1937-04-26 — Page 16

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TO SAN FRANCISCO. LOS ANGELES, NEW YORK, AND BOSTON

Via Shanghai, Kobe, Yokohama and Honolulu

TO SEATTLE, VICTORIA "THE EXPRESS ROUTE”

Via Shanghai, Kobe and Pres. Hoover ..Noon

Yokohama May 1

Pres. McKinley Midnight May Pres. Lincoln...8.00 a.m. May 19❘ Pres. Grant

7 Pres. Coolidge Noon

.....Midnight May 21 June 3 Pres. Jackson Pres. Wilson

Midnight June 4 ..9.00 a.m. June 16 Pres. Jefferson Midnight June 18 Pres. Hoover ..Noon June 26 Pres. Cleveland Midnight July 13

Pres. McKinley ..Midnight July 2 Pres. Grant Midnight July 16

.

EUROPE, NEW YORK AND BOSTON Via Manila, Singapore, Colombo, Bombay, Suez, Port Said, Naples, Genoa and Marseilles

Pres. Pierce.... 8.00 a.m. May 9 Pres. Van Buren 8.00 a.m. May 23 Pres. Garfield .8.00 a.m. June 6 Pres. Hayes ..8.00 a.m., June 20 Pres. Monroe ...8.00 a.m. July 4 Pres. Adams ....8.00 a.m. July 18

TO MANILA THE MOST FREQUENT SERVICE

NEXT SAILINGS

1

Pres. McKinley.,6.00 p.m. May Pres. Pierce ..8.00 a.m. May 9 Pres. Lincoln

Midnight May 11

Pres. Grant .....6.00 p.m. May 15 Pres. Van Buren 8.00 a.m. May 23 Pres. Coolidge..9.00 p.m. May 27

DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE

ANADIAN DANA 1316

- KALWAY

LITER

10 DAYS

5 DAYS

SADA

6 DAYS

GoEMPRESS to America, Europe

Empress

hai

of

Hong Shang- Naga Kong

Leave Arrive Leave

saki

Kobe

Leave

Yoko-

Van- hama Honolulu cònver

Victoria Leave Leave Arrive

9

Asia

April 30 May

2 May 4 May May Canada May 14 May 16

May 19 May 21 May 26 Russia May 28 May 30 June 1 June 3 June. 5 June 12 Japan June 11 June 13

June 16 June 18 June 24 Asia

June 25 June 27 June 29 July 1 July 3 Canada, July

July 12 11

July 14 July 16 July 23 July 28 Russia.

Bobber July July 23 July 25 July 27 · July 29 July 31 Japan Aug. -6

Aug. 9 Aug. 8

Aug. 11 Aug. 13 Aug. 19 Aug. 24

May 17 June 2 June 18

Juno 29

Air-conditioned

aleeping,

observation and dining cars on

Cool Quiet Clean

all Trans-continental trains

Comfortable.

Regular sailings from Canadian Atlantic ports to: United Kingdom & Europe by Canadian Pacific Atlantic fleet.

information from Passenger & Freight Offices

Union Building, Hong Kong

Telephones: Passenger 20752-Freight 20042.

Canton Agents, Jardine Matheson & Co., Ltd.

Canadian Pacific

THE CHINA MAIL, APRIL 26, 1937.

CHINA MONEY PLANS AID THE NATION

While the recent harrassing ad-[(measures in pounds British) 17 d. venture of C China's Generalissimo in July, 1935 to 14%d, in October, Chiang Kai-shek, in Sian was revalue at 14.375d. This value has been 1935. Since then it has maintained its ported in glaring headlines, almost adopted throughout 25 provinces, in- nothing has appeared on another cluding north China with Tientsin and but extremely important phase of Peiping. In the south, the government Chinese politics: The progressing has, after having stuck until recently of Kwangtung ("Canton") province stabilisation of its currency, writes to a higher value for its silver "dollar," Dr. Paul Schwarz, former German agreed to put the new currency into Consul at New York in the "New gradually increasing circulation. York American.”

As to the centralisation of note is- Lack of a strong Centralist admin- for China's three State banks:

sues, this right is now solely reserved istration had for decades resulted in Central Bank of China, the Bank the plague of many overlapping cur- China

the Bank rencies, revenue of them having merely munications.

of Com- All other banks provincial circulation and some being restricted from expanding their money were of no value at all.

issues above the level of November

and

The of

299.2

237.8

of

prepare-

In this respect, the progress of the 3, 1935. Nanking government in stabilizing the Chinese dollar (national currency) has those three banks ahs, at the expense

As a result, the note circulation of recent, made considerable headway. of all other issues, risen considerably,

Stabilizing Move

as brought out by the following table The cornerstone for a centralized

(in million yuan): monetary system was laid by Nanking

Currency In Circulation in the decree of November 3, 1935, through which

June, 35 June, '36 the government an- Central Bank of China 98.7 nounced revolutionary changes regard- Bank of China

115.0 ing currency circulation. Its imme- Bank of Communication 47.0 204.9 diate aims were: Stabilization of the The restriction of currency issuing yuan; abandonment of the silver stan- to those three banks will dard; raising of the general price level.according to the above

To-day,

decree, than

not since later than by the the decree was inaugurated, the re- ultimate centralization

end of 1937 the sults have justified the monetary mea-issuing in a

of currency suras of the government, inasmuch as of China," to be founded for this "Central Reserve Bank the yuan has definitely become fixed at very purpose. a certain price level. Futhermore, its independence from the fluctuation of

Roosevelt Example silver prices has been established. Fin- first Roosevelt administration in 1933- Taking the monetary steps of the ally, the government has centralized 34 as example, the 'Central the issue of paper money.

