12
Money and Markets
COTTON MARKET.
Messrs. Pentreath & Co. have received the following report from Horaby, Hemelryk & Co. dated Liverpool, May 10: –
The market has shown Rome what more steadiness during the week under review in spite of the depressing situation. and, on balance, values are about 15 to 20 points higher.
|
UNION ASSURANCE
SOCIETY, LTD, Following was the report of the Directors ambaitted to the ordinary general mecting held on April
HONG KONG DAILY PRESS, SATURDAY, JUNE 7, 1930.
HONG KONG SHARES. DAILY SHARE QUOTATIONS.
BENJAMIN & POTTS' »
WEEKLY REPORT.
Business during the past week was interrupted by a Bank holiday on Tuesday last. Conditions in most sections of the local market were rather quicter, there being some shrinkage in dealings, but 1. The net premiums for 1920liquidation was trifling is amount, amounted to 1,144.009 18. Sd the and with buyers holding aloof, claims. paid AZZA outstanding amounted to $387.214 18. 21.1 (prices in
directions were
Fire Department.
From the profits of this depart-slightly easier. A better tendency, ment the sum of £17.303 58. d. has however, developed in Investment. been carried to profit and loss. leaving the fire insurance fund at shares following the phenomenal £1,375.233 178. 6d.
drop in Sterling Exchange which reached the new low record of 1/2), while moderate improvements were aise registered in a few of the
minor stocks.
In its efforts to maintain the price of the residue of this crop. the Farra Board, at one time last week, forced the price of July in
+ Accident Department, New York to about 200 points over
-The net premiums for 1929 new crop positions and to about amounted to £606,703 is. ltd.: the 75 American points over July, in eisinis paid and outstanding amount. Liverpool (at present July Newed to $382,121, 38. 114. York has receded to about 85 From the profits of this depart-hai Banks have shown points over new erop deliveries and fo 3 American points over July Liverpool). This has only caused losses, and grievous losses, to merchants, but also to spioners who had bought cotton "on call"! based on July New York.
not
In the meantime, we hear from the South that the acreage reduc tion is going to be less than ex- pected, and that sales of fertiliser. are now about equal to last year. The action of the famers is, of course, suicidal, but what else is to be expected when they see their Government forcing up the prices. of neat positions? They naturally expect and hope that the Farm Board will do the same thing in the new season and push new crop deliveries up later on. They do not reflect that they, on their part, are helping to wreck the Government's scheme by not reducing acreage nor do they reflect that 1ble for new crop deliveries means that, on nine farms out of ten, they are planting cotton at a dead loss.
Speculation is rife as to what the Farm Board may do. It may throw its Kaad in, saying that it is useless to try and assist the farmer when he, on his part, is not helping the Farm Board, by reducing his acreage: or it may take up the July in New York and withdraw entirely from commerce a large amount of tenderable cot- ton, keeping it off the market un til a rise to some profitable price enables it to realise its boldings. The latter plan seems to us the policy it is more likely to pursue. Trade is far from encouraging in this country. Our milla are suffering from a lack of orders from, India and China, and the political situation in both these countries CRUSAS anxiety. The Board of Trade figures for April make very poor reading, and Bri tish industry, in general. is not likely to show much improvement until we have a change of Govern
ment.
ment the sum of £25,000 has been carried to profit and loss, leaving the accident insurance fund £20,047 13. 7d.
<.
Profit and Loss.
at
i
Banks.-Hong Kong and Shang
renewed strength and were bid up to $1,550 with only a small quantity of shares coming cut. The London rate has receded to £109 (Middle).
Steamships Hong Kong, Macno Steamboats were realised again at 8251. Shell Transports were dealt in at 85-
HONG KONG" STOCK EXCHANGE.
SHAREBROKERS
ASSOCIATION.
Buyers Ballers Bates Namin
FRIDAY, JUNE 6.
Buyer Baller Sales Nominal
Banks
$1,545
$1,530)
H.K. Banks
£100
Do. (London) ...
