1930-07-25 — Page 12

12

Money and Markets

EMPIRE TRADE.

„POSSIBILITIES AND

DIFFICULTIES.

ECONOMIC CO.OPERATION.

| population still remains-anti-Eng- lish in sentiment, and partly as the result of this: feeling-South Africa has recently eptered into an. arrangement with Germany - by which any preference given to British goods is extended to Ger- man goods. The most important of the Empire markets of Great Britain, however, is- India, and here we have a far more serious The Congress of the Chambers of situation to contend with. Even Commerce of the British Empire before the recent outbreaks British that has been meeting in London exports to Indin were dealining. during the past few weeks (writes In 1927 the total was £33,000,000; it had dropped to Mr Harold Cox in the Observer), by 1929 onded its labours by passing a very 75,000,000. This decline in

Em-exports to India more than ac- important resolution pire trade. The resolution urges counts for the slight decline above the Governments of the different corded in our total exports to British countries, and the serious parts of the Empire to formylate

проп

Out

Transference of Industries. These are some of the facts which have to be considered when the re

an economic policy for the Empire fact is that as a result of the pre- which will result in closer co-opera-sent disturbances and of the de- tion between its constituent parts."liberate attempt to boycott British The resolution then proceeds to lay goods a much further decline will stress on the important fact that be recorded in the present year. under modern conditions latge markets are needed in order to secure economies in production, and onda by urging the desirability of drawing up a well considered scheme for effective economic co- operation between, the various parts a the Empire." People of all' parties and all economic creed may join in welcoming this proposal, and it is satisfactory to be able to that when the Colonial Aanme Conference assenibles in the autumn this will be one of the matters to, which it is likely to devote special attention.

!

HONG KONG DAILY PRESS, FRIDAY, JULY 25, 1930.

UNLIMITED INDIAN

DAILY SHARE QUOTATIONS

LOAN.

ISSUED AT PAR BEARING SIX PER CENT,

【THROUGH REUTER'S AGENCY.]

LONDON, July 23. The Government of India is is- string an unlimited rupee Joan in six, per cent. bonds, redeemable between 1933 and 1938, at par.

TRADE REVIVAL -

PROPHESIED.”

SHIPPING MAGNATE'S

OPTIMISM.

[BRITISH WIRELESS SERVICE}

Rucay, July 23.

Sir Frederick Lewis, Chairman of

Messrs Furness, Withy & Co., the great shipping firm, at to-day's meeting of that Company, pro- phesied the approach of a trade ro vival.

SPAIN'S TARIFF

INCREASED..

A REPLY TO AMERICA.

[TROUGH REUTER'S AGENCY.]

MADRID, July 3. What is tantamount to Spain's reply to the new American tariffs is contained in the tariff increases published in the official Gazette.

He anid My optimistic view presentatives of the different parts justified by the belief that ex- af the Empire meet together to dis-isting conditions are part of the cuss interimperial trade. In ad-state of settling for a trade revival dition to these points it has to be which will come as surely as any- Fealised that no part of the Empire thing, which it is possible to pre-

diet." can afford to throw away oppor tunities of trade with foreign coun tries. As a matter of fact the Dominions are tending largely to expand their foreign trade, and we cannot in reason blame then: for doing so, if they can succeed in Anding good markets abroad for Not a Now Idea.

their products. The same consi- to ourselves. The ideal of imperial economic deration applies

Suffering as we are from a slump unity is cot of course a new one.

in many of our important indus We find it certainly as far back as the eighteenth century, but up to tries, we trade with foreign coun the present the various units of the tries, which is considerably more Empire have not done much to than half of our total trade. Take wards the promotion of this com- for example our nearest neighbours, mon ideal. On the contrary, the France and Belgium. Our experts present tendencies are rather into France in the last three years have expanded from £24,000,000 to the opposite direction. It is true that some of the Dominions give £32,000,000; our exports to Belgium preference to various articles of from £16,000,000 to £19,000,000. British manufacture, and also that However desirable it may be to the Mother Country gives prefer strengthen the economic unity of ence to various Dominion and the Empire, it is clearly impossible Colonial products, but in spite of to expect the manufacturers of these, preferences, and in spite of Great Britain who are selling their the enormoLS expansion of the goods to France or Belgium to British Empire in territorial area sacrifice that trade on the chance since the war, the proportion of of obtaining an equally valuable British trade with the Empire re- trade within the Empire mains considerably less than half of our tital trade. It is also worth noting that for the past three

"exports

foreign years our

to

from countries have increased £399,000,000 in 1927 to £405,000,000 in 1929. Meanwhile our exports to countries within the Empire have decreased from £327,000,000 to £321,000,000.

