1933-04-27 — Page 13

HONG KONG DAILY PRESS, THURSDAY, APRIL 27, 1933

MONEY AND MARKETS

FINANCIAL NOTES FROM

LONDON

Godfrey Phillips, Ltd.---New Methods of Manufacture: Bowater's Debenture Redemption: National Bank of India Does Well:

(Special Air-Mail Bervice)

CODREY PHILLIPS LTD.

able for certain specified appro priate and useful gifts. "Sporte" cigarettes London, April 11.

were undoubtedly the The twenty-fourth annual genery best 5 for 2d. cigarettes on

the market. eral inceting of Godfrey Phillips Ltd. was held yesterday at the re- gistered offees, 112, Commercial street, E.

ment.

and

dom.

HONG KONG STOCK MARKET.

YESTERDAY'S OFFICIAL

QUOTATIONS

The opening this morning was dull and uninteresting, with little

or no business' transpiring,

Quotations are more or less un changed.

Sales.

Hong Kong Banks, $1,740/1,713, Benguet Explorations, 38 cents. Hong Kong Landa, $75. Hong Kong Trams, $21. Cements Combined), 86.70. Dairy Farms, Sor Watsons, $8. -

Buyers.

Hong Kong Banks, $1.710. Canton Insurances, $1,300,

Douglases, $32).

SIAM'S TRADE- BALANCE

Ticals 62,000,000 on Right Side

NATIONAL DEBT REDUCED BY £2,216,907

HIGHER TAXATION IN CANADA

£14,000,000 INCREASE IN NEW BUDGET:

Ottawa.-The chief features of the Canadian Budget, are:

(1.) Increase taxation amount- ing to approximately $70,000,000 (£14,000,000 at par).

Bangkok, April 18.-The state (2.) The lowering of the valua- budget for 1933-34-the Siamesetion of the pound sterling for spe

cial or dumping duty purposes- year begins on April 1st-has now

from the, present fixed rate of 4 been published. Last year closed dollars. 40 canta to a dollars 95 with a large trade bilance in favour cents. of Siam, well over Ticals 82,000,000 as compared with Ticals 34,000,000 in the previous geär.

(3.) Provision for the ablish ment of an agricultural stabilisa- tion fund, by which exporters to British markets of agricultural Despite the discouraging slump commodities, excepting grain, will in prices, the farmor rose to the be paid the difference between the occasion and exported an abnor-pound sterling taken at 4 dollars mally large quantity of rice; and eo cents and the price actually re- apparently for the first time in-his-ceived. tory gold in bullion, coin and orna The estimated ordinary revenue ments was exported to an amount for the fiscal year ending March was 310,817,000 dollars, while the estimated ordinary expenditure was 384,495,000 dollars, a deficit on the ordinary account of 53,609,000 dollara.

HK. Fire Insurances, $250 ($20 of Ticals 25,000,000. The country

paid up).

folk are not accustomed to banking facilities and invest their savings in gold. Imports were reduced as much as exports were increased, owing partly to the depression and partly to heavier import duties.

Benguet Explorations, 35 cents. M.K & K. Wharves, $130. A.K. Realties, $7.10

Chinese Estates, $98. Hong Kong Trams, 821. H.K. Electrics, 879. Macne Electrics, $25. H.K. Govt. Loans, 6% Prem.

Sailors.

Union Waterboats, $15,

THE EXCHANGE MARKET

MESSRS. ROZA BROS.,

REPORT

Messrs. Roza Bros, have forward- ed us the following exchange market report for Wednesday,

In view of the necessity for keep. ing abreast of the constantly chang ing conditions, the directors were recommending that a fund should Mr. Arthur I. Phillips, chairman be established to enable the com. and managing director, who

Ppany to face the contingency of aided, said it was not the board's financing new departares without intention to issue the newly autho which the business might suffer, rised Ordinary shares at the mo- and with that object they had ea tablished development found by In the latter part of the year, appropriating from the balance the company had made much head-available the sum of $75,000. In way in still further improving its recommending a dividend on both plant, speeding up the process of classes of Ordinary shares of 6 per manufacture and lessening porter cent.. the directors felt that with age to an extent which had for the the improved liquid position, and time enabled it to avoid addition the somewhat larger profit avail. al building, and, incidentally, had able, they were still pursuing their substantially reduced manufactur-conservative policy in the payment ing costs. They had a wonderful of dividends As to the future, he vory intriguing combination was hopeful that at the end of the of manufacturing units, which they year, even if they were to have a believed was not quite duplicated smaller total contribution from

subsidiaries, their

shareholders in any other factory in the king would be satisfied with the earn-

ings.

