1929-06-21 — Page 9

Money and Markets

HONG KONG MARKET

REPORTS.

Yesterday's quotations for rica and other foodstuffs were as follow:.

Rico.

Common White

Per pieul

87.15-9.39 Broken, Green Sent

6.01 Granulated, No. 1.......... 5:46 Long Unglutinous

8.50-7.30 -White Brun, Red Seal... 3.29

Miscellaneous, -V

Coarse granulated sugar 86.25-7.93 Brown Sugar, Java,

5.58 21.70

24.00 11.00

Groundnut all

Wood-tar oil

Red Melon Seeds

Black, Sesame

Dates

preserved

with

honey

Dried Yellow fungus.......

Dried Bamboo shoots .... Dried Cuttlefish, Shan-

17.00 240.00 16.00

Black Date

Scarlet Bean

Soy Bean

Small Green Bean

43.00 13.00 $.20 6.80 .8.50

RUBBER AT 45.?

TYRE:MAKER'S VIEWS.

THE HONG KONG DAILY PRESS, FRIDAY, JUNE 21, 1929.

PEKIN SYNDICATE.

IMPROVING BUSINESS CON-

DITIONS IN CHINA.

The ordinary general meeting of the Pekin Syndicate. Ltd., was held in London, on May 29, Major

HONG KONG STOCK EXCHANGE.

H.K. Banks

.. $1,240 kom.

CLOSING QUOTATIONS:

JUNE 20, 1929.

Do., London...lúži nom. Marcantile Banks, A. &B... nom. Chartered Banki $193 bay.

Do.,

C...235) 40m.

Walter S. Nathan, Car.G. the P. & O. Banki ****.100% 10.

ehairman of the Company, presid- ing.

Sr. Charles Price (the secretary) having read the notice calling the meeting and the report of the auditors, the Chairman said:

Gentlemen,Our annual general meeting would, in the ordinary course of events, have been held int December, but it was imoon. will treble to do so owing

Writing in the Financial Times, Mr. F. Lionel Rapson quotes a well-known tyre manufacturer, who has predicted that rubber will touch is per pound before the end of the present year, and who be lieves that within the next twelve

those of to-day, Whilst unable

ties experiem or ins to the dificul.

East Asia Banks

Uanton Insuranco..........$64) sel. Union Insurers 1323 bay.

11. 180 bar. North China, las... ......... Yangtare Insuranse....... 330 num. China Underwaterstel Ching Fire Insurances...4300 buy.

20 năm. ELL, Firs kun.

HOG, Douginoos H&

WIDOWS AND ORPHANS.

PENSIONS ORDINANCE TO

BE AMENDED.

TO BENEFIT TRANSFERS.

The Attorney-General (Sir Joseph Kemp) secured the first reading of an Ordinance to amend, further the Widows' and Orphans' Pensions of ↑ 1908. An cutline of the Bill has already been published.

Sir Joseph said that the word "no" appeared, as a

Love him (From) 845 Day.ex dir. one of the cisuses, in the original

necessary. particulars from Our Mines Department. to enable our accountants, at Shanghai, to pre- care the China office accounts. We trust that the near future the situation at the mines will improve to such an extent that we shall he' able to hold our general meeting in December as in former years.

The Accounts,

Tug

Do

Shell Trasporta

...... nom. Union Waterbosti....................... num. Bange o

Aquia ...65/-nom Langkat (combined)........ 'T'lm, 14 mei.

(Kingie).The. Djo.

T71

1. Exploracións

1521 Shanghai Loans

41

17/02

al.

fully to agree with this exception ally optimistic view, Mr. Rapson thinks there is far more likalihood 33.00 of his prophecy being fulfilled than there is of rubber remaining at 1s. per pound. The waste in rubber, he adds, is appalling. One can purchase a tyre to-day at a considerably lower price than re- treading cost but a year or so ago.

Tronoh Mines The result is that, tens of thousands

H.K. & K. Whatta son...$194 buy. Tuming to the profit and loss K&W. Dooks 35 nom.. of perfectly good casings are being scrapped, and, with them, some

account, on the debit side the Lone Provalents, 14, 10 sal. millions of pounds of equally good pared with £15,840. Paris expendi don expenditure is £14,333, na com.

