1933-04-29 — Page 13

DAILY SHARE QUOTATIONS

HONG KONG STOCK EXCHANGE.

SHAREBROKERS.

Do.

Bank of East Asia...

Do

Inforances

ASSOCIATION.

31,715

£24

31011 $73

Buyers Boilers

Baler Xomical

FRIDAY. APRIL 28.

Bayera

Ballore

Sales

Banks

$1,71 $1,720 $1,70

H.K. Banks

£121

E13

Do. (London) ...... Chartered Banks...

£13)

e24

Mercantile Bks. "A"

£0

"C"

$100

N. 0. & S. Barks...

820

Am. 0: Fin. Corp:

8.

15.10

Ch. Fin. Corp. Ord. .

25.00

Pref. 5

$1,350

Canton Insurancas...

59.35

Underwriters

$1,370 $2.30

$530

Union Insurances ...

$530

1620

Chita Fires

$825

$250

H.K. Fires......

$250

$5.95

Intersational Aasce. S.

Shipping

$321

Douglases

192

Steamboats

320

Indos (prof.)

331 392 651.

120

Do. (def.)

80/-

44/45

Shella

42/6

$16

Waterboats.

$20

Mining

$241

Bengueta...

$24

$4 20

Voueruela Gold Fidu! $3.36"

29/0

Kailans RAVENSBAARON

23/.

$11

Langkats (single) S.

$9.60

~$2}

Explorations.....

$4

$9.30

Shangliai Loana S. Rauba

$130

$1.30

Tronoli Mincers

35 cts. Benguet Explorations

Docks, Wharves,. godowna, sta. H.K, & K. Wharves

$3.95

Presidents (old)

Do.

$7.10

121

16.20

$4.35

81.28

38,50 13/6

$130

$18

11.K&W. Docks

$1.40 20

$10

$8

S. China Motors A

Do.

39

35

$193

Shanghai Docks S.

$8.

#300

$670

$75

$75

$14

...

$142:1

$380

New Engineeringe8.) Hongkewd. Lands, Hotels, and Bulidings

H.K. Hotels

HONG KONG DAILY PRESS, SATURDAY, APRIL

MONEY AND

BRITISH IRON AND STEEL INDUSTRY

Far Reaching Scheme for Reorganization

SUBMITTED TO THE GOVERNMENT

(Special Air-Mail Service)

29, 1933

MARKETS

Crock

MARKET.

In the meantime the Govorament HONG KONG extended the original period fixed for the temporary duty until Oc- tober 23, 1932, and later for a fur- ther period of not less than two years from October 20, subject to satisfactory progress being made in the preparation of the scheme of reorganization and in putting the approved scheme into force.'

Scheme Put Forward,

YESTERDAY'S OFFICIAL QUOTATIONS

were," in

On the whole, however, rates were fairly well maintained, with the exception of Unions, which suffered a setback of about 840 per share, as compared with the previous week, and Cements, declining from 87 to.

The market during the past week. state "of was, as it suspended animation, due to the violent changes in the price of The executive comunittes then sp-ilver, and the sterling and gold pointed a sub-committee consisting dollar exchange. of their chairman and secretary 'to- gether with Sir Alfred Hurst in a consultative capacity, to prepare a scheme. After amendment this scheme was finally recommended by the exceative committee to the Na tional Committee on February 22, 1933. A special meeting of the Na- tional Committee on March 10 ac- cepted the memorandum and the con-general outline of the scheme and sera a scheme; proposed by the in- directed it to be forwarded to the dustry itself, for the organization Import Dutica Advisory Commit- of the industry. A draft of the tea.

