1933-06-02 — Page 13

THE

HONG KONG DAILY PRESS, FRIDAY, JUNE 2, 1933

MONEY AND MARKETS

SHANGHAI MARKETS HONG KONG STOCK

EFFECTS OF THE NEW SCALE OF

IMPORT TARIFFS

SHANGHAI, May 27.

The new scals of import tariffs came into effect during the week under review, but it still appears to be too early to see what effecia they will have, says the "North-China Daily News." In some of the markets reviewed below dealers have been active in buying from stooks in Shanghai and have left forward business alone. There has been considerable activity in the silk market as the bonus period comes to an end next week,

PIECE GOODS.

of last year but some damage, however, has been done by the re-

Wheat appeared in the market. business in Shanghai during the werk has been afl,. and mills are gradually, using up their stocks. There have been no further arrivals in Shanghai during the week.

The flour market locally has only showed a little activity, and prices have advanced about two cents for immediate delivery and four cents per bag for October

Business in the piacegoody marcent rains: no offers have us yet ket hus been very quiet during the week, dealers bring more in terested in purchasing cheap stock for lots than in placing orders

A forward delivery. little new business has been done in poplins class of and also in certain woollens which have not been un- duly. penalised by the new scale of import tariffs. Regarding the new duties, it remains to be seen what foffect there will be on trade gen-delivery.

erally, but on lower grade

the cloths, such as imitation yarn-dyed poplins and imitation pedins, it' is felt that the new scale will practically destroy the possibility of further business. With regard to the better class of poplins, the increase in duty is not very severe, turn and dealers will possibly their attention to these lines, al- though on a more restricted Benle than in previous years.

Clearances continue to be satis. factory and new cargo is going into consumption immediately on arrival.

."

Metals.

Owing to heavy arrivals and very poor sales in the metals mar- ket, the godowas are full to capac ity and prices are Dealers do not appear interested in any quotations and little new business is expected for some time

to come.

Produce.

very weak.

There is no change to report in the produce market, and interest: from all buying centres abroad is still limited.

Timber.

No new business took place in the timber market during the week under review, and there is practi- only no change to report. Arrivals have been quite heavy and are ex pected to continue so: stocks in Shanghai are fair.

Paper.

Yuentong Auctions. The market very naturally has fallen into rather a demoralised condition on account of the sudden enforcement of the new duties, and it remains to be seen to what ex- tent values will eventually adjust themselves to cover the greatly in creased laying down cost. At the Yuenfang auction on Thursday there was a very excited market for dyed goods and speculative The only, although very import- buying was responsible for a very ant, event in the paper trade dur considerable rise in prices all round, amounting to 31.70 per ing the last week has been the big

increase of customs duties

The duties on Cap-paper piece for black venetians, $1.60 for black italians, 83 for

black paper.

and Woodfree Pnting. for in- velvets and 82 for continga. Grey stance, have been doubled and also and bleached goods, on the other head, failed to respond to the same extent, and while a

considerable

rise was recorded in certain quali

the average increase only ties, amounted to 30 cents for the form-

er and 40 cents for the latter.

Clearances have been quite brisk, especially for Yangtze porte and the local market.

Silk.

on

on

boards of various qualities the duty is now about twice as much before. Only on Newsprint in

EXCHANGE

YESTERDAY'S OFFICIAL

QUOTATIONS

Markets to-day displayed greater activity than has been the case during the past few days Prices were marked up generally, though only to a slight extent, but the undertone was quile firm;-

Sales.

Union Insurances, $619, Benguet Consolidateds, $34/33). Wharves, $129.

Providents (Old), 83,96. Hotels.. $7.20. Hong Kong Lands, $77. Ewo Cottons, Sh. 813.60. Electrics, 873). Telephones,. $20.

Cements (Combined), 87.68/7.00. H.K. Ropes, 88.' Govt.. Lonas, % Prem.

Buyers,

Hong Kong Banks, $1,710. Canton Insurances, $1,430. Underwriters, ..

H.K. Fire Insurances, 8255. Douglases, 832),

Benguet Consolidateds, 833). Vens: Goldfields, $13.

