1933-06-23 — Page 13

4.

DAILY SHARE QUOTATIONS

HONG KONG STOCK EXCHANGE.

Buyer Ballen Bates Komial

SHAREBROKERS'

ASSOCIATION.

THURSDAY. JUNE 22

Вагит

Ber

Banks

H.K. Banks.

$1,700

$1 750

#11

£129 214

Do. (London) ..*)

Chartered Banks

£241

Mercantile Bks. "A"

213) B24

£91

Do.

29t

336

Bank of East Asia... $98

N, C. & S. Barka....

$7.20

20

Am. O. Fin. Corp: B.

19.40 25.00

Ch. Fin. Corp. Ord. .

+44

Do Prat. 8 Insurances

$30

$300

Canton Insurance.......

$2.40

Underwritera

$995 J2.40

$530

Union Insurances

#527

1095

Obins Fires .............

SST!

H.K. Fires.....................

International Ausco, S.)

Shipping

232.6 Douglass .............

#18

Steamboats an

$34 322

$30

Indar (pref.)

Do.

$321

$30

*20%-

Sholle ......

48/

215

Watertosta

316

- Mining

$33

Benguota.

Venezuela Gell Flds.

131}

$4.30

33/0

Kailans

317

Langkats (single) 8.

25%.

$15

Explorations.......

$21

45

Shanghai Loans

.

810

Reaba.....

Tronoh Mines ......

$41 $9.FU 12/

Docks, Wharves,

Godowns, etc.

$128

16+

Providents (old) ... $3.90

Do.

H.K. & K. Wharves. 196

34

..(LEW} ... $140.

H.K. & W. Docks

$10

38

S. China Motors' A'

Do.

917 $8

.18

141

***

$149

13.85

$1.40

018

$14

PTEMBER

[29 cts.

**

Benguet Explorations)

מי.

3149 Shanghai Docka S.

38

#331

New Engineerings.

Hongkowa... Landa, Hotels, and

Buildings

H.K. Hotela

$78)

H.K Lands.....5..

302)

Shanghai lands...8.

$14

$8

$144

Metropolitan Lands...

B.K. Itealties....

China Do.................5.

$137. Do. Debentureas.

-#4

$140

Hamphreys

Anix Realties

Do. "B"S.

Chinese Estates..................

$.7

Cotton Mill

8147

Ewos .....

$100

S'lisi Cottons.................

$14

Zoong Sings

4.

$7.00 $7.1887 15

...

Wing On Textiles(9.) 199

Public Utilities

81.8) Tramways $21.00)

Peak Trams (old) .......!

Do. (16)...{

***

$7.60

HONG KONG DAILY PRESS, FRIDAY, JUNE 23, 1933.

MONEY

AND MARKETS

LOW WAGES IN JAPAN

MENACE TO BRITISH TRADE

F.B.I. AND INTENSIFIED COMPETITION

(Special Air-Mail Service)

London, June 8. be obvious that where export and "The Menace of Japanese Com-import values of goods balance, a petition is the title of a report country with the lowest conditions issued by the Federation of British of employment has the greatest Industries yesterday, in anticipa-share in employment hours. tion of a discussion on the subject "The problem of equivalating by in the House of Commons to-day tariffs or other means the lower The facts, the federation states, standards of employment in the have been submitted to the British East with the higher standards of Government for consideration in employment "in the East with the any negotiations that may take higher standards of the West, in place with the Japanese Govern respect both to foreign and Empire territories, is one of grave import The report, which is based on into United Kingdom manufacturers. vestigations by a special commit In plain words, unless rice is made tee of the federation, and covers equivalent to beef, the beer stand- most staple trades, confirms from ard will cease to exist so, får as commercial angle much of the in-many industries are concerned. formation in the Consular state- ments published in The Times last Monday. Spokesmen of the federa- tion consider that the disclosures

ment.

call for serious consideration by industrialists, economists, and the British Government in terms of hours of employment, because, in their view, tariffs and quotas will bo powerless to cope with the account of the wide differences in the values of goods made in the two countries.

menace on

THE EXCHANGE MARKET

MESSRS. ROZA BROS.. REPORT

HONG KONG STOCK SHANGHAI SHARES

MARKET

YESTERDAY'S OFFICIAL

QUOTATIONS

The outstanding feature of the market to-day was the considerable pressure on Cements, which were forced down to $7.90, and at this figure there were sellers both for cash and July.

