1932-07-26 — Page 2

BANKS

HONG KONG AND. SHANGHAI BANKING CORPORATION.

Kurtherbed Caplial natura Land and Fully Paid-up 19,800,000 Masters Funds L

Marling

More Clability, of Proprietors

"HAD OFFICE: NONO KONG,

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA,

THE CHINA MAIL.

THE HO HONG BANK, LTD.

(Established 1017.)-

'HEAD' OFFICE:SINGAPORE. LOCAL BRANCH:-

18, Queen's Road Central Authorised Capital Strate $20,000,000 lasued Capital

Paid-up Capital ....

Incorporated by Royal Charter, 1858. Reserve Liabilities of

$800,000

HEAD OFFICE: LONDON.

90,000,000

Paid-up Capital

Reserve Fund

Reserve Liability of Pro-

BOARD OF DIRECTORS |——

prietorn

£3,000,000 $8,000,000

.£3,000,000

Arencies and Branches:

ALOR STAR

KUCHINO

MANILA

J

Hon. Mr. J. J. Paburzone.

Chalk

'T.. L. Poarta, Esq.

Flo. Mr. W. 11. 1.

Minka, Faq

Deputy Cutmas.

1. A. Humma

V. M. Graybaru, Raq. Chiat org.

DELHI

T. 11. B. 8w, Dj-

1. P. Warren, Mey.

AMRITSAR

ВАНОКОК BATAVIA DOMBAY CALCUTTA CANTON DAWKPORE СЕВО BOZOKBO

HAIPHONG RAMBURO HANKOW

HARBIN

HONG LONG

[POR

XARACES

KOBE

NADRES

MADAM

NEW YORK

LONDON

HALACCA

KANILA

XUAB (Jabe

HURDRY

NEW YOOX

PEITING

AMOT

BANDKOK BATIVEK*** BOYDAY CALCUTTA CANTON DEXFOO

ODLOM BO

DAIREN

FOOD LOW

RALPHONU KANDURO

BRANCHES :~

PENANG

BANGOON

SATOON

SAN FRANCIS00

HANKOW

SHANGHAI

KARDIN

SINGAPORE

ΠΟΝΟΚΕΦ

NOURABY&

ΠΟΤΣΑ

SUNGET PATANI

P

TIENTAIN

JORDRE

TOKYO

LOND

KORLOON

KUALA LUMPUR

THENGTAQ

TOKOHAMA

Oerest Accounts opened in Local Gurmasy

and Vited Deposite received for now your or le periode in Local Dompany and Meling bus which will he quoted on application.

Song Koty, Gib Apii. 1942.

HONG KONG SAVINGS BANK.

The Buelnace of the above Bank le condom

by KONO TONO AND HUANGHAI BAKE.

ING 008PERATION. Bu pay be shiined

application.

FOR THE HONGKONG, AND SHANGHAI BARKING CORPORATION,

V.M. OBATBURI,

Chand Manager.

Hong Kong, 27th Februxey, 193a.

THE BANK OF CANTON, LTD. Eatablished 1912.

Head Off-Hong Kong.

Lubbard Cop!ial (III. Curraney)...11,000,000

-Up Copēšað er

Fund

BRANCHED :----

Canico, Shanghai, ankow,

1,615,000 F,130,000

Bangkok, New fok and as Preda

LONDON BANKERS:—

The Lloyd's Bank, Limited.

CORRESPONDENTS

In all principed olie of the World.

Forla Exhange and banking businer of

"every descriptorested

Jala Depois Boush (arioca disan), si a poorly

asia offro 64-4

LOOK POONG SHAN,

Chief Manager.

THE BANK OF CHINA.

行銀

nfs

Reorganised October 26, 1928, under

special charter of The National Gov ernment as an

INTERNATIONAL EXCHANGE

BANK.

Subscribed Capital

Pad-Up Capital

Boserve Funds

$25,000,000.00

$24,710,200.00

.$ 3,820,503.82

HEAD OFFICE; SHANGRAI

HONG KONG BRANCE:

4. Queen's Road Central

Owing to our numerous branches in China and large connections in the im portant commercial centres of the world, we are able to extend to our clients special facilities for domestle

and foreign banking and exchanges.

Wo also handle the issue of Bonds

ILOILO.

TOKORAMA

Foreign Exchange

Banking-business transacted.

Shareholders

H

8,000,000

·4,000,000

4,000,000

BRANCHES and AGENCIES in the principal cities of the world.

Every description of Banking and Exchange business transacted.

KO LEONG HOE,

Managing Director,

THE NATIONAL CITY BANK OF NEW YORK.

