Money and Markets
HONG KONG MARKET REPORTS.
Quotations at yesterday's local market for rice and other food- stuffs were as follows:-
Rice.
Black Seal, Sheung Pak Sing
Pokmei granulated
Per Picul. Green Seal, Hung Sing
Glutinous Broken 80.64 Red Seal; Sheung Pak Sing
Glutinous Granulated 0.02 Red Seal, Sheung Hung Sing
6.18 Broken
5.30
Green Seal, Ching Sing,
Gintinona
7.83
Red Seal," White Pokmei
granulated
3.32"
Red Seal, White Bran
3.31
Green Seal No. 3 White
6.32
Red Seal, No. 1 Gutinous.
Granulated
€.00
Red Seal, No. 2, Broken
3.77
Green Star, glutinous...
4.90
Ching Sheung Chien, Glutin-
615
Hung Sap Taz, White
Miscellaneous.
No. 24 Coarse-granulated
6.61 0.17
sugar
........... & 7.98
No. 18 Coarse granulated
sugar ****
Scarlet Bean, Newchwang
Green Bean, Sunsheng
7.10 3.00 8.40
White Grapes
40.00
Black Bean, Chisgyan
Soy Bean, Saisheng
Canned Awabi, Kain Shan...
Red Melon Seeds
Green Hemp.
Groundnut Oil, Fongtze
6.60 8.00 20.03 22.00 29.00 21.50
CANTON BEAN AND OIL
MARKET.
For some months, the market for groundnut oil has been dull and price low. The same applies to the lean oil market. Both camellia and wood-tar oils are normal."
The general market for bears is fair and prices are high on account of the scarity of both stocks and arrivals. Quotations are as fol
Jutts:-
Groundnut Oil, Fengtze .... $22.00 Groundnut Oil Tung Wo
Cheung
Wood-tar Oil
Benn Oil
Camellia-nut Oil
Beans.
Soy Bean, Chu Wong
Soy Bean, Lin Wong ........
22.70 -30,60 20.70 15.10
8 8.70 9.75 2.60
Soy Bean, Choi Chu Wong..
White Bean ...
1.90
Black Bean ...
8.39.
Green Bean..
0.60
Green Bean, Sunsheng
12.03
Scarlet Bean
11.0
SUGAR.
TO BE WOUND UP.
UNITED ASBESTOS ORIENTAL
AGENCY LTD.
At an extraordiaary meeting of the shareholders of the United Asbestos Oriental Agency, Ltd., held yesterday morning at the offices of Messrs Dodwell & Co., Ltd., it
W
THE HONG KONG
FAR EASTERN TRADE.
CHARTERED BANK'S
REVIEW.
DAILY PRESS. THURSDAY, APRIL 25, 1929.
ing of the Chartered Bank of India, The 75th ordinary general meet. Australia and China was held on March 27, on the bank's premises, 38, Bishopsgate, E.C
chairman) presided.
Sir Montagu Cornish Turner (the Mr. W. E. Preston (chief mana. ger) having read the notice conven- in the meeting and the auditors' report,"
The Chairman said: Gentlemen, decided that the company-From the annual report which is should be wound up and that now before the meeting you will Messrs. Dodwell & Co., Ltd., be notice that our valued colleague, Mr. Lewis Wallace, acting under appointed liquidators.
imperative orders of his medical
The meeting was presided over by Mr. J. F. Warren, and there were also present Mr. T. E. Pearce, Mr. H. J. Silva, Mr. RS. Vieira and Mr. G. R. Edwards (Secretary).
CHAIRMAN'S SPEECH Addressing the shareholders, Mr. Warren said:-
As you are aware, the results of this company's working for the last three years has been very disap pointing and not only has it been impossible to pay any dividend but
inroads have had to be made on
the company's resources in order to keep things going.
adviser, found it necessary to re-
sign his seat on the Board, very Mr. Wallace had been a director of this book for 28 years, and in that period had always shown a very keen interest in the affairs of the bank, and gave it all the 'sup-
much to the regret of his colleagues.
port in his power. We wish him, most sincerely, renewed health and strength in his present retirement from active work.
(Hear, hear.)
tent.
