1934-06-15 — Page 6

.

BANKS

HONG KONG AND SHANGHAI

BANKING CORPORATION.

Authorised Capital

Tasued and-Fully fuld-up

Reserve Funda:~~

Starting

Sivas...

$30,000,000 20,000,000

£1,500,000

$14,000,000

Burrs Liability of Proprietors $20,000,000

HEAD OFFICE: HONGKONG,

BOARD OF DIRECTORS.

Hon. Mr. C. G. 8. Mackie

Chairman,

B. B. Dodwell, Eng. Deputy Chairman.

Kon, Mr. W. H. Bell

A. II. Compton, Esq. W.J. Krewith, Bag, C. O. Knight, Esq.

AMOY BANGKOK BATAVIA BOMBAY CALCUTTA CANTON CHEFOO COLONDO

BAIRES

FOOCHOW

BAITHONO BAMBURG

HANKOW WARBIN

HONGKRW ILDILO

INI JONORE

RONE

KOWLOON

0. Makin. Eng.

E. 8. Morrison, Esq.

T. E. Pearce, aq,

T. V. Grayburn, Esq. Chief Nanager.

BRANCHES

LONDON LYORK MALACCA

MANILA

MUAR (Jobs)

MERDEN

NEW YORK

TEIFING

PENAKO

HANDDON

SAIGON

SAN FRANCTACO

KOTALA LUMPUR SHANGWAY

SINGAPORE

SOURABAYA

SUNGEL PATANI TIENTSIN

TABYA

TSINGTAO YOKOHAMA

Current Arcoxia opened in Local Curney

and and Theposita evreited for one year or shorter periods in Tors), Company and Sterling et which wi't be quoted on sppilnation. Hong Kong, 18th April, 1994,

HONG KONG SAVINGS BANK

The Busines of the slee Rank le conduct be the HONG KONG AND SITANORAT

BANKING CORPORATION.

obtained on applicaffem,

Tule may be

FOR THE HONG KONG AND SHANGHAI DANXING CORPORATION

V. M. GRATADEN.

Chiel Manager.

Hong Kong 2001 Fleury, 1934.

THE BANK OF EAST ASIA, LTD.

Autkortina Capital

Paldium Canila)

.10,000,000,00

$ 1,190,600 ne

Beserta Ard Undivided Trafie......$2,434,000,00

TEAD OFFICE --HONG KONG

12. Den Varun Fred Central,

BOARD OF DIRECTORS I-

Sir Shanwan Chow, Chalam

Tun Tang. Fay, Chan Fl-ing Shah. Een..

WHE

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1853.|

HEAD OFFICE: LONDON

Paid-up Capital

Reserve Fund

£3,000,000 ...£3,000,000

Reserve Liability of

Pro-

prietors

-£3,000,000

Agencies and Branches:

Alor Star

Itoile

Amrfiant

Ipak

Rangeoo Belgon

Bangirok

Karachi

Bemarang

Baterie

Klang

Белетвай

Bombay

Toba

Shanghai

Calcutta

Kuala

Fingapore

Canto

Lumpur

Shilawan

Coppor

Kuching

Hours hays

Cebo

Madra

Tairu

Colombe

Manila

Datbl

Medan

Tongkah

Halphone

New York

Hamburg

Pelping

Hankow

Peking)

Yokohama

Harbin

Теплок

Zamboanga

Rohr Kent

Tirnista

Foreign Exchange and General Manking bestem |trasacted.

Current Accounis opered and Fland Deponite received for one year or shorter

which will be quoted on applied tralas

W. H. E. THOMAS,

Acting Manager. Hong Kong, 20th February, 1934.

THE BANK OF CANTON, LTD.

Established 1912.

THE CHINA MAIL FRIDAY, JUNE 15, 1934.

ommerce and Finance..

LOCAL SHARES.

TO-DAY'S QUOTATIONS, The following is the list of local share quotations issued to-day:

Banks.

H.K. Bank, $1840 n.

NEW YORK STOCK EXCHANGE.

S. E. Levy And Co. And A.O.F.C. Quotations.

June 14.

HK. Bank (London), $1501⁄2n, The following quotations from New Chartered Bank £161⁄4 D.

York have been received by Messrs. Mercantile Bank, A. & R. 428 m. 8. E. Levy and Co., and the American Mercantile Bank C, £15 n.

Oriental Finance Corporation: Bank of East Asia, $91 n.