Australian Experience. These slight changes are not, per haps, in themselves important, but

While the new schedule is offi cially not intended as a reprisal against anybody and is admittedly no discrimination against the Unit ed States individually, neverthe- less the underlying purpose of the increases is various articles effected, including, among other things, motor Cars, tyres, film, and art silk yarna.

obvious from the

NEW ZEALAND'S

TARIFFS."

PREFERENCE GRANTED TO BRITISH GOODS.

(THROUGH RETTER'S AGENCY.]

The Government states that it desires to stimulate home indus- tries, but as one of the highest The business of an Economic tarif walls in the world has not Conference would be, not to try to given an appreciable advantage to expand Empire trade by throwing Spanish industry, the net result of away foreign trade, but to increase the new schedule will be an in- the economic capacities of the Em-crease in the cost of living. pire so that we may add to our total trade. There is also the im- portant problem above noted of dis tribution of population. England al presont, as everyone is now com- ing to recognise, is hupelessly over- populated. Even if we could secure sufficient expansion of our manu facturing industries to make fall they certainly show that the pre-employment for the people who are sent commercial tendencies are not now whelly or partially unemploy in the direction of automatically ed, it is doubtful whether that expanding Empire trade. They would be a desirable thing to do therefore furnish' an argument for It would mean still further indus careful consideration of the ques-trialisation of the country, still fur- tion of whether it is possible for ther destruction of its rural beau-adopted the revised tariff, under the benefit of various parts of the ties, and a less healthy standard of Empire to organise some better life because still more people would forms of economic co-operation.be crowded into urban slums. The The main argument for that policy real object to be arrived at is the is, not that foreign trade in itself bodily transference of some of our is undesirable, but that it is desir- industries, with their workpeople able to improve the economic capa as well as their capital, to the still cities of the Empire and, above all,

almost empty. Dominions. to secure a better distribution of population. That the latter end cannot be accomplished simply by means of tariffs is, unfortunately, made plain by the experience of Australia.

The Australian Government for many years past has been impos ing heavy duties upon maby British, as well as imported goods, with the hope of developing in- ternal manufacturing industries. It ́has not, secured much progress in that direction, but it has created bitter hostility on the part of Aus- tralian farmers Naturally enough the Australian farmer objects to having to pay more for the goods he imports, including the imple ments of his industry, merely for the sake of the urban population engaged in manufactures. So far indeed, has the revolt of the farm- era against the present system of Australian tariffs gone, that West ern Australia, which is an almost purely agricultural state, is now demanding soparation-from-the Commonwealth. The trouble is that every increase-in-Australian tariffa has been recompanied by a demand for increased wages on the part of the work-people employed, with the result that the economic benefit which the industry might bate secured from the tariff has Leen eaten up by higher wages, and tha industry has not been able to establish itself effectivly,

The Indian Outlook.

EXCHANGE RATES.

[BXITISH WIRELESS SERVICE)

Rucny, July 3,

Paris

WELLINGTON, July 22. The House of Representatives, has

HONG KONG STOCK

Bayar

Boilere Balen

Nominal

SHAREBROKERS' ASSOCIATION.

Salam Dayer Bailare

Wonima)

EXCHANGE.

THURSDAY, JULY 24.

Banks

EK. Banks $1,513)

Do. (London)

€105 £171 Chartered Banks £281 Mercantile Bks. "A"

Do.

$121 Bank of East Asia.

$1,515

$1,515

$945

$1.65

1.160

$435

$440

$400

3955

!!!!!!!

-་

$115

Insurances

Canton Insurances..] 3810

Underwriters

....

$2.70

North Chinas......

