1929-07-17 — Page 9

My

لا

TO OPEN Remove caponia

raite lever and

pesk upwards

Haig

TO CLOSE

Replace exp ind push

lever saws

NEW BOTTLE SEAL

•

(NO CORKSCREW)

QUICK CLEAN - SAFE Nobody can put better Whisky into any "bottle than that which goes into the Haig bottle.

Sole Agents:-

TEL. 0. 135.

Doctors are using it

Judges are using it

Sufferers from acidity

find it preferable to

any other stimulant

GANDE, PRICE & CO., LTD.

A wisehead-

the head that's sleek and smooth all through the day.

A little Anzora 'in

the morning is all that's necessary to keep your hair healthy and in good

condition.

ANZORA

Masters the Hain!

HELECTRO

RASPEC

HLANDV Bottled sand fully m

mana

BES MARC LASGOV

NAKAMURA

MASSAGE

No. 218, QUEEN'S FLOAD EAST, 2ND FLOOR, WANCHAI, Horea Kos

321

Hong Kora

Azzots Cream tot grow? Kalya Ads Viola for úry scalps. Sold by Drug piata, Harrasers, from

Our Hong Kong'Azania:= "Une Cuiumbai Distansary, £4. Queen's komi Central Hong Kong. You Hing Co.,

24. Pustimer Strea,

La Brus, & C. H. Y. & H. T. 40. Lunhom Strand West, Howd Kong.

Manufactured by Anzora Perfumery

London

England.

MARCHANT'S

GOLD LABEL

EXTRA SPECIAL

Old Highland Whisky.

Distilled and bottled in Scotland and guaranteed fully matured in wood.

A Whisky of quality at a moderate price.

Obtainable at all leading Clubs, Hotels and Stores

and from the

Sole Agents:

T. B. GRIFFITH, LTD.

TEL. 3517.

U.S. OIL FIGURES.

Tulsa, Okla. July 9-Statistics compiled by the Oil & Gas Journal

and given out for publication to

THE HONG KONG DAILY PRESS, WEDNESDAY, JULY 17, 1929.

Money and Markets

HONG KONG TRADE:

RAW SILK.

EASIER TENDENCY EXPECTED.

Messrs. Peatreath & Co. have forwarded us the following letter, dared June 24 which they have Hemers & Co., Liverpool: received from Mesars Hornby,

A CURRENCY PROBLEM.

** Observer"

writes:--With the advent of rain and the consequent diminution in importance of the Prices have fluctuated within very water problem, loss in public in narrow limite since our last report, terest op suck matters as motor-care, to 3e. on the week,

values shewing a slight decline of taxes, or the efficiency of fire-fight-1 ing applicances, may I bring to the notice of our legislators a problem of the greatest importance not only to the commercial community but to the Colony as a whole 1

Abnormal Conditions.

HONG KONG SUGAR|

MERCHANTS.

THINGS THAT ARE RUINING THE TRADE.

SHIPPING AND CREDIT FACILITIES NEEDED.

WILLIAM FORK

presentr

ATHIEF IN TH

'ress, in the course of an inter-

A representative of the Daily,

view with the honorary English Secretary of the Sugar. Merchants' Association, was informed that the sagar trade in Hong Kong was The New York certificated stock passing through a particularly bad on the 8th June was 3,760 bales. something is done ehortly to give period and it was hinted that unjess rade up as follows:-

Grade A 1.783 bales. B 1,113, better, facilities the volume of busi sugar merchants in Hong Kong 153. D 140. E 13, F 125, W 20ness which is now handled in the X15, Y90 and Z 40.

According to cable advices from diminished.

Colony will be eoneiderably I refer to the abnormal state of with good demand, especially for under two heads, shipping and New York, spot silk is meeting

Brisdy the facilities needed fall the currency of Heng Kong, due to the lower grades, and it is expect banking the high premium of the notes issueded that there will be an early

MYSTERY, THRILLS. by the three banks operating in the renewal of demand for piece goods that under an agreement with the

In regard to the ship ping facilities, it

SUSPENSE is pointed out Colony. The premium is common for autumn requirements, although Java-China-Japan-Lija, which prac to notes of all denominations, but the present situation is quiet."

LAUGHS IN AN as example take the case of a

ABSORBING Further cable advices, received tically monopolises the transport of

STORY $1 note, which promises to pay the bearer on demand 81 in the car-manufacturers buying interest icd to take delivery of less tha. 500

over the week-end,

sugar from Java to Hong Kong. Hong Kong importers are not low.