HEAD OFFICE: 35, Wall Street, NEW YORK.

Capital, Surplus and

Undivided Profits U.S.$225,508,775.00

Branches in

LONDON MEXICO PANAMA

PHILIPPINE

ISLANDS

Commerce and

Finance

SHANGHAI TRADE

PAYING SHANGHAI

WAR LOSSES.

The Attitude Of The

Companies Defined.......

INSURANCE CLAIMS.

LOSSES

Chinese Merchants Suffer Heavily.

TUESDAY, JULY 26, 1932.

NEW YORK STOCK EXCHANGE.

A.O.F.C. Quotations.

New York, Yesterday.

Last To-day's Changer Avar. Aver.

80 Industrials `47,84 49.78 1.94 up

18.39

20 Rails.....17.42

20 Utilities...18.99 19.91 **

.97 up

.92 up

TRADE AND THE EMPIRE

Broad Principles At Ottawa.

FISCAL CHANGES,

Sir Edward life, president of the Asociation of British Cham-

Messrs. E. A. Pierce & Co. re-bers of Commerce, was the quest

Business of the Sheffield

Auburn

Price

Chamber at a luncheon held at Sheffield recently. Proposing the toast of "Trade and To-day's the Empire," Sir Edward said he knew something of the work of the Sheffield Chamber, and it was perfectly clear that not only were its activities benefiting Sheffield, but, through its affiliation to the Asso-

794

ciation of British Chambers, they ware also benefiting the trade of the country.

The influence of the Association of British Chambers of Commerce It was was growing every year.

port:-Market done: 1,500,000 shares.

Arm.

Last

Imports Affected

M

Price

Air Reduction

.87%

381⁄4

PHIFTRO (Pahingi

1

РЕКАМО

BAXDOOM

SATION

BENARANG

SZLETBAR

SILANGBAL

BIHOAPORE

ARGENTINE

MITIAWAN

BELGIUM

SOURABAYA ..

TAIPING

BRAZIL «

TIENTS IN

CHILE

PEN

TOKORAK (Bhuket)

GHINA

ELANG

TEMOTIO

COLUMBIA

KUALA LUMPUR

ZAMBOANGA

CUBA

and General

DOMINIGAN

PORTO RICO STRAITS

REPUBLIC

SETTLEMENTS

INDIA ITALY JAPAN

URUGUAY

The attitude of insurance com

claims

madeports the year 1991 opened hope. American Telegraph & pantes regarding

Telephone... against them for losses arising out of the Sino-Japanese hostilities is fully enough, it proved to be one of American Tobacco "B" 67% made clear in an official statement the most depressing periods, per Borden Company issued by the Special Insurance hape, in the commercial history of Canadian Pacific

Gas Consolidated Committee Sino-Japanese Hostili Shanghai. The activities of com-

New York NEW. tles (1932) which represents all in

munist-bandits in Central Chips,

Drugs, Inc. surance companies in Shanghal.

the further slump in silver, the Du Pont de Nemours 24

Eastman Kodak The statement reads:

From reports which have recently mild fluctuations of exchange rates General Electris appeared in certain organs of the from day to day and from week to General Foods

General Motors local Press, it would appear that week, and the effects of the world International Harvest- some doubt still exists in the minds

| Allied Chemical & Dye 4936 Although, as at many other American Can

51%%

36%

59

.44%

56%%

254

12

13-

of

,30%

41%

30%

32

25

41

11%%%

24

91

er

.14

VENEZUELA

Tel. &

Tel.

B

of New Jersey

.19% Pacific Gas & Electric 21% and Pennsylvania Railway. 8% Radio Corporation. Sears Roebuck Standard Oll Company Socony-Vacuum Corp. 83%

16

-5% 4914 2014

220

85%

44

....13%

14%

29%

10%

Carbon

.18%

18%

394

rus

104

20%

20%

--Reuter.

SHARE MARKET.

Current Accounts opened and Fix

ed Deposits received for one year or shorter periods at rates which will be quoted on application.

A. H. FERGUSON,

Manager.

Hong Kong, 8th July, 1932.

THE NATIONAL COMMERCIAL

SAVINGS BANK, LTD.

CURRENT ACCOUNTS. Cheques Cashed in 15 minutes while you wait. SAVINGS ACCOUNTS

We offer good rates of interest. TOTAL RESOURCES.

$19,000,000

EFFICIENT-TRUSTWORTHY~~

RELIABLE COURTEOUS.

144-150, Des Voeux Rd. C.

