HONG KONG DAILY PRESS, SATURDAY, APRIL 8, 1933
MONEY AND MARKETS
FINANCIAL NOTES FROM
W
LONDON
Britain's Gold Reserves: Imperial Chemicals Dividend: An Insurance Surprise: War Loan record
(Special Air-Mail Service)
Metropolitan Life Assurance Co., of Now York.
The ficial announcement made to the Evening Standard reads:-
*Subject to the satisfactory, com-
London, March 21. Gold, Gold, and More Gold! Britain is building up a huge res survey of gold. Cartloads of it are being taken to the Bank of England and stored in the vaults there,pletion of pending negotiations be rendy to back up whatever currency
tween the two insurance companies, policy the Government may decide it is proposed that the Legal and will best help. British trade,
General and the Metropolitan will make, in due season, a joint ap plication to the High Court toʻsane- tion the transfer of the British con- tracts of the Metropolitan to the Legal and General."
During the past seven days the Bank has been buying solid gold bars at the rate of over £1,000,000
day.
The stock now held at the Bank is £163,000,000-only about £7,000, 000 less than the highest quantity
on record.
Since the Bank's supplies were denuded last December to pay the U.S. debt instalment, new stecks of gold have been laid in of the value of £50,000,000.
Higher 1.0.1. Dividend.
A recovery of £1,748,378 in the gross income of the Imperial Chemical Industries with 23 in- crease of 1 pc. to 6 p.e. for the year in the dividend on the Or- dinary shares is a striking tribute "to the ability of this combine, to extruct the maximum of advantage even in depressed times. Improved results had been anticipated by the chairman at the last meeting. The actual profits probably exceed these
anticipations.
The American company, one of the largest insurance institutions in the world, oponed an office in Leu- don in December, 1927, for the transaction of group insurance and pensions schemes in Great Britain. During the past five years it has issted group insurance contracts running into huge figures and cover- ing important British companies.
Chartered Bank of India,
The Chartered Bank of India, Australia and China reports a not profit for 1932, after providing for all bad and doubtful debts, of 4003,884. For 1931 net profits amounted to £381,787; this included income-tax reserve not required, while an allocation of £1,000,000 was made from reserve to provide for exceptional losses in exchange due to this country going off the gold standard, and bad and doubt-
ful debts wore. met aut of contin- The gross incomo of £6,415,-123 for geney account. It is now proposed to pay a final dividend of 7 per 1032 compares with £1,808,685 for 1931, and after again allocating ent., again making 14 per cent., £1,000,000 to central obsolescence less tax, for the year, and the and depreciation fund and provid-balanco forward is increased from ing £686,351 for income tax against £149,385 £200,305, the net income works out March 20.
at £4,720,072, against £3,408,290, an increase of £1,320,782,
to
£183,884, Meeting,
The 34 Par Cant. Quoted at 100
to Buy.
British Funds have been a rising market for days, largely because of the plentitude of money in the short loan market, the shortage of bills and the bold indux.
HONG KONG STOCK MARKET
WEEKLY REPORT
In the course of the past weeky the reduction in the rate of interest by the Banks from six to five per cent, came into operation, but so far the market has given no judica tion of any response.
Normally, such a reduction should have been productive of a propor tionate enhancement in values to the extent of something like fifteen per cent. Still, rates at least have beon well maintained.
Apparently it is the heavy weight ef offerings for forward delivery which seems to be holding back the cash prices.
Closing tone steady but quiet.
BUSINESS DONE DURING
" THE WEEK.
Hong Kong Banks, $1,740. $1,715.) Union Insurances, $560, $565,
$500, 8502), Douglases, .
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tol. 28380-Gloucester Building, Room 306.
(REUTER'S AMERIČAN SERVICE.]
New York: April 6. Dow Jones Average:
80 Industrials
10 Haile
20 Ubilities
40 Bonda
High-1939
88.78
Low: Apr. 5 41.22 57.61
41.30
13.23 23.64
30.11
18.53 10.83
63,26
Apr. 6. Change
38.80 1.39 up 34.41 .77 up 10.38 .05 up 85.78 73.55.. 73,05 unchanged
Asia Lands, Limited, has received the following report from their New York correspondenta, E. A. Pierce & Co. The strength of commodity issues is the principal sustaining indoence. Stocks, rails and utilities are not yet stabilized. The whole market may receive another test tomorrow since the rally, so far, is not altogether conclusive. The wheat and cotton markets rule strong on talk of inflation and bad crop
news.
Business Done: 1,930,000 shares.
1932
Div. $. Low PXE. SH.
