1929-04-30 — Page 9

Money and Markets

HONG KONG MARKET

REPORTS.

CANTON TRADE NOTES..

There is still a shortage of coal Quotations at yesterday's local in Canton in spite of large arrivals of Japanese coal, Over 2,000 tons of Fushun coal was discharged a few days ago.

market for rice and other food- stuffs were as follows:-

Bice.

Per Picul.

Siam

No. 1

$5.58

No. 2

No. 3

No. 1 Brokin

8,00 7.70 6.40

No. Broken

8.00

White Glutinous

8.00

Atram No. 1

7.50

No. 2

No. 3

7.90 8,90

No. 1 Unglutinous

7.15

No. 2 Englutinous No. a Unglutinous

8.00 8.00

7.93 6.30 7.80

Tonquin No. 1 Fokiao

No. 2 Fokiao....... No. 3 Fokiae.......... Glutinpus, Fanche.. 80 The rice market is steady. Thr price of No. 1 Sinm has risea ten ents higher per picul due to searity of stocks and the brisk demand. by

the merchants in the country dis- tricts is expected to cause further improvement.

Miscellaneous.

No. 24 Coarse granulated

sugar

Black Bean Newchwang

Scarlet Bean. New

Green Bean, Sunsheng

Aniseed......

Camellia-nut Oil

White Sessine

1.33 $.00

5.90

8,40

19.00

Dried Mushroom. Tungkoo 253.00

.....

20.40 17,00

CANTON COTTON YARN MARKET.

PRICES OF CHINESE

VARIETIES FALL.

L'sually, Wuchow imports more than it exports, but March was on exception. During that montb exparts were estimated at $3,823,000 while the imports were 23,813,000.

*

In Waichow, Poklo, Hoyuen and Taekum districts the most inferior grades of rice are being sold at eight to nine catties a dollar. The authorities have strictly forbidden the export of rice from the districts in question..

*

THE HONG KONG DAILY PRESS. TUESDAY, APRIL 30, 1929.

THE DOUGLAS STEAMSHIP AMERICAN MARKETS EXPORT TRADE OF

CO., LTD.

MORE HOPEFUL OUTLOOK..

New York," April 22.-Demand sterling was quoted at the close of banking hours today at 1.5 unchanged with Jast Saturday

TRIBUTE TO THE LATE MR. (20.4.29). U.S. bar silver closed at

H. P. WHITE,

The fifty-sixth ordinary general meeting of the Douglas Steamship Co., Ltd., was held yesterday in the Company's Office, P. & D. Build- ing.

The Chairman, Mr. W. H. White, in the course of his speech, while regretting that he had not been able to put a more favourable statement of accounts before the shareholders held out hopes of better trading conditions in the near future.

Chairman's Speech,

The Chairman addressed the meet- ing as follow

before you a more favourable state- I regret not being able to place

334 unchanged with last Saturday (204.90). The Copper Exchange (New York) did not report prices to-day hat domestic copper was selling outside, at 18 cents per lb. unchanged with last Saturday.

Cotton

· The cottor market (Chicago) closed lower with the following quotations:-

Month. Spota May

CHINA.

COMMODITIES TO BE SUB- JECTED TO TESTS.

BUREAU ESTABLISHED IN SHANGHAI,

The following statement has brea issued by a new department of the Ministry of Industry, Commerce Apr. St. Apr. and Labour known as the Bureau of Inspection and Testing of Cum- mercial Commodities:-

90.05

19.15

19.00

10 70

July

10.23

19.07

October (Old)

10.33

10.99

October (New)... 19,23

19,19

December

19.38

19:23

Janvury March

19.37

1947

19:14 19.30

Wheat.

Month.

May July September

Apr. 20. Apr. 22. 1.15 1.130 1.100 1.172 1.99 1.204 Sugar,

Wheat (Chicago), No. 520 hard, mest for the year's working. This which is accepted aa par closed is due to various causes but chiefly lower with the following quota Now that the anti-Japanese Boy-tions which have been existing in

on account of the unsettled conditions:- cott is over Japanese edible marine products have been imported in China which has reflected adversely on the earnings of our regalar huge quantities and the market is

coastal trade. Remittances from The market for Chinese Coast Ports have also suffered con- active.. products of the same kind has bees siderably owing to heavy losses in affected adversely.

the rate of exchanges Docking and repair charges have been high for the period under review owing to three of our vessels having to undergo special survey for load like Certificates.