NEDERLANDSCHE HANDEL-

MAATSCHAPPIJ, N.V.

NETHERLANDS TRADING SOCIETY)

- BANKLES.

Established 1854,

Hong Kong One :-11, Queen's Bood Central.

Authorized Capital

Paid-Up Capital

Reserves

Head Of

&

.1. 150,000,000

.1.

80,080,000

..L. 20,015,000

AMSTERDAM”,

Pastars had Office:-BATAVIA,

Branches :---Bazd{semasks, Bandung, Benbay, Caloa, hæribou, Djember, Djok jakarta"). The Bague", Jiades, Kobe,

Palumbo, Pola longan, Pussy, Bangon, Betterdam", Bemarang, Baoghal, Singapore, Boere- bala, 60erskurs (Balo), Topal,rjitas ng and Nulleroden","

* The boss have Ba's Deposit Boxes to Lat.

LONDUS BANKERS :---`

NATIONAL PROTIRCIAL BANÉ VID.

Corpondeste all over the world. Banking Bual mase of ovary doription transscles.

A. BTOXKINE, Hong Kong, 21st June, 1982,

THE

and other Public Funds of the Chin-AMERICAN EXPRESS COMPANY,

es Government both at home and abroad.

SHOU J. CHEN,

Manager.

Hong Kong, 5th March, 1981.

THE YOKOHAMA SPECIE BÁNK, IMITED,

Established 1888.

Capital (fully paid-up) "Yen 100,000,000 Heserve Fund ......Yen 117,300,000)

?" Head Off YOKOHAMA.

"Branchas "and" Agencies-att- Alaxandria

Fatayla

-Bertin

Bambay

Calcutta

Canton

Changchun

Dairen (Dalns) Vinatien (Makdin)

Hamburg

Tankow

Harbin

Hour Song

Honolulu

-Kuen

Karachi

London Los Angeles

Nagmaak!

Nagoya

Nowchwang New York

Pelping

Bangaon

Blo

de Janeiro Ban-Francisco

Semarang

INC.

Head Office: 65, Broadway. New Tark

Capital

Surplus Beterrea

‚U.S.$6,000,000,00 ¡UB.$1,832,832.04 17.S.$1,458,110.78

BRANCHES-

Have

Jarchon

... Linden

·Buster Airon - Idrogeol

Oska

Светов

· Ma

Branches of Ametican Express Come pany in Principal cities of United States of America and Canada.

All clauses of Commercial Bankin Transactions undertaken.

Personal Investment accoun

ndled

Corpora

thousands of

of some sections of the community wide economic depression continu- Commercial and Travellers' Letters regarding the liability of insurance ed to be the principal factors trad- International of Credits, Travellers Cheques, Bil companies in respect of the destruce ing in Chinese waters or between Liggett & Myers "B* {@% of Exchange and Cable Transfers tion, whether by fire or through China and Japan were forced to lay Loew's Inc. Current accounts other causes, of properties situated up numbers of their vessels bought and sold. and Savings Bank accounts opened and in the zones involved in the recent maintain skeleton services only. Fixed Deposits in local and foreign Sino-Japanese hostilities which were

At the same time Chinese mer currencies taken at rates that may be ascertained on application to the Bank, insured with them.

In this connection it is not neces chants inevitably sustained heavy We are also able to offer our Cas tomers the services of the Branches sary, of course, to discuss the post- losses from confiscation of their of the International Banking

Union Pacific tion in Spain and also of The Nationalion with regard to the liability stocks and the cancellation of busi- Union Carbide &

........854 under the many policies which were ness, and many City Bank of New York (France), take out against war risks. Special Chinese workers were thrown out United Aircraft & S.A., in Paris and Nice.

immediate Trans.

.10% rates of premium were paid for of employment. An

Chinese United States Steel..24% these and, in those cases where the hardship imposed upon insured property sustained damage, industries was the cutting off of Westinghouse E. & M. 19%

material. Many adjustment of the losses has pro-supplies of raw

weaving factories using fine counts THE BANK OF TAIWAN, LTD. ceeded. without question.

The controversy which has arisen of cotton yarn of Japanese origin, {TAIWAN GINKO.)

locally is in respect of the com-and many dyeing and printing es using cloth from pantes liability under their ordinary tablishments policies of fire insurance which were Japan, had to close down until sub-

stitute materials arrived from the issued in normal times.

sides

R. M. MCLAY,

Hong Kong, May 18, 1932:

•Manager.

HEAD OFFICE:-Taipeh, Formoss. Incorporated by Special Imperial Charter, 1899...

