12
HONG KONG DAILY PRESS, FRIDAY, MARCH 3, 1933.
Money
and Markets
HONG KONG STOCK ASIA LANDS, LTD.
MARKET.
YESTERDAY'S OFFICIAL
QUOTATIONS
The investment section continued to be on the easy side to-day, but there was a revival of interest in the minor issues, notably in China Tights, which would seen to have recovered. " from the effects of the awar, closing at $0.70 bich
Balos,
Hong Kong Lands, 871, Ewn Cotton, Tla 12.80/13.
H.K. Electrics, $724 Telephonos (New), 324, Cements (Combined), 83.00. Constructions(Now), 90 cents.
Buyers.
Douglases, 1.
H.K. Steamboats, $22. H.K. Renities, 86.80 ex div. Chinese Estates, 805.
4. Ewo Cottoas, TIs. 13.10.
China Lights (Old), 80.70. China Lights (New), 87, Cementa (Combined), 7.10. B. Fr. G. Bonds, 66%. Govt, Loans, 4% Prem.
Sellers,
Unina Insurances, $560. Raubs, sit.
Hong Kong Lands, 871. H.K. Realtius, $8,00 ox div.
Shanghai Cottons, Tls. 69. Star Ferries, 4001
H. K. Electrics, $79). Dairy Farms, 897) ex div.
How To Read The 1932
Statements
The investor, business man and statistician must read and interpret the income accounts and balance sheets of the average American cor- paration for the third depression year, 1832, upon at entirely dif ferent basis than in other years. The vast majority of corporations will report losses rather than pro- Ats for the year. To properly in terpret these deficits from the stand- point of the future outlook for each individual company, analysis of the make-up of the loss figure, and of its effect upon the balance sheet position becomes essential. The re spective items in the year-end re- ports to which particular attention need be given are:
Actual cash loss, as distinguished from the loss resulting from in- tangible bookkeeping charge-offs. more particularly the charge-offs for depreciation and depletion, Avoi dance of actual cash losses signifies an encouraging ability to carry on through a profitless period. If n cash loss was sustained, its future significance must be surveyed. Whs it due to management, character of the industry, special circumstances, ete? Was it, in short, of a type that might be repented in 1933, or increased i
Dividends.
Dividends relative to the reported profits of the year, or to the re- ported loss, and, in the event of the latter, relative to the actual cash loss. Dividends have been continu- ed by some companies because of a large cash surplus, by others' be- cause reported losses have been con-
SHANGHAI SHARE MARKET
CARROLL BROS. QUOTATIONS.
Messrs. Carroll Bros, received the following cabled quotations of Shanghai shares dated March 2nd:siderably less than bookkeeping
Tls.charge-off, and the payments con 4.50 stituted no drain on cash. Con- servative policy dictates against dividend payments when actual cash losses are being sustained, un- less a large cash surplus exists.
Current dividend rate, as com- pared with the current depreciation: and depletion charges, assuming that, otherwise, the company is breaking even from its operations. While the existence of large cash surpluses may dictate the further maintenance of dividend payments in some cases, futura dividend policies of most companies will Ewo Cotton Mills, Ltd..... 13.23 be predicated upon the ability to make such payments without 67.00 substantial drain upon cash assets.
China Finance Corp. International Investment
Trust Co. (Ord)
7.75
Cathay Lund
Wharf Ch.
11.25 Yangtze Finance Co. ........ 6.50 International Assurance Co. 3.70 China Realty Co.
10.50 Shanghai Land Investiment
Co.
...... 22.00 New Engineering and Ship
Building Works (Ord.): 0.00. Shanghai Dock and En-
gineering Co.
02.00 Shanghai
and Hongkew
920.00
Shanghai Cotton Manulne-
turing Co.
Zoong Sing Cotton Mills,
Lt.l.
11.00
American Asihtic Under-
writers (Ord.)
25.00 American Oriental Finance
Corp. "Bearer."
$2.00 Asin Realty Bearer"
...... 24.00
Shanghai Power Co. (Pref.) 93.25 Chinese 5 per cent, Gold &
Bonds 192A *....... 654
AMERICAN ORIENTAL FINANCE CORPORATION through its Agent Asia Lands Limited
Gloucester Building. offers a COMPLETE
BROKERAGE
SERVICE
in
NEW YORK STOCKS
Full and Odd Lots of listed Securities bought and sold for cash or carried on conservative margin,
Phans 28380, Cable: ABIALANDS.
