1934-09-05 — Page 7

BANKS

"HONG KONG AND SHANGHAI RANKING CORPORATION.

Bashoraid Captial van $20,000,000"

Barre Funda

d and Fully Fald-up 30,000,000.

ling,600,000 Site manman Cana: 10,000,090

Bosneva Labilly, of Propriatoen · smi₤30,000,000 HEAD OFFICE: HONGKONG,

BOARD OF DIRECTORS.

Hon. Mr. Q. G. B. Machia Chairman,

“B. BL Dodwell, Bag

· Deputy Chairtsalai

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA.

Incorporated by Royal Charter, 1858.

HEAD OFFICE: LONDON.......

Paid-up Capital.

Agencies and 'Branches:

Jas

Reserve Fund

£3,000,000 £3,000,000

[Reserve Liability. of Prvi

prietors

£3,000,000

Talla.

Anseilannah

Bangko

日本

Koor

* H. Complon, En..

.....Marinosi, Rag

Bodibay

Kobe

2: E. Ferron, Kay.

Celot

| Deuspore

Tempur Kushing

Saurabeys

Debu

Taiping

Colombe

Henta

Trentais

Daik!

Helas

Toagkab

Halpbong

How Tork

(Ebakes)

Hamburg

Pelping

Talostno

Enakow Hsbia

(Pexing)

Tokome

Zamboangs

Hon, Mr. W. H. Bell.

AMOT

BANGKOK BATAVIA BOMBAY ...CALOUTTA

CARTON CHEFOO

ODLO 1480

PATREN

HAMBURG

HARBIN

DKEW

26. Miskin, Esq.

V. M: Grayburn, Eeji

Chief Manager.

BRANCHES :-

LONDON

LYONS

MALACOA

MANILA

MUAB (Johor)

MURDEN.

NEW YORK

PEIPINO

PEKANG

BANGDON

BAJOOM

BAN FRANCISCO

KUALA LUMPUR SHANDBAL, A

SINGAPORE

LOUBABATA :

BUNGEL PATAMI

TIENTHIR

TOKYO.

TRINOTAO

YOKOHAMA

Currant Account opened Tocal Curmocy and Fixed Depoalta receted for one year of shorter periods in Local Company and Bierling en Marea which wil ̈ba' quoted on application. Blog Hou, 18 April, 1934.

جماعت

trommened. *

TUBANS

Belgon Semarang Seremban Shanchal Singapore

THE CHINA MAIL WEDNESDAY, SEPTEMBER 5, 1934.

and

Commerce

Finance

LOCAL DEBENTURE ISSUE

To Finance Development In Colony

HONG KONG LAND INVESTMENT VENTURE

Apart from the Hong Kong Government, it has fallen to the lot of The Hong Kong Land In- Foreign Exchange and General Hacking boste vestment and Agency Co., Ltd. to Current Accounts opened and Fixed Deposit introduce into the Colony the de- rsosired for to your or shorter periods. at rabenture method of financing, and

W. H. E. THOMAS, this Company will shortly be plac

Acting Manager.ing before the local public an is- Hong Kong, 20th February, 1934 sue of $2,000,000, which, it is an-

ticipated, will constitute an at tractive investment.

which will be quoted 'on application:

SAFETY FIRST !

To Safeguard Your Valuables

Brand Jewelleries.

Deposit them in a Vault that is really: FIRE-PROOF `BURGLAR - PROOF DAMP PROOF!

··OUR SAFE DEPOSIT VAULT Located on the Mezzanine Floor of Our New building is Specially Con- structed to provide all of these Im

The Company have a progres- sive development programme in view and, to finance this, they will create a series of $5,000,000 4 per cent. Debentures carrying interest at the rate of 4 per cent. per annum, and being a floating charge on the Company's assets. At the moment this full aum is not required, and $2,000,000, will You may obtain a Safe Deposit be offered for públic subscription Box in this most up-to-date Vault for at par on September 21. The suc YOur own use at a very moderate Ren-

cess of this initial amount is as- sured as the present issue will be |THE NATIONAL COMMERCIAL underwritten by the Hong Kong

HONG KONG SAVINGS BANK. portant Qualities.

The Bulness of the shore Bank in conduct od. by 14 HOND LONG AND SHANGHAI BANLING CORPORATION. Rules betal apaload as application.

