1930-11-14 — Page 12

02

Money and

Markets

SPECULATIVE FEVER IN THE LOCAL·

MONEY MARKET.

IS THERE TO BE A REPETITION OF 19257

SOME FACTORS WHICH NEED CONSIDERATION.

[TO THE EDITOR OF THE “HONG KONG |

DANY PRESS."]

is

St.-The conditions in the local money market to-day have never so closely resembled those obtaining in the fateful year 1993. There was then money in plenty, extensive credit facilities were obtained för the asking, and consequently shares booted to prises far beyond their true value, the measure of which, as happened in 1925, must in- evitably come down to the level of a reasonable return on capital invited, such return depending on the satin and risk of the par; ticular business, with an added +2153 for anticipated' prosperity. Thr

speenlative fover same observable to-day, but with serious aggravation in the money situation, for if money was easy in 1925, to-day there is an absolute glut of money eager for an outlet, and with little sense of discrimina tion in its search for employment. Nothing So Sensitive Az Capital.

Nothing is so sensitive de capital; there is nothing which believea more in safety first on the least sign of trouble, and the debacle of 1025 which came overnight cold naily repeat itself, although the minor reason given in the report of the share Commission, namely the apprehension as to the probable effect of the strike and boycott, I happily, does not exist.

ณ

The major causes of the collapse

in 1025 were pe

(1) Dealings by unsound brokers

with sound clients, (ho Dealings by unsound brokera

with sound clients, (c) Ovorfinancing hy native

HONG KONG DAILY PRESS, FRIDAY, NOVEMBER 14, 1930.

WOMEN AND THE DAILY SHARE QUOTATIONS

OPIUM TRADE.

NEED FOR ACTION IN INDIA. £uyers

The evils of the opium trade oc- cupied the attention of the Man. chuster branch of the Women's In-

HONG KONG STOCK EXCHANGE.

terantional League in the Friends1,095 Mealing House when Mrs. Barritt. who had represented the branch of the League at Geneva spoke on the subject,

Japan's Grievanco.

Mrs. Barritt said that Japan had

A

SHAREBROKERS' ASSOCIATION.

Bellar Baie Nominal THURSDAY,

NOV. 13.

33

1,100

$472

3400

81,110

| largoly kept opium out of the coun

try, until it rutered through the me: | 81,100 diam of Western medicines, and by means of evasion certain What is basis of the present

amount filtered through the coun- market valuation of about $19 per ty elsewhere. While there was share Applying a dest of a 7 per evidence that to some extent apium tent, return, which is low for a supplice were being brought under manufacturing risk, the dividend control, it was not su in respect of should be at least $1.70 per sare; ezine and heroin a product of the last dividend was at cents.opius and one of the most danger. The shares are fully valued at the Par price of 88.50 even with Pros- prets" thrown in, but there have been eager buyers at 810.30 premium who are willing to back the local factory in a struggle with Japan, the outcome of which is as obscure as a dark night.

Otty

With regard to France, it was shown that bofore the war there. were 1,200 opium dens in Paris. no cases out of 80 it had been found that the drug taking had

it

en found that the drug taking had been the result of medical praa Capital in the China Light Co.,criptions. Many of the addicts were found to be doctors' wives, should esir at least & per cent, or at the present price of about 827, chespists, and nurses, dividend of $35 per share. Tha In the Netherlands dividend is 20 cents on which the stated that women were working price per share should not exceed hard to make a new law of the

generong allowance for Dutch Government effective "

in of 100 per cent. on the checking the opium gril. The necd prospects ur value gives a price of 820 of money by Chinese had inter

are valued here at:812 føred, Mrs. Barritt said, with the Prospects per share, or a cool 812 million, prevention there of opium smok. and the market valuation of the ing, for which money could be re- Company thus becomes 827 inillion, adily obtained. There wore, hay-

$15

|

Now

I bave come to the conclusionrver Chinese men and women work. That Ice House Street does not evening splenidly against the ovil, but possess the qualities of a Pari.they were hopelessly weak without inutuel. for at the Happy Valley the co-operation of sther Powers. occasional winners find roadier sap-

Oplum and Infant Mortality. porters than Cements and China

Commenting on

German Lights, which are left to punters who, of course, predominate in Icegislation, Mr. Barritt referred to the influence of financiers, against House Street.-Yours faithfully,

whom a fight was proceeding to get the limitation of the use of the drug to medicinal and scientific purposes. On the subject of the ovil in India sho quoted an Indina speaker on the actual contamination on which small amounts of opium of a child by auckling at the breast,

"SAFETYFINST."

