1933-07-17 — Page 13

DAILY SHARE QUOTATIONS

HONG KONG STOCK

EXCHANGE.

SHAREBROKERS'

ASSOCIATION.

Buyer Sellers

Bais. Nominal

SATURDAY.

JULY 16.

Идун

Bellere

Baleria

Banks

H.K. Banks

Do. (London)

Chartered Banti

Mercantile Bks. "A"

$1.790]

£158 824

Do.

C

101,

Bank of East Asia...

$101

N. C. & B. Barks

$7.12

$20

Am. O. Fin.Corp: 8.

$0.40 Ch Fis. Corp. Ord. 9. 35,00

Do Prof.

***

11,810

£131 £54

Insurances

$300

Canton Insurancem....

$2.40

Underwriters ------ |

1310 $2.40

3530

$810

Union Insura

$530

***

$595

China Fires

1890

$202

F.K. Firestoneran

$262

$4

International Assco, S.

་་་

Shipping

23.26

$1.40

1

$7.39

$771

፧፧፧፧

TRIHNB!

H1

The

$32.80) Douglasea

Steamboats

$18 *ados (pref)

$30

1924

35/-

$15

Do. (def.)

Shells •

Waterhonta

Mining

Benguete

$27

!!!!!

$34

$18

$30

$30

48/- 310

$4.80 25/+ 20

Venezuela Gold Fida.

Kailans

32/0

$16

Langkats (single) B.

$4

Explora tions.......

$4

$8.40

Shanghai Loans

3101

Tronoh Mince......

$6 $9.80 12/-

***

Banguet Explorations

28 dis. Docks, Wharven,

Godowns, etc.

$123

A.K. & E. Wharves. 128)

$3,00 $1.45

Providents (old)

$3.95

$3.90

Do.

(new) 1 40

$1:48

$181

H.K. & W. Docks

917

310

$8

8. China Motor A'

Do.

$8

"B"

$8

$160

$7

$100 374

#7.30"

་

Shanghai Docks 9.

New Engineerings8.

1340 Hongkews... Lands, Hotels, and

18.10

$137

Buildings

H.K. Hotels B.K Laada......8. Shanghai Lasta...S. Metropolitan Landt.. B.E. Realtics............. China Do....8. Do. Debentures3.

Humphrey

$32

$11

815

$14 $140 $20

Asia Realtina "A"S.

Do.

"B" 8.

5.7

Chinese Estate......

Cotton Milla

$15.20 EwoS

#109 S'bai Cotton.......S

$144 Zoong Sings

Wing On TextileetS.)

$7

$77

GETUN #!

18

ཨ ནཝིཏི བྷོ། ཀཽཉྩི རྒྱུ་:ན

$7.90

$14

---

$15 $109

$15

$79

823

$144

901

390

Public Utilitieg

$2270

29.80/190

#161 | Posk Trains (old)........ $7

$34

$27

Tramways *******

Do. Star Ferries............. Yaumati Ferries

38%

(new)...

3941

L

$13

$12.30 3931

Chins Lights (old)... #1285

Do.

(CW)...

$13 $1940

3738

H.K. Electrica ......

$731

Macso

do.

$10

831.40

$11

China Buses...... S.

14

Tractions

13.

Do. (prof.)

Industrials

$15

Malabon Sugars...

$20

Caldbeck, ard.) 8.

$18

Macgregor pref.).

$6

Canton Ices

78

(old)...

(DBW)...

$9

$31.30

*

:::::::

50

16.3

Sandakan Lighta...

Telephones***

Cements (comb.)...

Do

Do.

Ropes

Miscellaneous

Dairy Farmer

Der A Wing.co

Amusemente......

11 Ch. Etainmente.....

Constructions, (old))

01

3121

$3.90

Do.

(new)

54

$21

Lane Crawfords....... Mackintosha

$14

፧፧፧

::::

$6

$5,85 13.30

$5

$1+

HONG KONG DAILY PRESS, MONDAY, JULY 17, 1933,

MONEY AND MARKETS

"SHELL" TRANSPORT

AND TRADING

THE COMPANY'S FINANCIAL STRENGTH

POSITION OF THE OIL INDUSTRY REVIEWED

(Special Air-Mail Service)

London, June 20.