Hongkiwa umma 112, 158

T. Kom. rubber. It is this abnormal waste

*Th, 5.85 buy. New Engineerzaga.. ture is the same as last year, and Shanghai Docki

[130] buy. that is lending to accumulated rub-

China administration expenditure Ewo Cottons.. ber stocks being absorbed much£5,460, as against £8,337 in last Unental Cottens...

Ts, 12.55 buy. ***** bay. more rapidly than the experts an-

accounts. Income-tax £4,908, 1ons ticipated. Mr. Rapson is actively

'h. Cotton (1) ...Tls. 704 buy.

Do. on trading in respect of the Syn- engaged in the industry, and can

(now 93 bay.

..$8.50 ml, B† va. dicate's participation in the Fu HK & S. Hates definitely Atste from his own

....$öd sal. knowledge that, whereas in 1928 a Chung Corporation £7.712, and EK. Landa...

Tim. 142 buy. great number of worn casings-came expenditure at collieries £39,873. Bhanghai Lands

On the credit side of the profit and Humphreys Kataton..............#13; buy. Back for retreading, we have now

HK. Belian total receipts)

$71 buy. reached the stage where "one can

...$18.40 buy. amount of £29.098, leaving a debit K. Tramwaji go for a whole week and never

Panik Trama (old) balance of £67,952, which is carried

... $11.80 bay. hear of a solitary instance.

boi

(ROW). d. nom. to profit and loss account in the

Star l'arries

365 bay, o8.1. Lalance-sheet.

Uhina Lagni. Cum. $13.50 al., Kights

181

CANTON TRADE NOTES.

The flour market remains in detive as the demand of both local and country merchants is limited.

Prices of firowood have fallen re- cently in Canton owing to over- supply from the West River dis

tricts.

The sugar market continues dull Although the market is overstocked, large quantities of foreign sugar have been, imported. Kwangtung sugar is not in demand and bath arrivals and stocks are short.

The foreign artificial fertilizer market has been exceedingly quiet in Hong Kong recently as demand by farmers of eastern Kwangtung. Amoy and Foochow is small. Con- sumption from the West River dis- tricts is however normal.

In

54

Output For 1929.

loss account,

་་

the

With regard to the balance-sheet, on the debit side the items general reserve and reserve for redemption

Do.

ww

Ex Rights ".....81290 sol Do. · Kighul ... $7.90 num H.K. Electrics. 150 bay. 15 Macao Electro......6203 nam. Sandafan Lights......... sel. Isispause... 17 bay

Tin bay.

Uhina Buses

De (Fr.)......19/. nom. Chins huga......BU eta, buy, abon uge...27 nom Umutan Ice buy.

...$7.94 buy. Cements (combined)

thi (old) ......$73 zsi.

10.

***OW (5*1******* (MOU)

......$7 set. este $5 baz..

....$13 nom.

revent circular, a well- known London firm of Stock Ex. change rubber share brokers writes of capital expenditure on the col that the official estimates for available in respect of the British lieries is the same us in last year's Sundry creditors and recently accounts.

This companies which have

credit balances is £88,670. issued their reports indicates a general increase of around 20 per amount includes the sum of £48,092. cent on the 1028 crops, which, accrued interest due from the Chi-Sugators Tractions11/- AL taken over the whole of Malaya,se authorities in respect of the would bring production to not railway and provincial loans, which more than 380,000 tons, A still amount has not been included in more definite pointer is available the profit and loss account, debit with the knowledge that an aver balance on our current account with age yield of as much as 420lb. per the Fu Chung Corporation, and acro throughout the whole of the Bundry credit Halances. The credit Malayan planted areas-European, balance on profit and loss account Merchants dealing in Japanese Chinese, and native would be now £33,281, as against 147,369 linen both in Canton and Hong Kong have suffered considerable necessary to bring about a total brought forward from last year.

production of 420,000 tona. Wheri Turning to the credit side of the loss. Since the anti-Japanese Boy allowance is made for the ad- balance sheet, the cash at baskers cott was lifted, merchants bought mittedly low capacity of the native stands at £3,479, as compared with heavily but due to over-supply, and Chinese properties, and for 48,331 in last accounts, a decrease prices have fallen unusually low.