TOL
1J
president liners
■11 1,591,000 miles
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
via Panama
Fortnightly sailings on Wednesdays
Pres. McKinley Apr. 19, 1's.m." Pres. Coolidge...................
·Pros Lincoln b
To Seattle and
Victoria
Fortnightly sailings on Saturday
Pres. Jefferson......
Pres. Cleveland
Apr. 26
Apr. 18
1
May 10
May 6.
Pres; Taft
Pres. Wilson............. June 7 June 21. Pres. Coolidge
Pres. Jefferso0...
May 20
June 3
Prea, Madison .... ..... .
June 24
Pres. Hoover. May 24
ROUND TRIP FARES TO EUROPE & AMERICA. Special through rates to Europe via United States. Direct connections with all Atlantro lines. Choice of rail lines soross United States and Canada, liberal stop-over privileges for Sight-seeing. Full particulars upon application.
1
Fortnightly via Svez to Europe & America
Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Bombay, Suez Canal, Alexandria, Naples, Ganos, Marseilles, New York and Boston.
8... Pres. Garfield... May 19 Pres. Polk....ALIQLAR May 27
TO MANILA
Pres. Jefferson April 8, 6 p.m.
HIGH
84
303.00 Air Reduction
$56) $58
897
42
4.00. Allied Chemical & Dye
78
LAST SALE Apr, 5 Apr. 6
70%
731
29
4.00 American Can
571
ᏱᎦ ;
137
9.00 American Tel & Tel.
20%
01
803
44
5.00 American Tobacco
'B
013
10%
.3
Anaconda Copper Mining
71
1.
1514
28 2.00 Auburn
337
34
432
183
1,60 Borden Company
2)
20%
7
J
Canadian Pacific
77
7
8 a.m.
1.
212
•
1.00 Chrysler Motors
91
10
Pres. Monroe
pr. 15
-69)
31
4.00 Consolidated Gas of N.Y.
411
40
Pres. Van Buren.Apr. 29
Benguet Consciiclateds, $10, 820. Benguet Explorations, events, 25
cente,
57
23
3.00 Drugs, Inc.
32
03)
594
29
2.00 Du Pont de Nemours
35
33
872
301
3.00 Eastman Kodak
481 51
Raube, 89 30
B
8% 8: Electric Bond & Share......
113 111
Next Sailing
Providenta (Old), 84, 84,05,
261
B
0.40 General Electric
191
13
Wharves, $120, $131/1311.
-401.
198
2.00 General Foods
281
Hotele, W.08, 27,
24
78
1.00 General Motors ......
12
121
Lands, 872. $724, 872), $721, $79.
101
1. Gillette Safety
12
12)
Free, Mourne ................................Apr. 15. Pres Coolidge................................................Apt. 18 Pres, Van Buren ............................Apr. 29 Pres. Cleveland ...................................Apr.. 29
Pres. Lincoln...May 2
Pros Cleveland Prea. Taft
Hay &
May 13
Pres. Hoovers · De
May 10
Tramways, 917
10
0.00 International Harvester .....
23+
Star Ferries, $1
68
7,00
(Preferred)
90*
02
Yaumati Ferries (Old), $32. China Lights (Old), $18.20, $12),
$12.20.
International Tel. & Tel
52
3
346
4.00 Liggett & Myers B"
60%
611
1.00 Locw's Inc.
-107- -114
Electrics, $1, $71), $71).
Montgomery Ward
13
13
Telephones, $27,36, 827.30
201
2,80 National Biscuit
36
37
Cements (Combined), $6.65, B6.90.
2.00 Pacific Gas & Electric
213
27
Dairy Farms, $27,
0.50 Pennsylvania Railway
158
101
Lane, Crawfords, 81, 84). Constructions (New), $1 Çum
Call.
Radio Corpo.
31
3
Sears, Roebuck
Jersey
251
121
0.40 Socony-Vacuum Corpo.
36
941 52:
1.20 Union Carbide & Carbon 6.00 Union Pacific
291
01
United States Steel Westinghouse E. & M........
258
94
4
Ewe Cottons, Tis.. 11.
CHANGES (3.15 P.M.) CLOSING QUOTATIONS.
Lands, 872)
Buyers.
China Lights (Old), $19. Cements (Combined), $7.05.
Sellers,
Calon Insurances, $500. Lands, 8731.
Sales.
Union Insurances,” 8502). Whatves, $131/314. Lands, $724/794- Tramways. $211. Chinn Lights (Old), $12.20.
