1937-02-23 — Page 17

THE CHINA MAIL, FEBRUARY 23, 1937.

Buyers And Sellers On Par

NEW YORK STOCK "But the New York Stock Exchange

EXCHANGE

3

But agitation has been resumed look- can do nothing more and nothing less, ing toward complete segregation of in the long run, than be a market-place trading by members for their own ac where buyer and seller meet in perfect count and for customers accounts at equality. The exchange itself does not the same time and in the same stocks, buy, and does not sell securities. It sometimes on the opposite side of the When the ancestor of the present does

not

fix or appraise market market. Stock Exchange operated quietly un-values.”

And Commissioner James M. Landis der its buttonwood tree, nobody cared Gay points with pride to the accum of the SEC has issued to învestment much what the assembled traders did, plishments of the exchange in making bankers in general and those who trade writes Willis Thornton in the "Chins available up-to-date information on the on the exchange particularly, a blunt Press."**

status of all companies whose stocks warning that "what tempo you bring To-day's stock exchanges, of which and bonds it lists. But he does not to to-morrow's market will mark the the New York Stock Exchange is the feel that a market-place should be ex-direction of (government) action.” bell-wether, are a vital part of busi-pected to

for assume responsibility ness as carried on to-day in the Unit-happy results for all those who use its ed States. Twenty-six hundred issues facilities. of stocks and bonds, valued on Decem- ber 1 at around $100,000,000,000, `are listed for trading on this one exchange.

Securities Act

to

"You can not forget," continued Landis meaningly, "that the last re covery was your recovery and that it almost destroyed you. Fairly or un- fairly, you became the scapegoat of a Speculation, he feels, serves a de bewildered and discouraged people." All business enterprise requires ca finite economic purpose. The English He went on to imply that any treat- pital. And when private capital is the people, he will point out, who bought ment of such problems as the segre- foundation, then exchanges are a ne- shares in the Plymouth or the Virginia ation of two kinds of dealing by! cessity where securities representing companies organized to settle the new Stock Exchange members (for them- that capital may be bought and sold world, took a desperate speculative selves and for their customers) would

the end result of their depend on When those securities and exchanges; chance, but

whether it was shown become closely tied to the whole finan-venture has been good. The line behave relation to "the building up of cial structure of the country, then the tween investment and speculation is a undue speculative positions, with their manner in which they are operated be-thin one and hazily drawn.

Certain effect on price trends.” comes a matter of common concern to people are well-equipped by tempera-

Target For Criticism all, and not alone to those who buy and ment, financial and personal position,

to be speculators. sell stocks and bonds.

They serve their Proposals have already been heard Charles R. Gay,

about the exchange looking toward a the president and purpose, Gay believes.. head of the New York Stock Ex- But the kind of speculation against segregation of broker and dealer fune- change, makes indirect admission of which he continually inveighs. is that tions, and it is possible that some this public interest by recent leader-by uninformed people who operate with change in this party of Stock Exchange ship on the exchange Up on one of inadequate resources and inadequate operation may come about this winter. Through most of the 144 years of its the higher floors of the Stock Exjknowledge. The progressive training change building, in a paneled office, of "customers' men" is a part of the existence, the exchange has been a tar- Gay presides over a regime that is far effort to give guidance to prospective get of accusations and reform propos- different from the austere days when investors and speculators, and reduce als. Again this winter it finds itself Francis Eames or Henry Pomroy were the tragic results of uninformed spe- somewhat in the defensive position, in his chair 30 years ago.

Then the culation.

with the SEC, plainly worried about

Time Without Salary

exchange, if it gave thought at all to Many of the objectives aimed at in the long-continued rise in the markets, the economic effects of its operations, the Securities Act of 1933 and the Se- snapping at its heels.

When stocks go down too fast, as in certainly took no pains to keep the curities Exchange Act of 1934, along

the lines of making available to the 1929-1930, a chorus of abuse rains. publie informed on what it thought.

public more information on securities, down on the Stock Exchange as the Now Gay, who gets no salary from are the same objectives which the embodiment of all the mysterious pow- But when stocks the exchange for being president Stock Exchange has itself sought for er of "Wall Street." spends a good part of his time making Fear, Gay points out.

go up too fast, a scarcely less power- speeches about the exchange and its But as the Stock Exchange average ful chorus goes up.

chart continued to rise all through 1936' Between those alternatives, just as operation, or presenting its point of view in Washington whenever further and murmurs of another 1929 began to lies midway between the Church and regulation looms. He travels a great be heard in Washington and even oc- the River, the New York Stock Ex- deal, because he thinks of the New casionally in Wall Street, the prospect change goes its long continued way of York Stock Exchange as a national in- of further regulation of the New York producing an amazing precision stitution rather than just a building atļ Stock Exchange and other markets market operation out of what appears

to be a bustling bedlam. the corner of Broad and Wall Streets. came again to the fore.