OF THE TRAIL OF A rency of the island. The theoretical limited. The opinion that an easier bags at a time, sterling value of this coin, based on tendency is

HOARD OF JEWELS ! ics silver content and on the current

expected during the summer is maintained, and we are informed that purchases of distant positions on scale down are favour- ed, although much depends upon value of about 2 candareens, the size of the crop, regarding showing an inflation in the value of which the market is awaiting de- the local bank-notes of anything befinite news. tween 12 per cent. and 13 per cent.

price of this metal, is hardly is. 9d., and in Shanghai tuels, the silver content in the same dollar gives it

stute that

This on the surface, might appear o be no hardship, hut in effect it presents importers from taking

delivery of small quantities to ac practice has been for a wholesaler commodate retailers. The Chinese

to take up a consignment and to

and so on until the whole consign- Close New York Saturday: Lags to one dealer, 300 to another give a delivery order for say 200

ment is cleared by different dealers instead of by the importer."

This state of affairs has existed June 34.56, July 21.51, September fur some years, but never to the ex-73, October $4.73. tent now obtaining, and certainly the burden has never been more keenly felt by the commercial com- munity of Hong Kong.

Hong Kong Trade Diverted- An important part of the export trade of South China, controlled from Hong Kong, has been diverted) to Eastern centres with foreign ex-i change rates approximating silver) parity, and this diversion in turn has further restricted imports, already a diminishing quantity, as the result of the decrease in buying. power of the inhabitants of neigh bouring provinces. To the exporter, no less than to the importer because of its repercussive effect, the situa tion is serious in the extreme, and it is mortifying to see the little available trade being driven out of the Colony to Shanghai, where the foreign buyer need part with a smaller amount of his currency to meet the Chinese seller's demand for any given quantity of commodities, the silver prices of which do not differ materially in North and South Ching-it least nowhere near the difference in the gold value of the Eong Kong note and Mexican dollars, which in their bullion value are practically the same token.

-Elect Upon Industry,

*

EXCHANGE RATES.

(BRITISH WIRELESS SERVICE]

Paris....: Brussels Amsterdam Berlin Copenhagen .Vienna

Helsingfors Lisbon Bucharest Buenos Aires Shanghai Yokohama

New York Geneva

RoGay, July 15.

123.573 34.00 20.073

20.36

16.27

34.468

183

1081

$18

47 7/32 2/43

1/10 7/32 4.84 31/32

23.31-1 99.375

18.095 18.205.

Milan......

Stockholm

Oslo

Prague

-1634

Madrid Athens

33,4

275

3+

Rio..... Bombay Hong Kong Silver (spot) Silver (forward)

1/3.25/32

1/11

24 7/16

Suggested Remedy.

Delivery Ex-Ship.

Delivery Ex-chip" is net un- known, but when 5.2. importër breaks his consignment inte 12 number of small parcels and granta each of his customers R delivery order to clear the sugar which he (the customer) has bought, from a ship, a great deal of unnecessary de lay is caused on the ship, and con- sequently the shipping people are unlikely to allow this sort of thing to go on unchecked. As a result of negotiations with the Sugar Mer- chants' Association, the Java Line hae arranged that the smallest delivery ex-ship is to be not less than 500 bags...

The advantages of taking delivery ex ship instead of ex-godown are obvious. Lighter hire, coolie hire and time precious element in businces-are saved, to say nothing of godown charges and insurance premium. In fermer days, when business was normal these rates were paid and delivers ex-ship was not often asked for and when it was could easily be arranged. But nowadays, coolie hire has gone up considerably and the volume of business has deereseed, so import- ers naturally seek every possible eaving they can on their consign- ment,

The Banks,

are undoubtedly other causes, but This grave disadvantage also whatever they may be, the fact re affecte industrial concerns employ-mains that a departure of a cur- ing a large labour force almost to rency from its parity; whether a rise the extent of putting them out of or fall from its basis of value, can- the competitive market; the busi- not react otherwise than detrimen merchants, like the rest of the As to banking facilities, sugar ness of ship repairing is an excel tally to trade. lent example. The local Dock