BRITAIN'S TRADE.

EXPORTS AND IMPORTS FAR

BELOW LAST YEAR'S,

(BRITISH WIRELESS SERVICE |

RUGBY, Nov. 12.

Banks,

Although the Board of Trade re- 48 improvement in "They daxis, harvin, and it is turns show well known in der House Street, trade during the past month com Brokers gen rally have already felt Pared with September, the values of exports and imports were much the sting of gaitse (a), and cause (b) is proved by the high rates of low those of the corresponding interest which may be earned in nonths of last year. Exports Inat forward transactions, even with month totalled £46,900,000, com Brokers who soundness is beyond pared with £42,700,000 in Septen question, from which the infere ieber, and £81,500,000 In October last Imports amounted to is fair that some of the clients of year.

£90,800,000 compared with £78,600, the allor are not wound.

000 in September, and with £110, 200,000 in October last.

Were the Native Banks to Blame?

The signatories of the sbara Conn- mission, amongst whom were two British Bankra, huid the blame for the crash entirely on the native Banks, and this was undoubtedly true in so far as fùancing was over- done, but so much of the facilities given freely by native Banks had their source from the facilities given by foreign Banks to native Banks and others, albeit at a little higher margin: that the fixing of the blaas solely to native Banks was unjust, and did not represent the situation accurately,

A Warning... Facilities are available to-day in as great a measure as in 1925, and lest the Banks and others who now assist operations in the stock mar key forget the indication of trouble.

RUBBER CRISIS.

COMMITTEE DESIGNS.

[THKOBOH REUTER'S AGENOT.)

Amsterdam, Nav. 12,

It is understood that a rubbor producers meeting to be held on November 17, will further discuss the rubber crisis. The Rubber Committee apparently intends, to ender its resignation, from which it is concluded that it considers its task ended.

September and December 1024 | EIGHT HOURS A DAY-THEN

PLEASURE.

NOT THE WAY TO PROSPERITY.

and March 1925, let them be re

inded that a 9-itlement in Decem- er is looming alwad. Let them also not forget the more recent crash in New York which cams about and developed despite the re- assuring statements of the greatest in the land, from the President of the country to the magnates of Wall Atrvot, for the repercussion in Lon-in Glasgow to the Institution of

"Our industry," said Sir James Lithgow, in his presidential address

had been smeared. The Indian speaker said that 410 children out of 1,000 died in the first year of life, declaring that this was "not addiction but murder." (Henr, hoar.) India had promised to stop the export for ten years, and of this period four years had yet to go, but nothing was being done about the internal consumption o opium. England should face her we could then, she believed, responsibility in this matter, and much in bringing to an end this fearful earse. (Applause.)

wwwwwww

EXCHANGE RATES.

[BRITISH WIRELESS SERVICE.)

RGDY, Nov. 12.

do

E: : : :

$34

1

$27

*TER!

Banki

H.K. Banks

2112 £101

£121 118

Mercantile Bis. “A”

Bayar Ballers

Bajos Nominal

81,575

Do. (London). Chartered Banks ....

Do *ས3! Bank of East Asia... $115

Insurances

$1,100

INI

£12

*

$15

Canton Insurances. Underwriters...

42.00 || $5

North China's......... Union Insuranous... $473

M.360 Yazglezo Insurances China Fires

H.K. Fires.... $1,109

Steamboat

***

$4

1189

4400

FOREIGN MAIL

NEW YEAR PAROEL MAIL FOR GREAT BRITAIN.

The New Year Parcel Mail for Great Britain will be closed in the "Ganaṛal Post Ooo at 5 p.m. on the 21st November per sn. Kannala..

This mail is dao in London on the 27th Docombor.

CHRISTMAS LETTER MAIL FOR GREAT BRITAIN VIA MARSEILLES

The Christmas Letter Mail for Great Britain vin Marseillen we be closed

in the General Post Offloc on the 22nd November por se. Kasual as follows:-

Registered Mail..........9.45 a.m., 2204 November Ordinary Mail ********** 10.30 am., 22nd Novembor. This mail is duo in London the sind Decumber..

The public are ratainded that utisble articlos vont by letter past to the United Kingdom are liable to conflacation by the Customs there.

Ohristmas girls bring not more this fire written works may be forwarded as Pristal Papar, pessi fod that the oasiasing cover in lofi opan."

RADIO NOTICE.

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

INWARD MAILS.

Shipping

Douglasos

126

144

JavL

Indon (prof.)