The Annual General Meeting of the "Shell" Transport and Trading Company, Limited, was held yes terday at Southern House, London, E.C.

The Right Hon. Viscount Bearsted, M.C. (the chairman and one al the managing directors), who presided said:-

exchanges. In the first place, a large part of the oil imported into this country is carried in British ships built, manned, and largely supplied with stores, de, purchas- ed here. In the third place, much of the crude oil is produced by Bri- tish companies, such as V.O.C Anglo-Egyptian Oilfields, and An- glo-Persian.

What is true of petrol is true in As regards the profit and loss

a different degree of other import- account, the profits of the com-

doubt haveed oil products, such as paraffin, pany, you will no noted, are slightly increased, the fuel oil, Diesel oil, and lubricating dividends and interest from sundry oil. In every case the cri.f. cost be companies and other credits, less de fors duty is only a fraction of the bits, being

roughly cost of the product when delivered. more by £55,000. This enables us to in- to the consumer, and, as in the case carry-forward, after of petrol, the whole of the c.i.f. provision for the dividend, by a cost does not by any means repre figura of approximatsiy £2,300, sent money sent abroad. thus bringing it up to the sum of £250,445.

The Assata.

crease Our

advances

to

The property, holdings in and Bundry companies is reduced by approximately £5,580,000, this being mainly due

Question of Protection,

A further defence of excessive taxation is that to a large extent

taxation this

protective, and tends to benefit fuel produced at home by raising the price of the imported article. This again is al-

product from the distillation oi coal, the demand for which far ex ceeds the supply, and on which in any case no tax is paid

You will see from the report, that the world's production of petroleum

HONG KONG STOCK MARKET

SATURDAY'S OFFICIAL

QUOTATIONS

Saturday, July 15, Although no important changes were to be noted this morning, the market generally appears to have steadied itself and showed a better tone.

Sales.

Union Insurances 85-40. Benguet Consolidated #97. Providents (Old) 83,80.

Providents (New) $1.45

Hotels $7.30.

Hong Kong Trams: $92.60/22.00. Electrics $731,

Telephones $31.40.

Cemente (Combined) 88.30. Watsons $0.

Constructions (New) 80 cents.

Buyers.

Bank of East Asia 810). Canton Insurances $300. Union Insurances $530, llong Kong Fire Insurances $262. Providents (Old) $3.85. Providents (New) $1.40. Hotels 87.30,

Hong Kong Lands $77).. Hong Kong Trams $2.70 Star Ferries $94.

China Lights (New) 812.30. Electrics $73. Telephones $31.30. Cements (Combined) $61. Dairy Farms $28.35. Watson Ba

Government Loans 43% premium:

Sellers.

Hong Kong Banks $1,790. Yaumati Ferries 477. China Lights (Old) #13.

THE EXCHANGE MARKET

MESSRS. ROZA BROS.. REPORT

to the repayment by one of our almost a complete fallacy. In Great lied companies of a cash advance | Britain to-day the only alternative made to them, and it will be no- to petrol is benzol, which is a by- ticed that chiefly in consequence of this repayment the investmente in British Government securities have increased by a similar amount.

You will see that we have reduced our foreign govemment railway

Mesara. Roza Bros, have for and municipal stock holding from feli by about 10,000,000 tons during warded us the following exchange £294,113 in 1931 to £32,206 in 1902. 1932, while our own group's producmarket report for Saturday:- You will also note that our cash attion increased by about 400,000 tons. Silver prices rose 1/18 yesterday In previous years we took the lead for both deliveries, the quotations being 18.11/16 for. Ready and in restriction and carried our own

for

Forward, Silver share rather beyond what was fair 15.13/16 in our endeavour to give n lead. advices reported speculators

having operated both ways. The present slight increase still

The

uncertain. leaves our share of curtailment America the rate was slightly lower di-well above the average taken over

st 401 for Spot. The market was the last three years.

erratic.

bankers on current and other ne counts and at short notice had slightly increased from £214,574 to £211.77.

ነ፡

There are no further remarks to be made or the assets side of the

the acconata except that rectors are quite satisfied that all properties stand at a figure well below their present-day value.