Business between Canton and the

North River districts, which had to

be suspended for several days owing to troop movements, is returning to normal. Over 820,000 of timber has arrived at Fatshan, and large quantities of piece goods have been sent north.

•

Following the depreciation of Central Bank of China Notes, there has been a big demand for foreign bank notes or silver coins. To meet the latter demand, over $60,000 worth of Kwangtung silver coins have been brought to Canton from Hong Kong.

The price of rice continues to go up in Wuchow on account of the Since the anti-Japanese boycott failure of the rice harvest and of has been lifted large quantities of the difficulties of river transporta Japanese cotton yarn have arrived tion. The current price is from in Canton and the market for Chi-sixteen to seventeen dollars per nese yara has been affected, prices! falling considerably. The current, at about six entties to the dollar.

picul. Rice. of middle grade is sold prices of No. 20 Chinese yarn has declined by ten dollars. that of No.

32 and No. 42 by nearly thirty dollars and that of other varieties by two to three dollars. Possibly prices will drop still further, Latest prices for Chinese and Japanese cotton yarns are as follows:- No. 20 Hang Hot

Butterfly

2455 552

York, the silk market in the U.5. According to à cable from New is rather quiet and merchants are hesitating to buy on account of high prices. In spite of this, there has been " fair demand for Kwangtung and Shanghai silk and the market for artificial silk is also improving.

RAW SILK.

THE WAR CLOUD IN CHINA.

Messrs. Pentreath & Co. have forwarded us the following letter dated April 4, from Messrs. Hornby, Hemelryk & Co. of Liver- pool.

Sale of Halhang.

The Haihong was sold as it was found that she was costly to operate at present, owing to high consump- tion and also on account of the heavier repairs the vessel required to keep her up to our usual re- quirements. A loss of 820,000 was unfortunately made on the sale bet after careful consideration by your Consulting Committee and General Managers, it was deemed advisable to sell, and the best market price was obtained. The Foochow launch which served us well for many years has been sold on account of her general condition and shows small profit. A new launch is being built focally to take her place

our

Home leave and pensions have been high, being caused chiefly through a large number of ing on leave this year. Captain officers and their families proceed- W. C. Passmore has retired after long and faithful service, he having served the Company for 40 years.

There are. I am pleased to say, indications which point to more satisfactory trading conditions, which should be reflected in the earnings in the near future.

With these remarks I beg to pro- pose the adoption of the report and accounts and when it has been seconded shall be glad to answer any questions that shareholders may wish to ask.

"

The sugar market closed firm with the following quotations:-

Mouth.

Sales, tons Spots May July

Apr. 20 Apr. 20.

33.150 60,700

1.97/32 1.27/33 1.93 1.93

1.93

1.03

September

2.04

2.03

December. January... March

9.11

2.13

2.18

2.10. -2.10 2.18

Rubber.

The rubber market closed higher with the following quotations:

Month.

Apr. 20 Apr, 22, Spots

19.40 19.50 April

May

19.40

13.50

19.60

19.60

June July August

19.90

20.00 "20.10 20.20

20.30

September October November December

20.40

20.40 20.30

20.40 20.60

20.50

20.50

20.70 20.50

January............ 20.70

20.50

February March

90.50 21.00

20 90 21.00

RUBBER.

CONCEALED STOCKS" IN

XALAYA.

With a view to protecting the interests of domestic industry, stimulating international trade. and raising the standard of export commodities, the Ministry of In- dustry, Commerce and Labour is organizing at the different commer cial centres Bureaux of Inspection and Testing of Commercial Com- modities.

L

A Dadmite Standard. "The function of these bureaux is to inspect or test commercial commodities before they are export- ed, the kind of commodities subject to inspection to be determined from time to time by the, Ministry. A definite standard will be set for each class of commodities subject to inspection, to which the latter must attain before they can be certified for export.

"Certificates will be issued for goods up to standard, and without these certificates no goods which are put under the list subject to inspection will be allowed to pass through the Customs,

"The commodities to be inapect- ed are tentatively classified as fol. lows:-Cotton, raw silk, animals and animal products,,, hemp, tea, leather, hide and fur, rice, wheat and other cereal products, veget able cila, etc. !

Cotton Testing.

The Shanghai Bureau is the first of these bureaux established Its office is on the fourth floor of the Custom Building. Mr. P. W. Tsou, fermerly Dean of the College, of Agriculture of the National South-eastern University, at Nan king (now the National Central University) has been appointed Commissioner of the Bureau.