Central Bank in Forosova,

| Batik-Notes wurd Avacaps smount...Yen. 18,000,000

BRANCHES AND AGRNOTES:

The Intention.

other sources.

states :---

a common practice for Government Departments to consult it before. initiating legislation which was likely in any way to affect industry. Silver Lining Appearing. They were Hving in difficult times, continued Sir Edward, but he felt there was a silver lining beginning to appear. Much had happened in the last eight months to account for In the Improvement in outlook. the first place the country had gone off the gold standard and by doing so had made it easier for the for- eigner to buy from us and harder. for him to sell to us.

We had balanced the Budget, and, in a consequence, confidence Great Britain had been restored throughout the nation of the world. Balances were coming back, and, be might say, coming back to an ambar- rassing extent.

With regard to the change in the fiscal system, the success of the policy would depend upon whether, The official summary issued by by bargaining, we could increase our, Stock Exchange yesterday export trade or, in other words, whether the policy of protection

"The total loss on both

The improvement noted on Satur- would lead to free trade. Shefeld, The intention of these latter con-

The iron and steel industry tracts is to provide an indemnity must have been very great. Al-day last was fairly well-maintained particularly, had every cause for was now to be given a fair chance Xesang for loss occasioned by an outbreak though native industries took ad-to-day, despite the fact that this is hope.

to capture not only its home mar Hakang. Wanto, Shlachiku, Trichy, Tsinas, of fire in the ordinary sense of the vantage of this opportunity to in-Settlement eve.

ket but a reasonable proportion of world markets. The present" duty was to be dependent upon the affl- clency of the industry, and they had no cause whatever to fear the result.

JAPAN:Tokyo. Tokohama, Kobe, Osaka. FORMOSA-Giralt, Karakɔ,

Taka Tamaul, Toon, Egito, Telto. CHINA-Shanthal, Baslow. Amoy,

Swalow, Canton,

Foocoterm and occurring under normal crease their output, and certain OTHERS-Hang Loof. Slugapore Spray Conditions, not for loss through fire business that would normally go to

York. Deiren.

LONDON BANKERS -

For Beirers, Bombay, Loudag: New caused by events of a purely nature. Japan was diverted to their coun- The great European War brought tries, merchants were compelled to restrict their commitments to im Into prominence the first risk at mediate requirements, and trade on tending modern military operations,

Barclays Bank, Ltd., Lloyds Bank, Lid Midland Bank, Lid, Westloster Bank, d.

The Baix has Correspondente in all the princip and in order to meet the losses in./the whole was a heavy loser by

Commercial Centres throughout the world.

K. NAGURA,

HONG KONG BRANCH:

De Ve Band Central.. Hang Koat. Decomber M, 1981.

THE NEW

OPEL

THE NEW

-Maonger

··Product of

OPEL

THE NEW

For Economical

Motoring

ᎢᏳ the anti-Japanese campaign. wards the end of the year strin

ency in the money market did nothing to help the situation in Shanghai.

Sales.

Providents (Old), $4.85. Hong Kong Lands, $77. Hong Kong Ropes, $12.70/12.75.

Buyers.

Hong Kong Banks, $1,600. Canton Insurances, $1,800. Union Insurances, $4622: China Fire Insurances, $600. H.K.-Steamboats, $21. Shells (Bearer), 87/6. Union Waterboats, $19. Raubs, $38.

H.K. & K. Wharves, $189. H.K. & W. Docks, $182. H.K. Hotels (Old), $10.80. H.K Hotels (New), $10.40. Hong Kong Lands, $77. Humphreys, $16.

Chinese Estates,-$100. Ewo Cottons, Tia. 18%. Hong Kong Trams, $22.70. Star Ferries, 188,

A Fair Chance

The industry could not possibly have reorganised itself unless it were given a fair chance. The Im ports Duty Advisory Committee had shown itself capable of taking large statesmanlike views, Sir George May and his committee had taught them a lesson in regard to Ottawa, which was to get agreement first on broad principles and leave the details for later consideration.

They believed the Ottawa Con- ference was the greatest opportunity yet afforded to lay the foundations of a trade policy which would help to bring prosperity to every part of the Empire. They were all agreed that an Empire more self- supporting and enjoying the greatest freedom of trade within its boundaries held out the best, pro- spects of maintaining a reasonable standard of living for, Its members.