· China O. Fin. Pref. Sh. $5 .

: Insurances.

Canton Ins., $300 g.

Union Ins., 576 n.

China Underwriters, $11⁄4 n China Fire Ins., $510 n. H.K. Fire Ins., $250 n. International Asɛce, $6 n.

Last

Am: 0. Finance Corp., Sh. $20 p. China O. Fin. Ord., Sh. $4 n.

N.Y./London

COTTON:

Close Opening Noon

504% 505.

504%

Oct. Dec.

1237 1227

1227 1248 1236 1237

SILVER:-

Sept.

4558

Dec.

4620

4578 4608

RUBBER:

Sept.

1412

$11,000,000 8,655,000 32,170,492

Douglas, $40 b.

Dec.

1447

1300 1427

H.K. Steamboats, $9 n. Indo-Chinas (Pref.), $30 n. Indo-Chinas (Dɛɛ.), $38 n Shell (Bearer), $51/10%. Union Waterboats, $111⁄2 n.

WHEAT:

Sept.

902

Dec.

984

CORN:- Sept.

Dec

59 614-

STOCKS:-

Head Office:-Rong Kong,

Authorised Capital

Paid-up Capital.

Total Resources

Brancher: Canton, Toinhan, Shanghai, Hankow, Bangkok & San Francisco. London

Bankers: Lloyds Bank, Lt Foreign Exchange and Banking business of every discription trans- acted.

Current Accounts opened and Fixed Deposits received for one year or shorter periods at rales which will be. quoted on application.

Safe Deposit Boxes various sizes) for hire.

LOCK POONG SHAR,

Chlef Manager.

SAFETY FIRST!·

To Safeguard Your Valuables and Jewelleries, Deposit them in a Vault

that is really:

FIRE PROOF BURGLAR-PROOF

DAMP PROOF!

OUR SAFE DEPOSIT VAULT

Li Koon Chon, Pan. P 5. Kenk. Ty located on the Mezzanine Floor of Rana. Fag. Wong Chu San. Pag. and Ran Ting

Fo. Eng.

Атле

Figlarin

Kon Tum Pe Twg2 Chief Manager.

1 The Foot. Ezq.. Manneer,

BRANCHES AND AGENCITA........

10-1

Tents?

Calsia CHAR Weiphong

New York Potre

Hanbo

Nonailu

ر ازاد

Marie

Fratil Sethar Stanghal Singapore saurabaya Anslow

Delhoku

Print

Renron

Ti-atsta

Tolito

Kawinon

London

San Francisco

Wat Yokoham

kosina transacted.

Every deartipating and Erchange

Tu inst

M apirend Trued

11

sveitin

Cizme Accounte

And Fixed Deposit reveived for one

Shipping.

Mining.

Antamoks, 69 cts. 8. Balatoes, $331⁄2 n. Baguio Gold, 36 cts. n. Benguets, 324 a.

Benguet Exploration, 20 eta. n. Benguet Goldfield, 20 cta. n. Big Wedge, 12 cts. n. Gold Creek, $8 n.

Ipo Mining, 4 .. Itogons, $7 n.

Kallan, 20/-n.

Langkats (Single) Sk. $181⁄2 1.

S'hai Exploration, Sh. $4.80 n. S'haj Loans. $5 m.

Raubs. 14.40 b., $141⁄2 za. Venx: Goldfield, $7 n.

Docks, etc.

ILK. Wharves, 109 b.

Im-

Our New building is Specially Con- structed to provide all of these portant Qualities.

You may obtain a Safe Deposit Box in this most up-to-date Vault for your own use at a very moderate Ren-| tal

Inspection Cordially invited. THE NATIONAL COMMERCIAL & SAVINGS BANK, LTD. Corner of Ice House Street and Des Voeux Road, Central

THE

CAMERICAN EXPRESS COMPANY,

יחייך

shorter sets in Tel and Form Credi DR wie will be sunted on replication.

Safe Deposit Brum To T

EAN TONG PO.

INC.

Bend Office:-G3, Broadway, New York

Chiel Manager

Hong Kong at Narch. TEM.

Capital Surplus Reserves

THE BANK OF TAIWAN, LTD. (TAIWAN GINKO)

HEAD OFFICE;— Tälpeh, Formosa Incorporated by Special Imperiet;

Charter. 1899.