THE EXCHANGE MARKET
นอ
The final payment of 33.p.c, falls Blightly below market estimates,
High records were established by but as £500,000 is transferred to
some British Government securities general réservo against nothing a
a higher distribution on the London Stock Exchange. year ago, could oasily have been made had The 3 per cent. War Loan was not a conservative policy been jaur-quoted at 100 to buy,
MESSRS, ROZÀ BROS., sued: The sum tarried forward of £543,770 goes against £510,825
REPORT brought in. No dividend, of course. is paid on the deferred shares.
Messrs. Roza Bros. have forward- ed the following
exchange The chemical industry is usually
market report for yesterday --- rogarded as a pointer to the state Dealera have reported good buy- of domestic trade; but as forecasting of British stocks on behalf of for both deliveries, the quotations Silver prices rose 1/8 yesterday by the chairman the company has small investors, large orders have being 17.7/16 for Ready and 17 for prosumably gained on balance from been carried out on foreign account Forward. The rise was attribut the import duties while the depre-stimulated by the crisis in America.ed to speculative buying. China ciation of sterling was doubtless
As confidence returns in the operated both ways. The tone at helpful on the export side of its United States the buying from this business. The chairman's speech on source will tend to diminish; hut In America the rate was quoted at the close was reported as being firm. April 11 will be awaited with in meantime the credit position in 27 for Spot. The market
Lombard Street is driving money steady, Big Insurance Surprise,
into the Giftedged market.
Evidence of the abundance of Surprise was caused in the City by an official announcement that money now seeking employment for the Legal and General Assurance investment was seen in the result Society, Ltd., one of the leading of the West Riding issue, when British offices, is shortly to take more than £15,000,000 was offered over the British. contracts of the for the £1,000,000 loan.
torest.
DUTCH AND TEA- RESTRICTION
GOVERNMENT AID RECOMMENDED
tails of the restriction_schgrue.
It is otheially announced at Ba tavia that the tea trade intereste
should take into consideration the possibility that, after April 1st, next, the export of tea from the Dutch East Indies without an ex-' port license will be forbidden.
15T2S
The New York/London cross-rate was slightly higher at 3.424 . Official rates were unchanged this morning.
hai.
Market.
Sterling.
1.00 Standard Oil Co. of New
JAPANESE STEEL MERGER
ALL WORKS TO JOIN IN DUE COURSE
Almost all the steel wroks in Japan will in duo, course join the Nippon Seitetsu Kaisha, which le to be formed as a result of merger of five companies for the time be ing, according to, the reply of Commerce Minister Baron Kumai kichi Nakajima to a question rais ed by Mr. Scigo Tajiri of the Sei- yukai at a meeting of the Lower House steel marger committee on
the March 3.
Mr. Tajiri asked whether Government is interested in the participation of many companies also declared that he is inclined to in the amalgamation scheme. He think that the Government has somewhat limited the participat- ing companies
to five concerns which have an annual production capacity of more than 35,000 tons. Baron Nakajima said that the Government did not compel any i steel works to join, although it urged some leading companies to participate in the scheme. He said that there is no reason why the Government should decline the par. ticipation of all companies.
Financial Conditions. Mr. Tajiri asked why the Gov- Quiet, the tone was inclined toernment. Iron Works in Yawata steadiness during the early part of
must amalgamate with other steel the morning but latef eased off works despite the fact that the probably in sympathy with Shang-financial condition of the Govern ment Works is quite healthy, and those of private companies are not. "The Commercs Minister replied that a large amount of money is necessary in order to improve the factory equipment of the Yawats Iron Works to meet the up-to-date demand. As the Government is unable to afford the expense, the amalgamation with private com panies, which have modern equip ment, has been projected. The merger has also been necessary in the steel industry, order to effect national control of
Business was done during the course of the morning at 1/3.13/16. for April and second half April fol. owed later by a small transaction at 1/3.25/32 for near delivery. The market closed at lunch time with sellers at 1/3 April, 1/3.25/32 May and 1/3.13/16 June, buyers at 1/32 higher respectively."
Gold Dollars.
A small business was done early
In the report of the Economic The report of the Economic Com- Committee it is stated that repre- mittee of the Netherlands East In- sentatives of British and Dutch dies Government on the proposed tea interests, controlling together tea restriction scheme has now been i 88 per cent of world tea produe- presented. It advises the Governor. tion, have arrived at a restriction in the morning at 22) for cash. General to grant the requisite co- agreement for five years, to be go/1 Me slices-16 22.7/18 April, operation of the Government. operative as from April 1eb, 1933, 22.9/16 May and probably 22:11/16
for British India, Ceylon, and the June, buyers. at 221 for cash, 2 Netherland East Indies.
