1929-02-16 — Page 9

Money and Markets

HONG KONG MARKET

REPORTS.

HONG KONG SHARE

MARKET.

THE HONG KONG DAILY PRESS SATURDAY, FEBRUARY 16th, 1929.

NATIVE BANHS IN "

SHANGHAI

THEIR FUNCTIONS AND METHODS

Previous to the introduction of modern banking institutions into this country, all the money trans- actions, both public and private, were handled by native banks, which, in North China, are known as piao hao or lu fang and in South China, taien sarang. Though both patform exactly the same functions, the piao hao and trien Picul. MESSRS. BENJAMIN & POTTSchwang have distinct spheres of

WEEKLY REPORT.

business

Quotations at yesterday's market for rice, guzar and other foodstuffs were as follows :-

Black Seal Grain

Hung Kam Au

Red Pearl White

Per

7.45

Rice.

Red Horse White

87.30

Green Horse White

7.45

Hung Fuck Sing

7:31

4.57

7.11

8.92

Red Seal White

7.80

Red Seal No. 2 Broken

5.47

Black Seal White Bran“.

3.07

Yan Sau Lin

Bugar.

1

Big goarse powdered No. 18 coarse powdered 7.35 No. 20 coarse powdered No. 24 coarse powdered

Miscellaneous.

7.47 7.63

Red Melon Seeds ...... Dairer Bean Oil Banshing Green Beans

$99.00 18.60 8.40

CANTON FOOD MARKET.

Manila Green

BETTER TONE ON RE-OPENING.

Hoxe Kono, Feb. 13th. Messra Benjamin & Potts' weekly share report states :--

The interval which has elapsed

The native banks in Shanghai are divided into two groups: mam- and non-members. The former are bers of the Native Bankers Guild,

far better financed and have wider business connections than the fat ter..

In the present article, only

BUSINESS TAX IN HANKOW. KELLY & WALSH, LIMITED.

REVOLT OF MERCHANTS,"

EXTRAORDINARY GENERAL MEETING AT SHANGHAI.

HONG KONG STOCK EXCHANGE.

CLOSING QUOTATIONE.

Day

Do

Fasruary 15gu, 1979,

London...4145 nomi a

buy.

Com

Bay

and burs

Despite the very rude way in which the deputation of bulinem

An extraordinary general meet- men who want across to Wuchanging of Mesir Kelly & Walsh, to protest against the excessive Ltd., was held on Thursday last. Bureds of Finance has evidently offices, Mr. W. Wedderburn Chartered Bank taxation that is being imposed, the week at the company's Shanghai

உட வ realised that the merchant class being in the chair." was reaching the limit of its en- pondent of the North China Daily durance. According to a coFTOR-

News, the Director of the City Council called a meeting of about 80 leading merchants at his offices and gave them a general exhorta tion to co-operate with the Party in its work."

|

$682 COOL

which follow-

The only business of the meeting Mercantile Banks. A. & B...29 mo was to pass two special resolutions,PO. Banks

| East Asia Banks be

That the capital of the company Cantos Insurance

increased 8750,000 by the Union Insurance creation of 41,950 new shares of $10 each-Proposed by Mr. Wedder-Yangtze Insurance 150 nam

North China Ins, increaseTia. 180 bayi burn, seconded by Mr. Burkill-

China Under, riters...32) bay.. Carried unanimously.

China Hong Kong Fire Inter

E. Bambo

since our last circular of the 8th banks of the former class are dealt Finance bad decided to make cer" (of the reserve fund, and - so-

instant has been meatly occupied by the Chinese New Year holidaye and business has been practically Per neglected. The market reopened ou Picul. Thursday with a slightly better tone, but although there are signs of improvement in prices, the Folume of transactions put through has beem, very small.

$6.88 7.55

Quotations for rice, sugar, four and oil, at Thurday's Canton mar- ket, were as follows:

Eco.

Chai Mui Native

Shek Lung See Hui....

Per Picul. 211.60 10.60

Red Seal No. 3 White

10.08

Blue Seal No. 3 White

9:04

Green Elephant Siam

0.70

Green Star Siam

9.65

Green Bird Siam

9.25

Blue Seal Annað ...........

10.25

Green Lion Annan

10.00

Three Marks

9.75

10.00

10.00

10.90

10.30

Green Seal

10.80.

Bugar.

New Moon

Red Peach

Black Dragon

Blue Anchor

No. 2 coarse powdered.....

No. 3 coarse powdered........