W
9
ANTED-CHINESE MALE Reply: The SECRETARY, P.O. Box 12.
17681
knowledge of Stenography.
W
"ANTED—Lady Stonographer, BRITISH, for Sir Months. Must be absolutely expert-Reply The
17682 SECHSTARY, F.O. Bor 22.
tons wheat represents a sterling Civil War to settled Civil Goveru fellow managers at head office, M SITUATION VACANT, value of about ES,000,000. Hadment, and in that process troubles Bruce and Mr. Miller, for their wheat been available for export of minor magnitude are bound to vatiring, and ceaseless attention to
(Ap bills would be offering to that ex arise. With the partial restoration the interests of the Bank,
of internal order there has been anplause.) I would also, thank, on The Cotton Crop.
immediate improvement in trade, behalf of the Board, the Managers abroad, and the entire staff, home The cotton crop for all India is the Customs figures showing an estimated round about 8,000,000 increase of T.,000,000 for the and foreign, for their loyal and Business in North devoted efforts to serve in the best kales, and exports up to date from past year.
China and Manchuria has been possible manner the interests of the
150,000 bales. Bombay and. Kurrachee are in ex- cess of those for last year by some fairly good on the whole, and one Bank. (Applause.)
of the outstanding features in that Indian mills will also be consum-sphere has been the huge imports ing more if the insane policy of learn, to the Chinese peasantry now of four from Canada, due, we strikes in Bombay comes to an end through shear exhaustion. regret to say that there is no sign of im- provement in the Bombay Mills In- dustry, which would seem to need drastic handling, but with a strike lasting for more than six months no result but disaster could ba possible.
!!
Exports of jute, and tea have been quite up to the normal, and we should say that both the jute mill and tea industries are in a very healthy condition.
A noticeable feature in the export trade of India has been the increas ed shipments of ground nuts, which now exceed one million toni
Piece-Goods- Trade.
As regards imports of yarn and niece goods it appears that though Manchester still maintains its hold white goods оп the trade in Japan is increasingly supply To fill the vacancy on the boarding India's requirements for un thus caused we are glad to say that bleached and coloured piece goods, Si Heary Pelham Wentworth The increase in the sales of Macnaghten has accepted the in coloured goods from the Continent vitation of the directors to join the and Japan is undoubtedly due to At the last annual general meet-board, and thus the old and valued the cheaper cost of production in ing, the Hon. Mr Owen Hughes connection with Messrs. Wallace those countries With cost of pro- Sir Henry duction in the United Kingdom on said he considered some serious Bros. is maintained.
the present basis, sales of Manches steps ought to be taken in view of has had considerable business, ex- the unsatisfactory state of the com- perience in the East and will prove ter goods must suffer. The pur- pany's business. The chairman in
a valuable addition to the board.chasing power of India is little, if reply stated that Messrs. Dodwell (Hear, hear.)
any, above what it was in pre-war days and, in view of this, India &Co., Ltd., who were the largest
can hardly be expected to be in a shareholders, in view of such a
position to purchase the same position as referred to by the Hon.
Dificult Trading Conditions. In moving the adoption of she report and statement of accounts
demanding a higher standard of living There has been a great wave of emigration and develop ment in North Manchuria, and we have opened branches at Harbin and Dairen, the former town being the trademart at the junction of the two inain railways linking Europe and Eastern Asia. Last season's export from Manchuria to Europe of soya beans totalled 1,400,000 tons and 600,000 tons to other countries, chiefly to Japan. The rapid spread of roads and motor-transport throughout the in- terior of China gives promise of a general stimulus to trade.
Increasing Prosperity at Ports, The greas ports of Shanghai, Hong Kong and Singapore are and in prosperity, and the Chinese steadily increasing in population are now taking a conspicuous part in commercial, industrial and bank- ing activities throughout Eastern Asia. Their ability and energy is such that they are already active competitors in every field. We wel come their competition, for the need of the Eastern markets is develop- ment and increased trade the pro- duction and distribution of real wealth.
