Money and Markets
GOSSIP ON THE SHARE MARKET.
REPORT OF LAST WEEK'S BUSINESS: WHAT THE "RIALTO" THINKS.
FREE ADVICE FOR INVESTORS.
[By "KUFAN.”]
THE HONG KONG DAILY PRESS. TUESDAY,
HONG KONG TRADE.
TEXTILE BUSINESS STILL DULE.
The following information ap pears in the fortnightly report of the Hong Kong General Chamber of Commerce
Cotton Piecs Goods and Fancy Cotton Goods,
* INTERNATIONAL
COMMERCE.
AUGUST 27, 1929.
CANTON STOCK EXCHANGE DAILY SHARE QUOTATIONS.
CLOSING QUOTATIONS.
CHINA AT THE AMSTERDAM | Water Works
GATHERING.
THE LOANS QUESTION,
CANTON, August 25.
........... $3,30 Electric Light & Power Co. · 1,00 Canton-Hankow Railways... .a1 The Sun Company
.........103.00 .101.00 Sincere Company. Nanyang Bros. Tob. Co... 4.30 Kwangtung Tramways Co.... 270 China Merchants S.N. Co. 34.00 Central Bank of China
...... 48.00 Bank of Communications... 43.00
force of human evolution is co-
HONG KONG STOCK EXCHANGE.
Buyer re
Balen Neusina!|
$1,930
£103
£133
At the morning session of the International Chamber of Commerce Congress, at Amsterdam last month, China's economie reconstruction and The following reports have been the prospective future loans was the
chief topic.. received:-
Mr. Lamont, leader of the Ameri-operation and not struggle. That is can delegation, in the course of a why the International Chamber of felicitous speech, thanked the fifteen Commerce decided to offer indus Chinese delegates for coming "half
ganisation and business men in way round the world to participate trial, commercial and financial or T160 for the first time in the delibera China its services in the efforts they
$398 tions of the International Chamber
are making for national and econo- $310 of Commerce, and to enlighten the
mic reorganisation.". world delegates present with regard to conditions in China."
Gossip often moves the market, SHANGHAI DOCKS are wanting the period under review are of but no investor, should either buyed in Shanghai at Tls..142." or sell on market gossip only.
11
*
رہیو
The past week has been fairly SHANGHAI COTTONS have quiet, and no particular stock has buyers at Tls. 91.50 in Shanghai,
but not locally. occupied pre-dominant position, although I hear that every broker- ing Arm came in for its share of the spoils. Unions and Wharves are wanted in small parcels, and China Lights are being "forced"
14
on the market, quite a few of this stock's supporters coming out to Bell. Ewos have advanced slightly, but buyers are getting wary and I
do not blame them, because I do not believe in rushing any stock.
HONG KONG BANKS-A' fair number of shares changed hands at 81,235, and they finished up with buyers prevailing.
•
UNDERWRITERS -- Shares changed hands at 2 during the week, and are still wanted at this .price.
REPLIES TO READERS.
Readers who have written in dur- ing the week will find replies to
Market conditions remain un. changed, with no widening of de- mand. Transactions" concluded dur: meagre dimensions and include a line of Standard Brocadea in "Splita." Work, was resumed in the Lancashire Textile Industry last Monday, contingent upon submis- sion of wage dispute to arbitration, Latest Cetton quotations to hand Bre Mid. Am. "Spot " 18.65d., Eg. Sakel 16.500.
Another report states:~~ At present there is very little demand for Staples or Fancios, and no new business appears to have their queries below. Replies appear been done. The resumption of regularly in this column, every work in the Lancashire mills have week, and any question relating to brought considerable relief, in that the Hong Kong, Shanghai, or
forward deliveries are HOW ..not likely to be affected to any extent, Singapore share market can be The local market remains quiet, answered. The writer, will also with only a small offtake in de advise on the possibility of a rise liveries. More activity in expected or fall in the price of any stock, to be in evidence next month when but of course, on the distinct un- derstanding that no responsibilty
mence.