On the other hand, Hotels and Messrs. Roza Bros., bave forward-Lights remained firm throughout ed as the following Exchange Mar the day, as were also Electrics, ket report for yesterday.

Telephones and Dairy Farms.

Sterling issues were easier owing to the strength of sterling :-

Sales.

Silver prices dropped 1/8 yester- day for both deliveries, the quora. tivas being 19 1/16 for Ready and 19 1/8 for Forward. The drop was attributed to lack of support. The America was in Continent sold. dicated "na a seller at 3/16 under In America the the quoted rates. price was slightly lower at 35 7/8 for Spot.

New York advices. reported the opening rate at 4.17. 1/4 and the closing rate at 4.18 1/2.

With the exception of the Shang- bai rate which was unchanged at 109 2/2 and the Bangkok rate which was put up to 135, other rates

were lowered.

Market.

Erratic. The tone was steady at the opening but later eased off alightly.

Sterling.

The market opened with sellers at 1/5 1/32, buyers bidding 1/5 3/32 resulting in business at 1/5

"At the moment, while it is true that the Eastern countries taken 68 a whole have not advanced very far along the road to industrialization, many of them, including even some

1/18 for June, and 1/5 5/32 and under the British fing, are contem-1/5 1/8 September. Later the buy plating plans for manufacturing ing rate receded to 1/5 1/32 with for export. The leader in this business done at 1/5 June. The movement is Japan, and, unless market closed at lunch time with something can be done to control sellers at 1/4 31/32 June/July, 1/5 her activities, her example is likely August and 1/5 1/32 September, to be followed by others, with dis buyers at 1/5 1/30 June/July, 1/5 astrous consequences to the sale of 1/16 August and probably 1/5 3/32

September. British manufactured goods all

over the world."

Gold Dollars.

There were sellers after the opening at 20 0/16 but the selling rate soon rose to 29 7/8 for near at. 30 for resulting in business tions at 30 1/8 July. The market August followed later by transac- closed with sellers at 29 7/8 June/ July and probably 30 August. buyers at 30 June/July and 30 1/8

The federation committee states that it has been especially concern ed to note that the pressure of The committee, states that the 17 Japanese competition has been in-purpose of the report is to submit creasing in sections of industries that Japan's ability to undercut where the problem of finding work British goods in world markets is for British unemployed is greatest. due first of all to the difference in In a footnote it states that even wage rates, hours of work, and $13.83 since the information in the report labour conditions; and, secondly, was collected there has been a very to the advantage of exchange de great intensification of Japanese preciation, Government subsidies, | August, competition Japanese exports of and freight dumping. It expresses silk broadstuffs to Jamaica for the opinion that it is "inconsistent 4,85-1932, for instance, increased to 10 both with our national policy of for near delivery *110 times those, of 1930, and Japanese protecting British industry and the cotton exports to the same market inter-Imperial policy arrangements in January and February last were concluded at Ottawa that this double those for the whole of 1933. Japanese competition should be per-

$14

***

IH

$15

**

57+

Star Ferries 0194465)

$92

B

18

Yaunati Ferries

$28

18,10 China Lights (old)... $12.9

312

Do (new)...

$732

H.K. Electrica ...] $73

$23

Macao da-

3104

Sandakan Lighta”.....'

129

Telephones....

3201

$113

14

13-

Da.

316

Malabon Sugara

$20

Caldbeck, Yord.) P.

310

Macgregora prof.)8.

35

Canton Ic

$7.45

16.40

$1

19

China Butes....S..

Tenctions

(pref.).

Industrials

(old)...

Cements (comb.)....

Do.

Do, (now)...

Rope..

Miscellaneous

Dairy Farroa

Amusementa******

Constructions, (old))

Do. (now)

Nanyang Tobacco...

Sinceres

Watsons

$27+

13

Der A Wings............

$134

$121

Ch. E'tainmente......

