mercial prostration and panic, and eral Chamber of Commerce: metal manufactures other than ma-weekly reports as to the extent of thousands of our poorest follow- Cotton piece goods and fancy chinery, of which over three-fourths the short interest among their cus-citizens are turned out against the cotton goods, Market

On May 25, 1931, at its approaching Winter without employ- dull. came from the United Kingdom, but tomers. Nothing' doing.

In machinery, though its share was recent peak, the total short position ment, and without the prospect of

it.. Woollens. In neither pleco goods somewhat better than in pravlous amounted to 6,589,700 shares cons

"In France the political cauldron nor wool yarns is there any appre years, it was only just over half tituting only 2/5 of 1 per cent. of

De the total imports.-Engineering. clable improvement recorded. BRANCHES:

liveries are poor, particularly of Chini. Other Places. Continental place goods, and an appreciable carry-over of these Canton

goods seems inevitable. Bangkok Fort-Bayard

The latest cotion prices to Harkson Djibouti are those of December 23: Hongkong

American "Spot" Noumen" Mongtze

Egyptian Sakel 7.05d. Peping Papeete

Capital, fully paid up. Fra. 120,000,000 Reserves (31.12.1930) Fr. 116,588,454

TONOKAI (Bouk+1}

TRISOTAO

YOKOHAMA ZAMBOANGA

Thanh Hoa

Indo-China. Saigon Battambang Cautho Haiphong Handl

Nam Dinh

Prom-Penh Quinhon Tourand

Shanghai

Pondicheri

Tiantain

►

Vinh

Yunnanfou Singapore

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

J. STUART,

'

Manager.

Hong Kong, August 17, 1981.

NEDERLANDSCHE HANDEL-

MAATSCHAPPIJ, N.V.

(NETHERLANDS TRADING SOCIETY)

GANKENA.

Established 1981.

· Hong Kong Ofe:~11. Quona's Road Crátral.

Guildar 100,000,000- Anshorised Capita!........... Paid Up Capital. mum. Quliders ·80,030,000. Beavers Fund Bezmann, Guilders 30,015,000

Iload Omos:-AMSTERDAM", Eastern Head Office:—DATAVIA, Branches-Dandjarmado, Besdong", Boubey,

Calovite, Chelton, Djember. Djak

kare. The Hague Jiddas. Kobe, Kukmanar, Medan, Patambang, Pake LAKE, TRADE, Haugova, Nolterdata", Semarang“, Khunghai," Blogspors, Bourn bais, Boerakarta (Solo), Tagal, Tillb{=> and Weltevredea”.

Thess often have Safe Deposit Box to Int

LONDON BANKENS:—

NATIONAL PROVINCIAL BANK LTD.

Correspondente all'oser the world. Barking Best- Tam of vory datesiplina imeted,

A. STOKKINE,

Hoog on at December, 198).

THE

Huo

Exchange Business transacted,

Interest allowed on Current Accounta

5.294.

Metals-Market quiet,

Flour.-Market very weak.

hand

CANADA SECOND IN GOLD PRODUCTION.

As

趄

stock

turbed relations in Chine.

the 1,305,516,716 shares listed as of soothes and bubbles with uncertain- June 1. For the next three months ty: Rusala hangs, as usual, like, a the short interest fluctuated irregu-cloud, dark and silent upon the hori larly in size' and on Sopember 18 2on of Europe; while all the ener

Kios, resources and Influences of the stood at 4,241,800 shares.

The following weekend brought British Empire are sorely tried, and Ottawa, Canada-Gold-

held forth the startling announcement are yet to be tried more sorely in Mid. second place in point of value that Great Britain had gone off the coping with the vast and deadly In- F.G.F.among Canada's mineral products gold standard. Immediately every dian insurrection, and with its dia-

in 1930, being surpassed only by important

exchange in coal; the value of geld represented Europe, excepting Paris, closed, the "It is a solemn moment, and no 15.5 per cent. of the total mineral first time that such a situation has man can feel an indifference (which, production of the country in 1930. existed since the outbreak of the

happily, no man pretends to feel) world producer of gold. world war when every important in the issue of events. Every description of Ranking and ANGLO-NEW ZEALAND TRADE, Canada ranked second, with 2,102 stock exchange in the whole world