!$1,540
E+
£172
Chartered Banks
299
Mercantile Bks. "A"
8121
味道
£12
Do.
Bank of East Asia... $120
Insurances '*'
Canton Insurances... $950 Underwriters, com
ų
$950
FOREIGN MALS
RADIO NOTICE.
Individuals and frms are recommended to register their tale- graphia address at the Radio Office. No charge is made for this.
"GENERAL HOLIDAY.
On Monday, the 9th iast, the G.P.O, will be open from 8 am to noon, Kowloon Branch Post Office from 9 km. to i3 km, sad other Brauch Post "Offices from 8 am to 9..
There will be uns collection from the pillar boxes, odo, delivery of ordinary correspondence as un 'Sundays, and one delivery of registered corr pundence at .
The Money Order Office will be entirely closed.
INWARD MAILS.
#
FROM
Snaraxai and Swarow
*T
་་་
$3:16
$2.75 $2.50
Australia and Manila
T.160 $478
100 ||
North Chinas..........
T160
YHANDHLI SKHÍ ÁMOY
FOL
$480
Union Insuranca... $478
SHANGHAI Bad Asor
M.$50
Yangtze Insurances
560
STRAITS
China Fires
ST.113
$960
STXLITS
$400 3865
$10
ام
HK Fires...io
$40)
Shipping
47
€23
Douglases
$23
Steamboats
$43
Indos (pref).
Do (dof.)
96/3
Shell Transports...
$33
Water-boats THIRAI,
Mining
ነቲ
Benquets...
**ር: :
PIX
DUE
Sunning
St. aluks Zondari Tainan
Shirala
Kliana Maru
+
7th June 8.h
JQue
Jane
9th
9th
9th June
"Togohashi Marta
914 June
1
USA, HONOLULU, JAPAN and SHING-
HAI (San Francisco 17th, May), ALANILA
ADSTEALIA and Maxiza
JAVA
***
JAFAX & SHANGHAI
MANILA
STRAITS
...Tatsuta Maru Pres. Jeforsur Uhongta Titleocet Jade Stars Longo Murs UTomor Tjukarany Puunimi duru
BAZATIA
Japan and NaanGHÄI
U.S.A, HONOLULU, JAPAN AND SING-
RAI (tina Francisco, 18th May)
(Parcels 8th May) and STHAITS.
FRE
Pres. Johnson
Sib Juno
th
10th Jane
19th June
10th June
-1
10ch
June
(URD
June
11th Jana
13Lb Ja.
14th Juna
...
Pyrrhus
16th June
41/3 Kailans
54/1
CANADA, J.D.A., JAPAN and Shasthái,
kompress vf dealin
16th June
T13.10
Tr
Langkata (comb.)
T13.10
(Vancouver, EC, 29th May)
16th June
Do. (single).
T1.30 T.61 $25
Explorations......
F1.30
AH Maru
17th Jane
Shanghai Loans
T.61.
Raubs
#253
JAPAR BEČ SKANOVAL
Audre Leban
17ta Jung
81/-
Tronoh Mines
IM
21/
144
...Shinyo Mara
...dunyo Mura
19th June
#3rd
$177
-$5.65
51.56
T.S
Foo
***
Marine & Fire Insurances.- 3.-The Directors recommend pay-Unions show a further rise and are ment of a dividend of £100,000, of in demand at 3450 ex the dividend which som £20,000 has already been of £ just paid. Cantons are steady paid as an interica dividend, to at $930. Hong Kong Fires at $955 gether with a bonus of £23,000. The and China. Fires at 8400 can be balance of the profit and loss an. ¡placed at quotations. Underwriters count, after providing for the fore- are un offer at 83.15. going, 281247 Os. Ed., has been Shipping Douglas transferred to general reserve fund, have advanced to 823.