We have faith in the future of China and the Chinese people, and we are adjusting our selve to meet the new conditions and new requirements of an area of the become one which must
Mr. Owen Hughes, had had in I greatly regret that the results for quantity of goods at higher prices' world's greatest markets.
mind the advisability of voluntary liquidation while the nesets of the company were still intact.
Unsatisfactory Results. Your General Managers have had this matter under consideration for some time past and as the working result of the current year is un- satisfactory and there does not ap pear to be any chance of the com- pany showing an improvement, they have reluctantly decided that the best thing to do is to go into voluntary liquidation..
The working for ten months without allowing anything for de preciation, had debts, etc. will come out about even, the turnover being smaller than in previous. years resulting in less revenue.
The Objects
Japan.
I how move-That the report now proented, together with the balance sheet and profit and loss account, be approved and adopted." Mr W. Foot Mitchell, M.P., seconded the resolution.
Mr. Frederick Tomkinson said that, having regard to the extreme difficulties which had been experi enced in carrying on business dur- ing the past year the report sub- mitted was most satisfactory. He wished to thank the Chairman for his speech, which, as on previous occasions, had been most illuminat ing. (Hear, bear.)
next
The motion was carried unagim- ously.
The Chairman
moved: "That a divisdend at the rate of 14 p.c. per annum for the half- year ended December 31 Inst, to gether with a bonus of a 3d per declared payable on and after the share, free of income tax, be now 3rd proximo."
Mr. Colin F. Campbell seconded the resolution, and it was animously adopted.
On the motion of the Chairman, seconded by Mr. Edward F. Mac kay, the election of Sir Henry Pelham Wentworth Macraghten as a director, was confirmed.
Tribute to the Chairwanr.
WARTED-Young Lady, BRITISH, Good Knowledge of Shorthand and Fralerably Experience of Cables-Roply: The SECRETARY, P.O. Box 22.
[7683
:
HONG KONG STOCK- EXCHANGE.
CLOSING QUOTATIONS.
APRIL 24, 1999. $1,230 nal.
H.K. Backa
Do London, 1991 nom. Chartered Banks
.....elgi bay. Mercantile Beats, A. 48.....243 nom.
Do..
0...£15) nom,
Eli nom
P. & C. Banks
Canton Insurances.......1695 buy, Fast Asia Baaks
North China Ine. ******* Union Insurances $378 tel., 377
11. 160 bay.
#50
дом. Yangtare InsuranÇOS................ China Underwriters... $2.20 al. -China Fire Insurances....8290 buy. See buy. ....$96 sel E.E. Fire Ins..... Douglases H.K. Steamboats.....$21 buy.
Mr. W: Foot Mitchell them pro- posed the re-election of Sir Mon- Pelham Wentworth Macnaghten tagu Cornish Turner, Sir Henry and Mr. Archibald Auldjo Jamieson as directors. In doing so be re- marked that Sir Montagu Turner had been a member of the board for over a quarter of a century, and had presided over the business of most conspicuous success. These
$2.40
#1.
Chivas (Pref.) 0: Do (Dale) Shell Transports Union Waterboats... Benguet Kailan Mining Admin....60/- som. Langkat (combined)...
Do. (single) 8'hai. Explorations Shanghai Loans .... Banbur Tronoh Mines........ B. & K. Wharf K. W. Docks Songb
$70. Dom. Bin nom. Sinom.
bay.
Tla, 14 nom. Nn 20 no
13 DOW.
16.65 nom. 87/6 nota.
$152 bay, 123 ..
.936 vol.
410 buy
178
buy.
Tis, 4.60 nom. ..............Ts, 187 Sacris,” .....Th. 124 buy, 12.60 ma.
New Engineerings Shanghai Dooks Bwo Cations Oriental Cottons.11. 1.95 bay. ghai, Cotton. (old)....Th. 72 acl.