The report Wie unnaimously In comparing the net profit for the year, allowance must be madejadopted. for the credit in the 1831 account of the sum of £20,000 allocated to ROWATER'S DEBENTURE

Silver prices were again higher advertising out of previous years'

yesterday to the extent of 3/8 for undivided profits. Had a similar credit been made in the year they

Landon, April 11. Ready and Forward, the quotations were now reviewing, and the ac

The directors of Bowater's Paper being 20.7/16 for Ready for 20.1/2 counts made up in the same form Milla havo given notice of the re- for Forward. Silver advices report- as in the previous year, the 1939 payment of the existing £750,000 ed America and speculators as har- accounts would have shown au Six per Cent. First Mortgage De-ing bought, China Banks sold. actual increased profit of about benture stock on January 1 next. The tone at the close was reported £9,000. One of the effects of the To provide for the redemption new capital would be very largely they have decided to issue at par to be weak. In America the rate to reduce the interest charges £700,000 new Four-and-a-Half per was lower at 30 for Spot. The against profits, and the much Cent. First Mortgage Debenture stronger financial position in which stock, the balance of cash required the company now was, by reason to be provided out of the com- of this additional capital, was en pany's own resources. Holders of abling it to borrow such money as the Six per Cont. stock are gives was now required at much lower the right, instead of being repaid rates of interest than before.

in cash, to convert their holding together the saving of intercit into the new stock, receiving a cash would well cover the dividends on payment representing the differ- the new "shares.

ence between the redemption price of the old stock (103) and the is sue price of the new stock, and adjustment in interest between the two stocks,

AL

CONVERSION

Shareholders of the company are

April 20:-

market was uncertain.

..

The New York/London cross-rate was quoted as 3.854.

Official rates were unchanged at the opening but later the Yen rate was put down to 107.3/4, and the Java rate down to 50.1/2.

Market, Uncertain at the opening but inter cased off in sympathy with Shanghai,

Sterling.

The market opened with sellers

also entitled to apply for sucht 1/4.7/16 April/May and r/4.1/2

June resulting in business amount of the new stock as may

at

Maintaining Quality.' He felt they might be permitted to congratulate themselves upon the results of last year's trading. It had been a particularly difficult year. The increased duty imposed in September, 1931, had to be borne not be required for conversion pur-1/4.17/39 For June delivery follow for the whole twelve months, and poses. The new stock is repayable ed by transactions at 1/4.7/16 for competition increased to such an at par on or before July 1, 1969, April/May. Later offers ht 1/4.1/2 extene as to make a proportion of by means of an annual cumulative were also accepted for June de The market closed with the sales uneconomic. Undoubted sinking fund of 14 per cent, belivery. ly the strict adherence to the high ginuing in 1937. Power is reserved sellers at 1/4 April, 1/4.13/3g May, quality of the company's products, by the company to redeem the 1/4.7/18 June and 1/4.15/32 July, combined with improved methods stock at any time up to July 1, buyers at 1/4.7/16 April/May and of manufacture, had helped much 1943, at 102. It is stated that net 1/4.1/2 June/July. in overcoming the unpreventable acts on the basis of the last.

Gold Dollars. balance-sheet, after deducting re- setbacks they had to meet,

"B.D.V." had served them well serve for depreciation and Deben-

Business was done early in the again; "De Reszke" had remained ture redemption, and after adjust morning at 26.1/4 for near de a valuable acquisition, "Plus Two" ments for dividend paid, shares in

Uvery? The market, closed with -12 cigarettes for 6d. Army the company held by W. V. Bowa-sellers at 26 April, 25.1/16 May 261 Club"-10 cigarettes for Sid.-had ter and Sons, redemption of the both enjoyed good sales; but, Six per Ceat. stock and the net Je and 201 July, buyers at 20

isaue, April, 28.3/16 May, 23 June and strangely enough, had not proved proceeds of the present

་་

the contention that there was a exceed £1,800,000. Profits for 1031 26 July.. public demand for quality cigaret-32 covered the interest on the new

tes at a lower price than the gen- stock more than four times. erally accepted popular one. Last

year he had told them of the in-

troduction of "De Reszke Minors,"

INDIA'S GOLD EXPORTS..

und of their popularity. This no- Sir Charles McLeod, who presid- vel 6d. cigarette in 4d size hided at yesterday's meeting of the continued to be appreciated, and National Bank of India, made his

Yen.