London, April 11-A group of documents of the greatest import ance to the British iron and steel industry was issued last evening by the Import Datics Advisory Committee. The

decuments

scheme was submitted to the Im In a letter submitting the scheme port Duties Advisory Committee to the Advisory Committee Mr. and by the latter to the Chanceller Charles Mitchell stated that "of

six dissentients, three of the Exchequer, who in a letter the

writes:--

-

*IT

of yesterday's date to Sir George makers of foundry pig iron who, $3.23 May. chairman of the committee, it is understood, did not object to the scheme per se, but considered "From the outset the Govern- that their interests were not suffi ment have made clear their view ciently identified with those of the that an efficient and prosperous other producers of iron and steel it désirable that they iron and steel industry is essential to make to this country, and that the duties should participate in the scheme. imposed on foreign imports wore Of the other dissentients, one was intended to provide opportunity a manufacturer of pig iron, one a for the re-organization which was wrought-iron maker, and the other necessary for this purpose. From a steel maker." 7.13 the beginning also they have ex- TE pressed the opinion that those en- gaged in the industry were best qualified to formulate & satisfac tory scheme or schemes, and re- cognizing all the difficulties which had to be overcome, they have been rendy to afford reasonable time for orderly and careful planning so long as they could be satisfied that proper progress was being made.

||$6.61 $6.75 6.6870

$741

H.K Lands...B. Shinghai Lands...8. Metropolitan Laada.. HK Realties...on! $7

$14.75 Chlua Do

3137 D Debontu:es3.

$14

$140

320

***

18

$90

$30

Humphreys

Ala Realties "A" B.

Do.

Chiacao Estates...

Cotton Milla

9.

Da. (new)...

Tramway's ..................

$1.24 Ponic Trams (old)...

Star Ferries **

Yaumati Ferrios(old)]

Do. (Bow) cam. rights...

$12,20 China Lights (old)........

ས་

+44

$13,90

1

"Accordingly I welcome the evidence now afforded that work on reorganization has been steadily proceeding, and I regard the pre sent proposals as constituting a real step forward in the required $15.20 direction.

"Only the First Stage." "You will, however, recognize that only the first etage has been renched, and that much remains to

Negotiations and Control.

A memorandum covering the scheme approved by the National Committee begins by referring to the great post-War problem of in- dustry, not only of the iron and steel industry but of industry gen erally-namely, that of correlating production and consumption. antisfactory solution of this pro- blem must involve a considerable measure of control of production, bath international and also among producers in our

4

88.20.

BUSINESS DONE DURING THE WEEK.

Hong Kong Banks, $1,750 $1,740

$1,715.

Benguet Explorations, 31 cts. 37.

ets. 38 cts. 35 its. Wharves, 8131.

Hotels, 861 $0.65 86.70. Lands, $75.

Tramways, $21.

China Lights (Old), 812,10 $12.15

912.30 819 819:13. Electrics, $12. Macao Electries, „823. Telephones, 8.10 $27.

Cements (Combined). $6.90 $0.85

$6.70 0.40 86.20.

Dairy Farms, 827: Watsons, 85.

Ewo Cottons. S'hai 81 S'hai

814.30.

(3.15 p.m.) No changes.

THE EXCHANGE MARKET

MESSRS, ROZA BROS.. REPORT

Messrs. Rein Bros, have forward- ed us the following exchango mar. ket report for yesterday

Silver pricta rose yesterday to, own country. The authors of the scheme set out to the extent of 1.11/16d, for both. constitute an organization for the deliveries, the quotations being iron and steel industry which shall 20.3/10 for Ready and 201 for For- be able, on the one hand, to nego-ward. Advices received attributed: tiate agreements, with producers the rise to American speculative The tone at the close abroad, and on the other to apply purchases. the necessary degree of control at was firm with speculators bidding up to 31d. In America the rate was home.

The tone They realize, however, that this lower at 35 for Spot. control, must not simply stabilize was reported as being, easy

New York advices reported the things as they are. There is con-opening rate at 3:74) and the clos- sidorable locway to be made up in I trust, therefore, that the in- certain sections of the industrying rate.3.79. dustry as a whole, and all sections both in equipment and in organiza-

Further, thereof, will press on with the work

tion.

while extensive which they have so wall begun. I tariff protection is at present ne- understand that opinion in the in-

cassary against Continental pro- dustry is atill overwhelmingly ducers, the memorandum points out against invoking compulsory pow-that the Government and Parlia

be done before the industry can be said to be properly equipped and

organized..

ENOS

12

595

S'hai Cottons..................

-96

$1+

893

Wing On Textiles(8.)

Zoong Sings. S.

гоп

810 $100

Public Utilities

121 10% 18

$15

B

130

TH

12.12/105

$11

Do. (new)...)