Admittedly Manchester goods 1929 have proved disappointing and less favourable than we ant still hold their own when quality, compared with price, is concerned, cipated at the commencement of the but when the purchasing power of of 1927 in Japan, when several the bank for some 3 years with Chains Providenta .................
the consumer is small, price is a much more important factor than importance that the question of cost quantity. It is, therefore, of prime should be seriously and efficiently tackled by the Lancashire Mills I welcome, there, the movement initiated by the Lancashire Cotton Corporation, Ltd., and wish it ail success. (Hear, hear:)
year. Just as trade conditions at home proved, in the working out, to be less favourable than anti- cipated, and the expected and hoped for improvement in trade generally petered out as the past year progressed, so in the East our hopeful anticipations have not been I cannot say that there realised. has been a great decrease in the volume of trade, but it has been. a diffcult time for merchants and
bankers, especially in India and China, the cause for which I shall presently deal with
(new)......Tla. 83 nom. BK.& 8. He.......$3.70 bay. K, Lands .01) buy. Shanghai Lands Ths. 145 nom. £ rights. Humphreys Estates.....$1435 om H.K. Reallion $8.35 nom. H.K. Tramways...
$18.10
18.30
In my speech last year, I referred to the effects of the financial crisis banks had to go inte liquidation:
the who worked with him on the board an interesting sidelight on events which then took place is felt that they could not possibly that 587 banks have since parti have a better Chairman or a better cipated in various amalgamations, leader-(hear, hear) and he (the and the net decrease in the number speaker) knew that that confidence of banks is no less than 317. At was echoed by all the shareholders the end of 1929, the number of and everyone who was interested in banks of all kinds operating in the success of the Chartered Bank Japan proper amounted to the for- (Hear, hear.) He would like to add Burmah and Osylon... midabic total of 1,704, and there that he was sure all present would In Burmah trade conditions, with is little doubt that the weeding-out wish to express their deepest sym-
Ito... (DEW).SUB... the exception of timber and oil, process to which I have just repathy with Sir Montagu in the loss
Turner. have been decidedly unsatisfactory.ferred has been of great benefit to he had recently sustained by the Peak Trams (old) .................$124 bay.
of Lady the country as a whole.
Star Ferries
...........$67) Bely 87 8 had Chairman
already India, as we know, has been for The foreign demand for rice was
China Light... | #13.85 bay, 13.45 some months greatly disturbed by weak and prices accordingly drop-
201, 13.4 23. political turmoil, entirely deped, and as a corollary the piece Japan showed no improvement dur-red to the acceptance of a seat
H.K. Electrics $55) boy., 353/56.55. trimental to the interests of the goods market sagged and importers ing the past year, and the adverse on the board by Sir Henry Mac
barance of trade was approximately naghten, and he (the speaker) would face Electrics16 nani. suffered..
Sandakan Lights $2) " Yen 122,000,000. The agitation in only add that the Directors were
cellent and valuable colleague. Mr. | China Buses se une the Press and in certain financial quite sure he would make a most ex Telephones
Jamieson had already won his Bingapore Tractions....11/6 nom circles for the lifting of gold em
Do. bargo still goes on, resulting every spurs, and they felt that in tim
(Pret).....16/6 buy.
$1 now and again in a wild gamble in Yen, but no authoritative state- they had a tower of strength and Chips Bugars
help which was of the greatest value Malabon Bugar 17 bay,
Canton Ices 17 buy, 190 84). to the Directors. "(Applause.)
8.60 +L Céiments (combined)...$ bay..
(old) 7.80 noш. Do
(DOW)......$1,40 bay. H.K. Repen United Asbertos ♫4 buy.
Added to this, various country. As you probably know, this com- pany was originally founded to disastrous strikes, fomented, we supply stores, painta, engine reem believe, by outside evil influences, requisites, etc., to steamers frequen-have occurred in the railways, the ing the port, but owing to world- mills, and other basic industries. wide stringency with its consequent These strikes have done more to reduction in expenditure, steamers prejudice the prosperity of India take most of their supplies at home than any depression in the markets of the world which are consumers ports, and adding to this the ever increasing competition on all sides of Indian goods. At the present in this class of business, this.com time firmness tempered with good not secure sufficient judgment is required to prevent pany does orders to make it a paying con- further mischief.
cern.
Your General Managers have given this matter their very serious consideration and have finally come to the conclusion that liquidation is in the best interests of share
I therefore beg to propose the following resolution as an extra- ordinary resolution:-
PRICES FALL IN LONDON AND holders,
NEW YORK.