Govern- has liquidated the exchange clause of paper money into silver. been made, also

more

a year

ment

In Kwangtung As to the first result, the value of Instead, silver has the yuan had, prior to the enactment by above decree, the subject of of the above decree, dropped from position with the government banks.

LOCAL SHARE

MARKET

Following is the list of changes and enquiries in local share tions this morning:

BANKS

Hong Kong Bank $1855 b. Bank of East Asia $92.

INDUSTRIALS

Canton Ins. - $3224 b.

Union Ins. $622 b; $622 sa. China Underwriters $1.60 b. H. K. Fire Ins. $280 b.

SHIPPING

J.

de-

This silver, together with the govern- ment's gold reserves forms the metallic basis of the reformed rency system.

cur-

What have been the results of these monetary reforms for China's eco- nomic life?'.

One of the most important aims. quota-had been for the government to rise: the depressed level of prices which: in turn aggravated the plight of the Chinese farmer-and China is still,- almost in its entity, an

Douglases $38 b. DOCKS, WHARVES, GODOWNS, ETC.

H. K, and K. Wharves $115 b. Providents (Old) $2.15 b., $2.20 sa.

LANDS, HOTELS & BLDGS. H. K. and S., Hotels $7.30 b., $7.40

3., $7.35 sa.

H. K. Lands $35

b., $351⁄2 sa. H. K. Realties $5.90 b.

PUBLIC UTILITIES H. K. Tramways $15.15 b., $15.20 Peak Trams (Old) $4 b.

Peak Trams (New) $14 b. Star Ferries $86.s.

China Lights (Old) $14.45 b. H. K. Electrics $60% b. Sandakan Lights $124 b. Telephones (Old) $29% sa,

INDUSTRIALS Cements $15% b. H. K.. Ropes $5 b.

STORES, &C] Dairy Farms $25 b.

COTTON MILLS

agricultural. country. How the price level has advanced, may be seen from the fol- lowing table (1926 at 100):

Index of 6.

Import Export Wholesale Cost

A of Goods Goods Prices Living Oct. 35 123.7 80.6 94.1 103.9 Jan. 36 141.190.8 104.3 111.0 June, '36 140,7 97.5. -106.1 111.8-

Closes Yen Gap.. Another result, extremely important for China's trade with that other great Far Eastern power, Japan, has been that the gap between the. Chinese yuan and the Japanese yen has been almost closed. Heretofore, the cheapness of the Japanese currency put Chinese ex- sa.port goods at a distinct disadvantage.. The average price for 100 yuan had. been: in 1934, 118.4 yen; in 1935; 125.1 yen. But during the first half year of 1936, 100 yuan averaged only 102 yen..

Thus the

Ewo Cottons Sh.$16.80 b. Shanghai Cottons (Old) Sh.$117. b. Shanghai Cottons (New) Sh.302 h. MISCELLANEOUS

Constructions (New) 45 cts. b.

Opening B.

10a.m.

L.

Sa.

Antamoks Atoks

in Pesos C.

1.20

C.

Baguio. Gold

2214

Balatoc Mining

13.00

Benguet Consol.

11.75

Benguet Explor

.08.

Big Wedge

221

Coco Grove,

.61

Consolidated Mines

.029

Demonstrations

.80.

E. Mindanao

Gumaus G'field.

.38 .15% 2816

IX. L.

81

1.15

Masbate Consol.

35

Min. Resources

29

Northern Mining

.091

Paracale Gumaus

.51

Salacot Mining

047

San Mauricio

2.30

Suyoc Consol;"

403

United Paracales

.83

Ipo Gold

Itogens

currency reform of the Nanking Government has been to a great deal instrumental in improving during 1936, the economic situation of the Chinese nation.

LOCAL DOLLAR

London Silver Prices:

The dollar opened on demand to-day at 1/2-27/32.

20-

"Spot silver was quoted at 3/8 and "forward," at 20-7/16.

The London on New York cross-- rate was quoted at £U.S.$4.93 and the New York on London cross-- rate at 4.93-1/8.

Singapore Raw Rubber

Messrs. H. B. Joseph & Co. have received the following quotations - from Singapore in Straits Currency for Raw Rubber.

Spot 39-% b, up

.

May/June 40 b. up. %.

July/Sept. 40-1⁄4 b.

Oct./Dec. 10-1⁄44 b. up %: Market: Quiet."