1929-12-27 — Page 12

12

Money and Markets

CANTON TRADE NOTES.

It has been announced by the Canton Customs House that the 1st to the 3rd of January next will be Kept as New Year holidays..

*

*

Woollen, underclothing, stockings, etc.; have been selling well during the past few days on account of the cold spell. Little business was done during the past few months.

SHANGHAI SHARE BUSINESS.

PROPOSED FORMATION OF SHAREHOLDERS' ASSN.

DESIGNED FOR CASH TRANSACTIONS,

A new association for dealing in stocks and shares, on a cash basis The cotton yarn market is still only, is now being established in

THE HONG KONG DAILY PRESS, FRIDAY, DECEMBER 27, 1929.

CHINA MERCHANTS' S.N. CO. AND

CHINESE GOVERNMENT,`

COMPANY'S POSITION STATED BY MARQUIS LI.

DIRECTORS INSISTANT ON LAWFUL" RIGHTS.

Following the statement of the Acting Special Commissioner, understood to be in charge of the affairs of the China Merchants' S.N. Co.. putting his side of the case, Marquis Li has made the following statement of the Company's side of the matter.: In order to avoid any misunder; The powers possessed by the standing of the position in which the China Merchants'. S.N. Co., Ltd., stands, the following exact translation of the Resolution and Mandatory Order No. 1112 of the Nationalist Government, together

NAVAL & MILITARY

NOTES.

The Royal Scots Greys have beca moved from Edinburgh to Tid- worth, and the 16th/6th "Lancera from Tidworth to Edinburgh.

The appointment of Commander. G. S. Holden for duty at the Admiralty foreshadows a change in the Press Section of the Intelli-, gence Division, where Commander B. W. Wilkinson will complete his time next month. This will be the Board of Directors in carrying on its functions for and on behalf of third change in the head of the the Company, wore definitely fixed Section since the War. When Bear- by the laws of the country and Admiral Sir Douglas Brownrigg te

linquished office on the removal of were conferred upon it by the un-

the censorship after the Armistice. animous vote of shareholders ac-Captain R. Henniker-Heston was between the Admiralty and the

not dull but it is better than a few Shanghai under the title of "Shang-with information as to how farcording to all the legalities and re-appointed to act as a liaison officer

weeks ago. Demand is limited though prices are low. According to a Shanghai telegram, the prices there have risen by a dollar per picul in average.

Trade conditions in Dosing have been bad since the outbreak of the last inter-Kwang war, and the market for foreign goods and food. stuffa is especially bad. A period of peace should, however, lead to a

revival of business.

There has been a sudden drop in the prices for cast iron and wrought ren. The present quotations vary from $3.23 to $8.56' as compared with '80.12 and 9.67 last month.

Resolution and Mandate.

the latter has been consistent in ita quirements. Furthermore, the leg Press. In December, 1924, he was attitude towards the Company may at position of the Board of Direc-succeeded by Captain A. A. Lovett be of public interest.

tors was plainly recognized in the Cameron, who in turn was relieved in December. 1929, by Commander regulations proclaimed for the Wilkinson. It is understood that The Resolution passed in the Se Company's government superinten- the last-named will relinquish the Executive Committee of the Kuo-dent by the Ministry of Comunica. cond Plenary Session of the Central tions and those issued for the Compost on December 18.

pany by the office of the said mingtang in June was to the effect

superintendent. In consequence of that the "Nationalist Government this, the shareholders have so far should appoint a special commis- Bioner to take charge of the re- organization part of the work of the China Merchants and form a separate committee to supervise and direct the said part of the work." Lately a Mandatory Order No. 1112 was issued by the Nationalist Government to the effect that

H.M.S. Calypso (Captain N. A. Wodehouse), which has been com- missionéd at Chatham to relieve the' Ceres in the Third Cruiser Squad- ron, Mediterranean. Fleet, in order- ed

hai Shareholders' Association," whose immediate benefit for mem bera is that they pay no brokerage charges on their transactions. The avowed object of the establishment of the association is for the pur- pose of curtailing gambling and promoting legitimate business and investments by the public. This cheme is being promoted by Mr. layer Solomon, general man ager of the China Investors' Co., who has recently left the employ of Messrs. E. D. Sassons & Co., Ltd., after 20 years' service.