36

$1

34.AB

$21

Lane Crawforda...... Mackintosh

***

$14

$10

$2.13

Wm. Powells

$10

M. Greyhounds

2. C. Enterprises

13

70%

prem.

$8

$186

******

United Thestres...8.

B. Ind. G. Bonda.....] 78'),

IL.K. Govt. Loans...$195i|

Wallace Harper......

Chins Sports Ltd ... H.K Wing On...... S'had Do

310

$8.

27.55

$14

30

In addition, Japanese manufactur-mitted to continue unchecked in

ers are about to begin" the export the British and Colonial markets

on a large scale of many classes without concerted action being

Теп

Merchants were quoted at 11 1/2

Shanghai Dollars. Were quoted at 110- 15/10 for near delivery.

Shanghai,

Opened with sellers at 1/3 3/14 June, buyers bidding 1/3 1/4 Later the tone was indicated as

of machinery. The committes anti- taken to safeguard British interests being a shade easier. cipates that, before it can hold an- in these markets."

other meeting, Japanese competi- tion will have become still further intensified in a number of oversea markets.

ous

natural

Government Help in Japan.

IN THE AFTERNOON,

The market was easier in the afternoon,

Sterling.

Business wag, done at 1/5 1/32 for August and 1/4 15/18 cash, finishing with sellers at 1/4 29/32 June, 1/4 16/18 July and 1/4 31/32 August, buyers at 1/32 higher res.

Gold Dollars.

The report traces how the Japan cao Government first started its In noting the fact that Japan is country on the industrial road by the first of the Far Eastern nations providing factories, importing to use its low standard of living to machinery, engaging experts from invade, on a large scale, the indus- abroad, and then handing the es- trial markets of the West, the re-tablished industries over to private port recognizes that the mountain-enterprise. Throughout the deve-pectively.

nature of Japan, its poor Jopmental period Japanese indus- The market closed with buyers growing try was helped to find markets by at 29 13/18 for cash, 29 7/8 July, its resources, population, and the adoption of means of special tariffs, subsidies, 30 August and 30 1/8 September, the habits of Western civilization and even in some cases by State sellers probably at 1/16 lower. have supplied the driving force guaranteed profits and exemptions behind the recent intensification of from income-tax for four years.

Next the competition. Eraigration over-

came the "foundation " $27.66 sen on a large scale is restricted grant to form guilds or associations by a variety of factors, especially of manufacturers or exporters, and anti-emigration laws, and Japan's then the formation of cartels ör only alternative, therefore, is to centralized bodies in practically employ her people in making goods every industry. Under this system, for sale in world markets. Since the committee states, price-cutting

is estimated

and the zoning of markets can, with that another

Government help, be co-ordinated into a national campaign for an export drive.

$124

$4

$90

it

341

$1.50

15,000,000 to 20,000,000 are likely to $13.80 be added to the population in the next generation, only a fraction of which can possibly be fed out of her own resources, it is inevitable, in the opinion of the committee, that Japanese competition must become increasingly intense.

44

A

$190

$185

Asia Lands Limited

Gloucester Building Tel. 28880 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 Dally Press

Canton Agente.

John H. Ferguson & Co.

32, B. C. Shameen,

Tel. 18824

Subsidies- given to shipping by the Japanese Government are sum- marized as follows.Constructional loans out of Government postal, etc., receipts and interest contribu- tions, 30,500,000 yen operating sub- 155,000,000 yen.

MEDAN, June 10. According to the Deli-Courant there has been an increase in tap- ping on rubber estates of the East Coast of Sumatra under the in- Buence of the higher prices.

It is said that the native tappers especially have become more

attracting" Javanese tive, even labourers formerly dismissed from the

European-owned estates.- Singapore Free Prest.

EXCHANGE

Benguet Explorations, 9 cents. Providents (New), 81.43. Hong Kong Lands, $77. Electrics, $31. Telephones, 829).

Govt: Loans, 31% Prem.

Buyers.

Indo-China (Pref.), 835; Venz: Goldfields, 84. Docks, $10. Providenta (Old), 3.90. Hotels, $7. Humphreys, $14.

Hong Kong Trams, $21.05. Peak Trams (Old), $15). China Lights (Old), $13.10. Electrics, #731/ Telephones, $29). Dairy Farms, 827). Govt. Loans, 3% Prem.