Hong
Charges in Cash Account. Changes in cash account, i.e. abil. ity shown to maintain or improve enah position, in the face of con tinuing operating losses, or losses after intangible charge-offs or alter payment of unearned- dividends This is an important index of the individual company's ability to carry on through a farther profit- less period..
Improvement, if any, in liquid position as a result of the ability to reduce inventory, or collect out standing `receivables. It is import ant to know the ratio of current assets to current liabilities, ie, 2-to-1, or 4-to-1; etc. Continuing high inventories, or continuing large receivables are subject to sus- picion. Inability to make progress in converting such items into cash equivalents raises doubts as to their true worth.
Loans, etc.
NEW YORK STOCK EXCHANGE...
ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tel. 28380-Gloucester Building, Room 308.
[REUTER'S AMERICAN HERVICE]
New York; March 1. Dow Jones Averages:
30 Industriala”
20' 'Rails
20 Utilities
40 Bonds
J
High-1932
Low: Feb. 28
Mar. 1
Change
88.78
41.22 51.39
62.54 1.15 up
41.30
13.23 24.08
30.11
83.96
18.53 21.68 66.78 76,00
24.57 21.83 74.72
.49 up
.16 up .28 down
E. A. Pierce and Co. Report. The market has modarately improved. Without any significant news such evidences of strength are inconclu sive. For the basis of the future trend the bonds market should con- tinue to furnish the best clue, for the Stock Market. Business Done: 700,000 shares,
1512
$903
37..
939
- 320*** **
2016
BRITISH SHARE. MARKET
Boots Drug Co.
REPORTED NEW DEAL
London, Feb. 1.-The Daily Tele- graph states that a large_block_of| shares in the Boots Pure Drug Co. have been acquored from the Ameri- con holders by the Tobacco Securi- ties Trust Co., a subsidiary of the British American Tobacco. It will be recalled that previous negotia- tions for the purchase of the con- trol in the company by a group of British bankers were abandoned owing to a Treasury ban on the projected issue to finance the deal.
It is believed that the Tobacco- Trust has acquired 200,000 shares at a cost of £1,950,000. In addi- tion, it is rumoured that substantial holdings have been purchased by other British interests.
Altogether some 600,000 shares of Boots Pure Drug, out of the total American holding of 1,195,000 shares, are believed to have return- ed to British ownership. Nono of the reported transactions would en- tail any purchase of dollars or a public issue involving Treasury sanction.
PRUDENTIAL CO, AND EDMUNDSON SHARES.
Oficial denial was given by the Prudential, Assurance Company to a report which appeared in 20 evening newspaper that the cm- pany had acquired control" of the Ordinary shares in the Edmund- sons' Electricity Corporation.
DAILY SHARE QUOTATIONS
HONG KONG STOCK EXCHANGE.
Buyers Bellera
Baie Nominal
THURSDAY. MARCH 2.
SHAREBROKERS: ASSOCIATION.
Buyere
Sabert
Sales Nomai
་་་
331
$99
க்கள்
$1,660
2118 £13
2341
Banka
HK. Banks
Do. (London) | Chartered Banks... Mercantile Bks. "A"
$1,666
213
£241
Do.
"0"
£97
$108
Bank of East Asin...
$108
N..O. & S. Banks..
390
Am. 0. Fin. Corp: M
T485 China Fin. Corp. Ord.
ta+
T.1.60!
Prof.
$560
3620
China Fires
Do
Insurances
$1,375 Canton Insurances....
32.36
Underwriters. ............
Union Insurances ...
$1,350 H.K. Fires
International 'Assoo.. Skipping
Douglases...
Steamboats, omen Indos (prof.) espiy
Do. (def.)
T1
$1,380
$2,50
$565
$826
| 13,340
$31
122
65
$20
S0/-
43/1 Shells
$204 Waterboa
47).
THE LAN
$21
$18
Mining Benguet................
318)
$3.66
95/-
T.4
Tit
4
T.I
$11
18/6,
18/0
T.
$4.20 Venezuela Gold Fids.
Kailans ..... Langkats (singlə).......... T210 Explorations.......... T9.30 Shanghai Loana.... HaubsÄRAST EURO-KOK Tronoh Hines *****
23 ots. Benguat Explorations
Dooks, Wharves, Godowns, etc. H.K. & K. Wharves. Providents (old)
Do. (now)...] E.K. & W. Doeks.
3144
3144
#
14.10
$1.78
$1.70
$23.
10
18
S. China Motors' A'
Do.