to leave Sheerness for ber Membership is divided into two classes, active and non-active, the

new duties. She will be at Gibral active members taking the part of

tar, to work up, from November 17 to December 2, and should arrive Stocks are large and there are but brokers and the non-active only en-

a Malta on December 6. Recently few inquiries from the country dis-joying the privilege of buying o

the battleship Malaya (Capt." N. E. tricts..

selling through the association with

"owing to the fact that neither a out paying brokerage. Persons of

Aparate committee nor a specialNegotiations Without Authorization. Archdale, C.B.E.) was ordered to leave Malta for Devonport. This any profession are eligible for mem-commissioner has as yet been form- The public as well as those who is the first change in connection bership, with the exception of pro-ed and definitely appointed respec- are directly concerned on account with the withdrawal of the four fessional brokers who are members tively (in connection with the af. of the Company's being indebted to battleships of the Queen Elizabeth of any stock and or share exchange.fairs of the China Merchants), it is them, are informed that during class from the Mediterranean to The board of management may; hereby resolved to instruct Mr. this

the period of however, refuse the applications of P. J. Wong, the Company's govern-

Company'e the Atlantic.. The Malaya is to be transition, if there is any one out-taken in hand for refit at Devon- persons whose professions may, in

ment superintendent, to perform side the Board of Director" of port on arrival. their opinion, make them undesir

the duties of a separate committee. China Merchants, calling himself and Mr.T. C. Chao, the Company's a representative of the Company overnment manager, to perform and trying to negotiate with any

Chinese import and export firms dealing with Kiangru, Chekiang and Kiangai are doing very badly, this year. It is estimated that over half the merchants dealing in beans sesame and groundnuts have suffer- ed heavy losses and several firms are going into bankruptcy. It is said that Japanese merchants with larger capital have seized" the business during the past two years.

THE METAL MARKETS.

Messrs. Rudull Wolf & Co. send us the following review of the metal menlets, dated November 2, from their London Office:-

able as members. Five nationalities are accepted, British, American, French,

felt much less anxiety. It is then clear that the China Merchants is still of private ownership and is of a legally formed Company. It will therefore make no difference to o produce any change on the legal position of the Board of Directors unless the Company is liquidated or sold.

Commander Holden, who has been

Chinese and Japanese, the duties of a special commission- body or any party in matter per- 29 years in the Navy, has spent while persons of other nationalities er" (before the respective impend-taining to legal nature such as con- much of his career in command of

may be accepted by approval of the board.

Pr

Payment Next Day. Working on a cash basis, the scheme is that delivery of shares and payments for them must be made no later than the day after which transactions are made. No

business 18 Markets have been irregular, for forward

permitted where Spelter and Lead have sub-through the Association whatsoever, atantintly, declined, Tin and Copper Active membera will be permitted have appreciably advanced, and the to use the otheral notice boards at general outlook remains indefinite. the Association headquarters to re- The reduction of the Bank of Eng cord their quotations for buyers land Rate yesterday from 6 per and sellers, and business done will cent, to i per cent. was only what also be recorded, while the infor- had been anticipated, following the mation will also be available for reduction of per cent, made by the press. The press will also be the New York Federal Reserve

used daily for notifying the mem- Hank last week. .

bers what shares are available or what are desired. Non-active men- bers will be provided with forms on which they cur stato that require menta to the management, and they will also be allowed to visit the offices of the Association, but will not be permitted to enter the ring.

Non-members of the Association will be permitted to use the Asso- ciation as clients, provided they are approved by the board of manage

TIN.

Subject to minar fluctuations, has been firmer, the price showing an advance of £5, 10 for cash and £5.5 for three months as compared with our last report. The compara- tive senreity with which cash tin has been offered, combined with the lowering of the Bank Rate has resulted in some further contraction of the centango, now £210 as comment, but will be charged broker- pared with £2.18 last week. Sales age at one-quarter per cent. with a the East during the week minimum fee of one tael. These amounted to 1,400 tons; shipments clients must use the same forma aя thence up to the 18th instant were

those of the non-active incmbers. 6,454 tons, and for the month are The nianagement will do its best to asil estimated at about 18,000 tons. gut through all orders most autis Premiums on Straits and "Banka

factorily. The scheme actually means that the active members will

in

Tia are quoted at £4 and £11 (nom) respectively. Demand on the part

of consumers has not been 'on

a

痣

ing body and candidate are on- nounced).

Misinformation.

tracts and negotiations for loans, will never be recognized by the Board of Directors under the laws of the Nationalist Government.

CIGARETTE SINS OF

SOCIETY.

HOSTESSES BEWAIL CHARRED

1

TREASURES.