FOR THE HONG EONG AND SHANGHAI BARKING CORPORATION

V. M. GRAYBURN,

Chief Manager.

Boog Kong,ih Pobruary, 1334,+[g

THE BANK OF EAST ASIA, LTD.

Authorised Dupila!

Paldup, - Ospital

Kamers and Undivided Prodia

$16,000,808.50. $5.590.500.DC 2,131,000,00

HEAD_OFFICE:~~HONG KONG

12. Da Yarot Bood. Central

BOARD OF DIRECTORS

Bir Bbon-son Chow, Chalima.

Lé Koe Chup, Esq., P. L. Iwok, Eng., Wong

Yun Tong, Eg Chan Diss Shak, Pa, Lan Esq., Wour Chaz Bos, Leg, and Kano

Day Big

Bataria

Bombay Delovite

Haiphong Hackow Honolulu Lobi Kow.com Londre

5 Tony Po, Eaq.. Clef Manager,

LA T Fona, Esq., Manager.

BRANCHES AND AGENCIES

Kaośla Melbourn

Herwork!

New York

Dvaks

Paris

Falping- Penang

Boile

Marmarang Shanghal Bingapors

• Баятбата

Suntor

Tahoku

Hangbon

Th

Haigon

Sua Francisco

Tokyo.. Taperar Yokohama

Bromeription of Banking sad- Erzhangu Buning, transnoted; Loans granted, un approvad puritian

Durrent Ascounts opened in Lock Gundocy and Fixed Depor14 eived for one yes or shorter periods in Local and Foralga Currencies) tems which will be quoted on appiscellan Bats Deponit Boxes To

HAN TONG. FO,

Chief Mausget. Hong Kong, 1st March, 1994.

THE BANK OF TAIWAN, LTD.

Branches and Agencies.

Inspection Cordially Invited,

& SAVINGS BANK, ́LTD.

Corner of le Horse”Street and Des Voeux Road, Central

THE BANK OF CANTON, LTD.

Established 1912.

and Shanghai Banking Corpora- tion and Messrs. Jardine. Mathe-) Bon and Co., Ltd.

Mutual Benefit

On September 17 the public will be able to obtain a copy of the prospectus and applications Ican be sent either to the Company $11,000,000 or to its Bankers..

Head Office: Hong Kong, Authorised Capital Paid-up Capital

Total Resources

8,655,000 The benefit of such Debentures 32,170,492 as those in view operates both Branches: Canton, Tolshan, Shanghal, for the public and for the Com- Hankow, Bangkok & San Francisco, London Bankers: Lloyds Bank, Ltd., pany. The public will be given Foreign Exchange and Banking the opportunity of what is tanta- business of every discription trans-mount to a gilt-edged investment seted.

at a Axed redeemable value, Current Accounts opened and Fixed Deposits received for one year or whilst the Company will be able shorter periods at rates which will be to conduct their schemes of de- quoted on application.

velopment with their interest

Safe Deposit Boxes (various sizes) charges as a known factor. iför blre.

LOOK POONG BEẠN,

Chist' Maangue.

THE

AMERICAN

EXPRESS COMPANY,

INC...

Head Office: 65; Broadway, New York

Capital Surplus Reserves

‚U.S.$8,000,000.00, 2,087,112.60 1,995,528.81

Central Bank of Formosa, Notes

Head Office:-Talhokn, FormuER, Incorporated in Japan by Special

Imperial Charter, 1899...

BRANCHES:-

Amsterdam

Geco

Antwerp

Bl

Albena

The Lingue

Алижо

HAVADA

fasued Average amount Y45,000,000

Heale

Hamborg

Berlin

Harro

Bombay

Heldalber

Japan:-Kobe, Osaka, Tokyo, Yoka-Br

Interiako

Brussels

Jeraniom

Lendes

Calcutta

Liverpool

Can

Colombo Copenhagen Deblin Zenburgh Frinos Omara,

Бирла

Monte Carlo

Manila

Munich

hama, Keelung, Makong, Nanto, Shoka, Siachiku, Taichu, Tainan Taito, Takao, Tamsul, Toen. China-Amoy, Canton, Foochow, Han-

kow, Shanghai, Bwatow. Other-Bombay, Hong Kong, London, New York, Singapore, Batavia, Samarang, Soerabaya, Dairen.

