1928-10-30 — Page 2

Page

JOHN HAIG &

SEARCH, PURCH

BOLD LABE

OUR COTON WHEY

The Whisky of Quality

from the oldest distillers in the world

Haiq

426

THE FATHER OF ALL SCOTCH WHISKIE

SOLE AGENTS:

THE HONG KONG DAILY PRESS,

TUESDAY, OCTOBER 30th, 1928.

Money and Markets

GOVERNMENT PUBLIC

WORKS LOAN.

SECOND PORTION OVER- SUBSCRIBED.

HALF PER CENT. PREMIUM:

CONTINENTAL" STEEL OUTPUT.

MILLS RUNNING TO FULL CAPACITY.

A correspondent, writing to London paper from Luxembourg, The second portion of the Hongthus describes the condition of the

Iron and Steel industries there:- Kong Government Public Works

Things in the steel world in half Loan has been three and a

Luxembourg arp

rosy, although times over-subscribed, according to makers maintain that probts are an official statement made by the getting less on account of the Hong Kong and Shanghai Banking have to be paid. There is not a higher wages and salaries which Corporation yesterday, Most of the ton of reel to be obtained either smaller applications have been allot here or Belgium or in France until after the new year. Germans ted.

might supply the deficit, but I am told that they would exceed their quota in the Continental Trust, and thereby incur the penalty of Bs, per ten excess

The special Board appointed to consider applications for the Loan is now dealing with the larger re- quests for allotments. It was stated) yesterday that the issue was already quoted at bulk per cent premuim.

HONG KONG STOCK

EXCHANGE.

CLOSING QUOTATIONS.

Octosax 991, 1999. “ B.K. Baakt.......$1,535 bay, 1,340 nol., Do.. London...£141 nom. Charlorod Banks... buy. Mercantile Baum, &, 23...23% pom

Ucle) nom.

Do.,

P. & O. Banks

East Ads Bank.......

Insurances

"TR_ERS":

buy.

Danton

$815 201

Union Isurulides .... North

Las

Ti 100 pay,

nom.

|

جديده

198) nout.

Yangiare InsuranceN,, China Underwiitera ..............Ej buy,, 91 sek. China

Pies Lasarances....75 bay. Chin Bozgleda

Kong Fure L300 H. Steamboata....... 32og num H.. Tug............$1.60 om. Indo-Chinas (Prof.) ............$iuş bay, 42 ɛel,

Du. Shell Transporta... 115/- nom.

(Def.)$791 an

buy.

Benguete buy..

a Mining Adusin..... 71/6 buy,

Hatorbuat..etonstipat

by

72/3 bal.

Langkats (combined)......la. ii nom,

10. (single)......... Tis, 51 nom S'ha. Explorations. Tia. 2.80 hay. Bhangaa Loans

.118. 3 bay.

Providenta

Tronoh mes "Money seems to be plentiful for.K. W. Dock

H.K. & K. What... new construction. Dudelange is building four 600-ton furnaces, and

China Differdange is starting the complete reconstruction of the ten existing

COTTON YARN AND PIECE Iurnaces.

# GOODS.

નાના

...17/6 nom.

37 nom $138 nom.

S61 BOL

.The. 156 nom.

Honghews. New Engineeringsla. 5 buy. Shanghai Dooks Lis. Juo bny. Ewu Cotton Tl. 11.30 son "Meantime, the British iron and Oriental Cuttous Tie. 24 . steel industries are being fed with s

Cottons (oll) .... TL, LUA.DEY. promises by the politicians, and are

Do. (new......Tis. 27 buy. being told to wait until after the H., & Hetes ......$3.0 buy.. election of next year. Most of the.

8.2018. works may be closed by then; the. Lands? nom. which own their ore supplies, "pro... ties.....

Humphrey stater......$15,70 nom. vided they are cheap.

.18.85 com, 1 div. H.K. Tramwaya ............! $zi buy, 214 Peak Trams (old)

1 sel, 21; 2, $13 buy. (ROW).......................10.30 nom. Star Forries.................1674 bay. Ohms Laghi (ola)...$15.35 bay., 13.00 sel

GANDE, PRICE & CO., LTD., the strike in 1935-Hong only one in operation may be those shangial Landsfls. 138 buy.

