12
Money and Markets
LEAGUE'S REPORT
ON GOLD.
www.
UPWARD OR DOWNWARD TENDENCIES.
PROBABLE TREND OF PRICES.
SAIGON RICE MARKET,
NO BUSINESS. WHATEVER.
"
HONG KONG DAILY PRESS, FRIDAY, OCTOBER 24, 1930.
NEW YORK STOCK DAILY SHARE QUOTATIONS
·HONG KONG STOCK - EXCHANGE.
0111
***
£121.
Banks
Do.
SHAREBROKERS" ASSOCIATION.
Bank of East Asin...
EXCHANGE.
A NEW LOW LEVEL.
Buyers
Baller Balte Nacion
J
SELLING SEVERE AT, CLOSE.
THURSDAY. OUTOBER 23.
1
Buyer_Belleza
Balde Bocaina
FOREIGN
MAILS
RADIO NOTICE.
Individuals and firms are recommended to register their tele- graphic address at the Radio Oce. No charge is made for this. -
INWARD MAILS.
FROM
PER
DeA
[UNITED PRESS.]
$1,840
64)
1,040/11,838
HK. Banks #1540
$1,030
***
2108 217 2206
Do. (London..
Chartered Banks.o
£17
Mercantile Bks. “A'
1928
JAVA IN SHANGHAI
***
Tikembang Khyber
8th Oct, x6th Oot
U.S.A., UAKABa, Jaran and Shanduari
14
BALO
(Senitie, 4th Oct.)
+44
Pres. Cleveland...
24th Dot
Branowar and Bwarow
Szechwan
26th Oct.
SHANGHAI AMor
Dikarung ...
98 Vel
A
MANILA
+
&mp. of Canada....
27th Oct.
$1,080
MANILA
Pres. Lingoin
***
97th Oct.
JAPAN...
Tatsuia Mar
27th Ock,
TIU
BRAITH
41
r
Hakusan Maru
81.1 Oct.
$1,080
JAPAN and SHASOGAT
LONDON Parcels (25th Sept.) and STRAITS U.S.A., HONOLULU, JAPAN and SHANGHALĮ
(San Francisco, Sed October) ... Canada, U.S.A., Japan sod ShanguÄTÍ
(Vancouver, BC, 18th October) U.S.A, HONOLULU, Japan and Shang-1| HAI (Ban Franciano, 10th Jobber)... JAPAN
...
U.S.A, CANADA, Japan and SeanGHAY
(Sentilo, 18to October) Austratri and Maxila
Pros. Wilson
Вить Мати Anchis
3100 Vol.
Stat, Oct.
424
1st Nov.
Emp. of Rueria
וי
3rd Nov..
Pres. Madison Melbourne Maru...
3rd Nov.
6th Nor.
Prsi. Pieros Tanda
7th Nov,
9th Nov,
26
New York, October 17-The on- The following report on the rice warkes, dated, October 12, has beentire list declined on the New York issued by the Société Indo-Chinoise de Commerce, Saigon :-
Stock Exchange to-day, making now tows for the year or longer, says the daily review of the Dow Jones Financial News Agency.
Selling progress throughout the
The market has been abolutely lifeless without any business what ever, either with France or with The interim report of the League i Java. There has been absolutely no decline was orderly but brond and
enquiry and no demand, and buyers
of Nations gold delegations ap-have completely withdrawe pointed by the Finance Committee
Prices are daily going down and -fast year" to exninine into and re-market clones wenkseller" at the
port upon the causes of fluctuations following prices:- in the purchasing power of gold and their effect on the economic life
of the nations" has been issued.
In this interim report the de legations have dealt only with purt of their terms of reference. The question examined is whether the current and prospective production of gold on the one hand and the normal increase in domatic 18 world production and trade in- crease na the other are such as to make it likely that the general trend of prices over A series of years (and apart from short-term Oscillations) will be in an upward
'or downward dirvction.
ments.
