1933-06-15 — Page 13

HONG KONG DAILY PRESS, THURSDAY, JUNE 15, 1933.

MONEY AND MARKETS

FINANCIAL NOTES FROM LONDON

The Fall in the Dollars: Marconi's Get Large Orders: Commercial Union Insurance Co.: Planet Assurance Co.: Cables and Wireless

(Special Air-Mail Service)

SHARP FALL IN THE

DOLLAR

London, May 30. The Steagall Bill providing for the abolition of gold olauss was responsible for a sharp fall in the Speculators dollar on Saturday, in the Foreign Exchange market took fright at the measure, and their free offerings.caused the Lon don New York rate to open wenk at 83.02 and to rise rapidly, the extreme point touched being 83.97). A partial rally occurred in the later dealings; so far as could be gathered there was no "control"; support, the recovery being due to the filling of a substantial com: mercial demand. The rate closed compares with 83.904 on Friday. Gold currencies were slightly Bruer in terms of sterling. Conditions in the dis 'count market remained as easy as "ever. Fresh money was offered in abundance nt per cent., and some renewals were again done at this rate, though the bulk of renewals by non-clearings lenglers continued to be arranged at 1 per cent. The discount houses again "quoted 7/10 bo 1 per cent. as their buying rat for three months commercial bills, business being exceedingly quite.

nt 83.00 which

THE MARCONI MEETING"

quennium ended December last, called for favourable comment and had enabled the company to de- clare bonuses for participating policies on a high scale. Briefly surveying the international outlook in the light of recent events, the chairman closed his address on an encouraging note.

Suggestions to Marine Under-

writers.

about such a messyre of agreement as might allow the marine market to stabilize itself on a basis which would be fair and equitable to in surers and have regard to the merit of the risks offered by the insured

CABLES AND WIRELESS

The fourth ordinary general meeting of Cables and Wireler Ltd. was held yesterday at South ern House, E.C.

HONG KONG STOCK MARKET

YESTERDAY'S OFFICIAL

QUOTATIONS

A little more interest was taken in the market this morning, sad a slight improvement was observable! in rates. The demand, such as it wus, seemed to bo chiefly concen trated on Lights, Cements and Hotels, the bidding for which was slightly higher than yesterday's closing rates,

Sales,

Hongkong Banks, $1,738/1,740, Union Insurances, 8517/590. Benguet Explorations, 30 cents. Hongkong Trams, *ei), Electrics, 873,

Dairy Farms, $26. Lane, Crawfords, $4.83.

Buyers,

Providents (Old), 83.00. Providenta (New), $1.40, Humphreys, $13).

Hongkong Trains, 21.60. Electries, 873.

Govt. Loans, 3% prem,

Bellera,

NEW YORK STOCK EXCHANGE ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG.)

Tel. 98380--Gloucester Building, Room 206.

[KNOTER'S AMERİCAN SERVICE.]

Now York: June 13.

Dow Jones Averages: Righ-1932 Low: June 19. June 13. Change

20 Rail

30 Industrials

20 Utilities

40. Bonds

88.76

41.30

36.11

83.26

41.22 96.75

13.23 44.43

16.53 37.50

85.78 81.82

91.791.08 down 44.30 .13 down 36.00 1.44 down 84.65 .07 down

Asia Lands, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. The selling which came late today, unsettling prices, may have represented the desire on the part of holders of long stock to realise profit and stay on the side-lines for a while. This may have been influenced by international political uncertainties and also the action of the market which, at times, staged demonstrations that were not conducive to conservative trading com. fort. Wheat: Washington and. London now has been the most important factor. The Wallace statement on acroage had some effect. Receipts were large and the weather favourable Cotton: In the absence of news of acreage abandonment, good weather causo liquidation. Silver: This market has been subject to pressure, influenced by the weakness of other markets. Short-covering and now invertment was the chief support.

Business Done: 6,300,000 sharca.

15788586330458526994837-2708336-255 28***

1939

Div.

Low PEE SIE.

LAST SALE

RESIDENT LIN

sail 1,591,000 miles every year.....

Weekly Sailings Transpacific

REDUCED ROUND TRIP FARES

On Sale from JUNE 1st to - JULY 31st

With Return Limit to

September 30th

June 12. June 13.

h

.

30%

3.00 Air Reduction

$84 $85

42+

6.00 Allied Chemical & Dye

121

1181

Hong Kong to

First Class Tourist Class

293

4.00 American Can

175)

02

Honolula and Return

G$ 360

G$ 196

5

American Smelting...

.36%

31

701

9.00 American Tel. & Tele

1311 1974

Victoria and Return

G$ 432

G$ 240

44

5.00 American Tobacco "B"

92

Vancouver and Return' ¡ ...

G$ 432

G$ 240

3

Anaconda Copper Mining

18

17

Seattle and Return...