. Merchants were quoted at 1094 for near delivery,

Shanghai Dollars. Sellers at 1084 for near delivery.

→Shanghai,

Early advices indicated sellers at

its sales were steadily increasing. speech to a very appreciative audi-1/31/5 but subsequent advices in- ence of shareholders, a number of dicated the market as being easier whom expressed their satisfaction with buyers at 4/31/16, sellers at with the earnings of the bank, 1/3 for near delivery which, notwithstanding difficult (Continued at foot of next Column)

In the last few weeks of the year, the company met the conditions imposed by competition by the in troduction of "Sports"-5 cigaret tee for Ed.-in a packet, exchange

Asia Lands Limited

Tel. 28380.

Gloucester Building We offer you a complete brokerage service for the purchase or sale of New York Securities

Daily quotations sent-gratis-upon request. See our investment news on the Financial Page of The Hongkong Dally Press

Canton Agents

John H. Ferguson & Co.

82, B. C. Shameer.

Tel. 18624

|

The final figures of the financial position are not yet ready but 1932- 33 will close with a surplus of about Ticals 2,000,000. The ordinary budget estimates for the current year (1033-341) are:-

The total addition to the federal debt for the present fiscal year was 158,122,000 dollars. The total debt at the end of March was es- timated at 2,599,000,000 dollars.

The Finance Minister announced that the tax on the incomes" of cor- porations would be raised to 12) per cent.; on personal incomes, the exemptions heretofors provaifing Ticals.

of 2,400 dollars in the osa of the Ordinary Revenue

72,428,424 | hrad of a family would be reduc Ordinary Expenditure. 72,415,415ed to 2,000 dollars, and in the case

of bachelors from 2,200 to 1,000 Surplus 13,000 dollars. The exemptions for each

In addition capital expenditure on railway construction is estimated at Ticals 5,000,300, and this is to be obtained by an internal loan which is about to be issued.

Debt Radamption,

The National Debt whs reduced last year by £2,216,907 and now stands at £8,568,438. There will be a further reduction this year of £313,206. The Debt Redemption Fund amount to little over £2,000,000.

The following summarises a pus sage from the speech in which the Comptroller General of the Minis- try of Finance prosented the budget to the People's Assembly the day before its sittings, were suspended.

dependent child would be reduced from 500 to 400 dollars. Under the new schedule the income taxas. would be substantially increased, particularly on those from 5,000 dollars upwards, and would be- come effective on the 1033 incomes.

UNILEVER DIVIDEND

(Special Air-Mail Service)

London, April 11. The directors of Unilever Limit ed have resolved to recommend to the annual meeting, which will be held on April 28, the declaration of a final dividend on the Ordin- ary shares of the equivalent in sterling of 36 Dutch cents per £1 share, payable on May 16. Tho amount in sterling of this divi dend will be fixed on April 28 by King's Fine Gesture.

reference to the sterling rate of exchange on Amsterdam of that "Conscious of the need for strict day (arate of exchange economy and sensible of the im£16.474. would give a sterling portance of presenting a balanced dividend of 10 1-5d. par share, budget in 1933-31, His Majesty the inaking a total for the year of 88 per cent.). The total dividend for King has graciously surrendered a

1991 was 10 per cent. part of his Civil List in order to facilitate the Government's task.

At the time of His Majesty's accession the Privy Purse allow ace was fixed at Ticals 6,000,000.

In 1931-39 when the economic de- pression began to show a serious offect on revenue, the King had his allowance reduced by a million, and this generous' action has gone. on since then till in the present budget the Privy Purse allowance stands at only Turala 2,000,000,

In addition, His Majesty has this month made a 'gift of Ticals 200,000 to be, expended on primary education in the current year. The Government is anxious to improve education, and that Ministry has thereby at its disposal Ticals 1,245,088 more than last year!