He warned the Chinese, however. that their country's international credit was at a low ebb, adding that no loans on hay scale that would be calculated to be really helpful could be made in New York or in the European capitala until the Chinese themselves took careful measures for the re-establishment of Chinese financial and political stability
Continuing, Mr. Lamont said
Sir Arthur Balfour's · Speech, Sir Arthur Balfour said that tho British delegation wished to asso- ciate itself in the warmest manner possible with the welcome accorded to the Chinese Delgeation.
"We feel,' said Sir Arthur, the very greatest gratification at the enlargement of opportunity which the presence of the Chinese Delegation signifies. We feel that
we have been privileged to share 3.10 in laying the foundation stone of a new and inspiring wing in the great edifice which the International Chamber of Commerce has already become. The entrance of China with its four hundred-million people
"The great part of China's foreign indebtedness is in default, and much of the specific security set axide for such foreign indebtedness, and for the service of such loans, has been
have been removed there can be no sequestrated. Until these conditions and immense economic potentialities
ધ્ર the autuma trading should com- question of farther credit on
material scale for any purpose, In this process of restoration, the holders of all loans to China-whe ther they be American, British, French" or any other nationality must receive equally fair treatment. Each loan must, in the scheme of things, be treated on its merits and not upon the ground of future credit favours to be received."
Woollens.
is admitted, although every effort. There is nothing new to report will be taken to see that a full and as regards fresh business, and it is accurate reply is given. Letters too early to record any develop. the usual ments with regard to must be addressed to "KUTAN," shipments of woollens, which are care of the Editor, and names and now arriving for the next season. address must be included, though
UNIONS had a slight advance early in the week, rising from 8325 to $399. I understand a fair not for publication. It is desir aumber of shares changed hands, | able that a nom-de-plume be includ- and there are still buyers in theed to enable the reader to pick out market at the latter rate. A fur- j
the reply meant for him. ther rise is probable.
•
STEAMBOATS had a slight nd- vance, finishing up with buyers at $2 and sellers at 825.25.
*
WHARVES are firm with buyers at 8199.30. I hear one or two hundred shares changed hande dur- ing the week at this rate.
#
PROVIDENTS
rather appear neglected at the present time. Buyers are offering 84.25 and sellers want 84.25. I have not heard of any business in this stock last week.
•
HONG KONG DOCKS-Small parcels of shares changed hands at 834.50, and there are, further buyers at this rate.
HONG KONG HOTELS-A fair business was done in this stock at 88.40, and a few more shares can tr placed at this rate,
*
*
HONG KONG LANDS have buyers at 800,25, although at one time during the week business was done at 800.50.
*
*
REALTIES are wanted at 87.00, but this rate apparently does not attract sellers.
HUMPHREYS changed hands at 814.20 and there are still a few buyers at this rate.
4
HONG KONG TRAMS-Shares charged hands as low as 818.23, buy they finished up firin at the close with buyers offering $18.40.
*
STAR FERRIES-During the week 843.75 was offered for shares in this stock, but I have not heard of any business transpiring.
CHINA LIGHTS–Large parcela | of cash and forward shares were put through last week. Cash shares were done at 819.85 and 812.80, and huyers were only offering 812.75 nt the close with sellers asking for 812.80. Forward shayes for Decem- ber were done at as low as $13.30,
in this stock.
HONG KONG ELECTRICS are steady at 838.30: I think they will remain at this figure for a little .while.
CEMENTS are a shade ensier owing to Settlement influence, I think. Shares changed hands dur ing the "week at 88.80 and 88.86. There are buyers at the moment at 88.75 and sellers at 88.85.