$43

FROM

330

Do. (def.)

san

$28

70/-

Shell Transporta

83/0

Water-boats

733+

griANGHAI JAVA

Mining

86.70 Banquets.

351.

Kailansimer

Langkata (comb.)...

T81

Explorations...sa

Tel

1281

***

HEL!

Do. (singlu). ...

Shanghai Loans... Raubs

Tronoh Minos-

Docks, Wharv83,

Godowia, etc.

HK. & K. Wharfs... $171) Providente (old). 85.45

JAPAN, SHANGHAI, and EUROPE T

SIDERIA (London, 25th October) Eunora via Nedapatan (Letters, and)

Papers, London, 18th October) Australia and Maxita

PER

Duk

Nagpors Tjibesar...

14th Nov,

14th Nov.

Fushimi Mare -

14th Nor.

T14.40 $7.40

T.1

Te

BhanuHai und SWATOW 14. D.S.A

***

***

Haruna Maru... Taiping...

14th Nov.

14th Nov.

14-

HONOLULU, Japan and Suano (San Francisco, 17th October) JAPAN

Brechen...

15th Nov.

&

...Fres. Fan Buren..

15th Nov.

1'ih Nov.

16th Nov.

17th Nor.

17th Nov.

17th Nov.

17th Nov..

18th Nov.

19th Nov,

$172) 35,40

$2.00

$39

Do, (NEW).... $205 H.K. Docks

$30

T130

Shanghai Docks ....

T.123

T.285

--- $11.60

T7.30 New Engineeringa

Hongkowa

Lands, Hotels, and

Buildings-

II.K. & S. Hotels

H.K. Lauda (old)... 81

(right)}

Shanghai Lands ...

H.K. Healtys $.45

Humphreys

Chineso Batates...

::

$11.80 $11.85

882

8815

$81

$112

T.315

$01

$9.40/65

$18

***

12

$87

Do

Do,

(new) Sou

$18.20

**

344

Bokuyo Maru

Prus. Pires

...Kumeang...

Kitano itaru Wakwa Maru

Pras. Jackson

Ainia Maru

MANILA

Calcutta and Straxrə

JAPAN... JAPAN

U.S.A, HONOLULU, Japan and Shang

RAY (Ban Francisco, 24th October)... AUSTRALIA and MANILA

CANADA, U.8. A, HONOLULU, JAPAN and l

UNANGHS1(Vancouver, B.D., 80th Oct)] Emp. of Japan

OUTWARD MAILS.

REGISTERED and PARCEL MAILS are closed 15 minutes earlier than the time given below unless otherwise stated, and whore mails are advertised to close at or balore 9 a.m. registered and parcel' maile are closed at 5 pm on the previous day.

FOX

+

PER

Shanghai, Japan and EUROPE via Siberia Haruna Karu

DATE and TIME

Friday,

14th,

***

Cotton Milis

Haiphong

T.12 T18.10

Ewo

+#

T.33

_agnosista] T.12 T1280 S'hai. Cotton.

Straits and Calcutin

...G. G. Maurice Em

Hosang

9.30

Parcels

Noon

Letter

1.00 2

watow, Amoy and Foochow

Haishing...

1.00 PV

T.88

3.30

T9

Zoong Sings ........

Tył

Kroloon P. O.

Public Utilition

Btraits, Ceylon, India, Manritios, "Eatt")

flog.

and "South Africa, Aden, Egypt and KUROPE in Marmillon-dev Mar sollton, 14th Doomber

Fushimi Marmi

ཎྜiཝཿས

G.P.O

9.30 AM

=

Beg. 8.45 AM LLetters

ar, 141, 5,00 Last 15th, 900 M

Saturday, 15th,

10.30 A

4.80 Let,15th,0.00 W

$18.30 018

8871 887 8281 925

$801

8118 835

829,80

7/9

***

B14

Sut

ក៖ ៖ ៖ ៖ ៖ ផ្ល

823

$87

Tramways] $18

Peak Traina (old)...

Da (now)...

Star Ferries

. Lights (vid)...... 8263 | $26.00)

Do (10)...... $201 H.K. Electrica......

Macao do.

Sandakan Lights... Telephones (fully pd)

10. (part pd) $2 T.18 China Bases.........

Tractions 7 Do. (prof.)......

Industrials

T.107 Coldbook, (ord).

T1e.40 Macgregors (pref.)

tri

*་

389

+H

Caloutta via Straits

Sandakan Streita Foochow...

***

Bwatow and Fooobow Manila...