HONG KONG,

183

REPULSE BAY HOTEL

CARNIVAL

Saturday, 3rd November, 1928. DINNER $4.00 Per Head. (FANCY or EVENING DRESS) Late Bus to the Hong Kong Hotel 12.30 am. Tables may now be booked at the

Hong Kong or Repulse Bay Hotels

2.

Telephone: C. 2581 and C. 776."

THE HONG KONG & SHANGHAI HOTELS, LTD.

DAN YAN

PICKLE & SAUCE

are quite different from anything you ever tried. before There is a sub- tle distinction in flavour which is wonderfully appetising and a great digestive aid.

At all good. Scorekeepers.

MACONOCHIE BROS., LTD.

LONDON,

ENGLAND

Asahi Beer Invigorating & refreshing.

Sole' Agents -

MITSUI BUSSAN KAISHA LTD. HONG KONG.

The Colony's trade in cotton-yarn and piece-goods has not yet recover ed from the slump brought about Kong has been the distributing centre for cotton yarn, and all transhipments of this commodity to the provinces in the two Kwangs used to take place here. In those days a single shipment usually amoented to 10,000 or even 20,000 bales, and these all of one chop." When the strike came and Hoog Kong's purt facilities were crippled for a time, Shangha: appropriate a large share of this business, which the Northern port still retain.

Cutton-yarn is now transhipped from Shanghai in big quantities to the various districts in Kwangtung, and therefore very little business is done through Hong Kong. Trau shipment to Yunnan and the Philip- pine Islands, however, still remain. ed, but the volume of business done is not large. Firms handling.. this line are, not now in the same posi tion as they were before the strike,

and the outlook is none too bright.

Business in cotton piece-goods is also none too flourishing. At the beginning of this year, prices for printed linens declined by about $100. Merchants hoped to recoup what they had lost in the autumn, because there is always a big de mand for such goods during the colder months, but unfortunately for them, the anti-Japanese boy cott-brought about as a result of the Teinan incident has totally shattered this hope.

The pickets, who took upon them selves the task of suppressing the importation of Japanese goods into the interior, think that all printed cotton piece-goods are manufactur- ed in Japan, and are determined that none should enter Kwangtung.

There is a. gond demand for Bannels, but with the exception of this line, quotations for ather piece goods show a downward tendency.

SUGAR AND RICE SALES.

LOCAL TRANSACTIONS.

There is a small but steady de- mand for coarse sugar in Hong Kong. Local business done recently included 1,500 bags at $7.63, while the highest price paid for 300 baga was 87.70. All these were No. 21 brand. No. 18 brand was quoted at 87.13, and 180 bags were sold at that figure.

Green Seal (White Siam) rice has been sold at $7.52 per picul, and Red Seal at $5.78. Broken rice Green Seal was quoted at 86.89 and Red Seal at 35.97. Only small lots have been sold recently in Hong Kong,

THE RICE MARKET.

CHECKING SPECULATION IN JAPAN,

Luxembourg and Belgium the lead- "It may be mentioned that in ing Roller in a steel mill gets about ds. per shift, as compared with 30s. per shift for the same workman in Britain. Lower grades hours are worked on the Continent, are paid in proportion Longer but in these protected countries Eiving is cheaper.

U.S. CREDIT SITUATION.

BANKERS CRITICISM.

New York, October 1st. Many of the bankers who are gathering at Philadelphia for the forthcoming annual convention of

the American Bankers' Association,

are openly expressing misgivings about the credit situation.

The practice of industrialists in withdrawing funds from their banks and lending them on the call money market is strongly criticized, parti- cularly because of the unsound speculation in securities that has been fostered by it." There is dis satisfaction, likewise, over the situs tion presented by the reduction in the nation's gold supply, coupled with the large increase in discounts with the Federal Reserve Banks, in the face of relatively small increases

in deposits.

Bo.

Do.

130.{1925 daxua) ...$18.30 buy. H.K. Electrica (old)...151.35 bay., 51

Do

(new)......5i non Macan Electrics..........$261 buy. Telephones., 7į buy, cum rights

Do.

.........5.39 I rights Do. rights

$3.3v nom. Okina Buses......... 11 bay, Singapore Tractiona..............12/- nom.

Do. (Prež)... 18/3 bor. China Sugar

.31 nom. Malabon Bugars..............şiş bay. Onutom Icen

„šit nom. Cements (combined) ..............$9.80 nom.