4.-The
following Directors: Canton and Lord Stanmore, Mr. Robert Armit age. Mr. Strachan C. Clarke, Mr. Sidney Mortimer. Mr. E. Roger
Docks, Wharves and Godowns. Allen Woodrolle retire from office. loon Wharves at 8179 and $180, but Owen, Mr. E. V. Reid and Mr.Transactions were effected in Kow and, being eligible, offer themselves the market is now easier with sellers for re-election.
at $17. Providents were sold down į to 854. but finished up with buyers
at $5.70. Whampoa Docks at $10 T.285 have scarcely shown any movement. There are enquiries for Hongkeu Wharves at Tia. 263 and New Engineerings at Tls. E
Lands, Hotels and Buildings Hong Kong and Shanghai Hotels have experienced a slight set-back. the market falling to 812.13, Salez have been made of Hong Kong Lands at various rates down to 884. Humphreys Estates have hardened Realtys were put through at $10.60. and were placed at 817/17.20, Shanghai Lands continue in de- mand at Tis. 235.
5. The auditors, Messrs. Saffery, Sons & Co., chartered accountants, Mr. A. Dodds Fairbairn, C.A., and Mr. Chas E. Fletcher, F.C.A. re tire and, being eligible, offer them- selves for re-election.
NIPPON YUSEN KAISHA.
REORGANISATION OF
COMPANY.
As a
Ir-
i
Dooks, WharvÉS,
Godowns, etc.
H.K. & K. Wharts... Providents
$401 | HK Docks 2133 Shanghai Docks
New Engineerings Hongkews.rákvæm
Cotton Mills
Exos
S'hai. Crons (old)...
******
*་་
$177
241
tes
T.132 T9.30
U.S.A. HONOLULU, JAPAN sad SHANGHAI Pres. Landoln
(ban Francisco, 23rd May) A
Australia and Minia
U.S.3., "Doroculo, Japan and Shane-
Hai (San Francisco, 24th May) JAPAX
· OUTWARD. MAILS,
REGISTERED and PARCEL MAILS are closed 15 minutes earlier than the time given below unless otherwise stated, and where mails are advertised to close at or before 9 am. registered and-parcel mails are closed at 5 p.m. on the previous day.
FOR.
PER
DATE and TIME
T13.40
T.BU
T.10
Do." Zoong Sings
(new)...
| Lands, Hotels and
Buildings
T.:95 81
$16.00
$10/2 $18.00
A
$99
HK. & S. Hotels H.K. Lands Shanghai Landa ... H.K. Realtys.co Humphrey... Chinese Estates
$12.95] 812.48 $12.95)
988
Kola
T13.00
T.85
T.84
7.101
Siraita, Ceylon, India, Mauritius, E, and S. Atzian, Aden, gypt and LUBUKA vis Mar-olds Starvsiden, 5th July
Khita
[B. 8+
Pree.Grant
144
$10
$15.00!
+
$12.40 $12.60|
384
$12
Public Utilities
C. Lights (old)...
Tramways
++
$6,10
$86)
Star Ferries
Peak Trams (old)... $12)
Da
$201 20.40/5
(new)...361- $81
$861
828 $273 $23
$271
Do
2+
(now)......
$801
80/81
H.K. Electrica
9241
$81
pal/t
893
Macao do.
$10
Sandakan Lights...
$171
Telephones....
817
3171
18
China Buses
10
Tractions
6/9
18/8
Do. (pret)....
Industrials
T10.70
Caldbeck, (ort.)
TIE
The N.YK. has decided to re: move the Iyo-maru temporarily from service and to tie her up Inaoshima near Hiroshima. The Japan Chronicle says this unprece Trams have fluctuated between Public Utilities. Hong Kong dented netion on the part of the 820.40 and 9203. Hong Kong Elec- N.Y.K. is in pursuance of the trice changed hands at the outset at policy adopted by its president,
$20 884, but have since eased off to 380. Mr. Kagami, who aims at the com- plete reorganisation of the Com-Star Ferries are to be had at $86. pany by means of a reduced rate back to S27 Telephones were in China Lights (Old) have slipped of dividend, a change in its offi- keen demand and advanced as high cials, abolition of non-paying lines reduction in expediture etc.