MessTa: Pentreath & Co. have forwarded us the following letter, dated March 28, received by them from Messrs. Hornby, Hemelryk & Co., Liverpool:-
Prices on the London market are from 1d, to 41d. lower on bulance, with the exception of March whites which shows a rise of 1s. 3d. cwing to a squeeze in this delivery..
Кор at
"
That the company be wound up voluntarily and that Dodwell & Co., Ltd of Hong Kong be ap pointed liquidators for the purpose of such winding up."
Mr. Pearce.
The proposal was seconded "by A further extraordinary general meeting will be held at 11 am. on Friday, May 10, at Messrs Dod- well & Co., Ltd., for the purpose of confirming the above-named re- solation as a special resolution..
GERMAN SAVINGS
DEPOSITS.
Competition Among Exchange" Banks,
"In my speech last year I referred
In Ceylon the cloth bazaar has also suffered, its buying power being curtailed by the lower prices eltained for the principal exports, tea and rubber, especially the lat ter; but at the moment the cutlook is hopeful.
and
Trade and economic conditions in
death
The
refer-
N
buy
7.101 11, is bay.
* &
$19||
$13.20 nom.
.80 eta, bay.
ment has yet been made by the Government of defnite plans for
Mr. Henry Bateson seconded the the removal of the embargo-other Straits Settlements and the F.M.8.
Ae regards the Straits FM.S., the chief feature of interest when the stabilization of the counously.
than that it can only come about motion, which was passed unanim- The Chairman said he would like has been the effect of the with- try's finances has been completed drawal of the Restriction Scheme"
and on a settlement of the China to thank Mr. Foot Mitchell for the Dairy Farm connected with the rubber industry; problem.
very kind terms in which he had Watsons The anticipation of this withdrawal.
The news that an agreement has proposed his re-election, and also Der & Wings caused perhaps even more trouble
been reached between China and to say that he very much appreciat- Lane Crawfonds......
18 bug. and snxiety than when the restric-pan in regard to the Tsinaniu ed Mr. Foot Mitchell's expression Mackintosh
As to his own ser- Blincerest bay
...$3.65 nom. tion actually came to an end in
of sympathy. November; but it meant this, a re-
H.K. Amusements 430 buy. duction in price for spot rubber
vices, he could assure the share W. Powelle holders that he would continue to from 18. 8d. per lb. to the lowest
H.K. Gori. Loans.........74% prem, buy. limit of 71d. in November. That
do his best, and, as long as he had a.K. Constructions...bil sol. such good colleagues and such able B'que. Indas. G.Bonds.66% bay. such a decline in price of the oom-
management at the head office to back him up, he did not fear for buy-buyers; sal-mcilers; "ka-sales ; the future. (Applause.)
incident is most satisfactory. The evacuation of the Japanese troops from Shantung, which necessarily follows on ratification of the agree. ment, will be helpful to the Nau- king Government, and the ending of the boycott on Japanese goods in China and elsewhere will be do
to the absurd and excessive com- petition amongst the exchange banks to secure the business offer- ingat nearly every trade centre in the East, with the result that Ex- change margins have been cut to vanishing point.
From every point of view this in modity eventuated without a great deplorable and disastrous It is catastrophe, although, of course, true that the number of Exchange dificulties have been created, is a Banks both in India and China is remarkable testimony to the sound-cidedly beneficial to Japan. much in excess of trade requireness of the trade. With the price of rubber "at about Is., a lb. and ments, but to my mind there is no sense in working for nothing and taking risks merely to secure business. There should be limits fixed beyond which business should be refused. (Hear, bear.) 1 trust that an improvement will be made in this respect in the near future. Indian Trade,
41
Japan's business with the Straits and Siam had suffered very severely during the past year, owing to the continued boycott by Chinese trad era of Japanese goods, and antil the country comes to a better under standing with China these condi- tions are not likely to show any great improvement.
As elsewhere in the East, the com- petition in Japan for every scrap of exchange business offering is of the fiercest kind.