Large Idle Resources, Turning to the liabilities side of the balance sheet, the figures remain much as last year. Being, as al- ways, our own bankers, the super- Huous capital temporarily unem- ployed become liquid and is for the present invested in short-term Gov- ernment securities.

WAS tone

13

president liners

#113,5 9 1,000

Weekly Sailings Transpacific

1.

To San Francisco, Los Angeles & New York

via Panamą Fortnightly sailings on Wednesdays Pres, Hoover ....July 16, Midnight Pres. Grant à dire mea ...Aug. Pres. Coolidge

Pres McKinley

Pres. Hooveri

To Seattle and

Victoria

Fortnightly sailings on Saturdays. Pros: Jefferson. July 21, Midnight"| Fres. Cleveland

dug. 1) Pros. Jackson........... Ang. 35 Ang, 16. A¤g, 30-

Pres. Jefferson...

***Sept, a ....... Bept 13 Pres. Cleveland ...

Sept. 80*** ROUND TRIP FARES TO EUROPE & AMERICA,

Direct Special through rates to Europe via United States. connections with all Atlantic lines. Choice of rail lines across United States and Canada, liberal stop-over privilegen for Sight-seeing. Full particulars upon application.

Fortnightly via Suez to Europe & America

Fortnightly sailings on Saturdays via Manila, Straita, Colombo, Bombay, Suez Canal, Alexandria, Naples, Genca, Marseilles, New York and Boston.

8am...

Fres. Pierce July 22 Fres. Munroe ding." 5 Pres. Van Buren

Next Sailing

Pres. Grant... Pres. Monroo

Pres. Cleveland

Pros, Garfield

Pres. Polk

A.

Sept. 2

Sept. 16

Pres. Adama.............Sept. 3}

MANILA

Pres. Pierce July 22, 8 a.m.

Aug. 19

TO

July 85

...... Aug.

A

5

Pres. Van Buren...Aug. 19 Pres. Jackson,

.19 .............Aug. Pres. McKinley. Aug. 23 Prea. Garbold ........Sopt. 2

Pres. Coolidge ....................................ång. @

Connecting with 8.8. MAYON 7% CEBUT, ILOILO, ZAMBOANGA

DOLLAR STEAMSHIP LINES AMERICAN MAIL LINE

PEDDER BUILDING-HONGKONG,

CANTON BRANCH:-4, 8EAKER ROAD.

NEW YORK STOCK EXCHANGE

ASIA LANDS, LTD., QUOTATIONS

(INCORPORATED IN HONG KONG)

Tel. 28380-Gloucester Building, Room 306.

[REUTER'M AMERICAN SERVICH.)

05

New York: July 15. Dow Jones Averages:

30 Industrials

Bigh-1832 105,35

Low: July 14. "July 15.

Chauge

41.23 105.04

100.10

1.08 up.

20 Rails

56.53

13.23 64.81

54.69

12 down

In

20 Utilities

37.50

16.23 37.18

37.19

.ot up

40 Bonds

87.47

05.78. 88.51

88.08

.17 up

New York advices reported the opening rate at 4.78 and the closing rate at 4.78). The highest rate was 4.70 and the lowest 4.77).

Karket,

Unsatisfactory General Position.

This brings me to the general pition, which I can only describe as profoundly unsatisfactory. Con- ference after conference has been

Opened with indications of easi held, and decision after decision has been taken, only to be nullified ness but subsequently reacted in by short-sighted, and selfish inter-sympathy with Shanghai. eats. In your report you will see the word "illegal" used of produc-

soon

Sterling. The market opened with sellers bidding buyers tion in certain areas of the United st.1/5.5/16,

but business was To give you a wider picture of States. This is literally true, and 1/5 how much capital we have thus only serves to show the dificulty of done at 1/5.11/32 for near de awaiting a turn of the trade tide, enforcing laws designed to benefit livery followed by transactions I may tell you that the Shell-Royal the whole industry when petty local at 1/53 September and 1/5.5/16 for near. The market then reacted Dutch group as a whole have no interests are determined to ignore and business was again arranged at less than £35,000,000 in liquid re-thera. It would appear that the 1/5.11/32 for near and August 1/5