immature areas, production on this of £44,000, but £90,000 of this differ. ence is invested in the next two Strenuous efforts are being made scale would necessitate such enor-

mous yields from a considerable items, viz., investments £335,440, as by textile manufacturers in Hong proportion of the European estates against £33,436, and loans against Kong to improve their products, that the whole thing becomes al security £120,000, as against £96,000. During the anti-Japanese Boycott most incredible. Under these cir Railway and other loans in China the industry did fairly and theircumstances. it will be necessary to is £291,288, as compared with prices are much less than those

await further figures before arriv. 2011,263 last year, from Europe and America, but since the lifting of the boycott,ing at any final conclusions. Japanese goods have taken their place.

*

At the request of the merchants, the eight steamers lying between Canton and Hong Kong reduced some months ago the freight on flour and sugar te 87 and 823 per hundred bags respectively. Recent ly, the a. Tai Lee and Sun Nam

H.K. Hope

xaod Asbestos ....... Dairy Farms............ Wawona Der A Wings ................... ..80 cts, buy. fane Crawfords 12 Bol Mackintoshr......$18 buy. Відсегей

$12 bay. Was Fowels 3. H.K. Amusements...... 22 buy. H.K. Constructions ...... sol.

'qua. Indas. G.Bonds...67% nom. H. Gort, Loans.......7% prem. buy. buy-buyer; sel-sellers; na-a! :

the difference e

nom-dominal

Ordinance, with the effect that is made officers employed on a tem. porary basis, for a period not ex- ceeding two years, liable to contri- buts toward the pensions scheme. At the same time, the misprint relieved officers engaged for longer periods of lability.

An Absurd Position. That was, on the face of it, ab- surd, said Sir Joseph, but fortu- nately those concerned had not adhered strictly to the wording of the defective clause. A clause in the proposed Ordinance ensured that the amendment righting the defective clause dated back to the coming into force of the original Ordinance.

Another important point contain. ed in the proposed Ordinance dealt with the case of officers transferred to the Colony from another Colony when they were already contribut- ing to a similar pensions scheme. If such an officer had to contribute to the Hong Kong scheme as well e another theme there would be a considerable drain upon his in-

come.

It was now proposed that an officer in these circumstances need not contribute to the Hong Kong scheme and provision is also made for refanding contributions while

TO OPEN

Remere captale rain lever and Mash upwarda

Haig

TO CLOSE

Replace cup

and put

lever down

NEW BOTTLE SEAL

QUICK

·

(NO CORKSCREW)

GLEAN

·

SAFE

Nobody can put better Whisky into any bottle than that which the Haig bottle. goes into

Sole Agents

Doctors are using it

Judges are using it

Sufferers from acidity

find it preferable to any other stimulant

GANDE, PRICE & CO., LTD.

TEL. C. 135..

71가

Ноге Кома,

"

All Beer is good Beer

the withdrawal of the scheme, in But some Brands are better than others."

their case, is under consideration.

Be-junding Payments.

A further clause in the new Ordi. nance extends this right to claim exemption to officers who were already table at the comment. ment of the scheme and who were also contributing to schemes of other Colonies.

It gave them the right to obtain the refund of any contributions paid up to the time that exemption is claimed

At the same time, it was pointed out that it is not intended to paid "refunds" until it is known that payment will be approved by the Secretary of State. This applies merely to existing officers and not to new officers coming into the Colony.

The Colonial Treasurer seconded

ests.

American Consumption. Commenting on the more hope- ful tone of the market, & Stock Exchange firm says: Trade reports now hint at American consumption of as much 50,000 tons per a £34,334, 48 against 8,082, the try. Under these circumstances, month in May and June, while it coal sold since last account. the affairs of the Syndicate should

being accrued interest. Shares in that China to-day is what she was other compusies is the same; sun- a year ago, but I do not think this the Attorney-General's motion, the dry debtor and debtor balances is

the spirit and hope of the Govern- first time. There were ao dissenti £854,166, as against £90,440, & de- the case, and a convinced that proposed Ordinance be read for the crease of £3,274. Office furniture,) fixtures, etc., is the same, less de tending to create law and order preciation written off. Coal stack for the development of their coun meat and the people is gradually

