1932-04-21 — Page 2

BANKS

HONG KONG AND SHANGHAI

BANKING CORPORATION.

dictum Capital

Lowood and Fully Paldump

Beterre va 1-..

Siveling

4,300,00 610.000.000

Barve Liability of Propriators 9:30,000,000

ELAD OFFIUS, HONG KONG,

BAMA OF DIRECTORS | -

Bon, Mr. 1, J. Putenam.

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

THE CHINA MAIL.

THE HO HONG BANK, LTD.

- (Established 1917.) - HEAD OFFICE:----BINGAPORE. Hong Kong Branch: 18, Quom's Bd. C.

Authorized Capital Straits $20,000,000 Issued Capital Paid-up Capital ...

Incorporated by Royal Charter, 1858. Reserve Liabilities

HEAD OFFICE: LONDON.

Paid-up Capital

Reserve Fund

Reserve Liability of Pro-

prietors

.£3,000,000 £3,000,000

.$3,000,000

Agencies and Branches:

ALOS STAR

AMRITSAR

KUCHING

og

BANGKOK

MADRAS

A. X. Compton, “Raq.

T. H. Haw, Big-

BOMBAY

M. T.Vohnson, Kaq.

1. P. Warren, Esq.

DALOUTTA

G. Miskin, F.

Casirman

T. B. Porn, Raq.

Dopaly Chairmas.

Bad. Mr, -W, H. Bell, J, A. Flammer,

AMOX

MANGKOK

BATAVIA

BOMBAY

BALOUTTA

DAKTON

OHXPOO

DOLOMBO

7. M. Grayburn, Xaq. Chist-Manage.

BRAVORRI :—

LONDON

LYONS

MANILA

MUAB (Jokors)

MUIDEN

NEW TOBE

PELTING

PENANG

RANGOON

SAIGON

DAIREN

POOCHOW

HAPHONG

KOMURT

BAN FRANOIBOO

HANKOW

HARBIN

HONGLEW

ILOILO

[FOX

JOHORI

..конв

KOWLOON

KUALA LUMPUR

SHANGHAI

SINGAPORE

SOURARTA

BUNDET PATANI TIENTSIN

TOKTO

TSINGTAO

TOKOHAMA

Ourmand Ansoumle sprand la Loud Ouerenof and Band Deposita mostrad for ana yake or aberler periods in Loosi Currency and Biring alects which, will de quoted in application.

Hong Kong, 6th April, 1932.

HONG KONG SAVINGS BANK.

The Business of the shore Bank le condueled

by the HONG KONG AND BHANGHAI BANK,

O CORPORATION. Ruse may be obtained

applosion.

FOR THE HONGKONG AND SHANGHAI RANKING CORPORATION,

V. M. GRAYBURN,

Chist Manager.

Hong Kong, 27th February, 1932.

THE BANK OF CANTON, LTD.

Established 1912.

Head Ofice-Hong Kong-

Authorised Capital (H.E. Ouersary) $11,000,000 Paid-Up Capital aneurysm 4,868,000 Kamere Punk 1,200,000

BBANOBES J

Geata. Shanghai, Rankee," Owslow, Bangkok, New York and San Francisco,

LONDON BANKERS :~~

The Lloyd's Bank, Zémlied. CORRESPONDENTS

Is ali prizolpal citise of the World.

For changs and boking bumcove at

ascription trusted.

very

Depois Boxes (various eises) si ́s poorly

ariel of from to $40.

LOOK POONG SELAN,

Chief Manager.

BATAVIA

CANTON CAWN FORE

ORBU

COLOMBO

MANILA

PEDAN

NEW YORK

PEPING (Nkbogi PENANG RANGDON

of Shareholders. Skarplos

4

8,000,000

4,000,000

.......$4,000,000 2,687,000

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

Every description of Banking and Exchange business transacted.

TAN ENG HOOL,

Manager.

THE NATIONAL CITY BANK

OF NEW YORK.

HEAD OFFICE; 55, Wall Street, NEW YORK,

Capital, Surplus and

Undivided Profits U.S.$225,347,466.11

Branches in:-

ARGENTINE

BATOON

DELITI

BENARANG

HAIPHONG

SEREMBAN

BAMBURO

BILANGKAT

BANKOW

SINOPORE

HARBIN

BITIAWAN

HONG TÒNG.

SONRABAYA

ILOILO

TAIPING

ІРОН

TIENTHIN

KARACHI

TONORAH Basket)

KLANG

TSINGTAO

BELGIUM

KOBE

YOKOHAMA

BRAZIL

KUALA KANGSAR ZAMBOANGA

CHILE

KUALA LUMPUR

CHINA

CUBA DOMINICAN REPUBLIC

Foreign Exchange and General COLOMBIA Banking business transacted.