"Of our own troubles no man'can 068 ounces valued at $43,453,601, had been compelled to stop bust-see the end-They are, fortunately, In one of Sir James Barrle'a plea- the largest output ever recorded in ness. Thus when the governing as yet mainly commercial; and if and Fixed Deposits according to arannt comedies, a simple-minded the Dominion; the Transvaal was minitted of New York Stock Ex-We are only to lose money, and by

young countryman asks of the first with a production of 10,710,760 change met at 9.15 am, on Mon- painful poverty to be taught wis maiden he is courting whether she fine ounces, and the United States day, September 21, their Exchange dem the wisdom of honour, of is certain that she loves him truly, was third with an output of 2,053, remained the only open market in faith, of sympathy and of charity— and on being given satisfactory as [059 fine ounces. Southern Rhodesia the world where securities could be And yet the very haste to be rich, no man need seriously despair. Hanager.surances, remarks in a tone of reproduced £47,630 fine ounces during freely sold.

lief that in that case there is no 1980 and the western Australia out-

According to Mr. Whitney "it was which is the occasion of this wide. hurry. Though possibly right input amounted to 410,369 fine ounces. obvious that a crisis was at hand, spread calamity, has also tended to his conclusion, to the onlooker the Official gold figures from Russia are that for the time being a normal destroy the moral forces with which young Scotsman would seem to not yet available for 1980, the pro-market might not exist and that we are to resist and subdue the have taken an appreciable risk.duction from that country (includ- emergency measures must be taken. calamity. The incident is recalled by a con-Ing Siberia) in 1929 was reported at The only real question was, just "Good Friends-Let our conduct sideration of the commercial rela-1,300,000 fine ounces.

what these emergency measures prove that the call comes to men tions between Great Britain and the Five provinces and the Yukon should be."

who have large hearts, however Dominions. All the Dominions are Territory in Canada produced gold

"The most drastic step would narrowed their home may be; who neccssarily growing markets. The as follows: Nova Scotia, 1,272 fine have been to close the Exchange. have open hands, however empty richness of their natural resources, ounces; Quebec, 141,747; Ontario, This was actually done twice before, their purses. In time of peril we the relative smallness of their popu1,736,012; Manitoba, 23,189; British for a few days in 1873 and for have nothing but manhood, strong Intions, and the steady determina-Columbia, 164,331; and the Yukon, several months in 1914 We know in its faith in God, to rely upon; tion with which their Governments) 35,517.

rangements.

Safe Deposit Boxes to lat. Travellers' cheques, issued.

A. BONNAUD,

6, Queen's Road Central, French Bank Building.

Hong Kong, 1st November, 1981.

THE NATIONAL CITY BANK OF NEW YORK.

HEAD OFFICE: 55, Wall Street, NEW YORK.

Capital, Surplus and

Undivided Profits ..U.S.$226,037,392

Branches in

ARGENTINE

BELGIUM

BRAZIL

CHILE

Manager.

CHINA

COLOMBIA

CUBA

DOMINICAN REPUBLIC

INDIA ITALY JAPAN

AMERICAN EXPRESS COMPANY.

INC.

Head Office:-65, Broadway, New York.

Reorganised October 28, 1928, under

Capital

special charter of The National Gov-

ernment as

Surplus

Reserves

.U.S.$6,000,000 .U.S.$1,572,454 U.S.$1,908,209

INTERNATIONAL EXCHANGE

BANK.

BRANCHES:-

Subscribel Capital ...........

.$26,000,000.00

Amacram

Pald-Up Capital

$24,710,200,00

Genot Glasgow

Ni Sopter

Reserve Funds

.$ 3,820,508.82

Beale

Erlin

Biseri

Bombay

Bremes

Brunei

But not Alrew

Calty

Calnulla

Colomba

Capealingen Manila Edinburgh

Munich

Montreur

HEAD OFFICE: SHANGHAI

HONG KONG BRANCH:

4, Queen's Road Central,

Antwerp Atlanta

Cabuck

Kavana

Ilm Havre Interlaken Jeronation Ildo London Liverpool

Luvere IDO Luzo Martella Constantinopte Monte Carl

Lorence Geneva

Piemens

Peng Peking Palermo Ketlerdun Harne SZALO Shunchal Bouthampton Singapore

St. Morite

Tiental

Vianna

Venie

Tekohater Zurich

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 ellents special facilities for domestic and foreign banking and exchanges..

We abo handle. the issue of Bouda and other Public Funds of the Chin-pany in Principal cities of United

Branches of American Express Com-

ese Government both at home and States of America and Canuda. abroad.

SHOU J. CHEN,

Manager.

All classes of Commercial Banking Transactions undertaken.

Hong Kong. 5th March, 1931.

THE YOKOHAMA SPECIE BANK, LIMITED.

