1928-10-27 — Page 2

Page

JOHN HAIG & Co.

Coming Hug&Korg th

FULD LABEL

HOURIA COTCH WHIMET

The Whisky of Quality

426

from the oldest distillers in the world

Haig

THE FATHER OF ALL SCOTCH WHISKIES

SOLE AGENTS:

GANDE, PRICE & CO., LTD., HONG KONG.

TO NIGHT

At 9.15 p.m.

THEATRE ROYAL

Final Recital By

[183

MOISEIWITSCH

Most Popular Pianist of the Day.

Prices: $4, $3 and $2.

Booking at MOUTRIE'S.

Direction:

"A. STROK.

PAN YAN

PICKLE & SAUCE

You can take "Pan Yan' as often as you like and as much as you like It aids digestion.

YOU'RE IN A FINE PIOLEN

PANYAN

At all good -Storekeepers.

MACONOCHIE BROŠ., LTD. LONDON,

ENGLAND. -

仆

THE HONG KONG DAILY PRESS, SATURDAY, OCTOBER 27th, 1928.

Money and Markets

THE VALUE OF THE CHINA'S HOME INDUSTRIES,

YEN.

EXCHANGE AFFECTED BY GOLD EMBARGO RUMOURS,

OFFICIAL DEFINITIONS OF ** NATIONAL 'GOODS.”

In view of the Erequent references by Chinese officials to "national goods" in their appeals to the people to support home industries,

23

The yen was quoted on October 26th at 47 cents gold, or is.11d.it is interesting to have an official sterling according to official rates, statement as to what are regarded the advance of half a point being

"national goods." due to the persistent report that the lifting of the gold embargo by: the Japanese Government is now simply a matter of weeks.

According to official information received in Hong Kong from Japan yesterday, there were no sellers of yen on the exchange market, holders refusing to part with the currency in the hope, and expectation that its value in international exchange would very soon show considerable improvement. The

Announcement

meree and Labour recently passed The Ministry of Industry, Com-

a resolution to the effect that in order to encourage home industry,

distinction must be made be tween genuine national goods and those produced with foreign capital, raw materials or labour,

The genuine national goods, ac cording to the resolution referred to, must be produced with Chinese capital,, raw materials and labour, though when necessary a small por- tion of foreign capital, imported: raw materials or foreign technical assistance may be employed. Geo- wine national goods are, therefore, classified as follows:

First Grade National Goods with Pure Chinese capital, labour and

TAW

that Japanese bankers associated with the Clearing Houses in Tokyo and Osaka had met for the purpose of discussing the advisability of lifting the embargo and that, as a

material and under Chinese result of their discussions, they had management; 'Second Grade, Chi advised the Minister of Finance to and with a small portion of import- nese capital, management, labour give immediate effect to their red raw materials and foreign tech- commendation, caused the public in Japan to expect the embargo to be nical assistance; Third Grade, done away with very shortly, des- Chinese capital helped by a small pite the hesitation of the Minister portion of foreign loans, Chinese of Finance to take any action in the management, Chinese raw materials, Chinese labour with foreign tech- nical assistance; Fourth Grade, Chinese capital and management,

matter.

It is noteworthy that the number of supporters of the lift, the em- bargo movement is daily increas- ing, and even those bankers who had formerly alligned themselves on the side of the oppositionists have now been won over. A free gold market is now practically endorsed by public opinion in Japan, and the only persons who are in any way against the lifting of the ban are those connected with the Ministry of Finance Even. the Governor of the Bank of Japan seems to be inclined to the view that a free gold market is advisable.

major portion of raw materials being imported, and Chinese labour and foreign technical assistance; Fifth Grade, Chinese capital helped by a small portion of foreign loans, Chinese management, the greater

art of raw material being Chinese and Chinese labour with foreign technical assistance; Sixth Grade, Chinese capital with foreign loans, Chinese management, the greater part of raw materials being import- cd and Chinese labour with foreign

technical assistance.

The Minister of Finance, however,

Semi-national goods are of three intimates that the present is not grades, produced under the follow- satisfactory moment to lift the ing conditions:-First Grade, Chi- gold embargo. The Government, nese capital, foreign management, he declares, must first take steps to Chinese raw materials and foreign make the venture absolutely safe, labour; Second Grade, 'Sino-foreign without any danger of reaction upon joint capital, foreign management, trade and industry. As soon as Chinese raw materials and Chinese business conditions have reached Jabour; Third Grade, foreign capital such a stage, the Government would and management and Chinese labour carry out the wishes of the bankers and raw materials. in the matter-but not before.