$11

$72

H.K. Electrics '................

$72

125

Macao do.

28104

Sandakan Lighta...

$27

Teleplionas......

327

Li

814

China Buses.....8.

***

T

2/-

Tractions a

mat

12/-

Do.

(pref.)......

***

per measure of reorganization on a voluntary basis.

aze properly safeguarded."

Industriais

.

$15

Malabon Sugara

$19

Caldbeck. Yard.) 8.

$6

Canton Ives

36.423/120.

Cements (comb.)...

$5

Du.

(old)...

31

וי

$14.70 Macgregor/pref. 8.

Amusemente

.90 äts,

Do. (now)...

Repea

Ch: Agricultures

Miscellaneous

Dairy Farmacianer;

Der A Wings.*******

Uh. E'tainments...... Constructions, (old)

Do.

(new)

Lane Crawfords......

Mackintoshs ......................... Nanyang Tobacco...!

3151 | Sincerest momen

$27

#1

$121

$12

$3

821

327

36.

$6,20436.

39

$27

$12Į

$12

14

9)cta.

责

$15

18

Watsons.......

$7.00

13.35

Wm. Powells.

$3

$10

M. Greyhounde

8. C. Enterprises...

128

И

United Theatres...

.8.

684

B. Ind. G. Bonds... 67.

prem

--

મ

H.K. Govt Loans.....} $105

Wallace Harper

China Sports Ltd........ $20K Wing Oo ..............

Яbal.

Do

1920

$160

Market.

Steady at the opening but later firmed up owing to some selling pressure.

Sterling.

The market opened with sellers

ers, and I hope that the industry ment will need to be assured that at 1/4, buyers bidding 1/44 result- will be able to bring about a pro- the interests of consumers of stealing in business later at 1/4 for

"While the Government must

necessarily reserve complete disere tion as to the precise action, legis lative or otherwise, they may deem

it expedient to take in any cir

Comprehensive Machinery.

cash and 1,4 13/18 for May. The market closed at lunch time with sellers at 1/4 April, 1/4 25/32 May

The National Committee sets out and 1,4 13/16 June. buyers at 1/4

to achieve these objects by coopera-13/18 April/May and 1/4 Jane,

tive action within the industry. While recognizing the importance

Gold Dollars.. Business was done early in the 1/16.

cumstances which may arise, I de-of-further amalgamations, whether morning at 3/18 for second ball

of a horizontal or vertical charac May. There were sellers at

sire to saure you and the indus try that, so long as the Govern- ment are satisfied of the determina- tion of the industry to set its house in order, they will be ready to give such support to its efforts as may from time to time appear necessary to enable this great en- terprise to be brought to a success- ful conclusion."

Conditional Import Duty.

ter, it holds that these alone can for cash, 203 May, 26 3/16. second not provide a complete solution of half May, 285/16 Jane, and 26. preant difficulties, and it proposes July, buyers at higher respective to build up a comprehensive nay tional machinery for the industry within

4

Yea,

Shanghai Dollars.

Were quoted at 109 for near de-

Shanghai,

IN THE AFTERNOON. The market was a shade'easier in

Sterling.

BAK PRANCISCO BOGANCELLS

WH

13:

HUMANA

BALIDA

Weekly Sailings Transpacific

To San Francisco, Los Angeles & New York

via Panama

Fortnightly sailings on Wednesdays Pros: Lincoln mi

. Pres. Hoover

Prea. Wilson

Pres, Coolidge

To Seattle and

Victoria

May 10

missa

May 24 June 7 Jano $1 ...July 5

Fortnightly sailings on Saturdays. Pres. Cleveland

May 8 Pros. Taft.......May 20 Pres. Jefferson.......... June 3 Prea, Cleveland.... ......June2! ...July 8 Pree. Taft

Pres. Jackson ......widg

ROUND TRIP FARES TO EUROPE & AMERICA,

Direct Special through rates to Europe via United States,

Choice of rail lines noross connections with all Atlantic lines.

United States and Canada liberal stop-over privileges for Sight-seeing. Full particulara apon application.

IN

| Fortnightly via Svez to Evrope & America

Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Bombay, Buez Canal, Alexandra, Naples, Dauda, Marseilles, New York and Boston.

