1933-03-15 — Page 13

ADVERTISEMENTS.

HONG KONG CLULL:

NOTICE. THE FIFTH YEARLY DRAWING

of 120 Debautarea (1028 issue $500 each) of the Hong Kong Club, payable on Saturday, the 30th Septem- bar, 1033, will be held in the Club Bour, at 10 o'clock, A.M., on Monday, the 20th March, 10:13.

Bearers of Debentures are invited to attend the Drawing.

By order,

T. A. ROBERTSON, L'eat. Col.,

Secretary,

Hong Kong, 8th March, 1933, [356

NOTICE.

THE HONG KONG & WHAMPOA

1

DOCK CO., LTD.

OTICE HEREBY GIVEN

Nthe ORDINARY YEARLY MEETING of Sharelo'ders will be heid in the Office of the Company, 2 Queco's Building, Hong Kong, on MONDAY, 27th MARCH, 1933, at Noon, for consideration of the Direc tors' Heport and Statement of Accounts for the year ending 31st Decembor,

1932.

The Share Register and Transfer Books will be dosed from the 20th to the 27th March, 1933, both days inclusive.

By Order of the Board of DirectorH,

E. COCK,

Chief Manager, [567

Hong Kong, 10th March, 1933.

THE HONG KONG and new TERRITORIES FERRY CO., LTD.

FOURTH ORDINARY YEARLY

MEETING.

N°

TOTICE IS HEREBY GIVEN that the FOURTH ORDINARY HOLDERS will be held at the Com- pany's Office at Chios Buillings (5th Hoor, Hong Kong, on Thursday, the 23rd March, 1933, at 12 o'clock_noon, for the purpose of receiving the Report of the Directors and a Statement of Accounts for the year ending 3tht December, 1932, nod of electing an auditor.

YEARLY MEETING of SHARE-

BUILDING OF THE SHING MUN DAM

(Continued from Pope 6.) "-

sees after the dam is finished, in other words the foundation - on

1.

HONG KONG DAILY PRESS, WEDNESDAY, MARCH 15, 1933.

FROM ASIA LANDS, LIMITED

How To Judge The Market

Nowadays people discuss the mar ket, its present level and future prospects in terms of "the avera- ges.' ly meant the Dow-Jones Averages,

"By "the averages" are usual although there are many others (the) Annalist's, New York Times' and Standard Statistics') which are also reliable indicators.

the future of business: the secon! is the response of stock prices, to known improvement in corporation when stocks are advanced on hopes earnings; and the third is the period

and expectations.

pro-

which it is built. When we finally reach the rock we find that whil it may be sufficiently solid to carry the weight imposed upon it. it is not watertight by reason of the fissures which are so frequently met with especially in granite. In the early days we used to get below

Discussing bull and bear markets. these fissuro by sinking a trench on

it has to be pointed out that the the upstream side of the dam uns The following article is an at- first phase of a primary bull mar- til we eventually did find water tempt to summarize the most essenket is indistinguishable from the tight rock and we have in some tial points of the Dow Theory, as last secondary reaction in a bear cases carried trenches of this kind stated by Charles H. Dow and in market, until a period of time has down,

to the great depth of 180 feet, terpreted by W. P. Hamilton, who elapsed. Likewise, the first stage Now, however, we have found out carried on this study, and who has, of a primary bear market must a cheaper way of rendering fissured acquired his experience from 22 first he classified BE 5 rock watertight and that is by years of intimacy with Wall Street, major bull swing. In commenting

bable secondary reaction in "grouting." We drill holes fifteen preceded by practical acquaintance or twenty feet apart, thirty or forty with the London Stock Exchange should be made of the ending of on primary movements, mention feet deep into the rock and force and the Paris Bourse. in "grout" under a pressure of To become a good judge of the a bear market. It is typical of the round about 100 pounds per square stock market, constant study and ending of the bear period that the cement and water and looks like average prices of the Dew-Jones in alm appears to have lost its ab- inch. "Grout" is a mixture of practice are necessary. The closing market suoras to be immune to fur- ther bad news and pessimism. It cement milk and it has the effect dustrial and railroad stocks, toge of penetrating into the fissures ther with the daily total of transacility to bounce back after severe under the pressure behind it and tions on the New York Stock Ex-declines and has every appearance sealing them thus converting the change, are the only materials need of having reached a state of equili mass ints & watertight foundation.ed by those who desire to utilize brium where speculative activities No Take Over Four Years, the Dow theory in forecasting the are at low ebb and there is no de-

trend of stock prices and business.