Benguet Explorations, 31 cents. Providents (New), 81.35. Hong Kong Lands, $77. H.K. Realties, 87.85. Ewo Cottons, Sh.815.60. S'hai Cottons, Sh.8111 ex. div. Hong Kong Trams, 821.86. China Lights (Old), $12.90. China Lights (New). 818.15. Telephones, 828.90. Cements (Combined), #70. H.K. Ropes, $8. Lane, Crawfords, 84.60. Constructions (New), $1. Govt, Loans. 2 Prem.

Seljora.

H.E. Steamers, 925.

THE EXCHANGE MARKET

MESSRS. ROZA BROS.

REPORT

Messrs, Roza Bros. have for warded us the following exchange market report for yesterday:

is. the reals and sheets the duty same, although the duty on sheets both

now actually higher, taken on a percentage basis, than some time ago, owing to the difference in the exchange rate of the gold' unit.

Siber prices rose yesterday for deliveries, the quotations being 19 1/16 for Ready and 10 for Forward: Silver advices report as having bought. The China operated both ways. ed America

Continent sold. The tone at the close was steady. The American price of Silver was quoted at 35 for Spot.

THE B.I.S. REPORT PORT OF VANCOUVER

RESTORATION OF GOLD STANDARD URGED

(Special Air-Mail Service)

London, May 18.

HAS SPLENDID YEAR IN 1932

34,000,000

Total exports of Canadian-grown grain from Vancouver in 1839 were 106,000,000 bushels, or bushels more than in 1831. Exports of four, amounting to 1,000,000 bar- rels, also were higher, & decline in the Japanese demand being more than offset by increased business with the United Kingdom. Lumber shipments to Australia were almost three times the shipments in the preceding year.

Vancouver, Canada.-Whan Cap- tain George Vancouver, sailed into Burrard Inlet in 170 he saw before him the site of what has become one of the great cities of North The third annual report of the Bank for International Settlement America. The importance of this was presented to the annual meet-city in the trade of the work is ing at Basle on Monday last, when emphasized in the annual report of 98 representatives of a central the Vancouver Harbour Commis- banks of Europe and the group of sion, covering operations in 1932, American and Japanese bank asso- which shows that in the twelve ciations affiliated to the bank met months. 15,061 vessels of an agree to hear the report and to decide gate net fonnage of 11,089,903 tons about the future activities of the entered the port. The number in bank. The report, which le sig eluded 1.23 deep-sen ships, a few ed by Mr. Gates W. McGarrah, more than in the preceding year. the president, states that the year has been an eventful ong, during which, while the volume of ordin- ary banking business has neces- sarily been curtailed by the general falling off of international Anan: cial transactioga and the continued departure from gold of more and more currencies, nevertheless the scope of the bank's general activi- In ties has steadily broadened. view of all the events which have occurred, the board determined to define the position of the bank on

Vancouver, it is painted out, is the fundamental currency problems facing the world, and the result now the premier port of Canada was the unanimous expression of in the export of grain. In the opinion by the directors in July calendar year it handled $5,000,000 laat that the gold standard ro.bushels of wheat alone, of which went to the 31,000,000 bushels mains the best available monetary mechanism," and that it is conse-United Kingdom Of the wheat of quently desirable to prepare all the crop year 1931-32, forty-four the necessary measures for its in- per cent. was shipped from Van. ternational re-establishment. Events couver, 37 per cent. through ports which have occurred since this re of Eastern Canada and only 18 per solution was passed, states the recent, through United States ports. port, only reconfirm the principles It is only a few years since Ameri and views therein expressed. It can ports handled as much as 67 becomes more and more evident, per cent. of this traffic, and Van- according to the report, that one couver almost none of it. Now of the useful roles the bank can Vancouver has grain elevator capa- play in the international financial city of 17,843,000 bushels, nearly system is to serve as a central in double the capacity of all elevators strument of the banks of issue in

assisting to co-ordinate the proper on the United States Pacific coast. functioning of the gold standard.

