DAILY SHARE QUOTATIONS
HONG KONG STOCK
EXCHANGE.
Bayre
Ballere
SHAREBROKERS
ASSOCIATION..
HONG KONG DAILY PRESS, MONDAY, MAY 15. 1933,
MONEY AND MARKETS
SATURDAY,
Nominal
Bellare Buyur
Komlea
MAT 13.
HENRY FORD ON THE HONG KONG STOCK
Hanks
SLUMP
MARKET
F
$1,720
£13
29
$98
£123
813
£24
$1,728 H.K. Banks
Do. (London) Chartered Banks.... Mercantile Bs. "A"
Do.
Bank of East Asiä...
N. C. & 8. Barks
Am. O. Fin.Corp: 9,
$0.40 Ch. Fin. Corp. Ord. $.
Prof. B
Ingrances
$1,450 Canton Insurances. $1,460
Underwriters ..................
$20
35 00
* Do.
B.K. Fires LIMA)
$4.75 International Assco, 8.
H
$2.35
H
3627/30
Union Insurancem .......
#526
1820
China Fires *****
$625 $250
3200
Khipping
$725
Douglases rueret
192
Steamboats
$ B
Indos (prof.)
$34 322 65/-
$20
Do. (def.)
BOX-
47/6
Shelle
48/-
$15
Waterboata
$204
Mining
$251
Benguets
3201
27/41
Kailans ........................
Langkats (single) 8.
Explorations... S.
€3,40
1420 Venezuela Gold Fide. $3,
$9.40
***
#
3130
33 cts.
341 $4,30
11.40
*16)
监程
Shanghai Loans .
Raubs
Tronch Minos
Benguet Explorations
Docks, Wharvas, Godówna, $10.
H.K. & K. Wharvas.
129
Providents (old)' ... $3.95
DO
(now)
B.K. &W, Docks
6. China Motors A'
Do.
3133 Shanghai Docks 8. New Engineerings8.
38
1300 Hongkew ..........
| Lands, Hotels, and Building
H.K. Hotels...... HK Landı....................... 8. $380 Shanghai Lands...8.
Metropolitan Lands.. HK. Realties....... China Do........
3137 Do. Debentures).
$134 Humphreya
$140
Asia Healtice “A”S. "B". Do.
Chinese Estates.....
'87 20 87.20
570
$14
$141
Pook Trama (old).......
Yaumati Ferries (old) Do. (now, cam. rights....
Do. (now)...];
annu
Crop Scarcity Won't Make Plenty
FUNCTION OF MONEY AND BANKS
Detroit, April 12. Henry Ford insiste that real bank reform can come in only two ways: assumption by Congress of power over money and development of an unwritten banking code bas- ed upon the Ten Commandments.
He has no confidence in any kind of farm relief based upon the eur tailment of production. "Scar- city cannot create plenty," was his own pithy way of expressing his position.
Contrary to Life Itself.
All these opinions on pressing subjects of the hour Mr. Ford ex 95. pressed for the Monitor in a spe cial interview at his Dearborn en- $1.95
gineering laboratories. $3,25
13/8
กา
$20
18
$8
"It is strange," he mused, lean ing back in his chair, "how diffi cult it is for us as a society learn this simple lesson. In so-called farm relief we are demanding that life should cease from growing. Yet we see on all sides that lifa has insisted on growing. That is the real explanation of the change i that has been slowly forcing itself to the surface these three years
1.134 past. T.8
-
$2.157.15
$76
***
**
DU
"We have made strenuous efforts not to go along with life. We have tried to bulk at it, to frustrate it, to limit it, to confine it within a pattern which has nothing at all to do with life. But life has in- sisted on its natural expression.
sult-a seeming "chaos.
ces.
"If we would go along with life, then we should find orderly. pró- $13.93 gress and real prosperity. By that I mean that we ought to welcome life with both hands. In concrete language, such a welcome can be given only by tuning up our in- stitutions to accept the challenge of life with all its urgent insisten
As if "Suppose," he went on. thinking aloud, "suppose that we do curtail our production as somé of our limitators wish. Then sup pose that nature, instead of being so lavish, as she is to day, visits us for a spell with a shortage. That is the only problem that could be called a problem. It is a problem that is recognized as such by com- mon sense. Yet we would be equrt-
$14 $100
345
***
'Ootton Milla
$14
Ewosament
| $13.70]
$95
S'hi Colton.S
$14
•Zoong Sings *
$85
Wing On Textiles(5.)