Z

know something about the time suppose you would like to

necessary to complete this dam and I might say that we have allowed somewhere about four and a half years for this. We do not want to built it too quickly, not of course for our own sakes, but because it is better for the work. When you add water to, coment, a chemical re-action is set up which generates heat and you all know that any thing that is hot occupies a bigger aros than the same thing does when it is cold. If we build this dam too quickly and put successive lay- ers one on top of the other we are not allowing the air to get to the concrete to permit the heat to dis- sipate slowly. We would therefore, be bottling up the heat, so to speak which is not good for the work. We are limiting ourselves to rough- ly five hundred cubic yards a day, which will enable us to build the dam, if we are favoured with good luck and weather, in about four years. It would not be a service to Hong Kong if we went for re- cord-breaking speed in building this dam.

places I have previously

+

The Averages.

and to lift quotations. The mar ket becomes a dragging affair with little public participation. Pessi-

with financial difficulties, end mism prevails, dividends are pass- cd, prominent companies struggle certain amount of political unrest is noticeable.

Reaction.

。

A secondary reaction is an im- or advance in a bear market, last- portant decline in a bull market

L

11

SNAPSHOTS OF A MAN HELPING PACK

By GLUYAS WILLIAMS

STROLLS IN TO SEE HOW WIFE IS GETTING ON WITH PACKING. ASKS CANT HE HELP

WIFE, MUTTERING, 60ES TO FIND TAN SHOE, TAKING RUBBER BOOTS WITH HER

NINE

TILL SIX

{Continued from page T.)

fallible, reflect absolutely all every, The averages, although not in body knows about the business of the country.

The Stock Market Barometer takes account of dear money and pig-iron furnace opera- tions, together with crop prospects, grain prices, bank clearings, mer- chante collections, political pros pects, foreign trade, savings bank figures, wages, volume of railroading from three weeks to as many freight, and a hundred and one price movements generally retrace. months, during which, interval the other things. The average price of active stocks is the result of all from 33 per cent. to 60 per cent. this.

of the primary price change since The fact that a limited numbering secondary reaction.

the termination of the last preced- of stocks can be manipulated in the day-to-day movement of the Dow-! ,,!

The most important causes con- Jones averages and may give an entirely false view of the situation, over-sold condition in a bear mar tributing to these reactions are an does not deduct from the usefulness ket or a top-heavy long account in of the averages as it is impossible" a bull market. Such a situation is Seene to manipulate the whole list so that commonly referred to the average price of 20 active stocks "technical condition of the mar will show changes sufficiently imket. As a bull market advances, the portant to draw market deductions public buys freely. When the day from t em.

comes on which there are not enough buyers to go around, for all the traders begin to sell short, and the stock that is offered, professional general public, panic stricken, sells its stock, thereby helping along the which traders begin their accumula stocks ara depressed, to a lovel at reversal of trend. As a result

tion for the next advance.

The Three Movements,

P

broad basic trend known as bull The primary movement is the or bear market extending over several years. The correct deter mination of the direction of this

We are all extremely pleased that we have such a nice place to work There are three movements of the The TRANSFER BOOKS of thein as Shing Mun. It is a perfect-averages: 1. The primary trend. 2. Company will be CLOSED from the ly, lovely place and is much sup- The secondary reaction. 3. The 18th to 23rd March, 1933, both days erior in scenary and climate to many daily fluctuation. inclusive.

Vorked and later on when the lake is completed it ought to be an ideal place for a Hong Kong week-end.

Mr. Hull concluded the address by thanking his audience for the interest they had shown in his ad- dress and thanked the Rotary Club (Continued at foot of next Column)

[+86

By Order of the Board of Directors,

HENRY LOWCOCK,"

Secretary. Hong Kong, 13th March, 1933.

THE HONG KONG ELECTRIC CO., LTD.

NOTICE Seth divery Yourly Meeting will be held at the Company's Offices, & Building. on WEDNESDAY, 16th March, 1933 at 11-a.m. for the purpose of presenting the Report of the Directors together with a Statement of Accounts to 31st December, 1932 and electing Directors and Auditors.