43 318 at which figure a few zales a result of the abolition of lines were made, but buyers are only that do not bring a profit it is ex-offering-817 Peak Trams (Old pected that ships tied up will
are enquired for at 81. This ultimately be disposed of. At the Company has declared a dividend same time Mr. Kagami has in view of 80 cents per share payable on the In America, the alump on the the starting of new lines which
14th of June. New York Stock Exchange last present
prospects of profitable weck caused
of operation, and a scheme. is report anxiety, but the stock market hused for the operation of tramps on steadied very materially, the Pacific, which, when realized, Textile advices from America are will no doubt be a renace to com- also discouraging.. Over there the panies outside the Conference.. squeezing of the July position Another report says that at a readers it impossible for a spin meeting of the Board of Directors mer to tell his output except or of the NY.K. Which was held the new crop, prices.
on May 21 at its head office in As regards the growing crop, the Tokyo, when a discussion took place news is generally favourable. A on ways and means to weather little too much rain in Texas has the present depression. The in necessitated re-planting in one or activity in shipping circles has two placce and has retarded sow-made it necessary says an Osaka ing in orders. In the East the
paper, to put the Taihei-maru weather has been rather too dry
temporarily out of commission and These are, however; local condi-
one of the three steamers on the
Since
good deal îv
tions and may change at any me
ment.
San Francisco run, viz. the Taiyo mare Tenyo-maru and Shumyo- marn will also be laid up shortly.
Reduced Bonus.
Miscellaneous.-There has been a Island Cements (Combined) with further improvement in Green sales, reported up to $181. Subse quently a reaction set in and they were sold down to 917, but the market has since recovered and uyers prevail at 174. Dairy Farms were put through at 8201/201 Watsons have firmed up to 13. Hong Kong Ropes fetched 684. but closed with sellers at 88.05. Lane Crawfords are obtainable at $3.70. Constructions are wanted at 31.99. Raubs have advanced to 823 and Benguets to $84. There are buyers of Hong Kong Govern- ment Loan at 9 premium. at The 13.40 after sales from the Cotton Mills.-Ewos are on offer
North at
Tis. 86.
Cottons are quiet but steady at Tis. 13.70. Shangbai
Rubbers. The following are the
What we have said so far is of rather a gloomy character, but there is one point which we must not forget: the price is cheap. It is under the cost of productioned that the company has ke- | latest cabled quotations received
both in the United States and, we understand, in India. Moreover, cotton is not burdened with a huge surplus as in the case of other ar- ticles, for instance, Sugar and Colles. Our carry-over is normal, and any threat to the future sup- ply would cause a rise.
Empire Cotton. › Owing to the boycott of foreign goods, there has been a better de mand in Bombay for Indian cloth, and local mills have shown' greater
In the circumstances it is report-
termined to curtail the overbend from Shanghai: expenses as much as possible, not by dismissal of employees but by making a cut in the rats of bonus. In the past, chiefs of sections have received a bonus corresponding to | six months' salary and ordinary. clerks to two months and half, but it is reported that from now on s $30 per cent. cat will be made in the former and a 20 per cent, cut in, the latter respectively.
interest in Bengal and Khandesh We are advised by a correspon- cotton for spinning lower counts.dent in Alexandría that the cot- There is a decided, scarcity in Bonton held by the Government may bay of staple cotton, and prices Le purchased for export at the pur- are very high for what little cotchase price paid by the Govern ton of this description is available. ment plus the carrying charges. No At the moment, however, the poliofficial statement has been issued tieal situation is seriously inter-to" this effect, but offers made on fering with business.
Egyptian Cotton," "
these lines have been accepted. The fear of a possible shortage of staple. cotton-may-therefore be dismissed. Bome Alexandria and Continent- The crop is said to be progress- al buying of November was in eviding favourably both in Lower and "ence in the early part of the week | Upper Egypt. The plants are in under review, but otherwise gener. normal condition for this time of ally quiet markets bave prevailed. the year, and very little re-sowing The May position has, however, has been necessary. The damage reasserted strength over later de- by locusts has been insignificant but there is some danger from hop liveries.
