MARTELL'S BRANDIES
V. S. O. P...
BOTTLED IN
COGNAC AND
GUARANTEED
11
BRANDY
THREE STAR
V. V. E. S. O. P.
PURE GRAPE
SOLE AGENTS :-
BI
MARTELL & CO.
GANDE, PRICE & CO., LTD.
WINE & SPIRIT MERCHANTS, ST. GEORGE'S BUILDING, Ice House STREET, TEL. C. 135.
Hoa Kora.
FLAMING ROMANCE OF THE TROPICS
GRETA
GARBO
AT
THE
Wild Orchids
QUEEN'S
THURSDAY TO SATURDAY
Parfumeric Rigaud
ETABLISSEMENTS RIGAUD, PARIS.
"UN AIR EMBAUME”
Flacon de Luxe Grand Modele,
A Hygienic and Refreshing Perfume in great favour on all Oversea Marketa. OBTAINABLE FROM-
A. S. WAISON & CO., LTD. THE PHARMACY.
THE COLONIAL DISPENSABY
WING ON & CO.
THE SUN CO. SINGERE CO.
AGENTS:
All Claases of Perfumes for
All Markets of the World.
VICENTE ATIENZA & CO.,
No. 64, NATRANBOAD, KOWLOON. TIL. K. 155.
THE NAVY'S CHOICE
Coates"
DRIGINAL
PLYMOUTH GIN
OBTAINABLE EVERYWHERE.
THE HONG KONG DAILY PRESS. WEDNESDAY, AUGUST 7, 1929.
Money and Markets
RATIONALISING TIN, continually increasing stocks
DIFFICULTIES FACING
CONTROLLERS.
HONG KONG MARKET
REPORTS.
Yesterday's quotations for rice and other food-stuffs were follow:-
Per
Rice,
Picul.
$7.41
8.18
8.13
7.89
7.38
would accuraulate unless demand kept on increasing. But demand White, Kwok Po itself fuctuates considerably and
White, Ching Lung in a way that is very difficult to foresce. The result is that margin White, Chang Chan
White, Hung Kwai Fu...... al supply prices are constantly
Long Laglutinous. Ching varying also.
Fung How, then ia price to be stabilised The Financial News discussing the same time maintained Loug Ungatingas, Lan Fa... 1.28
the suggested rationalisation of tin,
Rays:--
For as far back as there are records the market for tin has been
subject to wider variations in price than in the case of almost any ober commodity of importance. When the Phoenicians of old paid their annual visits to the Cornish tin mines, seeking supplies of the white metal, it is not unreasonable to picture, the native miners as anxiously awaiting indications of the market value of their product,
Miscellaneous.
at a level which will keep produc- Carge Rive
Granulated Cargo_Rice tion fairly close to consumption? Finally, it must be borne in mind White Bran, Tai Pao that marginal costs are not fixed by nature, but are very widely vari able according to the methods of production adopted. Falling pri ces cause economies, and these, in tr
affect marginal outputs, When all these things are taken in to account it is almost impossible bine could control and stabilise to suppose that a marketing com, price. For success it would have both to refrain from desiring a price level above the natural level. and to know from wrek to week what that natural level was. These together surely constitute an impos-
But these are more scientific days, and the idea of replacing the irre- gularity and uncertainty of uneor trolled supply and demand by sys-sibility. teas of output and price control has long passed beyond the stager of speculaintive thinking. In some
over
No. 24 coarse granulated
Bugar
Aloes-wood, Fco Ts Aloes-wood, Yat Taz Sea-slug, Kun Ting Selected Duck's soft feathers Wood-tar oil Dried Mussels Camellia-nut cil Dried Oyster
Dried Mushroom... Tung
Koo
Ted Melon Seeds Black Bean Scarlet Bean
3.08
4.06 3.93
THE GREATEST HUMAN, DRAMA EVER SCREENED!
TREAT FOR.. YOUNG
ALIKE!
8 7.10
340.00
300.00
20.50
43.00
27:30
AND OLD
33.00
19.50
72.00
240.00
30.00
6.70
8.40
AT THE
UNCLE TOM'S CABIN
form, or other its applied our DAILY SHARE QUOTATIONS QUEEN'S
a large part of the industrial field. At the moment, those interested in the production, sale and con sumption of tin are being invited to consider plans whereby its price might be stabilised, or at any rate confined within a relatively narrow range of ductuations, that pro- ducers may sleep easily, assured of a reasonable profit, and consumers may depend upon a steady supply of the commodity at more or less constant values.