No, 1 long 23 per cent, and round per cont100 francs per 100Ks., 0.70 guidera per Java pikol, 6.45 you par picul, 9/2 shillings por ewt
No. 2 Japan 40 per cent.-102 francs per 100Ks., 6.45 guilters per Java pikol, 5.35 yen pur picul, 3/9 shillings per cwt.
Brokens 1 & 2-93 franes per 100Ks, 6.60 guildors per Java pikol, 4.55 yen per "picul, 7/10 shillings
per cwt.
Shipment October-November fo.b. Saigon.
Paddy:-The situation is un changed. There have been small nerivals which do not snd buyers.
New Crop-There is nothing fresh to report. Everywhere the crop is growing normally and up to now prospecte are quite dall. We do not hear of any fresh business for February-March.
To delegations have reserved for further consideration the problem of the distribution of goll of the effect of price fluctuations ou gep- eral prosperity, of the manner in
According to these estimates, the which auch variations cun best be ineasured, and of cyclical as dis amount of gold available for mone- tinguished from long-term move-g924,000,000 will have sunk in 1940 tary purposes, which this year is The interim report being
Lo $170,000,000, whereas gold ro- confined, to the prelem of the long serves required to provide 33 per term trend, the delegrations have cent. in 1940 will be 8204,000,000 mot entered on the questions con- nected with the measures which may the increased demand is 2 per cent. be adopted to deal with short-term per annum, and 8310,000,000 if it In the former case is a por cent. price fuctuations. They nako, however, the following remarka: there will be a deficit of 834.000,000 It is obvious that when through in 140; in the latter case a deficit out any period there is a long-term of $170,000,000. tetlenty of prices to fall owing to a scarcity of gold the difficulties in periods of depression will be in- creased, more especially for certain countries, if for any reason thero is a distribution of the gold stocks which fits their efficiency.
the second place, the effect of temporary depreciation of prices will clearly he aggravated if the depression comics as an addition to long-term downward trend caused hy a scarcity of gold, and in par ticular the dangers and evils of competitive high discount rates are likely to be increased.
Gold Production.
be
|
persistent. Allegheny Corporation inde a new low for all time.
The selling was most severe to ward the close, and losses on the Rouding issues ran into staggering. proportions.
Sales for the day amounted to a total of 2,850,100 shares, with call money remaining at 2 per cent.
The Dow Jones average for 30 industrials was off 0.25 to 187.37,
that for 30 rails was off 2.37 to 114.94, and that for 20 utilities was off 3.20 to 68.16.
U.S. Steal was down 48 to 145) at the close, with Bethlehem Steel down 3 to 7; American Rolling Mill down to 32; American Waterworks down 31 to 74; Johns Manville down 5 to 67%; Eastman Kodak down 8 to 1852; American Can down three peints to 110; Du Pont down of to 912; J. I. Cast down four points to 1201 and Inter- national Harvester down of to 33).
Kails Down.
$1,080
***
M
W
2280 980 LIQU ... 9445 $450 $460
$400
**
$311
T.61
LAN
Insurances
STA
Canton Insurancos.. Underwriters.****] $2.79 North ChinusRecen Union insur#GUN •••
M.450 Yangtars Insuranuos China Fires ebecasser
($1,050) H.K. Kiess
Shipping
Douglases
Steamboaty
744
A
: : : :
13.
5276
$204
329
32G 281/28
indos (pruf),
8-13
+30
Do. (det
kom
6319
Shulk Transports
23/3
Biju
...
Water-boste olive
831
Mining
$8,70 Benquote..................................
37:0
Kailane ..............37/-
35,8
Langkats (comb.) ....if
1440
U}
Do. (single)
$7.40
OUTWARD MAILS.
́REGISTERED and PARCEL MAILS are closed 15 minutas barlier than tho. time given below unless otherwise stated, and where mails are advertised to class at or before 9 s.m. registered and parcel mails are closed at 5 p.m. on the previous day.