TOTICE IS HEREBY GIVEN

The Register of Members of the Company will be clos d from 2nd March to 15th March, 1939, both days inclusive, during which period no Transfer of Shares can be registored.

By Order of the Board of Directors, GIBB, LIVINGSTON & CO., LTD, Agoats. Hong Kong, 16th February, 1933.

NOTICE.

[442

WING to temporary disorganisa- tion at our Head Office due to fire our business will, until farther notice, be managed from the Offices of Calender's Cable and Construction

Company Limited, 2nd Floor, St. George's Building. Tel. 25802...

WILLIAM O. JACK & CO., LTD.

587]

1933-1934.

ADVERTISEMENTS.

THE HONG KONG

JOCKEY CLUB.

THE SECOND EXTRA RACE TH Permitting) at HAPPY VALLEY on MEETING will be held (Weather SATURDAY, 18TH MARCH, 1933, commencing at 2.00 p.m.

The First Bell will be Rang at 1.30 p.m.

ป

MEMBERS' ENCLOSURE. Members are notified that they and their Ladies must wear their Badges prominently displayed.

No One without a Badge will be admitted to the Members' Enclosure.

Badges admitting Non-Members to the Members' Enclosure and Clab Rooms at 35.00 for Gentlemen and 13.00 for Ladies (Both including Tax) are obtainable through the SECRETARY upon introduction by Member, such Member to be responsible for payment of all Chits, etc.

Gloucester Building. (Tel. 27794), will

The Secretary's Office, 3rd Floor, close at 12'0'clock Noon.

movement is the most important factor in successful speculation.

primary bear market is the long downward movement, inter rupted by important ralliesend caused by various economic does not torminate until stock prices have thoroughly discounted the There worst that is apt to occur. are three principal phases of a bear market: the first represents the ab andonment of the hopes upon which stocks were purchased at inflated prices; the second reflects selling due to decreased business and earn ings; and the third is caused by distress selling of sound securities, regardless of their value, by those who must. find a cash market for at least a portion of their assets.

Primary Bull Markets..

A primary bull market is a broad upward movement, interrupted by longer than two years. During secondary reactions, and averaging this time, stock prices advance be- cause of a demand created by both investment or speculative buying, caused by improving business con- ditions and increased speculative activity. There are three phases of sented by reviving confidence a bull period. The first is repre-

in

K

for the opportunity afforded him of explaining some of the work Shing Mun Dam. entailed in the construction of the

saled..

as the

In a bear market, the process is the reverse. Steady liquidation of securities by those who need cash, reduces quotations, with profession als haatening the decline with short forced to a lower level than is war

Eventually the market is ranted by conditions, when traders, realizing that the liquidation has run its course, begin to accumulate stocks for the rally.

movement of the averages are al- Inferences drawn from one day's most cartain to be misleading. Day to day fluctuations must be studied; however, because a series of charted daily movements alwaye eventually develops into a pattern easily re cognized as having a forecasting value.

The most useful part of the Dow Theory is the fact that no price movement is worthy of considera- tion unless the movement is con- been the safe experience that the firmed by both averages. It has movement of these two averages is; deceptive unless they act together.

Scene

The

Act II,

IS SENT TO GET HIS TAN SHOES FROM

BED ROOM CLOSET

POKES AROUND IN TRUNK TO SEE IF SHE HAS PACKED HIS OLD GREY SWEATER

1-The Mezzanine Floor-

Saturday morning, Біх 2-The

weeks later.

Rest Room-The same morning.

ACT III. Mezzanine Floor-a minutes later.

Thanks

few

The A.D.C. wish to express their thanks to Mrs. Eric Grimble, Mears. Lane, Crawford's, Ltd.,

RETURNS IN FIVE MIN- UTES-WITH ONE SHOE AND THE NEWS THAT THE OTHER ONE ISN'T THERE

DECIDES BOTTLE OF HAIR TONIC WILL BREAK UNLESS RE-PACKED. HAS JUST LIF TED THINGS OUT WHEN WIFE RETURNS WITH SHOE..

