1934-12-21 — Page 6

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION.

Bäckorland Caplist congmananasan. $60,000,000 Land" and Vully Paid-up companies. More Fündu

Curting.

Silver

10,000,000

T

£6,500,000 $10,000, DON

Row Liability of Propriators$20,000,000

HEAD OPPIUM; UONOKORG,

DOAKO OF DIRECTONS.

Hon. Mr. C. G. a. Maki

Chairman,

tan Mr. S., Dodwell, Deputy Chairman.

WIDE. Ball Fig

A. Compton, Eng,

F. Xawiak, Eag 2. Balghi, Esq.

AMOT

MANGKOK

MATAVIA HOMILAY QALCUTTA JANTON QUE POU

COLOMBO

DIREN JODULOW PAPUONO

MBUNG

HONGLEW

JANKOW

HARDIN

HUILU

Thou

TOHORE

KOWLOON

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA,

Incorporated by Hoyal Charter, 1858.

BEAD OFFICE: LONDON ́

Paid-up Capital

Reserve Fund

prietors

Reserve Liability of Pro-

Alpe Stur

Amar Bangkok

Balerin

£5,000,000 £8,000,000

THE CHINA-MAIL, FRIDAY, DECEMBER 21, 1934-

Commerce and Finance

COMING COMPANY | MEETING

£3,000,000 China-Light & Power

Company, Ltd.

Agencies and Branches:

Rangoon Salgon Semarang Beremba Bhanghai Singapore OH TA

Ipak

+

Karsent

0. Miskin, Eeg.

Klang

6. Sordo, Zag

Doubey

Kobe

1.2. Pearce, Log

Calcutta

Kapla

Caslon

Lumpat

Cawnpor

Kuching

Car

Miodra

Colombe

Manila

Timtaim

Delhi

Madam

Tongkah

Haiphong

New York

Hambur

Priping

(Peking)

V. M. Oragirars, Lig

Chisi Manager.

BRANCHEA

LONDON

LYORK

MALACOA

MANILA

KUAH (Jokoru)

MURDER

NEW YORK

PEIRINU

PENAXO

HANDKON

BAN FRANCISCO

BAJUUN

KUALA LUMPUR

SHANGHAT

NINGAPORE.

SUURAHA YA

BUNGEI PATANI-

TIENTUIN

TORTO

TRINOTAG

YOROKANA

Correst Accouble opsard in Loos) Currency. cad Fized Deposite rentred for one ... Re shorter perioda in Local Company and Berling

| Hankow

ilarble

Hoan Loại

Bourblys Talping

(Esker) Thinga

Yokohama

Zamboangs

Foreign Exchange and Üeneral Banking business franciel.

The 16th ordinary meeting of shareholders of the China Light & Power Co., Ltd. will be held at the Head Office of the Company, St George's Building, Chater Road; on Thursday next, December 27, at 12.15 p.m.

The balance sheet and accounts to Current Accounts opend sad led Depos be submitted to the meeting show royed for a shoctor, portada ai za balance at credit of Profit and Loss which will be quoted on application.

W. B. K. THOMAS,

Account of $950,750.17, being profit| Acting Manager for the year 1933/4 $781,289.42 Hong Kong, 20th February, 1934.

plus $169,466.75 brought forward from last account. Of this sum a total amount of $164,935.01 is trans- ferred to Reserve Account, leaving a balance of $785,815.16 available for distribution.

SAFETY FIRST ! To Safeguard Your Valuables and Jewelleries. Deposit them in a Vault that is really: FIRE-PROOF BURGLAR-PROOF DAMP PROOP! OUR SAFE DEPOSIT VAULT HONG KONG SAVINGS BANK. located on the Mezzanine Floor of

› Härme which will be quoted on application.

Hong Kong, in Aprli, 1994.

The Bufo of the above Tank le condus Mì Bị L HONG KONG AND SHANGHAI

ANTING CONPORATION.

shained on application.

Baina may be

TO THE HONG KONG AND BHANGHAI BANKING CORVIRATION

V. M. OBAYBURN,

Chief Habigor.

Hong Kong. Hih February, 1054,"

THE BANK OF EAST ASIA, LTD. Authorised Captial, omnes *****- #50), BOR,100.00

| 8,695,800.00) Beers and Undivided Prote244,000.00

HEAD OFFICE: HONG KONG..