NOVATUM-It is difficult to say what is the smallest number of shares one can purchase. I know that a few years ago tharebrokers were frequently after half a share of the China Providens Company. However, if there is no catch in your question, I should think fity or a hundred shares of a stock standing at 810 or $12 is about the minimum. Cement mares are 87.00 par value for the old and 81 for the new. If you buy old shares only, you are speculating entirely on the market price, and need not invest any further capital. If you buy new shares you are liable to a call of 90.30, as only 21 has been paid on these shares. If you buy combined shares you hold the old and new, and in the event of appreciation there a distinct advantage in possessing a num- ber of new shares.
"
Cotton Yarn.
No business to report, and prices are unchanged.
Nominal quotations are as fol- lows:-No. 108. $150-150'; No. 128. 8170-190: No. 160, $195-200; No. 201. $200-210.
JAPANESE HOSIERY.
BOARD OF TRADE. INQUIRY.
The National Joint Industrial Council for the Hosiery Trade up plied to a Board of Trade Com mittee in London last month for an order for the marking of imported hosiery and knitted goods
Mr. M. R. Allard, the secretary of the council, said that last year 4.000.000 pairs of hose and 2,500,000 garments were imported.
Mr. J. H. Cooper, a Nottingham bosiery manufacturer, said that d. dozen pairs would cover the cast of marketing in the case of hosiery: Mr. N. L. Macaskie (opposing): There are some stockings as cheap a 25. 9d, a dozen pairs...
A box of Japanese hosiery wai produced, and Mr. Macaskie aug. gested that the cost was 25. Bd. a dozen pairs.
Mr. Cooper said he thought it would be more.
J.B.-1. Most decidedly. No. 2. In view of my answer to No. 1, this question does not arise. 3. If you must buy Shangbai shares, why not Ewost If it is possible to transfer your money to Hong Kong do so, as the Hong Kong share market is on the turning- point and one should do quite well in local stocks in the near future...
Mr. Macaskie: I am sorry." I am told these are more classy," and POKFULUM -- 1. About
82.00 would cost de. But there are some" Straite currmcy. There are boy as cheap as 25, 3d., and td. would ers at this 5gure. Hold on for have to be taken into account then. a little while, but if you do not
Mr. Cooper: I was taking the d. see any change in the next few months, get out. 9. No, There on British trade union rates. The is no chance this year, so far as people who make these things in I can see. Overdraft too heavy, Japan would not pay that.
Mr. G. N. Bames, a member of I understand. 3. Quite possible. The Company has done very well the committee, asked the lowest this summer, and if the figures priced article concerned. should reach the public 820 is certain.
INTERESTED-1. This Company
Mr. Cooper: A thin cotton vest
at 78. "9d.
Mr. Macaskie: Yours are rather is now doing very well, and high-class, expensive articles.
|-
$8
21/
MONDAY, AUGUST 28.
Banks
SHAREBROKERS'
·ASSOCIATION.
Buyer Bailes
**T
A.K. Banks) €1,235
Do. (London) **} Chartered Banks .... Mercantile Brg. "A"
Dok
Sales
#.#
Bank of East Asiš...
"Insurancos
13830
Canton Ins
$630
$3
Underwriters
$1.90
6.
North China
Union Ins...
$30
Yangtze Ins...
China Fires
$300
8760
H.K. Fires
400
$770
Shipping
$27
Douglases
837
$25
Steamboats
324) 8953
$47
Indos (pret.)..........
$70
Do (def.)
99,0
Shell Transports...