No. 20 coarse powdered

Hong Kong and Shanghai Banks are in demand at 81,345 and pro- bably a little more would be paid. The latest cabled quotation from London is £145 (Middle).

Unions have advanced to 8375, wbilo a few sales occured below this rate..

Cantons have lapsed to a nominal quotation of 8492).

Douglas Steamships are wanted

at '838

Steamboats were done at at the outset, but have since hardened and have buyers at 897)

Kowloon Wharves are in strong demand and in apibe of an advàâčë in price to 8134 no shares are com- ing out.

China Providents are steady at Hongke Whorves have further strengthened and can be placed at Tis. 166.

Shanghai Docks hare firmed up

to Tha. 109.

Hong Kong and Shanghai Hotels were taken off the market at 88:

with.

generally, staffed by ons manager, An ordinary native bank is,

cers and a few apprentices. The * number of clerks OF off manager has the absolute control

Some Minor Concessions, Ho referred to the difficulties that merchants were facing and announced that the Bureau of fain alterations in the rules for the levying of the lax on business, The time for taking out permits to trade would be extended till the end of this month, and Le Chinese Chamber of Commiica, will be con-

blanks. The tax itself will be levied from the first of March, and the first payment will be due on April 5th. He promised that as soon as this tax is collected, other taxation will be reduced.

That it is dearable to capitalize 4 sum of $119,500. being per of the undivided profits of the com pany standing to the credit cordingly that a special capital bonus of $112,500 be declared, and. that such bonus be applied on be half of the persons who on Janu- ary 3rd, 1929, were holders of the 133,760 shares of the" company in

of the company of 810 cách, and that such 11,250 shares credited as fully paid be, accordingly allotted to such persons respectively in the proportion of one of such shares for avery three of the said 33,730 of the said shares than held by such

1936

$17,40 bay Indo-Chinas (Pref.)....150 buy.

#11 buy, 1.70 mal. Do (Del.)

390 som Shall Transports.15/7) nom

Do. Union, Waterboats....

etབ་ Benguela noziedad day. Kailan Mining Admin... 7])- nom Langkai(combined)..

of the bank and holds himself fully sulted as to the circulation of the payment in full for 11,950 shares orsiona

responsible to, the proprietors or share-holders. staff and directs the business opera

He supervises the tions of the bank. The manager may be a shareholder of the bank, or working on a profit-sharing basis or a salaried, employee.

To meet the wishes 'of the mer- Not Well Capitalised.

persoas respectively and that the As a tale, native banks are not

chantq as far as was possible when well-capitalised. This is because money is so badly needed, the pre-shares so distributed shall be treat the financial resources of thevious rules would be modified. In ed for all-purposes as an increase the case of retail shops the tax will of the nominal amount of the bank do not depend upon its paid- up capital but on the personal be on the amount of business trans capital of the company held by credit and assets-of its proprietors, acted, and this amount may be each such shareholder and not as Being a corporation of unlimited divided between luxuries and neoss income. Proposed by Mr. Glover, liability, a native bank can inflate sarice. On the former the rate will seconded by Mr. Waller-Carried ita credit to considerable extent, be 3 or 4 per mille and on the lat-anácimously. if it has substantial financial back-ter 1 or 3 per mille, which is a ing. It is banking on assets reduction from the frst 5 per mille CANTON STOCK

or rather on the property of its first proposed. Banks cash proprietor. Upon & bank's shops and manufactafien will pay claim & lien on all the money or of 1.5. Hotels and restaurants also failure, therefore, its creditors may 1 per mille on their capital instead property in the possession of its obtain relief, dropping from & per In Shanghai, there mille to 3 per mille. Proprietors. are about 60 native Banks, boasting of a total capital of Ths. 12,378,000. Of these five have 30 average Capital of Tls. 300,000 each, 93 have

Tis 200,000 each, 48 have TIL 100,000 each and seven have Tls

(single) Shanghai Loans Razbe

The 11,60 Bay, T. 10 bay.

9) buy ts. 81 bay.

17/6 nota. 315y buy.

BKK Wharfa. Tronah Mines...

China Providents... $5 bay, & sa, 5.65 ml. EE&W.Docks Bengka New Engineering Th. 3+ 2005. She Shanghai Dooks. The 109 buy.

Tha 1:2.40 buy

13.60

Oriental Cottons......... 11. 2 Bom B'hai, Cotions (old), 571 buy.

Do (new)Tia, 834- buy.. H... Estai... $0.30 bay, Ff sa. B.X. Landpropina sa Shanghai Lands. The 165 bay.