08 432

08 240

18€

Hongkong Banks, $1,720, Douglases. $32}. Docks, $18.

28

2.00 Auburn

70%

18

1.60 Bordeb Company

353

33%

San Francisco, and Return ...

G$ 450

G$ 240

자

Canadian Pacific

17

162

Los Angeles and Return ..

G$ 450

G$ 246

181

J. I. Cast

881

SIN

17

2.00

Chase National Bank

234 bid 33 bid

Apply for further particulars.

5

1.00 Chrysler Motors

233 241

31

4.00 Consolidated Gas of NY.

63

613

23

3.00 Drugs, Inc.

373

362

.22

2.00 Du Pont de Nemours

811

791

36

3.00 Eastman Kodak

813

5

0% s. Electric Bond & Share

418

36

0.40 General Electric

+241

H.K. Steamboats, 11. Hongkong Lands, $70. Telephones, $204.

19à

2.00 General Foods

38

1.00 General Motors

29

101

1. Gillette Safety

151

16

10

41

39

Cements (Combined), 87. Dairy Farins, $28,

7.00

111 bid 112

10k

.181

34

12)

84

1.00 Loew's Inc.

22

2.80 National Biscuit...

23 384

182

1.00 National City Bank

41 bid

37 bid

16

2.00 Pacific Gas & Electric

301

201

0.50 Pennsylvania Railway

-

Radio Corpn.

1

9%

Sears Roebuck.

351

19%

1.00 Standard, Oil Co. of New

Jersey........

382

30

0.10 Socony-Vacuum Corpn. ...

127

112

361

1.20 Union Carbide & Carbon

4}}

948

6.00 Union Pacifie

1101

53

213

United States Steel

551

35

43

168

Westinghouse E. & M.

49+

472

American Waterworks

8371

Bendix Aviation

Caterpillar Co.

THE EXCHANGE MARKET

MESSRS, ROZA BROS.. REPORT

Silver prices were unchanged yes. terday, the quotations remaining at 19.7/16 for Ready and 191 for For ward. Silver advices reported India and speculators as having bought. China Banks soll. The tone at the close was "uncertain with Americu having sold at 1/18 under the rates. In America the quoted market price was 30.5/10 for Spot. The market was irregular,

New York advices reported the opening rate at 4.13.7/8 and the closing rate 4.10. The highest rate done was 4.15) and the lowest 4,99).

Mr. J. C. Denison-Pender, the Governor, said that the total pro its received by Cables and Wire less from the combined undertak ings for the past three years had

in 1830, £1,388,975; in With the exception of the Shang- beca,

in 1932, hai rate which was unchanged at 1931, £717,080; and £700,190. Dealing with the, setivi-109) and the Bangkok rate which ties of the Communications Com-

lowered. pany, he pointed out that total as put up to 133, other rates were receipts showed a decrease of only £32,218, or less than 1 per cent. The mero

fact of a further d crease, however amall, was disap

Market.

(Preferred)

0.00 International Harvester .....

International Tel & Tel.

4.00 Liggett & Myers "B"....

Montgomery Ward

Curtiss Wright

Electric Autolite

Electric Power and Light...

National Dairy Products

Gold Dust

Otis Elevator

Packard Motors" Standard Bands -Standard Gas'.....

Texas Corporation Trane-America

281

160.

24

101

331

* 6 2 8 2 7 8 7 6 2 6 6 8 £ * ====•******

247

14

214

201

205

221

United Air and Transport... United Corporation

81

133

LANCASHIRE AND CHINA TRADE

EFFECT OF NEW DUTIES ON COTTON GOODS.

NOT YET CLEAR

DOLLAR STEAMSHIP LINES

AMERICAN MAIL LINE

PEDDER BUILDING-HONGKONG.

CANTON BRANCH:-4, SHAKER ROAD.

PACIFIC ORIENTAL MONTHLY CARGO AND PASSENGER BERVICE

M.S."SELANDIA" Sailing on or about FOR LOS ANGELES, SAN FRANCISCO, 22nd JUNE

ETC. via SHANGHAI ...

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 fare Hongkong/San Francisco 08120 (1st class only) For Freight and Passage, etc. pleses Apply to:

The Bast Asiatic Co., Ltd. The Chinese American Shipping

Agents JOHN MANNERS &CO. LTD.

