1950-04-19 — Page 3

TIGHT MONEY MARKET CAUSES SHARES DECLINE

Hong Kong shares have dropped HK$400,000,000 in valua since the height of the boom in 1947. They are now down to their lowest level since the end of the war, a survey made by the "China Mail” has raycaled.

This development is the natural reaction to the

of

spectacular post-war boom in Hong Kong's share market which reached its peak in 1947. Most shares are today much below their, intrinsic valuc, and a combination of factors is ros- ponsible for this state of affairs. All are agreed however, that the main cause is the tight. ness of the money market, and the diversion of available cash to more lucrative channels.

Another discouraging factor is More thun HK$250,000,000 has

taxation and high cost of Govern- locked up heen

in gold bars,ment. Rather than buy shares and bought

at prices considerably higher than the current market Join the ranks of the few

shoulder the entire price.

sidera a well, uncertain Hong Kong's future and security face of the changing China situation, hava thought it best to bell out.

In

keep

whic burden of

of property and direct taxation, people prefer to Development

their money in cash. industry has also absorbed huge

One evidence of this attitude'ls sumy, and lace the China trade to be found in the changed habit blockade further hundreds of

keeping their millions of dollars have been tied of shareholders up in goods which cannot

Moved! except in driblets.

be

Hoarding of Hong Kong notes

in the Interlor

believad tu

have accounted for nearly twɔ thirds of the Colony's total note circulation.

People why can make 25 to 3

dividends in cash instead of re- investing them In shares, as they did before the war.

market is They are

Union Insurance Society meeting

The ordinary yearly meet. ing of shareholders of the

Union Insurance Bociety of Canton Limited, will be held on May 25,

Subject to audit, the Direc tors will recommend payment of a dividend of 1.12.0 a share.

KAI TAK TOPICS

United

No cause for alarm. To the genulue Investor, how- present state of the ever, the

alarm. no cause for

Two paragraphs in an article their written by Art Goul, holding on to per cent in less than a your on bnvestments, and wherever pos- Press correspondent, which ap- building new hikes, will not in-able they add to their holdings pears in the latest publication of consider to be "CAT Bulletin" issued yesterday, vest in shares, however good they nt what

caused some amusement and a lot may be, which yield a return of bargain

They believe that onco something like 12 per cent a year;

the of talk among tho Kal Tak com- only.

of the tightness

money market|munity. in cased, there will be a revived interest in shares which, after The depression, which has been fall, are far away the bost and gradual, started it

given a 1947 when safest investments and share values were at their poak. normal market are really con The drop last year ranged from vertible.

Started in 1947

15 to 40 per cent. For the Urst This view seems to be shared

of this year the| by

three months

the British

banks in

the

Describing one Nationalist Air Force "Ace" the story said: "The lean, long-striding. Chinese Air

Major (Leng Pei-shu) Force

reying at the temples despite his would like 28 years of age,

drop is about 10 per cout on the Colony who continue to, give a Petter, he said, than to]

fiverage.

ed

commodation to customers offer-

The position has been aggravating share securities, though, they

by heavy outside selltag. Con- are more choosey' as to the class ditions in China have contributed of shares taken..

unt Hitle to this. Many firms in

Honk

his P-3is against the RAF Spitfires at Hong Kong if the or- der ever came,

"The order he referred to and one which he hopes to get would

Shanghai have been selling their the Kong's share boom after be to turn his guns and bombs

war

planes grounded

at

THE "CHINA" "MAIL, WEDNESDAY, APRIL, 13, 1950,

Reminders

Today

Toe H meeting, 50 Maetionnell

Road, 8.30 pm.

Nine Dragons Services Club,

Dance, 8 p.m. Women Section, European An

YMCA, Whist Drive, 10 amp. Violin Recital by Victor Orloff and ni Miss Wong Kuk-ying, Chinese YMCA, Waterigo Roud, Kowloon, 8.30 pm.

Cheero Services Club, dancing

class, D. p.m.

Nine Dragons Services Club, mah....

jong, 2,30 p.m.

Sino-British Club Orchestra rq-

Prosecution witnesses gave false evidence, defence counsel says

a

allegation that nearly all prosecution, witnesses had given false evidence out of malice was made by defence counsel, Mr. P. L. Lam, at the resumed hearing before Mr. F. X. d'Almada at Kowloon yesterday in the case, against. 10. fishermen, who are charged with F1 counts of criminal intimidation and un- lawful possession of arms.

hearsal, St. John's Cathedral Mr. Lorn, who is defending two of the defendants,

hall, 6.10 p.m.. -

Coming events

TOMORROW

HK Stare Club presents "Gas- light" at China Tlect Club theatre, 0 p.m.

Kowloon Rotary luncheon, Penin-

sula Hotel, 12.30 p.m.

Wong Hin-pak and Chan Hop-kuen, mode the allegation when he opened the defence cose. Hearing of the case began last Sep- tember 21

The other defendants, who Y's Men's Club, luncheon, Rogfare. not legally represented Garden, HK Hotel, 12.45, p.m. are Chol Hop-yee, Leung, Kau, HK International Women's Club, Lai Wing-fuk, Choi Ting-kai Whist Drive for Services, 7.30 | Tung Kwong, Chung, Hong

cheung, Yeung Kan-hel and Suen Pak

D.M.