"At the Crossroads."_

"The world is at the cross- roads," declares the report, "and must shortly choose whether the future is to take shape along the lines of closed national economies with reduced standards of living. or is to revert to the international economy towards which, we were in fact naturally and healthfully tending in the days before the War I and for a period thereafter. the former alternative be chosen, then the successful operation of an international monetary mechaniszn is deprived of its very foundation. The hopeful factor at the moment is that the world, speaking ger erally, recognizes that be made. Furthermore, the politi- cal authorities have come to realize their responsibilities, and made, and are making, deliberate efforts to cope with the situation.

choice must

have

The World Conference will The first reaction of the paper market to this increase of duties

offer an opportunity for the va is that all dealers are trying to

rious Governments to frame their economic and monetary plans in A good business continued in the buy up all available stocks, as

New York advices reported the common; they may then find it pos silk market during the week un-market prices are expected to relict der review, especially in. Steam fairly quickly, and goods imported Filatures, holders were willing on the old duty rates should realise opening rate at 4.014 and the clos-sible, and, indeed, their best lines of policy so as to adapt their to encourage buyers with some. fur- good profits, if sold at the new mate 3.903. The highest rate advantage, to revise their previous With the exception of the Shang- measures to the exigencies of the ther concessions in an endeavour to market prices based on the higher was 4.02 and the lowest. 3,00.

Meeting liquidate old stocks a rapidly as duty rates. Up to now actually hai rate which was unchanged at general situation... possible, with a view to benefitting no market prices have increased by the expert bonus, which is to substantially but it is expected 10 and the Hangkok rate which after meeting, report after report was put down to 105, other rates has stressed the importance of a solution of major political pro- гедне on May 30. Total, transacthat they will do so shortly.

wero pit up.

blems to re-establish that degree of tions may be estimated to be in

confidence in international affairs the neighbourhood of 1,500 bales.

without which & recovery by con Other qualities remained almost entirely neglected, prices remain-

certed action cannot be expected. ing steady. Japan and New York

This is equally applicable to the markets were firm at the close.

problems of a monetary character

Wheat and Flour."

The undertone of world wheat markets was easier during the past week. Prices on the American con- tinent declined and an occasional Aurry took place without leading to any sustained movement. Prices

Artifcial Silk Yarn.

Steady,

Market,

Sterling.

Conditions in the artificial silk yarn market remain the same as

1/4 was on offer after the open- for the past two or three weeks, ing, buyers bidding 1/4 13/10 re- and the only demand is for dull sulting in business later at 1/4 yarns, of which there is a shortage 25/38 for June, second half June, of stocks. The whole trade is in 1/4 13/16 July and also second hali July. Towarda 1. p.m. business was a most unsatisfactory state.

also done nt 1/4 27/32 August, The market closed with sellers as 1/4 June, 1/4 5/32.July and 1/4.

Sugar.

The local sugar market has shown

Gold Dollars.

in Australia remained firm with no very little improvement during the 16 August, buyers probably at sellers. New Zealand, whose in-week, the only business of impor-1/32 higher. tention was to export small quan- tanes having been the sale of 7,000 tities, has withdrawn from the bags Molasses sugar No. 8/H, market. Prices in Argentina were ready delivery ex bond, at 4. per not subjected to pressure, and re- picul c.i.f.c.i. There have been no mained practically unchanged. Refresh transactions in Java Whites ports from Europe are generally No. 28/H as the local spot price favourable for the growing crop. is still well below Java parity. The Chinese wheat crop is like- Deliveries continue to be disap- ly to be much the same as that pointing.

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.

Business was reported early in the morning at 29 for near delivery. There were sellers at 10/10 June, 28 July, buyers at 28 1/10 for each and 25. 3/16 July

to

which the World Conference must address itself. There the great desideratum ia the general restora tion of a reformed gold standard without further delay."

A Fat Profit.

1

LONDON STOCK MARKET

(BRITISH WIEŻEBS SERVICE. Į

RUGBY, May 31.

109

Paris New York Montreal Brussels Geneva Amsterdam Borlin...... Stockholmn Copenhagen Oslo.... Vienna Bucharest

3.001

4.51}

24.194

17.47

8.39

14.513

10.51

29.46

1923/32

505

Lisbon

110

307/16

600 ?

250

2201

1301

04 13/18

47 nom.

Madrid Athrus

Belgrade

Helsingfors Prague Milan.

Rio

Buenos Aires Montevideo Bombay Shanghai Hong Kong Yokohama Silver (Forward) Silver (Spot) War Loan 34%

301 nom.