$8
$8
-TalĄ.
T.6
021
1032 HIGH Low 318
Div. 8 PER. SIZ,
Feb. 29
LAST SALE
Mar. 1
3.00 Air Reduction
8191
87 73
6.00 Allied Chemical & Dye ......
731
748.
4.00 American Can .......
51
32€
137%
9.00 American Tel. & Tel.
07
05
80
5.00 American Tobacco. "B
331
188
Apaconda Copper Mining
5
4.0 Auburn
32
43
2.00 Borden Company
18
20
Canadian Pacific
St
21
1.00 Chrysler Motors ......
683
4.00 Consolidated Gas of N.Y, ...
37
23"
4.00 Drugs, Inc.
317
324
001
2.00 Du Pont de Nemours
34
34 x d
877
3.00 Eastman Kodak .......
31
53)
45)
B. Electric Bond & Share
119
113
201 401
0.40 General Electric
12
2.00 General Foods
23
1.00 General Motors
10
241
1.00 Gillette Salety.....
14
321
1.20 International Harvester .....
14)
(Preferred)
85 bid 81 bid
J
International Tel. & Tel. ...
Si
M
66
4.00 Liggett & Myers "R"
514
312
36%
3.00 Loew's Inc.
133
Montgomery Ward
2.80 National Biscuit
331
2.00
Pacific Gas & Electric
Pennsylvania Railway
15!
Radio Corpn.' .....
3
Sears Roebuck
141
233
3
1.20 Union Carbide & Carbon ...
211
6.00 Union Pacific.
69!
United States Steel Westinghouse E. & M......
241
214
201
21
SOVIET INDUSTRIAL
The corporation has an interest in under- over seventy electricity
Sub takings in Britain. The Or dinary shares are held by the Grea- T1280 ter London and Counties Trust, which in turn is controlled by the Utilities Power and Light Corpora- tion of Chicago.
Do. "B".
Cotton Mille
T.13
T.69
S'hai Cottouf...........]
T.66
Ca
**
T.11
Zoong Sings .............
7.11
***
B100
Wing On Textiles(S.)
$115
Publie Utilikiam
1201
Tramways
$201
$16.20
$15
18
Do, (now)...
SPOL
Star Ferries
$894
134
133
14
333
$32
$31
*H
$8.70
daa
$8.80/85
38.60
$8.65
873}
$73
828
་-་
Co
$271
19
37
948
593 43
1.00 Standard Oil Co. of New
Jersey
0.40 Socong Vacuum Corpa.
LONDON STOCK EXCHANGE
BRITISH WIRELESS SELYICE.]
21.251 8.43
17.46
Paris New York Montreal Brussels
Rucny, March 1.
.962
3.411
4.09
Amsterdam
Geneva
Milan
Berlin Stockholm .... Copenhagen Oslo Vienna Prague
Helsingfors Madrid Lishon Athens Bucharest Belgrade Buenos Aires Rio
60 11/16 14.84
187
22 7/14 103
30 nom.
1143
124
401
.110
307)
875
230
41 O.R. 51 nom. 231 nom,
Montevideo. Bombay..... Shanghai..! Hong Kong
1/04
-1/61
1/30 1/2 997/1007 per £100 sterling
Yokohama South Africa
Silver (Spot) Silver (Forward) War Loan 3%
17 1/16 17
Where bank loans exist, the reduc | II bank loans were increased, whe- tion, if any, in this item during ther as a result of payment of other 1939, and whether this constituted debts, because of over-optimism on a drain upon cash assets, or was the part of management in produc accomplished through the liquida
tion of inventories or receivables.. Ontinued at foot of next Columni
Kong Weekly Press
Hong Kong and Shanghai Bank
Another Piracy
The Struggle on Jehol Border
Last Two days of Annual Race Meeting.
and
Other Interesting Features.
THE PAPER WITH THE YELLOW COVER
Price :-30 Cents.
Annual Subscription: Hong Kong, $13; Post Free to any address, 818; Quarterly Subscription, 84.50. Orders should be sent to the
HONG KONG DAILY PRESS, LTD. TELEPHONE: 30251. 11, Iớn Horan STREET.
PLIGHT
661 x d
"CRIMINAL CARELESSNESS AND APATHY OF WORKERS."
Helsingfors. The Soviet Commis Bar for Heavy Industry, Ordshoni- kidze, has published an order in which the Department for Foreign Affairs is requested to immediately institute a strict inquiry into the present condition of all imported machinery.