The first testing department or ganized by the Bureau is the cotton testing department, which started its official inspecting of cotton en In their report dated Kuala April 1. Mr. Y. T. Yeh, Master Lumpur, April 22, Mesars. Baker,of Agriculture from Georgia Ini- Morgan and. Co. state:-

versity, especialized in cotton, is Reports to hand concerning rub the head of the cotton testing 'de- ber are now of a completely partment, and Mr. Y. F. Chen, a different, tone to those received durcotton merchant of high standing ing the last few months, inasmuch and long experience is the sub a confidence and optimism have head. given place to doubt and at any Cables rate temporary pessimism. from London reflect this same at titude.

An

The Late Mr. H. P. White, The Hon. Mr. B. D. F. Beith said that before seconding the Chair- man's proposal to adopt the report and accounts he felt sure the share- Prices have been very steady dur- | holders would all like him to make ing the week under review, pro- a reference to the sad death of Mr-wintering, shipments can minent interests absorbing con- H. P. White, the late senior part tracts for near delivery, whilst ner in the firm. His large experi- offerings have been scarce. Onence and knowledge, had been as halance, values are unchanged to 3 great a loss to the Company as bis cents higher than a week ago, 1 personality and charming manner! According to our mail advices to his friends. He felt that he was 300 from New York, the market is in these words expressing the feel-

believed to be in a healthy condi-ings of all the shareholders. tion, and reports from the trade

200

Happiness

332

No. 32 Choy Keu

458

Double Horse

440

Tin Koon.

448

Pine Tree and Deer

વધુમ

'Sheung Hee

4.44

No. 20 Golden City

338

Globe

324

Sin. To

326

Blue Phoenix

390

Cloud Roc

329

Tin Koon

328

Sheung Cheung

310

Ng Fook

308

Yan Chung

320

Tram-car

310

Shepherd

308

Foo Yee

310

Three Stars

310

No. 18 Globe

300

Foo Kwai

Yan Chung

266

Peacock

256

Foo Kwai

290

Poo, Yee

984

Tram-car

283

Pretty Damael

.277

Aeroplane

984

Tak Lee

284

No. 10 Sailing Yesscl

278

Golden City

Peacock

260 272

Lotus and Bre

256

Double Lions

255

Five Lions

255

Yan Chung

270

Tai Fat

270

Tak Lee

270

. Excellent Crops

24%

No. 6. Lion

106

Lion, the Second Hut Hou

-185

186

No. 12 Golden City

BERLIN STOCK · EXCHANGE.

Berlin, April 22:--The stock, ex- change was greatly agitated to-day

#

The report and accounts were indicate good possibilities of in- adopted unanimously. creased consumption. Manufac-

Other Business. turers continue to fight higher

On the proposal of Mr. S. T. prices, but owing to their having Williamson, seconded by Mr. Wong adopted a hand-to-mouth policy for so long, they are now compell Ping Shun, the Hon. Mr. B. D. F. ed to be constantly in the market Beith, Sir Robert Ho Tung and in order to satisfy their immediate Mr. L J. Davis were re-elected members of the Consulting Com- requirements.

mittee for the ensuing year.

The statistics for March became available yesterday in New York and are as follows:-

Feb. Mar. -1928 1929 bales. bales. bales. 48,103 43,278 50,520 45,218 46,993 40,186

Imports

Stocks Deliveries to

Messrs. Lowe, Bingham & Mat thes and Messrs. Linstead & Davis were re-elected auditors ut a re- muneration of 8500 per annum on the proposal of Mr. T. Ramsey, seconded by Mr. Chung Wing Ki

Those Present.

Supporting the Chairman were mille...... 49,978. 46,228 52,011 Sir Robert He Tung, the Hon. Mr. These figures were more or less B. D. F. Beith, Mr. L. J. Davis as expected and had no market in-and Mr. C. L. Farmer (secretary) Shareholders present were: Messrs. The war cloud in China, with its S. T. Williamson, T. Ramsay, Wong possible effect upon Japanese trad-Ping Shun and Chun Wing Ku.·

Huence.

tention, as the yen exchange has an important bearing on the New York market.

as a result of the Paris developing, is attracting considerable at ments, prices falling 10 per cent. at an average, Siemens dropping 15 and Polyphone even 22 per ceat.

While the general public was very nervous New York holders of 'Ger- man shares showed a reserved at titude. The nervousness was inten- sified by a strong demand for dol- Jara, and a new dear that the Reichs- bank would increase its discount

rate.