If you want to see a perfectly charming and well-mannered woman revert temporarily to the primitive, say, "Cigarette end,"

destroyers, like his predecessor. He became a lieutenant in December, 1909, and in July, 1012, after hav ing been second-in-command of From the above, it is quite clear

H.M.S. Staunch, was appointed in that the Nationalist Government

comiad of törpedo boas No. 22 in did not appoint them (Mr. P, J.

the Eighth Flotilla. In February, Wong and Mr. T. C. Chão) as

1914, he poined H.M.S. Star in the "Acting Chairman" and "Acting

same fotilia, and served in her dur- Special Commissioner" respectively

ing the first year and a half of the and that their positions in connec

War. From January, 1916, be com- tion. with China Merchants remain

manded the Lark, and from Janu- the same as before. The announce-

la the ary, 101, the North Star. ment made in the columns of the

Lark he took part in the Dover Shanghai English and Chinese

Straits operation in October, 1916, newspaper with reference to the

when the Nubian was disabled and nature of their appointments, is

taken in tow by the Lark. At evidently a misleading one which,

about this time, the Lark, although as far as China Merchants is con-

belonging to the Ninth Flotilla at cerned, is of vital importance. It. The cigarette menace in London Harwich, was detached for escort is therefore necessary to let it be is becoming as great as last year's and anti-submarine duties in the known to the public, especially gate-crashing, and unless the offen- Channel. For services in command those to whom China Merchants is ders mend their waya equally dras-of H.M.S. Sikh in the Black Sea indebted, that neither Mr. Chaotic methods of dealing with it will during 1919-20 he was appointed to the Russian Order of St. Anne. He was appointed as "acting special be found

an Guests at dinner parties, dances, received commissioner" nor was this true in

Ad- expression of and all kinds of social functions in miralty appreciation for evolving a the case of Mr. Wong, as announc- ed in the papers. Mr. Chao was private houses are playing havoc firing control gear for use in des merely instructed to tane up the with valuable furniture by their troyers. Commander Holden con- reorganization part of the work of carelessness in leaving burning tinued in destroyers after the War, the Company and Mr. Wong to cigarettes about. Men and women and was promoted in December, take up the supervision work of are both to blame, but it is said 1922, while commanding the Vega.

are by far the For two years from June, 1924, a separate committee on behalf of that the men the impending candidate and com- worst. They not only leave lighted he served in the Operations Divi-

mittee respectively.

cigarettes lying everywhere, but sion, Naval Staff, and is now in they stub the ends on the nearest command of the Shikari, the" des- piece of furniture, or stamp themtroyer attached to the Centurion into the carpet.

Tantamount to Confiscation. While tho Nationalist Govern- ment has issued no regulations either for reorganization or for supervision, etc., Mr. Chao has himself presented a set of regala

be brokers. on a cash basis, while tions, 6 in all (as published in the columns of English and Chinese

the non-active members will be.

persons engaged in various employ-papers in the first week of this nents who are customers in stock month), providing himself with all and share transactions, but with the powers for handling the Com more privileges than the ordinary pany's affairs without any consi customer.

deration of the fact that China Merchants is of entirely private ownership, to the Government not The fee payable by active mem- for its approval, but merely re- bera is Tls. 15 quarterly, and byquested to have his own-made

The Fees Payable.

Futile Protests, The women who give the eater tainments are furious, but their protests are futile. They provide numerous and large ashtrays 'in every room and corridor, with no eff

"After a party recently," said one woman, I found three grooves by in the grand piano made cigarettes that had been left to. burn themselves out, and there were about two dozen marks on it where cigarettes had been put out. A valuable little antique table ed, all the carpets were burned, and a heavy curtain was actually smouldering.

Another indignant woman said:- The damage done by cigarettes is the heaviest expense of a party carelessness is the most disgraceful form of bad manners. It is really

these days.