On and after April 20th, 1984, the rate of Interest

Lucet:

Lusor

Mamilion

Bina Xico Naplem Pirnava Paria Pripi Paletrave Referlam Roda Bhanght! Southampton

Aingapor Nonlik Taormin Vi Venice Yekubama Zurich

on Special Current Branches of American Express Com

Deposit will be at 1% pa. on daily pany In Principal cities of United balance and the rate for balance over States of America and Canada. $10,000 will be quoted on application

(Maximum rate...1K).

All classes of Commercial Banking Transactions undertaken. --

..

Y, OHNO,

Manager,

Hong Kong Brand's

8, Des Voeux Road, Central,

Personal investment sccounts. handled.

U.S. STEEL OUTPUT AT LOW EBB

Labour Attitude An Unsettling Factor

SPECIAL TO CHINA MAIL (By Telegraph, Copyright, Telegra- phic Messages Ordmanes, 1894, Re- ceived September 2, 8.39 am)“.

New York, To-day. The Steel Institute announces that the United States steel indus- try is working at 184 per cent, of capacity.

The Pittsburgh magazine, Ameri- can Metal Market, states that pro- duction is 19 per cent, and may be 16 per cent. shortly.

The lull is due to the Labour Day holiday, plus unfavourable sen- timent in connection with the func tioning of the recovery programme, and the attitude of labour. The Government must uae vigorous measures in right matters, the jour- nal adds.-United Press. per S. E. Levy and Company.

LOCAL DOLLAR

DECLINES

The Company offers to intending Silver Prices Weaken Travellers the use of its "Travelers

THE YOKOHAMA SPECIE BANK Cheques" and Letters of Credit and

LIMITED.

Extablished 1880

Capital (fully paid-up) Yen.100,000,000 Beierve Fund ........ Yon.122,750,000

Head Offre YOKOHAMA

Branches and Agencies at: Alexandria

Salping

in addition, the world-wide services The local dollar has declined %, at its thoroughly equipped Travel De-opening on demand this morning partment.

C. E. BENSON,

General Manager.

THE MERCANTILE BANK OF INDIA, LTD.

HEAD OFFICE:

18, Orseschurch: Stresi, Landon, E.0.3.

Authorised Capital

Roserve Fund & Rest

BANKRES,

Batavia

Berlin

Bombay

Kong Honolulu

Nagasak! Nagoya New York Osaka Calcutta

Parle Canton Dairen (Datny Rangoon Fengtien (Mukden) Rio de Janeiro Hamburg

San

Francisco Seattle Semarang Shanghal

Subscribed Capital Paid-up Capital

26

Bangkok

Calorabo

Soerabaya

Sydney Bentein Tokyo

Bombay Calcutt

Delhi Calls Year Borr How

Bharu

Kuala Liple

Kuala Tampur

Tsingtan

Hankow

Harbin

Hainking Karachi

London

Kobe

Los Angeles

Maris

Moj!

Yingkaw

Interset allowed on crent Ac-

Deposits received for fixed periods

£3,000,000 1,800,000

1,050,000

1,247,438

The Bank of England & Midland Beak: Lidi

DZANCHES Ipab Randy

New York TANA

Port Leads

(Mauritius)

Fanxx00

Shanghai

Alep

Kamatan (Fabang) Bimla Medran

HONG KONG BRANGT Every description of Banking and Exchange bust- Apa trentada

Travelers Cheques Inood.

Trustee and Executorships under- taken.

INTEREST wild on Derens Acenta and ates to be obtained on application at Katen that may be minerained

G. KISHINAMLAR.

en application...

Manage.

1 Hong Kong, 11th April, 1984,

7. Queen's_Bond. Central,

Hong Kong, 12th Jpné, 1931.

[at 1/64

Spot and forward silver have do clined 1/16, closing prices yester day being 214 and 21 13/16, respectively.

The London on New York cross- rate, which closed of £-U.S.35.01% on Monday, closed unchanged yes- terday, while the New York on London rate closed at £-U.S.$5.01%. compared with 2U.S.$4.99% on Saturday.

་་-་

THE SHANGHAI COMMERCIAL & SAVINGS BANK LIMITED. (Incorporated in China) Capital paid up .$6,000,000. Reserves... $7,000,000. Capital Savings Dept. $500,000; Reserve Savings Dept. $600,000,

Head Office Sharighaf

A Bank having as its mission the industrial development of China- and the fostering of her commer eial relations abroad..