EXPORT TRADE OF SHANTUNG

IMPORT CONFERENCE ON PROPOSED REMEDIES

Tsinan, April 17-Accompanied

The directors of Unilever N.V. have decided to recommend a final dividend on the Ordinary shares of that company of 304, per 1,000f share, representing also 36 Dutch cents per 128., and also payable on May 16. The dividend on the sub- share certificates of 12. is payable. in sterling at the rate of exchange of Amsterdam of April 98.

EXCHANGE

CLOSING QUOTATIONS

April 28, 1933. ON LONDON-

Telegraphic Transfer... 1 Bank Bills, on demand 1/4 Bank Bills, 4 months'

sight

Credite,

sight....

ON NEW YORK:-

months*

Bank Bills, on-demand 26) nom Credits, 60 days' sight.. nom ON PARIS:

Bank Billa, on demand 195 Credits, 4 months, sight (38 ON INDIAN

Telegraphic Transfer... Bank, on demand On ShangHAK 20 On Demand ON KOBE

On demand

by Mr. Ko Kwang Ting, Chairman O MANILA- of the Administrative Committee On demand of the Kiaochow-Tainan Railway, ON SINGAPORE:---- Admiral Shen Hung Lish; Mayor On demand of Tsingtao, arrived here yesterday, ON BATAVIA —, and was met at the station by Gen- On demand eral Han Fu Chu, Chairman of the ON SAIGON:- Shantung Provincial Government. On demand

In an interview with the press, O BANGKOK :----

On demand Admiral Shen said that the object

trading conditions, were sufficient to permit of the maintenance of the dividend at 20 per cent. An interesting passage in the chair man's speech was that in which he referred to India's gold exporte. The net exporte during the past year, he said, were valued at about of his trip to the provincial capital) BoyEnana, Bank Baying £57,000,000, but it had to be re is to couler with General Han rate imm

UNCLAIMED TELEGRAMS.

THE GREAT: NORTHERN TELEGRAPH (0, Lro.

FROM Leuterio Peninsula Hotel. Tokio

BoakeWinter C/o Furness Laing

Shanghai

membered that the average rate in garding relief mosaures for the ex- BAR SILVER, per ou a 307/18- sterling a fine ounce AS apport trads of Shantung. He sug proximately 1188. Id. against the gests the reduction of wharfage old parity of 85, so that the figure dues, inspection fees and trans- of £57,000,000 actually represented portation charges for Shantung's a smaller quantity of gold than export products. formerly. During 1932 the net ex According to Admiral Shen, the parta were 9,500,086 ounces, and export trade of Shantung has enf this amount, the chairman point fered a severe setback during ed out, was less than the net im cent months, on account of the ports during one previous finan-world-wids depression. The pro- cial year of the Government of Iovinon has lost the European mar dia-namely, 1024-25 when the kete for," its cuidemux Bergheim B'kong Hold Kobe quantity imported was 11,965, 221 namely, peanut and peanut oil, fine canoes It could not be said Nearly ten million tone of these By Ashmore USB Pope Bhanghai

Eastrustco

Tokio that India's gold, stocks bad been products are new stored at Taing Mrs Sparks 6 Hankow reduced to any appreciable extent, tao, he said. The export of cattle.

Boad Kowloon Shanghai

Seattlewn he added, although recent exports has dwindled from 3,000 to 500 Jack port *** had played an important part in heads daily while the export of enabling the country to maintain poultry bal, disappeared altogether. favourable trade balance at The coal export has also dropped period when commodity, prices had from 50,000 tons to 30,000 tons been at a low level

monthly.-Kuo Min.

FVJENBEN,

Huperintendent.

Hong Kong, April 28, 1982.

EUROPE UN SUE 2

AMERICA... SUEZ

The

TO CALIFORNIA

TO NEW YORK INYANG

STRAITS INDIA REMLJENUL TO SEATTON, VICTORIA Liners

INTERPORT

INTERPORT

Weekly Sailings Transpacific

To San Francisco, Los Angeles & New York

Via Panama' Fortnightly sailings on Wednesdays Pres. Lincoln japone ..... May 10

•Proa, Hoover HBRIDES

May 14 Pres. Wilson

June 7 Pres, Coolidge

Juno $1 Pros. Jackson

........July (5)

To Seattle and

Victorla

Fortnightly mailinge on Saturdaye Pres. Cleveland ....May Prem Taft........................ May 20 Pren. Jefferson.********** *** June 3 Pree. Cleveland

Jang24

Pros. Taft.........sommin ...July 8

Direct

·ROUND TRIP FARES TO EUROPE & AMERICA.

