1932-09-19 — Page 3

Page

HONG KONG DAILY PRESS, MONDAY, SEPTEMBER 19, 1932.

MONEY AND MARKETS

HONG KONG STOCK HONG KONG TRADE. NEW YORK STOCK

MARKET.

WEEKLY REPORT.

prat

COTTON STRIKE HAMPERS

BUSINESS.

EXCHANGE.

A.O.F.C; QUOTATIONS.

The following reports are con- tained in the current issue of the Dow Jones Averages: fortnightly bulletin published by the Hong Kong General Chamber

Throughout the

week, markets continued on the up-grade, and substantial advances have been established, notably in the lower- priced issues-Hotels, Trama, Tele-of Commerce:--- phones, Lights, Cements and Reni- tios, all making good gains. In the mining section Banguet Consolidat- eds ara outstandingly, strong, being bid up to $171.

Cotton Piece Goods.

Enquiries continue to be received for various standard spring Fancies but the prices offered are much too low. Manchester shippers require shipment dates subject to strike conditions and this uncertainty re- garding deliveries is hampering busi- 8495, ness. Local prices for staples have

Closing tone steady all round. Business Dons During the Week.

Hong Kong Bank $1,595. Union Insurances 492),

$107,

Hong Kong Steamboats 8923.

Banguet Consolidated $17, $173. Yenz. Goldfields $3.

shown a slight improvement and clearances have again been satis- factory.

The latest cotton prices to hand Hong Kong and Whampoa Docks are those of the 16th inst.—Mid.

825.

Providenta (Old) 84.90.

Hong Kong Hotels (Old) $10.00, $10.05, $10.70, $10.85, 811.70, 8111, 11.40, $11.60.

New York, Sept. 16.

Sept. Sept.

15.

16. Change. 30 Industriale 67.94 07.10 81 down 20 Raitų...... 31.28 32.08 .60 up 90 Utilition .. 30.19 99.38 .74 down

Messrs. E. A. Plerve and Oo.

Heport

The market continues to indiente narrow trading range and diminishing interest.

Business done: 1,900,000 shares.

Last Sale Sept. Sept.

American "Spot." 102d.; Egyptian | American Can Sakel. F.O.F. "Spot," 8.85d.

Woolless.

The new season's goods are be

Hong Kong Hotels (New) 810,40, kinning to go into consumption but

.8103, 81:

Hong Kong Lands $78). Hong Kong Realtics $9, 01. Hong Kong Tramways $21.80,

$29.10.

China Lights (Old), $17.45. Hong Kong Electrics $743, $75. Telephones (P.P.) $212. Cements (Combined)

$13.60, 813.90, $14.20, $141, $14.40, $143, $14.70.

Dairy Farms $271, $271, Lane, Crawfords $54.

Hong Kong Amusements 820,10,

$20.

Constructions (Old) 80,65, 86.673. Constructions (New) 811. Ewo Cottons Tls. 13.00, Fla. 13.00,

Tis. 13.05.

CLOSING QUOTATIONS.

Buyers.

Hong Kong Hotels (Old) $11.40. Hong Kong Landa $75.

Hong Kong Realties 89).

Ewo Cottons Tis. 13. China Lights (Old) $17.45.

Bellers.

Hong Kong Realtics 89,45. China Lights (Old) $17.

Sales,

Union Insurances $497.

Hong Kong Hotels (Old) $11.40 to

$11.80,

Hong Kong Hotels (New) $11.

Hong Kong Lands $75).

Hong Kong Realties $9).

Ewo Cottons Tis. 13.60/13.05. China Lights (Old) $17,45, Hong Kong Electrics $75, Cements (Combined) 814.70.- Lane, Crawfords #5h.

BATURDAY,

ALS

there is evidently no great demand nt this stage,

deliveries of woollen goods are limited. How ever, it is too early to form an opinion of the market and more satisfactory conditions may be ox- perienced next month. Prices for the raw material are firmer, but local prices have not responded in proportion.

Peak Trams (Now) 871. Star Ferries 8001

China Lights (Old) $17,30. China Lights (New) 8101. Hong Kong Electrica 8744. Telephones (P.P.) $93. Malabon Sugars #97). Dairy Farms 327). Lane, Crawfords 851. United Theatres Tha. 5.35. Constructions (Now) $1.40.

Bellers.

Star Ferries 801), China Lights (Old) 817). Hong Kong Ropes $12.

MESSRS. HARRIMAN'S

REPORT.

Messrs. G. A. Herriman & Co. report:

The confidence reported last week has been more than well main- tained throughout the week under review and' trading was on 'a more generous sole than has been the case for sometime past and with

Auburn ......... Borden Company Canadian Pacific Consolidated Gas of

New York Drugs, Inc.

RISE IN PRICES IN JAPAN.