Established 1880.

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

..Yen 113,200,000

Head Office:-YOKOHAMA.

Branches and Agencies at

Alexandria

Batavia Berlin

Bombay

Calcutta

Canton

Changchun

Dairen (Dalny)

Nagasaki

Nagoya

Newchwang

New York

Osaka

Paris

Peiping Rangoon

Feogtien (Mukden) Rio de Janeiro

Hamburg

Hankow Harbin Hong Honolulu Kai-Yuen Karachi

ng Kong

Kobo

London

Los Angeles

Manila

San Francisco

Scattle

Semarang

Soorabaya

Sydney Fontein Tokyo

Taingtäu Interest allowed on Current Ac- counts.

Deposits, received for fixed periode at rates to be obtained on: application.

H. MORI;

Manager. Hong Kong, alth September, 1981.

Personal handled.

lovestment accounts

The Company offers to intending Travellers the use of its "Travellers: Chequer" and Letters of Credit and, In addition, the world-wide services Department. of its thoroughly equipped Travel

E. W. DUGGAN,

Manager.

LONDON

MEXICO PANAMA

PERU PHILIPPINE ISLANDS

PORTO RICO

STRAITS

SETTLEMENTS URUGUAY VENEZUELA

are set on increasing the material standard of living, make it certali

that, whatever set-backs there may

be in their economic development,

BURMA CORPORATION ECONOMIES.

from experience that closing the and whoever shows himself truly a exchange would not hold up secur- God-fearing man now, by helping ity prices, but, on the contrary, wherever and however he can, will would plunge them down to levels bo as blessed and beloved as a great such as were seen in the gutter light in darkness.” prolong-markets' of August 1914. It would

2

A CROP WORTH $25,000 AN ACRE..

its net tendency will long be steadi- It was obvious from the ly upwards. One fortunate cir-fed decline in metal pricos that have frozen bank loans and invest- cumstance of the present rather there would be a severe shrinkage ments, with serious consequences to depressing time is that, each to in the past year's profits of the Bur- our whole banking structure. Ob- greater or less extent, the Dominma Corporation, the £10,000,000 vlously this was a step to be avoid- ions have realised, as the Mother mining enterprise of which Sired if any other possible alternative Toronto, Ontario.-The growing Commercial and Travellers' Letters

their several Robert Horne is chairman. The recould be found." of Credits, Travellers' Chequer, Bills Country does, that

of ginseng has developed into 龜 of Exchange and Cable Transfers States can gain more by co-opera-port for the year to June 80 last It was finally decided to resort substantial business at Waterford, bought, and sold. Current accounts tive action as part of the same Em confirms this view, but it also reto an experiment never tried before] Ontario, and the product finds a and Savings Bank accounts opened pire than they can as isolated comveals a siriking reduction in ex- in the long history of the New York ready market in China, where the and Fixed Deposits in local and formunities, and an important element penditure. Thus, although the fall Stock Exchange and short sailing people credit the root of the plant eign currencies taken at rates that of the co-operation that the in metals made a difference of no was entirely forbidden until further with having valuable medicinal may be ascertained on application to the Bank.

Dominions contribute is to give a less than £1,100,000 in the market notice. The point of the situation qualities. We are also able to offer our Cus- preference to the manufactures of value of the year's production, sav. was that a further liquidation of tomers the sorvicas of the Branches this country over those of its comings of more than £350,000 were securities was inevitable and that seng root were produced under cal- About 45,000 pounds of the. gin- of the International Banking Cor- poration to San Francisco and Spain petitors. It is very questionable, effected in operating and adminis the duty of the New York Exchange tivation at Waterford last year, the and also of The National City Bank however, whether, until now, either tration expenditure. This was was to remain open so that this export value of which was $370,000. of New York (France), S.A., in Paris British manufacturers or legisla-equivalent to a reduction of 15s 6d might be accomplished in an order- The area sown to ginseng was about tors have taken the full advantage per ton of ore. mined and 938 per ly manner. Additional buying 50 acres. A good average yield for of this. It seems rather as if the ton of lead produced.

power was necessary to ensure this ginseng is 2,000 pounds per acre, disposition of the Dominions to give Trading profit fell from £1,141,526 and the sudden ban on short selling and under normal conditions the ex- this valuable preference to British to £534,809. An increase of was judged likely to mobilize and port price averagen $12.50 per manufacturers, who at the present £100,000 in the silver excise duty make effective the buying power pound, or $25,000 per acre. time are in need of every assistance was more then offset by the reduced represented by the short interest, THE BANK OF TAIWAN, LTD. they can get, is taken too much as allocation for taxes and deprecia. These expectations were realized, ever, without its risks of damage by cultivation of the herb is not, how

and Nice.