96/
$32
Water-boats br
$21
Mining
69/6 Ti
Kailans
T.91
Do. (single)
T.4
+
24.40
T.140
T.7
+
***
is a memorable occasion indeed,
"In joining the Chamber the Chi- nese bring to it a very large store of commercial experience, together 812st with inherited commercial capacities of the highest order, which will be 832
The British Delegation, added of the greatest possible value." Sir Arthur, had been impressed by the outline of a änancial policy given by Mr. Chang Kiangau, who had declared that the National Govern- Mr. Lament expressed the con- ment intended to refrain from in- T16,80) fidence of the International Cham-viting a foreign lean for adminis ber of Commerce In the aims and tration purposes until they had re aspirations of the Chinese Govern- organised the various sources of re- ment, and the Chamber's faith in venue already at their disposal. the ultimate achievement of those Since Mr. Chang Kinagau himself aims. It was the sincere desire of had referred to this inatter, Sir the Chamber to assist China in the Arthur felt at liberty to say how 88.30 long, slow, patient work of recon- great was the importance attached $30 struction and restoration of credit. by the friends of China to the work | T.180 "We appreciate," continued Mr. of financial re-organisation being 83 Lamont, the stupendous difficul- really given the attention desired. 813.90 ties Chinn has faced and is facing Nothing i calculated," con- in changing the monarchy of thou tinued Sir Arthur, to make on the Bands of years into a Republic along world at large a better impression: Western lines. After seventeen years regarding the constructive capacity of unsettled government following of the new regime than a really $184 the Manchu dynasty, a stable gov-efficient co-ordination and use of ernment seems to have been at last het revenues, which are alone cap established. We want to see the new able of carrying China very for in- regime in China, which has been des- dead along the road of financial re- cribed as idealistic, turn out to be habilitation. Such rehabilitation as realistic as it is idealistic."
mutat, however, proceed from within, A thousand or from all parts of the world applaud the Chinese themselves.
more delegates and must obviously be the work of ed the American financier when he China's evolutionary changes | T.143 terminated his speech. They had | have not only aroused our sympathy been enabled to follow it by means but our hope, which is a much 20/ of instantaneous translations in more vital sentiment. We agree three different tongues, and were with vur Chinese friends in provided with individual telephonic thinking that the framework in headpieces such as are used in the which their foreign trade
has 32 Office International Labour
at hitherto been conducted requires
alteration. We welcome the alters- $7.70 tions already made in connection with tariffs, and are in accord with the intentions already expressed by the British Government regarding s other changes. We have taken note of the unmistakable unanimity and conviction of the Chinese delegates on this matter, and their "views will $19.90 receive most careful consideration." In conclusion Sir Arthur briefly re ferred to the conception of Ching which a long commercial association to understand Chinese conditions," had built up in the minds of British $18
Frequently people. Signor Pirelli said.
Geneva.
The President's Speech. The afternoon's plenary session was, like the morning session, devot ed to Chinese affairs.
The President, Signor Pirelli, endorsing the sentiments expressed by Mr. Lamont, made an earnest plea that China should set her home in order and strive to retrieve her lost commercial prestige.
It is extremely difficult for us
****
88.40
809
!!!!!
$7
Benquets.....
Langkata (comb.)
Explorations......
Shanghai Loans Rsubs
Tronoh Mines
Docks, Wharfs6, Godowns, sta.
་ -་
H.K. & K. Wharfs:..| $129 Providents........... 84 HLR. Docks
832
Shanghai Docks.T140 New Engineerings T T.178 Hongkows *********
Cotton Mills
T.92 Shai. Ctons (old)... T.91 T4B T10.40 Zoong Sings
Do. (new)...T.31
Lands, Hotels and
Buildings
H.K. & S. Hotels... FK. Lands
Shanghai Landa .... H.K. Realtys
Humphreys ............$14.10 Chinese Estates ....
Ewas
Public Utilities
T16.90
***
:::::
FTC
$4.35
TH
L
HE 48.40
87.00
Tramways $18.60
Peak Trama (old).
Do
(new)
C. Lights (old).....
63/6
11.80
11.80
$6.05
***
$65+
Star Ferries $60
$1280) 112.60 1819 60)
21275
Do (new)......
$12.60
H.K. Electrica $58,75
258.75/80
B56
Macao do
821
86.90
11/
8/6d."