Central Burch in Formers

flank-Notes Imurd Average amount. Yes, &rina,tot

On and after August 16th, 1913, the rate of Interest on Special Current Deposit will be at 2% p.a. on duly; balance and the rate for balance over $10,000 will be quoted on application. (Maximum rate--11%%%).

LONDON BANKERS

Baseing Bank, Lid.. fänyds Bank, Bld. Midland Bank. Idd.. Weaminster Blank, ford.

The Bank hai Correspondents in all the principal Commercial Centers throughout the world.

BONG RONO MANCH

E NASERA

Manger,

19. Bon Verna Band Centzat. Bang Rang December 24, 185).

THE YOKOHAMA SPECIE BANK

LIMITED.

Established 1880

Capital (fully paid-up) Yen,100,000,000 › Reserve Fund ........Yen.122,750,000|

Head Offices-YOKOHAMA

Branches and Agencies at;

Alexandria

Hatavia

Berlin

Bombay

Calcutta

Canton

Dairen (Dalny)

-New York

Nagasakt Nagoya

Osaka

Parle

Peiping

Rangoon

Tengtien (Mukden) Rio de Janeiro

Karbin

Hong Konr

Honolulu

Tisinking Karachi Kobe London intir

Los Angeles

Мок

San Francisco

Seattle

Semarang

Shanghal

Singapore

Soersbaya Bydney

Tiantain

Tokyo

Taingian Yingkow

Internet allowed on current A-

.

་་་ན་་

Deposits received for fixed perioda

at rates to be obtained on application. )

C- KISHINAMI,77**

30 de Manager."-

Hong Kong, 11th April, 1984,

$6,000,000.00

2,087,112.60

1,005,528.31

Maja Citz Nice Noples

BRANCHES:-

Amsterdam Antwerp

Boun

$110.0 Foru

semen

HR

Parmi

Beale

Intro

B

Hold thung

Be

Interlibrar

Br

J

Brown

1 wir

Cultutta

1

1.

Cuando L'esportatg

SJ.

Pisari Centa

Indon Jornal

ارد 1

Home Carlo

im

Murde

Milnes

1ря Jame Rotterdsm Bome

Shazyliai hraITuampa Minne Pioniste Torenloa

Varna Venice Yokohama Burich

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

All classes of Commercial Banking Transactions undertaken.

Personal Investment accounts

bandied,

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

C. H. BENSON,

General Manager,

YOU

ARE INVITED TO INSPECT QUE STOCK OF ASIATIC, FOREIGN AND COLONIAL

POSTAGE STAMPS IN, SETS, SINGLE, PACKETS, BAGS AND IN APPROVAL SHEETS.

GRACA & CO., Dealers in. Postage Stamps, Philstalle Goodę. Picture Postcarda, Religions. Goods, Garden Beads, data NO, 16, WYNDHAM STREET,

F. O. Bex. No. 610, HONG KONG

H.K. Docks, $15 n. S. China Motors A, $2 n. S. China Motors B., $8 n. Providents (old), $1.85 m. Providents (new), 75 cts. n. Hongkews, (old) Sh. $305 m. Bongkews, (new) Sh. $300 n. New Engineerings, Sh. $5 sa. Shanghai Docks, Sh. $131 en.

Cotton Mills.

Ewo Cottons, Sh. $10,85 b. S'hai Coltons (old), Sh. $72 n. S'hai Cottons (new), Sh. $42 n. Zoong Sings, Sh. $134 n. Wing On Textiles, Sh. $54 n.

Lands, Hotels,, etc.

H. and S. Hotels, $0 n.

H.K, Lands, $59% n. S'hai Lands, Sh. $25 n. Metropolitan Lands, Sh. $14 n. Humphreys, $11.20 n.

H.K. Realties, $5.35 1.

F

Asia Realties “A”, Sh. $140 n. Asia Realties "B". Sh. $20 n. Chinese Estates, $80 b.

China Realties, Sh. $15% n. China Debenture, Sh. $187 n.

Public Utilities.

H.K. Tramways, 211⁄4 b. Peak Trama (old); $15 n. Peak Trams (new), $7 n. Star Ferries, $101 n.

Yaumati Ferries, $22 m.

C. Lights (old) $8.75.b., $8.85 8.

C. Lights (new), $8.30 b. H.K. Electrics, $721⁄2 b. Macao Electrica, $25 m. Sandakan Lights, $8 n.

Telephone (old) $24.70 b $24.80

Bu,

Telephones (new), $12 n. China Buses Sh. $13.20 n. S'pore Tractions, 5/- n. Singapore Pref., 16/10% n.