SWALOW...

Java via Sourabaya Haihow and Bangkok

Amoy and Formosa vie Swi Japan, Honelalo, U.S.A., Canada, U. and 8. Americs, and KUROPE via San Francisco-duo San Francisco, 10th December;

Talamba

***

.

...Hinang...

Trirasias...

Chungking Yang

tres. Fan Buren...

Koving

Kiungchow

+

2,301

830 IN 6.00

5.00

Sunday, 16th,

830

9.00 A

9,00 AM

Monday, 17th,

10 30 AM

Buitenzorg

Rwatow, Amey and Foochow Btraits. East Afrion via Momboes and;

South Africa via Lourenco Marguss and *South American Ports

Haiyang a Wakasa Maru

iLotto 6,00

Paris New York

123.004

4.83

Brussels

34.891

Geneva

25.031

Amsterdam

12.004

$18.00

Milan

02.781

$12

Canton lev***

32.76 Cements (comb.)...818.35 818.60

Do (old)...

Hozan Maru Pro. Pierce

Parcole

$,00 +

$13

Roz.

4.25 PD

$5.20

Do.

(now)...)

Berlin

20.38)

$10.00 $10.90

Rope

Bi0,7 810.85)

Letters

FLOR.

5.00z 8.00

Stockholm

19.217

$0.70

China Sugars.........

+

Copenhagen Oslo Vienna Prague

19.16

144

$27

Malabon dugars ...

Bbanghai and "EUROPE via Siberia

Pra, Piares

$29

www.dandom

13.16

United Asbestos...

P+P

#5

31.474

Tuesday, 16th,

1,00 M

Helsingfors Madrid Lisbon Athits Bucharest

163 193

Miscellaneous

41.93

108,25

8271 325+

-376

818

20

Rio Montevideo

14

$23

303

$101

1/8 25/32

$37

1/7

$3,60

1,30 = M

4,30 F 5.00

- 5,00 em

Wednesday, 18th,

030 3.80 4,50 M

1/30

$19

2/0 17/32

16 9/10.

$11.60

16 7/10

$12)

Watsons ratasiakka

$2.85

Wm. Powells.pusa

B. Ind. G. Bonds... 65%

EXCHANGE.

prem.

Boubay Shanghai Hong Kong

Yokohama on

Silver (spot).......... Silver (forward)

CLOSING QUOTATIONS.

don and in the Continental Bourses, Engineers and Shipbuilders in Scot- wir again the fate of the latest land, can only be revived by those ON LONDON victims amongst old established engaged in it finding pleasure and recreation in the problems of their links in France.

The stock market absolutely profession-making it in trath their peculative, and is entirely a pro-to work."

Sir James pointed out that a sub- Frasional market. With rare ex-

asset.

November 13, 1950.

Telegraphic Transfor... 1/3 Bank Bills, on demand 1/3 Bank Bills, 4 months' aight...NERVOU

1/3) Credits, 1 months'

sight Documents, 4 months' ------- sight

PARTE:

ceptions, business in Ice House stantial section of the working Strect is confined almost exclusive population was becoming a national ly to counters listed by Brokora linbility rather than an themselves as speculative, the prices There was something very wrong O of which if apportioned between with British trade. In a period of --** sanity" and "prospects" cannot world-wide depression.

Janke hilt be justified except by a group who efforts to support our people could in time of trouble shelter themselves not avail. A sailing ship could not behind accommodating Promissory reach her destination by merely Notes.

ying in harbour waiting for The Two Favourities. breeze, and an industrial country Take the two favourites, Cementar could not enjoy a high standard of and China. Lights. The former is life if it did not make the necessary

Telegraphic Transfor ambitious preffort an

demand engaged on

Bank, on The time was past when Britons gramme of reorganisation in an endeavour to recapture markets lost could claims to be the shipbuilders Ox SHANGMAL

Bank, at sight ...... f30% dis through inability to compete, chiefly and engineers of the world. There

On demand

829

Bank, on demand

Dairy Farms, cum.r. #27)

Do ex rights

Do right 98

Dor A, Wings........

Amusements unen

***

Chúa. Entertainmts, li Constructions

Lane Crawfords

Mackintoshs.......

Nanyang Tobacco..."

Sincere ecariontes) 811 80

$34

H.K. Govt Los... 8104

LOCAL AND REGULAR OUTWARD MAILS.

Maalia...

Swalow...

Amoy

***

$28

Гарва

H

Amoy

WEEK DAYS. SUNDAYS & HOLIDAYS

Maalia...