Colony, suffered a great set-back Company is claimed to be the best

when the native banks withdrew technically equipped yard in this and a satisfactory solution even days of 1925 and huge losses had to The question is full, of intricacies, their support during the unsettled part of the world, yet commer- cially it cannot be compared to its found in an increase in the issue of perience in those days, the sugar. more "so, but a remedy might be be met. As a result of their ex- rival of Shanghai, which has earned banknotes, and placing a curb in merchants are not disposed to place handsome profits all through this the speculation in teels. The latter much reliance on loans and banking period of depressien in China. The might be reached without great dif facilities from native hanks and secret is. of course, partly in ficulty by agreement between the consequently they prefer to handle cheaper prices obtaining in Shang- banks themselves but, for 'obvious a amaller business using their own hai, where the wage, bill is at subject to inflation of anything up

to 15 per cent, and in the circum- stances it is not surprising that work is attracted there.

a

AND

DARK

with

GEORGE MEEKER, MARJORIE BEEBE.“ FINAL SHOWINGS TO-DAY

- AT THE

QUEEN'S

At 2.30, 5.10, 7.15 & 9.20,

Beautiful colour scenes in a sumptuously produced story of a nation-wide search for the modern proto- type of the Venus de Milo !

ESTHER RALSTON

IN

THE

AMERICAN VENUS

AT THE

WORLD

FINAL SHOWINGS TO-DAY

at 2.30, 5.15, 7.16 & 9.20.

A LARGE CAST OF BRITISH SCREEN FAVOURITES.

IN A THRILLING STORY OF ADVENTURE IN CAIRO!

LILLIAN HALL-DAVIS

IN

ADVENTURE MAD

with NILS ASTHER, ERIC BARCLAY.

AT THE

STAR

FINAL SHOWINGS TO-DAY

reasons, it cannot be effective un capital, than to dabble in large CANTON MARKET REPORTS. less accompanied by seasures to consigaments with the banks to Hong Kong in respect of banknotes. meet the trade requirements of finance them.

Before the Strike, foreign banks:

Neither will an increase by itself were not so particular about the

Margin and Usance.

COTTON YARN.

FLOUR.

$276-305 218-233 215-243

Per Picul.

H.K.2900

25

ધમડ

Prizes of both Chinese and for eign four have somewhat advanced. Latest quotations of the various

At 5.30 & 9.20.

CANTON STOCK EXCHANGE.

CLOSING QUOTATIONS.

CANTON, July 15.

$3.50 Water Works .... Electric Light & Power Co. 4.00 Canton-Hankow Railways... .30 The Sun Company Sincere Company

98.00 120.00 Nanyang Bros. Tob. Co...... 4.40 | Kwangtung Tramways Co, ... 9.30 China Merchants' S.N., Co. 35.00 Central Bank of China. 45.00

RICE..

The rice market has been quiet as demand from country merchants i very limited. Prices have been firm.

Per Picul.

89.16-11.20 Common White, Annam 9.60-10.38 Common White, No. 3, 9.02- 9.70 White Broken, Siam... 88.75- 6.08

Common White, Kwang-

tung

Chinese Boarding of Notes, in the issue of banknotes remedy usance of hills on their banks, but The demand for cotton, yarn waz The causes for the anomaly of the situation unless accompanied by they now give only thirty days still short on Monday but prices promise" being superior in value a certainty of continued unrestrict- usance and on very rare occasions were firm. Quotations on Monday's to the performance" in this issue ed import and export of silver 60 days to reliable firms.

It was

market were as follow:- are undoubtedly many, but the prin dollars to correct the vagaries of the explained that the system of grant No. 20. cippe cause would appear to be the tael, and the free circulation and ing 30 days usance to customers No. 19. inadequate supply of banknotes for acceptance of dollars, and in this had a great drawback in the sugar No. 10s. .. "trade

purposes; the value of the Government might assist by business, as generally the docu-

RAW SILK. banknotes omitted is returned in withdrawing its discouragement to ments covering a consignment of millions, but what proportion of payments to the Treasury in the sugar arrives in Hong Kong direct were sold on Monday. The quota Some eighty bales of raw silk these millions is in trade circulation Colony's legal tender..

from Java, whereas the steamer is unknown, nor is the total ascer-

tions were:- An increase in notes accompanied carrying the sugar calls at several tainable of the huge sum hoarded by free circulation of dollars inter- ports before reaching Hong Kong 14/16 be the Chinese in South China as changeable into notes and general and is sometimes as much as two 14/16, Commen a protection measure against the in- observation of the fact that silver weeka behind the arrival of the secure and mercurial paper of their dollars are legal tender in this bill.