Pres. Van Buren jactan Pres. Garfield.................

8 m.

.Apr. 29 May 13

Prea. Polk

Pres. Adams

TO MANILA

Next Sailing

****8

8.

May 17

June 10

Pres. Van Buren April 29, 8 a.m.

Prés. Cleveland

Apr. 89

Pros 'Boover

May is

Pres. Lincoln.....................

May 2

Pres. Garfield.May 13

Pres. Polk ..................................... .......May 27

Prei. Taft

May 13

Pres. Jefferson, MORRAKASTAR Pres. Wilson

May 27

Connecting with 8.8. MAYON TO CEBU, ILOILO, ZAMBOANGA

DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE

PEDDER BUILDING-HONGKONG.

CANTON BRANCH:—4, SZAXEL ROAD.

PACIFIC ORIENTAL

MONTHLY CARGO AND PASSENGER SERVICE

"

M.S. "FALSTRIA Sailing on

8th MAY

CARGO AND PASSENGERS ACCEPTED FOR SHANGHÀI, SAN FRANCISCO, VANCOUVER,

SEATTLE, LOS ANGELES, ETC. THROUGH BILLS OF LADING ISSUED TO

K

-

G$120.

· OVERLAND POINTS. Excellent Passenger Accommodation Passenger fare Hongkong/San Francisco

.-(ist,class only) For Freight and Passage, etc. please Apply to:

THE CHINESE AMERICAN THE BAST ASIATIC CO, LTD.

SHIPPING COMPANY

Agents:

JOHN MANNERS & CO.LTD.

Agent: HONG SLING

Office: MERCANTILE BANK BUILDING (TOP FLOOR), 7, QUEEN'S RD., CENTRAL, THIEFRONX: 24071.

NEW YORK STOCK EXCHANGE

ASIA LANDS, LTD., QUOTATIONS (INCORPORATED IN HONG KONG.) Tel. 28850 Glonvater Building,Rodm Zoe.

[REUTER'S AMERICAN ARRYICH}

Low: Apr. 28 41,22 72.64

New York: April 27. Dow Jones Averages: High-1932

88.78 30 Industrials

20 Bails

41.30

13.23 31:17

30.11. 83.26

16.63 23.77 45.78 78.67

20 Utilities. 40 Bonds

Merchants were quoted at 110 for which the advantages of both combined action and indivi- near delivery, dual enterprise may be secured. This machinery consists of dozen or so Associations, each deal-livery. ing with a group of products co-

Early advices, indicated sellers ot The Committee recommended the ordinated by an Iron and Steel imposition of a temporary duty of Corporation of Great Britain so 1/3 for near, buyers at 1/37/16.

a wide range of 33 per cent. on

organized as to give a reasonable Later the market eased off and iron and steel producte pending balance of interests to the produc- buyere were indicated at 1/3 for the foundation of proposals of a ing and consuming sections of the near, sellers at, 135/16 April/May. more permanent character. In a

industry. Jater report the Committee stated. The associations would be a de- that further investigation of the velopment of the many existing as the afternoon. position led them to the conclusociations of the industry, but| sion that the grant of protection would be fower in number, far Business was done at 1/4 13/10 would not suffice to place the in- mere compact and permanent in for June and second half June, dustry in a position to play ita organization, and directed more finishing with sellers at 1/4 April/ proper part in the national econo- deinitely towards secuting the pro- May and 1/4 25/82 June, buyers at my unless it were accompanied by grusive concentration of produc 1/2 higher respectively. Gold Dollars. a considerable measure of reorgatica in the more efficient planta

>HIGH nization," and on the invitation of and to the promotion of the export The market closed with buyers at

April, 28 1/16 May, 26 3/16- the Government, the Committee trade. Each would be autonomous 26 undertook to endeavour to arrange in matters of purely domestic con- second half May and June, sel- ch reorganization to be car-cern, but would be under the gen lers at 15/18 for cash, 26 May, ried out.

eral guidance of the corporation in 96) second half May and be June. A representative meeting of the questions of general policy, agree industry was accordingly called by ments, and other matters affecting

Apr. 27 Change 71.7193 down

30.34 .83 down 23.08.19 down 76.2003 up

Asia Landa, Limited, has received the following report from their New. York correspondents, E. A. Pierce & Co.. It appears that the theory that the market will go through a period of consolidation and relative. inaction, instead of running into a sharp break is becoming better defined. We expect a greater strength to develop tomorrow Wheat Crop news is better. was nervous and technically overbought, Cotton trade was absorbed by Southern sales and there is a disposition to await developments. Silver felt the influence of May selling, trading being heavy and irregular, The market closed steady.. Business Done: 1,880,000 shares.