Bellers.

Hong Kong Banka;, $1,750, Union Insurances, $530, Providents (Old), $4. Hong Kong Lands, $77. Cements (Combined), '#7.20.

CARROLL BROTHERS

QUOTATIONS

$5.00

12.40 10.30

Messrs. Carroll Bros.. havo receiv ed the following cabled quotations from Shanghai. China Finance Corp. International Investment Trust Co...................... Cathay Land Yangiste Finance Co. ...... ·10.75 International. Assurance Co. China Realty Shanghai Land Hastatment

Co.

*་་་་་་་་་་་་

New Engineering and Ship

5.25

10.93

32.00

Building Wroks (Ord.) 3.00 Shanghai Dock and Engine-

-147.00 aring Co.

Wharf Co...

Shanghai and Hongkew

336.00

Shanghai Electric Chostruc

tion Co.

43.00

Ewo Cotton Mills, Ltd.

14.50

Shanghai Cotton, Manufac

turing Co.

.107.50

Zeong Sing Cotton Mills,

· 14.00

1.00

2.75

5.95

13.80

Ltal:

Anglo Java

Anglo Dutch

Ziangbes

Langkate

All prices are in Shanghai Dol-

lars.

BENJAMIN & POTTS' QUOTATIONS

Messrs. Benjamin & Potts inform us that their Shanghai office bas cabled the following Rubber quota- tions:-

*

June 14 June 21

$5.50 ... 2.50

Anglo-Javas

$4.80

Anglo-Dutch

2.90.

Consolidateds

Batu Anama“ ...... Chemora

30

.30

.36

1,35

1,50

1.50

Kroewoeks

41

.40

.34

.35

Tanah Merahs ... Tebongs

.94

.98

.40

.43

Ziangbes

8.95

*5.23

Repahs

NEW YORK STOCK EXCHANGE

ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG.)

Tel. 28350-Gloucester Building, Rooin-308.

[BEUTER'S AMERICAN SERVICE)

New York: June. 21) Dow Jones Averages:

30 Industrials

20 Rails

20 Utilities

40. Bonds

High-1932 88.78

41.30

Low: June 20. June 21. 41.92 96,93 95,91 13.93 44.22 - 44.39

Change .68 up

.17 up

[

38.11 83.20

$16.53' 34.08

63.78.. 84.70

34.95 81.78 108 up

.03 down

Asia Landa, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. Aside from oil issues the Market is virtually at a standstill and there is no selling pressure. On the other hand fresh buying appears to be much smaller and we believe there is an excellent chance of the strength of oil issues developing into something real. Wheat: The infiar of reports of small yields in the Bouth-West and crop damage in the North-West and Canada influenced professional and foreign buying and heavy realizing appeared. Cotton: The fochnical position has improved, which resulted from the liquidation of the past week, while the strength of grains helped. ́› There was good general demand: Silver: Heavy commission house liquidation pressure eased låter on short covering and outside buying. The market closed barely steady. Business Done: 3,890,000 Barel

1932 Div. $

Low PER. SH.

19 1512

American Smelting..

5.0b-American Tobacco "B" 1.00 American Waterworks

Bendix Aviation

1.60 Borden Company

Canadian Pacific

LAST SALE

REVIVING RUBBER

INCREASED ACTIVITY OF D.E.I.. NATIVE PRODUCERS.

Hion

June 20. June 21;

61

3.0 Air Reduction

$83

$80-7

122

424

8.00 Abied Chemical & Dye

115

116

96

298

4.00 American Can........

087

021

331

34

37

1378

9.00 American Tel & Tel

127x8. 1273

gal

37

38.

40!

Anaconda Copper Mining 2.00 Auburn

10%

163

01 xd. 6th

17

18

184"

4)

24# 314

43

10

164

200

J. I. Case

-824

80

ac-

88

22

0.30 Caterpillar Co.

477

2.00 Chase National Bank

314 bid 314 bid

264

1.00 Chrysler Motors

314

884

3.40 Consolidated Gas of N.X. ...

38

Curtiss Wright.