42) official

34 BOM.

1/05/64

1/31/18

1/4 11/16 1/2 13/18

19 19 1/16 08 13/16

THE RAUB AUSTRALIAN

MINING CO., LTD.

The local representatives of the above Company advise us that the

EXCHANGE

The accounts show a net profit for the year ended March 31 of output for the four weeks ended 14,064,000f. Five per cent. of the May 23, 1933, amounted to 2,096.65 profit is to be applied to the legal ounces. reserve, fund, and. a percent. annual dividend is distributed on the paid capital. The remaining dividend reserve fund and the gen- 6,000,000f. is divided between the eral reserve fund. The remainder of 2,400,000f. is distributed between the Government of France; Great Merchants were quoted at 112) Britain, Italy, Belgium, Rumania, for near. delivery.

Yugoslavia, Greece, Portugal, Ja pan, and Poland.

Yan.

Shanghai Dollars, Shanghai dollars were quoted at: 110 for near delivery. Shanghai.

Steady. Sellers were indicated at 1/8 1/16 for gear, buyers probably as 1/3) June.

IN THE AFTERNOON.

Vice-president Frasef has been elected president for three years, and ex-president McGarrah has heen elected hon, president.

BAR OF PURE GOLD

The market was fairly brisk, in TRIUMPH FOR P. I. COMPANY the afternoon.

+

Starling.

Business was done at 1/4 25/32 for June, second half June and 1/5 13/10 July, finishing with sellers a 1/4 June, 1/425/02 July, buyers probably at 1/32 higher.

Gold "Dollars.

CLOSING QUOTATIONS

June 1, 1933 IN LONDON:

Telegraphic Transfer... Bank Bills, on demand 4 Bank Bille, 4 months'

sight

માં

PRE

Weekly Sailings Transpacific

To San Francisco, Los Angeles & New York

via Panama Fortnightly sailings on Wednesdays Pres. Wilson ....June 6, midnight Pres. Coolidge

Jage $1 Pros. Jackson

July 6 July 19 Pros, Hoover

13

To Seattle and

Victoria

Fortnightly sailings on Saturdaye

Pres. Jefferson June 3, 1 am Pres. Cleveland..... JoRe24 Pres. Taft a man stat

Joly & Pres. Jefferson.................July 22

ROUND TRIP FARES TO EUROPE & AMERICA..

Direct Special through rates to Europe via United States. connections with all Atlantic lines. Choice of rail lines seTOJN United States and Canada, liberal stop-over privileges for Bight-seeing. Full particulare upon application.

Fortnightly via Suez to Evrope & Anterica

Fortnightly sailings on Saturdays via Manila, Straits, Colombo, Rombay, Suez Canal, Alexandria, Naples, Gezics, Marseilles, Naw York and Boston.

8 am

June 10

June 24

Pres. Baymak July 8

MANILA

Pres. Adams

Pree, Harrison

TO

June 13. June 17

Next Salling Pres. Coolidge `..........

Pres. Cleveland..

Pres. Harrison

Pres. Jackson

Pres. Adams June 10, 8 am,

Jane $4 ***JUBO 27

B

Prom. Tait ............daly Pres. Hayes... mandaly Pres. Hoover nondoly 11

Connecting with 8.8. MAYON To CEBU, ILOILO, ZAMBOANGA

DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE

FEDDER BUILDING HONGKONG.

CANTON BRANCH:-4, SHAKES ROAD.

PACIFIC ORIENTAL

MONTHLY CARGO AND PASSENGER SEKVICE

M.S. "SELANDIA" Sailing on or about

FOR MANILA ·

10th JUNE

FOR SAN FRANCISCO, ETC 20th JUNE

...

via SHANGHAI CARGO AND PASSENGERS ACCEPTED FOR MANILS; AND SHANGHAI, SAN FRANCISCO, VANCOUVER, SEATTLE, LOS ANGELES, ETC, THROUGH BILLS OF LADING ISSUED TO OVERLAND POINTS..

Excellent Passenger Accommodation

Passenger Care Hongkong/San Francisco G8120 (1st class only)

For Freight and Passage, etc. please Apply to:

The East Asiatic Co., Ltd. The Chinese American Shipping |

Agents:

JOHN MANNERS & CO., LTD.