oil industry as a whole in the was also done for August. Towards while the affiliated com- sources, panies have a further £16,000,000 United States is incapable or un-the close offers at 1/5 were ac available. In addition we have our willing to exercise self-control, and

delivery. The cepted for near one van only hope that such. legis-market closed with sellers at 1/5, oil stocks, amounting in all to Bev- eral millions of tons, entirely un-lation designed for the purpose as 11/32 July, 1/58 August and 1/5. charged. While this idle capital is may be passed will be enforceable 13/32 September, buyers at 1/10 $42

unre- and effective. (Hear, hear). At higher respectively. at present comparatively

any rate, until the United States

Gold Dollars. $18,80 munerative, it is at any rate an $94 earnest that, come what may, your $1.50 company and its colleagues are financially equipped to weather any

$29

$26.35

$12.06

$4

85 cti $4.40

Nanyang Tobacco...

Sinceras

Watsons

32.10 | Wm. Powells ..............

B C. Enterprises

79% B.Indi, G. Bonds... 80%

$2

$10

M. Greyhounds

まる

United Theatres...8.

prema.

H.F. Gors, Loans... $14

$8

Wallace Harper

China Bports Ltd...

$186

ELK Wing Ond

190

S'hai Da

$155

Asia Lands Limited

Tel. 283802

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 Lågents

John H. Ferguson & Co.

32, B. C. Shameen.

Tel.: 18824

stormt.

oil industry is in a position to be Quiet. The market started with really stablized, either voluntarily sellers at 34.7/16, buyers bidding. or enforcedly, I see no prospect of 34.9/16 but sellers came out later stabilization of the industry as a and the rate gradually rose to 34. whole, nor is it fair to expect it. 11/16 sellers with business done at

Handicap of Taxation,

Last year I referred to Roumania 34.3/4. Towards the close 34,7/8 This currency question we share as a country where the advantages could have been obtained for near with all other trades, but we bear of conservation were not properly with business done at: 34.15/16- for more than our fair share of taxa appreciated. I am glad to say that cash. The market closed with tion. On the trade of our group during the past year we have had sellere at 34/7/8 July and 35 August, for 1032 the direct taxation, exclu. a great deal of help and under buyers at 1/16-higher respectively. sive of income-tax on profits, was standing from the heads of the

Year: about £50,000,000. : Against this the Roumanian industry, who are now Merchants were quoted at 1142 for shareholders received in dividends willing to take their fair share of ear delivery ubout £0,000,000, on most of which | any collective effort.

*Shanghai -Doliaza. they have to pay income-tax. These A falling production, in spite of

Shanghai Dollars were quoted ac figures speak for themselves.

in 111.1/8 for near delivery. J'accelerated drilling, and an

Shanghai. An excuse which is often advanc-creasing internal consumption rea ed for the penal taxation of oil dered Russia an

Early advices indicated buyers at ever-decreasing! products in this country is that all competitive factor, except in so far 1/3.0/16 but towards the close imported petroleum and its pro- as she figures as a purchaser of sellers were indicated at 1/3.9/16, ducts is foreign oil, and that its American oil in order to implement buyers bidding 1/38 for near. purchase involves the sending of dwindling supplies.

vast sums of money abroad, thereby

As int so many other matters, "it perjudicing British trade and in-is in America that the real difficul to yourselves and to our customers creasing this country's unfavour-ty and the real solution are to be in the shape of quality and service, able trade balance.

found, and in the end I hope that have been obtainable and are in fact the instinct of self-preservation will now being cured. (Hear, hear). give results even it industrial An enorious task has been present- ed by the fusion of these two great distributing organizations into one still greater concern, but it is jus

r

Position of Patrol.

Benefits of Joint Selling.