19, Ben Vur Road Cezirel

BOARD OF DIRECTORS:---

El Shou on bow, Chairman.

Koen Chen, Esq. F. E. Rok, E. Wors Ina Tong. F. Chan Ching Host, Eng., Là la Bax, Ext., Wang Chu Som, Zag, and Kas

f. Eng.

Kan Tong Fo, Esq., Oila! Masager,

The Pong. Baq, Manager,

BRANCHES AND LOENCIES ---

Manila

Bealize

Besla

Melbourne

Вазолгод

Baubez Daleatis

Ba

Bhaaghal

New York

Aingapore

Deska

Gourleys

alphaug

Paris

na

Hackow

byanty

Besolu Kabe

- l'aneng

Tikoku

Rangoon

Flautein

Toksa

FARCONVE

Lodou

Yokohama

Priping.

Saigon

Bas Fraciou

Every doorsy of Banking and Exchange bin sanandlad. ons granted as approved sengritias.

Optrani Aroounts opened in Local Carreno

- Fixed Deposite received for our Feat. OF abortue perlods in Local and Foreign Currenciesi

bury which will be quoted an application. Bale Deposit 30 To Le

KAN TONG PO

Chial Manager.

Hang. Hong, Merah, 1994,

THE BANK OF TAIWAN, LTD:

Head Onco-Talhoku, Formosa, Incorporated in Japan by Special Imperial Charter, 1899,

Central Bank of Formosa, Notes

issued Average amount Y.45,000,000

Branches and · Agencies, Japan:-Kobe, Osaka, Tokyo, Yoko- hama, Keelung, Makong, Nanto, Shoka, Shinchiku, Taichu, Tainan, Taito, Takao, Tamsul, Toen, Karenko. Kagi, Heito, Giran.

China: Amoy, Canton, Foochow Han

kow, Shanghai, Swatow

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

You may obtain a Safe Deposit Bor in this most up-to-date Vault' for your own use at a very moderate Ben- Inspection Cordially Invited: THE NATIONAL COMMERCIAL '& SAVINGS BANK, LTD: Corner of los Rooke Stresi and'

Des Voeux Bond, Central

The Directors recommend the de- claration of a dividend of 45 cents per share on the "Old" shares allot- ted prior to October. 1, 1983; and proportional amounts on the shares subsequently, absorbing allotted about $684,818.57; the balance being carried forward to next account:

LOCAL DOLLAR STEADY

Silver Prices Advance

The local

steady, dollár is opening on demand this morning at

THE BANK OF CANTON, LTD.1/8.

Established 1912.

Head Ofee:-Hong Kong. Authorized Capital ..... Paid-up Capital

Total Researces

Spot and forward silver prices have advanced %, closing yester day

at 24-3/16 and: 24-5/16,

$11,000,000 respectively.

3,855,000 The London on New York cross- 32170,492 rate was quoted at £-U.S-84.94%, | Branches: Canton, Tolahan, Shanghat, as compared with £-U.S.$4.94. Hankow, Bangkok & San Francisco.

The New York.on London rate London Bankers: Lloyds Bank, Ltd,

Foreign Exchange and Banking was quoted at £-U.S.$4.94, aS business of every discription trans- compared with £-US$49412. acted.

Current Accounts opened and Fixed

Deposite recetred for De Your OF RAW KUBBER PRICES Ishorter periodu - ak-rates - which will be

¡quoted on application.

Safe Deposit Boxes (various sizes) Latest Quotations From

for hire.

LODS FOOD S

THE

Calet Manage

Singapore

Messrs. II. R. Joseph & Co, have received the following Straits Car rency quotations (Buyers) from

AMERICAN EXPRESS COMPANT, Singapore for Raw Rubber;

INC

:

Head Office: Broadway, New York

Capital Surplus

Reserver

„U:S.$6,000,000.00 2,087,118.69 1,995,528.81

Elaysca Hamburg. Havre Heidelberg Ensarlakan Jerusalem

BRANCHES:-

Amaternamn Antworp

Gand Glasgow

Athena

Hanise Berlin Bombay:

Brex

Bruneia

Cairo

Calcutta

Colomba Соркалари Later

London Liverpool Lucerne Loga

Edinburgh Flocce Geoare

Hole Orle Manila

Hualdl

Others:-Bombay, Hong Kong, London, Can

'New York, Singapore, Batavia, Samarang, Soerabaya, Dairen.