Gay has been earnest and insistent

Co-operates Closely

BRITAIN LOSES

CONTRACT

of

in denying that, because members of In general, Gay opposes any further the Stock Exchange are there to make regulation that might restrict what he money, they have no sense of the social believes should be a "free and open" that goes with their market. But it has been the present responsibility position.

policy of the exchange to co-operate "Nobody regrets more than we do with the SEC in framing self-enforced here," Gay says, "that uninformed rules on the exchange along lines laid people lose their savings in reckless down by the SEC. Late last year, for The South African railways have speculations. We have done. more instance, the exchange adopted rules placed order for 23 locomotives, cost- than any other institution in the governing transactions for their owning £17,000, with two German firms.

to discourage that sort country

of account of members while they are on

Tenders were received from 11 6 speculation.

the floor.

five of them British.

THE

AMERICAN EXPRESS COMPANY

INC.

Incorporated with Limited Liability in US.A..

Head Office:-65, Broadway,

Capital

Surplus

Reserves

4

New York..

.U.S.$6,000,000.00 2,240,344.38 897,612.65

THE BANK OF EAST ASIA, LTD.

Authorised Capital

Paid-up Capital

Reserve and Undivided-Profits

$10,000,000,00

$5,598,600.00

-$. 2,685,295.52.

HEAD OFFICE:—HONG KONG. 10, Des Voeux Road; Central.

BOARD OF DIRECTORS:

Hon. Sir Shou-son Chow, Chairman; Li Koon Chun, Esq., P. E Kwok, Bag Wong Tum Tong, Fag., Chan Ching Sher, "Esq. Sang, Esq., Wong Chu Sơn, Baq, and Kan Ying Po, "Esq.

Kan Tung Po, Esq., Chief Manager. Li Tre Fong, Zag, Manager.

BRANCHES AND AGENCIES:-

Amby Batavis Bombay

Manila Malbouzme

Nagauki

Milan Nice Naples Pirmour

Calcutte Cantom Haiphong Bankow

New York

Osaka

Paris

Peiping

Hondialu Kobe Kowloon Lond

Seattle

THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA

Incorporated by Royal Charter, 199

HEAD OFFICE: LONDON

Agencies and Branches:

BANKS

HONG KONG AND SHANGHAI BANKING CORPORATION

Authorised Capital

$50,000,000

Issued and Fully-Paid-up. 20,000,000 Reserve Funds:

$6,500,000

Sterling Hong Kong Currency

Reserve

$10,000,000

Reserve Liability. of Pro-

prietors

:$20,000,000

HEAD OFFICE: HONG KONG.

BOARD OF DIRECTORS. Hon. Mr. J. J. Paterson. Chairman.

G. Miskin, Esq., Deputy Chairman."

J. K. Bousfeld, Esq.. A. EL. Compton, Eaq.. Hon. Mr. S. H. Dodwell, M. T. Johnson, Esq.,

J. R. Masson, Esq... XS. Morrison, Esq., T. E. Pearce, Esq. A. L. Shields, Esq

V. M. Grayburn, Esq., Chief Manager.

BRANCHES:-

ΑΜΟΣ

BANGKOK BATAVIA

BOMBAY

CALCUTTA CANTON CHEFOO COLOMBO DATBEN FOOCHOW

FATPHONG

FLAMBURG

HANKOW HARRIN

HONGEEW

ILOILO IPOH JOHORE FORE KOWLOON

KUALA LUMPUR

LONDON LYONS MALACCA MANILA

UAB (Jobare) MUEDEN NEW YORK FELPING PENANG BANGOON SAIGON SAN FRANCISCO SHANGHAI SINGAPORE

SOURABAYA SUNGEI PATANI TIENTSIN TOKTO

TSINGTAO

YOKOHAMA.

Current Accents opened in Ictal Currency and Fixed Deposita received for one year or shorter -periods in Local Compary and Sterling on terma which will be quoted on application.