Serious Difficulties,
HONG KONG STOCK
EXCHANGE.
SHAREBROKERS'
ASSOCIATION.
Buyere
Saller Sales
Nomina
TUESDAY, AUGUST 8.
Buy or Sellere Salve Nominal
Banks
31 div.
cum. div.
81,234] £125
H.K. Banks
$1,265
Do. (London) .....
£101
Chartered Banks ...
£191
£32
Mercantile Bks. "A"
Do. P.&O. Banks......
"C"
£10
£9
A
$90
Bank of East Asia...
$90
Insurances
13630
Canton Ips.
(2630
$2
Underwriters
$1.80 32
North China...
T180
Union Ins..................
8326
$50
Yangtze In...
$60
China Fires
$300
$770
H.K. Fires ...
$770
14
Shipping
$27 Douglases
$27
$247
Steamboata
$24
Indos (pref)
$70
Do. (def.)
93/6
Shell Transporta
1967-
$99
Water-boats. ******
...
$328
Few people will disagree with the view that extreme variations in price, auch, for example, as occur in the tin market, are bad. Since 1920 the price of tin has varied frem something like £420 a ton to £145. The obvious consequences brought about by great changes are uncertainty in planning pro- duction, involving serious wastes, 60 an unnecessary addition to the price in respect of speculative pro- fits, and difficulties for the so- $110 sumer when arranging for the pur chase of supplies. The idea of rationalising in, in the sense of bringing about more regular production at a fairly constant price, may thus be accepted as em bodying a thoroughly sound aim. 147 The excellence of the idea, however, carries one a very little way to wards & decision as to the possi bility of its practical realisation. It is this decision that those in- terested in the industry are being invited to make. For this reason it 83,10 is worth while directing attention Lo certain serious difficulties that must confront the rationalisers.
There are probably only three methods by which the desired end g might be attained. The first is
21/- that a suficiently large number of producers should be amalgamated, or that they should make agree. ments that could be relied upon, so that output could be effectively 81975! regulated over a long period. 4.20
?!!!!
Benquets...
++
63/6 T.IS
Kailans
::
!!!!!
T.41
• Minisg
Langkats (com.) ***
Do. (single) ... Explorations......
Shanghai Leans
Raube Tronoh Mines ......
Docks, Wharves,
Godowns, etc.
163/8
T18
$8
H.K. & K. Wharfa..
***$127
Providents....
H.K. Docks
Shanghai Docks
84.15 332 T134
1.72
New Engineerings T7
1.175 Hongkows 1999 199
$4.35
must be apparent to those know- $32 ing the conditions of the industry T.133) that this method is impracticable.
The reasons are several, but two, will suffice. The sources of supply are not only numerous. widely scat tered among different countries, sub- ject to entirely different methods T.164 T.2.30 of working, controlled in some cases
T.31 by large European corporations
T.454 with whom negotiation night be! easy, but in many others by Chin- ese, with whom binding agreements would be impossible, and affecting
Cotton Mill
15.40 1.60
Ewos
BALLANTINE'S EUROPEAN "TALKIE" both private and Government in 58.36
In ure for almost 100 years.
ESTABLISHED 1827.
By Appointment to
B.M. The Late Queen Victoria an
and
H.M. The Late King Edward
VIL
His Majesty King George, V.
PURE SCOTCH LIQUEUR WHISKY
10 years old.
GEORGE BALLANTINE & SON, LTD. GLASGOW AND LONDON DISTILLED IN SCOTLAND
than
If you want a really first chase Bcotch Whisky at a reasonable price
better hare no you can Ballantine's Liqueur Whisky. excellent.
It is
POOL.
GERMAN AND BRITISH INTERESTS.
European talking-film interests representing over £80,000,000 capit al have, it is understood, signed an agreement by which they will pool their sound-film activities and pa- 1.. tenta,
This new powerful alliance is be tween British Talking Pictures, Ltd., which is controlled by Mr I. W. Schlesinger, the South Afri- can millionaire, and the German Klangfilms-Tobis group of Berlin and Amsterdam.
Klangflms-Tobis is a joint sub- sidiary of Siemens and Halske and the A.E.G., the two largest electri- cal concerns in Europe. A fort- night ago they formed a British company Klangfilé (Great Britain Ltd.), which will work in concert with British Talking Pictures, Ltd. The latter's studies and plant are At Wembley,
נו
The London director of Klangfilm is Mr. Lawrence Hermes, the pioneer of photo-telegraphy in this country by the Siemens and Halske
process.