Nioo Dragons Service Club, HK

Band Cal, 8 p.m.

FRIDAY

Organ Recital, St.

Cathedral, 1.16 p. Nine Dragons Services Tombola, & p.m. HK Stave Club, presents

John

Fatal case of human rabies

the

A further caso. of human rablad was reported in weekly Health Return for the week ended Apri R.

It was fatal, bringing tho tata) victims of rabies since the beginning of the year to three,

They were alleged to have threatened, sovacal fishermen with Arearms in the Soko Islands Inst Club, their calgh to one; of the defen

compal Uhom to sell Summer to

"Gasdants and at the price set by him, MC has said that tho man named

view Loi who was men- Cheung tioned in evidence and who was to give evidence, was

light” at China Fleet Clubɔ theatre. 7.30.m

SATURDAY

IK Stage. Club presents "Gas-

not

light" at China Club. theatre | *7# 18os of the present pro

9 p.m.

“He said that Cheung, Loj

Nine Dragons Services Club,-tom-In 1948 went into business part-

bola, 8 p.m.

Theft from Hong Kong Treasury

nership. with Chan Hop-kuen, Business was not good and Cheung left the islands and the five-yest partnership terminated,

Jason

Chan, continued Mr. Lam, took Wong Hin pak

Into the business and at the end of 1945 the croaker during business picked up and Cheung returned to the islanda ta glaim that the partnersbla kad, not terminated. The matter "wak then referred to, the Cheung Chey Island Realdonts Asko clation but no, settlement had been, reached.

More than HK$10,500 hos was spectacular, and loose pguinst the 70-odd CNAC been stolen from Hong Kong's Hong Kong investments to meet exceeded the expectation of the and CATC

Treasury, it was officially the demands for wages of the most

st optimistic,

It was linked Kal Tak Airfield, Hong Kong, 19" disclosed, yesterday.

for himself Set with the Colony's remarkable recently handed over to Communist workers and for office upkeep.

disclosure was made in The by the Hong Kong

of the! kho detailed, statement Gold speculators, faced with covary from the effects of the China beavy losses, sell their shares to wor and Its

Courts," upshot to prra-

Cheung then set up business. Los additional supplementary finan rapid pay margins or meet losses. pority almost overnight.

The "CAT Bulletin" is a bicial provision for the fourth himself at Siu Ah Chau, one of "These forced unles, trust upon Most companies, especially the monthly periodical published by quarter of the 1949-50 financial the islands to the group, in viola

what Chennault's Civil Air Transport. year which will be presented for tion of the partnership agreement unresponsive market, have utility

inado concerns, been inally responsible for the

An

low prices.

The political situation been a contributory factor, Many outalders, and some

looked like huge profits me charge to civil aviation circles in today.

Coples are distributed free of approval to Legislative Council

Kong. "CAT Hong

pared with pro-war though the

has

too.

or six times was overlooked.

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In the same week under re- there ware 62 deaths from tuberculosis, four fram anterlo faver, two from diphtheria, and one each. from meningitis, and dysentery,

Total deaths from all cauICE in, the week under review, was 321 as againo): 867 births,

American

to attend Peking talks

Peking Communist officials, have invited a former United States Army Captain, Gerald Tannebaum, to participate in famine talks due to begin li Peking on April 20.

The foriner ceptain, who is an uficial, in the Shanghai branch o American to be invited to parti- Child Welfare Fund, 'Is the first alpate in famine discussions Ly Feking

and all hormon went over to him and- discontinued business fact that casts had gone up five started off as a breezy, family pa- ask for

The Financial Secretary will with his clients because they were

approval of a supple unpopular for having warned the the purpose of the conference is According to reliable reports, рег this chungu in value was taken which has gone over

well mentary provision of HK$10,513 shermen against the uso community. described na cash stolen from the

of to discuss an overall survey of Ligir fishing Into account, people would rea- with the Kai Tak

asmabutin

the famino which the Com-. like that there was nothing retured a number of pictures and

But lately, the magazine hus fea Treasury.

Giving evidence of his partner-munists officially admit, is affects markable

the

The supplementary expendi-ship with Cheung, Chan Hop-kueuing 10,000,000 Chinese results trea

articles on the China Civil War tuxe includes HK$7,000 for public said that be once gave Cheung 10 achieved by these companies.