On and after April 20th, 1984, the rate of Interest on Special Current Deposit will be at 14%. pa, on daily. balance-and-the-rate-for-balance-over $10,000 will be quoted on application (Maximum rate-1%);

Hong Kong Branch

Τ. ΟΗΝΟ,

Kilas Nien Naslo Piraeus Paria Pelpin Filam Belladam Botue Chonghas Вонкавов

Blingapore Tealda

· Toormina - Visca

· Vanjan

Zurlo

Branches of American Express Com

Jan.-March-21: Up April-June-23.3% Up: %-

Market:-Stagnant,

BANKHEAD ACT EXTENSION MEETS WITH FAVOUR'

New York, to-day--Mr. Henry Wallace, United States Secretary of Agriculture, said that 90 per cent. of the voting, farmers ap- proved of an extension of the Bank- head Act and that the Agricultural Adjustment Administration

соп-

sidera extending the production control plan to other commodities besides cotton and.. tobacco. United Press per S. E. Levy and Company.

pany in Principal citien», of United THE CHINA & SOUTH SEA BANK”,

States of America, and Ganada,

Manager.

1

3. Des Voeux Road, Central,

THE YOKOHAMA SPECIE BANK

LIMITED.

Established 1880

Capital (fully paid-up) Yen.109,000,000 Beserve Fund

Yep.124,260,000

Head Office:-YOKOHAMA

Branches and Agencles at:

Alexandria

Batavia

Berlin

Bombay.

Calcutta

Nagasaki Nagoya New York Osaka Parts Cantos®

Peiping Dairen (Dalny). - Rangoon Fengden (Mukden), Rio de Janeiro Haraburg

San Francisco Hankow

Seattle

Harbin

Bonblutd

Hong Kont

Karachi

Hainking

Kobe

London

Los Angeles

Manila

Moji

Shangha Singapore Sourabaya Sydney

All classes of Commercial Banking/ Transactions undertaken:

Personal investment accounts handled.

LIMITED

:

(Incorporated in China)-

Head Office...Shanghai, Capital

Reserve

$7,500,000,00

LOCAL SHARES.

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

Banks.

: $3,500,000.00 Branches All-Important Cities[i: The Company offers, to, intending

In: China

General and Travellers the use of Ita "Travelers Foreign Exchange Cheques and Letters of Gredit and Banking Business transacted

Current and Saving Accounts opened: addition, the world-wide services its thoroughly equipped Travel De- and Fixed Deposits received for one partment.

year or shorter periods at rates whicle will be quoted on application.

BOU Z. CHANG,

Manager. HONG KONG BRANCH: 24 Des Voeux Road, Central. Manager's Office....Tel. 8858E Foreign Exchange Dept. 83566 General Office ***

******» 88587 Cashier's Offee

88509

E. W. DUGGAN.

Manager.

THE WING ON BANK, LTD. HỒNG TONG

Authorized Capital #10,000,000,

Foreign Exchange and Banking Business of every description transact:| Current Accounts opened, Special Deposits received at special rates, and: Tientain

Fizod Deposits received for one year. Tokyo

or shorter period; at rates which will Tringtas |be quoted on application. Posl Yingkow

Safe Deposit Bozka: (various sizes) rrent Abfor, atrast

* PHILIP GOCKCHIN

Chief Manage... GOCKCHIN Assistant, Mazayor

Interact allowed Deposita received for fixed periods zaten to be obtained on application

G. KISHINAMTA Hong Kong, 11th September, 1934

· LL SHU-FONG.

THE SHANGHAI COMMERCIAL & SAVINGS BANK LIMITED

(Incorporated in China)

Capital paid up $5,000,000. Reserves (2.2. $7,000,000. Capital Savings Dept. $300,000, Reserve Bavings. Dept.. $600,000. Head, Offico-Bhangbal

A Bank Laying as its mission the Industrial development of: China and the fostering of her commer- cial relations abroad.",

Hong Kong offen--7 Les Honner St.

H.K: Bank $1620 b H.K. Bank (London) £1371⁄2., Chartered Bank £18 n. Mercantile Bank, A. & B. £82 n. Mercantile Bank C. $18. Bank of East Asia, $98 n. Am: 0. Finance Corp., Sh. $20 China O Fin, Ordi, Sh: $1.80 n. China :0. Fin: Pref Sh: $4% n.

