1933-05-13 — Page 13

HONG KONG DAILY PRESS,

MONEY AND MARKETS

HONG KONG STOCK MARKET

WEEKLY REPORT

Practically the sutire list of the investment section registered ad- vances in the past week, the most substantial advance being that of "The Canton Insurance, which start- ed the week at $1,370 and closed at 81,400 bid.

In the same period, the smaller issues remained steady to firm, with the exception of Cements, which virtually munopolised attention, moving up from 87) to $8.40 cash, with large parcels changing hands for forward delivery at correspond- ing rates.

Closing tone generally firm.- ·

BUSINESS DONE DURING THE WEEK

Hong Kong Banks, 81,795. Bank of East Asia, 88. Union Fnsurances, $530 85273 8530. Benguet Explorations, 33 cents. Providents (013), 84 84.10. Providents (New), $81.45 $14. Hotels 87.10 87.13.

Hong Kong Lands, 875 8754. Realties, $7.70.

Tramways, 829 $1.90 $22. Ynumati Ferries, $29. China Lights (Old), 812.10. Macno Electrics, 21. Telephones, 829 828).

Cements (Combined), $790 88.35

Dairy Farros, 8211 Watsons, 89).

Lane, Crawford's, 85.10 $4.85 34.80 84 84.40 84.35 84.40.

Constructions (Old), $2). Ewn Cottons Sh. 811.20.

Govt. Loans, 4 per cent. Prem.

CHANGES (3.13. p.m.) CLOSING

QUOTATIONS

Buyers.

Canton Insurances, $1,450.” Hotels, $7.10. Cements (Combined), 88.40,

Sales,

Benguet Explorations, 33 cents.

SHANGHAI SHARE MARKET

CARROLL BROS' QUOTATIONS

Messrs. Carrot Bros., have re- ceived the following cabled quota. tions from Shanghai:-

Shanghai Land Invest.

25.25

China Finance Corp. International Investment

Trust Co.

Cathay Land

Yangtze Finance Co....

9.50

16.40 9.90

International

Assurance

Co.

4.75

China Realty Co.

14.30

ment Co.

30.25

New Engineering

and "

Ship Building Works (Ord.)

8.00

Shanghai Dock and En-

gineering Co.

...... 134.00

Shanghai and Hougkew

Wharf Co.

300.00

Shanghai Electric Con-

struction Co.

Ewo Cotton Mille, Ltd. Shanghai Cotton Manu-

facturing Co.

20.00 13,80

90.00

Gold Dollar Bonds 1925 72.00% All Prices are in Shanghai Dol. lars.

THE EXCHANGE MARKET

·MESSRS, ROZA BROS., REPORT

Messrs. Roza Bros. have for

warded us the following exchange market report for yesterday-

Silver prices roso yesterday for both deliveries, the quotations being 19 1/16 for Ready and 19 for Forward. Advices received re- ported the Continent as having cold. Indian Bazaars and America bought. The tone at the close was steady. In America the rate was higher at 313 for Spot

New York advices reported the closing rate at 3.00. Firm,

Market. Quiet but steady.

Sterling.

Opened with sellers at 1/4 19/32 May resulting in business at 1/4 June followed subsequently by a transaction at:1/4 for cash. The market closed a hunch time with sellers at 1/4 19/32 May, 1/48 Junc and probably 1/4 21/32 July, buyers at 1/39 higher respectively.

Gold Dollars.

Business was done during the course of the morning at 27 7/16 for near and 979/18 second half June. The market closed at lunch time with sellers at 977/16 May, 273 June and 27 9/16 second half June, buyers at 1/16 higher respectively.

Yen.

Merchants were quoted at 1121 for near delivery.

Shanghai Dollars. Were quoted at 110 for near de- livery.

Shanghai.

Quiet. There were rollers at 1/2 with business reported at 1/31/16 for near delivery

The market was steadier in the afternoon.

Sterling,

Business was arranged at 1/4 1149 for June delivery, finishing with sellers at 1/48 May, 1/4 21/32 June and 1/4 11/16 July, buyers at 1/32 higher respectively.

Gold Dollars.

Business was done at 27 9/18 for June delivery. There were sellers at 977/16 May, 27 June and 27 11/10 July, bayers probably at 273 near, 2 Tane and July,

THE CANTON INSURANCE

OFFICE, LTD,

DIVIDEND $377" BONUS $$.