Industrials.

Malabon Sugars, $12 n. Cald: Macg. (ord), Sh. $21 n. Cald: Macg. (Pref.), Sh.$19. Canton Ices, $2,70 n. Cements, $2.80 n.

H.K. Ropes,-$4.65 8.

Stores, etc..

Dairy Farms, 261⁄2 á. Watsons, $6% n.. Der. A. Wings, $1 n. Lane, Crawfords, $4.60-6.- Mackintoshs, $21 n. Sinceres, $8.30 b. Wm. Powella, 70 cta. n. Wing On (HE.) $102 n.

Miscellaneous.

H.K. Amusements, $4 ni Entertainments, #7% n. 8.C. Enterprises, $13% (n. United Theatres, 8h. $2. n. Macao "Greyhounds, $2 n. Constructions (old) #170,b Constructions (new) 70 cta, b.. Ch. Govt. 5% 1923 G Bonda

874% n IIK Govt. Compreni. b,"

Това,

Wallace Harpers, 18/ Gold River, 28 'n.

Amer. Smelt,

Auburn

J. 1. Case

Du Pont

El, Bond &

Share

Gen. Motore In. Tel. & Tel.

Melmyre...... Montgomery W.

Nat. Distiller

N.Y. Central

Un. Aircraft

Socony Vic.

U.S. Stee!....

42% 30

53%

89%

28

11 11」 ༄།།ཀཽ།」

16%

32

13

48% 284

27

31-

10%

21% 2114

42

4214

Westinghouse 37%

London Quotations

PRICES LOWER ON

WALL STREET

Further Shrinkage In Trade Volume.

SILVER RULES ERRATIC

New York, To-day. Silver was erratic

on the New York market yesterday. The volume of business was- amall.

and utilities

bonds were

NEW ADVERTISEMENTS

PUBLIC AUCTION. ]THE VIBRO PILING COMPANY,

LIMITED.

Undersigned have received

Tinstructions to sell by Public

Auction

ON Tuesday, the 19th June, 1934,

commencing at 2.30 p.m.

at their Sales Room,

4 Duddell Etreet.

A Quantity of VALUABLE HOUSEHOLD

Teak

N°

TOTICE IS HEREBY GIVEN,

that by an Order dated, the 8th day of June 1934, the Court has directed separate meetings of (1) the shareholders of ordinary. shares of the above named Com- pany; (2) the shareholders of Founders shares of the said Com- pany; to be convened for the Industrials, rails

FURNITURE

purpose of considering and if thought fit approving were down 160, .86 and 45 on the Comprising:

with or hatstands, Chesterfield without modification a Scheme of stock market, while unchanged at 94.83. The com-couches, and armchairs, Teak Arrangement dated the 14th day of modity index declined .76 to 57.17. cabinets. Book cases, Teak exten-May 1934 proposed to be made be

Business was quiet, only 630,000 slon dining tables and chairs, tween the said, shareholders of shares being traded.

Dressing tables, Wardrobes with ordinary shares and the said share- in their market report, Messis. glass doors, Chest of Drawers, holders of Founders shares respec- White, Weld and Co., through their Bedsteads, Ornaments, Pictures, tively such meetings to be held on local correspondent, Messrs. S. E. Cutlery, Glass ware, Carpets and Wednesday the 11th day of July Levy and Co., state:-

Rugs, Victrola, Ice chests, Table 1934 at the registered office of the "Stocks: Steel strike develop-fans, Trunks, Typewriters, etc.. Company situate at York Building. 1st Floor, Victoria in the Colony of Hongkong at the respective times below mentioned, namely:---

Iments are likely to be more clari-fetc.

fied by to-morrow. Meanwhile, Congress appears · to be making) energetic efforts to adjourn by Saturday. The diminished volume of sales on to-day's decline was at least encouraging...

"Bonds High-grades are gen- Jerally better. Second-grades are 05% easier and the undertone 96% market is good.

59%

of the

"Cotton: Market easier liquidation and on Southern sell

60% ing.

also

One Shot Gun One Pocket Sextant One Radio Gram,

One 3-Valve Radio Set.