It is also definitely known, that Wite assets standing at pre- from the point of view of the banda in the Botanic Gardens: plcuip of fish to sell which he had foreign ald to, the famine, area

Nationalists.

a new past of nguros Instead of being re- wor

There was many an indignant KS1240.

of Music, HK$40,000 for Posed for a low price. The will be discussed at¡tho confer fishermon complained because the ense valued according to post-war level, n boost in share prices ronction at Kai Tak yesterday security measures; HK$41,600 for difference was $30 a pley and

Other representatives from natural consequence. was but

when Mr. Goul's story, was read, security measures for Govern, unanimous in But the general reception how-meat House; and 11$289 for the they refused to turn over the Shanghal are reported to be. Wu catch to their firm. Chun added,Yuo Trung, Chang Yuan-shan Observers are

ment.Chief Justice's chauffeur (new that when he was of amusement. view that no revival of evor, was one

arrested last fand a Mr. Coradeng, described as little post). general buying can be expected "That's plenty of talk for a

July, Choung Lol was with the representativas of foreign welfare until the current lightness of the guy remarked an air mechanic Taist, surplementary, provisions

polico.

and church groups. for 2040-80s. money market is aased.

referring to Leng's alleged, chal-

Heering continues today, $1,294.COM "And when buying starts again, lenge to the RAF, Mr. Goul went

4,194,044 Inspector W.H. Summers is in 9,322.9 charge of prosecution's case, you won't get shares at today's

10,087,769 prices," our informant said,

Tsingtao man fined for gold smuggling

in, his article to say that, his horo was credited with "four con- firmed Zeros" during Leng's ser- -vice-with-tho. RAI from 1998

until the end of the war.

Lieutenant General Sir Rober! Mansergh returned to the Colony yesterday by POAS. The G-D-C- in-C was on a short informal visit to Singapore. He returned by

Civil Air Transport sources, dis-

first quart

second quarter third quarter.

fourth quarter, 1999 Tea__ savings __10-allocated:

for 1949-50:

flesh quarter

$ 11,388.

second quarter $14,050

third quarter" 551,667 fourth quarter - 1,479,594== 2,828,643

Additional supplementary.pn

vialon up to March 31,

2060

Murderer hanged

Death by Judicial hanging

128.512.60)was the verdict returned by a

FOOD & FUEL COST

A

*

Jury of two men and a woman, at Central "yesterday when they held an Inquest Into the death of Wong Yul allaa Ko

sat as coroper in the inquest.

Mr. James McCutcheon, Chief}}

A Tsingtao. man, Sung Man-way of Sium. kit, charged with importing 35 tacls of gold without a licence, was fined $3,000 by Mr. Janica Wicks at Kowloon yesterday, closed that a CAT non-scheduled the week ended April 15, lasued

The food and fuel index forLo, dued 35. Mr. J. Reynolds Revenue Inspector S. Locka line will be strung from Tokyo by the Labour Office, wern prosecuting sald that defendant Singapore,, vla Taipch, Hong Rico & Figur 1,2 cattles $ 5.5400 Officer, Stanley Prison said that arrived here on Monday by train. Kong and Bangkok. The source and, when asked at the station added that the nights will whether he had anything to made weekly in a DC-4 chartered declare, answered in the negative. by CAT from POAS. When searched, die gold was, found, hidderi”.

when

to passengers.

searched.

talke com-

Pedicab driver

on careless driving charge

Vegetables, 1.9. cattles

be Salt Cabbage 2 catty

of a suitcase...

pleaded

that he. not understand; Cantonese.

he w

was asked. Mr. Więks. recommended that all Revenue. officers should carry a card in Chinese to

this affect to be shown The traffic accident last when they are Thursday morning in Argyle In unposing the fine Mr, Wicks Street involving the Governor's remarked, that had such a card cur and a pedicab had a sequel beca shown, he would have bad before Mr. James Wicks at no hesitation in confiscaling the Kowloon.. yesterday when the gold, which was ordered to be pedicab driver, Lam returned to defendant.

leung, aged 37, was brought up. to answer.'a charge of.corn: less driving, '.

TWO CRUISERS RETURNING

Yim-

Lam, who appeared still limp- ing, with evidence of piultiple injuries to his face, hands, and legs, pleaded guilty to the charge. Two British cruisers are due, to Traffic Sub-Inspector G. arrive in the Harbour, today after Hardacre applied for a week's routing cruises a Navy, spokes- remand for, further Inquiries into man said yesterday.

the damage to the Governor's HMS Helfast, is turning to car. He said that preliminary Hong Kong from Singapore, and estimates put the damage ab HMS Jamales H. visit to can returning from, roughly $3,000, and that a state- ment from the Governor's Indian The frigate, “HMS: Blsck- Swan | driver had to be taken? left last night for Yokohama. Lam was released on $300 hail.

FRAZER YOUNG

Oil 7 cuity.

Téa 2 catty

Salt Fish".3 catly

Fiah catty

Pork 3 catty

Firewood. 10.0 cofiles Bean Curd, 14 pieces

Total

1.4060 the deceased was convicted on 2540 December 8, 1949. on a murder 1.4070 charge at the Supreme Court. 1.0800

•WRS: Oxecuted at 7am. 8130

om. Stapley. of officers from 1.1040 Wong was one of a gang who 1800) robbed a Barber shop in Fokfulam 17000 Village, in August. Inst year, jh

vermorning in the presence,

1.0200 of

the course of which a member of $14:3040) the gang khot, the barber's wife:

Yuật. Ming. – She died later,

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