INCREASING PURCHASING POWER THROUGH INFLATION,

PRESENT OUTLOOK -

ANALYSED,

HYDERABAD LOAN,

OVER-SUBSCRIBED WITHIN 12 DAYS OF ISSUE.

Hyderabad, Aug. 18.-The amount of subscriptions to the new 52-per (cent. Loan 1859/62 Fasli of the Nizam's Government has exceeded its limit of Na, -90,000,000 with twelve days of the issue of the scrip. The Government has therefore, Tokyo, Sept. 10,-Commenting on closed the Loan for cash subscrip the rising tendency of prices, the tions from August 18. Tokyo Asahi says that a marked The Loan vill, however, remain rise in the prices of commodities open for conversion of a per cent. is one outstanding feature of the fixed deposits up to October 5, 1932.

Loan 1341 Fazli and 31 per cent.

recent course of financial events

The Loan was opened for subscrip-

́AMERICAN-ORIENTAL

FINANCE CORPORATION

Agents in Hong Kong.

Asia Lands Limited

Gloucester Building Telophone 28880.

in Japan. The prices in this coun- tion un August 7. try continued their upward tend- ency in December last year and January and February this year, stimulated by the reimposition of the gold embargo at the end of last year, but after March took a downward course until in June they fell to a level lower than that ruling before the reimposition of the gold embargo. In July, how- ever, a slight rise was recorded, and in August there was as big an ad- as 5 per cent, bringing prices up to the level they attain od in February. "The rise was per- ticularly remarkable in raw silk, which advanced by about 50 per cont. in a single month, cotton yarn by 28 per cent, wheat by 17 per cent, copper by 12 por cent. and sugar by 10 per cent. This ris ing tendency is maintained in Sep. tember. In all probability, it will be kept up for the future.

Vanes

External Factora.

Both internal and external fac

15.

16.

Air Reduction

835

265

Allied Chemical and

Dyo

74)

73

52

51

American Telegraph &

Telephone American

110

1089

Tobacco "B"...... ......... 70%

748

Anaconda Copper Min-

ing

12)

5o

114 501

29

287

10

17

373

001

431

43)

Du Pont de Nemours. Eastman Kodak

37

301

53

521

General Electric

171

18

General Foods ....... 281

281

General Motors International

10)

158

Harvester 22} International Tel, and

Tel. Liggett and

"B"

221

......... 10% Myers

9%

60

Loew's Inc.

32!

61} 30*

Pacific Gas and Elec-

tric

291

201

Pennsylvania Railway 17).

18

Radio Corporation B Sears Roebuck

201

Standard Oil Co. of

New Jersey

311

311

Socony-Vacuum Corp. 101

101

Union Carbide and

As regards the other cause, viz. the slump of the yen exchange, the Tokyo journs finds it difficult to

Carbon

25

25

08

Union Pacific

73

731

United States Steel... 41}

30%

| Westinghouse E. & M. 30

*Ex dividend.

28]

RUSSIAN FINANCES.

tors operate to force up prices. Up to the present, the chief causes have been external. The improve- ment of the American financia! situation is one cause, and the slump of the yon exchange a7- other. From the point of view of the Japanese farmer, the recovery of the market price of raw silk is most welcome. The doubling of the price of raw silk in a single month denotes too sharp a rise to be taken as a sign of the healthy re- Bcovery of the silk market, but there 197

are nevertheless good reasons for this advance.

A SERIOUS -CRISIS BEING

FACED.

Saigon, September 3.-£25 mil- very few exceptions nearly all lions in Soviet bills fall due stocks showed fairly substantial at the end of the month, but it will appreciation. A very notable fea-be impossible to pay them. The turo of the market was the almost total absence of sollers of 'cash shares consequently many cash buy ers being unable to obtain cash shares wore forced into the for-

The market opened quietly on Saturday morning, but with no ap- parent change in undertone. Steri-ward market before their orders ing stocks and utilities continue in could be satisfied. Cements re

demand,

Sales,

Union Insurances 8407. Raubs 840).

Hong Kong Hotels (Old) $11.40

11.60...

Hong Kong Hotels (New) $11. Hong Kong Lands 875). Hong Kong Realties 891. Eso Cottons Tla. 13,00/13.05. China Lights (OKI) ^$17.45/17.40. Houg Kong Electrics $75, Cements (Combined) $14.70. Lane, Crawfords 85).

Buyers.

Hong Kong Bank: $1,500. Union Insurances $107, China Underwriters 82.85. International Assce. The Hong Kong Steamboats $23. Union. Waterboats 221.

Benguet Consolidateds $174 Raubs #40), en, be Venz. Goldfields 82,90.. Providents (Old)" 842. Hong Kong Hotels (Old) $11.30 Hong Kong Lands $75. Ewo Cottons Tis. 134

Wing On Textiles (Shanghai) #150 Park Trame (Old) $16.