124 Anaconda Copper Mining

1932 Div.

Low PER. Sa...

Apr. 20 Apr. 27

64

30%

3.00 Air Reduction

864 863

894

6.00 Allied Chemical & Dye

001

73%

*4.00 American Can

47

American Smelting....

Shanghai.

187

701

9:00 American Tel. & Tel.

944

942

This committee appointed a emai

Asia Lands Limited

Tel. 28880.

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 Daily Press

Canton Ageste

John H. Ferguson & Co.

32, B. C. Shameen.

Tol. 18624.

sult of that meeting a National In addition to its co-ordinating Committee of the whole industry and supervisory functions, it is

was set up by the Advisory Com- contemplated that the corporation CONTROL LAW OF FOREIGN mittee ander the chairmanship of ald,

on its constitution, take

Mr. Charles Mitchell, chairman of over the oristi Iundbion of the Mesara. Dortman, Long and Coin-National Federation of Tron azid pany, Limited, and with Sir Wil Steel Manufacturers, which would

iam Larke, director of the Nattm. Be wound up.

tional Federation of Iron and

Steel Manufactarers, as secretary.

EXCHANGE

[THROUGH REUTER'S AGENCY)

Tokyo April 24-The Ministry

of Finance is issuing departmental decree laying down detailed re

ler executive committee and loureign exchange and currency is pro-gulations, for the enforcement of regional committees for Scotland hbited; and

the control law of foreign exchange,

the North-East Chast, South, Wales, Purchases of foreign currency which was enacted by the recent and for the remaining producing and exchange on the basis of Thiet, areas of the country comprising Japanese money or Xen exchange the Midlands, Lincolnshire, and the Japanese. territory are prohibit low North-West, Sub-committees were ed without a licence.

Aleo appointed to deal with the It is offcially announced to-day special problems presented by the that the foreign exchange control wrought iron, special steel, steel is together with detailed regula castings, and steel forgings sections for its enforcement will come tions of the industry.

into effect on May I

1-All gold coin, bullion, alloys and articles made principally of gold are prohibited from export without a licence

2.-Spalative dealing in for (Continued on previons column).

the Advisory Committee on June other sections of the industry. The buyers at 1/35/16 for near de 8, 1932, when Sir George May, corporation would not Own

or livery. chairman of the Committee, sug-operate any iron or steel works, gested to, the conference the ap- and would have no power itself of pointment of a number of commit interferance with this for JAPAN'S EXCHANGE toes to prepare a scheme. As a re-individual producer.

697. Sellers were indicated at 1/4,

44

5.00 Ambrican Tobacco "B

75 736

108

1512 43

282

200 Auburnya

188

1.60 Borden. Company

201

204

Canadian Pacific .....................................

10%

60

J. I. Cast

REGULATIONS

.914

1.00 Chrysler Motors

13

*882

31+

4.00 Consolidated Gas of N.Y.

43)

233.00 Drugs, Ine. An

57

591

22

2.00 Du Pont de Nemours"

401

48

87%

35+

48

B

3.00 Eastman Kodak 0%. Electric Bond & Share

261

8

0.40 General Electric

178

401

"199

2.00 General Foods

241

74

1.00 General Motors ....

174.

18

...24

104, Gillette Safety...........................

11.

34

10

0.60 International Harvester .....

108

681

1:00

"

(Preferred)

954

151

24

International Tel. & Tel...

101

872

34

97

The regulations provide as fol-

15

37

4.00 Liggett & Myers "B"

1.00 Loew's Inc..

Montgomery Ward

80 National Biscuit,

2.00 Pactics Gas 0.50 Pennsylvania

Radio Corpo

Scare Roebuck Standard Oil

Jersey

37

32