$19
#
It is a land," he said, "where news reaches us of military move- ments which cause great concern to generations of Britishere have work $11.90 the well-wishers of China. It is not ed successfully and lived happily, a ressing into the domain of land which they always leave with politics for us to express our confid ence that military feudalism will de- finitely disappear from Chinese his- tory. We do not believe that the answer to Turando's Chinese riddle is that hope born with every sun- rise is destined to die before the
is finished.
regret and to which they return with pleasure, a land in which laugh | ter solves almost any difficulty, and courtesy and a spirit of compromise are encountered on almost all oc- casions. That conception remains as firmly established to-day as over, and in virtue of it the outcome of
indi⠀
Bardakan Lights 36.70 Telephones
China Buses....! Tractions, Do.
(pret)......
Industriala
Canton Ices
*++
Cements (comb.)... $8,75 Do. (old)... 82,50
$8.60
$8.90
SLAO
Do.
(new)... $1.25
..BAL
$0.05
Ropes
$27
Su
$21
China Sugars
Malabon Bugárs
United Asbestos
Miscellaneona
Dairy Farms.
$0.80 Der A. Wings......
329
$1.65
811
647%
RAW SILK
Amusements
Constructions...... Lane Crawfords Mackintoshanan Nanyang Tohnsco... Sinceres (old) 801 (new) Watsontón 812 WILL. Powells.
Do.
B. Ind. G.8 Bonds... H.K. Govt. Los ... $107
THE MARKET DULL.
ཟེ 1:|: རི ཅི 1 1:|:ཀྱིཤྩཤྩ 1:|ཀ རོ p?
$0.50
daresay the price will appreciate Mr. Cooper: This a mass produced We are glad to learn from the the present transitional period can- ... Mesirs Pentreath & Co., have three banks there have closed down..
by the end of this or at the betion line. ginning of next year, 2. I am not very optimistic about this
Mr. Macaskie: Oh, you mean 78. stock, and if I owned any would ed. a dozen? Are there similar Bell and put my money into some lines cheaper! thing, else. 3. Quite sound and Mr. Cooper: I hope not. worth holding on to. I think
price will go up in January or February.
یوسی
►
Mr. Swain: No; but they have gone in intely for darker colours. It is because the washing bill is more serious, I think.
The inquiry was adjourned.
0
Chinese delegates that a Chineso
National Committee, truly repre- not be regarded otherwise than with sentative of all the economic forces serenity and confidence."
The Chinese Speakers, in China, will be formed to collabo-
the four seas all men
CANTON TRADE NOTES.
Chinese banking business is do ing badly in Swatow and recently,
Bome 11,178 piculs of rice were Prices have advanced from 3 to rid Hong Kong between the 19th a cents during the week under and 19th instant (inclusive).
dated July 22, from Messrs. Hornby imported from Annam and Siam forwarded us the following letter, Hemelryk & Co., Liverpool.
Manufacturers are showing no
farmera,
*
Mr. R. H. Swain, hosiery dyer the International Chamber of Com- Mr. Chang Kiangnu, the leader of review.
rate sincerely and effectively with The Chinese speakers included and finisher, of Nottingham, said
merce. If we succeed in attaining the delegation, Mr. Ziangling The New York certificated stocks! Indigo which used to be grown that his firm had frequently been mutual knowledge, understanding Chang, the former Chinese Consul on the 11th instant totalled 4,355 extensively in Kwangsi is not in and I anticipate a further decline..-1. Yes, go ahead at the figure asked to dye and finish large quan- must follow, and we shall certainly General in New York, Mr. Haia bales (5 bale unit) and 750 bales (10 much demand and very little is
You mention for December cum tities of foreign goods. Dyeing succeed in catablishing a mutual Chifeng, the European representa bale unit).
produced in these days, growers dividend. If you are not able to hosiery a darker shade might obli- friendship. Thus the words of Con- tive of the National Association of Mail advices from New York having lost money in recent years. take up the shares, but can only torate the wark of the country of facius will become true: Between Chinese Chambers of Commerce, state that prices have held steadier
The Reconstruction Department speculate on the difference, I origin
are bro- and Mr. Kuo Fingwen, the Director than might have been expected in advise against it, because that is Mr. Macaskie: Not many people thers."