Union Insurance's

$.455

$410

M.$30 Yangtze Insurances

China Fires

$400

H.K. Fires..

$950

Shipping

325

Douglases

$24)

$234

Steamboats

$234

$43

Indos (pref)

$40

Do. (def.)

94/4

Shell Transporta

332

T1.30

T.6

* ! 1 ⠀⠀

*****

巴是

31/3

Water-boats

Mining

Benquets.

Kailans

Langkats (comb.) Do. (single)

Explorations.......... Shanghai Loans “........ Raabs

Tronoh Mines ......

Docks, Wharves,

Godowns, etc.

T.6%

gu

.::

f⠀

****

FOREIGN MAILS

RADIO NOTICE.

Individuals and firms are recommended to register their tele graphic address as the Radio Office. No charge is made for this..

INWARD MAILS.

FROM

PER

Dur

199.

213

201

JAPAN, - SHANGHAI and EUROPE via

Siberia (London, 7th July)... Euxor via NEGAPATAM (Lostars Lon-1

don, 26th June) ani Parcels 18th June}| Sarpedon) .... Shanghai and SWATOW

Fakusan Haru

.85th July

25th July

Shantung

26th July

BHANGHAI and EUROPE via SIBELIA)

(London, Ski July)

Jeyport

26th July

+4

T160

EUROPE VIS NEOAPATAM (Papers only.

London 26th June)

Sri Sang...

18th July

$80

U.S.A., HONOLULU, JAPAN and SHANGHAI

(San Francisco, 2716 June)

Pres. Fan Buren.....]

26th July

STRAITS

Ainua Haru.

28th July

JAPAN-

JAPAN sad SHANGHAI

U.N.A, CANADA, Japan and SHANGHAI |

(Beattle, 19th July) Australia and Manila

0.3.A., HaXOLULU, Japan and Shano»)

Hat (San Francisco, 4th July)......

Pres. Mokiniay ..

28th July

Yokohama Maru, Nellore

23th July

30th July

H

Pres. Jeferson. Tanda

lat, Aug.

11th Aug

98

$31

5-4/-

T13.10

T1.30

$24

21/

$168

35.35

$5.30/.35

ELKK. Whaķis... Providents

$168

$39

H.K. Docks

$5.25 *38

$55/35

124

Shanghai Docks

T.123

T.7

New Engineerings

17,35

T.260

Hongkews

2:

Lands, Hoteds and

Buildings

H.K. & S. Hotels

H.K: Lands

T.z86 Shanghai Lands

H.K. Kealtys Hamphreys Chinese Estates

$111

11.10

3833

$84

...

$161

523

$9

TI1.30

!!!!

11.10/30

$84

***

$9

$9.30 $15.95 $15.75

$!!!!

+42

Cotton Mills

.Ewba

T.78 Shai. Ctons (old).....

Peak Trams (old)... $19

OUTWARD MAILS.

REGISTERED and PARCEL MAILS are closed" 15 minutes · earlier than the time given below naless otherwise stated, and where mails are advertised to close at or before 9 a.m. registered and parcel" mails are closed as 5 p.m. on the previous day.

•

FOR

תיי

Wei Hai Wei via Swatow and Foochow Swatow, Amoy and Foochow Fort Bayard

Japan

Baigon

***

1

144

Tourane.

Hoihow, Paklici and Haiphong Straits, Ceylon, India, Mauritius, E. and S. Africa, Aden, Egypt and EUROPE vis Marseiller-due Marseilles, 24th, Ang...../

A

Japan. Honolulu San Francisco and

•South American Ports

Amoy

111

Straits and Calcutta

44

PIR

DATE and TIME

Friday,

25th,

Huicho

Hai ng

Wing Lea

Ganges Mars

Bhun Chih

•

Chengtu

Hakusan Mara

Frea. Van Buren.***

dahui Horan Maru Kwangchow

Rakuza Marm

・Kanchan ....

10.30 'M

1.00 P2' 1,30

2.30 px.

3.30 X

5,00 M

Saturday, 26th,

8,304 M Kowloon P.O.

Bex

* 9.00AM Letters 10.00 A 10 *GP.O.