May, and 22.13/10 June.
You Merchants wers quoted at 104) for near delivery.
Tasis. Sellers at 77% for cash, buyers at
Shanghai,
Under the present circumstances, states the report, the proposed ro striction is considered to be desir- able, and the principles of the scheme, as well as the measures ai-j1/3.23/32 April, 1/8) May and 1/3. ready taken by the plantations to 25/32 June, buyers at 1/32 higher bring it into operation, are agreed respectively.
to,
One of the most difficult ques-
Gold Dollars.
tions, comments the report, is the A small business was reported at regulation of native tea. This has 22.11/10 for June delivery. Thet been satisfactorily solved by a sys- market closed with sellers at 221 export of plantation tea, the other April, 22, May and 22 June, buyers for the export of riative tea.
at 221 April, 22.0/10 May and prob- ably 22.11/16 June.. Exporters Warned,
Shanghai.
Officials of the. Departments of Trade and Industry of the Dutch Easier Sellers were indicated at East Indies will confer with ex-1/8.1/16 for near buyers probably perts in regard to the farther de- | at 1/8k for cuáli.
78.
Farly advices indicated business dono at 1/83 day. Subsequent ad Vices indicated the market as being Leasier with sellers at U/A3/14 May
buyers at 1/8. 4
IN THE AFTERNOON: The market: was easier in the afternoon
In Sterling business was done at 1/38 second half April and 1/3 13/16 June, Anishing with sellers at (Uantinued on previous columna.)
ON
OF
ON
* Bid
LONDON STOCK EXCHANGE
[BRITIUR WIRELESS SERVICE. Į
Rugby, April 6.
88 31/32. 3.417 4.14 24.50)
Poria New York Montreal
Brussels Geneva
Berlin Milan
17.70
4.432
661
Amsterdam Stockholm Copenhagen Orlo Athens Prague
6.48 16 29/32
18.00
*10)
605
114
Helsingfors
927
Bucharest
5707
Madrid
40%
110
323 Dom. Bį uom.......
Buenos Aires
Lisbon Vienna Rio
Bombay
Connecting with 8,9. MAYON TO CEBU, ILOILO, ZAMBOANGA.
DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE
CANTON BRANCH:—4, SHAKES ÉTEELT.
HAMBURG-AMERIKA LINIE,
NOTICE TO CONSIGNEES,
THE Motor Ship
"DUISBURG"
having arrived. from Hamburg and Forts of call, Consignees of Cargo are ↑ hereby notified that their Goods are being landed and placed at their risk into the Hong Kong & Kowloon Wharf & Godown Company's godowas at Kowloon, where Delivery may be obtained as soon
the Goods are landed.
NOTICE TO CONSIGNEES.
PENINSULAR AND ORIENTAL- STRAM NAVIGATION Jo's STAME "BANCHI,"
-ÁRATED HONG KONG on STE, APRIL, 1988,
From ANTWERP LONDON, GIBRAL
TAR, MARSEILLES, MALTA, PORT SAID, ADEN,"COLOMBO AND STRAFTS. Optional Cargo will not be landed here, unless Notice has been given denamed Vowel are hereby informod ONSIGNEES of Cargo by the sboyo
hours prior to Vessel's arrival, but carried
on from port to port to the final port that their Goods are being landed and of call to which the option extenda
placed; AT THEIR xms in the Hong Kong No Claims will be admitted after the and· Kowloon Wharf and Godown Goods have left the Godowns, and all | Company's Godowns at Kowloon, where Goods remaining undelivered after the tach Consignment will be sorted out Saturday, 8th April, will be subject: Mark by Mark and Delivery can ber to Bent.
obtained so the Goods are landed.
All broken, chafed sud damaged Goods are to be left in the Godawns, where they will be examined on Friday, 7th April, at 10 sm., by our Burveyore, Messrs. Goddard & Douglas.
Optional Goods will be landed here. unless Instructions have been given to the contrary Six Hours before arrival of the Steamer,
Goods not cleared within 8 days, in oføding date of arrival, will be subject let
To comply with the General Fonded Warehouse Regulations consignees must | Bent. have a Revenue Officer in attendance
No Fire Insurance will be effected by when damaged dutiable goods are ne in any case whatever. eramined.
All Claims" must" reach us Before the Saturday, 22nd April, 1999, or they will not be recognized.
No Tarance will be effected. Bill of Lading will be countersigned by
JEBSEN & ̈00,
Agants.
Hong Kong, 1st April, 1933.
1668
41 Official TOBACCO GROWING
Rate.