The Egyptian Government's purpers maturing from eggs laid by docomtetek Joonste when the and our the
Sam Homenatge as dakal, and country. It is expected that $10,500 cantars of Ashmouni.
The Egyptian Government's in tervention in the market is to be extended to the July position, the authorities having decided to pur- chase a quantity of July Bakel contracts at $28.00. (Continued at foot of next column),
acreage in the Delta will show an increars of from. 10 to 15 per cent..
"The demand for Egyptian yarn remains very quiet. It is reported that users are Teslating the higher prices quoted by the combines and ara placing their orders with in- dependent spinners.
$17 £129
Macgregor pref. Canton Ices .........
Cements (comb.)...($17.60
Do
(old)... (new)
!!!!!!!!!!
Shanghai and EUROPE tía SivETIA
Bangkok via Swatow... Dwatow, Amoy and Formosa
Shanghai, Japan, Canada, U.8.A., 0, and
D. America and *HUROPE via Vic- toria, B.-due Victoria, BC, 27th ( Jane and *EUROPE va Sibeza m Swatow...
Manila and Java via Sourabaya
kimboan
Kalgan..." Canton Alarus
"
Saturday, 7th, Souloon .. dhary,'!
9.00 M..
Letture .00 1 1
H.P.0.
9.45 A
Lntiers 10.80";
2.80 z=
4.30 x
Sunday, 8th,
900
B.00 M
Mouday, 9th,
Pres. Jeferson...)Farcels 1100 1 37
11.13 M key. LAILLOTS Noon Моод
... Hydrangea
Tuesday, 10th,
930 AK" 1.00TM M
walow, Amoy and Foooow...
Tykondari ........ Huwa
Straits, Ceylon, India, Mauritius, E. and §.
Africa, Egypt and EUROP♫ via Mar-}|| Antenor sailles-ane Marasitics, 9th July
...tters
Kowloon P. O. Beg.
...G.P.U Keg.
4.30 M
439 FM
1.00:
Snatow
sandakat
Bwalow and Fooohio.
shanghai, Japan, Homolain, BA
Canada, Central and booth America, į and *EUROPE via dan Francisco— uns San Francisco, sth July and
EUBUPE vía Siberis
Balow, Pakhoi and Haiphong
Straits and Calcatta ...
MAN MAMA PEN
Kwaisatg kisang... Tanan Uhip Shing
Тепло Мита
LOLCHEM 6.00
Wednesday, 11th,
8.30 A 1,80
3,50 P
5.00 PM
Reg.
5,00 x Thursday, 1sth,
830.
Thurday, 12th, Parcela
Litera
8.ava
Νουκ
1.00 x
Friday, 13th, -
1.00
Kowloon P.U.
817.50
Amay
བབ་
Do.
$8.05
Ropes.
812)
$8.60 $8.60
China Bugarskenscon
897
$29
$5
United Asbestos ....
$26.40
$20
Malabon Sugars
Miscellaneou
Dairy Farma......
Constructions...*** $1,90 Lane Crawfords
Macrintoes ......
Nanyang
Tobacco...
Sincerea (old)...
Do. (new) $19 Watsons
$3,60
$12
$26
Kanchoso .
Bui Bang
31
Der A. Winga..
Amurements....................
$1.90
$18
$124
$3.70
*
$18
#13
Swatow, Amoy azul Fooɑhow Biraita, Caylon, Indis, Mauritius, East, and
Bouth Africa, Aden, Egypt and: EUROPE via Marseules-îne Mary seille 14th July
Haiyang ..
Bog.
4.30 t =
Fushimi aru
..)
D
480
K
G.P.U.
200
285 Wm. Powells
89%
B. Ind. G8 Bonds... H.K. Gort, Loan
$3.
$100!
Letters 6.00 2 M.
Saturday, 14th,
5,30 PM
Monday, 18th, Parcsis 5.00 rx. ***.17th,9.45 ▲ N. Letters 10.59 À N
Tuesday, 172&
AMERICAN STOCK QUOTATIONS.