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

J. STUART,

Manager. Hong Kong, 11th April, 1932.

NEDERLANDSCHE HANDEL- MAATSCHAPPIJ, N.V.

【NETITERLANDS TRADING SOCIETY)

BANKERS.

Established 187.

Hong Kour Gllows—11, Qomen's Bond Contenă.

Authorised Ospital ............................. Ovlider 160,000,000- Paid Up Capia! Builders 80,080,000. Beserva Prad sentre. Gulidare 40,018,000-

Head Offs 1-AMSTERDAM”. Kantor Head Off-BATAVIA, Flasches:-Bandjaemasin, Bandong" Bombay.

Calculte, Cherboa Damber. Djok aria The Hague Fiddab, Kabe, Kakassar, Medan, Pilambang, Plu lagan. Penang, Bangoon, Botterdam", Botnarang", disagia), "Bisrapore, . Bours bala, Boerakarta (Bofo). Tagal, Tjilazjap nad Waliavroden",

• Thess oblom have Safa Deponit Bazas to Ľat.

LONDON BANKE89:-

NATIONAL PROVINCIAL BANK LTD,

Correspondants all over the world. Backlog Dusi- neve of every description transacted.

A. STOKKINK,

Hong Kong, la December, 1981,

THE

Maxger.

AMERICAN EXPRESS COMPANY.

.U.S.$6,000,000 .U.S.$1,572,454 .U.S.$1,908,208

INDIA ITALY JAPAN

LONDON

MEXICO

PANAMA

PERU

PHILIPPINE

ISLANDS

PORTO RICO STRAITS

URUGUAY

VENEZUELA

Commerce and

Finance.

EMPIRE SUĜAR PREFERENCE

CHANCELLOR HEARS SUGGESTIONS.

-THURSDAY, APRIL 21, 1932. COLONY TRADE FALLS DURING FIRST QUARTER

EXPORTS AND IMPORTS DECREASE FROM LAST YEAR.

Dollar Fluctuations A Cause.

According to the official returns compiled by the Statistical Branch of the Imports and Exports Department the total value of Imports of merchandise into the Colony during the first quarter of and home sugar semaining unaffect- 1932 amounted to $170,746,693, a decrease of $16,187,888 as com- ed: The enclosed tables show how pared with the corresponding quarter of 1931. Exports totalled the proposals would work, both on $127,032,133 a decline of $13,099,613.

the supposition that the foreign

-Exports

Imports. March,

1982

March, 1931

$68,448,751 $71,773,140

.$ 4,726,310 $ 2,997,642

A deputation consisting of members of the Sugar Federa- tion of the British Empire and representative of all sections of the Empire sugar Industry duty is increased as proposed and For the twelve months ended plece goods to Hong Kong and waited on the Rt. Hon. Neville on the alternative supposition that, March 31, 1932, imports were valu, China, too, increased from 7.3 to Chamberlain, Chancellor of the for revenue reasons, a higher gen- ed at $721,552,771 an increase of 9.0 million square yards (23 per Exchequer, On Wednesday, eral scale of duties were adopted $79,153,591 as compared with the cent.), although the total export of and the beet sugar subsidy dispens corresponding period in 1980/1981, woollens declined 24.3 per cent. a9 March 16, to put before him suggestions in regard to the fed with. Appended to them is a while exporta totalled $628,950,225 compared with 1930.] duty preference at present suggestion for a variable excise, an increase of $31,994,201.

March Figures. given to Empire-produced sugar. which in the opinion of the Federa

Imports

The total value of imports in the tion merits careful consideration. entering the United Kingdom.

month of March amounted to $654 was led by the 7-Since then the continued fall 1924/25. ..582,017,063 509,914,543 millions The deputation

while exports totalled Rt. Hon. L. S. Amery, M.P., Chair-in prices has rendered the position 1930/31 ..642,899,180 496,956,024 $51.7 millions. As compared with man of the Sugar Federation. It of sugar producers very much more 1931/32 721,552,771 528,950,225 March of last year imports declin- included Dr. A. C. Cumming, Bri- difficult, and, in the opinion of the

ed by $6.3 millions, while exports. Piece Goods Trade. tish Sugar Refiners' Association; Federation, the proposals then put