Do. (old) ......$8,33 nom, D. (20)li bay. K. Ropes (012) $7.80 nom. Do, (LOW)..... $7:55 nom. United Arbustos

„$23 ml, 23₤ sa. Dairy Farmszen Watsons

..$14 buy. Der A Wings $0.59 nom.

$3,05 Lane Urawford........

buy. ..............20 Mackintosh.................

nom. .. bay. Sincere............ Wm. Powers,

13.60 buy, H.K. Amusementa ......323 Bel. H.K. Construction...i bay,

que. Indus. G.Bonds.51% Day. HK. Gort Loana.......8% prem. buy.

Do...... \(Low),.,34% prem, buj.

buy-buyers; sel-sellers; 'sa-mall;

HQ.-Lominal

EXCHANGE RATES.

(BRITISH WIRELESS BREVICR]

Ruart, Oct. 28th.

124.14

34.881

20.35

12.80.7/18

Paris Brusela Amsterdam Berlin

Copenhagen

18.19

of

Vienna

34.47

192.70

1073

One Western banker, discussing the strain on credit caused by ope- rations in securities in New York, said yesterday:-" Debt is debt, no matter how vast the scale. When our farmers try to carry their wheat and live stock too long on borrowed money they usually have to take a lower price in the end. For that renson it is". hard for the Middle West to believe that the stocks and bonds which are being carried with $5,000,000,000 (£1,000,000,000) borrowed money' can finally be marketed without a serious credit disturbance. At the same time it is impossible to believe that there could be a real money crisis. The reserve ratio of the Federal system is smaller than that of a year ago by about ten points, but it would still be considered ridiculously high by any other central banking system in the world."

Another banker called attention to the growing scarcity of bills eligible for rediscount at the Federal Re- serve Banks as the chief disturbing clement in the situation. Paper arising out of financial rather than, commercial operations has shown a disproportionately large increase. Such paper is not eligible for redis- count.

"A Grave Responsibility." The Chairman of the House of Representat es Committee of Bank ing and Cu eney, Mr. Louis T. Me The Tokyo Rice Exchange, which Fadden, drew a sombre picture of temporarily suspended business on the present credit situation in an September 4th and October 5th, address he delivered to-day before again announced a temporary clos the clearing house section of the ing on October 19th on account of American Bankers' Association st the sharp decline of quotation for the convention in Philadelphia. The the current month delivery. The Federal Reserve System, he declar. Exchange was to remain closed until cd, faces a grave responsibility in the 8th session of the morning of dealing with inflation in the stock October 23rd, and meanwhile the market and in real estate transac- directors were to decide what mentions. The risk of producing a sures were to be taken to regulate business "slump" without intend- speculation.

ing to do so would have been ob- Warning was given to speculators viated six months ago if the Reserve! who had not yet liquidated hold. System had been more" drastic in ings, to offer Y.100 additional de- dealing with stock speculation. posits per 100 koku by noon of Brokers loans at present made up a October 23rd.

greater total than the credit extend- An extraordinary committee meeted to agriculture, to foreign trade ing was held when the suspension and to the automobile industry. was declared, and counterplans to There was ample credit in the combat reckless speculation discuss United States, for all normal and ed, Some members of the com-legitimate use, he said, but there mittce proposed suspension in the seemed to be no standard of prac case of new speculation, while tice in the proper use of credit others advocated that speculators and no instrumentality which had be made to settle their accounts by the power in an emergency to force. compromise with the aid of the those who deal in credit to employ Government.

(Continued on next Column).

JJ

Helsingfors Lisbon Bucharest Buenos Aires New York Geneva Milan Stockholm Oslo

802)

47.13/32

4.64

25.90

91.57

18.14

19.19

Prague

163

Madrid

30.09

Athens

3747

5.59/04.

1/6.1/18 1/11.5/18 2/71 2/0 28.3/16

267.

Rio

Bombay Yokohama Shanghai Hong Kong Silver (spot) Silver (forward)

sound principles. Wise statesman- ship would establish a standard and preserve a proper balance so that capital needs and the needs of in- dustry, and commerce should not suffer.

THERE'S A LONG, LONG TRAIL

Bf

Bugs Fleas, Flies, Beetles, Mosquitoes, etc..

all killed by

KEATING'S

DOMETIMES

MADE

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Give your Baby Glaxo, and watch the difference after a few days; see how restfully he sleepe, how contented he is and how steadily he incremes in weight. Ask your Doctor

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