The bankers argue that prompt gold-payment is the only remedy to save Japanese business from the present imppase. Inasmuch as a large surplus of idle funds con- stitutes a grave factor in inter- national exchange, the bankers

REMITTANCES FROM OVER- SEAS. CHINESE,

ENORMOUS ANNUAL TOTAL

In

insist that the best thing would be. Every Overseas Chinese, mer to cause this idle money to be re- chant or labourer sends bome no leased. This would not only create nually an average of $27, according confidence at home," but would to an estimate by the Yokohama strengthen Japan's financial position Specie Bank based on remittances abroad.

from overseas Chinese in 1925. Another reason why the bankers that year 1,170,000. Chinese in the are so strongly in favour of the Straits Settlements remitted alto- lifting of the ban is the general ex-gether $19,028,000, or $10 each, pectation that Japan's trade balance 250,000 Chinese in the Philippine this year, in spite of the anti Islands 13,229,000, or 353 each, Japanese boycott in China, will and the 810,000 Chinese in the Dutch show an increase of exports over East Indies $10,840,000, or 813 each. imports. The impression had been The remittances from any of the created that the anti-Japanese boy three foregoing places averaged 927 cott had gravely affected the value a person. Calculated on this basis of the yen abroad, but it is declared those 1,800,000 Chinese in Siam, such is not the case. Although 300,000 in French Indo-China and Japanese trade with China has been 200,000 in Darma should total hard hit by the boycott, trade with total 866,490,000, which togetuer with other countries, notably the United the $43,098,000 referred to above, States, South America, India, and makes a total of over 8109,000,000. the Straits, has been much better To this must be

addled the than previous years..

$50,000,000 or more from the Chi- nes in Europe and North and BRITISH TRADE IN CHINA. South America, bringing the final total to about $100,000,000, which may be sufficient to cover the un- favourable balance in China's for- ciga tradic.

JAPANESE ALARMED AT MAN CHESTER COMPETITION.

About 20 years ago a foreign authority estimated the maximum Manchester goods have not only amount of yearly remittances from largely displaced Japanese piccc-overseas Chinese to China at Tla. goods in China as a result of the 130,000,000 a year as follows: anti-Japanese boycott, but have also Canada and the United States, Tls. successfully competed with German 38,000,000,000; Central and South goods dumped in the market, ac America, Tis 5,000,000; Japan, Tla. cording to data compiled by Japan 2,750,000; the Philippine Islands, Consular officials in China. Tla 4,000,000; Straits Settlements, Japanese piece-goods had occupied Malay Archipelago, Siam, etc., Tls. an important place in the China 35,000,000; Formosa, Tla. 5,000,000 market until the inception of the Hawaiian Islands, Tis. 3,250,000 boycott, but by the month of May Australia, Tis. 10,000,000; Siberia goods from Manchester had assum and Korea, Tis. 2,000,000; French In July Indo-China, Tia 15,000,000; India, and August the Chinese were buying Tla. 10,000,000, practically nothing else but British.

ese

Drink more the leading position. Asahi Beer goods, and although the Germans

it

is

refreshing and

invigorating.

Sole Agents 1- MITSUI BUSSAN KAISHA LTD.

HONG KONG.

made desperate efforts to secure the lion's share of the trade, that share to the British. Japanese merchants went to the British Lion, according have purchased 50,000 tons of Cuban to the Japanese officials interested sugar for re-export to China, but in watching the Chinese market. the British have purchased 200,000

They point out that not only have tons of the commodity in Java. British merchants done their utmost According to information gleaned to regain their old position in the in Hong Kong business circles, it China piece-goods market, but is feared by the Japanese, that it the Chinese in their boycott of will be extremely difficult to regain Japanese goods-bavs turned to their position in the China piece. British goods of their own free will goods market, for once Manchester Japanese exporters are alleged to has agait secured a strong footing have taken the situation too lightly, in China, British merchants will not and completely failed to observe surrender that, position without a the measures taken by the British strenuous 6ght. Japanese officials. bongs, or to engage in effective in China, are of opinion that piece- Japan manufacturers in. goods Not only in piece-goods but in the should get together and, devise. sugar trade, the Japanese have lost effective ways and means to cope (Continued at foot of next column.) with the situation.

counter-measures.

HONG KONG WOMEN'S GUILD

. AND

MINISTERING CHILDREN'S LEAGUE"

will be held again

at

LEE GARDENS

(through the courtesy of the executors of the late Mr. LEE HYSAN)

of

SATURDAY, NOVEMBER 17th.

Candy and Coffee, Ice Cream and Toffee, Chuting the Chute, A Band (without flute), Toys and Balloons, Gypsies and Coons, Fairings in Plenty and All for You.

CURRENCY REFORM IN

KWANGTUNG.

DEBASED COINS TO BE

RE-MINTED...

HONG KONG STOCK · EXCHANGE..

CLOSING QUOTATIONS.