fell $2.7 millions. The most noticeable feature of SETTLEMENTS Sir Edward Dayson, Bart., British forward would not now be adequate the piece goods import figures is] Gutana Sugar Producers' Associato afford a complete solution of the the greatly increased share of this tion; Sir Eliot de Pase, Chairman, difficulties with which the producers trade enjoyed by Great Britain in Merchandise West India Committee; Major Sir are confronted. After a careful re- the first quarter of 1932, the Bri-Treasure Commercial and Travellers' Letters Humphrey Leggett, D.S.O., South view of the whole situation, howtish share amounting to 56.5 per of Credits, Travellers' Cheques, Bills of Exchange and Cable Transfers African Sugar Association: Sir ever, the Federation has come to the and Savings Bank accounts opened finers' Association; L. H. Pike for special assistance to meet an North China share of 24.8 per and Fixed Deposits in local and for- (Acting Agent-General for Queens- exceptional, and, it is to be hoped, cent. eign currencies taken at rates that land), Queensland Sugar Board; temporary emergency, it should con may be ascertained on application to the Bank.

J. J. Runge, British Sugar Refine itself to pressing for what is, naction with the place goods tables

It is of interest to note in con- Treasure..... 8,151,110 $ 8,031,884 We are also able to offer our Cas-finers' Association; the Hon. Sir in its opinion, the minimum profer- that exports of British cotton piece tomers the services of the Branches Louls Souchon, C.B.E., Mauritius ence which, in normal conditions, gouds to Hong Kong and China in- of the International Banking Cor Chamber of Agriculture; Captain will enable Empire producers to creased from 61 million square ports of Merchandise into Hong poration in Spala and also of The. J. G. Souchon, M.C., Mauritius continue production in face of high- yards in 1930 to 81 million square Kong have fluctuated from the low- National City Bank of New York: (France), S.A., in Paris and Nice. Chamber of Agriculture; G. D.ly protected and subsidised foreign yards in 1981 (39 per cent,), des-est dollar value (61.2 millions) in

Stone. British Empire Sugar competition. Machinery Manufacturers' Associa

pite the fact that total exports de- February, 1932, to the highest 8. The Federation is, therefore, clined 691 million square yards (71.8 millions) in March, 1981, tion; J. S. Wingate, British Sugar prepared not to go beyond the pro- (29 per cent), over half of which while exports fuctuated from $37.0 Refiners Association; H. T. Pooley, posals put forward in March, insist- was due to decreased exporte to millions in February, 1932, to $54.4 THE BANK OF TAIWAN, LTD. Secretary, Sugar Federation of the ing, however, with all the emphasis India. Exports of British woollen millions in March, 1931.

at its command, that these pro- British Empire.

Memorandum,

posals represent an absolute mini- 1.-The Sugar Federation of the mum if the Empire sugar industry British Empire is composed of thejis to be maintained. associations of producers and re- 9.-The Federation would assume, finers throughout the Empire. as an essential part of its advocacy

bought and sold. Current accounts Leonard Lyle, British Sugar Re-conclusion that, instead of appealing share of 4.9 per cent,

cont., as against the Japanese

R. M. MCLAY,

Hong Kong, March 1, 1932.

(TAIWAN GINKO.)

Manager.

HEAD OFFICE-Taipeh, Formosa.

Incorporated by Special Imperial Charter, 1899.

Central Bank in Forenom.

Bank-Notes Immad Average amount. Ten. 45.000.000 tion is to secure for all sugar pro-that

2. The main aim of the Federa- of a moderate long range polley, these proposals, if adopted,

EBANCHES AND AGENCIES:

JAPAN:-Toy, Yokohama, Koba, Onaka,

FORMOSA:Grea Xagi.

Karaoko.

Midland Rank, Ltd., Westminster Bank, Ltd.

Commercial Conte thughout the world.

Nozaga.

Just Received.

INC.

H. NAGURA.

THE BANK OF CHINA.

行銀國中

Head Office: 85, Broadway, New York.

HONG KONG BRANCH:

3. Des Your Bond Central. Hong Kong, December H. 1.

Reorganised October 20, 1928, under

Capital

special charter of The National Gov-

Surplus

ernment as an

Reserver

INTERNATIONAL EXCHANGE

BANK,

BRANCHES

Subscribed Capital

$25,000,000,00

Fald-Up Capital

$24,710,209.00

Amsterdama Antverp

Beserve Funda

... 8,820,501.82

Bela

Berlin

Biarrit

Bombay Braces

Glasgow HAVADA Hamburg Lavis Interlakes Jerusalam Lido Lendon

Nic Napion Pirsen Parla Pabang Pazlog Pajeror Bolteras

B

Liverpool

L

Lugano

HEAD OFFICE: SHANGHAI.