We are officially informed that the General Agents and Consulting Committen of the Canton Insurance Office, Ltd., will, at the forthenm- ing meeting of shareholders to be held on Thursday, the 25th May, recommend a final dividend of $37 together with *A "Exchange" Bonus of $5 per share in respect of Working Account for 1931, add $338,684.94 to Reinsurance Fund and $480,000.000 to Underwriting Suspense Account; they will further recommend, the payment of an In- terim Dividend of $18 per share in respect of Working Account for 1932, and that the balance of 81,942,160.49 ho carried forward.

THE RAUB AUSTRALIAN GOLD MINING CO., LTD.

The above Company informs 19 that the output for the four weeks ended April 25, 1933 amounted to 2,025.15 ouno95.

LONDON STOCK EXCHANGE

[BRITISH WINES:ESS SERVICE. )

Rugby, May 11."

851

3.001

4.49

23.921

Paris New York Montreal Brussels Geneva

17.45

Amsterdam

8.39)

Milan ....

Berlin

Stockholm Copenhagen Oslo Vienna Prague

04.5/10 14.361 10.85.

29.45

10,85

ag

1132

Helsingfors

9207

Madrid

307/16

Lisbon

110

Athens

685

Bucharest

570

Belgrade Rio

250

44 nom,

Buenos Aires Montevider Bombay Shanghai Hong Kong

Yokohama Silver (Spot) ....... Silver (Forward)

EXCHANGE

:}

40 O.R.

34 nota.

1/85/61 1/3 1/47/16

1/2 11/16 19 1/16 10 1/8

CLOSING QUOTATIONS

May 12, 1833. ON LONDON:~.

Telegraphic Transfer..

1041 Bank Bills, on demand Bank Billa, 4 months' ?

sight ........

1 Credits, 4 months'

Bight

ON NEW YORK:→→→

Bank Bills, on demand 2 nm Credits, 60 daye sight.. non ON PARIS

Bank Bills, on demand so Credits, mouths' sight; ON' INDIA -

Telegraphie Transfer... Bank, on demand

ON SHANGHAI:--

On Demand

ON KOBE-

On demand ON MANILA: ----

On demand

ON SINGAPORE:—

On demand

Ox BATAVIA': ——-

On demand

|

ON

SATGON: --

On demand

Ox BANGKOK :-

1101

53 a

18

.............. A

1372

On domand SOVEREIGNO, Bank Buying

SATURDAY,

PRES. ROOSEVELT'S MONEY POLICY

*** World Currency

Dictator

LONDON VIEW OF THE POSITION

(Special Air Mail Service)

London, April 25. President Roosevelt is being hail ed as the Dollar Dictator. Does he desire to become the World Currency Dictator The question find some justification in the events of the past week. By the exercise of his authority the President re- stored the embargo on gold exports, and

deliberately and definitely placed the United States of the Gold Standard. He gave severni reasons for his action. They may be summarised as follows:-

It will put the United States in the same economic position as other nations.

"

It will raise commodity prices. It will allow the United States to compete with countries whose currency is depreviated.

It will enhance the possibility of the nations getting together on a common economie programme.

It will facilitate a general re- turm to the Gold Standard, though probably on a different gold ratio, substantially below that at present prevailing. These statements attributed to the President seem to contain some con- fusion of ideas. While suggesting

MAY 13, 1933

CORRESPONDENCE

[All letters intended for publi- pation must be accompanied by the name and address of the writer, not for publication, unless to desired, but as evidence of good faith.-ED.)

SIAMESE RICE

(TO THE EDITOR OF THE "HONG KONG DAILY 'PRESS."]

With reference to an article un- der the above heading in your issue of to-day, we would like to suggest that the prohibition of the importa tion of Rice into the Dutch East Indies for a period of four months, in order to protect their own in- dustry, is the cause of the cheaper prices now ruling for that Com- modity. We hardly think that such an important Rice growing coun-. try as Burma will import Rice from Siam.

Yours faithfully, PENTREATH & CO.

How

May 12.

Alation on a grandiose scale. far it will go or how long it will last no one can say. One thing, Unless some- however, is certain thing more substantial than the manufacture of paper credit "makes itself apparent in the American in- dustrial world, there is grave daa- ger of repétition of the critical, days of six weeks ago.

tion

What Next?