Hong Kozy ofits:47 Ice House St.

* Phone 21881-2-g* *

LOCAL SHARES.

TO-DAY'S QUOTATIONS.

The following is the list of local

share quotations issued to-day:

Banks.

H.K. Bank $1715 b., $1765

1785/30 sa

H.K. Bank (London), £135% n. Chartered Bank 316%.

Mercantile Bank, A. & B 31. Mercantile Bank C. 13% n... Bank of East Asis, $86 b. Am: O: Finance Corp., Sh. $20 n. China O. Fin. Ord., Sh. $4 n.. China O. Fin. Pref. Sh. 35 m.

Insurances. ·

Canton Ins., $290... Union Ins., $540 B. China Underwriter, $1.15 b. China Fire Ins., $510 n. H.K. Fire Ins., $245 n. International Assee. Sh. $8 a.

Shipping.

Douglases, $401⁄4 n. H.K. Steamboats, 37 n. Indo-Chinas (Prof.), 830 n. Indo-Chinas (Def.), 488 n. Shell (Bearer), 48/Q v Union Waterboats, $134 n.

Mining.

Antamoks, 62 cts. b.

LOSSES ON

EXTREME PESSIMISM FRACTIONAL

UNWARRANTED

National City Bank Review

SPECIAL TO CHIÑA MAILS (By Telegraph, Copyright, Telegra- phic Messages Ordinance, 1894;, Re- ceived September 5, 8.30a.m.):

New York, To-day,

WALL STREET

Indecisive Market

Anticipated

· STRIKE DAMPENS HOPES

New York, To-day,

STIMULANT TO RECOVERY

Federal Aid For Banke Turning Factor

SPECIAL TO CHINA MAIL (By Telograph, Copyright, Telegra phic Messages Ordinance, 1894. Re ceived September 5; 0.53 am)

Washington, To-day.

Mr. Jesse Jones, Chairman of the

The National City Bank Review states that the United States out- The undertone of the New York look de uncertain due to, drought market yesterday was easy, with Reconstruction Finance Corpora effects. It has difficulty in fore-minor fractional losses predominat-tion, is confident that the nation is saning how the Government policies ing. The textile strike Is dampen-slowly becoming hormal. He said affect business, but adds that ex-ing hopes for an early improvement that the future looks good.

The strengthening of banks, he in business conditions. A quiet treme pessimism is unwarranted.

the The nationalisation of silver, it and indecisive market seems to be declared, vlà Federal aid, is

most important factor to recovery. states, is not important, due to the anticipated.. neglegible amount currently In-S. E. Levy And Company's Report He revealed that by the end of In their market report. Messrs. the year the R.F.C. expects to finish (volved, but it is unfortunate on ac-

count that it causes uneasiness.-S. E. Levy and Company, corres-buying the stock, notes and deben- United Press, per S. E. Levy and pondents for Messrs. White. Weld tures of closed banks, of which it has already, purchased U.S.$1,180,- and Company, New York state: Company.

"Stocks:-We expect the mar-1000,000.-United Press, per S. E. ket to remain within the trading Levy and Company. range, pending Government financing: however, we would ac- FINANCIAL MUDDLE cumulate on any weakness on (account of the possibility of pre-

Wall Street Traders electionary moves from Washing- Iton.

SPRING OUTLOOK UNCERTAIN

U.S. Bureau Surveys Farm Situation

re-

Rusiness done 310,000 shares.

Government is. "Bonds:-With

Despondent

SPECIAL: TOY CHINA MAIL. (By Telegraph, Copyright, Talegro

SPECIAL TO CHINA MAIL. (By Telegraph, Copyright, Telegra phie: Mesanges Ordinance, 1891, Essues off a 1/2 point, high-grades phic Messages Ordinance, 1894, Bo- |ceived September 5, 8.30 am.) held Arm, although prices were aceived September 6, 8.59 a.)

'shade caster, Second-grades were

fractionally off.

New York, To-day. Traders are little encouraged

New York, To-day. The International Statistical Bureau reports that the greater} "Wheat:-Conditions on the due to the complicated financial than seasonal Autumn upturn in wheat market are quiet. The situation,

business will most likely result in

yes-

inquiries are increasing and that 11.174.000 the British are reported to be bal

lish on American securities.

