1933-03-25 — Page 13

MONEY

LONDON FINANCIAL

NOTES

(Special Air-Mall Service!

London, March 7.

|

HONG KONG DAILY PRESS, SATURDAY, MARCH 25, 1933.

AND MARKETS

COURTAULDS

REPORT

RAYON OUTLOOK

UNCERTAIN

(Special Air-Mail Service)

recent

Value of Elver. At a time when responsible. Minis- ters of the Crown, prominent econo-

London, March 7-The full re mists, and indasrialists are telling port of Courtaulde is not likely to us the commodity prices must rise oucourage any hopes which may if conditions are to improve, it is have been raised by the strango to find that Great Britain antisfactory preliminary figures. As and Holland are doing all thoy ren announced on February 17, aftor sonably, can to reduce the price of taking into account this year's silver by debasing silver coinage.transfer of £207,007 for writing Silver happens to be one of the two down Continental investments, and most important metals. A largo the absence of any transfer from part of the population in the Eastrosorve, from which £450,000 was lives on silver currency, and the withdrawn a year ago, the net profit effect of any drop in the price of was approximately £500,000 higher. silver impedes the normal exchange at £1,432,043, and a dividend of of goods between East and West. 4 p.c. was recommended, compared The immediate result is to increase with 5 p.c. for the previous year. unemployment in East and in West. -Mr. L H. Cripps, India Buildings, Water Street, Liverpool.

The improvement in the yarn and textile trades, which was respon- sible for the increase in profite, however, has not been maintained. The directors point out that, while the sales of rayon yarn increased by nearly 20 p... the last few

Carreras £1,000,000 Issue. Shareholders of Carreras, the manufacturers of "Black Cat" and other popular cigarettes and tobac-months of the year witnessed a loss" co, approved yesterday of the in crease in the capital to £3,100,000 by the creation of 1,000,000 43 p.∞, “O Cumulative Redeemable Preference shares. The now shares are to be issued at par next Tuesday, and the prospectus details will be published during the week-end.

of confidence on the part of buyera, and the present outlook is uncer tain. The textile business showed a small increase in volume during the year, but the presant position, it is stated, is an anxious one.

The experience of the company's foreign subsidiaries has been simi- The issue is being mado to provido lar. In America, following a sharp for present and futuro expansion of improvement in the autumn, which the business, both at home and over-resulted in the mills working full seas, and to take advantage of the present favourable money condi tions. On the basis of last year's profita, after allowing for dividends on the existing prior Preference shares, the dividend on the present issue is covered sixteen times. The available assets, including the net procends of the isque, cover the amount now offered over five times.

Gaumont-British Capital Changes,

Details of a plan to simplify the organisation and finance of the Gau mont-British Picture Corporation org now announced. The first step in the scheme was taken by the re- cent issue of Debenture stock, which. will affect a substantial enving in in- terest and sinking fund. In order to provide funds for the redtice bank loans a conditional agreement. hai been made with Messrs. Helbert Wogy & Co. and Messes, Ostrov Bros. for the sale by the corporation of 1,000,000 53 p.o. Cum. First Pre- ference £1 shares,

not

time, demand has again fallen off. Competition on the Continent re for 1933, the board say, are mains very keen, and the prospects hopeful. The balance-sheet, how ever, shows that the company has fully maintained its strong finan cial position."

PRUDENTIAL ASSURANCE

erg

INVESTMENTS

SAFETY WELL ASSURED.

(Special Air-Mail Service)

London, March 7.-To sharehold:: surance institution with such vast

and policy-holders of an ing i

surance Co, the investment position. resources as the Prudential As

is one of first-class importance. The full statement made by the chair- man, Sir Edgar Horne, at the an- Dual meeting yesterday will be fol lowed with keen interest, since it disclosed not only a highly satis

a prudent factory position, but policy, which adds still further strength to this institution.

It is proposed to reduce the divi. dend on the existing.7 pc. Prefer ence shares to 5 p.c. but holders will be fully compensated by a bonis of four new 61 p.c. Proference shares for every eleven 74 p.e. shares held. Their income will thus be unaltered."

That the aggregate market value of the investments was in excess of In addition, it is proposed to limit the company's right to change it the aggregate book value on Dec. assets without the consent of Pre-31 last was in accordance with ex- ference shareholders. Including the pectations, leaving out of account bonus issue, to be capitalised from any reserve or contingency funds. reserve, 2,000,000 Bp.c. Preference Notwithstanding this margin, a shares will be created, of which certain amount of the investment 545,455 will be reserved for future reserve funds has been utilised to issue. Ordinary shareholders will write down the book values of se benefit by the distribution from re- curities by some £4,000,000 in the serve of a bonus of two now "A"ordinary branch and £3,260,000 in Ordinary 58. shares for every five the industrial branch. Ordinary held.