A slight recovery set in when it became known that the Paris con ference had been adjourned. Frank- furt and Hamburg report similar

nervouszcos,

Berlin exchange quotations:--

New York

The 'distant positions seem to be under the influence of bearish new crop expretations. We think, bow- ever, that such talk is very prema ture, and that consumption will play a more prominent part in the trend of prices.

Our New York correspondents called last night that important trade interests continue buying neara, There is an active demand for piece goods and hosiery.

DUTCH EAST INDIES.

London ............

Paris

Amsterdam

Reme

4.2175 20.474 10.475 180.12. 22.30

I

RUBBER OUTPUT FOR 1929.

RUBBER QUOTATIONS.

"It is estimated that the produc tion of rubber for the whole of the London: April 9.15/16d.; May! Dutch Indies during 1929, will be June 108.; July/September 101d. ;| 149,320 tons, of which Javi 'should July/December 10jd. Steadier. produce 63,444, tona.

"Singapore: April 331; May/June The production of tea is esti- 342 July/September 34 July/mated at 72,325 tons, including December 35. Quiet. Stock fore 2,288 tone from Java, and coffee at cast. Unchanged.

932,336 piruls (Java 778,748 pírals).

EXCHANGE RATES.

[BRITIER WIRELESS SERVICE]

"RUGBY, April 28.

124.16 .4.851

34.944

Amsterdam Milan..... Berlin Stockholm.

Paris New York Brussels

Geneva..............................

25.19

12.07

02.55

20.69

Copenhagen

Vienna.

18.10 18.10 18.40 34.5

1633

193 23.69

Oslo.....

Prague Helsingfors

Madrid Lizbon Athens

Bucharest

Rio...... Buenos Aires Bombay Shanghai Hong Kong

Yokohama....

Silver (spot).

Silver (forward)"

108 5/16

375 8171

Besides, there are nine technic ians, also specially trained in cotton work, assisting in the testing work

It is only natural that specula- tion is rifle as to how, in spite of The Apparatus Installed:

period of unusualy severe

The offices of the cotton testing maintained at such high leveling Road, where the other de- be department are situated in Kiu- We have previously quoted various partments will be located when they expressions of opinion with regard are organized. Besides the neces to the origia and extent of what,

sary office rooms, the cotton test- for want of a better general terming department has been provided may be called concealed stocks. The with two drying rooms, one balance further suggestion has been made room and one cotton sample room. in several quarters that estates are really producing far more rubber than calculations based on their standards of production would lead one to expect..

In order to obtain some check on

The equipment of this department consists of 57 electric-drying ovens, eight balances, 500 sampling tubes. two bale sewing machines, 190 thermometers and other accessories. Besides the work of testing the of commercial moisture content cotton, the department is also plan. ning to carry on cotton research work, preparing cotton statistics, making of cotton standard, cotton exhibitions, etc.

this we have taken the average yields of 22 Malayan rubber estates for the periods November, 1927. January, 1998 and November, 1828 January, 1920 No choice has been made the companies are the first on an alpbabetical list of those

In addition to the equipment companies which publish their out- puts regularly. The figures are already on hand, the Department distinctly illuminating. For the is ordering from the U.S. Depart- first-named period the total output ment of Agriculture cotton stand- was 3,040,479 lb. and for the second ards of all kinds, standard lengths 5,198,883 lb. Now during the first of cotton fibre, and apparatus for named quarter estates were per testing the strength of cotton fibre mitted to export 60 per cent. at and other apparatus for cotton test- there was no restriction. If then minimum duty during the lattering work from other countries the standards of production during as one of its projects to standardise The cotton testing department has the unrestricted period should be the qualities of Chinese cotton, to 66.6 per cent. Calculation, then,' gives the prospective unrestricted apply the quality and length stand- output as 5,067,485 lb. against the rds of American cotton and to actually realized figure of 5,188,883, train students specially for cotton

testing work. a difference of only a little over 2.5 per cent on the latter figure.!

It is granted that numerous other factors might be taken into con- 'aideration. We are, not, however, endeavouring to write an analyti cal treatise, but merely to test the theory above mentioned concerning present estate outputs. The fore going figures, if not providing con- clusive proof, at any rate indicate that estatea are producing very little more rabber than they should

Detroit:-A 810,000,000 trust fund theoretically be able to do and therefore that their standards of to promote the "health, happiness production were, on an average, and development" of the children wonderfully equitable though few of Detroit has been established by anticipate the maintenance of such United States Senator James S. productivity, which is due, to a Couzens, of Detroit,

In the case of qualified students, the department may recommend to have them sent abroad to specialize in cotton standardization.

