1928-12-08 — Page 3

Page

SUFFERED WITH WATERY PIMPLES

Caused Face to Smart and Burn. Cuticura Heals.

"My trouble started with watery pimples on my chin. They broka and became terribly inflamed and #prend to my nack and face. When the pimples broke they caused my face to smart and burn. I suffered with them for about-three-months.. "I sect for a free sample of Cut- etra Scap and Ointment and applied it an directed. I purchased more and in twd' weeks there was a great im- provement. I'continned using them and in a month I was completely healed." (Signed) G. H. Toogood, 13, Vincent Pl., Yeovil, Som.. Eng. For all purposes of the tailer and bash, Curlear Bosp Olatment and

Talcum are excellent.

and Alcum

Sample each, Soep, Clayton Price & Irre, upon request, from Conway, Ltd. P. O. Box 650, Shanghai.

Sold Throughout iba World

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CECIL B. DE MILLE'S SUPERB DRAMATIC PRODUCTION THE

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FANLING HUNT STEEPLECHASES SATURDAY,

22nd DECEMBER.

ENTRIES CLOSE AT NOON 10TH DECEMBER FORMS FROM THOMSON & Co.

HATS, GOWNS & NOVELTIES,

"Felix."

LOCAL' SHARE MARKET.

ALMOST STAGNANT.

MESSRS, BENJAMIN & POTTS' REPORT:

THE HONG KONG DAILY PRESS, SATURDAY, DECEMBER 8th, 1928.

Messra Benjamin & Potts, in their weekly review of the local share market, dated December 7th, state :') The local market during the past week has lapsed into quietude bor dering almost on stagnation, and only, a few transactions have been recorded.-Prices in the majority of cases have declined, and dull- ness and lack of business are the prevailing features of the market in regard to both investment and speculative stocks,

Hong Kong and Shanghai Banks have eased off slightly in London to £120) (31iddle), but local sales were made at 21.320/81.05. Unions have fluctuated between $351 and 600 Cantons are without busi-

ness at $600.

Hong Kong Fires continue on offer at $780.

Hong Kong. Canton and Macao Steamboats have declined to a buy ing quotation of #es. China Pro- vidents have remained steady at 33. Kowloon Wharves are lower with sales made at 8133. Hong Kong and Shanghai Hotels were dealt in at 80.55 early in the week, ht have since receded to $0.30.

Hong Kong Lands have fallen away [4 $85.-10. Humphreys

RUBBER PRICES.

SCHEME FOR MAINTAINING VALUES.

A SUGGESTION FROM JAVA.

A correspondent in Samarang writes the attached two letters. which were published in the Struts Timira, Singapore, on 31st October, 1898, and 15th November... 1998, respectively, may be of interest to your readers and perhaps save many from sacrificing their investments in rubber shares.”

(TO THE EDITOR OF THE STRAITS

TIMES."

Sin-In

[TO THE EDITOR OF THE BTRAITS TIMES."]

SIR.I have to thank you for courtesy in publishing my

the Straits Budget rubber supplement of recent issue your

Between

it is suggested that, a reduction 1 letter of October 15th, I am en- at the available supplies by 60,000 | closing herewith a copy of a state tons per annum would completely | ment of the matter from the point revolutionize the outlook for the of view of the high cost" Bro industry." This appears to mean

dacers which. I trust, will interest that overproduction is estiranted at your readers, c0.000 tons per annum January 1st and September 30th this year the price of "rubber fell from over is. 6 to under l. per Tb., owing to the removal of restric tien as from November 1st. This fall in price was due to:--

||

fa) the fear that supply, will ex-; ceed consumption by, say, | 5.000 tons per month (e.. 50.000 tans per annum. as in para 2 above), aggravated by (b) Bar sales, based on the ex

pected overproduction of 5.000 tons per month.

If potential production is 600.000 tons per annum and consumption Estates are obtainable at 8154. is c00,000 tons, the excess 60,000 Hong Kong Trams after having tons might be destroyed and the touched $15.00 have slipped back to loss to producers on the basis of 1s. $10.30, Hong Kong Electric (Old) | 0d. per lb. would only amount to were, taken off the market at 8021. 1.8. per 1b. on the 600.000 ton China Lights (Old) changed hands|quired for consumption. In other at $12 and $12.30.

words, the reduction in prive from is. 6d. to Dd. per lb. is the total of 1.8d. loss due to overproduction, and

The principle on which the fol- lowing suggestions are based holds good for any figures.