The resulting position at the end It is further intended to acquire of the year is that, in addition to more than £7,500,000 nominal of the substantial margin between shares and Debenture stocks of sub book and market values, the invest- sidiaries. The precise terms to be ment reserve funds of £5,000,000 offered to holders have not yet been and the common and special con determined, but any increase, intingency funds were left intact to capital for the purpose will consist mest any adverse movement in se- of shares ranking behind the of p.o.curity value. Preference shares referred to.

The geographical distribution of Other proposals include the repre. the securities is 72.4 p.. in the sentation on the Gaumont board of U.K., 9.7 pe in Indian and Co- the Fox Film Corporation, which lonial securities, and 17.9 p.c. in will result in closer co-operation. foreign countries. Of the total Although this step necessitates the 54.3.c. is in Government and deletion of articles restricting mem- municipal securities. This distri bership of the board to British na bution of interests in such that tional, the safeguards which pre-safety is well assured, which is a clude control of the company by most important consideration for foreign shareholders are retained. policy-holders,

EXCHANGE

CLOSING QUOTATIONS

-ON-LONDON-

Telegraphio Transfer... Bank Bills, on demand Bank Bilis, 4-monthe"

sight.....

Credits, 4

sight

ON NEW YORK:

Bank Billa, on demand

Credits, 60 days' sight.. val

ON PABIS:-:

ונדי

LONDON STOCK EXCHANGE

(BRITISH WIRELESS SERVICE. }

Paris New York Montreal

Brussels

Geneys.

Ronay, March 23.

отк 0.421 4.11

Amsterdam Milan

17.75)

8.50

· Berlin Stockholm Copenhagen

Oslo

Vienes

Prague

Helsingfors

14.36

18.00 197/10

101

31 nom,

290)

40 15/39

110

000

Bucharest

575

Belgrade

200

Rio

5 nom.

Buenos Aires

41 Official

Madril Lisbon

Athons

Montevideo Bombay Shanghai "Hong Kong

Yokohama

Rate.

33 nom.

1/6 1/16

1/0 11/16

1/37 1/0 1/16

South Africa £90-£100% per

£100 sterling. Silver Spot ....... 17 31/18

AMERICAN ORIENTAL FINANCE

CORPORATION

A COMPLETE SERVICE

A complete brokerage service for New York Stocks is available at our local Agents:-

Asia Lands Limited

Gloucester Building. Daily Quotations sent-gratis -upon request.

HONG KONG STOCK MARKET

WEEKLY REPORT

Compared with the quotations of the provious week, the tendency in the past week has been towards lower levels, this applying in a special sense to Hotels and Cements, the former having sustained a loss of a full point.

THE EXCHANGE MARKET

MESSRS. ROZA BROS., REPORT

Messrs. Roza Bros., have for. market report for yesterday. (March warded us the following exchange

Some of the investment securities

Silver pricea rose 1/4 yesterday also suffered a recession, such as for both deliveries, the quotations Lands and Wharves, both of which being 17.11/16 for Ready and 17) being lower on the week. On the for Farward. Suver advices ro other hard. Chica Lights remain-ported America as having bought. ,ed very steady, being quite firm The tone at the eloso was indicated

at the close.

as bling Arm. In America" busi- ness was done as high na és but the market closed on the easy side with sellers at 971 for Spot

BUSINESS DONE. DURING THE WEEK Hong Kong Banks, 81,685, 81,605, 81,710.

Union Insurances, $820, $525, $595, $537).

Wharves, $129.

Providente (Old), 84.10, 4. Hotels Div., 87.05, 87.00, 871 Hotols ex. Div., $6.70, 86.60, 20.70. Lands, 8731.

Tramways, $21.00, 8211, 821, Star Ferries, 891. China Light's (Old), 8121, $12.30, 812.40, 819.45, 812.5.

China Lights (New), 89.68. Electrics, $72, 872.80, 872, 3713.. Telephones C. Div., 8274. Telephones ex. Div., 897. Cements (Combined), 80.70, 80). Dairy Farms, $27.05, 827.10. 827.15.