Tla
91%
prem.
Anglo-Javas Anglo-Dutch
7.50 Buyers.
3.95
Batu Anams Chemora Consolidated,
.00"
75
1.30
2.90
12
Kroewoeks
1.78
57
Repaha
1.30
11
Tanah Merahs ......
1.15
Tehongs Zianghes
2.00
6.50
EXCHANGE RATES.
[BRITISH WIRELESS SERVICH.]
Paris
Ruday, June 5.
123.92
4.85 28/32
- LATEST WALL STREET PRICES.
The following quotations have been received from their cor respondenta, Messta, Hayden, Stone & Co., of New York, by Messrs. Swan, Calbertson & Fritz, Sassoon House, Shanghai, (cable address: Swanstock," Shanghai), who are not responsible for cable mutilations:—
Tone.of Market. Steady. 2 NEW YORK, June 6, 1930. No. of Shares done. -2,500,000..
Call Money-a' per cent.
American Smelting
"Апасовая Соррог
Baltimore and Ohio Borg Warner....... Continental Oil
Last
Dividend.
Manlia
Pras. Johann
Australia and New Zealand via Manila and Thursday island du Founassy -Island, zë k Jone
Uhanyla
Kowton 2.0.
saigon, #Straits, Goyion, India, Mauritiam,
they,
1.00
**East and #south" Airies, "Adan, ( | Andri Lebon
Egypt and *KUKORB via Marseilles —üde marseille,' 19th July "..."
Letter
1.00 M
V.P.U.
Bog.
1.45 PM
Letters
2.30 ► M
Manila
Latest
Manila
Empres of Asia... Prii. Lincoln
8,30 P.M 4,80
240
Sales.
70
57
111
37
34.815
25.095
30c. A None
32
12.00%
-02.76--
Eastman Kodak.
20.365
Electric Bond and Share
60
101
18.103
Erie Railroad
None.
44.
Copenhagen.
18.165
General Motors
49
Oslo Vienna Prague
18.155
General Ry. Bignal'..
34.445
Gold Dust
1631. 1927
Goodyear Tire and Rubber
40.025
108.23
818 361/64 -42 13/10
Node
1/30/
Sears Roebuck & Co.
2.D
1/5 1/21
Bimmons Co.
Standard Oil Co. of New
1.00
2/0,13/82
Union Carbide and Carb
200
16
U.S. Rubber
.16 9/10
United States-Steel
New York Brassela Geneva..... Amsterdam Milan.. Berlin Stockholm
Helsingfore Madrid Lisbon..... Athenti
Bucha Kio Buenos Aires Bornbay Shanghai Hong Kong Yokohama Silver (spot). Silver (forward)
City Service Common Curtia Wright: Common
Granby Consolidated
Hudson Motors... International Cement
Aptereational, Nickel
Montgomery Ward
aun Coriolisted Radio Corp
None.
*buperscribed correspondence paly,
RUBBER OUTLOOK.
WHERE” MISTAKEN POLICY WAS ADOPTED.""
ed to limiting supplies of rubber. had been applied to promoting de mand, they would have been farther along the road by now,"
He was convinced that salvation. Jay in a greater use of rubber: companies that looked to much higher prices for their survival Sir Harold Snagge, who presid-were, he believed, doomed to dis ed at the meeting of the Malakoff appointment. Increased earnings. Rubber Estates, on May 1, took would.come from an increasing de quite an optimistic view of the mand to absorb increasing sup future of rubber. Rubber just now, plies, and the uneconomic produ- he said, was suffering from the cer, which might include the
A
Ferroplots may play would and himself out al
necessary to civilisation, the ECA.
is no more effective stimulus
rent supplies were too great Thermom fox present demands. The world to a greater efficiency than falling was experiencing a bad slump on prices Low prices have already a big scale. But slumpe like I done much in this respect for rub
booms, did not last for ever. Bir ber industry, as a study of costs. Harold made a shrewd point when and methods of the best-managed be added. that if all the time and companies now and 10 years ago thought which for years were devot will show.
85
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