difference being accounted for by

is also suggested that shipments from Malayn from new

on willing stores £3,362, as compared with be favourably affected. I found all the Ministers I consulted vore show a substantial falling off as 27,248, a decrease of £3,686, due to Hoi formerly plying between Hong compared with the heavy exporta atores requisitioned by the Chinese strongly in favour of the resump- Kong and Kongmoon have been since November last. At the pre- tion written off. Land and pro-

military authorities and deprecia But on the Canton-Hong Kong sent stage these figures must neces- run and they have reduced thesarily be more or less in the nature perties in China is £30.034, as com freightage for flour and sugar which of guesswork, but they provide an pared with £31,134, the difference is now 88 and 820 respectively interesting contract

to the pessi being depreciation The other eight steamers have also mistic feelings in regard to these Capital expenditure decided to follow suit."

matters which were in evidencelieries is practically the same as only a short time ago. It is not last year. necessary, the firm adds, dwell Chairman's Visit to China.

•

"On account of the compulsory circulation of the depreciated Kwanga banknotes during the administration o! the Kwangsi Clique, merchants in Wachow and to raise the prices of their goods. Since Wuchow fell to the Nanking troops silver coins had been used in lieu of the banknotes, but mer chants have not lowered their prices. This has caused great hard- ship especially to the poor classes and te municipal authorities are co-operating with the General Chamber of Commerce to make the merchants lower prices.

RAW SILK MARKET.

THE OUTLOOK HAZY.

written of.

Co

on the

tion of the Syndicate's activities. tion of the Fu Chung Corporation A draft agreement for the re-forma has been approved in principle by all the principal authorities, includ ing Marshal Feng himself, and the Provincial Government of Hoang, I had hoped to see this carried through before I returned, but the situation, as regards the Nation-

Don't worry.

fin beral

A Welcome Visitor

at any time in

every

household. Every Bug, Flex, Beetle, Moth, Fly, etc., dias once it has come into proper contact with

KEATING'S

upon the results that would follow The last occasion that I address-alist Government and Feng, did nos- any development of the statisticaled you, was on March 28, 1929, permit of this. Negotiations are position along the foregoing lines. Since that date much has occurred continuing, and I hope that they Mr. Eric Miller, in fact, at the in China, and it appeared to your will come to a successful conclusion annual meeting of the Bikam Rub-directors that it was desirable before very long ber Estates, euggested that, even that, in company" with General During my visit to China, severs! assuming that American consump Woodroffe, I should pay a visit to

important changes were made in tion for the rest of the year re- China to examine the political the Syndicate's and the Fu Chung mained on the same level as in situation, to reorganise the affairs Corporation's staffs. Mr. Kenrick 1928-i.c., 38,000 tons per month of the Syndicate and the Fu Chung resigned after many laborious years' and making allowance for the in- Corporation, and to carry on nego-service with the Syndicate as its crease which is taking place in abtiations with the Nationalist Gov. general manager, and the Syndicate Borption in the rest of the world, ernment at Nanking with a view to was fortunate to secure the ser- it was difficult to see how a fur the reopeang of the Syndicate's vices of Mr. Harold Pörter, C.M.G, ther contraction in world stocks is to be avoided. In his view, the mines and the resumption of its as his successor. Mr. Porter was a business. Prior to my departure Consul-General in China, and up biggest problemn which the indus- try, as a whole, bas to face is the affairs were, generally speaking, in till recently held that position in much the same state as I described Hankow. He is well known to necessity of avoiding too violent & swing of the pendulum. A sub- at our Inst meeting. You may re both Chinese and foreigners, and that amongst the former, with his know- stantial advance in the price of member that I told you

of the Chinese language, the raw material might undo the General Chiang Kai Shek had de-edge Messrs. Pertreath & Co. have beneficial results, in the way of in-clared his intention of attacking should be able to work with suc kindly forwarded" us the following creased consumption, that cheap the Fenztien party then ruling in cesa.