T1.30
Explorations.******
TI
Shanghai Loans
1,0
Raubs BILLEDEN)
ལ།
125
FOR
Риа
DATE and TIMM
Tronoh Minos
14.
Docks, Wharres,
Friday,
I.K. & K. Wharf
$169
31601
Shanghai, and EUROPE via Siberia Formosa....
Hupah
Nillo Maru
Providenta (old)
Do.
$5.x
Manila
Evaroli
***
Re
***
$30
Swatow, Amoy and Fooshow Haiphong
Haithing...
Danton
***
T.123
·T673
Straits, Ceylon, India, Mauritius, Eart and South Afrios, &den, Egypt anʼl EUROPE via Varunillas-due Mar. sailles, 22nd November
Khyber
་་
24th, 10.30 i 10.30 & M 10.30 AM
1.00 -2.30 FX
Kowloon P.O. Parcels 4.30 - Rog,25th,9.00 AN Letters 10,00 A
G.P.O.
Par 24th, 5.00 Reg,t8th,9.45 a. m Letters 10.80 a w ||Par,26th,500 Y M ||Lot,15th,9,30 á N
$160 851 $2.45
T122
T.280
Among the rails, Pennsylvania was off to 60; New York Cen- was down 2 to 83; Rock Island was tral was down 3 to 138; B. & 0. down 13 to 70: Canadian Pacific
48 down 32 to 170 and Union $14.50
Pacific closed at 100).
American Tel, & Tel. was off a to 1082 and International Tol. & Tel. was down 12 to 27: Radio Corp, was down 2 to 21. On the keri, Electric Bond & Sharo was down 42 to 52.
The present declino in prices in
Among other issues, Anaconda monetary circulation and the exist ing business depression have tora;
eral Electric was down 3 to 51 porarily checked the demand for Copper was down 2 to 351; Gon- nuetary gold, and it is not im- possible, in the opinion of the de-Westinghouse was down 61 to 107); legations, that industrial consump. tion may be slightly lower than they estimate. Novertheless, in their opinion, the evidence points con- clusively, to the prospect of a serious situation arising as soon as, or shortly after, busines activity revives, unless steps to alleviate it
ev
are taken in time.
n
As regards the distribution of gold, the report says that fifteen countries hold over 90 per cent. of the gold reserves of the world, and in the fifteen countries there was in
1029 surplus of roughly $2,450,000,000, but three of the coun tries had a deficit which aggregated · nearly $300,000,000, so that the sur- phus of the remaining twelve amounted to about $1,730,000,000,
in the United States of America the surplus was 81,500,000,000. In 1929 Franco and the United States together increased their reserves by about $310,000,000, of which pro bably about $140,000,000 were with- drawn from commercial banks and private hoards.
Dealing with the question of gold production, which is at present about $400,000,000 a year, the de- legations anticipate that after the next three or four years, during which there will be a slight in erease, a dealine is to be expected According to the official and wi- official estimates furnished to the gold delegations there will be a gradual decline after 1933, and the gold production in 1910 will be only about $314,000,000. Acording to Mr. Joseph Kitchin, the gold
in 1910 will production $370,000,000.
The conclusion of the report is With regard to monetary gold that the probablo trend of prices stocks, the delegations say that the in the future must give rise to some provisional figures for the end of anxiety, but the delegations are of this year show total reserves of
opinion that remedial measures unn $10,425,000,000, and total monetary to found. They proceed to suggest some directions in which those may alocks of about $11,175,000,000. In
the monetary gold he sought, apart from the problem addition to stocks large quantition of gold are, of distribution which will bo denis of course, in the hands of the pub with in a subsequent report. lic, mure dapecially India, in the form of gold ornaments, private hoards, ets. There is no evidence, however, that gold flows to any large extent from non-monetary to monetary reserves, except during signs of war.