Two Coltage pianos

(1) The meeting of shareholders

of Ordinary shares at 2.30 o'clock in the afternoon;

(2) The meeting of shareholders

A Quantity of Blackwood Ware of Founders shares at 3 o'clock in

end

One 1932 B.S.A. Motor Cycle On view from Monday the 18th on June, 1934.

Terms: Cash on Delivery

LAMMERT BROS.,

Auctioneer. Hong Kong 15th June, 1934.

Our opinion of the situation' fis unchanged.

"Rubber-Prices were lower on 414 profit-taking. Our opinion of the

market is unchanged,

27

63%

90

16

"Wheat:--Prices were lower on liquidation and on stop-loss sales, which caused a decline. The 32 technical position of the market

recommended

any further 28% eariness.

13%

48

20

30%

16%

on

the afternoon or so soon thereafter as the said meeting. of shareholders of Ordinary shares is concluded: at which place and respective times all the aforesaid shareholders are respectively requested to attend.

A print of the said Scheme of Arrangement can be

Been and forms of proxy obtained at the office of the Secretary of the said Vibro Piling Company Limited at York Building, 1st Floor, Victoria, aforesaid or from the Solicitors of the said Company, Messrs. D'Aluids Remedios & Silva at York Building, Second Floor, Victoria, aforesaid on The local dollar remained steady. (any week day between the hours of opening on demand to-day at 1/5.

10 am, and 1 p.m. prior to the Spot ailver declined 1/16, closing date of the said meeting.

"Chane Bank is splitting to- morrow into one new Chase Bank 21% and 1/10th, share in the American Exchange Corporation, represent- 42 37%ing Chase Securities interest.

LOCAL DOLLAR STEADY.

Spot Silver Declines,

Bliver yesterday at 19%, forward remained unaltered, closing

The following quotations from Lon-Selling was split to-day, American 19 15/16. don were received at our offices last Exchange being quoted at from 10 night between the hours of $ p.m. to 14."-Reuter. and 11 p.m.

Last Price

Silver-Spot 19-35/10.

Forward 19-15/14, Gold-138/14.

5.04-1/8.

E. A. Pierce's Report. Commenting on the market, Mazars. E. A. Pierce and Co through their local correspondents, the American Oriental Finance rate-Corporation, state:--

London/New York-2 p.m.

Liverpool Wheat--July-1 4/8-5/8.

p.my

Liverpool Cotton-July-1

"Stocks: Whether or not it in fundamentally important, most

The said shareholders may attend atlauch separate meetings respectively fand vote in person or by proxy The London on New York cross-provided that all proxies given by rate, which closed on Wednesday at the said shareholders be deposited L-US.$5.08%, closed yesterday at with the Secretary at York Build- £-U.S.$5.04%, while the New York ing First Floor aforesaid not later on London rate remained unaltered] than 12 o'clock noon on the 7th day closing yesterday, at £-U.S.$5.05. of July 1984.

EXCHANGES.

TO-DAY'S QUOTATIONS.

On T.T. and demand 1/5 Four months' sight 1/5% Credits 4 months'

p.m.-traders will not take a position un-On London- 6.47.

til the steel and labour situation has London Rubber-July/Sept.-Open- been cleared. Some suggest that ing 3-3/4 buyers, 6-13/16 sellers.

Congress will not adjourn until the steel dispute has been settled. Of-

Last Record.

Silver-Spot 19-7/8 America bought.ferings were not heavy, but bids On China sold. Quietly steady.

Forward 19-15/15. Gold-137/8

were small and irregular:

"Wheat: Showers and cooler wea- ther in the North-West and in Canada Induced Hquidation. Sup- p.m.-port was indefinite, but the techni

cal position is probably healthier. 1.The change dampened bullish en- thusiasm. The market needs re- (Continued on Page 7)

London New York-2 p.m. 5.04-15/101

Tote

Liverpool Whest-July-1

| 4/7-3/8,

Liverpool Cotton-July-1

6,42.

London Rubber-July/Sept-Open- ing-6-5/8 buyers, 6-3/4 sellers.

LATEST QUOTATIONS

New York, June 15.

The following quotations have been received by Messrs. S. E.] Levy and Co., & the A.0.F.C.

New York Cotton: Closing

July October

December

January

March

May (1936)

Spot

New York Silver:

12.47/47 12.54/56

.19 down .18 down

.18 down. .15 down

Bight

1/5%

New York-

On demand

35%

Credits 60 dayı'

sight

37%

On Paris

On demand..