Public Utilities
· 100
21.85/ 22.
Tramways.........
$21.85
$16.20
516
138
· Da.
(new)...
$8
391
Star Ferries
jai
$20
$30
China Lights (old)
$11.85
$11.00
***
H.K. Electrics......
123
Macao do.
$204
Sandakan Lights...
***
528
Telephones......
$14
China Busos...8.
7/
Do.
(pref.)......
$16
Malabon Sugars
120
Caldbeck, Tord.) 8.
$16
Macgregors f(praf.)8.
$6
Canton Icea
Do.
(old)...
Do.
(new)...
$11.90
5721
$1.40
*********
88.40
$9
Tractions
Industriale
Cements (comb). $9)
Rope...................; Ch Agricultures
*r 20
$27
$6
38.40 | 35.40
$81
$1,
39
140
$271
Dairy Farma
$27
$1
Der A Winganima,
$121
Amusementa
$121
$12
Ch. Etainment.....
#12
$2.70
Constructions, ' (old)] $24
Do. (now)
1,80 cta
10
Lane Crawfords...... $42°
$21
Mackintoahs
Nanyang Tobacco...
H
$15
Binceras ********
$15
Watsons ............
$3
$10
M. Greyhounds.......
181
B. C. Enterprises •
United Theatre 24, §.
70%
B. Ind. G. Bonds... 79%
prem:
H.E. Gort, Loans.... $101
$108
***
Wallace Harper
$2.10 Wm, Fowella ..................
*
Chins Sports Litd...
$200 H.K Wing On
S'hai
Do
#202
$159
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 Daily Press
Canton Agents
John H. Ferguson & Co.
32, B. C. Shameen.
Tel. 18824.
ing precisely that type of problem by curtailing production."..
Playing With Dynamite, The great industrialist ant up ab ruptis and exclaimed, "We are meddling with these matters inuch as small boys would play with dynamite!"
SATURDAY'S OFFICIAL QUOTATIONS
to
"Saturday, May 13: Investment
continue issure prove attractive, and there would seem to be plenty of funds about for investment in that section.
Lights and Coments shaded off slightly this morning, but both continue to be enquired after Hotels, on the other hand, showed a little firmness being bid up to 87.15 cash.-
SALES
Union Insurances, 85274/630 Bonguet Explorations, 33 cents. Hong Kong Trams, $21.85/22 Telephones, 828
Govt, Loans, 31 per cent. Prem.
BUYERS
Bank of East Asia, 800
H. K. Fire Insurances, $250 Benguet Consolidates, 825). ⠀ H. K. & K. Wharves, 8130 Providents (Old), 3.00 Hotels, 87.10
H. K. Realties, 874 Chinese Estates, 805 China Lights (Old), 11,90' Hong Kong Trams, $1.60
H. K. Electrics, 8721 Cements (Old), 86) Cementa (New), $1.40 Dairy Farms, 8271
Watsons, 89.40
Constructions (Old), 89.70
H. K. Govt. Loans, 2 per cent,
SELLERS
Providents (Old), 84 Hotels, 87.50
China Lights (New), '811}
Prem.
UNION INSURANCE SOCY, OF CANTON
DIVIDENA £2 PER SHARE
The Directors of the above Com- pany in their report to the share- holders for the year 1832, stata that ha forecast by the Chairman at the last ordinary yearly meeting of shareholders, the form of account has been altered, and following the usual practice in Great Britain the Society has issued a Con-
solidated Balanco Sheet in addi-: tion to a Balance Sheet drawn up in the method required by the Companies Act, 1929, This has necessitated the showing of various funds and reserves in a different manner from heretofore, and the Board are satisfied that the new method is the beat that could be adopted. The auditors state in their report, that they are satisfied that "the allocations made are in orders.