1/0 1/16 1/08 1/38
Shanghai Hong Kong South African £, 997-100% per £100 sterling. Silver (Spot)
177/16 Silver (Forward)...... 17)
EXCHANGE
CLOSING QUOTATIONS
April 7, 1933
LONDON.:- Telegraphic Transfer...| Bank Bills, on demand +40) Bank Bills, 4 months'
sight
ja
Credita, 4 rontha
sight.....
NEW YORK:
Bank Bills, on demand 23
Credits, 60 days” sight.. 231′′ PARIS :-
Bank Billa, on demand 1674 Credits, 4 months' sight 1974 2 ON INDIA:
Telegraphie Transfer.....
demand Bank, on de
It would, however, be difficult to effect a merger of private como panies alone, according to the Commerce Minister, because the Yawatu Iron Works must be the central body of the new consolidat ed steel company in order to have a strong foundation.
On Demand ON KOBE-
On demand
·ON MANILA 2---
On demand ON SINGAPORE ---
On demand On BATAVIA:
On demand On Bargon:---
On demand OR BANGKOK :-- → On demand
781.
162
44
BAL
IN JOHORE
PROFITABLE SIDELINE FOR SMALL HOLDERS
local agri- Singapore. As horticultural exhibition has been organised for April 79 at the New World, and will be formally opened by his excellency. Sir. Cecil Clamenti and Lady Clementi in company with their highnesses the Sultan and Sultana of Johors and other prominent local and Johore Government-officials, it may__not be out of place to review in gen oral the agricultural pursuits and development of our nearest neigh bour whose destiny and future pro sperity so closely, link with those, of Singapore.
The slump in Malaya's staple products has lod some of the small holders to find new profitable avenues of income, and some of the more enterprising are now being- engaged in tobacco culture. In Johore Bahru, the capital, there are, tobacco plots, the nucleus of future industry, in the suburbs not very far from the town.
Another sideline is the cultiva tion of pineapples, groves of which grow in profusion along the Johore Bahru Batu Pahat road. In Muar
Damaged Packages must be left in the. Godowns for examination by the Cau- signees, and the Company's Burveyor.. Mr. GODDARD & Dovelas, at 10 434. on Mondays and Thursdays, within the Free Storage period.
Consignees are specially notified that it is necessary for à Revenue Officer to be present at the examination of damaged dutiable cargo.
· All Claims against the Steamer must
be presented to the Undersigned on or before 26th April, 1998, or they wil not be recognised.
No Claims will be admitted after the Goods have left the Godown.
MACKINNON, MACKENZIE & Còmi
Agents. Hong Kong, 5th April, 1983. 1675.
AMERICAN ORIENTAL FINANCE
CORPORATION
COMPLETE SERVICE
A complete brokerage servico for New York. Stooks is available at our local Agenta
Asia Lands Limited
Gloucester Building,
Daily Quotations sent--gratis ¡—upon request.
Next to rubber, the primary ex- port of the State, come copra, pineapples, coffee and fruits, while
the Javanese grow fields of tobacco a certain amount of tapioca is also.
Some hundreds of acres,.. on amall lote across the plains not grown. Five Year Programme. Baron Nakajima said that the
far from the Jalar, Bakri thorough, mostly in the water-logged makims fare and in the inland kampongs and deltas of Muar, are given over new company will be able to in-
near the Panchor Road, Batu to rise cultivation by Javaneso at clude several more works within
Pahat also produces this commo- nominal rates of quit rent, and the five year to come, although five
dity.
harvest, which is insufficient fon companies afons are to join the scheme this year. Mr. Tajiri fear-
Turning From Rubber,
the needs of the State is uit up Experiencing a keen disappoint locally, *** ed that the Government is going SOVEREIGNS, Bank Buying
mant from rubber and following .... On the advent of rubber and the to include steel worka of good doo Rate Added
མ་གཡུག ALIAMe nA; Javanese who possess some experi- chu". (riverland overlord) nyuter scheme, although their merger is unnecessary, simply for the pur-'
ence in tobacco cultivation. a low pepper and gambier_the, principal pose of removing prevailing ru
Chinese smallholders with a dster articles of export in days of yore mours that the Government would is no such fear, because the amal mination to win edme sort of a bad long ceased to be, relieve companies of questionable gamation of participating com livelihood from the soilure now if summermal achuk financial conditions
egetables grown by, Chic panies will be odaduoted on the trying their hands at farming p
squatters Baron Nakajima said that there basis of a fair estimate of their boon to supply the constant needs more imers and Continued at foot of next Column), masete by the raination committee. L'at the paure elements,
BE uitvi, per
145
718
are
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