ALSO up to date SAFE DEPOSIT BOXES in various sites TO LET

Hong Kong, 24th February, 1936.

HONG KONG SAVINGS BANK

#

The Business `of 'the above - Bank

conducted by the HONG KONG AND SHANGHAI BANK- ING COEFORATION. Rules may be obtained on application.

FOR THE HONG KONG AND SHANGHAI

·BANKING CORPORATION

3. Y. GRAYBURN,

Chief Manager. Hong Kong, 24th February, 1986.

THE YOKOHAMA SPECIE BANK

LIMITED

Established 1880

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

Yen.130,900,000

Head Office: TOKOHAMA

Branches and Agencies at

Alexandria

Bangkok Batavia Berlin

Moji

Nagasaki

Nagoya

New York

Osaka

Paris

Peiping

Fengtien (Mukden)

Hamburg

Hong Kong

Rangoon

Rio de Janeiro

San Francisco Seattle

Semarang Shanghai Singapore Sourabaya Sydney Tientsin

Tokyo:

Bombay

Calcutta

Canton

Dairen (Dainy)

Paid-up Capital

£3,000,000.

Reserve Fund.

$3,000,000

Reserve Liability of Pro-

prietors

Hankow

$3,000,000

Harbin

Honolulu

Alor Star

Iloilo

Ipob

Bangkok Batavia

azachi

Rangoon Saigon Samarang

Hsinking

Karachi

Klang

Kobe.

Bombay

Kobe

Calcutta

Kuala Lumpur

Shan Sing

London

Canton Cawnpore

Kuching

Manila

Cebu Colombo Delhi

New York Paiping

Unket)

(Peking) Penang

Yokohama Zamboanga

Amsterdain

Antwerp

Athens

Алива

Berlia

Bombay

Caire Calcutta Cannas Colombo

Copenhagen Dublin Edinburgh

Florence Genera Ganos

BRANCHES--

Glasgow The Hagna Hayata Hamburg

Harzs

London Liverpook

Marseilles Monte Carlo Menila

Munich

Montreux

Shangha! Southampton Singapore

Vienna Venice Yokohams Zurich

Branches of American Express Company in Principal cities of United States of America and Canada.

All classes of Commercial Banking Transactions undertakent

Personal investment handled.

accounts

The Company offers to intending Travellers the use of its “Travellers Cheques” and Letters of Credit and "In addition, the world-wide serv

its thoroughly equipped Travel

E. W. DUGGAN

Stanghar Eingapore Soumabaya

·Swatow Sydney Taiboku Tentain Saigon

Tokyo San Francisco Vancouver

Every description of Banking and Exchange butiness transacted. Loans granted on approved

securities.

Current Accounts opened in Local Currency and-Fired Deposits received for one year or shorter periods ́in: Local and Foreign Currencies on terms which will be quoted on application. •

Safe Deposit Boxes To Leti

KAN TUNG FO,

Chief Manager.

THE WING ON BANK LTD.

Head Office: Hong Kong 26, Des Voeux Road, Central. Authorised Capital $10,000,000.

LONDON BANKERS:

Westminster Bank, Ltd. Foreign Exchange and every des- cription of banking business transact

Current Accounts and Savings At- counts opened, Mixed Deposits re- ceived at rates which will be quoted

plication.

on

steeship & Executors taken, Safe Deposit Boxes for hire.

PHILIP GOCKCHIN, Chief

Frainbow Harbin

Hong Kong

Foreign Krchange and General Banking business transmotod.

Current Accounts opened and Find Deposits "received for con your or shorter periods at "zates

which will be quoted on application.

The Bank's Head Ofhoe in London - undertakes Executor and Trustee business, and clima recovery of British Income Tax overpaid, on which, maybe': ascertained at any of sta Agencies and Branchen.

teens

A. BREARLEY,

Manager,

Hong Kong, 1st January, 1935.

QUALITY PRINTING With Quick Service

The

wspaper China Mail Eldg

Los Angeles

Tsingtau

Yingkow

Interest allowed for Current Ac- counts..

Deposits received for fixed periods at rates to be obtained on applica ∙tions

Y. KANO,

Manager. Hong Kong, 13th November, 1936.

THE

SHANGHAI COMMERCIAL & SAVINGS BANK LIMITED

(Incorporated

Capi

erprise Ltd.

Phone:41116.

3a Wyndham St.

0:000. 1,000,