Do

dum,

Owing to the refusal of the

OCTOBER 26TH, 1928. ......................................... $1,935 buy. Canton, public to accept the 30-cent BK Back.... cains issued in 1924, Canton officials Chartered Banks21 buy, Loadua...isl nom. and representatives of the local Mercatale Banks, A... nom. bankers and Chamber of Commerce

Do.,

0...2143 com. bave organised a commission to collect and re-mint the debased

Anis Banks presenting a total face value of over Union Insurances.... coins. ` Up, të last month coins re- Cantos Insurancesco bay, 6 675 sel.

541,000

buy. were redeemed at 75, North China Ins........... 160 Examination found the coins con-

bay," niamin from 50 to 60 per seat, of Unins Underwriters... 12.55 bay, 23 sel,

Yangiare Insurances....... 150 nom. silver. The commission has ordered China Fire Lasergases...

$276 $2,000,000 bullion from Hong Kong Hong Kong Fira In.....$800

buy. and starting minting new 20-cent Doogle pieces, each weighing 1.44 fenk. T

མན བཙག� ས་ ཐབས ག་ཎྞ 33 Steamboats. $209 nom. (candareene) and containing 70 per

$1,69 mom. cent. of silver. One side bears an

Indo-Chinas • (Pre)....but buy, effigy of Dr. Sun Yat Sex, de Do. (Def.) ......$724 buy. nomination, and the date of issue

Shall Trasporta...

.........118/- DOM. and the other two rice care. The Waterboats... 128 boy. mint which was remodelled from a Beagcets.............2..boy... Kailan Mining Adwin....71/- xon. plant of the Canton Arsenal, is turning out $200,000 worth of coins Langkats (combined....... 31. tom. Do. (single)......Tim. 5à nom. daily.

S'hal Explorations......

"Tis. 2.80 bay. Shanghai Lonas

*Th. 3 buy.

EXCHANGE RATES.

(BRITISH WIRELESS KERVICE.]

Paris

Brussels

Ranbe

sa).

*proxi

$41 Dom

42 sol,

Trench Minse

...17/5 nom. B.K. & K. Wharf..........$135, nom, H.K. & W.Docks .........537 nom China Providents' ..$5} sel...... Honykow..........

The 156 com.

New Engineerings mailla. 34 buy, Shanghai Docks,

Ta 106 buy. TU.11.10 bay.

Ewo Cotton

Oriental Cottons to S'hai, Cottons (old)....... buy. Do (now)......Tis, bay.

H.K. &8. Hstels ...... 19. bag. B.K. Lands

187 nom Shanghai Lands .......................Tis 138 buy. Humphreys Estates......$15.70 nomi HK, Realties......... ....$9.15 nom. HK Tramways.............. | 131.80 buy. 22,10-

sel, 22/21.10 sa.

હોન

Peak Trams (oid)....$13 buy.

Bo. (now)....8,30 nom.

Star Ferrier.....167) buy China Lághts (old)...$13.35 bay., 13.60 esi.

Do. (KW)13.30 o.

FL.K.

Do. (1928 Issue)...13.20 bay. Electrics (21d)....$59. Do.

(128) ......851 xa. Macao Electrice$16 buy Telephones.$71 bay. cum rights Do. ........$5.30 buy rights Do. rights$3.50 nom, China Buses.......Tis. 11 buy. Singapors Tractions......12/. num.

Da. (Pref.) 18/3 buy. Chins Bugs Malabon Bugarsel bay, Canton Ices....$34 nom. Cementa (combined)......19.80 nom. Do (old)... DOA. Do.. (new) 1 bay. ELE. Ropes (ald)..... $7.80 nom. Do. (new) $7.55 noms. United Asbestos

15 nom.. $23}zal., 23}/23} .

་

Watsons Der A Wings Lane Crawlords..

Mackintoshs.... Binceren

WIL

Powells

New York Geneva

Milan

4:83.1/32 95.20... 92.60

Dairy Farms.

Roozy, Oct. 25th.

124.15

Stockholm

Oslo

34.89

Prague

18.14 18.19 1634

Amsterdam Berlin

12.091

Madrid

20.35

Athens

Copenhagen

18.19

Rio

Bombay

30.075 375 5.29/32 1/6.1/16 1/11.18/16

"Shanghai

Hong Kong C

2/72 2/01

Bilver (spot)

201

Silver (forward)

207

Vienna Helsingfors Lithon

Bucharest................ Buenos Aires

34.495

1922

107.

802

471

(Continued at foot of nest column.)

Yokohama ...................

HLK. Amusements

1st buy.

$0.50 nom. $3.00 buy. $20 nom.

....191

bay

13.60 bay,

B.K, Constructions 1) buy. qus.Indus, G.SBonds...85% buy.

H. Gort, Loans prom, bay. Do... (new)...8% prem, buy, bay-buyers; sel-sellers; zu-mies;