Company Agent:

HONG SLING

Ofice: MERCANTILE BANK BUILDING (TOF FLOUR), 7, QUEEN's RD., CENTRAL, TALEPHONE: 24071,

NEW YORK STOCK EXCHANGE

"ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG.)

Tal. 28380-Gloucester Building Room 303,

[KEUTER'A AMERICAN SERVICH.]

Now York: May 31. Dow Jones Averages:

20 Raile

30 Industrials

20 Utilities

40 Bonde

Ubange

1.91 down 52 down

May 31. 88.11

· 42.42

29.50 .42 down:

.20 down

High-1032-Low: May 28.

41.22 90.02 13.93 4294 16.53 29.92 85.78 83.31. 83.11

88.78

41.30

36.11

B3.26

Asia Landa, Limited, has received the following report from their New York correspondents, E. A. Fierce & Co. The market looked somewhat sensitive, with rapid switching from group to group. We would go rather easy on the buying side. Wheat: A reactionary sentiment was induced by the expectation of and increase in the Winter wheat fore- cast in the private reports which are being issues tomorrow. The market is hesitating pending new Washington developments Cotton: The initial advance reflected the strength of cables and foreign ex- change. This attracted heavy profit-taking. Silver: Trade demsed and short covering at the opening and profit-taking and foreign selling near the close were absorbed in an encouraging manner. Effective June 1st there is to be a New York State Tax of three cents per share selling under twenty, and four cents per share selling at twenty and above, irrespective of their par value, Business Done: 6,080,000 shares.

LAST SALE

$90% $782

1989

Dry.

HIGE

Low PER Sa.

May 29. May 31.

30%

3.00 Air Reduction

94%

421

8.00 Allied Chemical & Dye

1048 102

Credits, 4

months'

822

999

4.00 American Can...

121

801

Right

1/09

30

American Smelting....

304

347

ON NEW YORK?—

1373

1705

9.00 American Tel. & Tel.'

118

1177

E

Bank Bills, on demand 27) erm Credits, 60 days' sight.. nom ON PARIS-

801

5.00 American Tobacco "B

68)

3

Anaconda Copper Mining,

16h 104

29

200 Aabura

02

Bank Bills, on demand & 71

43

18

1,60 Borden Company

34

33

Credits, 4 months' sight (27)

20

wwwww

Canadian Pacific.

139

14A

ON INDIA

16:

J. I. Cast

091

47

176

2.00 Chase National Bank

284 bid 237 bid'

1.00 Chrysler Motors

24 1231

311

4.00 Consolidated Gas of N.Y.

333 -649

134

23

3.00 Drugs, Inc.

367

53)

£2

2.00 Da Pont de Nemours

77%

758

877

301

3.00 Eastman Kodak

781

78

.48

56%+s. Electric Bond & Share

253

55 д

201

0.40 General Electric

211

401

198

2.00 General Foods

22

331

331

24#

1.00 General Motors

10

1:04 Gillette Safety

24%

341

101

0.00 International Harvester

68

7,00

1)

(Preferred).

1104

28.

181

14

BO

The

On demand. 735 SOTEZIONS, Bark Buying

Bate

37

1.00 LoewinInc.

Montgomery

$80 National

BAB SILVER, per os.

191/10.

1.00

Telegraphic Transfer... 1 Bank, on demand ON SHANGHAI- Manila.-The Big Wedge Mining

On Demand. Company has produced a bar of ON KODE:

On demand gold, averaging more than 99 per cent. pure. This is the purest bar ON. MANILA of gold ever produced in the his On demand

ON SINGAPOR tory of the Islands."

*On demand ON BATAVIA:—

The bar weighs 172,007 ounces The having a total value of P7,080,00

The value per ounce is 800.41. Pure gold, by the way, is worth 20.67. per ounce.

No business was reported, market closed with sellers at 28 1/10 June, 28 3/16 July and 235/10 August, boyers probably at 1/10 higher.

Shanghai.

This gold was produced with a 10-ton mill in two weeks. company is installing a 30-ton mill Steady. Business was reported which will be in operation, about

July 5.

·Tel. 18624.

at 1/3 for Juns,

On demand

ON SAIGON:—

On Zemand. ON BANGKOK :-

International, Tal. & Tel. 3484.00 Liggett & Ayers" B

23

541