58

3.00 Drugs, Ine.

544

2.00 Du Pont de Nemours

78k

353

3.00 Eastman Kodak

81

Electric Auto-Lite Co...

0%. Electric Boad & Share

354

Electric Power and Light...

0.40 General Electric

1.60 General Foods

271

13층

221

231

-30 xd. 00

112 bid. 112 biď:

*17#

17

.03

93

21:

22

23

331 bid 634 bul

21 214

901 28

291

284

34%

CLOSING QUOTATIONS

LONDON:

June 22, 1933,

401

Telegraphie Transfer... Bank Bills, on demana 1/49 Bank Bills, 4 months?

sight......

NEW YORK:—

Credits, 4 months' thaight

: 418

1/64

111

90%

PAR

Bank Bills, on demand 261 nom Credits, 60 days' sight.. nom

95

20%

"The growing tariff obstacles sidies, 1920-32, placed in the way of Japanese ex-Total 185,500,000 yen. ports by countries both in Europe

The report gives details of the and in Ameries," the report says, fall in the Japanese rate of ex- "have resulted in Japan both change in relation to sterling after gradually extending her general Britain went off the gold standard; range of goods for export and in- of labour costs in various indus tensifying the pressure of intertries, of which many details were national competition wherever she given in The Timer on Monday; is able to find an opening. Every of Japanese exports to Great means in her power of underselling Britain, East Africa, South Africa, her competitors in these markets is India, Ceylon, Australia, New Zea employed. The depreciation of the land, and the West Indies in cot Ox yen during the past year has been ton, silk and artificial silk, rubber. deliberately used to embark on a boots and shoes, canvas rubber-soled reckless national sales policy, with footwear, brooms and brushes, ce O disastrous results to British and ment, cycles, pottery, china, and other traders in various markets of porcelain.

Bank Bills, on demand 5971 It describes also the Credits, 4 months' sight: 374. the world.

Japanese shipbuilding policy with Os INDI Differences of East and West. its scrapping and replacement Telegraphic Transter... "It seems impossible to doubt scheme, and how its subsidies are Bank, on demand ..., 2

ON SHANGHAI that the differences in wages, labour applied in ship operations.

On. Detiand. conditions and standard of living || "The balance of Anglo-Japanese ON KORE makes it impossible for the East trade up to 1020," the report adds,

On demand and West to compete on equal was largely in favour of Great On MANILA- terms in articles in whose costs Britain, a condition which in 1932 On demand wages form a substantial park .... was reversed. But whereas exports On SINGAPORE

** On demand. "It should be fully appreciated of British manufactured goods to by all concerned that, while the Japan have contracted substantial. O BATAVIA:-- On detiand balance of trade with any Easternly in value, the imports of Japanese ON SAIGON: country may rest with the British manufacturers into this country On demand Empire, in fact the balance of em have remained stationary, a stateON BANGKOK ployment is against the British of affairs which implies that, if

pOn demand Empire. It is almost impossible to allowance is made for the decline BSOVEREIGNS, Bank Buying translate currency figures into in prices, they must have increased

Bate ......” hours of employment, but it must appreciably in volume"

4 ́BAR BÍLTKÉ, për of

1+9:

674 1

602

180. nom

1/62

58

-18 1/16

(8~~>=~17-7 CERACASATAORT2-Emongong CARLSONAR

31

1.00 General Motors 1. Gillette Safety 1.20 Gold Dust

did.

0.00 International Harvester 7.00

(Praferred) International Tel. &.Tel. 4.00 Liggett & Myers "B 1.00 Loew's The

Montgomery Ward

$2.80 National Biscuit

20.00 National City Bank

1.29 National Dairy Products,

0.00 Otis Elevator ...

2.00 Faciffe, Gas & Electric Mi -Packard Motors

0.50 Pennsylvania Railway mar

Bears Hoebuck -

1.00 Standard Brands

Standard Gás

1.00 Standard. Oil Co. of New

Jersey

Socony-Vacuum Corpn.

1.00 Texas Corporation

Trane-America

11.00 Union Carbide & Carbon

8.00 Union Pacife

United Air and Transport 0.40 Unital Corporation: United States, Steel. Westinghonse E.

Radio Corps,.....

m

38.