CHINESE COMMUNITY ENTERTAINS DEPARTING

IS SENT BACK WITH DE TAILED DIRECTIONS WHERE TO FIND IT. RE- TURNS WITH PAIR OF RUB BER BOOTS HE'D LIKE TO TAKE

15 SENT DOWN TOWN TO GET MOTH-BALLS WITH REQUEST TO

·TAKE AS LONG AS

POSSIBLE

what might be called a young age for the judicial bench. They would regard him.in. England as a mere boy. "I understand," said Hia Ex cellency, that he is anxious to get home to see his family and his "Continued at foot of next Column) son, of whom he is very proud,

OFFICIALS

and in that I must confess a ter by a quotation in Chinese in which a very good friend of my own son tain amount of sympathy. He was he asked to be remembered as a and I can only express the hope friend always and that he in turn that his son will follow in hie fa- would remember his friends whether's footsteps.' ther he be in Hong Kong or in London.

His Excellency then referred to Mr. Halifax as a very old friend with whom he travelled bat nearly thirty five and a half years ago

H.E. THE GOVERNOR H. E. the Governor also address on the same ship to the Far East." ed the gathering, expressing him. We have met on various occasions self as been cailed upon to speak after he very great pleasure to me when

a little grieved at having since then and therefore it was a had stipulated that be. should be came to this Colony to find an old allowed the role of the silent on- friend in whom I felt I could al-

locker.

The Public Works Department,He acknowledged the hosts' kind- Affairs and no song Colonial Be

ways put great trust.”

Both, na Secretary for Chinese Trang Fook Pino Co., The Man-ness in inviting him to the fare-cretary, Mr. Hallifax had bee ngement of the King's Theatre, well gathering of two such distin- very loyal, officer. "Thare ve The Hong Kong Telephone Co., guished friends as Sir Joseph been no doubt many Secretaries for Ltd., The Hong Kong Broadcasting not known Sir Joseph for many high reputation here, but I venture Kemp and Mr. Hallifax. Ho had Chinese Affairs who have gained Committee, The South China years, in fact he had only known to say that there has been no 18.C.A. Daily Press," "The Hong Kong Colony three years ago, but on and affection of the Chinese com- Morning Port," "The Hong Kong Sir Joseph since his arrival in the who has gained the respect, regard Telegraph," "The China. Mail.***

looking through the files, he had munity to the same extent as Mr. been greatly struck by the good, Mallifax," said His Excellency, work that Sir Joseph had perform He felt very sad that the occa- ed as Attorney General, That was sion was one in which they had to bafore His Excellency had arrived in the Colony but the effect of Bir say good-bye to two very loyal oth Joseph's work still held in the Co- or join with you gentlemen," said His Excellency "in wishing" lony..

Sir Joseph Kemp and Mr. Halli- His Excellency went on to say fax great happinees in their ro that Sir Joseph had made a great tirement, and I thank my hoste the Colony. He was retiring at ity of attending this function." name for himself as a judge in again for giving me this opport

SIAMESE RICE CROP

BIG INCREASE IN EXPORT.

the Siamese rice erop has been: Bangkok. The second forecast of

issued. It estimates that the ex- portable surplus will be 1,570,000 tons of rice and products. In January this year the export of rice from Bangkok was 145,733 tons as compared with 112,703 tons

during January, 1932.

Of this total Singapore took 5,000 tons less this January, and Determining the Trend, Hong Kong 7,000 tons more: The Successive rallies preceding high points, with enquing was jointly higher by 20,000 odd penetrating export to the D.E.I. and Germany declines terminating above, preced- tons. ing low points, offer a bullish in

In the past ten months Bangkok dication. Conversely, failure of has exported four-and-a-half millin carrying below former low points, and that advance is being maintain the rallies to penetrate previous piculs of rice more than in the same high points, with ensuing declines ten months of the previous year, is bearish. For the purpose of this ed. Further, though prices remain discussion, a rally or a decline is at a level which yield little or no defined as one or more daily move profit, they would seem to have ments resulting in & reversal e touched bottom. of the price of any average. direction exceeding a net 3 per cent,

As for the other big items of export, teak and rubber, the latest

A line is a price movement ex: figures give some hope of a recovery.

received at the Royal Naval House provided they are ordered from Smith referred to the recent ap-tending two or three weeks or In. December the export of tin ore

Enclosure will NOT be on sale at the Badges admitting to Members" Race Course

On No Pretext will Children be permitted in either Enclosure during ike Meeting.. EALED TENDERS will be Tiffins are obtainable at the Club Hospital, until 10 a.m. on the 1st the No. 1 Boy in advance. Telephone March, 1933, from persons desirous of | 21020, supplying Beef, Mutton, Fowls, Pork,

PUBLIC ENCLOSURE. Cheese, Pure Cow's Milk, Ico, and other provisions, and necessaries for the year ending 31st March, 1934.