Special through rates to Europe ria United States, connections with all Atlantic lines. Chaios of rail lines across United States and Canada, liberal stop-over privileges for

Sight-seeing. Full particulars upon application.

Fortnightly via Svez to Evrope & America

Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Bombay, Suez Canal, Alexandris, Naples. Ganos, Marseilles, New York and Boston.

8 a.m. May 19

Pres. Van Buren..........................Apr. 29 Pres. Garfield.......

From Polk... Pres. Adams'

TO MANILA

Next Sailing Pres. Cleveland Pres. Lincoln....

8.

May 27 June 10

......Pres. Van Buren April 29, 8 am.

Apr. 29 May 2

Pres. Hoover

Pres. Polk

Prea. Garfield ............ ......May 13 Pros. Taft

Pres. Jefferson

May 13

Hres. Wilson

May 18

...May 17

May 27

„May 30,

Connecting, with 8.8. MAYON T QEBU, ILOILO, ZAMBOANGA.

DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE

FEDDER BUILDING - HONGKONG.

CANTON BRANCH:—4, SHaxes Boád.,

PACIFIC ORIENTAL

MONTHLY CARGO AND PASSENGER SERVICE

M.S."JUTLANDIA" Sailing on 27th APR.

CARGO AND PASSENGERS ACCEPTED FOR

SHANGHAI, SAN FRANCISCO, VANCOUVER, SEATTLE, LOS ANGELES, ETC. THROUGH BILLS OF LADING ISSUED TO OVERLAND POINTS.

Excellent Passenger Accommodation

Passenger fars Hongkong/San Francisco

(1st class only)

For Freight and Passage, etc, please Apply to:

G8120.

THE BAST ASIATIC CO,.. LTD. THE CHINESE AMERICAŃ:

Agente

JOHNMANNERS & CO. LTD,

SHIPPING COMPANY

Am Agent re HONG SLING

-Office: MERCANTILE BANK BUILDING (TOP FLOOK), 7, QUEEN'S RD., CENTRÁL,

TELEFKOWE: 24071.

NEW YORK STOCK EXCHANGE

ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG.)

Tel. 28380 Gloucester Building Room 306.

[MHOTERʼN AMURICAN SERVICH.)

New York: April' 28. ;

Dow Jones Averages: High-1939: Low: Apr. 1 Apr. 25

30 Industrials

20- Rails

20 Utilities

88.78

41.2273.69

41.30

13.23: 31.08

36.11.

83.26-

· 16.63 - -23.70 66.78 76.05

Change

72.45 1.24 down 30.11 97 down 23.28.42 down. 76.2015 up

40 Bonds Azia Lands, Limited, has received the following report from their New York correspondents, E. Pierce & Co. The irregularity is more pronounced and the market is mixed and hesitant. We would wait a bit before making fresh commitments on the long side. Wheat: Proft taking was less enthusiastic and demand caught stop-loss orders at the alose. Cotton was absorbed by heavy profit-taking and fell supported by trade buying. Silver: demand is growing less intense and the out- look seems to resolve itself around the problem of additional nowe. A Fifty cents dividend on U.S. Steel preferred. Stock has been declared. Business Done: 3,500,000 shares.

LAST SALE Apr. 24 Apr. 25:

HIGA

Dry.

B FEE. SH.

30% 3.00 Air Reduction 491 6.00 Allied Chemical & Dye 24.00 American Can

American Smelting..

9.00 American Tel. & Tel. 5.00 American Tobacco B

Anaconda Copper Mining 2.00 Auburn Com

1,60 Borden Company Men Canadian Pacifio.

JL Cast .........

1.00 Chrysler Motors

4.00 Consolidated Gas of N.Y. 13.00 Drugs, Inc. .......

2,00 Du Pont de Nemours

3.00 Eastman Kodak

6% Electris Bond & Share 0.40 General Electric 2.00 General Foods .. 1.00 General Motors- 1.63 Gillette Safety 0.00 International Har

International

400 Ligge

#& Myers

Montgomery Ward National Biscuit

2.00- Pacific Gas & Electric 0.50 Pennsylvania Railway

Radio Cory Seary Roebuck:

1:00 Standard Oil

(91)

281

42:

301