Amusements, 812) Shanghai Cottons, Tis. 71. OHANGES (3.15 p.m.) CLOSING

QUOTATIONS. Buyers.

Landa, 872. Tramways, 821.

China Lights (Old), 812.15. Cementa (Combined), 80.40. Amusements, $12), Sales. Cements (Combined), Bej. Amusements, #12).

The New York-London, cross-rate was elightly lower at 3.428.

With the exception of the Rupee rate which was put up 1/8 to 86), other rates were unchanged.

Market

Steady during the early part of the morning but later eased off slightly.

Sterling

Business was done shortly after the opening at 1/4 for April follow. ed by transactions at 1/4 for March und 1/4.1/32 April. Later 1/4.1/32 was also arranged for May delivery The market closed, with sellers.nt 1/3.15/16 March, 1/3.31/39. April and 1/4 May, buyers at 1/4 March and probably April and 1/4.1/32 May.

Gold Dollata

Business was done at 22.13/14 for near and 21 April. There were sellers at 22 March, 22.13/10-April- and 1/10 May, buyers at 28.13/16 Cash, 997 April and 23.1/16 May.

Yen Merchants were quoted at 105 for near delivery.

Taels Sellers at 77 for near, buyers at.774.

Shanghal

Early advices reported business at..1/8.9/18 April. Later the mar ket care off to 1/8 business done April

IN THE AFTERNOON The market was quiet in the afternoon

TAX REDUCTION EVEN AT RISK OF DEFICIT SIR ROBERT HORNE'S PLEA

Landon, March 4-A reduction in taxation, even at the risk of a de-l ficit, was advocated by Sir Robert Horne at a meeting of his consti In sterling no business was re- luents at Glasgow last night. The ported, finishing with sellers nt least that could happen to us at 1/0.15/16 March-April, 1/201/32 the coming talks with the United May and 1/4 June, bayare probably States, he said, would be a fur-at 1/3,91/39 March, 1/4 April, ther moratorium He hoped for 1/4.1/32 May and 1741/16 June very much more than that.

Gold Dollars

It was generally believed, parti cularly in the region of the British The market closed with sellers Treasury, that nothing could be at 22.11/18 March, 257 April and effected by the action of Grant Bri- May, buyers at 1/6 higher tain alone, and that an increase in respectively.

Wontinued on nect' column 3

NEW YORK STOCK EXCHANGE ·

ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG.)

Tel: 23380-Gloucester Building, Room 306.

(BRUTEE'S AMERICAN SERVICE}

New York: March 23. Dow Jones Average:

30 Industrials 20 Raila

20. Utilities

Low: Mar. 22 Mar. 23

41.22 66,88

High-1932

88.78 41.30

13.23 27.07

·36.11

16.83 21.05

83.26

65.78 75.84

Change 68.06 1.20 ap 98,84 1.37 mp .81:37

#2 up. 76.13

.22.up

40. Bonds Asia Zands, Limited, have received the following report from their Now

York correspondents, E. A Pierce & Co. thus far does not implicate any serious break Trading was very The ground lost this week professional and under-the-surface the sentiment was better. No material change is anticipated in the immediate future: The outlook as regards cotton is steady. Wheat opened strong but closed weak. Silver ruled weak on a roport that Germany would melt silver coins, replacing them with nickel.

Business Done: 980,000 shares.

Div. 8- Low PER. SI.

Canadian Pacific

Shanghat Busintas was reported at 1/8.7/18 for April delivery.

wholesale commodity prices in terms of sterling would be of no real effect. He had always disagreed with that view and experience had confirmed his opinion. The readiest solation available was allow the people as much money as, it was possible for the State to spars, and that involved the reduction of taxation to the utmost extent. Such reductions would create a spirit of confidence which nothing else could inspire.

He would have no hesitation in suspending the funds connected with the payment of debt and he would even take great risks in the matter of estimating the revenue for next year, not being deterred even by the possibility of a deficit. It was necessary to emerge from the trenches and go over the top.

13

president liners

,591,00

Weekly Sailings Transpacific

To San Francisco, Los Angeles & New York

via Panama

Fortnightly sailings on Wednesdays

...Apr. 12 Pros, Coolidge...............Apr. 24.