Marine,
The 1931.Account has been closed and the profit of £77,474.6.2 carried to Profit and Loss Account.
The nett premiums of the year. 1032 amounted to £003;117.6.11, and claims and expenses to £499.185.5.5. The balance carried forward, in-
additional cluding the
reserve, amounts to £646,150.7.4
Fire.
The nett premiums amounted to £625,804.8.9 and. the losses to £318,264.2.10. After taking into Ac- count. Commission Expenses of
Asia Lands Ltd. Report Management, had Fire Brigade
GH.LETTE SAFETY RAZOR COMPANY
Fees and adjusting the reserve for unexpected risks there is a crédit
president liners
gafl 1.591,000 miles.
Weekly Sailings Transpacific
To San Francisco, Los Angeles & New York
To Seattle and
Victoria
via Panama. Fortnightly sailings on Wednesdays Fortnightly sailings on Saturday, Pres. Hoover quemingsen May 24 -Pres Taft May 20, 1 x.m. Free. Wilson w.......... Jone 7 Pins Jefferso
June 3 From Coolidge, 100 me
3rize 91 "Prei. Clerolasti: .......... .....
......Jube24 Pres. Jackson ...............
Pree. Taft..............July 8 July &
Pres. Jefferson....... July 28
"
ROUND TRIP FARES TO EUROPE & AMERICA. Special through rates to Europe a United States. Direct connections with all Atlantic lines, Choice of rail lines across United States and Canada, liberal stop-over privileges for Bight-seeing. Full particulare upon application,
Fortnightly via Suez to Europe & America
Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Bombay, Suez Canal, Alexandris, Naples, Gonon, Marsailles, New York and Boston.
Pros, Harrison Pre. Hayo...totekës
MANILA
8am.
„June 24
„July
8am.
Pres, Polk.... Pres. Adams
ཐཱ ཀའཚཱནཾ ཏཿ ས ་ཟབརྐ
May 27
June 10
TO
May 17 May 27
Pres. Cleveland..............
May 30
Free Harrison
June 24
..June 10
Pres. Jackson......
... June 27
Next Salling.
Pree, Polk
Pres, Jefferson...............
Pres. Wilson
Pres. Adams raciona
Pres. Hoover May 16, 6 p.m.
Pres. Coolidge
June 13
June 17
Connecting with 8.8. MAYON 7. CEBU, ILOILO, ZAMBOANGA”
DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE
PEDDER BUILDING-HONGKONG.
CANTON BRANCH-4, SHaxes Road.
-balance of £5,181.1.1 which has been on the 28th May, 1933.
carried to Profit and Loss Avroûnt. The Fund, including the addi-
now
amounts to
Incorporated in Delaware in 1917. Gillette is the leading manu-Licual reserve,
razors and £356,788.0.10. ** facturer of safety blades (mainly the double-edged
Accident and General, type), and also makes carpet textile edges, surgeons' knives,
"The nett premiums amounted to knives, chisels, office knives and
tho claims to twin cutters. Formerly produced £24,470.7.0 and between 60 per cent. and 70 per £104,201.9.8. After taking into ac-i cent. of the world output of safety count Commission and Expenses of razor blades. Acquired in Novem-Management the profit of £23,178 ber 1930. nssets and business of 188 11d, has been carried to Profit second largest competitor, Auto and Loss Account.
The Fund at the end of the year, Strop Safety Razor Co., through the exchange of stock.
including the additional reserve, amounts to £138,040.10.0.
"Dividend.
Contributory Bonus,
The Directors recommend a bonus of 20 per cent to contributors of contributory premium, payable on the 28th May, 1903.
Profit and Loss Account.
The amount, at the ovedit of the
Frofit and Loss Account after pro- viding for the dividend and, contri- butory bomis for the year 1032,
A
amounts to 2705,005.16.0.
Directors..
Since the last General Meeting," Mr. J. A. Plummer, Mr. L. J. Davies, Mr. J. P. Warren and Mr.