The question to which everyone is seeking to find an answer is:- What will America do next? She has abandoned the dollar to its fate. Proposals are to be placed before Congress giving the Presi dent autocratic powers of devalun

Should the legislation be what amounts to a currency war, the idea of economic agreement passed ha will be able, if he deem put forward, two factors as incum.it wise, to reduce the gold content patible as oil and water. So far of the dollar and to print paper the whole world is in a state of money up to at least 3,000,000,000

dollars. complete uncertainty as to the real actuating motive behind the de- cision. All it knows is that an im mense blow has been delivered it the growing feeling of hope and confidence,

Chaotic Currencies. The result is that the whole in ternational monetary structure has been thrown into chaos. The dollar, with wide fluctuations, has depre ciated in terms of sterling, and no one dares to prophesy where the re- adjustment of the two currencies will stop

The currencies of the principal countries remaining on the Gold Standard-the French franc,

It is an amazing position, for with her enormous hoard of gold, over £878,000,000, there has been no apparent reason why the United States

should have deliberately abandoned the Gold Standard. Her trade balance is favourable, her foreign indebtednase comparatively mall. The United States is, in fact, the world's largest creditor. will make it easier for her debtors A devalued or depreciated dallar to meet their liabilities, but this can hardly have been the motive.

Political Influences. There is no question of the dollar There has being, forced off gold. certainly been a flight from the dollar, but on nothing like the scale

SULT

BALIDA

13

Weekly Sailings Transpacific

To San Francisco, Los Angeles & New York

via

Panama

For ghtly sailings on Wednesdays Pres. Hoover...................... May 24 Pres. Wilson sama si . Fine -7 Pros. Coolidgo......................... 2 June 21 Pres. Jackson was July 5

To Seattle and Victoria

AA

Fortnightly sailings on Saturdays Pres, Taft lossMay 20, þám. Pres. Jefferson......................................... Joże 3 Pres. Cleveland

****.. June24: Fren. Taft... m duly 8 Pres. Jefferson

„July 22 ROUND TRIP FARES TO EUROPE & AMERICA,

Direct Special through rates to Europe via United Statee. conaretions with all Atlantas lines. Uhoice of rail lines across United States and Canada, liber stop-over privileges for Sight-reeing. Full particulars upon application.

Fortnightly via Suez to Europe & America

Fortnightly sailinge on Saturdays vis Manila, Straits, Colombo, Bombay. Suer Canal, Alexandria, Naples, Ganoa, Marseilles, New York and Boston

Fres. Garfield, Pres. Folk

TO

8.

May 13.

May 27"

Pres. Adame

Free. Harrison

MANILA

800.

ne 10 June 25

Next Sailing...................... Pres. Garfield May 13, 8 am.

Pres. Wilson' Pres. Adams Pros. Coolidge Pres. Cleveland...

***May 30

ne 10 June 13 Jute '17

Pree. Taft

May 18 Pren. Hoover

.... May 16 Pren. Polk....................................May 47 Pra. Jeffervou....... mesmos May 27 Connecting with 8.8. MAYON TO CEBU, ILOILO, ZAMBOANGA

t:

DOLLAR STEAMSHIP LINES AMERICAN MAIL I LINE

PEDDER BUILDING-HONGKONG.

CANTON BRANCH:~4, SHaxes Road.

NOTICE TO CÓNSIONRES. PENINSULAR AND ORIENTAL

STEAM NAVIGATION Col STEAMER "KIDDERPORE."

AIRIVED HONG KONG ON 10TH MAY, 1933.

FROM BOMBAT, COLOMBO AND STRAITS.

||

above-named Vessel are hereby in-

NOTICE TO CONSIGNEES

PENINSULAR AND ORIENTAI, STEAM NAVIGATION Co.'s STEAMER BURDWAN.”

ARRIVED HONG KONG OF" 111 MAX, 1983.

FAMANTWERP,LONDON.GIBRAL TAR, MARSEILLES, MALTA, PORT SAID, ADEN, COLOMBO, AND STRATTR.**

YONSIGNEES of Cargo by the above-

the Belgian belga, and the Dutch florin have weakened substantially, om and in the opinion of many it is

only a matter of time for all the of the fight from the £ in 1931 and placed AT THEIR Brag in the Hong named Vessol are hereby informed

Rate .... BAR SILVER, per o... 19 1/10

NEW YORK STOCK EXCHANGE

ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG.)