$8.40 bay.

-14),60 bay.

EXCHANGE.phreys Estates 1979.114 buy

Realtica H.K. Tramways Post Trama (okl)

Da

· (new),

CLOSING QUOTATIONS,

COTTON, Feb. 14th. Water Works $0.00 --Electric Light & Power Co. - 4.80

Canton-Hankow Railways The Sun Company Sincere Company... Nanyang Bros Tob. Co....... 4.30 Canton Tramways China Merchanti 8.8: Nay

Company Central Bank"

Merchants Far from Molliñad. No statement has been issued as to the altitude of the merchants, but it is understood that they do not put much faith in the promise

practical questions connected with Ress lax is levied. Nor have the

the inspection of account books and soon been solved

and are in demand at the close at 60,000 each. In recent years the to reduce taxation after the busi-

Por Picul 89.30." Tacla

8.30 to #63). 8.00 8.10

10.90 .10.30

No. 1 Fine Granulated...

No. 1 Granulated

Wai Chow White

8.80

Flour.

Per

Banana

Silver Seal

Hong Kong Lands have eased off Humphreys Estates have buyers at 814 ex the dividend of 81 just

paid.

has been much increased. A few capital of Shanghai native banks. years ago, nearly the same number banks had only a total capital

of Tla. 8,000,000.

Functions.

Realty's were done at 88.60 and more are wanted at this rate.

Functions of native banks may Hong Kong Trams are in better generally, be enumerated as fol- request with sales made up to $209.lows: (1) acting as fiscal agents of

Hopg Bag.

Kong Electrics (Old) 84.30 changed hands at 854 and the

441 (New) shares at 8524. 4.50

Star Ferries are obtainable at 4.40-8713, but there are no buyers over

Bro.**

the local officials, (2) diecounting bills, (3) granting loans and ac- cepting deposits, (4) issuing notes, (5) handling domestic transfers, (6) buying dollars, (7) settling ac- Counta among themselves by clear- China Lights are firmer and caning prom (This refen only to be placed in small lots at 812- members of the Native Bankers'

China Sugars closed appreciably. Clearing House).

14 ป

higher with buyers at $1.40.

The native backs sccept both cur-

Green Island Cements (Combin-rent and fixed deposits. Their

Man-of-War

Five Swallows

Dog's Head..n

Cabange

Cannon

4.70

Sword of Kwantai

4.15

∙Maise........

4.25

Cheung Luck

1.10

4.05

€10

Par

Picul.

Tasla

bam advanced to 8214.

24.80... 24.10

rise.

Tientaiń

24.10

Dairen...

56,70

Kwangai Wood

28.10

Ewangai Tea Seed

19.30

Groundnut:-

Fanchi

Minbow

CANTON COTTON YARN.

ed) are a shade casier with business done at 89.50"

Dairy Farms are in demand and

rate of interest granted on deposita

is usually higher than the rate granted by modern banks and their business practices are not as exact-

Watsons at 813.80 mark a furthering Hence, native banks, still claim a large clientele, notwith- Waterboats have remained steady stadding the competition of modern

loans granted

Per buyers at Tla ed." Bale.

434

The following are quotations 'Te- ceived by cable from London on the 13th instant, and may be of interest

Ordinary ... £8 11 3d. £8 15. 67. 43.31. $t,Od

The banka.

by

with transactions reported at 829ative banks are of two kinds: the Baubs are enquired for at 86 aquivalent to overdrafts in modern and Bengueta at 82).

Ewos after sales at Tis. 12 have banks and regular loans. advanced to a buying rate of Tls former are usually granted with-

out security to merchants Shanghai Cottons (Old) have traders who always require a large amount of circulating capital Such credit, Joans must be covered, at latest, at the end of the year. due date the debtor would no In default of settlement at this

loan facilities from either his credi- longer be able to obtain any more tor or other native banks, and this. would spell business rain to him. So, unless the debtor is utterly helpless, he would, somehow or other, masage to repay the bank.

The bills or notes issued by native banks are of two kinds: the bearer notes and the promissary notes. The bearer notes are issued either in taels, dollars or frac tional currency, are transferable and on whatsoever and are cashable at rate or without recourse, indorsement or

also transferable. If the transferee sight. The promissory notes are has doubt as to the bona fides of the bill, he can have it "confirmed" at the issuing bank. In this case, the bank would stamp its chop on the note. There are two kinds of promissory notes: one to be cashed

No. 42 Fui Hee ...