HONG KONG BRANCH:

4. Queen's Road Central.

Owing to our numerous branches ja China and large connections in the important commercial centres of the wwrld, we are able to extend to our clients special facilities for domeatle and foreign Banking and exchanges,

We also handle the Baue of Bondi and other Public Funds of the Chi ese Government both at home and abroad.

Brussel Bacon Air Calre Delitia Скала Colombo Cocalantinople Monte Carlo

Copenhagen Edinburgh Florence

shera

Lumor Marseilles

Munloh Mantras

Mila

Bakabout Shanghai Boutanipson Singapore 8. Morite Tisatsin Vienna

Vaules Yokohama Zurich

Branches of American Express Com- pany in Principal cities of United States of America and Canada.

SHOU Y. CHEN, All classes of Commercial Banking

Manager. Transactions undertaken.

Hong Kong, 5th March, 1981.

THE YOKOHAMA SPECIE BANK, LIMITED.

Established 1880.

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

.Yen 117,800,000

Head Office:-TOKOHAMA.

Branches and Ageles at:

Alexandria

Batavia

Berlia

Calcutta

Bombay

Nagasaki Nagoya Newchwang

New York

Paris Peipig

Dairen (Dalny) Rangoon

gton (Mukden) Rio de Janeiro

Hamburg

Hankow

Harbin

Loa Toni

San Francisco Seattle

Semarang Shang

shimono old,

Singapore Boarabaya Sydney Tientsin

Tokyo

Personal Investment handled.

secounta

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

E. W. DUGGAN,

Manager.

and the

Total

.870,175,061 $74,770,782

Exports.

March, March,

1981

1932- Merchandise ..$51,688,298 $54,484,250

Total

+

$59,837,408 $64,085,634 Monthly Fluctuations Since March of 1981 total im-

MANCHESTER WEEKLY MARKET

REPORT

Wednesday, March 23, 1982.

of the

finer

whilst the total this season amounts ducers within the Empire such con-would be guaranteed the same mea

Messrs. James F. Hutton & Co., to 9,371,000 bales as compared with Hakong Nazia, Shinchiku, Taichu,ditions as will enable them to main-sure of permanence as that accorded Takao, Tamaul. Tosa, Heito, Talia.

7,496,000 bales for the same period GRINA-Shanghai, Habiow,

tain their industry in reasonable in 1826 to the existing preferential Ltd., report an follows:- 2moy, Poochow Hwalow, Canton.

in 1981. It is now very difficult to prosperity and to supply efficiently scale.

The position all round during the obtain quick delivery from the OTHERS-Hoog King, Bingeporn. Sesabays, and at a reasonable cost the sugar

Semarang, Balaria, Dombey, London, New

10. The arguments for main past week has been decidedly easier majority of manufacturers, as their York, Datren.

requirements of the Empire. taining that Industry are fully and there has been a noticeable fall-looms are in many instances full up LONDON BANKERS: Barclays Bank, Lid, Lloyds Beak, Ltd.,

3-It is realised that individual stated in the enclosed pamphlet and ing off in both demand and enquiry for the next 3/4 months. A fair sections of the industry may have are at least as valid to-day as they This is mainly attributed to the amount of enquiry has come through their own particular problema, the were last March. The situation is alightly weaker undertone in the for India in a variety of goods. The Bank bas Correspondante la all the principal solution of which involves conditions one of grave danger to the Empire market where prices have eased a Retail quantities

other than those of a purely sugar augar industry, and the Federation little owing to the general lack of dhooties have been sold for Calcutta policy. The position of the would earnestly impress upon His outside support. A further drop whilst mulls and jacconets have Colonial sugar producers, for in- Majesty's Government the urgent took place at the end of last week been in demand for Madras and stance, may raise issues affecting necessity of early action being in the Bank Rate, which is now Karachi hut at low prices. The up- the ultimate responsibility of the taken in this matter.

revised to 3%, and it must cer- country markets have been much United Kingdom for the financial Suggestion for Variable Excise

tainly be realised that every redue quieter and only a few special lines stability of the Colonies concerned,

Duties.