++

***

**

*

H

Pres. Jackson Yatching Kum Song

...Ataula Maru

Kingyuan. Emp. of Japan

Aszusa Maru m (Reg.

5.00 M

Tuesday, 20th, Letters

8.80

Shanghai, Japan, Honolulu, D.S.A

Canada, Central and

South

Amerios and KUROPE vis Sa

Francisco due San Francisco, 11th Deo, and EUROPE via Siberia ...

Manila, Australia, and New Zealand via)

Thursday Island - due Thursday Kitana Maru Island, 3rd December Japan, Honolulu, San Francisco aud

7.16 2.7.80 am, & Swatow, Amoy and Foochow..... $6,00

Ceylon, India, Mauriting, East Straits South Africa, Aden, Egypt and

EUROPE Tia Marselllon-due Mar ( seilles, 20th December

Farmala

9.00 4.11. (1.00a.m. & 18.00 pm

9.00 £ 10.00 p

1280 p.m. & 4.30 p. Baturdaya 100 p.m. £ 4.30 p

3&4.30 p.m.

8.30

0:00p.m.

P.

[Thursday, 20th,

Lettera

8.45 A

·9.30 AM

10,80 AM

[Faroela 5.00 M Bez,šlet, 8,45 a Y ¡Letters 10.30 AM

Friday Blaty

Kowloom

2,00 25

P. 0.

Parools 4.80 Seg 22nd,9.00 M **Lettare 10.00 AM

G.P.O

**Superscribed correspondenes only.

FAR, SI, 5.00 F Beg.22nd,9.45, a M

| Leiten · 10.20 a M-

O. Box 1, Hong Kong

is the Address. Write an Order for

the Hongkong Weekly Press and China Overland Trade Report

M to be sent you for Three

or A Year. The first will cost you 84.00, and the Annual Subscrip-

8.15. Lonly

1.00 pt

9.30 am. Lonly.

6.00p.m.

Reg.

FOR

Feox G.P.0.

FROH BHRUNGWAN BRANCH P.O.

FROM G.I.O.

FROM N Buzungwa

Thursday

BRANGK

South American Ports Maniis, Australia, and New Zealand in Inland-due Thursday Island, and December...

Bokuyo Maru Taiping....

use

F:0,

Hài Năng có

acuniariaus 1/4.3/10.. | Canton

(7.16 .. &) | 7,30 Lawp.m.

17:00 jum

7.00 put

3

Sundays (6 pm, only

Bandays

7:00 p

ON

Bank Bills, on demand 31 Credits, 60 days sight.

Hank Bills, on demand 799) Credits, 4 months' sight.832; NEW YORK:-

only

7.15, & 7,80 n.10.

Macko & Taishan

1.80 p.ad

(7.18 m. 1.16 p.m. Bandaya

[7.30 am, &

Sundown

a

ON BONDAY:-

Telegraphic Trangler

La

Joof

Rongmoon (except Baturdays) 5:00 p.m.

Kaukony (except Saturdays}"

Fatahan-(By-2¥ain).

6:00 p.13.

6.00 .

0.00 A.

Tla. 80%

Tal O

Tai Po

+

0.004期:

bumbun

561

Cheungchow

el

On 'demand

1408

BAR SILVER, `PSF`OR

16 9/16

Aberdoan Stanlingshan Saotie Auta,

State, Shatankok-and Bhangahni

(ap)*...

8.30am. 1.00 pm

3.30 p.m.

10.30 $13,

ON CALCUTTA:-

with Japanese factories. Granting were no circumstances which gave Oy YOKOHAMA that technical development will them just expectations of an easier firing down prices of making and more comfortable existence ON MANILA-On demand... 92 cement, the important factor that than their neighbours, in Europe, UN SINGAPORE:- the struggle is not altogether as enjoyed. In times like the present On demand between the technical efficiency of the engineering and shipbuilding. Os BATAVIA: On demand.. 773 Japan and Hong Kong seems to trades in Scotland could not be ON HAIPHONG: have been overlooked: Export from maintained if those in a position of On demand Japan at prices below cost is on any responsibility or even potential Or SAIGON:On demand...)]†9;

by indirect Government responsibility wero content to be ON BANGKOK :— Hind Jod Jim Riz; fedtwm- quemadays FREIDORES or shipbuilders for merely Į mont, die Insour Vote, kho, co

MM

sequently, the life of the Govern- what remained at some congenial

ent, boing the main consideration.. rastine,

110,

11.00 ..