Assuming that the world figures are as follows:-

Ton per Producers A

month- Costing up to 13d per

30,000

I

Producers B

5.000

Costing over 152. per lb... Tutal production. max... 55,000 Total consumption...min. 30.000 Surplus production max. 5.000

It has been assumed by many that the stoppage of compulsory restric ducers B," which would reduce" tion will eventually eliminate pro- production to the level of consump tion and stabilize the price at a figure that would return a reason. able profit-on a cost price of 15- to producers "A.

A

FINANCIAL OBITER DICTA.

VIEWS OF BRITISH BUSI- NESS-MEN.

The campaign to buy British goods cannot fully succeed unless people have a theans of discovering whether what they are buying is in fact British or not.-r. H. Williams, M.P.

It is much easier to spend money economically in large sums than in small that is why a Scotsman is so reluctant to change a banknote," if ever he gets hold of one, for be knows that loose money runs to waste. Sir Charles Addis. I learn that people are laying by ~From all parts of the country more out of diminishing incomes than they did in the days of their prosperity-Major-General J. E 5. Seely.

country had a man who has done We never in the history of this more for manufacturing concerns than Mr. Baldwin.-Nr. W. R. Morris.

The burden of rates is the main cause that prevents pur manufac turers from competing on fair terms with foreign competitors.--. The Earl of Cranbrook.

I consider that the Bank of Eng- land is Eighly efficient, and always discharges its duties conscientious- ly and with the public interest en- tirely in view-Sir Herbert Ham- bling.

place in the sun for only a few Prosperity does not I mean. D world-wide operators-Sir John Cadman.

Lord Ashfield has everything Mr. Herbert Morrison. worth having except the trainways.

are still the world over the greatest In spite of competition, railways instruments for the movement of Henderson. goods and passengers. Sir Brodie

THE SUPPLY OF TIN.

If these assumptions are correct

WHAT ARE THE FACTS I and they are supported by all the known factors-then producers "B" Recent efforts by employers and are facing ruin in the near future trade unions IR England to unless they can find some compen-analyse rationalisation or efficiency cation for the loss incurred by pro methods, and to stimulate economic ducing rubber, at a cost of over remedy, for present distress may be recovery, suggest that part of the

Star Ferries seek buyers at 2671. China Sugars advanced further to 80 cents, but have since lapsed to a nominal quotation; Dairy Farms. loss due to speculation. The were sold down to 21). Green penalty of overproduction" must be Island Cements (Combined) were easier with sales reported at 883 paid sooner or later, but would-it 5d., for sale at a lower market found in a great jublic interest in

There has been a slight recovery at the close with buyers offering

80.

tors,

not be possible to save the loss caused by the operations of specula- Ewas are a shade lower and were

in the following manner? negotiated at Tha. 13.15. Shanghai | Any, individual froducer could: — Cottons (Old) were placed at Tis..

te) offer his maximum produc 61. Orientals are on offer, at Tis.

tion-for forward delivery 2.10. Benquets have buyers at

RUBBER SHARES..

LATEST QUOTATIONS,

Messrs. Carroll Bros. writes: With London stacks reported down by a further 1,470 tona (making present stocks in hand 19,72 tons) the price of rubber has remained very steady.

The continued steadiness in the price of rubber has led to a better enquiry for shares. Sellera, how ever, are difficult to locate. Pre- sent quotations are:-

Ayer Panas

$6.20

Balgownies

1.80

Glenealys

1.50

7, Ice Horse STREIT,

Hong Kowa.

Kuala Sidima

3.00

TEL. C.6294

Kundongs

9.10

Kedahs

.3.10

пая.......

New Serendriks

1.63 2.35 1.30.

AGENCIES.

The London Office of the HONG KONG DAILY PRESS, 21, Butor Lanz, E.C.4., is constantly. receiving Enquiries from Heme Manufacturers regarding Suitable Firms to act as Agents for their. products in Hong Kong and South China.