Insurances.

Canton Ins., $2701n: Union Imo $500 b. China Underwriters $1.15b. China Fire Ins., 3510 m. H.K. Fire Ins., $287.n. International Assce. Sh: $5 n.

Shipping.

Douglases, $401⁄2 - n. H.K. Steamboats, $71⁄2ım. Indo-China's (Pref:), $801m. - Indo-Chinas (Def.), $58′ ni. Shells (Bearer), 44/41⁄2 n. Union Waterboats, $18% n.

Mining.

Antamōks 76 ́ets, sa. Balatocs, $87, n. Bagule Gold.40-ets. n. Benguet Consolidated $19%, n; Benguet Exploration 21.cts. ma Benguet Goldfield,,20.cts. n. Big Wedge,,10 cta. 1. Göld Greek 23. cts. n. Gold Rivers 24.cts. sa.

Ipp Mining. $1. n. Itogans 40 ète. n. Salncots:16 cts, a. Kailan $20 n.

Langkate (Single) Sh. $15. n. S'hai Exploration Sh. $5.n.. S'hai Loans, Sh. $6 n. Rauba $10.70 n.

Venz; Goldfield $5 n.

Decks etc.

COLONY TRADE

STATEMENT

And

Exports

Imports

Again Decrease

OFFICIAL FIGURES

DEPRESSING SPIRIT · ON WALL STREET

Attack On Utilities Responsible

BEARISH LONG-RANGE VIEWPOINT

The Statistical Office of the Im- ports and Exports Department re-

New York, to-day. ports that during the first eleven

The continuation of the attack com months of 1934, Imports of merchan utilities is depressing sentiment on dise into the Colony, of Hong Kong Wall Street, most traders believing totalled $877.7 millions (228.4 mil-in the persistence of the Adminis lions), as compared with $464.tration's anti-utility, attitude and, millions (£31.3 millions) in the therefore, adopting a very bearish corresponding period of 1989: long-range viewpoint: decrease in terms of Hong Kong

Favourable factors were: currency of 18.6 per cent; whilst (1) The Federal Reserve Board Exports of merchandise. were valu-has reported New York department .ed at. $296.7 millions (£22.3 mil-store sales for the first half of

lions) as compared with $375.1 mil- December at 12.7 per cent above' Ilona (26.3 millions) in the corres December last year, the largest gain ponding period of 1938: a decrease in several years.

in terms of Hong Kong currency of (2) November cigarette produc- 20.9 per cent.

tion totalled 9,727,429,603 cigarettes Figures for the month of Novem-against 6,835,038,693 last year, ber; 1984 show that imports of An unfavourable factor was that! merchandise into the Colony the retail trade is expected to show amounted to a declared value of)

a sharp decline next week. $38.8 millious (£3.2' millións), compared with $40.6

ANEW ADVERTISEMENTS

ANNUAL DRILL DISPLAY

DIOCESAN GIRLS' SCHOOL JORDAN ROAD KOWLOON at

3. P.M. TO-DAY & TO-MORROW

ECONOMIST ON US.. MONETARY POLICY

Currency Inflation By Loans

HALT MUST BE CALLED TO EXPENDITURE

SPECIAL TO CHINA MAIL.

New York, To-day. The leading economist, Mr. E.- W. Kemmerer, in a speech yes

S. E. Levy And Company's Reportlerday declared that the United millions In their market report, Messrs. States was already knee-deep im (£2.9 millions) in: November ofs. E. Levy and Company, corres- inflation: 1938: a decrease in terms of local pondents for Messrs. White Weld

He said that the Administra-- tion'a į currency of1 4.4 per cent:

and Company, New York state:

monetary uncertainty Export of merchandise totalled

"Stocks: While unfavourable de forced the banks to absorb $29.5 millions (22.4 millions); as velopments in the utility situation 60 per cent. bank holdings of Government loans, and now the compared with $33.7. millions (£2.4 hold the spotlight, the market is millions), a decrease in terms of finding difficulty in making head: such, securities were constituting; {local currency of: 12.8 per cent;

inflation. (way. Business done:-880,000! The following table shows com shares.