The delegations warmly approve of the discontinuance of the use of gold coin for domestic curroney purposes, and hope that it will be come universal. They hold that the minimum reservea required by law to-day are largely conventional, and The delegations consider it pro- that a considerable economy could kable that the total demand for be accomplished were the current gold
for non-monetary purposes, accepted minima redund. They be. including that of Indoors and lieve that this can be done with
other Oriental countries
and out weakening the gonoral credit the amount used for industrial pur-structure, and that it could best, be rases last year, may be estimated done by an international under-
between $180,000,000
ather standing. Some economy of gold $200,000,000 a year, so that ed
might, they believe. bo effected by more than half the new gold ono. extending the use of cheques, etc. to-day would be available for mono and by developing and bary purposes. If gold production falls off in the future, as is anti-the mechanism of clearings.
and
improving
suggest the abolition of stamp
U.S. Rubbor was down 1 to 12; Standard Oil of New York was down 7/8 to 263 and General Motors was down 1 to 338.
EXCHANGE RATES.
[DRITISH WIRELESS BERVICE.]
$11.60 8781 875
$11
+2
T.305 95,40 | 88,65
$14,30
Godowns, ato,
(new).bi
HK. Docks Shanghai Docks
17.30 New Engineerings
$10
Hongkows
Lands, Hotels, and
Bulidings
H.K. & S. Hotels...$11.6. H.K. Lands (old}...]
JJ0.
Do
(new)...
(rights)
Shanghai Lands ...
H. Realtys $8.00
Humphreys $15
Chinese batates
Cotton Mill
をけず
T12.15
182.20
7.82
S'hai Cottona.-+----++)
Tlub Zoong Sings
517 $17.70 $17.70
481
$25.30 $248
$74.60
SOME!
Public Utilities
Tramways................. 317.6.
$13.80 Peak Trams (oid)... b.bu
(DOW)...
Da Star Forries
C. Lights (old)..............] $95.15
Do
H.K. Electrica ..............
$351 Telephones (fully pd.)
(prof.)......
Industrials
ફાં
!!
**
370
$70
Calcutta via Straits
Tilawa
Saturday, 25th,
Shanghai and EUROPE via Siberia Formosa.
Nerechoang
Foochow via Swabow...
Amoy and Japan
Banyo Maru Kuichow... Hosang***
1,30 180 3,00 P
6.00 PM
Sunday, 28th,
T.52
Tot
Bangkok via Swałow ... Swatow, Amoy and Formoss
PEL
Kalgsn Ounton Maru
8,30 AM
900 W
$13.53
Japan, Canada, U.B.A., Canizal and *South America and *BUROPE vis Viatoria, B.O-duo Victoria, BC, Tith November
Pra, Linoola
Monday, 27th, Parcels Reg. Lollars
3.00 Y M
4 15
5,00
$52
Shanghai and "EUROPE via Siberis
Beg. Pres. Intools. Laiters 8,00
*6,00
(110W)....$21.00)
$75.80
$23
Macao do.
| Hollow, Pakhoi and Baiphong
Sandakan Lights
Manila and Java via Sonibsys
197
$22
· Do, ipar pd.}
$29
1.18 Chins
Buses****E
Ruony, Oct.
7,9
Tractions maani
8/9
Paris New York Brussels Geneva Amsterdam
Milan Berlin Madrid Stockholm Copenhagon Oslo Vienna Prague
123.825
-
19/-
Da
4.85/10
and EUROPE via Marcillen-duo
国
34.853
25.025
12.00
T.10 T10.
Caldbeak, (ard.}
Maogregors pref.)
92.525
83
$2.76
***
20.405
$174
48.35
Cements (comb.)... 317.03.
Do
18.105
$5:20
DO.
(old)... (now)...
#13
**
841
18.16
8101 $10.80
Ropes
19.16
$5,80
China Sugars.49010144)
***** 310.6
Bwatow ...