CHILDREN'S BENEFIT FUND

ESTABLISHED. ·

E

considerable extent, to the effects of Senator Couzens has long been resting." It appears therefore known for his philanthropic work that unless the discrepancy is to be in behalf of ander-privileged child- 8 57/64 found in "native" production, the ren. His most noteworthy gift, 47. 6/16. heavy shipments are not due to ex- prior to to day's announcement was 1/8 20/32 cessive production and must there the rebuilding at Bath, Michigan of 2/51fore, per contra, be due to "con a consolidated school structure to :1/118 cealed" stocks and the balance ex replace the building which was 1/10 cess stocks being gradually released dynamited in 1927 by a crazed 251

by estates in accordance with the county school treasurer, with the RG.A.'s policy

loss of 44 Liver.

JAVA-CHINA-JAPAN-

LUN.

Tel Kris

Tel. Centiâï 1574.

ACUL

Building Hongkorny

REGULAR PASSENGER & CARGO SERVICE BETWEEN HONGKONG, AMOY, SHANGHAI MANILA AND THE DUTCH EAST INDIES.

SOUTH BOUND.

STEAMZAS

FROK

EXPECTED ON OR

WILL LEAVE

FOR

ABOUT

TJISAROFA TJILEBOET TJISONDARI TJIKINI

STEAXZRE

2nd May

18', AXOY

DALXY,K'LONG. 6th May

& AKOT S'HAI. & AMOY 13th May ...DALNY, KONG. 20th Mar

& Axor

4th May

4 p.m.

BATAVIA

8th May MANILA, M'ESAR.

4pm

& SOXRAFATA

15th May, BATATIA

4pm!

22nd May, MANILA, M'xGAN. p.m. & SOERABALL J

NORTH BOUND.

WILL LEAVE ON OX ABOUT

EXPECTED

Frox

ON OF

FOR

ABOUT

1st May

4th May Axor & Ñ. CH

1st May

3rd May AMOT & BEAT.

11th May 13th May Amor & B'AL

TJIMANOEK -- JAVA, MATAMAR TJISONDARI..... BATAVIA TJIKEMBANG

BATAVIA

TJISALAK.Java, Makassar 15th May 18th May AMOT & N. CHIMA

EXCURSIONS TO JAVA

The regular service of the Java China-Japan-Lijn steamers from Hong Kong to Java, and vice-versa, offers a splendid opportunity for excursions to Java (the Pearl of the East) and other parts of the Dutch East Indies.

וי

Famous for craters and volcanoes, delightful scenery, invigorating Mountain resorts, excellent sporting facilities.

Travel in comfort on first class steamers with excellent accommodation for passengers; European Doctors carried; Wireless .telegraphy installed.

Hong Kong to Batavia (7 days) saloon fare: $175, return $300.

For particulars apply--

JAVA-CHINA-JAPAN LIJN.

Agents-

ROYAL NETHERLANDS INDIES AIRLINES, LTD. York Building.

R

Telephone C. 1574.

Hamburg-Amerika Linie,

COMBINED FREIGHT AND PASSENGER SERVICE. CABIN CLASS ACCOMMODATION FOR 60 PASSENGERS. FARE FROM HONG KONG TO GENOA-£73. 0, 04. OUTWARD.

Sailings from Europe for S'hai, Japan & Northern Ports:-

M.V. “SAUERLAND” 8.8. "OLDENEURG” 8.8. "SAARLAND" M.V. "HAVELLAND"

·M.V." ERMLAND "

HOMEWARD,

.

que here on or abort the 16th May dre here on or about the 29th May Ay due here on ör about the 10th June dne here on or about the 25th June

·dne here on or about the 13th July

Sailings for Genoa, Botterdam and Hamburg via Manila, Singapore, Colombo & Port Said :—

K.V. "EUER"

1 M.V. "VOGTLAND"

M.V."DUISBURG" MV. "SAUERLAND 88. "OLDENBURG 8.8. “SAARLAND"

miling from here on or about the 7th May sailing from here on or about the 21st May ...sailing from here on ex about the 1st June sailing from here on or about the 18th June sailing from here on or about the 2nd July ailing from here on or about the 18th July

+ Calling also at Marseilles,

For Braight, Pannage and further Farticulars please apply to

JEBSEN & CO.

12, Fodder Bibet

101

Aavari,

Tal. C. 1925. Tel. 0.4784