Tel. 28880-Gloucester Building, Room 306.

CONSIGNEES of Cargo by the formed that their Goods are being landed Kong and Kowloon Wharf and GodowE Company's Godowns at Kowloon where Consignment will be sorted out Mark by Mark and Delivery can be obtained as the Goods are landed.

Goods not cleared within 8 days in. dinding date of arrival will be subject to Rest

that their Goods are being landed, and placed Ar R K in the Hong-Kong pany's Godowne st Kowloon, where each add Kowloon Wharf and Godown Con Consignment will be sorted out ar by Mark and Delivery can be obtained as

Optional Goods will be landed here anlow instructions have been given to the contrary Six Hours before arrival of the Steamer,

Goods not cleared within 8' day including date of arrival will be subject to Bent.

ጉል

No Fire Insurance will be affected by

us in any case whatever.

world to be off gold."""

Had there been the will to protect A wild speculative movement in the currency, no doubt exists that "equities" has begun in New York the vast gold stock could have been without danger and with with nothing to back it but a de- used

This Vessel brings on Cargo from SUCCESE. With every deference to preciated dollar and hopes of in-

the statements attributed to the Persian Gulf ex B.I.A.N. and B. & P.S.No

Co.'s Steameru, President, the real underlying mo- Optional Goods will be landed here tive would appear to have been poli-unless Instructions have been given to tical and not economic. While the the contrary Six Hours before arrival of President was engaged in allaying the Steamer the banking panic he was left alone. But the Congressional inflationists Lave now become formidable, and No Fire Insurance will be effected by threaten to force on the country us in any case whatever. measures which the President and Damaged Packages must be left in his advisers regard as extremely the Godown for examination by the dangerous. He has met them hall-Coignees, and the Company's marreyors, Mesu. GODDARD & DOUGLAS sp 10 am way, and the problem now is how on Mondays and Thursdays, within the much farther he will be forced along Free Storage period. this very dangerous road.

Consignees are specially notified that One point should not be overlook-it is necessary for Revenue Officer to ed by those who are speculating be present at the examination of damaged

dufiable cargo. rather wildly on a further fall in the dollar, Anything may happen, and it may

conceivably suit America's book to see the dollar in On the other line with the T. hand, the gold position in the United States is such that at any moment an upward movement could be engineered with difficulty.

{BRUTER'S AMERICAN SERVICE.]

New York: May 11.

Dow Jones Averages:

30 Industrials

20 Raila

20 Utilities

40 Bonds

High-1932

88.78

Low: May 10. 41.22 80.78

41.30

13.22 36.03

36.11

83.26

16.53 27.02 86.78 79.00

Change May lì,

82.48, 1.70 up 37.43 1.40 up 24.48.264 down 80.69 1.00 up

Asia Lands, Limited, has received the following report from their New York correspondenta, Pierce E. A. & Co. The market shows no outstand- ing danger signals yet but, using an expression, we think it would be advisable to trade Pretty close to your breast. Wheat: The advance met with no opposition. Profit-taking was heavy but was readily absorbed. Inflation is still the paramount factor. Cotton: Demand has been broad. Shorts have covered on a reported general demand for goods. Some authorities feel that the market is now more two-sided. Silver: The tone is steady. Commission-houses and banks sold.. The selling by the banks may have been on Eastern accounts. Offerings have been well absorbed. .Business Done: 6,160,000 shares.

ין

$731

?

1932

Div. 8 HIGH Low PER SH.

LAST SALE

May 10, May 11,

30%

3.00 Air Reduction-

$73

844"

424

6.00 Allied Chemical & Dye ......

911

971

82*

233 4.00 American Can

80

83

20

5

American Binelting........

231

137

701

9.00 American Tel. & Tel.

103)

-697

5.00 American Tobacco "B"

ID

Anaconda Copper Mining.

