1924-06-30 — Page 3

Page

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W can inpply Pearings for all kinds of Machines.

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SELF ALIGNING REQUIRE LESS "ATTENTION,

THE UNITED ASBESTOS ORIENTAL AGENCY, LTD

Tol. Central 238.

SOLE AGENTS FOR HONGKONG.

THE HONGKONG DAILY PRESS, MONDAY, JUNE SOTE. 1924

Address: 2, Quëon's Buildings.

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THE U.S. GOLD HOARÐ.

BON, OLD, DOO,

DOLLAR AS WORLD'S STANDARD.

HONGKONG YARN MARKET.

Messrs. Polishwalla & Kotwall, cotton and yarn brokers of Hongkong, in their trale rircalar :-

The momentous assertion of the right May 4th, whole mouth has gone by, Siuer the despatch of our report on of the American dollar to replace the ie the anties period has been marked pound sterling as the dominant medium by dullness and inactivity, only a cerý of world exchange is made by the Advi-meagre business having resulted.

Our "market has been more or less sory Council of the Federal Reserve the influence of the daily decline Board, the American equivalent of the of Japanese yarn, the quotation for which Bank of England, says the New York cor- has fallen some 87 per balt Ou the other hand the demand from our chjet respondent of a London paper.

consuming market. Yunnan, has also been most disappointing layers from that province giving preference to tha the latter give full weight of fight cattles Shanghai product, it being clume that

As against 7 catties, per Jundle on the Indian yarn. Nevertheless, Domilay hoffers are inclined to withhold sales fir" the time being.

For several days the Connell, at the request of the Beard had been consider ing the Dawes Report. The keynote of its recommendations is summed up in the following challenging passages-

The Dawes Report leads the world to the Fross-roads. It provides for a German note-issuing Bank on a gold basis, but leaves the door open to place, it on a sterling basis, and it cannot be denied that there is no small prob ability of the latter basis being chosen.

Total sales, 1.000 bales. Unsaki süzeka, ales. Bargains in Chinese hands. 20 bales.

Shanghai-Yery· quiet. with little

sharing.

Japanese Yarn,más noted above, this Te the opinion of the Council, the saru has suffered a substantial decline scoper Germany can be placed on, and business has been done under quota- gold or gold-exchange basis, the noro can England and other comtries also return to an unrestricted gold standard, while, if Germany were placed on a sterling basis, England, in returning to an nestricted gold basis, would have to pull not only her own weight but that of Germany also.

It is obvious, therefore, that if the now German bank is placed on steri

Raw Cotton-No sales nor stock. Que. tations: Bengal at $50 to $60 per pitul2| Chinese at 8is to sun per picat.

'SHANGHAI TRADE. Messrs. Ubert & Co.'s Phree Goods

ing exchange basis the world mast pre-Market Report for June 9th ways; - pare itself to remain on a basix of ex- The hope expressed last week of a change instability for a prolonged change for the better in the state of the prind, the end of which cannot be fore-market has not sp far materialized and seen, while the adoption of a gold-that business remains extremely dail for no is, a dollar-busis would accelerate particular reason that cap le indicated return to world-wide stability. It is yond the gradual extinction of the this momentous alternative which is country's trade under the weight of min involved in the organisation of the new government and militarism; furthermore, Gesman note-issuing Bank."

ultivation of the ground is actively io progress throughout the Valley so that the neople have little time for the pur- chase of imports,

BILLS PAYABLE IN C...

The Council welcomes as "a mnye in the right direction" the ruling that the Federal Reserve Banks may consider as eligible for their open market purchases certain German dollar trade bills payable in the U.S.A. if endorsed by the recently established German Gold Rediscount Bank, the so-called: Schacht Bank, and by approved American endorsers

The Council draws this far-reaching ennetusion Measures of this character do not haly tend to bring our gold hoard into active and heating use bat. by enabling and encouraging other countries to trade in terms of dollars, we stimulate

It was thought that Szechwan would come to the rescue of the market as men' tioned by us last week but this is not the case so far, and matters there wik not be improved by the news of the murder of Messrs. Arnhold's foreign re- presentative in the Gorges, an incident which goes to show that conditions there are still anyting but settled.

Cotton in New York has been fairly steady throughout the week at just under thirty cents for Spot" and manufac turers in America and Lancashire con- tinue to quote prices which are producing only very little new business for them,

our own foreign commerce. We facilitate. PUBLISHERS' REMAINDERS. furthermore; direct sale in dollars our own products, instead of making foreign countries and ourselves dependent in this respect upon Great Britain's acting as broker and banker, as naturally she would where the pound sterling would govern as an exclusive basis of commerca and trade

Arenrding to the annual report of the Federal Reserve Board at the end of March, the monetary stocks of gold in the United States amounted £934,232,000.

Part

Par

to:

to

The Council observes that in the gir cumstances there does not seem uny room | for doubt regarding the policy which the Federal reserve system should pursue.

The alternative to the displacement of the pound sterling by the dollar in the work of rehabilitating the economic pro- cesses of the world the Council depicts in colours, which will vividly appeal to Ame rien Ginciers. It says:

Bless Amerien finds ways and means to permit her excessive hauking strength to benefit other countries, particularly those striving to bring their house in! order, the doar cannot maintain its pusi tion as a world standard of exchange. and foreign"countries-and even Anëri- can banking and commerce-will nee mor in large degree become dependent upon and tributary to the pound sterling, to the greater exclusion of the dollar.

The danger of the over-saturation of America's credit power is, the Council points out, being brought ever nearer by th, stream of gold flooding her shores,

THE RISE IN SILVER.

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A note in one of the latest issues of the Loradan Dwig Telegraph says:--

ing System at No. 9. JuupaN ROAD, During the past week or Xx the Koox, Audy-KOON TAI & CO., 21, market for bar silver has shown consistent Tea Vuur Road Central. Phone C. 417. strength, and a further advance was made

In the price to-day, bringing the quota

**

Bon for cash up to 35 &fllid. Conjectures the probable course of the market. indulged in, at the end of 1923. have proved wide of the mark, and the current fevel is ahead of the highest point touched last year, which was 33 11/18: At the end of "Apiril silver stood at 2.11-16the lowest point this year-to that for a condity which was threaten- fed with depression as the result of the expiry of the Pittman Act in the A them is evidence of considerable vitality. The reason for the dendy advance is dre primarily to the resumption of the Con timent as a buyer of metal for purposes, and as apparently inore. ons country

engaged in the return to silver coinage, it is now

is now expected that the demand will continue for some time. In addition, silver Inta fost none of its fase nation for the East, and the require ments of China and Judia have in no way fallen off. It

the pointed out that if ellyer exchanges rise too high the trade current may be reversed, but so far there seems no reason to expect an iramediate change in the position of, the silver me Eat. Considering that the cessation of boy. Ing under the Pittman Act was expected 10 releaze some. 60,000,000 to 80.000.000 ming ännually, the present mbysmentada reuurkable.

ON SALE.

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.H

HONGKONG HANSARD REPORTS MEETINGS of the LEGISLATIVE

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