If Local Companies desirous of taking

up further Agencies will let us know the liner in which they ara interested the information will be

forwarded to London and passed on to interested parties as op- portunity offers.

This Service is offered to our Rendera without charge and, of course, no obligation is incurred on either The Required Information should be

side.

sent to the

"

HONG KONG DAILY FRES8, LTD. 11, ICE HOUAZ" STRKET, Hong Kong.

SUNRISE AND SUNSET.

Sunrise. .,8.31 a.m. "To-morrow ...6.62

To-day

Monday...0.52

Sunset, 5.30 p.m.

5:30

FT

5,40

+1

Perak Rivers

THORNYCROFT'S" PRO- GRESS.

INCREASED PROFITS.

:

at the all-in cost play, say, "10 per cent proft (for

example 9 plus 0.9 or 9.9d.), (b) buy up to 9.9 minus 0.0623 or 0.8373 penco-all rubber “offer. ed for forward delivery, and (c) restrict his production (and

offers of production) pro rata. It producers, operating on these lines Succeed in buying forward: for delivery at the rate of 5.000 tons per month, and restrict production during the same months, by 5,000 tons per month, they would elimin ate overproduction during the said months and compel bears to cover in a market oversold by 5,000 tons the first month, 10,000 tons the..

second month and so on,

value."

At the present moment and for months past-rubber is being, and has been, freely offered at 9d. and lower, for forward delivery, and producers" have, the choice of 3 alternativee, namely:-

(1) They can postpone forward sales in the hope of better prices..or

(2) They can sell forward at 9d:, max, and use at least 6d. per ib., or

(3) They can buy forward at od.. restrict production pro rata and-in due course-realize their purchases. in an over- sold market.

Alternative No. 1 is blind

amble, with every known factor dead against the gambler,

Alternative No. 2 in not even a gamble but merely a short cut to Tuin and bankruptcy.

Alternative No. 3 is equivalent to betting on a certainty and a cer- tainty that is controlled by pro- ducers "B" themselves.

La the Straits Budget rubber supplement, of September 7th it is suggested that "Straits 80-14

The producer who produces at (equivalent to 3.02d.) per lb. should 15d. "when he can buy at ad., or more than cover actual production | who hesitates to select alternative costs on a well managed estate, the No. 3 above is, to quote Mr. A. W. said costs consisting of collecting. Still unfit to be at large în a curing packing, dispatch, etc." If this is correct, the cost of restric

tion could not exceed 3.924 per 1b.. for each lb. purchased, up to maximum of 5,000 tons per month. This sum would cover all expenses, including remuneration-ca the basis of full production-to all em ployees. and, by eliminating the risks of Joss of labour, would enable producers to regulate output at any figure between 100 per cunt. res A very substantial increase in triction and 100 per cent, produc profits was experienced by John Ition. At dates of deliveries (neg- Thornycroft and Co., Ltd., the en- lecting brokerage, etc.) producers gineers and shipbuilders, in "the | could "afford to cancel their pur- year to July 31 last. The total chases at (8.8376 plus 3.02) pence amounted to

£128,519, against plus 10 per cent. or say 16.14 dividend is increased from 8 to 15 £32,196 in the previous year. The pence per lb. maximum, 'which is moderate in comparison with prices

per cent, while the Participating under restriction. Preferred Ordinary shares receive

9 per cent. The report states that A group of leading producers,

commercial community."

It producers "B" succeed in buying 80,000 tons at 9d., for de livery forward, at the rate of 5,000 tons per month, and restrict pro- duction pro rata, no argument can alter the facts that

(a) Overproduction-during

the

the broad problems of large indivi- dual industries.

Tin is at the moment a good illustration. Take, for example :---

(a) The innumerable uses of tia in engineering,, the building industry motor manufacture, and the greatly developed can- ning trade. The first is in de pression. The other three are re- latively prosperous. While there may he only 15 worth of tin in an automobile and a small frac tion of a farthing's worth in a can of fruit, the aggregate con sumption of industries now of world importance is impressive.