This only gives importers0/22, Common own banks, and their coin of vary- Colony would appear to be effective fourteen days in which to settle ing and doubtful values.

alnost at once in bringing down the with the banks. This is a wonderful tribute to the Hong Kong paper dollar to its true, note-issuing institutions of Eong value. Kong, but they are possibly not It is desirable to retain bank, Another restriction which has api performing fully the service intend- notes, and its temporary increase peared since the strike is the mar brands were as follow:- ed by the Ordinances authorising might be facilitated to the issuing gin which is always asked by their respective note issues in that banks by the grant of less onerous foreign banks from sugar merchants Gunboat an important percentage of such conditions for an excess of the pre-who seek to establish lettere ob Dog's Head:

These matters of margia Big Gun most people sent amount, subject to a gradual credit. notes larger than think) is being utilised to a purpose reduction to a figure proved by ex- and asance are heavily taxing the foreign to facilitation of trade by perience to be sufficient for the financial resources of those who deal Fire Swallows its permanent withdrawal into the Colony's requirements.

in sugar and, indirectly, are keep.

Red Leaves Chinese equivalent of the French

ing down the. sagar business by Government Inquiry Demanded, peasant's stocking:

limiting the turnover. With certain Pas Kug.....

Fuk Luk This is by no means an exhaus- banks, Joans are available after the Demand Exceeds Supply. tive review of the situation, but expiry of the usance of a draft, but

SUGAR, This expected use of bank-sufficient facts have been exposed this depends on the bank and im Prices for foreign sugar have Awabi notes has kept Hong Kong currency to warrant an examination of the porters cannot always rely on risen owing to the rise of the ex-Dried. Oyster over silver parity, and a position in problem by the Government. Per- getting such a loan.

change rate for Hong Kong money. Dried Flat Fish taels, origically contracted tor haps one of our unofficial members Hong Kong, it was pointed out, Quotations for Hwangtong sugar Dried Mussels... trade requirements which did not of the Council will take the matter is not a consuming centre, but just are still low. Latest quotations "Dried Stock Fish eventuate and since carried on in hand and move for a commission a distributing post for Java sugar, į were i speculatively, has intensified the to explore the matter in all its as The business of the merchants in difficulty by keeping up or even-in-pects, or preferably a currency ex- Hong Kong depends largely on the creasing the premium for banknotes, pert might be engaged to report demand in Canton and the in- Coarse granulated white, a naturally and normal consequence thereon.

terior. Tariff autonomy has not No. 2

મ

Bansaa

Per Bag.

$3.77

3.86

4.03

EDIBLE MARINE PRODUCTS.

Prices have risen during the past. few days owing to short supplies 3.92 but demand has fallen away.

-Per

3.02

3.82

Picul.

3.08 3.52

Dried Prawn, Medium ......800:50. Dried Cattle Fish Fish Maw

$3.00

24.00

22:00

97,00

43.80

20.70

28.00

VEGETABLES.

Per

Picut.

Per Picul.

Hairy Squash

$2.60

811.10

Snake Gourd

2.80

Bitter Squash

.3.20

10.23

OnionE

3.70

Long Bea

2,50

10.20

Ginger, Superior

78.30

18.00

Bamboo shoots, Sweetish

2.00

13:00

Yam

2.80

9.80

Potato; white

2.50

7.20

Lotus Root, Punti

(fentirusă în mai Quluzane

No. 2

of weakness in the sterling rate in Years ago a situation detrimental helped matters and has, indeed, Coarse granulated white, Shanghai vis-a-vis a relatively un-1 to the interest of the Colony in re-added just another obstacle in the No. 20... movable. rate in Hong Kong In ference to smell coins was corrected way of business, and a point has Coarse granulated white, other words, the premium of Hong by the action of the Government, now been reached when it is felt Kong notes is primarily, due to the and it is now lies again with the that the sugar merchants must Fine granulated white, No. I demand therefore exceeding the Government to take such steps as either get better facilities or else Sugar Candy, Walchow 30,000 barrels and of heavy oil has supply, and in a secondary manner may be necessary to remove the allow business to go to other poris Brown, Namkong decreased '60.000 barrels during the to the speculation in teels. There handicap which now exists to the where the difficulties are Jess Brown, Poklo past week.United Press,,

{Continued on next. Qolumn)trade of Hong Hona

day state that the average daily production of light oil has increased

4:50