540

Credits 4 months'

sight

680

On India.

On T.T. and demand 94%

Bovereigns bank buy-

On Shanghai-

On demand

109/

On Japan!--

On demand.......

119

On Manila-

June 13.

Opening Closing 12.13/14 12.02/04 11.94/95 12.36/37 12.26/28 12.19/20 12.48/48 12.38/39 12.80/81 12.54/54 12.42/43 12.35/35 12.65/65 12.53/55 12.74/74 12.63/64 12.30

On demand

711⁄4

June 13.

Changes .19, down 17 down .17 down

On Singapore- On demand On BataviaTM

On demand On Reigos

60

62%

On demand

54

On Bangkok-

On demand...

130%

• 12.15

ing rate ....

October

45.58/58 45,50/55 45.81/85 45.87/37 45.93/93

December

46.17/20

45.30/80 45.41/56 unquoted 45.58/58 46.00/00 46.80/80

.28 down

1/6% Bar Silver per oz.... 19%

.30 down

Bar Silver In Hong

35 down

Kong

:40 down

Copper Cath

nom.

January

46.31/31

March

46.58/58

46.22/22 46.50/50

45.90/90 46.25/25

41 down

Copper Centa

1% preps.

.38. down

Rate of Native Interest 3% pia.

Total sales:-122 contracts

New York Rabber:

Hong Kong Bub. Coin par.

July

13.82/82

13.65/68

September

14.10/12

13.59/53 19.93/97. 18.80/80

.29 down

$2 down

14.24/24

14.00 Bid 18.92/92

82 down

14.45/47

14.28/28

14.13/14

.88 down

January

14.61/61

14.38/35

March..

14.78/80

14.50/55

Total sales:-724 contracts

July

September

October

December

New York Silk:

July

1.19/4/1-20 September ......... 1.21 · ́/1.21 October

1.21 71.21 1.21 /1.214

December Winnipeg Wheat:

July October December

Chicago Wheat:

July September

70% 70 80

14.27/27

54 down

14.45/45. .85 down

876 contracts

1.18 1.194.00%1⁄2 down 1.20% 1.20.00 down 1.20% 1.21 unchanged 1.20 *1.20 .01% down

76%

-787/

-79

0- down

0-% down

1. down

96/96 -95%/95% 94%/04. 2. down 96%/96%* 961/06 05 704% 14% down 98%/08% 983⁄41⁄4/98

down 06%/98% 2. Total · zales:-24,859,000 bushels

December

New York Sugar:

1.60

1.66

1.76.

July Ma September

December

Chicago Cornt,

September. December

1.80 1.08 1.76.

unchanged

394/50% 59/50%: *603⁄4%/59% 0% up 61/811⁄4 60%/60% 81%/614 unchanged

The Court has appointed Carlos Augusto da Roze or failing him Samuel Macomber Churn to act as Chairman of the said meetings and has directed the Chairman to report the result of the said meetings to the Court.

The above mentioned Scheme of Arrangement will be subject to the subsequent approval of the Court,

Dated this 15th day of June, 1934,

D'ALMADA REMEDIOS & SILVA,

Solicitors for the Vibro Piling Company, Limited.

BENEFIT OF SILVER BILL AN ENIGMA, Prediction Impossible.

SPECIAL TO CHINA MAIL. (By Telegraph, Copyright, Telegra phie Menangos. Ordinance, 1894. Re- ceived June 15, 8.14 am)

Washington, To-day. Observers pointed out that the time and amount of America's all- ver purchases to establish the 25 per cent. silver monetary ratio de- creed in the Silver Bill, is left to President Roosevelt's discretion. Therefore, it is impossible to pre dict the extent to which silver will

benefit or the amount of new money Chinese Bub, Coin 81% displaced in, circulation,United Press

Iper S.C. Gold Bar Co.

S. E. Levy & Co.

UNDERWRITERS AND DISTRIBUTORS SECURITIES AND COMMODITIES BOUGHT AND BOLD ON COMMISSION DAILY NEW YORK STOCK AND COMMODITY SERVICE

"Members:4

NEW YORK COTTON EXCHANGE COMMODITY EXCHANGE, INC. CHICAGO BOARD OF TRADE

CORRESPONDENTS FOR WHITE, WELD & CO., NEW YORK

7 ICE HOUSE STREET, HÓNG KONG

Tel: Address: Belco

Tel. 30101 and 80108