1812

282

2.00 Auburn.

43

18

1.60 Borden Company...

20%

Canadian Pacific

189

J. L. Cast.

214

2.00 Chrysler Motors

311

4.00 Consolidated Gas of N.X.

529

523

3.00 Drugs, Inc..

22

2.00 Du Pont de Nemours

26

3.00 Eastman Kodak

6% 6. Electric Bond & Share

· 19

0.40 General Electric

2.00 General Foods.

201

201

321

33

231

24xd..

131

134

100bid 1001bid.

19) 130 81941 118

.101

401

240

10

10

7.00":

(Preferred)

Asia Lands Limited

Gloucester Building

Tel. 28380.

We offer you a complete brokerage service for the purchase or sale of

New York Securities

Daily quotations sent-gratis-upon See our investment news on request.

the Financial Page of The Hongkong Daily Press

Canton Agente

John H. Ferguson & Co.

32, B. C. Shameen.

Tel. 18624.

781,00. General Motors

1. Gillette Safety

0.00 International; Harvester .....

International Tel. & Tel.-...

40 Liggett & Myers "B"

1.00 Loew's Inc..

Montgomery Ward

2.80 National Biscuit... 2.00 Pacific Gas & Electric 0.50 Pennsylvania Railway

Radio Corps. *****

Seats Bochuck ... 1.00 Standard Oil Co. of New

Jersey...

9.40 Bucony-Vacuum Corpu. ... 1.20 Union Carbide & Carbon .. 8.00 Union Pacific ...............nti

United States Steel **** Westinghouse E. & M.

71

341

343

168

TRE

All Claims against the Steamers mast be presented to the Undersigned on or before 20th May, 1833, or they will not be recognized.

“

Damaged Packages must be left in the Godowns for examination by the Con- signees, and the Company's Surveyors, Mosers. GoNDARD & DOUGLAS, $110, Free Storage period. on Mondays and Thursdays, within the

Consignees are specially notified that it is hecessary for a Revenue Officer to damaged dutiable cargo. be present at the examination to

FAD Claims against the Steamer must be presented to the Undersigned on or before 31st May, 1983, or they will not be recognized.

Ny Clans well be admitted after the Gooder mye left the Godown.

Agante. HACKINNON, MACKENZIE & Co, [803 Hong Kong, 11th May, 1933.

No Claims will be admitted after the Goods have left the Godown. MACKINNON, MACKENZIE & Co.,

Agenta, Hong Kong, 10th May, 1933.

NORDDEUTSCHER LLOYD * HAMBURG-AMERIKA LINIE

BREMEN

NORD

DEUTSCHER

LLOYD

STEMEN

HAMBURG

CÕESITUBAVITE,

FAR EASTERN MAIL PASSENGER AND FREIGHT SERVICE

THROUGH BOOKINGS TO AMERICA 1⁄2 EUROPE

AND EUROPE AMERICA. BOOKINGS AROUND THE WORLD.

THROUGH BOOKINGS TO LONDON.

ARRIVALS FROM EUROPE

SAILINGS TO DRA

NORTH CHINA & JAPAN

(NDL) M.8. "TRAVE"

(HAL) M.S. "SAUERLAND

(NDL) 8.8. "TRIER".

BAILINGS

TO EUROPE

19th May ...29th May. mave 4th June

(NDL) 8.8. "HOLSTEIN"......... 10th June

DESTINATION

Marseilles, Rotterdam, Hamburg, Bremen Genoa, Rotterdam, Hamburg

[909

Genos, B'lons B'dam. H'burg, Bremen. Marseilles, Oran, Havre, Dunkirk, Rotterdam,

Hamburg, Bremen. Genoa, Marseilles, Rotterdam, Hamburg.. Genoa, B'lons. L'bon, R'dam. H'burg. Bremen

17th May...(HAL) M.S. "HAVELLAND".14th June 2nd June..(NDL) 8.8. “BAAKBRUECKEN" 2nd July NDL. Hongkong Bonth Sea Islands service: 8.8, "FRIDERUN" 12th May, 1938 to MADANG,

NORDEUTSCHER LLOYD MELCHERS & CO., Agents,

Queen's Building, Tel. 26878.

BABAUL, and ports

-:, ་

HAMBURG AMERIKA LINIE JEBSEN & CO., Agents,

12. Polder Street, Tel: 28863,

CANTON AGENTS

JEBSEN & CO., Shameen, B.C.

CABLOWITZ & CO. Shakes

201