Bog. 9.43 AX Letters 10.30 AM

5.50

Sunday, 27th,

*.880 M

9.00 AM 9.00 AM

Monday, 28th,

10.80 AM 8.30 rm

Toasday, 29th, Reg.

-9.00 A

Letters 10.00 AM

10.30 ▲ M Koseloom P.Q.

100. M

Tuansang Alauda Maru

Mauriline, 1

Athos II

Beg.

Letters 1.00 F M

G.P.O.

Reg. Lefters

1.45 M

2.30 PM

Hai Ning... Pres. McKinley

2.00PM

Foo Shing Taiyuan

HI

Lantis

Amor

J

Swatow, Amoy and Formosa

T11.25

Bangkok via Swatow...

T.35

1.9

"Do. Zoong Sings

(new)...

1.84

T.10

Public Utilities

$20.20

8:2

Tramways

820.20 $20.10)

$6

Do

(new)... $6

$80

396

Star Ferries

885

| Shanghai and Japan

$27.80 327.1

Lights (old)..............)

197

$21

Do.

(new)

$22

878

*78

H.K. Electrics

Saigon, Ceylon, India.

8771

77/78

$23

Macao do.

311

Sandakan Lights

$32

Telophones (fully pd.)

$19;

Do.

(part pd.) 8191

820

T.19

China Buses

East and South Alrion, Aden,{

Egypt and EUROPE via Marseilles

due Marseilles, 30th Aug.

Swatow, Amoy an! Foochow

Manila

10/

Tractions

6/9

18/6

Do. (pre£.)......

Industrials

Swatow ...

Amoy

T.10

Caldbeck, (ord)

$19.85

which the preferences for Empire goods are extended. Preference is granted to 205 items of British goods and increased preference is 811 made in respect of 188 of these..

Amsterdam Milaz Stockholm

ug

T10.4 Macgregora pref)

821 Canton ices... $225

Cements (comb.)... 818

$134 Do

(old)...

$13

r

551

Do. (now)...

811

$10.80

***

12.091

16.09

Copenhagen

18.16

Oslo

18.16

$25.10

$1

28.15/

TH

Vienna

34.433

$25

Prague

184 1/16

Helsingfors

1937

108.93

123.07 4.86 ?

42.83

375

Burcharest

818

Rio

*

Buenos Aires

401

New York Brussels................ 34.80

Gen.cra

23.03

(Continued on next Column.)

Lisbon Madrid

Athens

AMERICAN STOCK QUOTATIONS.

LATEST WALL STREET PRICES.

.....

The following quotations have been received from their cor- respondents, Messrs. Hayden, Stone & Co., of New York, by Messrs. Swan, Culbertson & Fritz, Sassoon House, Shanghai, feable address: "Swanstock," Shanghai), who are not responsible for cable mutilations:-

In Canada the position ia much | more satisfactory. Manufacturing industries there are rapidly grow ing up, backed by English or American capital, and Canada is developing a considérable exporting industry of manufactured products *Her trade with her next-door neigh=" Hog tilhengere increasing much more rapidly than her, trado with the Mother Country across the Atlantic, but a crisis is now threatened as a result of the

new American tariff

the

When we pass to South Africa there is the unpleasant fact that a section of the South African white

Tone of Market Firma. "No, of Shares "done-2,500,000.

Call Money-2 per cent.

American Smelting Anaconda Copper Baltimore and Ohio Borg Warner Continental Oil-

City Bervice Common

New Yonk, July 22, 1020......-

Latest

Sales

aton

7.

09:

Bopes

China Sugara.

Malabon Sagars

United Asbestos

Miscellaneous

Dairy Farms

Der A. Wings..........

***

Amusementä 523

Watsons TURENDE

525

310

Chin. Entertainmʼts.

$1.90

Constructions

$3

Lane Crawfords.

$1,90 $3.90

Mackintoshs

Nanyang Tobacco,...

$11.30 Finceros (old)

8,1f"

Do. (new)......

$121

-312

Japan

89.85 Wm. Powells.......................

$2

Manila

Shanghai, Japan, Honolula, USA, Canada, Central and South America, and *EUROPE via San Francisco due San Francisco, 21st Aug., and *EUROPE via Siberia

Bandakan

899

Manila, Bandakan, Australia and New)

Zealand via Thursday Island-dus Thursday Laland, 16th Aug. ...