Cominents As indicated by re- turns of 81.98 a share for 1932; Gillette experienced a material in- crease in earnings last year. While this abowing is more than account- ed for by the abolition of special dividend of £2 per share, payablė ¦ (Gontinued as lont of next Column)
obsolescence charges made against 1931 income, the company's do- Dinant trade status is believed to In respect of the farmers, he ad- have been fully maintained. Hen- mitted that the fair price as giv-ce, volume of business is now large- ing him a return above his produe-ly dependent upon the success of ing costs had not been achieved, the concern's advertising and mer chandising policies. Operations are being handicapped by sharply
and competitive conditions,
the
The
Directors
recommend +
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.).
Tal. 28360-Gloucester Building, Room 306.
(RRUIRA'S AMERICAN BERVICE]
It had run up against what the economists called "the problem, ot the surplus.
"But in my opinion," Mr. Fordlarge volume of cheap blades of fered to the public, a situation xplained, "the surplus is not an
recent reduc which has caused a evil. We do not solve the problemtion in prices of the Gillette pro- of the surplus by creating an arti ducts. Despite & material reduc ficial scarcity. The value of the
High- 1932 tion in outstanding funded debt, ¤ surplus is the pressure which it financial position has been main- exerts on men's minds find new
uses for it. We might be paving tained. Because of various econo- roads some day with the surplusmies, and substantially curtailed coffee of Brazil. Surely there is of $7,383,000. debentures, Gillette is fixed charges through retirement some social use for every product | which nature is at such pains to in a favourable position to parti cipate in the enlarged demand produce. Yet the limitation poli eventually indicated for its rela ey insists that we should burn it, throw it into the sea, or otherwise tively essential products. get rid of it. Coffee is one exam- ple of many.
should continue to be divided be "That is not my way of doing tween state and national banks thinge. I call it the acknowledg-seemed subsidiary to him. What bent of defeat. More than that, it was important from the stand- is flying in the face of life, and life point of such division was whether, won't stand for it, as all restric banks should be commercial or spe- tion schemes have proved. I know culative. of none that has been a success. The reason is that life will not be kept down, but will burst its bounds at some other part of the economic structure.”.
Speculation.
"We have had too much specula- tion in our banking system. Peo ple have thought that they could make money out of money. They The Limitation of Money. thought they could live on money "The money issue," Mr. Ford alone. That is the fallacy of the said, turning to a topic that still exchanges. New, developments ars engrosses him, "is again a question always financed by the public in of limitation. Congress should vesting its surplus. There is no have kept its constitutional power other way. But we must insist over money. But it failed to do that the market should remain so. It farmed out the system to within its function as a market private hands-a notion just as an- for the sale and purchase of secu tiquated as the old notion which ritics, and not as a gambling en once prevailed of farming out the terprise. postal system.
"And we should also insist on "We should have a money, sys the banks remaining what they tem managed by the public for the pretend to be-s place of safe de service. of the public in the further posit, not a collection point for ance of life's continual demand for speculative funds. The simple de expansion. Money is right now vice of remembering that the de holding up our progress to the goal posit always belongs to the deposi which I have outlined. It is our tor, unless he otherwise specifies, natural conveyor system, but it is would cure most of our banking not moving. People hold on to abuses. S
money because they think it is "You cannot get away from tha wealth. But money is only the retribution that comes when peo- mover of wealth, and it is not mov-ple misuse money--that is, try to ing. And those who claim to be make money only with money. II experts in the management of the money were made the servant of money machine do not seem to be mankind, there would be an end of able to make it move.”
that type of speculation, and we Mr. Ford would not comment in should regard money as solely a detail on current questions of bank medium for the exchange of our reform. He said, he saw them in products. That should be its only the large, not in the detail of function. But we have let money charges in the present functioning. I control us instead of controlling Thus, the question whether banks it."
Now York: May 13.