On the motion of Mr. Thomas Roberts, seconded by Mr. W. Wallace the auditors (Mr. David Charles Wilson, F.CA, and Mr. Henry Croughton Knight Stileman, F.O.A.) were reappointed,
Mr. E. T. Hargraves said he had much pleasure in proposi hearty vote of thanks to the Chair- man and his colleagues on the Board, as well as to the gentlemen who acted in a managerial capacity. and those who represented the bank abroad. There was no doubt that Sir Montagu was an ideal chairman, for a bank such as theirs. He had had a very large experienes in the East, and he had, as Chairman, just that touch which was
in the conduct of the business. He extremely valuable in dealing with those who were associated with him, was perfectly satisfied that there Was no one connected with the com-
50
DOM-Omina!
EXCHANGE RATES. [BRITISH WIRELESS SERVICE)
Paris Brussels. Amsterdam Berlin Copenhagen
·Vientra Helsingfors Lisbon Bucharest
Buenos Aires Shanghai
Yokohama
New York Geneva ... Mitan Stockholm
Ruasy, April 23.
Oslo Pragueņu Madrid Athens
Rio
Bombay Hong Kong
124.17
34.95
12.08
20.47
18.21
31.37
193-
1031
818
47 5/18
2/51
1/10
4.85 6/16
95.21
92.87
18.101
18:20
184
23.744"
370
$37/01 1/5 29/32 1/113
practically on rock-bottom bans, the outlook is healthy. The Amori can consumption has increased, the world's consumption should in crease, and with the economies effected and likely to be effected in the working of estates, we can look Both the London and New York
forward to the prospects of the "markets have experienced & further
As regards the trade of India rubber industry with confidence.
The output of tin also showed an décline in prices during" the past
generally, there was a balance in
increase, and the price has dropped favour of India of some million week on Cuban selling pressure and
Sub-division of Shares. sterling for the 9 months ending about Sp per ton as compared with on the disturbed financial situation
prices for the two preceding years. For the first two December, 1928, A STEADY INCREASE.
As regards Mr. Hargraves' sug- in America. Cubana touched a new
As regards" imports, the fall in months of the year a favourable
the price of rubber has naturally guestion that the question of sub low level, business have been done
Berlin (U..)-German zavings balance was shown in January, but with American refiners at 1.7/Sc. deposits, which were virtually in February an adverse balance of re-acted on the consumption of im- division of the shares of the Bank
and C. and F. New York
anticipated, wiped out during the inflation some 117 lakhs of rupees. This ad ported goods, but not to the extent be considered, I may mention that the general this has not been lost sight of, but The Dutch Government estimates years, have shown a steady growth verse balance was due chiefly to the evidence is that normal trading in the Board have decided that no
action be taken meantime. the forthcoming Java
since 1923 and to-day total more import of wheat from Australia
The draft of the new Charter cons The boycott of Japanese goods 3,027,000 tons, which would be than seven billion marks, a recent and Canada, which is now in course the bazaars has recommenced.
of development. India normally
-amongst the solidating the provisions of the pany who did not regard Sir Mon rather larger than last year's out official statement revealed,
these imports about 50,000 tons of foreign continues locally Moreover, according to turn. A moderate increase is ex
in the Straits. This is to the ad-ed and settled by counsel. The the way he was spoken of by those -pected in European sowings, est statistics savings are increasing at wheat, and the unusual imports Chinese section of the community existing chartere has been prepar. tagu in the light of a friend, and
now taking place are
matter is now being discussed with carrying on the business in varións mates of the next Czecho-Slovakian the rate of about a billion marks which are
The outlook generally in Malays the Treasury. As regards the new parts of the world showed that he sowings varying from 3 to 10 per every six months, which is ap due to (1) partial failure of the vantage of imports from Europe. Cent.
proximately the rate attained just monsoon in the North-West Pro- The weakness in Wall Street prior to the World War. It took vinces and Punjab, (2) the restric for the coming year seems much Deed of Settlement, a draft has was held in the highest esteem, up-to-date bye-laws in place of the (Hear, hear.) With regard to the.
The Chairman said he very much naturally affected the sugar market German depositors until April, 1925, tion of the area under cultivation brighter than was anticipated some been prepared introducing new and sometimes mingled with affection.