Caloutta via Staito
watew, Amoy and Foochow
Saigon Ceylon, India, Mauritius East and South Africa, Aden, Egypt
Marseilles, 29th November
Straits, Ceylon, India, Mauritius, E. and
B Africs, Egypt and EUROPE via}} Antenor Maverilles-daei Marseilles, 26th Nov.
Tuesday, 28th,
Pardela Noca Letters 1,00 1.00 Howloon P.0. For.
Tatier 1,00
Beg.
Q.P.O.
145 Letters 9,80 P M Kowloon P.0. Reg. 4.80 =
4 Lettare
480 PN
G.P.O. Reg. 5.00 Letters
6.00 rw 500
Changtu Tyikarang
9.30 AW 9.30 AM
#
Nam sang Haiyang
.1.00 F M
Porthos.
***
***
34.455
8:17
Malabon Bugare...
$29
བ་་
1037
取
Fanted Asbestund 194
T
193
108.95
375 619
***
Do, ex rights
38 11/10
89.30
3
Der A Wing..........
Do nights $8
30
1/5 25/32
$23
Amesemanta
$22
1/7
$101
$2.40
Chin. Entertainm'ta. $10) Constructions, ...
$2.30
1/3)
2/0 17/32
$3,85
Lane Crawfords (...) $3.83
$10
Tobacco...
$11.60
$11.80
62.85
***
Sinceros
Wm, towells......... B. Lud. G. Bonds...
01170
**
321
64.
**
prem
Japan, Canada, U.B.A,, Q. andß. America'
Vancouver, and EUROPE via B.O,dze Vancouver, B.C., 14th Nor.
$20 Shanghal and *EUROPE via Biberis
Shanghai, Japan, Honolulu, 0.8.8
Canada, Central and South America, and EUROPE via San Francisco de San Francisco, 20th Nov,, and
EUROPE via Hiboris,
Manila, Australia (except placas Northʼn
of Brisbane) and New Zealand
vis Thursday Island-due Thursday Island, 15th November
Bwatow, Amoy and Foodbow.. Shanghai, Japan and EUROPE via Biberia
Straite, Ceylon, India, Mauritius, East and South Africa, Aden, Egypt and EUROPE via Marseilles-dns Mar sailles, 30th November
Tatauto Mar...Thursday, 30th,
Nellore
Bai Ning Hakusan Maru
Suwa Maru
Noon
Bog 1.45 W Leltern, 9.20'w se
2.00 PM -8,3032
· Kowloon P. 0.
4.30 PM
Beg.
G.F.O
...Beg., 1st, 9.00 & M
¡Regi, Ish, 8,45 AM. Letters 9.30 a n NOVEMBER- Sunday,
Rad
1
Watthing...
Emp. of Canada Bez.
Lettors
Wednesday, 29
day, 29th. Parcels
3.00 N 415.7 5.00-
RAT
5:00 PM
Emp. of Canada Letters
6:00 PM
Rej 5,00 ►
Lettera
8,80 M
Friday, Parcela
826.40 Nominal. $24.30
Helsingfors Lisbon Athens Bucharest Itio Buenos Aires Montevideo Bombay Shanghai Hong Kong ... Yokohama Silver, spot & forward 10
EXCHANGE.
CLOSING QUOTATIONS.
ON LONDON:
#0
Canton Icea
Miscellaneous
Dairy Farm, sum, r.
H.K. Govt Loans...) 81074)
LOCAL AND REGULAR OUTWARD MAILS.
On ober 23, 1930.
Telegraphic Tranefer... 1/3) Bank Bills, on demand 1/8} Bank Bills, 4 months'
sight...
1/31 Credite, months*
zight
1/4 3/18 Documenta, 4 month
1/4 6/10 sight PADIB:-
WEEK DAYS,
|SUNDAYS & HOLIDAYS
FOR
FROK 0,2.0.
Inox BURUNGWAN BRANCH F.O.
From G.P.O.
FROM X BRENOWA
BRANCH
Sandakan
1.0.