F. McD. COURTNEY,

Manager.

Hong Kong, June 16, 1931.

(TAIWAN GINKO.)

HEAD OFFICE-Taipeh, Formosa.

Incorporated by Special Imperial Charter, 1899.

The

in matter of course. It is, indeed, tion, and the net profit of £165,099. The short interest was reduced rust and rot, and it takes five to six sincerely appreciated, but it seems compares with £693,608 a year ago. 544,000 shares on Monday, Septem-years after planting for the root to to be regarded as an assured pos The tax free distribution of 3 annas ber 21, and over 535,000 shares on mature to market size. China is session, which can be enjoyed with (1% p.c.), paid as an interim, takes Tuesday, September 22, and this almost the sole market for ginseng. out taking much trouble to culti£190,430, leaving £48,322, against buying so strengthened the market The name ginseng is from the Chin vate it.

£71,653, to go forward. For the that not only was all liquidation 'ab-ese and means "form of man" and The neglect is shown in different previous year the total distribution sorbed in an orderly manner but describes the form of the bifurcated ways in regard to different Domin- was 13 annas, or 8% p.., tax free. prices actually 'advanced,

root. Karenko, Keelung, fone, but in none does it descrve Makong. Nanto, Shield, Talibu, Tainan, Takao, Tamaul, Torn. Halio, Talla

more careful nitention than in con- CHINA Ebanghal, Ilmkow, Amor, Prochow, nection with New Zealand.

Awatow, Canlos.

Central Jhink in Formoen, Bank-Notex voð Ávatago paurat...Xen. $5,000,000 BRANCHES AND AGENCIES; JAPAN:--Toyko. Yokohama, Kobe, Quale. FORMOSA 1-C

OTHERS:-g

Koop, Singapore, Boe" "aya, With the benefit of the substan- Semarang. Datoria, Bombay.

londontial preference given to British

New York, Da

LONDON, BANKERS:

Barclays Bank, Lain – Llayalm Bank, lad, Midland Bank, Ind., Wastreloster Hunk, Ltd. The Bank Le Correspondents in all the prinol pa Commercial Contres throughout the world. K. NAOUIA.

Manger,

HONG KONG BRANCH:

8. Den Vous Boad Contral, Hong Kong, Janary, 192

THE BANK OF EAST ASIA, LTD.

Established 1018. HEAD OFFICE: · ·

10. Des Voeux Road, Central.

HONG YON

Capital and Surplus Total Resources

over HV-8,000,000.66 ** OVER® H.$80,000,000.00

Every description of Banking and Exchange business' transacted.

Current and Fixed Deposit Accounts' In local and för eign curredcleï ́ opened for cliëntä.

***

Savings Account and Safe Deposit: Bóksalan Branches and Agencies all' öfer the world, sna

KAN TONG PO,

Chief: Maunget,

manofacturers, undoubtedly a large business is done with the Dominion, but this appears to be very much smaller than might reasonably be expected. The United Kingdom is the only country which buys from New Zealand more than it sells to her, the New Zealand exporta to the United Kingdom being, in fact, not vary far short of double the latter's exports to her. The disparity is geen more strikingly when the New! Zealand purchases from various} other countries are considored In relation to her sales to such coun- tries. Roughly, for instance, New Zealand bought in 1930 from the United States, "tween three and four times as much as she sold to] her, but her sales to. Great Britain, were as stated before, nearly dou-] ble her purchains. Some of thisj discrepancy, indeed, is due to trade. In goods; such, for instance,, aaj motor apirit, in which Great Britain ntactically does pot compple.... Only about a sixth of the imports, how-| over, come in this, category, and in the remainder wide variations are! found in the extent to which Great' Britain participates. · Dividing it,

MUSIC FOR TEACHING, etc.

ASSOCIATED

BOARD OF THE ROYAL ACADEMY & ROYAL

COLLEGE OF MUSIC.

سة

We now have in stock the music of the above Colleges, PIECES, STUDIES & TECHNICAL EXERCISES, in all grades. also “ TOVEY-CRAXTON” Edition of

BEETHOVEN SONATAS (in Volumes & Separate Numbers).

BACH 48 PRELUDES & FUGUES. MOZART SONATAS.

at

TSANG FOOK PIANO CO.,

ICE HOUSE STREET.

TEL: 24648.