To Seattle and

Victoria

Fortnightly sailings on Saturdays

Pres. Hoover ......................... Mar. 10, 1 a.m. Pros. Taft ..... ****** ** ** Apr. 1 Pres. HoKinley

Pres. Jefferson .............Apr. 15. Pres. Madison.......Apr. 29, Pres, Clevoland May 13 Pros. Taft........... May 27

Pros, Lincoln

Pres. Hoover

Pres. Wilson

May 10

May 24 June 7

ROUND TRIP FARES TO EUROPE & AMERICA, Special through rates to Europe via United States. Direct connections with all Atlantic lines. Choice of rail lines' across United States and Canada, liberal atop-over privileges for Sightseeing. Full particulars upon application.

Fortnightly via Suez to Evrope & America

Fortnightly sailings on Saturdays vis Manila, Straits, Colombo, Bombay Suez Canal, Alexandria, Naples. Genoa, Marseille, New York and Boston.

81.0.

Fres. Pic: 26.....

.Apr. 1 Pres. Van Buren Pres. Monroe ....................................Apr, 15 Prea, Garfield

TO MANILA

Next Sailing Pres. Pierce.........

Apr. 1 Proe MaKinley ....................Apr. 4 Pres. Jefferson

Apr. 8

Apr. 99 May 19

Pres. Taft March 25, 6 p.m.

Pres. Coolidgoomía ápr. 18, Pres. Madison. App. 23 Pres Van Buren. 29 Pres. Lincoln”..

Pres. Monroe ..................................Apr. 15

Connecting with 8.8, MAYON 76 CEBU, ILOILO. ZAMBOANGA DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE

CANTON BRANOH:-4, SHAKES STREET,

CONSIGNEE NOTICES.

HAMBURG AMERIKA LINIE.

NOTICE TO CONSIGNEES HE Motor Vessal

RAMSES"

NOTICE TO CONSIGNEER QUBAN STEAMSHIP 00, 11: OHINA MUTUAL: STHAN NAVIGATION CO., LTD.

AND

having arrived from Hamburg and CONSIGNIRYBATES

per Co.'s Vessel Porta of call Consigness of Cargo are

-Frox UNFFED KINGDOM AND areby notified that their Goods are into the Hong Kong and Kowloon Wharf being landed and placed at their risk

CONTINENTAL PORTS

" VÀ SINGAPORE and Godown Company's godowns at are hereby notified that their Ch Kowloon, where Delivery may be ann be discharged into Hol obtained sa soon as the Goods are landed. Wharf, Kowloon, where it will

Optional Cargo will not be landed at Consignees risk and subject here, unless Notice has been given 48 Terms and Conditions of Storage. hears prior to vessel's arriva), bul carried Holt's Wharf The Cargo wil op from port to port to the final port of ready for "Delivery from Godo

Kiil after Stuf'"Märch. call to which the option exter de.

No Claims will be admitted after the Goods have left the Godowns, and all here, unless Notice has been give

Optional Oarge not Goods remaining undelivered, after the to Vessel's arrival, but pargiss Saturday, 26th March, will be subject port to port to the Hol port te Bent

to which the option extende

All broken, chafed, and damaged Gages are to be left in the Bedowns, where they will be examined - on Briday, 34th March, st 10 am, by our Surveyors, Mesure, Goddard & Douglas, To comply with the General Bonded Warehouse Regulations, consignees must have a Revenue Officer in tendance when damaged dullable-goods are examined.

Floods

All broken chafed and damag are to be left in the Godowns, die they will be examined on any Tuesdays and Fridays between the hours of 10,15 a.. and Noos within the Free Storage period,

No Cinims will be admitted after the

Goods have left the Vessel's Godown and ell Fogli pigining undelivered after the 27th Marsh, will be subject to Bent

All Claims must reach us before the All Claims against the Fogel mut Saturday, 15th April, 1938, or they will be promintegy to the Underrigned on or not be recognlad."

before the 10th Aphit or they will not be pegogulsed.

No Insurance will be affected. Hills of Lading will be countersigned by

JEBSEN & CO.

Agents.

Hong Kong, 18th March, 1993.

NORDDEUTSCHER LLOYD

BREMENT

NORD

DELTSCHER

LLOYD

BREMEN

"To Fire Insurance will be affected.

[603 21st March, 1938.

BUTTERFIELD & SWIRK

Agente.

•HAMBURG-AMERIKA LINIE

FAR EASTERN MAIL PASSENGER AND FREICHT SERVICE

THROUGH BOOKINGS TO AMERICA via BUROPE AND EUROPE vía AMERICA; BOOKINGS AROUND THE WORLD,

BAILINGS TO

THROUGH. BOOKINGS TO LONDO

(NDL) 8,6. "NBOIL

1932

LAST SALE

HIGH

Mar. 23 Mar. 23

62

312

3.00 Air. Reduction

87

42

SHANGHAI SHARE MARKET

a.pe Allied Chemical & Dye

731

20

4.00 American Can

37

137

711

9.00 American Tel. & Tel.

951.