Yaumati Ferries (Old), $84. Yaumati Ferries (New), $38. China Lights (Old), $17.80. Hong Kong Electrics, $721⁄47 Telephones (P.P.), $21.80. Malabon Sugars, $20. Cements (Combined), $16.60. Hong Kong Roper, $12.70. Dairy Farms, $27. Hong Kong Amusements, Constructions (New), $1.55.

free to make bargains with foreign H.K. Govt. Loads, 8 per cent nations. After all, freer trade

Premium.

British trade with foreign na tions, commented Sir Edward, wis more unbalanced than that with the Empire. After concluding En- $104.pire reciprocity they would then be

curred through the operations of war, the British Government then created a special department to deal with insurances against loss from bombardment and aircraft. It

Imports Increase should be noted that the Government scheme included not only losses due The total value of imports from. to enemy act but also those incurred foreign countries during 'the year through the measures taken to (including goods, afterwards re- resist the enemy, emphasizing that exported to Chinese ports, Hong the "exceptions" condition in the Kong, and abroad) amounted to ordinary fire policy applies to all over 838 million Halkwán taels; as General Motors losses by fire, originating from a against 680 million taels in 1980. state of war, whether the loss was an increase of 22 per cent It due to a hostile act or otherwise. will, be realized, however, that The ordinary fire Insurance policy allowance must be made for the contains exceptions which are unfurther depreciation of silver and doubtedly sufficiently comprehen- for the general fall in commodity sive to cover such a state of affairs prices abroad before attempting to as has recently been experienced measure trade by the silver value here, no matter by what name it tables. Although prices abroad, may be called, and, if for no other were low, this advantage was more reason than of preserving a prin- than offset by the. continued low cipal vital to their business, the exchange, and the prices of all im companies' attitude must continue to ported goods rose steadily as stocks be that fu respect of no case arising purchased at a better rate were out of these happenings can there gradually absorbed and replace- be room for sympathy with ments were made at less favourable claimants on the part of the com- exchange rates. In many lines of panies from the insurance point of goods recourse was had to quoting view.

prices in terms of gold currencies.

Buyers Careful, .... Though it may not be at al

The very adverse conditions palatable to them to do so, the

country claimants must realise that there ruling throughout the can naver be any weakening of the caused buyers to refrain from com- attitude of the companies towards mitting themselves to large trans- this question: All concerned ar actions, and while in late Septem- perfectly well aware that this type ber the food situation at Hankow STEEL INDUSTRY AND OTTAWA questions which required settle of risk was not insured against by began to improve, large areas in the ordinary fire policy and It must Central China were still under be thoroughly understood that the water, so that goods could not compasles are neither to be nove normally into the interior or, frightened nor cafoled inte behay for that matter, to northern ports ing as though some kind of respon- owing to the troubles in Man Major-Gen. the Hon. Sir Newton ment with the findings of the Mic afbility for mesting losses of this churule and at Tientsin. Thus & Moore, the recently appointed pre-millan Committee that our main ob character was implicit in the accept good part of the country usually sident of the Dominions Steel and fectives should be, first of all, ance of the ordinary rate of served by Shanghai was cut off Coal Corporation, stated at raise the world price level sab premiam for insurance against "or from supplies or could not absorb luncheon in his honour at the stantially and then to maintain that

Criterion Restaurant that the price level as stable as possible. them. dinary! firea

He still thought it desirable to The Import trade was also affect steel industry of this country dia ed by the stoppage of business not achieve success and prosperity press the Government to exercise with Japan This, as already as a result of the Ottawa Confer economy in every way. There were.

OPEL

THE NEW

For Minimune Cost

OPEL

THE NEW

For Maximum

Mileage

OPEL

THE NEW

Tel: 2.0-22-8.

OPEL

717

No Weakening.

Cases will be considered on their merits on clalar befag

the event of rejection of my

the renit of any action or

ing arising therout, In

court such act be taken, will

Sellers

International Anice., Tis. 4. Constructions (New), $1.65.

A Great Opportunity.

within the Empire was not neces sarily antagonistic, to expanding trade on a recíprocal basis between Great Britain or the Dominions and foreign nations,"

War Debts Policy There were thresther, vital

ment, Hated Sir Edward. They were monetary policy, economy and. war debts. With regard to mone tary polley. It was most important that it should be discussed at Ottawa They were all in agres-

to

diverted trade to other cocnence it would never do so

many directions in which we could Bir Newton Moore, who was economise. While Government and and Great Britain obtained.

share of the new business Pr of W fern Australia fron municipal economy was essential in

Con- order to reduce rates and the favourable, exchange

for falt:It was desirable", that

"sterling

of the gold

of exports

viduals they

tax-reduced ind

wheels of indu motion

Bir Edward: ||though!

to their

the