..China.
regalations contained in the present London management, he had the and is bound to be a disturbing period of 16 months, to save their and poor crop for last year, (3) the months ago.
first billion marks the second higher standard of living amongst
members, and he desired to say that appreciated the kind and sympathe Now about China. There has Deeds of Settlement: There are be pleasure of knowing several of its factor until the situation is clearer. billion was reached in March, 1920, Indians in the big towns in the
be had always been received by tic expressions on the part of both On its merits, sugár is reasonable
The Enlance sheet.
them with every courtesy in dealing Mr. Hargraves and Mr. Tomkinson, at the present level, and although a period of 11 months; the third North of India; for what rice is been a remarkable recovery during ing considered.
in December of the same year, to Eastern and Southern India, the past year. Civil war has stop-
Turning to the balance-sheet, the with the business which he had bad With regard to those who were patience may be required, we think inc months; the fourth in June, wheat is to Northern India, and ped, and there are distinct signs of
a will to peace on the part of the item of bills of exchange and zo transnet with them. (Applause.) working with him in the conduct of that purchases in weak markets 1927, six months; the fifth in Janu in case of failure of the monsoon,
Mr. F. Tomkinson, in seconding the bank's business, he could say should eventually show a proft. ». ary, 1928, seven months; the sixth not only is there no balance of Generala and Party leaders who Treasury bill shows a reduction
Close London (raw beet): May in July, 1928, six months, and the wheat in the country for exports, control the various areas in that of £4,045,668, as compared with the proposition, said he wished to that the Directors did try to cul 8s, ed., last week 6s. sid. August seventh in January, 1920, Bix but, as is the case now," large im-vast country. They have been sit 1927. But of this amount over emphasise the obligation which the tivate a good feeling between the ting round the same table for some £2,000,000 is accounted for by the shareholders were under, to those head office and the rest of the staff, 05. 0.1d., last week-99, 3.4d.; Dee months.
In the Punjab the crop for last months, and the Government at sale of Treasury billa beld in India, who were working in their in- and he thought they had been suo The total deposits at the end of Bad, last week us. 6d. White: May 118. sid., last week each full year since the inflation year was 20 per cent. below the Nanking is now formally recognis proceeds of which were remitted terests, sometimes in very disad- cessful. (Hear, hear.) Since he are shown in the following table normal, and in the United Pro-ed as a Ceatral Government repre to London. Against this we have vantageous circumstances, in die had been on the Board they had With an increase in cash £999,000 and an tant parts of the world. He would instituted not only a pension fund Our New York correspondents (the totale being given in millions vinces is about 8 million tons, of seating the whole country.
which 8 million tons are consumed the general desire for peace increase in toans and bille discount, also like, from the shareholders' but also a provident fund. They cable that the trade is anticipating of marka) :
very happy seasonal improvement in the con
For entire For Prussia in the country. At the present amongst its leaders, backed up by ed of £2,277,000. Sundry assets also, tide of the table, to say how deeply had a very live sports club, and -Year.
country. alone, moment we believe some 300,000 tons the powerful Chinese, Banking and show an increase of £81,000. On they felt about Bir Montagu's loss, they were altogether sumption of refined sugar coin.
have arrived, or are in course of Commercial interests, I cannot be the liability side loans payable show and how much they sympathised family. (Applause.) He thanked the shareholders on behalf of the with him. cident with the approach of the
transit, from Australia and Canada lieve that the present movement of a reduction of £2,639,000....
The vote of thanks was carried staff, as well as for his colleagura peak consumption in Cuba. Ac
In conclusion, I desire to express
and bimself."- to India, so that for this month troops will lead to anything like
The proceedings then ter uinated. there is likely to be again an ad the recurrence of civil war. China the thanks of the board to Mr. with acclamation. verse balance of trade. This 800,000 is in a state of transition from Preston, our chief manager, and bis (Continued at foot of next column).
11a. Dd..
.. 608,0 404,1 1,075,0 1,000,2 3,006,4 2,019,3 4,607,0.
1024
1925
celerated consumption in Asia is reported to be helping the absorp tion of Java's record crop.
1026
1997
1028
0,088,2
£,988,3 4,362,6
ports are necessary,
47
Silver, spot & forward 25 11/18
די
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