Peking. This he successfully did, The appointment of Mr. Jacques letter dated May 27, from Messrs. rubber has instigated.

and although various militarists, Arnavon to a seat "on the board Hornby, Hemelryk & Co. of Liver

who followed the national troops, was confirmed. The retiring direc pool:

have since given some trouble, the tors, Col. Brinsley 3. H. Fitz nationalist influence has so consoli Gerald, O.B., and. Mr. Emile Franc American statistics for April: dated itatif that, at the present qui, were re-elected, and the audi- Last Last moment, with a few exceptions, it tors, Messrs. Cooper Brothers & Bales. month year. controls the whole of North China Co., were reappointed

from the Yangtze to the Great Mr. Henry Morahall, in proposing One of these exceptions is a vote of thanks to the chairman on the 17th inst, was 3,190 bales,port 27,782 48,103 36,533 the Province, of Hema, where our and his English and French col-

$3,955 -10,879 41,259 Wall made up as follows:-

mines are situated. Here. Marshal leagues, and to all connected with Grade. A 1,455 bales, B 890, C 210, D 140, E 315, F 60, W 5, X 15, Z 10. stocks 32,125 45,218 35,493 Feng Yu Hsiang still has so much the management and those on the Our mail advices from New York In Transit 30,700 29,000 28,500 power that the Nationalists do not spot, said that the chairman had

directly control.

been to great trouble and probably state that weakness in the Japanese Our New York correspondents have market, combined with uneasiness cabled that sales of finished six are Confidence in Chinese Government. great anxiety in visiting China with General Woodroffe Theywere caused by a long spell of bad still quiet, but the spot demand for During my stay in China, I have men of great importance

and weather on the other side of the raw silk shows improvement. Scale had an opportunity of discussing stability in the various spheres of Atlantic, bas shanked the aspect of down covering of actual require affairs with most of the Nationalist their business life. He was pleased the spot situation, and manufac meats is in evidence.

leaders, and have come to the com- to see at the meeting Col. Fitz turers' demand- has shrunk in con- j A further cable to hand over the clusion that the possibility I en Gerald as well as Col. Armstrong, week-end says that heavy long visaged last year, that wise counsels While they had such men at the The future outlook is rather hazy. liquidation has improved the tech would prevail amongst the then head of affairs, be thought they The expected small carrover at the uical situation. Bullish sentiment Southern, now the Nationalist,must be contented with the way end of the season of raw silk and is absent, but close observers | Icaders, resulting in generally im the company was managed. The cocoons seems overshadowed by the favour purchases of new crop de proved administration, has actually vote was seconded by Mr. C. F. *) preabeck of a leige new crop. The liveries.

taken place The position in some particular ir fit ouscure, and Trom what you read you might conside: (Continued on next Oolumn).

Compared with prices ruling a fortnight ago, values are 20. lower for July, but September and Octo ber show advances of 8p. and 100% respectively.

The New York certificated stock Deliveries to

******

Warehouse

pu

Inter 1, however, full very inde- |- W We recommend. Real

chases, but not of "old" crop, de- (Continued an neri Column). liveries.

'finite.

Jones and, unanimously accorded.

The Chaman kung acknow ledged the compliment, proceedings terminated.

BUSTER

So BUY.

BEER

and be sure that you GET BETTER BEER

Sole Agents:

T. E. GRIFFITH, LTD.

6, Queen's Road Central

TO-DAY'S WIRELESS PROGRAMME.

BROADCAST BY Z.B.W. ON 330 METRES.

1.46 p.m.Weather report. 6.30 to 6.30 p.m.Programme of

AT

HIS

Tel. C. 1857.

Chinese music. (Victor records sup- plied by The Music World Co.)."

7.49 p.m.-Evening weather re- port.

8

p.m.- Evening programme. (Victor and H.M.V. records" sup- plied by Messrs. 8. Moutric & Co.).

10.30 p. Close on

CUPID wields &

wicked rolling-

pin on Buster's bean. Love leads him

· dizzy / chase ---- you'll laugh your loudest !

BEST!

buster Keaton

Metro-

Goldwyn

Mayer

FOTULS

1001

LAUGHS!

DOROTHY SEBASTIAN:

spite marriage

COMING TO THE

QUEEN'S

SUNDAY TO TUESDAY

+2-80-5,10,