"Loans do not represent parative figures of imports and ex- "Bandar US: Government Bonds ernment's unlimited borrowing ordinary. eurrency, but the Gov- ports of Merchandise and Treasure were easier.. High grade issues capacity, which drives: down the during the months of November. were dull but firm, and second grade value of money, which is infla

Utility bonds tion." He deplored the rapid

1934 and November, 1983:-

IMPORTS

Nov. 1984: Nov. 1933 Merchandise $88;817,414 $40,661;833|

iespea, were easier, were weak..

(Continued on Page 10.)

growth of the national debt. "If we are to avoid serious inflation," he said. "expenditures. must be

Treasure $ 8,538,035 $4,631,431 INDICTMENT OF reduced, taxes increased; and the

Total

$47,355,449 $45;093,264

EXPORTS

Nov. 1934: Nov. 1933. Merchandise $29,474,552 $35,721,671 Treasure

Total

- $14,605,318" $18:842,039 | $44,079,866 $42,578,610

MONTHLY, FLUCTUATIONS

budget balanced. We are drift

GOLD CLAUSE.ing with the inflation current

Anachronistic Relic

Of Dual System

"SPECIAL TO CHINA MAIL. (By Telegraph, Copyright, Telegra: phia Messages Ordinance, 1894, Ka Since November, 1933, total Im-ceived December 21, 3.81 a.m.),

H.K. Wharves $1091⁄2 6., $111.9. ports of merchandise into Hong H:K. Docks, $12%/n.

Providents.(old) 81:40 n. Providents (new), 50 eta. n. Hongkews, Sh. 8810' ■. New Engineerings, Sh. $53⁄4 n.. S'hai Docks Sh. $120 n.

Cotton Milla

Ewo Cottons. Sh. 89′n. S'hai Cotton (old) 374'n. Shal Cottons (new) $44% n. Zoong Sings, Sh. $9:40 n. Wing On Textiles, Sh. $55 n.

Landa, Hotels; etc. HiK, and S. Hotels $5.10 n. HK. Lands $551⁄2-na

HİK. Landa 4% Debentures-100%.

D.

Washington, To-day, Kong fluctuated from the lowest The Attorney General, Mr. Hong Kong dollar value (29.6 mil-Homer S. Cummings' briefs lions) in February, 1984. to the which were yesterday presented highest (40.6 millions) in Novem to the Supreme Court, contended ber, 1933; whilst Exports fluctuat-that the Gold Clause was a rélici, ed from $22.2 millions in February, of the days when the United 1934, to $33.7 milliona in. Novem- States had a dual monetary sys- ber, 1938.

tem fluctuating in terms of one

Imports Exports November $40,561,838 $33,731,571.

1934

1

and only an about-face-will save us from the rapids."-United Press:

FAR EAST AND U.S. ECONOMICS

Silver Discussions With Ministers

SILVERITES DIVIDED

SPECIAL TO CHINA MAIL.

Washington, To-day. Mr. Cordell Hull, United States Secretary of State,, disclosed that

The figures are given below, with another. the sterling equivalents, at average. He said that the Gold Clause during the visits of Mr. Nelson T. was a serious impediment to the Johnson, United States Minister to rates of exchange, in brackets:

1933

Government's inherent power to China, and of Mr. William C. regulate currency. United Press, Bullitt, United States Ambassador (£2,852,004) ($2,871,751)

to Russia they discussed the Far December $86,841,971. $27,9941496.

CHRYSLER RAISE PRICES

Eastern aspects of silver, and" (£2,600,045) (£1,975,658)

economic subjects, but nothing new, New, York, Yesterday. Chrys-Į January $32,649,352, $27,39,494 ler has announced that prices of pr important developed. Shanghai Lands Sh. $241⁄2 n.

Lo In response to inquiries as (£2,390,343) (£2,011,480) 1936 Plymouth models will be whether China had sent any new Metropolitan Lands Sh. $12.20' n.

Unit- Humphreys $9 n

February $29,591,425 $22,223,746, from $15 to $25 higher. HK. Realties $5.10 b.

(2,211,651) (£1,660,994) ed Press, 'per S. E. Levy, ano. Co. notes, Mr. Hull said there were occasional exchanges on economic Asia Realties "A", Sh. $100Ƒn.

$33,638,848 $27,867,023

subjects but declined a flat answer. Asia: Realties:"B" Sh$20:D.

Meanwhile the silverites con- Chinese Estates $88 0.

tinue divided, Senator King saying China: Realties, Sh. $121⁄4 n. China. Debentures 3h. $136 n.