(b) The value of more reliable statistics bearing on the qutput and consumption of tin. In this "aphere 'progress is being made; that progress should influence the problem of price stabilisa- tion.

(c) What are the facts regard. "ing world supplies 1 In over. production bogey? Broadly, the output of metallic tin is barely keeping pace with con- sumption: and much has been written on both sides regarding the recent forty-four days' total visible, supplies.

(d) Admitted authorities urge, on the fact in (c) that the price of tin may cause a curtailment of output; and that production must increase at least in ratio to the increase in consumption if industrial demands are to be satisfied.

While the United States con- summes more than half the world's 12 months in question-has output of metallic tin, consump- been eliminated, and

tion in the United Kingdom has (b) ** bear" sellers will have to increased substantially since 1996; eover in an oversold market, and public interest in tin-produc ing companies has also increased. (c) Consumera-if producers "B" Directly and indirectly innumer have bought actual rubber able industrial undertakings are from producers: *** A ' will affected by these facts. have to cover their require- ments, also in an oversold market:

or

The above scheme, owing to ita forward basis, would keep

satisfactory results were achieved with a total potential production supply always level with demand by the shipbuilding, marine en-

of 5.000 tons per month produced and, if not abused, would stabilize incering, and commercial vehicle at lowest possible cost prices, could the price of rubber at a figure fair operate on the foregoing lines with to both producer and consumer. No an organization is absolutely necessary safety and profit and set example that would prabably be because, as shown above, producers "B" have really no choice. They followed, by other and especially

sides of the business.

The Ordinary shares have risen to over 358., which appears to discount fully maintenance of the prosperity of last year and

an increase.

other On the

even

CINEMA NEWS.

"THE KING OF KINGS" TO BE SCREENED AGAIN.

THE TIMES? CRITIC ON

THE PRODUCTION.

The King of Kings," the much- the high. cost-producers, as soon must buy rubber or ruin themselves discussed film production dealing na it was realized that squeezing hd, having bought, they must rea-with the life of Christ, is to be bears was more profitable than pre-trict production in order to protect hand, attractive investments are dacing high cost rubber.-Yours, their purchases.—Yours, etc., offered by the prior charges of the company, including 5 per cent. Debentures at about 00, 51 per dent, at about, 30, 6 per cent. Pro- ference shares at par, and the Par- ticipating Preferred Ordinary at El ös.

THE NAVY'S CHOICE

ODRIGINAL

PLYMOUTH GIN

OBTAINABLE EVERYWHERE.

etc.,

་

NÁVILLUS'OFE

NEW N.Y.K. SERVICES.

Y.180,000 ANNUAL SUBSIDY."

The Nippon Yusen Kaisha is now ready to operate two subsidized · lines between Japan and eastern Europe and between Japan and Cuba, arrangements for which have already been made. The concern will receive some Y.120,000 annual aubsidy for the former, and Y.50,000 for the latter annually,

NAVILLUS'OFE. Samarang. November 10th.

aben again at the Queen's on Tuesday and Wednesday next.

The task of the producer, al though extremely hard, was not inherently impossible or improper, A consideration which must save this enterprise from complete son- demnation," asserts the Timès, “' is ton; the latter will transport that night after night the sayings Japanese-made silk tissues. The of our Lord will be brought before inauguration of these linen will the eyes of the thousands who may further develop Japan's trade with be expected to attend. The art of the countries in eastern Europe the producer has added little to and Cuba

them. But at least he has given

The N..K. will use its Liver- them a setting of a kind. Cecil pool and Hamburg cargo boats on de Mille has told it in his own the former, and cargo vessels, on way, but certainly with no irrever the New York line will be appro-ence and with no offence. The printed for the latter.

fact that we have most in mind is

The eastern European liner will that there are hundreds and thou be operated to the Piraeus, via sands of people in this modern Port Said, Smyrna, and Stamboul world of outs utterly ignorant of on the outward voyage, and will the Gospel story, and we are not The former will carry bore touch at Alexandria on the return prepared to be captious in our made cotton yarn, and general trip.

criticism of the attempt to tell

fetchandise on the outward reyaga - The Ipin linens will coll and will bring back Egyptian col- ! Havann both ways.

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