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

Company Agent: HONG SLING

Asia Lands Limited

Tel. 28380,

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

At the meeting of the Planet Assurance Company Lord. Essen don offered suggestions to marine underwriters which, if accepted, should provide a way of escape from a situation that, in the view of many well qualified to judge, is all concerned, likely to involve directly or indirectly, with the provision of marine insurance in serious losses. It is a peculiarity of this business that the full effects of the present underwriting are not likely to be experienced until after some years, Lord Essendon admitted that the breakdown of what is known as the hull agre ment might temporarily be of ad vantage to certain other companies in which he was interested, but, he recognized that in the long run the unsettled conditions which inevit- unrestricted aily resulted from competition were not to the ulti- mate advantage of either the in- Shareholders of Marconi's Wire-sured or the insurer. He earnestly less Telegraph. Company-now in suggested to all concerned that cluded in the Caldes and Wireless! overy effort should be made to bring merger-listened to a gratifying and informativa story at yester day's annual meeting. During the past year the world crisis increas ed in intensity, but the company, Lord Inverforth, the chairman pointed out, was, able apt only to hold its own but to increase its profit. Large orders were obtain- ed and, although the sales for 1032 did not reach the record figures of 1031, they were still upwards of double the value of orders in 1998 and more than double the average. of the five years preceding 1928. The value of the work on hand at was selling price ou December 31 £959,000, and this the chairman de- scribed as a striking figure at the end of the third year of general depression. In the past year the its policy of company continued spending large sums on experimen- tal work, and the chairman men tioned several directions where such work had proved or was prov ing of value to the undertaking. The most important research work, nr said, was done by the Marchese Marconi and his assistants in stu- dying the practical application of Are electric micro-waves, which waves of less than one metro in length. Lord Inverforth stated that as a result it had been con- clusively proved that these waves could be successfully utilized for look for real and effective improve The market opened with sellers radio-telephony

radio-tele- and

ment in their figures, which were at 1/4.7/8, bayers bidding 1/4.15/16

LONDON, May 30. whether they have gone on to ad graphy over considerably greater still depressed by such influences at which rate some business was

Manchester merchants concerned valorem dulice or whether someone distances than any expert had pre- as the continued disturbance of done for July delivery. The market viously foreseen or expected, and he mentioned some of the advant-commerce in the Far East and the then steadied up and business was in trading with China were keenly has worked out specific rates on an unfortunate difficulties in which done at 1/5 for June/July followed interested in the reports from ad valorem basis. The old tariffs Shanghai published yesterday to are specific so many gold units per ages of the method.

the trade of the great countries of hy transactions at 1/5.3/32 for near the effect that under a new Customs piece." South America was involved. The

The China and Far East section decline in world trade was serious; July, 1/5.1/6 July and also 1/5.5/32 revision tariff rates are to be in-

the Manchester Chamber of The market cloned with creased to as much as 150 per cent, of they were not yet out of the wood.

sellers at 1/5.1/8 June/July and in cortain categories of goods and Commerce will probably not discuss The dividend recommended would 1/5.5/38 August, buyers at 1/8 from 18 to 100 per cent. on a num the subject until the Board of For the most part Sir James be paid this month, but it would, higher respectively.

ber of specified cotton goods. But Trade report is available. Leigh-Wood, the chairman of the not be possible, in addition, to

whilst any advance in tariffs will

Complete Facts Wanted. Commercial Union Assurance Com-make any dividend payment on

be deplored, the general attitude Mr. John Grey, chairman of

EXCHANGE. pany, directed his address at the Sept. 30 next. He was not going

adopted was that it would be bet-the. Cotton Spinners and Manu annual meeting yesterday, strictly to be imprudent enough to lead There were buyers carly in the ter to await full official details be- facturers' Association, expressed a

CLOSING QUOTATIONS to reviewing the work of the prin- shareholders to hope for dividends cipal departments, each of which before they could see that such morning at 28:15/16 for cash, sellers fore attempting to assess the extent similar view to that of the mer represents a large business in it were being earned; but the world offering at 28.7/8. Bubsequently to which the Lancashire cotton in chants approached. "It would be (IN LONDON-

unwise," he said "to give any de- finite opinion on the effect on any Figures Too ·Vagua. self. In fire insurance he referred could not get on without communi- the market reacted and sellers came dustry is likely to be affected. to the recept legislation in the cations, and telegrapha were ces out at gradually higher rates and

"As they stand," it was pointed part of Lancashire's industry until United States designed to raise tial to all civilised, communities at the close 201 June, 20.7/18 July out to a representative of the we have the complete facts. If the were on offer, buyers bidding 1/8

*Manchester Guardian,, prices, and to the They had the finest telegraph set- commodity

"the figures figures given in the

aight earthquake which was lately ex-vice by wire and wireless in the higher.

are too vague. There is not enough Guardian are corret soms of the information about specific rates or increases are certainly serious and C. NEW YORK — perienced in California. Turning world. The tentacles of the con

hardly Bank Bills, on demand 28 nim to marine insurance the chairman pany were established not only

classification. If there has been amay possibly bear more

Credits, 60 days sight.. nom stated that the amounts insured practically in every area where on the hulls and disbursements on commerce was normally fally deve-

change in classification or assess upon Lancashire than upon Japan ment it will be necessary, for ex- and other countries, but before say On PARTE

must know three large foreign liners which loped, but in practically all the the morning at 1113 for near de-ample, to take particular lines of ing nay more we

Bank Bills, on demand ebe. Orédits, 4 months' sight eau were recently destroyed by fire undeveloped countries also, were at least £4,000,000, the bulk development of those areas must livery but Jater 112 could have been cloth and work out, according to whether they are on an ad valorem

the values, exactly what they are basis or not and all the other cir- O INDIA :- of which was eventually covered in come and that could only be made

to pay. There may be no actual cumstances surrounding them."