· Public Utilities H.K. Tramways $20:10: b..

Peak Trame, (old) $12 m Peak Trams (new); $7 n. Star Ferries $981 bə Yaumati: Ferries $2214 n. C. Light (old) $10.40.b C. Light (new) $10.15 h. H.K. Electrics $713⁄41⁄4%. b. Macao, Electrics, $25 m Sandakan Lights. $8: m. Telephone: (old). $251⁄4 bi› Telephone (new) $10.601b; Chins Buses,, Sh. $12.40 n.. Singapore, Tractions 4/8.b.. Singapore Pref. $17/9 n.

Industrials Malabon Sugars, 38.70 n. Cald: Macg. (Ord:),. Sh...$21: n.. Cald: Macg: (Prof.) $20 ́n. Canton, Ices: $2.85) bɛ; "Cementa $280, n. 10

H.K. Roper $4:10ṣn.. Stores;: ete. Dairy Farme $24 m Watsons 85 a. Lane, Crawfords: $3.75 n. Mackintoshs, $21 mi Sincerès $8-ins -

Wm. Powells; 70 cts,n: Wing On (H.K) 8105 Miscellaneous

H.K. Amusements, $2% n. Entertainments, 873% n. S.C. Enterprises, §1, n. ¡i Macao "Greyhounds," 12 n.. Constructions (old) $2.n. Constructions (new) 75 cta. b. Vibro Piling $6.60 n. C

-

(£2,522,914) (£2,090,026) FORD, TRUCKS UP IN PRICE $82,127,812 $26,511,120,

(£2,342,638) (£1,035,290)

$82,799,925 $27,022,079:

March

April'

May

June

July

$29,705,534 $23,240)797;

August

$89,724,787 $27,788,719*

#

New York, To-day-Factory that no new legislation is necessary, (£2,239,161) (£1,885,916) price lists for Ford trucks are and others urging a 16 to 1 ratio.

from $15 to $21 higher - Unit- United Press par S. E. Levy, and, $84.884,795 $26,068,095d Press, per S. E. Levy and Co. Company.

($2,485,608). (£1,859,730);

(224181,500) (61,708,746) Business Optimism In U.S.

($2,939,704). (£2,091,391). September $37,153,862 $29,482,184

October

A New York, today. 1 The Annalist says an important Moody's state that laat week's readjustment of the general level of (42,888,294) (£2,284,060) reaction in stocks la fundamentally stocke is dependent on the expansion $36,721,817 $29,655,684 insignificant im as muchas the broad of general business activity, while Standard Statistics is certain that picture remains unchanged. (£2,983,648) (£2,409,524) November $38,817,414 $29474,552 The statistician, Mr. Hoger Ward common stocks are attractive at pre- (43;104,024) (£2,402,183) Babson,, says that although Utilities vailing rates. American business is Mean rate of Exchange for refect the confusion and uncertain- anticipating 1985 with a confidence November, 1934) H.K$=18. 79/16d: ties of the present, conflicts this, is and optimism not manifested for no lime, to sacrifice. Ut|lifies: Indias five years.~United Press; per §. EL. criminately.

DOWNWARD DRIFT ON WALL

STREET EXPECTED

New York, To-day. Wall Street was moderately active and narrowly irregular. Some sup port appeared here and there. but, with utilities again under pressure and confidence undis- turbed, a further downward drift would not be surprising: - Unit ed Press, per S. E. Levy and Co.

Insured?

Insurance = "All" Clanica

LOWEST RATESWA American Asiatic Underwriters Fed In USA General Agents.

Ch: Govt. 5% 1925 G3Bds-92% Head Office

H.K. Govt, 4% Losn, 8% prem, b., 17, The Hung

Govt. 82% Loan 8% Shan-kai

Wallace Harpers V

JIK: Office Asia Life Building

Levy and Company;

S. E. Levy & Co.

UNDERWRITØRS: AND DISTRIBUTORS

SECURITIES AND COMMODITIES

BOUGHT AND SOLD ON COMMISSION

DAILY NEW YORK STOCK AND COMMODITY SERVICE

Members:

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

CORRESPONDENTS FORE

WHITE

WELD & CO NEW YORK

AN TICH HOUSE SDT, HONG KONG

Tel. 30234

Tel, 20101 and 30108

Tel: Address: Belco