(Continue on next Võlumn.)

covered to $14.70 cash at one time

business done at this rate and $14.00 bash and 814.00 Odlober,

Soviets, it is said, are asking for a renews of the rate of 19 per cent., since they find themselves facing the most serious Gaancial crisis since the revolution.

.

EXCHANGE..

CLOSING QUOTATIONS,

September 17, 1938.

Telegraphic Transfer... 1/3) - Bank Billa, on demand 1jäl Bank Bills, 4 months"

Hotels were done up to $11.60 ON LONDON:→→ cash and 811.75 Ostober, closing slightly under these rates. Lights improved to 817.45 cash, with busi-light ness also done. at @17.60/70 Octo- ber. Realtios highest Was 89.00 cash and 80.65, October, Ewos closed firm at Tla. 13.80, local, Shanghai buyers offering Tis, 13.95. In the investment section Trams improved to 822.10 cash and $22.30

'months".

1/4

Oredita, right

1/4 Os Pain:

Bank Billa, on demand. 3674 Credite, 4 months' sight 6174 OM NEW YORK:---

ON

Bank Bills, on demand 23 Credits, 60 days" sight, 24j BOMBAY Telegraphic Trauster Bank, on demand.... CuGUTZA ZAISTA Telegraphio Transfor

October with few shares changing hands. There was a buyer in the 'Un markot for 800 Star Ferries at 8691, and Lands hold strong en- Bank, on demand quiries at 875.00. Electrics were Ox SHANGHAI :-- wanted also at 875.00 after business Bank, at sight... done at that rate. Telephones On YOKOHAMA (P.P.) improved to 8231, sellers On demand wanting 824.00. With exchange Ox MARILA-On demand........ 18 down to a 'business rate of Om SixGLFORM--- (1/4,1/10' the sterling section catre On demand

871

-761

tom. 567

in for more attention with Banks O BATATIA:-On demand: 571 improving to $1,500.00, and Unions On Barkong :—

to 8400,00 The tone of the market On damand soos throughout the weble has been de Cm 8400x-On dimand 587 cidedly better and there apposTE ON BANGKOK—— to be good buying power behind the present movement, consequently we look for further improvement in the near future-

On demand

1401 Bovkou, Bank's Buying ·

"Bato"

BAR BILTER, per em A. 17

acclaim it unconditionally, some publicists do. It is quite na- tural that the fall of the exchange to 822, na actually the case, should for up prices here. Up to the present, the disastrous fall of the exchange has not caused a corres- ponding advance in the prices be- cause of several factors, such as the stocks of the imports before the reimposition of gold embargo, į speculative imports after that, and] the decline in the power of con- suming imports due to the business. depression, but this may well be re- garked as a temporary phenome non. Hereafter,. the market prices om imports will witness rise commensurate with the fall of the exchange. Nor can there be any don't that home-made goods will also rise in price, stimulated by the rise in the prices of imported goods

vance

Inflation Policy,

· Although external"" causes have hitherto chiefly operated to ad- prices at home, internal Causes will hereafter join their forces to accentuate the rising ten- dency. The inflation policy of the Government has not up to the pre- sent resulted in the actual expan sion of the notes in circulation, but things will bo different in fu- ture... What with the issue of frosh public loans and the low-interest policy, there will be an increased note issue. The infated currency will be transformed into purchas- ing power and stimulated the rise of the prices, be labeled.

Both the financial recovery and for sound industrial development, it is necessary that prices should be bestored to the proper level, but it would be a mistake to see in the rise, from whatever the cause, AUTO signs of returning prosperity. It must also be remembered that an abnormal rise in prices in produc tive of greater evils than an ab- normal decline.The question of prices is not a mere economic pro blom; it involves a serious socin problem. It is the plain duty of statesmen to provide against all evils attending the toadily rising prices, before it is too late.Japan Chronicle.

TARZAN

IS

COMING

ITS STRENGTH

THAT

MATTERS/

When you are told to use Calvert's Medical Soap make sure that the box you buy bears Calvert's name and trade mark the guarantee of strength and quality,

Your doctor, your friends, probably you yourself know from experience how well it can be relied when

upon such a strong Carbolle Soap is needed. You may not want it often, but-when

you do-buy Calvert's and be safe.

INSISTEN

ON

CALVERTSCA MEDICAL SOAP

What? will I come and dine tonight?

PURE CARBOLIC ACID

Why certainly

providing that it's only the three of us

just you-

and me

Jougasons

and Johnnie Walker!

"Two's company but three's a crowd" -and yet nothing so truly assures the success of an evening as "Meet Johnnie Walker an old friend of mine and one of the best." To which the reply is “Sufely we've met before:

JOHNNIE WALKER

BORN

1820 STILL GOING

Sole Agents for China.

STRONG

Caldbeck, Macgregor

& Company

Shanghai Tientsin

Hongkong