Printed Forms of Tender and further particulars can be obtained at the R. N. Hospital.

The right to reject the lowest or any tender is reserved.

A. T. RIVERS, Surgeon Captain, R. N. Medical Officer in Charge. Royal Naval Hospital, Hongkong, 13th March, 1833.

CANTON CHARITY RACE MEETING.

(678

The Price of Admission to the Public Enclosure is $2.00 including Tax, for all Parsons, including Ladies, and is payable at the Gate.

Soldiers and Sailors in uniform are admitted Half Price.

will not be permitted to operate with Bookmakers, Tie Tao Man, etc.,

in the Precinots of The HONG KONG JocEET OLUB during the Race Meeting, By Order,

C. B. BROWN,

Bocrotary. Hong Kong, 13th March, 1933.

The Speaker Thanked, Proposing a voice of thanks to Mr. Hull, Professor Middleton pointment of Hon. Mr. R. M. Hen darsan and mentioned the fact that longer, during which period the from the peninsula went up in value. he was one of the pioneers of the price variation of any average does over half a million ticals as com- present scheme and said that grate not usually exceed approximately ful as they would be to Mr. Hall 5 per cent of the price of that Pared, with December, 1999; and and his collaborators they could not vorage. Such a movement indi- rubber improved in value by Tes forget the efforts of Mr. Hender cates either accumulation or distri- 14,000, comparing the same two son for the benefit of the populace bution. "When this is definitely

months.

in this connection. When he thought broken on the upside, the daily

of the work Mr. Hull had been do- Auctuations of the railroad and in

doctor

1

ing it made him contrast the life dustrial averages show a definite excessive activity and begin with of the engineer with that of a tendency to work to slightly higher comparatively light transactions.

The great (difference be ground on each rally, with the en- tween the two was that when s suing declines failing to go through doctor made a mistake he buried the last iramediate low. This is the time when a speculative position on [575 mistake it buried him. (laughter). when stocks may be purolissed with it, but when an engineer made the long side is clearly indicated,

He made reference to the open- ing of the Ty Tam Tuk Reservoir reasonable safety.

THE DIOCESAN SCHOOL OLD 'BOYS' ASSOCIATION.

when fir Honry May, who opened in 1915 at which he was present The Relation of Volume to Price.

Charts do not furnish a mechani- cal system for judging the market, but the graphic record of price speculation in helping to form an movement is a valuable aid to

When

estimate of the situation. Statistical groundwork, the basin this is added to the economic and

it, stated that they would have. It is important to watch this ro

for comprehensive judgment seems Henough water trait to last for twenty

bt-to-be-complaćama stavbrännande d THIONERI. A murke WHICK "REA" PROG Crator Chanty face oboel are cordially invited to TROGRAMMES and Entry forms

A Old Boys of the Diocesan it was found necessary to seek an rallies and develops activity on de- of closing rates, volume of business, years but after fivo "or" six yeará. been overhanght becomes duil on Charts showing the daily record Meeting to be held at Canton on Sunday, 26th March 1933, can be taurant on Friday, March 17th, at

This indicates a further and weekly and yearly price range stes party at Lane Crawford Bes other reservoir and the pioneer work olines.

on the Shing. Mun scheme was be downward tread. When a market since 1923, of the most important obtained at the Offices of Messrs. Percy 3.15 p.m., for the purpose of attending Bun

p is over-gold, the tendency is to be individual companies, have been Berith, Both & Fleming,-6, Doa Touran Extraordinary General Meeting of He hoped they would have the come dull on decline and, active on prepared by the American Oriental Road Contral..

the Diocossz School, Old Boys opportunity of hearing Mr. Hull rallies. In this case very often a Finance Corporation, and can be Entries close at 10 am, on Friday, ciation, to adopt, it approved, the Eap a latter date when he rally is likely to be imminent, Bull obtained from their Statistical De 17th March, 1933

Constitution, and also for enrolment would tell them of his advantures, markets terminate in a period of partrasnt at cost price (10) canta 1888 of members.

other countries.

*(Continued at foot of next Oolumn) cac

557

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