8330,

Butterfly

K32

Five Sons

550

to some of our clients.

No. 32 Pine Deer

444

Double House..

430

British-American Tch.

Po Tup

Imp. Tob. G.B. & 1.

Tin Koon

436

Imp. Tob. Canada..

No. 20 Good Harvest

300

Ng Fook

Imp. Chem. Industries...

298

British Match Corpn.

City of Gold

390

Mond Nickel ........

Man Clock

310

Anglo-Pergian Old

Globe

315

British Celanese'.......

Shepherd

300

Dunlop Rubber

250

Globe

291

No. 12 Fui Kwai.....

271

Exchange:-The T.T.

City of Gold

278

Po Yee

975

No. 10 Lotus Bee....

957

City of Gold

254

Peacock

Sailing Fusel

257

257

No.16 Fui Kwai

F.M.S. TIN FIELDS.

Mr. Chew Woon Poh presided at the annual general meeting of Tebak Tin Fields, Ltd., held last week in Singapor

Middle Prices.

London to day is 1/11 Shanghai 781.

31 Bed G.$35) $70. Bd. £1 1.10

934, 9 d

"

Forward Setthment Days:nd February and 25th March, 1929.

PHILIPPINES AND FREE

TRADE.

USA. ACTION REGARDED AS at sight when due and the other

"PROVIDENTIAL."

ง

to be cached after notice of pay- ment being served on the issuing In proposing the adoption of the ing duty on Philippine goods going

Threat of a tariff barrier imposarranged for when due."

bank, and actual date of payment report and accounts the chairman

to the United States is

30 Banks. Baid that he was pleased to report

"provi- The dential, to save us from our Own Shanghai are

eighty native tanks in that the option granted to Mr.

folly," in the opinion of Dean Jorge

divided into two Ish, to be unge; Bocobo of the chege of groups; those at Nantasy Chinese territory, who organiss the Naa

Koshi, to purchase Sungei Timch

ever, be borne in mind that the

University of the Philippines, as Shib Assonation and those in the was exercised in November last. expressed in a speech at a banquet settlements, who maintain the Pei The purchase money had been lodged with their solicitors, and for students returned from the Shih Association. It must, how will be paid over to when the United States. transfer has been accepted by the Land Office at-Trengganu. When this money has been paid," said Mr. Chaw, we all be able to wipe off the debenture held by the Tiang Guan Brick and Tile Manu- facturing Co., Ltd, together with all interest due thereon.

"I am old-fashioned enough to Nan Shih Association does not re see the hand of God in the latest present the 11 banks at Nantao. turn of events in the United only but also a number in the States," declared Dean Bocobo.

Settlements, so that the two groups, "I believe that with the proposed are, about equally large in size. abolition of free trade, the menace, The two Associations have prganis created by our own unwisdom and ed a common guild, known as the short-sightedness, of economic ab- Native Bankers Guild, to repre sorption of our country through sent the interest of both groups tremendons development by Ameri The functions of the Guild are can trusts has been warded of by (1) to promote the common interest a just and all-seeing Providence," of its members, (2) to Aliminate Desa Bocobo deplored a grow. harmful or evil practices among ang land, including Ulu Klching materialism in the Filipino themselves, (3) to promote close -block:

outlook and asserted that each operative and inspire mutual con may possibly be able to sell year in which free trade continued)16 settle disputes some of our other areas, but I can place an additional banggito.out anong its members by arbitration say nothing definite at present ex-political independence and forges and (5)- to set as spokeddar, for cept that several parties have been. ' an additional link in the chain of its members in dealing with the making-ruqun

Government or local official.

The amount receivable by the company, for this sale is 385,000, excluding 84,000 already received qis option deposit. We have now pproximately 2,000 acres of min-

We

7

A very serious fresh difficulty has been suggested, for what is to be branch of a bank in Hankow if the the method of fixing the tax on a

tax it on the capital employed How can the City Council decide,

Omtinued on next Column)..

HEADACHE CURE

TIGER KNAND

رفت التلايا كيف

...........$15 sak ......18.30 nom. Stax Fersing....170 bus, & 13,,,73 val.

愛ろける

H.K. Electriss (Sid)...... $53) buy. 5-4 zâ.