Bwatow, Amoy and Foochow..

Straits, Ceylon, India, Mauritius, East")

and South Africa, Adan, Egypt and EUROPE Tin Matreilles-due Mar- rellles, 30th August

Chichibu Maru

Manang'........

4.30 PM

Wednesday, 30th,'-

8.30 AM, 6.00 PM

Reg. 5.00 M Thursday, 31st, Letters 8.90 ▲

Thursday, 31st

10 30 AM ➡AUGUST Friday, 1st, Parcala

Nellore...

Beg,

Haiching...

Kalyan...

Letters

Noon 1.45 M

F

2.30

1.00 P

Kowloon P. Q. Farcals 4.30 Beg., 2nd,9.00 ▲ M Letters 10.00 A M

G.P.O. Par., 1st, 5.00 v M. Beg., 2nd, 0.45 Letters 10,80 A M Saturday, 2nd,

10.00

4.80

Tyndarus

Pros, Jaforion

617

B. Ind. G's Eonda...

84%

pram 81%

B.K. Gort. Loans

$1001

Straits, Ceylon, India, Mauritian, E. and,

Africa, Egypt and EUROPE via Marseilles das Marseilles, 5th Sept.

Aeneas

Tuesday, 5th, Kowloon F.O. Reg. Letter

1,00

G.F.O.

BAK

WEEK DAYS.

FOR

FXOм GP,0.

FROX SHEUNGWAN BRANCH P,O.

SUNDAYS & HOLIDAYS

FEON FROM SHEUNGWA .G,P.O.

BRANCH P.O.

Frotte

1.00 M

1.45 PM

230M

#Superscribed correspondence only.

37.15am. & 6.00 pm.

1.30. 7.00 pin

47.15 at. & § 7.30 a.m. 11.15 p.m.

{1.80 p.m.

1.16 pi

8:15 only.

Sundays

9.00.

(7.15 a.m. &) í 7.30 am, &

5,00 p.,

7.00 p.m. Bundays Sundays 5p.tu, only 7.00 p.m.

Lonly..! (77.16 km &} {*7.30 am. &

1.80 m Sundara 8.20 3. Lonly

6.00 p

4.00 p.m.

7.183.12. 9.00 B.m. €9,00 && 3.10 p..

LOCAL AND REGULAR OUTWARD MAILS,

Last

Dividend

3.50

107

3

30

Node

30€, A

Macaé & Trizskan

Curtis Wright Common

None

Eastman Kodak

JB

Electric Bond and Share.

G

Erie Railroad"

None.

General Motors

BC

General Railway Signal

Gold Dast

Goodyear Tire and Rubber.

Granby Consolidated

International Coment

International Nickel- Montgomery Ward Nevada Consolidated Copper.. Radio Corp perimen Sears Reebus & Coin

Simmons Co...................................... Standard Oil of NJ. Standard Oil Co. of New York Union Carbide and Carbon: United States Rubber United States. Stael

Kongmoon (except Saturdays) 5.00 p.m.

Kaukong (except Ɛaturdays).

Fatahan (By Train)

Tai O

Tai Po

Shumchun

Aberdeen

Antan, Pingahan, Santip

| 9.00 am, &ļ

18.00 p.m.

(12,80 P

& 4.30pm. 4-Baturdaye-

1.00 p.m. & Veza pamat

8.30 m 100 pat

5.00 p.m.

7.15 a.m. 9,00

9.00 BI

11.0 m

·{ & 4.30 px)

6.00 pm.

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Three Months

Six Months Twelve Months

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Stanlag

1.60

200

None

74

Shatin, Skataukok, and

3:00 p

24

Sheungahul

107

Baik udg

4.30 pm

A-Plus stock Div, 6 per cant. B-Plus extra 83

C-Plus extra 30 Cents..

Namian. Shokki & Taiping

7,00 p.

D-Plus 1 per cent in stock.

(Fazin)

A

11:00 am.

8.30 14

1.00 pini

10,90

4.30 p.m.