A representative of The Daily Telegraph was informed at the Prudential headquarters that not long ago the company, in the or dinary course of business, accepted some shares in the Edmundsons' Eelectricity Corporation as security for a short-term loan. This had "possibly given rise to the erroneous
report.
:
for
тая
ап
AN ENGINEERING ISSUE
London, Feb. 7.-Sanction given at a meeting of R. A. Lis- ter and Co., Ltd., the Bristol en- gineering enterprise, issue at par of 6 per cent cumula tive preference shares. The com- The heavy industry's official or pany's products include internal gan, Za Industrilizatsin," states combustion engines, electric light- that, in many industries, practically ing plants, agricultural machinery, and dairy appliances. Extensive new and extremely expensive mi-
freehold premises and plant are. chinery is already in a broken and owned at Dursley, Gloucestershire, consequently useless condition. In and marketing is conducted through the majority of instances such a de-It is understood that application subsidiaries in various countries.
plorable state of things has been will be made for permission to brought about by "criminal care deal with the shares on the Lon- lessness and apathy on the part of don, Bristol, and Birmingham stock exchanges. On the average "profits the workers," and in support of for the last seven years (205,277 this contention many examples are per annum) the dividend on the given.
280,000 8 per cent preference shares. which will be in issue, will be cover- od, from them four times. Net as- sets will cover the amount of pre-: ference capital two and a half times.
At the Kharkoff tractor factory a great number of the most important and valuable machines are at a coin- plete standstill, and a similar stato of things exists in the cement indus| try, and even at the recently com. pleted foundries of Magnitogorsk.
In numerous cases machines which were destined for quite a different undertaking are delivered at works, ing in excess of sales, or in failing where the workers do not know to curb the flexible items of cost, what to do with them, and they are or for other reasons. This item ro
an importaat test of quality of left lying in the yards, unprotected management.
from rain till they become ruined.
Early future debt maturities, ra lative to current asset position, or to the ability to refund: Such items. ara particularly important with re spact to railroads and utilitier where funded debt is especially heavy. Assuming continued low earnings and business volumes, can the company pay off these debts and survive in its present form, or may it need to be reorganized?
Nat working capital, as ari indar of the extent to which the company is prepared to withstand continued lack of earning, and, equally, whe ther it is prepared to obtain its full share of new business, when sales expand.-Standard Trade and Securities, January 9, 1933,
BRITISH SHIPS SCRAPPED
ALL GOING TO JAPAN
THROUGH REUTER'
AGENCY]
Tokyo, March 2. THIS week has brought five more・
British ships o Japan, They ure, the Benzada, Incalite, Canadiar Ranger, Moerakl and Waitimatan
EXCHANGE
ON LONDON-
CLOSING QUOTATIONS
March 2, 1932.
Telegraphic Transfer...) Bank Bills, on demand/ Bank Bills, 4 months'
sight
[1/3
Credits, 4 mon the
aight
1/4/
ON
NEW YORK:-
ON
Bank. Bills, on demand siz Credits, 60 days' sight.. 13 PARIS :----
Bank Bills, on demand 555 Credits, 4 months sight 695
ON INDIA:→→
CANADA'S SHIPPING CODE PARLIAMENT TASK OF REVISION.
ferred revision of the Canada Ship
Ottawa, Canada. The long-dc- ping Act, a ponderous document of 950 sections and some schedules, is being undertaken at the present session of Parliament and the com- mittee on Marine and Fisheries is likely to spend a couple of months on the task.
The last revision of this act was in 1898. An attempt to bring it up to date was started in 1914, but the work was abandoned on the outbreak of war In more repeat vesra revision was put off because of conferences and controversy con cerning the exact status of compon- | ent parts of the Empire, but the final obstacles were removed by the Imperial Conference of 1829 and the implementing action taken by the Imperiul Parliament in the following
year.
27)
+
T.6
T.92 Shanghai Docks
Now Engineerings |1.315}|_Hongkewe .....
Landa, Hotels, and Buildings
H.K. Hotels (old)
Do.
(now)
Shanghai Lenda
Metropolitan Lands
H.K. Realties...244.0
T.99 Do. Debentures
14.10 Humphreys
M$140 Asis Realties "A"...! [M$24
Chinese Estates.
[ $74/60]
37.30
$74
$74
B.K. Lande
T.11
T.10
$7.10/25
T11.40 China Do
F
Poak Trama (old)...
(now)...
Yaumati Ferries(old);
Do. (Dow
cum. rights...