The new alliance is regarded as aiming at the establishment of a united European front in the talk ing-film sphere against the domina tion of American talkie" in
terests, but they are above all work 859 ed at very different costs of pro- T.147 duction. No one who appreciates $8.15 what these two disabilities really 8134 imply will regard the method of direct control of output as practic able.
·
Combination of Smeltern.
813) 913.10
855
A second method that might ap. pear feasible is by means of a com bination of smelters, forming a which the raw material would be bottle neck, as it were, through
El combination marketed. Such would be faced with one insurmo- untable danger. Not having con trol of the sources of supply it T.14 would suffice for such producers as were dissatisfied with the conditions 20/- of smelting to inaugurate new smelt. ing works to smash the combine. There is a third method of priv control which might appear the 39. simplest of all. It rests upon the large influence which a compara- $7.70 tively small stock of tin exercises on market values. Hence it might seem easy to regulate prices through
reservoir of tin, so that by opening and shutting the lock gates market price could be raised of lowered This method is cer- tainly praticable, but at what capit al outlay and at what risk.
គ.
4
86.1
::
$99
$18)
T15,45
T14.95
883
1.8501
140
Orientals ***** S'hai. C'tons (old)... Tas
Do.
(DOW)...T47
Lands, Hotsis and
Bulidings
H.K. & S. Hotels.$8.35 98.45
H.K. Lands..... 369
Shanghai Landa ...
H.K. Realtys......... 88.10 Humphreys
.........$13.60
Chinese Estates
Public Utilities
Tramways.c
811,80 Peak Tram (old)... $11.80
Do.. (new)... Star Ferries
C. Lights (old)...... 313.30
Do.
(new)....$13.16
884
***
818.80
$8
A HARRY POLLARD Production
Two Million Dol Loca in money and TWO TERE, in time spen to neka tha wonder of the g the netroche
FINAL SHOWINGS TO-DAY
SPECIAL TIMES: - 2.80, 5.00, 7.15. & 9.80.
SPECIAL PERFORMANCE FOR CHILDREN.
TO-DAY at 10.30 am,
Frices: Children 30 cts. to any part of the Theatre,
Adults: Usual Matinee Prices."
IF YOU LIKE MYSTERY, LAUGHTER, AND TERILLS GALORE, SEE-
JEAN HERSHOLT AND ALICE JOYCE
13
IN
WASHINGTON
SQUARE
A mystery drama that will keep you guessing. A love story that
will hold your sympathy. A plot that reaches an unexpected climar !
AT THE
WORLD
FINAL SHOWINGS TO-DAY
At 2.80, 5.15, 7.15 & 9.20.
HE was a writer of fery South-Sax romances, but when he tried to make
love according to his own formula, the results were disastrous !
WICKEDNESS
PREFERRED
with
LEW CODY
AILEEN PRINGLE, GEORGE K. ARTHUR
AT THE
STAR FINAL SHOWINGS TO-DAY
At 5.80 & 9.20.
How
26.05 Sel
$30/5,53
H.K. Electrics
***** $56.85
866
$267
Macao da
82)
Sandakan Lights...
$7
Telephones....
$7
China Busca
Tractions a
12/-
Do. (pref.)
RASPECT
Industrials
Canton Ices $2.25
89.20
Cements (comb.)...
$9.10
Do. (old)
88
81.40
Do. (new)... 81
...
$7
Bopes
$7
50,95
China Sugars 19
$17
Malabon Sugars...
829
CHLAND
United Asbestos.....
-
J
Miscellaneous
and Bottled Wind felly mation
$10
$0.80
Der A. Wing.......
1819.99 180,50
Ärausementa
3273
Constructions
ES MARC KILASGOW
814
814
Lane Crawfords
$1.95
Mackintosh
Nanyang Tobacco...
646
$18
The answer is suggested by bark- $26
$1.55 ing back to the conditions of pro- duction. If the market price could be both stabilised and at the same time made to equal the marginal $12 costs required to call forth the no- cessary supply; all would be well. British Talking Pictures is the But that is scarcely possible for only European talkie apparatus several reasons. In the first place, ehangeability by the American bability that the price aimed at "talkie producers.
would be above the marginal costs.
terestá
The French Store which has been allowed free inter- there would be the extreme pro-
Beaconsfield Arcade.
་་
Dairy Farms.....
$11.00
Sinceres ter
Watsons...***
Wm. Powells....................
B. Ind. G. Bonds..." H.K. Gort. Loan... $107
$24
TH
64%
・凹み
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 Agent:-
T. E. GRIFFITH, LTD.
TEL. 3517.
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