Dow Jones Averages:
30 Industriala
20 Utilities
40 Bonda
20 · Rails
89.78
41.30
36.11
83.26
Low: May 12 41.22. 82.14 13.23 37.31 16.53 28.87 65.78 81.00
May 13. Change 8085 1.20 down 38,88 .43 down 27.00 .77 down 81.00 unchanged
Asia Lands, Limited, has received the following report from their New York correspondents, Pierce E. A. & Co. The market continues to act well. We expect more pronounced strength in rails. Perhaps we will have the culmination of the present rise some time towards the next week-end Wheat: The market is narrow. Profit-taking caused & de- cline but pressure was not heavy and was well absorbed. Cotton: A rather active tone prevails, with foverish underwaves of buying and selling. The sentiment is more tow sided. Silver: Values decimed in " London on Commission house selling. Banks are offering for May rather freely but it is hard to secure bids for "spot" silver." Business Done: 2,270,000 shares, 11932 HIGH
Canadian Pacific
809
LONDON STOCK EXCHANGE
(BRITISH WIRE/ERS ŠERVICE ),
Rugby, May 13.
Paris New York Montreal
3.00)
4.52
24.20
17.534
8.43
68.1/16
14,42) 19.13/32
Brussels Geneva Amsterdam Milan L Berlin Stockholm ... Copenhagen
Oslo
Vienna
Prague
22.424
18 11/10
31 nom.' 113 -2025 2201
Helsingfors
Madrid
30.0/10
Lisbon
110
Athens
Bucharest
Rio
Buenos Aires Montevider
BomBay
Shanghai Hong Kong Yokohama
385
570
43 nom. 414.0.8.
34 porn. 1/8 3/32 1/3
1/49/18
1/28
Silver (spot & forward) 184
EXCHANGE
CLOSING QUOTATIONS
ON LONDON:-
May 13, 1033,
Telegraphic Transfer... Bank Ballsy on demand 1/4 Bank Bills, 4 months'
night
Credits 4 móntha""
OF-NEW YORK --
Hank Billa on demand 27 scm Orellas, 60 days” sight." tom
OF PAR
-
Bank Bills, on demand (80 Credits, 4 months sight: (C ON INDIA
Telegraphic Transfer...
Bank, on demand
ON SHANGHAI--
-Div. Low Fz Sa.
LAST SALE
May 19. May 13,
30%
8.00 Air Reduction
#73
84
42}
6.00 Allied Chemical & Dye
ti
* 074
89
zog
4.00 American Can-
#21
814
30
American Smelting..............
29-
..271
137%
70
9.00 American Tel. & Tel.
1067
105
891
198
5.00 American Tobacco "B
Anaconda Copper Mining
911
13
1614
284
2.00 Aubura
47%
401
1.60 Border Company
337
342
200
134
13.
*a Gn:Demand
651
J.I. Cast
ON-KOST:-
911
1.00 Chrysler, Motors
10%
On demand
સ
4.00 Consolidated Gas of N.Y....
ON MANILA
57
3.00. Drugs, INC.
Ryoung
591
2:00 Du Pont de Nemours "..........
873
201
3.00 Eastman Kodek ...
7211
72:
48
6%. Electric Bond & Share
243
201
201
On demand
40k
ON SAIGON:-
243
On dessand
108
80
0.00 International Harvester 7.00
(Preferred) International Tel. & Tel. 4.00 Liggett & Myers B
13
38
13 332
ON BANGKOK
On demand
1371
100biel 10%bid
SOVEREIONS, Back Baying
1.00 Loew's' Inc.
932 X 630 123 137 10 181 24. 227
Bated
1/4%
BAR SILVEE, për OL .....
+10
0.40 General Electricians 2.00 General Foodse
1.00 General Motors
1 Gillette Safety
Montgomery Ward
2,80 National Bisonit: 2.00 Pacific Gas & Electric 0,50 Pennsylvania Railway
Radio Corps, Sears Roebuck 1.00 Standard Dil Co. of
Jersey
0:10 Socony-Vacuum Corpm, 1.20 Union Carbide & Carbon 6.00 Union Pacila, ima
United States Steel Westinghouse E. & H.
7. On demand
ON-BINGaron : ***
On demand:
ON BATAVIA
378 Dom
H. Bell resigned from the Board and Mr. K. 6. Morrison, Jan Mr. C. G. 8. Mackie, Mr.
H. Dodwell had Mr. Blaker have joined the Board. In accord ance with the Articles. Asocia tion Mr. J. Owen Hughes and Mr. TAS Mitchell retire but offer themselves for re-election,
No comments yet.
Private notes are available after approval.