Unfavourable factors were the

Favourable market factors shortage of feed grains is expect. Balators, $86% n.

a larger farm income, but that the ed to attract support on all de-terday were the reports that steel Baguio Gold, 44% cts. b., 46 cts.outlook for Spring is uncertain due) clines:

s., 46 cts, sa.

to the fact that the drought effects)

Saturday's sales: -- will not be felt fully until 1935, or hushels. perhaps 1936.

reports "Cotton:-While trade It estimated that the 1934 United indicate that the number of oper-labour dispute, the decline in steel States cotton crop with be 9,383,000 atives joining the textile strike is production, and the curtailment of bales.-United Press, per S. E. Levy actually less than that claimed by automobile production. United and Company.

the trades unions, mill-buyers are Press, per S. E. Levy and Company. decidedly cautious.

Benguet consolidated $40 n. Benguet Exploration $17 s8. Benguet Goldfield, 20 oka, n. Big Wedge, 12 ets. n. Gold Creek, $2 n.

Gold River, 24 cts, sa. Tpo Mining $21⁄2 *. Itogons $5 n.

Kailan. 24/6 n. Langkats (Single) Sh. $171⁄2 n. S'hai Exploration, Sh. $5 n. S'hai Loans, $61⁄2 n. Raubs, $13 s.

Venz; Goldfield, $5 n.

Docks, etc.

H.K. Wharves, $112 s. H.K. Docks, $141⁄2 n.

Providents (old), $1.55 n. Providents (new), $50 cts. n. Hongkewe, (old) Sh. $8121⁄2 n. Hongkews, (new).8h. $310 n. New Engineerings, Sh. $4% n. S'hai Docks. Sh. $118 n.

Colton Mills.

Ewos Cottons, Sh. $10.80 b.

S'hai Cottons (old), Sh. $75. S'hai Cotton (new), Sh. $44 Zoong Sings, Sh. $111⁄2 a.

Wing On Textiles. Sh. 355 n.

Lands, Hotels, etc.

H. and S. Hotels, $5.55 8. H.K, Lands, 850 b. S'hai Lands, Sh. $27 n. Metropolitan Lands, Sh. $14 n. Humphreys, $10 n.

H.K. Realties, $4.70 s. Asia Realties "A", Sh. $140 n. Asla Realtles "B" Sh.$20 n. Chinese Estates, $86 b. China Realtles, Sh. $151⁄2 n. China Debenture. Sh. $137 .

Public Utilities.

H.K. Tramways, $20.40 n. Peak Trams (old); $15 n. Peak Trams (new), $T. Star Ferries, $101 s.

Yaumati Ferries, $21 ..

C. Lights (old), $8.55 b,

C. Lights (new), $8.20 b.

BRITAIN'S REVENUE DECLINES

Expenditure Increase Reported

EXCHEQUER RETURNS

London, To-day.

The Exchequer returns show

"Rubber:-Good factory buying partially off-set the effect of the easier prices prevailing on the Business done primary markets. (198 lots."Reuter.

Market Opening Messrs. S. E. Levy & Co. receiv- Jed the following telegram through

Reuter,

GLOOMY OUTLOOK ON WALL STREET

Miss Perkins Gives Ray of Hope

SPECIAL TO CHINA MAIL. (Bu Telegraph, Copyright, Telegra thephic Messages Ordinance, 1894. Re

ceived September 5, 8.51 a.m,)

New York, To-day.

"Favourable factors before opening of the market were:-

"The Steel Magazine estimates

that, exclusive of self-balancing mill activity. at 18.5 per cent of Wall Street is predominantly items the total ordinary re-capacity and says that the num-gloomy, fearing the lack of the venue received during the curber of small widely-diversified or-jusual business rent financial year up to Septem-ders increased lust week and thai Autumn.

upturn in the

ber 1 amounts to £237,005,278. a moderate improvement in de- A favourable factor yesterday

At the corresponding date last mand is expected this month, was that Miss Frances Perkins,

a.

-

year the amount was 241.157.015. gaining momentum

Total ordinary expenditure to the Autumn. date is £287,228,208, which is 2%

thoroughout Secretary of Labour, said that the

Į Administration desires to insuro "Unfavourable factors were:- "steady profits."

millions more than at September 2, 1933.