CARROLL BROS. QUOTATIONS.

160

5.00 American Tobacco B

Anaconda Copper, Mining

salireh 24, 1923

Mesars, Carroll Bros. have re ceived the following quotations of

1872

200 Auburn

43

1.60 Borden Company

ફર્મ 201

Shanghai Shares dated March 3:

200

China Finance Corp.

3.75

21

1.00 Chrysler Motora

International Investment

661

4.00 Consolidated Gas of NY.

/31

Trust Co (Ord.).

77.80

67

23

3.00 Drugs, Inc...

months

Cathay Land

11.00

091

221

2.00 Du Pont de Nemours

371

Yangtaze Finance Co.

8.50

877

38.

3.00 Eastman Kodak

ARRIVALS FROM EUROPE

55

International Assurance Co.

8.76

401

0%. Electric Bond & Share......

China Realty Co.

10.00

28

0.40 General Electric

NORTH CHINA' & JAPAN.

134

14

Shanghai "Land Investment

401

199

2.00 General Foods

Co

92,50

24*

1.00 General Motors

Bank Bille, on demand 55

10

...(HAL) HAU

New Engineering and Ship

241

101

1. Gillette Safety

ван

Building Works (Odr.)... Shanghai Duck & Engineer

ing Co.

15.150

32'

10

108

(Preferred)

80.00

148

Shanghai and Hongkow ww.Wharf Cops 216.00

28th 300

„(NDL)M'S. “SAALR”.

(HAL) M.S. RAMSES"

Shanghai Electric Construc

tion "Bearer

20.00

201

104

Ewo Cotton Mills, Lad.......

12.90

18

4

Shanghai Cotton Manufac

turing Co.

71.00

соз

Zoong Sing Cotton Mills,

Ltd.

10.76

ABI.

American Asiatic

Under

writers (Ord).

American Oris

-Corp:

1426

Asin Realty

Credits, 4 months' sight 10

ON INDIA-

Telegraphie Transfer...)

Bank, on demand

ON. SHANGHAL÷-m.

On Demand conve

ON KOBE:

On demand

OF MANILA:-

On demand ON SINGAPORE:~

On demand ON BATAVIA:-

On demand

ON SAIGON

*On demand

ON BANGKOK: ---

On demand

SOVEREIGNE, Bank Buying

Rate

BAR BILVI per OL 37

Bhanghai'g

Chineng 1996

05.25

RA

0.60 International Harvester...

7.00

International. Tel.' & Tel.

32 4:01. Liggett Myers-B

11.00 Loew's Ind

Montgomery Ward imm

2.80 National Bisonit. 2.00 Pacile Ga & Electrio

vlyndia Railway

0.50 Pan

Corpo

Standard

Oil Co. of New

0.49 Bocqny Vacuum Corpn.

1.20 Union Carbide & Carbon

6.00 Union Pacifo

United States Steel

Westinghouse E. & M.

HAL) X 8"DULSBURG pr...(NDL) M.8, «FULDA categ

BAILINGS.

TO BUROFE

7th Apr. API

.15th Apr. 21st Apr.

80th Aps

2

HAMBURS

[620

18 Ties. Orap, Oʻblanca. A dam. H'burg. B'men Genos, Barcelona, Rotterdam, Hamburg Genoa, Betterdam, Hamburg" Genoa, Mlles, Oran, Havre, Dunkirk,

Adam, dam, Harg, Bremen Gonda, Murspilles, Botterdam, Hamburg. M'ler, A'dam, Blow, 'burg, B'zen. Genon, Barcelona B'dan, I bowyzTES Gerion, Blopa, L'bon. B'dam. H'burg, Bromgo

NDL. Hongkong/Bouth Sea Iglanda service: 8.8. ~ BREMERHAVEN" 12th April, 1088 to BABAULA

NORDEUTSCHER LLOYD

MELCHERS & CO., Agents,

Queen's Building Tel, 26878.

JERGEN & CO., Shameen, B.C..

PULASI GIZO and ports

HAMBURG AMERIKA LINIE JABSEN & CO., “Agents. 12, Peddar Street Tel. 98661

CANTON AGENTS;

GARLOWED

BISE