【7.15 am. & 17.80 &
Canton
(7.15 m., &, 7,80 n.tz. taw p
17.00 po
4.00p.m.
7.00 pm
Bank Bills, on demand 800
Credits, months' sight 840
cipated, and rion-monetary duties ou chequee and the removal ON NEW Yonk:- emained constant, the share avail
of all other impediments to their
able for monetry purposes must ob. viously diminish.
Gold for Monetary Purposes.
As regards the monetary dentand,
The dolegations stress the desir ability of replacing notes of emal denominations by subsidiary coins,
Bank Bills, op demand 311
Bank, on demand
ON CALCUTTA;
Lonly
1.30 Sunday
ON
*
Credits, 60 days' sight, 324 BOMBAY
Maco & Taishan
ƒ-7.15 m. & ( 7.30 am,
1.15 p..
1.30 p.m.
Telegraphio Transfer
}
AT
Kongmoon (ercept Saturdays) 5.00 p.m.
Kaukong (8100pt Baturdays).
8.00 p,.,
6.00 p.
6.00 p.m.
Fatehan (ily Train).
3.10 mm.
[Tls. 80) 89% dia
Tal O
Tai Po
0,00 0, 1,00...
11.0
$3
Shamchan
Telegraphic Transfer) 87
Bank, on demand...
ON SHANGHAX:
ON
Bank, at sight YOKOHAMA
On demand
MANILA.~On demand... 631
ON SINGAPORE:-/
at this would offest an economy it would appear, the report says, in the demand for gold and from st tistical material from the in the cost, of curróncy,
They further suggest that any wery great majority of gold-using countries, that the nagregate of countries thas have not yet stabilis. their notes and sight liabilities ated their currencies should adopt the end of 1029 panounted to about what is generally called the gold $24,500,000. Tho sotuat, gold, cover exchange standard. They recom beld amounted on the average to amend that the roserves of foreignO little over 40 per cent. of the nasets should as a rule bo concen Habilities, and minimum legal retrated in central banks, and quirements to from 23 to 34 per gest an international understand ON cont The report estimates that thing that the reserves hold abroad ON HAIPHONG:--
On demaad 80 demand for gold for monetary par by countries for the maintenance poses is likely to increase at the of their currency should not be sub ON BAIGON:-On demand....
ON BANGKOK :- ents of about 9 per cent. per an-ject to seizure or confiscation in inmm;eliibtioannimmin ཅུ་གང་བ་བྱུ་Lb»Ondensnd-nege frainod estimates at a rate both of The report is accompanied by BOVERETONE, SIRT & BUY?H,
thirteen arnoxes dealing 2. and:3 por cent
(Continued on next Column.) specific questions.
On' demand..... 50. BATAVIA:-On demand.: 78
with
Rato BAR SILVER per ca.
Changchow
Mausang
9.00 AM
Wolnooday, 5th,
425 m Beg.
Manila, Australia and New Zealand via ?
Brisbane des Brisbane, 19th Nov.... felbesirna Maru { {Loltera 5.00 PM
#ġaparmoribed- correspondenón only.
Sundays Bundays
Cop.m. only 7.00 p
(7.25 m & (7.80 mm, à
1.15 p. Sundays
8.16 Lonly
6.00 pm,
8.30 am
10.30 0.
8.30 min
Lonly
6.00 p.m.
Interested In Wireless?
Then look for some interesting news in
the
Daily Press"
next Thursday.
0.00 $23.
9.00 am, & {8.00p.m.
1.00a.m.
1280 p.m.
$11.00 ..
&4.30 pm.
11.00 p.in.
& 480pm
Saturday
100 p.
14.30 p
8.80.10
100 m
1.00
1/4
Btatin Shatankok and S
Balkung... Namtay, Bhokki & Taiping
(Famin)
100 p
4.30 pm
d's fath
7,00 pm,
Aberdooa Stanley. Autan, Plagahan, Santin,
་་
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