Do

{now) ........5°) bay, 50% sa. Macao Electrics

Telephones (aki)

0.50 7.65

་

"Ia 10

2.85

6.00- 4,50:

what proportion of the whole capital of a bank is employed in

tions will of course arise in con its Hankow branch Similar ques-

fnection with many businesses, and it is evident that the scheme is still ill-digested

ENG AUN TUNG

JAP HARIMAU TIGER BALME

ENG

Do (new) ***

.16.0 buy.

Chiza Brget T 11 buy. Singapore Trsations................118 ss.

Da. (Pref.) 17/8 buy, 18/8 sel. China Sugars...$1.35 buy. ** Malabon Sugars 197) buy "Canton Toes

$34 nom. Caments (combined) 39.65 bay.

Do. (gld) 17.59 102. Do. (now) ..............3ffbuy. HE Eaper (old) 20 nem.

Do., (dow) maquine 7.10 zom (Continued on next Column).

TO-DAY'S WIRELESS

PROGRAMME.

BROADCAST, BY ZB.W. ON

350 METRES

148 p.Weather report, 5.30 pm. to: "6.30 : p.m. Demon {stration programme.

748 pm-Evening weather re-

programme

port.

8 p.m.Evaning. (Columbia records).

10.10 p.m.-News bulletin. 10.30 p.m.-Close down.

The evening service at St. Joba's Cathedral will be broadcast to-mor row, commencing at 3.58 p.m..

EXCHANGE RATES.

[BRITISH WIRKENAS BARVICK

Paris

Ruary, Feb. 14th

184.95

Brussels

34.99

Amsterdam Berlin

12.191

90.435

18.20

34.545

Copenhagen Visaya Helsingfors Lisbon Bucharest ... Buenos Aires Shanghai

Yokohama

New York Geneva

Milan

Stockholm

Dela Prague

Madad

Athens

Rio

Bombay

Hong Kong

193

100%

819

47 7/16 Holiday

1/10 3/33 4.85-9/32

25.933

12.80.

18:155

19.195

164

30.9215

375

5 28/38

1/8 31/32

ngoại

Silver, spot & forward" 24.

United Asbestos

Dairy Farms......$31.60 bar., 31.90 ML. “

Watrous

Der A Wings Lace Orawfords..

$13 bay.

ས་ས

80 ots. buy.

$305

m.

4. 120 nom.

110) bay.

$3.65 nom.

Mackintosha.. Sinceras

Powells

EK. Amusements H.K. Constructione ili pol B'que Indus Boidi,461% nom : HK Gort Losna 5% prom. buy,—bayers și sal-wellers; an

Kokoaminai.

Do you ever suffer from Headache. Cough, Cold, Rheumatism, Neuralgia, Gout, Sore-throat, Toothache, or Asthma? If you do, will you allow us to solve the question of securing a cure of course, a permanent one, and put an end to these dreadful enemies of humanity! Or do you like to be handicapped in society, in business, or in your daily association with your strong, stout friends? For your own good, we would strongly advise you to have an open mind, and to make use of what you can call your true companion, our preparation THE TIGER BALM. This BALM, which is entirely free of animal fat and other injurious substance, has been proved most reliable and unequalled in curing the above diseases. The great demand for this BALM, which runs to MILLION POTS each year, testifie amply to its eminent value, and efficiency.”

SO WHY NOT GIVE IT A TRIAL NOW AND GET

IMMEDIATE 'RELIEF?

OBTAINABLE AT- ALL DRUGGIST SHOPS AND BIG STORES.

Large Pots

Small Pots

60 cents. 25 cents.

Do you suffer from chronic headache? Have you found that no other drawback is so serious as to be a constant victim of headache? Your mental capability is weakened, and you are hindered greatly in your social duties. You attend to your daily work with the wrinkles of an old man and you return home, trying to exact your Pound of Flesh" from your wife and lovable children. Can't we solve the problem for you ? We do not render you a long bill for our professional atten- dance. On the contrary, we are only too anxious to help you to be cheerful everywhere you go. We want you to be a "DON JUAN” in society, and a well-respected member in business circles. Just pay a few copper coins, and you will get all the relief you require. We will help you to drive away the evil of this disease FOR EVER.

SO PLEASE PROVE THE TRUTH OF THE ABOVE BY GETTING

A PACKET OF OUR "TIGER BRAND HEADACHE CURE”

WHEN OCCASION ARISES.

10 cents per packet.

AUN TONG

THE TIGER MEDICAL HALL

HEAD OFFICE IN RANGOON, BUEMA. BRANCH OFFICES ---

Hoxa Kore-26, Bonham Simand,

SINGAPORE, SHANGHat, Swatom.