China Lights (old)...
Do.
Do. Rta...
H.K. Electrics...
-་་་་
194.30 Macao do.
Bandakan Lights ... Telephones (old)
Do, (new) .. China Buses portace
Tractions
(pref.)...... Industriali,
Macgregors |}(prof.)
Canton Içes
Cements (comb... Do (old)... (DOW)...
Do.
Ropes esiaetzo.
Ch: Agrionltures Miscellaneo
ex Liv. 18.70
$13.90
$27
$30
$25.95
T.10
S/.
12/
Do.
$27
Malabon Sugar
T.14
Caldbook, (ord)
T10
$8
$7,20
$7.95
$6
12
911
37.
$29.40
Dairy Farmasi sier
ex div..$29
Fen
$1
Der A Wing................| Amusementa ....
4
1121
.9 cta
$5.40
0211
$21
$18.40 Ch.Etainment.......† $11}, 14,90 Constructions, (old) Do. (new) Lane Crawfords...... Mackintosha
$12
24.30
***
Du ots.
SAL
Nanyang Tobacon...
$14
Sincares VLASTNER
$155
$121
Watsons (old) ismer
$121
$11.40
Do. (now)
$122
$8.50
Wm. Powells
$1,20
$10
M. Greyhounds.
$3Ł
B, U. Enterprises...
$21
1,6
United Theatres......
85%
B. Ind. G. Bonde...
68/
4% prem.
11.K. Goyt. Los35..... $104
$9
Wallace Harper.............
144
China Sports Ltd ....
$990
HX Wing Oc
S'hi
Do.
LOUAT, AND REGULAR OUTWARD MAILS.
*Canton ***
$735
8188
WEEK'DAYS. SUNDAYS & BOLIDATS.
$7,15 m.xï,&] (00 Į 6.00 p.za. Bamshui, and Wuchow (B) 4.00p.m
direct stemmer)
Mamo & Trinehan
The new act, conforming to the new constitutional status, will make. it plain that with certain minor ex- ceptions the Dominion has full power and complete authority over the shipping within its waters and ports. Attention will be paid the Kangmoon (except Saturdays) suggestion of the 1929 conference Kaukong (except Baturdays) that Empire uniformity in shipping | regulations was very desirable.
9,00 1,00
8.15& (830 mitte de
8.00 p.m. 5.00 p.m
FUR
PROX
·G,P.O.
TROK SEBURDWAN BRANCH P.O.
FROM RUNGWAY G.R.0.
BRANOR
2.Q.
1.7.00 p..
4:00 pizz
5.00p.m.
4.00 pm
17.00p.m.
1.16 p.
4,80 p.m.
( 7.16 a.m; &} ƒ 7,30 katu.
1.16 p.m. 6.00 p.m.
11.80 p.m.
Bandays B.15. Lonly
Sundaya 8.30 am.
Lonly
16.00 påm.
6.00 p
Telegraphic Transfer... } Bank, on demand
6.00 p.m
847
ON SHANGHAI:--
Fatakan and Washow (B)
7.15.
7.16.1.
On Demand
761
Train)
ON. KOBE :-
Tx 0
On demand
ICG
Dal Po
ON MANILA-----
U.S. Debt Problemi.
On demand
431
Arrangements for the American
Bhamabirn
ON SINGAPORE:---
On demand... .... 609 ON BATAVIA:-
debt negotiations at Washington this month are, in the hands. bf Chenngahow five members of the Government;
On demand
· 54).
On demand
DA-SALOON:
ON BANGKOK:--
On demand. SOVEREIGNE, Bank Buying
Rate BAR Stove, per of
3/10
Mr. Ramsay MacDonald, Mr. Bald- Aberdeen win, Mr. Chamberlain, Sir John Stanley.. Simon, and Mr. Runciman. Antan ke
These Ministers constitube- Cabinet Committee on the debts. question, and are jointly respon sible for advice given to the Cabi net as a whole...
Vingahan, Santin Shatin, Bhatankok and Sherag thai
Salkung....
'Namtan, Shakki & Taiping-1
Femin)
IM
14
100 pill (9.00%]
8,00p.m. (9,00 MM. -{ 18.00 pe 1.00 p.m.
5.00 p.m.
8.00 1.
11,00 1,00 9.00
11,00,00
(11.00 145.00 pm.1.
8.00 am, 11:00 am 800
10.30 am.
10,30,0
∙IBBO D..
8,80 B
800.
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