Telegraphic Transter...) ** London, and naturally, in view of effective by means of communica

increase in the amounts.

Mr. Ernest Hamer, chairman of Bank, Shanghai Dollars. with resultaat benefit to

"It has been suggested that the Blackurn Manufacturers' Asso-OW SHANGHAI its position as one of the leaders tions,"

On Demand in the time market, the company the revenues of their company.

Werd quoted at 110 for near de revision may be justified for two ciation, said that in the present would be substantially interested,

were livery.

easons-the need for more revenue state of industry any additional On Kos and protection. against Japanese charge on the products of Lan- On demand Discussing "accident insurance, & term which, it was suggested, did

competition. The Japanese, with castre was bound to be detriment OM MANILA :— Shanghai. not clearly indicate the wide ranga BRITISH OVERSEAS BANK

their lower grades of cloth, compete. al, and the news from Shanghai On demand of activities of the department

Early advices indicated sellers at for more with the products of the was only another demonstration of Ox BigGANDA?

On demand transacting numerous forms, Sir

London, May 30: 1/3.3/16 for near hub later the Chinese mills than we do; and it the need for the World Economic James Leigh-Wood intimated that

may be that if, as is reported, the Conference and for the nations to ON BATAVIA In view of general conditions heavy losses had been sustained on

Japanese will be hit far more than ing of tariff walls was likely to be ON SATGON British Overseas Bank have decid- buyers probably at 1/3.7/10 June.

ourselves. The lower the grade the harmful to themselves to those On demand more heavy proportionately would they were buit, Frainst. A generai ON BANGKOK :— the tariff Bunless, that is sowering of tariffs as a result of scaling charge according to the the Economic Conference would at price of the cloth were introduced, once brighten the prospecte of & But it is not clest from the reports revival in international trade

COMMERCIAL UNION ASSURANCE REVIEW

Opened uncertain with indications pointing, but it would be foolish of casiness but suddenly veered to ignore the forces, operating to owing to selling pressure on the affect the traffic receipts of an un- dertaking like their own, so inti- part of speculators both here and mátely concerned in the progress in Shangbai. and prosperity of every part of the world. It was to a steady and sustained increase that they must

The report and accounts unanimously adopted.".

The

June.

Sterling.

· Gold Dollars,

Merchants were quoted early in

obtained.

AWAITING FULL OFFICIAL DETAILS

(Special Air-Mail Service)

Manchester

New York Securities Daily quotations sent-gratis-upon request. See our investment news on the Financial Page of

4

The Hongkong Daily Press

Canton Agents ̧·

John H. Ferguson & Co.

32, B. C.

Ameen.

June 14, 13).

Telegraphic Transfer... Bank Bills, on demand Boak Bills, 4′′ Montás"

night Credita,

motor cycle third party insurance prevailing the directors of the market firmed up to 1/3 for caprovision is on a yardage basis the be brought to realise that the build-On demand

and that the company was "eed to postpone the dividend on what alarmed" at the very large

BCA

of motor-vehicle users-dam-

the

A

shares until the

damages awarded against all clas close of the company's financial regularly for many years past, but ages to an extent unheard of a few year. The dividend on these shares for 1031-32 nothing was, distributed years ago. The valuation remite which is cumulative, has been paid on the shares, as against of the department, for the gain (Continued at foot of nezi Column) per cent, for the preceding year.

On demand ...........

monthe

1/08

SOVEREIGNS, Bank Buying

Hate

·BAR SILVER, per or

Tel. 18624.

LONDON STOCK MARKET

Paris

New York

Fontreal Brussels Geneva

Amsterdam Milan

Ruany, June 13.

501/18.

4.14

4.001

24.22

17.53-

0.49)

63

Berlin

14 13/32

Oalo

Stockholm Copenhagen

Vienna

Prague

Helsingfors

Madrid

Lisbon

Athens

19.42). 29.421 (7) 10.80

31:nom. 1138

2201

39 19/32:

.110

590

Bucharest didn 570

57) nom

Helgrado

Rio

Buenos Aires

Montevideo

Bombay

Shanghai

Hong Tokob

Silvér

250

4 13/16

- nominal

414 Official

34 nominal

· 1/65/84 ・スンはげん