"A further decline in industrial An unfavourable factor was that activity is expected this week due(Mr. Donald Richberg, of the N.R.A.. Revenue collected during the past to the holiday shut-downs. Sales predicted that 5,000,000 families week totolled £8,588,885, of which of distress supplies of scrap steel will be receiving Federal relief in £4,951,000 represented inland re-are reported at Pittsburgh at $10. February, due to the drought. venue and £3,926,000 customs and per ton, with No. 1, heavy melting The New York Times business excise.

lateel, which is nominally quoted index was 77.4. against 78.6 Inst Receipts from income tax to date at $10.50 to $11.00 per ton, down week and 81.9 last

year. United are £47,339,000, which exceeds by 25 cents per ton." over seven millions the amount col-

Night Telegrams lected at September 2, 1933, but

The following telegrams were revenue from estate duties is three received by Messrs. S. E. Levy & millions lower, at £36,130,000.- Co. last night:- British Wireless Service:

U.S. TREASURY'S SİLVER ACQUIREMENT

Washington, To-day. The Unit

cd Statée Treasury Secretary, fr Henry Morgenthau, states

H.K. Electrita, $78 s., $7234 sa. that the Treasury has acquired

Macao Electrics, $25 n. Sandakan Lights, $8. Telephone (old), $241⁄4 n. Telephone (new), $11%1⁄2 n. China Buses Sh, 13.20 n. S'pore Tractions, 4/- b. Singapore Pref..., 17/- b.

Industrials.

Malabon Sugars, $11 ni Cald: Macg. (ord), Sh. $21 n. Cald: Macg. (Pref.), Sh. $20 œ. Canton Ices, $2.70 . Cemente, $2.65 9. H.K. Ropes, $31⁄2 11.

Stores, etc. Dairy Farms, $258, Watsons, $5.60

Der. A. Wings, $1 n. Lane, Crawfords, $4.15.. Mackintoshs, $21 n. Sinceres, $10 n. Wm. Powells, 70 cts. n. Wing On (H.K.) $110 n.

Miscellaneous.

H.K. Amusements. $4 n. Entertainments, $72. S.C. Enterprises, $1.80 n. United Theatres. Sh. $1. Macao "Greyhounds," $2 n. Constructions (oid),'$1.80 n. Constructions (now), 78 cts. b. Ch. Govt. 5% 1925. G&Bds

88% n.

to

The

Press, per S. E. Levy and Company.

U.S. GRAIN REPORT

New York. To-day-The Govern- undertone is easy, withment grain report, to be issued on minor fractional losses predomin-September 10, is expected to have a ating. The textile strike i dam bullish influence on the market. pening hopes of an early improve-United Press, per S. E. Levy and

(Continued on Page 7)

Company.

CATHAY FLORISTS

"Star" Ferry Wharf, Hong Kong

Quality Flowers

at

71.854,841 ounces of nationalised silver at 50.01 cents per ounce up August 31, plus 11,712,000 lounces of newly-mined silver

64.5 cents per ounce.-United Press, per S. E. Levy and Com- pany.

MAJESTIC CARRIES HUGE SILVER SHIPMENT

New York, To-day. The liner, Majestic, yesterday brought 2,022,- 1000 ounces of silver consigned to Messrs. Handy Harmon. United Press, per S. E. Levy and Company.

Mr. Ma Kun-mu, President of the Kwangel University, returned to Kwangsi last evening, by the 5.6. Tai Ming.

Is It Insured? ?

Insurance All Clauses LOWEST BATES American Asiatic Underwriters Fed! Indy, USA General Agents

Head Office

H.K. Govt, 4% Loan 7% prem. 17, The Bund

II.

H.K. Govt. 84% Loan 22%.

prem b..

Wallace Harpers, $7% 8,

Shangkat,**

HK. Ofice Kola Life Building Til 80224:

At Lowest Prices

Convenient Location.

Why buy poorer grade flowers when you can get the best at the same price or less from us?

S. E. Levy & Co.

UNDERWRITErs and distrIBUTORS

SECURITIES AND COMMODITIES BOUGHT AND BOLD ON COMMISSION

DAILY NEW YORK STOCK AND COMMODITY SERVICE

Mambera:

NEW YORK COTTON EXCHANGE COMMODITY EXCHANGE, ING CHICAGO BOARD OF TRADE

CORRESPONDENTS FOR WHITE, WELD & CO., NEW YORK

TICE HOUSE STREET, HONG KONG

Tel Address: Belco

Tel. 80101 and 30108

.1.

it