The young people's

very large scale, but business with the Continent is reported to have been moderately good, though quiet conditions hive prevailed in America, buyers there still adopting cautious attitude, and only filling their requirements as neces- sity arises. The firmness may to some extent be ascribed to nor- mal reaction after the prevailing depression, influenced by the firmer non-active members Tis. 9 quarter-articles" placed on file. There is which cannot be replaced was rain- appearance which the stock markets ly, while no entrance fee will bo

no part of the law which permits in America have latterly presented, charged until February 1, 1930, a men to make his own regulations which has in some degree restored after which a fee of Tla, 25 has been for his own duties. The Board of confidence. The market at the same

settled upon. Later on it may be Directors of China Merchants has time has received some active sup- found advisable to alter the scale thes son forced to petition to tire The only thing I can think of is port at the hands of influential in of fees from time to time. A limit Government through the proper as ashtrays. They might prove a to provide rare and costly bowls terests and the advancing prices of 500 has been set for the mem channel that Mr. Chao's equivocal bait for cigarette ends. atimulated some general buying and bership of the Association, and it is

"8 articles" or his rules, tantamo- bear covering; but unless continued understood that many have already unt to confiscation of private pro support is forthcoming, it seems joined. There is to be a technical perty, are utterly an encroachment doubtful whether the present up staff, well-versed in stock and share contradicting the laws of the Na- ward movement can be sustained, transactions, to manage and advise tionalist Government as well as the for though consumption may be upon the business of the "Associa-real meaning of the resolution good the market is faced with the tion.-N-C. Daily News.

passed at the above-mentioned Be

such a trouble that I have at last probability of some falling off in

cond Plenary Session of the Cen-resorted to watching for the worst America; whilst at the same time"

tral Executive Committee. The

offenders and taking care not to in- there is no indication that produc- comparative scarcity with which Government has already been re- tion is suffering any curtailment, on the contrary the recent recovery.

near dates have been offered bas requested to instruct Mr. Chao that vite them again, ia, more likely to restore confidence sulted in a further lengthening of his own-made 6 articles are to

the backwardation, now 17/6d as be suspended: amongst producing taterests and, compared with 2/0d. last week.

Directors' Exclusive Rights. for the time being at any rate, pre Operations have been of a rather Since the resolution passed at vent the adoption of a policy of re- striction which otherwise might Professional character, and the firm- the meeting of the said Centrál ness must be attributed more to sup Executive Committee and the con have been enforced.

port which the market has received than to any improvement in de tents of the Mandatory Order No. Constantinople by the Turkish mand on the part of consumere, who 1112 refrained from any encroach-name of Istanbul, say the Turkish continue to buy only their immeat, fully recognizing China Mer Nationalists, angered over the re- mediate requiremente in the belief chants as a private concern, and cent arrival from England of a that, sooner or later, the price of did not give the least idea of any letter to the official newspaper, the Electrolytic must be adjusted to intention to confiscate the Company Milliett, addressed to Constan- existing circumstances.

or to purchase the Company by the tinople. There is such indignation Options: Double £6, Single £3.

Government, no one then, with the over the matter, that it is probable Cash: £00.7.6 (opening), £72.17.4 exception of the Company's legally that the Turks will attempt to bury пате of Constantinople-& (nom.) (highest), £69.7.6 (lowest), formed organ such as the Board of the Has ruled firm, the price show-71.16 (closing).

Directors, has the right to place name reminiscent of the city's ing on advance at P2.16 for cashofce maths£60.5 (opening), himself or herself in the position Greek origin-beneath an official mons-highesty £88 Besos) Beden arabrikers of the PATYS OF CYIor torfidding purplegs to dist pared with our last report. The (closing).

Directors to act on behalf of the i tribute letters addressed to Con- Company.

tantinople instead of to Istanbul. (Continued at foot.of next column).

Options: Double £14, Single £7. -Cash-£181 (opening), £180.5 (nom.) (highest), £178,18 (lowest), £188.2.6 (closing).

Three months:183.10 (open- ing), £188.15 (highest), 2181.15 (lowest), £188.12.6 (closing).

Turnover for the week 4,873 tons.

COPPER.

Tarnover for the week 3,300 tons.

"

k.

I cannot think that they are allowed to behave like that in their own homes, so their behaviour is simply a new form of party man-

hero

The world must learn to call

for fleet target service, and from which the movements of that ex- battleship are controlled by wire- less during target practice. The value of this onerous duty was specially recognized recently by the staff in the Fleet flagship.

President Liner

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International Paint & Compositions Co., Ltd.

Contractors to the British Admiralty, India Office, and Crown Agents for the Colonies. Head Office:-91/32 Grosvenor Place, London, 8.W.1. Work-Felling-on-Tyne. Established 1881.

INTERNATIONAL

(Regd.)

ANTI-FOULING COMPOSITIONS KEEP VESSELS CLEAN, BEING SPECIALLY SUITABLE FOR TROPICAL WATERS

"LAGOLINE"

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** BLACK TOPSIDE

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*PEDDER STREET.

Hongkong.