of the Shanghai Commerce Press, view of the weakness in the Japan-is asking the Ministry of Finance a very risky procedure.
wear black or navy blue stockings "So far China's international who all urged that the time had esa markets and the tendency of to exempt Chilean nitrates from. now.f
trade has been confined almost ex-now arrived for the abolition of importers to make concessions in import duties as they are raw clusively to the cast," Signor the so-called unequal Treaties and order to induce a movement of material used extensively by the Pirelli continued," and it is stated extra-territoriality rights which they stocks before the new Japanese crop that 50 per cent. of Chinese imports declared infringed China's sovereign commences to arrive, reach only 5 per cent. of the people | Fights and were not without their
Pears are exceedingly abundant, of China. The day when the in effect upon economic conditions interest in forward commitments this year and are being sent to terior of that vast country, whose
Resolution Adopted."
at present prices as the improve- Hong Kong, Macao and other inhabitants form nearly one-fourth
ment in the yon exchange offsets places in large quantities. The cur of mankind, opened up to direct The plenary session finally adopt the decline in prices on the Japan rent price is from Tis. i to Tis. 7 contact with other countries by ed a resolution welcoming the par ese markets. The labour dispute in per picul. improvements in transport and com- ticipation of the Chinese delegation the garment trade has also pro
The oil market has improved munications; the day when China and declarating that they would or bably added its influence by affect will really be able to play the part ganise & national committee of ing manufacturers' purchasing greatly during the last few days as stocks dre short but demand brisk. that is hers in the world's business, national, commercial industrial and plans. will be a day full of promise for the banking forces in China. The re- Our New York correspondents Latent quotations are: groundnut solution also expressed appreciation cabled on Saturday that spot prices bil, Tis 22.00 per picul; camellia- progress of mankind.
The International Chamber of of the important part Chinese busi are steady owing to the scarcity of But oil, Tis. 188.0; wood-tar cil, $19 and 890, and at the time of Pentreath the following cablegram Commerce, whose primary object is ness men can play in the further wanted lower grades. Busincas in Ti 21.10; and bean oil, Tis. 18.60. writing there is a strong demand, from Mesars. Hornby Hemelryk & to work for the economic restoration economic development of their coon thrown silk is very dull, but there If you have shares keep them for Co., Liverpool: "Oar New York of the world in the cause of pro try and in co-operation in inter-is a slightly better tone in the interest in the few law contrasts.
piece goods market, and leading
Close New York Baturday, grew and peace, believes. as did national relations
The second plenary session on dealers are showing considerable August 84.62c., September $4.76c... Sun Yat Sen. that the primary
(Continued on next Ociuma.) Chinese affairs was cancelled.
(Continued at Jout of next column). | October BL 780.
have confidence in this stock, and if you are not paying too much over the cash rate, you can't go far wrong in buying forward. Don't pay fancy prices, however, SAFETY-1. Hong Kong Lands, Hong Kong Electrics, Unions, Hong Kong Banks, Humphreys, Star Ferries. Take your pick. DAIRY FARMS have improved. Both sound, but if you are slightly, and there are small buyers
thinking of investing, go in for offering 820.10.
the first-named as the latter is not likely to go mach higher. 3. There is no news regarding a pos- sibility of this. My own opinion is that it is unlikely. 4. This stock has been wavering between'
EWOS-A fair number of shares were sold during the past week at rates between Ts. 10.50 and Tis 16.75 for local delivery, and for Shanghai delivery as much as Tls. 10.00 to Tis. 17. They finished up very firm with buyers offering Th 16.70 ex dividend for local delivery and Tis, 16.80 for Shanghai de- livery, ex-dividend.,
THE SILK MARKET.
NEW YORK CONDITIONS.
We have received through Messr
a few months. 5. Yes, yes, yes! friends say concerning silk fair
6. Cements, Trams or China demand Spot and Futures fall
piece goods business still potted." Lights.
No comments yet.
Private notes are available after approval.