tion of this rate should tend to have been placed. Rangoon still while the extent to which the Bri- The price of sugar ie at present impart more confidence from out-continues to show a marked im tish beet sugar industry should be unduly low and any assistance to side buyers in the general trading provement, both lawns and twills: assisted involves not only the gen-the home grown factories in the position. Following upon the re-having been under offer. The fur- eral agricultural policy of the Brt-form of preference allowance, or cent heavy buying weeks of both ther decline in sliver 'has hampered tish Government, but also the reac-otherwise, which might be reason-this and last month, the present trade with China and very little tion of that assistance upon the able at the moment, may involve an position is unsatisfactory and busi-activity has been shown this week prosperity of the existing refining unnecessary sacrifice of revenue neas has become very much a case in either Hong Kong or Shanghai, industry in the United Kingdom. when sugar prices become

more of the hand to mouth 'variety. It Fancies have been under offer for 4.In these matters the object of normal

lis Interesting to record, however, the Straits Settlements, but one the Federation is to secure It is, therefore, suggested that that the deliveries of American cot-only hears of a few odd lots being greatest common measure of agree-the Excise duty payments should ton to consumers last week amount- booked. Most of ment and to advocate a policy that vary, as sugar prices increase bo-ed to 352,000 bales against-287,000 enquiry has been for fancies and the Continental will be of positive assistance to all yond certain defined amounts, by bales for the same week last year, dress cloths. the interests concerned, without fixed percentages on the basis scale. ignoring the fact that there may be It is proposed that the general and special considerations which may, preferential scales should be con- temporarily or permanently, justify stant and not be varied except by |special measures to deal with parti-Parliament.

cular cases. In advocating al The Excise scale set out in Table uniform rate of preference for the B would be the "basis stale" to be whole Empire, the Federation fully varied as under:— realises the special relation in which If the lowest current value of Bengal If the present jute industry the Colonial producers stand to the either Cuban, Peru, Domingo, negotiations break down. Government of the United Kingdom, Brazils or similar. Non-Empire Raw and the special claims they have Sugar of 96 degrees polarisation, upon the support of the Colonial c.i.f. London is: Office in the present critical emergency.

YVERT ET TELLIER POSTAGE STAMP CATALOGUE

FOR 1932

At $6 Each.

GRACA & CO.,

Dealers in Postage Stamps, Religions Goods, Pictorial Post Cards,

Toya, ete No. 10, WYNDHAM STREET, P.O. Box No. 820,

HONG KONG

RELIABLE PRINTIN

noorde

too Vitali

YUK · NEWSPAPER - ENTERPRISE” LTD. MEDIA MAIL BLDG.. » AA WYNDHAM ST.

THE BANK OF EAST ASIA, LTD.

fahad· '1918. HEAD OFFICE:

16, Der Verex

HONG

Total Resoured

< Braty dajcription of Hai

triumisted,

RAFIEM-Deposi: Accounts in local and for

Yor

Bafë.Darsonit Boze

the

1

JUTE HOURS BOGEY.

An economic debacle of the greatest magnitude threatens

The crisis has been precipitated. by the action of a small coterie of

SILVER IN LONDON.

Latest Quotations.

London, April 20. The closing prices of silver in

Under 48, 11 d. the duty shall mills, who are ex-members of the London to-day were:-'

be 50 per cent of the basis scale: Indian Jute Mills Association, re- If 58. to 78. 11. the duty fusing to participate in the es- shall be as the basis scale;

Spot

Forward

April 19. April 20 16.9/16 16

16%

16.13/16 The London on New Cross rate

5. Similarly the Federation, |while realising the necessity of

assistance being given to the beet If 88. to 9s. 114d. the duty tablished custom of regulating pro- sugar industry in this country to an shall be 50 per cent. increase on ductive capacity by limiting work- extent which will enable it to main- the basis scale; tain, with reasonable, assurance of

țing hours to 40 a week.

at 2 p.m. to-day was quoted $1- |profit, an adequate area under sugar,

Five small mille, who permitted G.$3.77. | beet cultivation, would not wish to

their memberships to lapse or de- make itself responsible for any sug If 12 to 138. 11d. the duty] fault, are now working up to 108 gestions, whether for increased sub-shall be 150 per cent. Increase on hours a week, thereby capturing a considerable portion of the market,

If 10s. to 11s. 11 d. the duty shall be 100 per cent. increase on the basis scale;

the basis scale;

sidy or for remission of excise, of, Buch a character as to prejudice the legitimate interests of the establish- bé 200 per cent. Increase on the the Association and do likewise. If ed refiners in Great Britain or of basis scale.

Ja bigger breakaway eventuates producers, in the Empire overseas, The basis scale Is, therefore, then the Jute and guany markets 6-It was with these general centred pa raw sugar at 6s. 6d. per will again fall to pieces owing to considerations in view that the cwt, which was the figure on which excessiva production. Therefore Federation put forward in March the" additiona assistance Bubsidy the strongest efforts are being made last certain proposals

In the most influential quarters to persuade the

If 148 or over the duty shall and also tempting others to leave

presented by a deputation received:

the Finan

the Asso

Tejoin

COMING SHORTLY TO THE KING'S

STEPPING SISTERS

KAN

PO