In the first place, let us taka pet-statesmanship fails. rol. The retail price to-day is la.

d. per gallon. This price falls, naturally into three parts: tax, A year ago I referred to the bene tifying the labour spent upon it to cif, cost and distributing expen- fits which had then already bees an increasing degree. I would add ses. Of the Is. 5d., 6d, ia tax, obtained by the 46ciation in the that the staffs of both companies which is obviously all spent in this British Isles of the two great Bri have collaborated most loyally in country and bas no effect on the tish oil-producing groups-namely, every way,

נן

Aala Lazda, "Limited, has received the following report from their Now York correspondente, E. A. Pierce & Co. The market does not develop real weakness in any direction. We think there will be renewed interest in rails next week. Wheat: There was heavy speculative buy. ing, influenced by bullish Canadian crop reports. The Trade is vory hopeful of a defnite limitation agreement being reached. Cotton: Heary demand. Influenced by the success of the acreage curtailment plan, new high levels were established early in the day. There was an easier tone later. Reports of rain over the Western areas and process Tax were construed as bearish. Some quarters, however, do not believe it will prove so over a period of time, Bilver: A firm tone throughout the session. There was short covering, new investment buying and liquidation. Trade offers were well-absorbed. Business Done: 2,240,000 shares.

LAST BALL July 14 July 10.

1932.

DIV. &

HG LOW PER. SH.

931

30%*

2.00 Air Reduction

2007

1314

42

6.00 Allied Chemical & Dye

130 131

95*

20

4.00 American Can

$22

93

30

52

American Smelting........

371

383

137

701

9.00 American Tel. & Tel.......

1301

130

93

41

5.00 American Tobacco" B·"

91

-915

400

11

1.00 American Waterworks .....

301

39

21

3

Anaconda Copper Mining.

19.20

1674

281

2.00 Auburn

76

70%

Bendix Aviatión

101 201

201

18

1.00 Borden Company

36

360

43

H

Canadian Pacific

20

20

99

161

287.

0.50 Caterpillar Co.

26

171

2.00, Chase National Bank

bid

bid

1.00 Chrysler Motors

agne

3.40, Consolidated Gas-of NY,

22.

Curtiss Wright

3.00 Drugs, Inc. .....

22

200, Da Pont de Nemours game

801

3.00 Eastman Kodak ..........

88

324

.ஆ

Electric Auto-Lite Co......

251

5

6% Electric Bond & Share ****

878

48

21

Electric Power and Light...

141

16

0.40: General Electric Credlogym

IDB

1.60 General Foods

37

1.00 General Motors

32

101.

174

241

254

B

28

103

44

-7.00

118 bid deleted.

1174

21

20

D4

94

96

1,00 Loew's Inc.

201

201

371

3

Montgomery Ward

262

481

-201

2,80. National. Biscuit

*577

58

18.

1.00 National City Bank

37] bid 271 bid

1.20 National Dairy Products

24

9

0.00 Otis Elevator

22)

•·227

10%

2.00 Pacific Gas & Electrio

31

31+

Packard Motors

0.50 Pennsylvania Railway

II

10)

49

287

20

30

Gillette Safety

1.20 Gold Dust ........

0.00 International Harvester .....

International Tel, & Tel.

4.00 Liggett & Myers "B"

Radio Corpn.,

Bears Roebuck

1.00 Standard Branda

Standard, Gɛɛ ....

(Preferred)

1.00 Standard Oil Co. of New

Jersey Socony-Vacuum Corpn. 21.00 Texas Corporation

Trans-America Jodie

1.00 Union Carbide & Carbon 0.00 Union Pacifio ......

::..to

44

bas

120*

1201

411

United Air, and Transport... 0.40 United Corporation

66

trade balance. Of the remaining ourselves and our friends the An I have referred in previous yÆSTE od. only 91d. represents c.if. cost, glo-Persian Oil Company, Limited to the size and financial strength of and the balance of old, covers land-in the formation of a joint selling our, provident fund, which ing aart storage charges and losses, organization Shell-Mex and B.P. amply justified its initiation The inland freight, delivery charges and Limited and I am pleased to say fund still holda investments of near- losses, and selling, conte

that the last 12 months experience, ly £50,000,000 sterling insecurities of this association has proved that entirely unconnected with any com. further substantial advantages, boti panies in which we are interested. (Continued at foot of nezl column) (Hear, hear).

Of the balance of 2d, or 18 per cent, by no means all is money sent abroad to the prejudice of the

United States Steal. Westinghouse E., & M.