DAILY SHARE QUOTATIONS
HONG KONG STOCK
EXCHANGE.
SHAREBROKERS".
ASSOCIATION.
TUESDAY.
Buyers Ballers
Bales Nominal |
Jayar
JULY 18.
Banks
H.K. Banks
Do (London) ....... Chartered Banks ...
184
$1,760
10.
£94
$1.760)
£132
E15
£24)
Mercantile Bks. “A”
E9
Do.
un
5101
Bank of East Asia...
$101
N. O. & & Bar ka
$20
Am. O. Fin.Corp
8.
16.40
Ch. Fin. Cerp. Ord. H.
10 00
Do Pref. 8
Insurances
$300
Canton InsuranDGE..
$310
*
$2.40
Underwriters
$2.40
3540
Union Insurances .....] #540
3595
China Firea
3890
$260
H.K. Fires...
$267
$41
International Assco, 9.
Shipping
$12.66 Douglasca
334
#18
Steamboats
$30
Indes (pref.)
430
1320
Do. (def.) upad
$30
54 44
Shells
$18
Waterboats
110
Mining
$27
Benguets...
45
Venezuels Gold Fids $80
$30
32/0
Kailans
316
Langkats (single) 8.
14
Exploratiune.......
25/- រ
*4
86.40
Shanghai Loans
3101
Rauba
Tronoh Mince
28 ets. Benguet Explorations
Docks, WharveÄ,
Godowns, sto.
H.K. & E. Wharvės. 1128)
(new)... $1.40
$160 Shanghai Docks S.
$3.95
36 $9.80
12/
***
Hea!
18
$1565
37..
$129
$3.85
Providents (old)
$1.40
$1.45
Do.
$161
H.K. &W, Docks
8. China Motors' A'
Do
"g"
37
New Engiaverings.
$310
Hongkow.........8.
Lands, Hotels, and
Buildings
$78
$7,35
376
H.K. Hotels.
H.K Lands.B. 177
$32
Shanghai Landa....
$14
Metropolitan Lande..
$8.10
H.E. Realties.........
1790
$15
$14
31 15
China Dobro....8.)
$137 Do. Debentures3.
Humphreys
Asia Realties "A"S.
Do.
"B" 8.
$14
$140
$20
$47
Chinese Estates ...........
Cotton Hills
8141
iiii
$16.20 Ewos
$109, S'hai Cottons.......
191
Zoong Singe
Wing On Textiles(8.)
Public Utiliting
Tramways re 320.10
Peak Tram (old)...
Do.
Star Ferries
Yauma Ferries
Chins Lighte (old).......| $12.90!
Do. (new)....$12.40
H.K. Electrics $3
Macso do.
Sandakan Lighta ...
China Buses!
܃ ܊ ܃ ܊܂
#16 *109
HONG KONG DAILY PRESS, WEDNESDAY, JULY 19, 1933
MONEY AND MARKETS
FINANCIAL
NOTES FROM LONDON
"Times" Comment on the Silver Question: The Electrical Industry and the Grid: Dorman, Long Re-organisation: South Durham Purchase Terms.
(Special Air-Mail Service)
Loudon, July 4, The Silver Question, On June 17 a resolution in the subject of silver passed by the British Chamber of Commerce and China Association at Shanghai was as follows:
While stability in silver would tend to improve trade any arti- feially stimulated rise in the pries of silver, without a corresponding increase in the price of world com modities, would seriously reduce Chin's export trade, restrict, her purchasing capacity, and
caus
serious financial difficulties in Chinn, leading to possible repudia tion of contracts, and would be dis- astrous to China trade.
Subsequently the China Associa tion in London cabled the follow. ing inquiry:-
|
of the General Electric Company was that in which he referred to. the position of British electrical manufacturers as regards the grid. The electrical manufacturing, in- dustry, he pointed out, was called upon to design and produce at. short notice the special generating and transmission plant required for the grid. Research and experi ment on a large and costly scale had to be undertaken. The result from the engineering point of view was altogether satisfactory, Sir Hugo Hirst declared, but, while the Ermy successful in securing the contracts for the grid might have enhanced their own prestige and that of British electrical engineering in general, the prevaloat belief that they also added to their wealth, he said, was entirely unfounded. The special machinery required for manufacturing and testing the grid plant involved a heavy initial ex- penditure; competition was so keen that prices were not too remunera. tive, and with the successful coni- pletion of this great scheme the imanufacturers were fuced with the problem of what was to be done with the shops, machines, and er
Replying to your cable of the 18th, are we right in regarding your resolution as an objection to raising the price of silver alone, and not as opposing plans de signed to raise and stabilize its price in conjunction with that of ther commodities? Do you agree that if such plans were successful the demand for manufactured goods would de stimulated without injur-ganization built up to deal with the ing China's export trade?
A reply to these questions has now been received reading:
Our answer to both is in the affirmative, provided that the in- crease is due to stimulation of natural demands and not to ar- $bitrary or artificial measures which we are confident would be most detrimental to all, interests.
200
(new)...
171
$84
$28
Maogregore(pref.)8.
$18
$6
$5.38 16.80
$33.20
2.3.20 30
$151
$14
$251
$25
$12.96
$12.40
*773
$73.85
咳
$23
346
$10
་་་
$31.20
Telephones.
$31 $31
$112
S.
22
Tractions
15/
Do.
(prof.)**
$16
$20
$10
$8
16
31
18
1231-
*
1124
$11
Ch. E'tainments......
$3.90
1.89 at
$1,40
$21
41
$14
89
Watsons
$2.10
Wm. Powells
$10
M
Greyhounds
131
8. 0. Enterprises
United Thestres... 8.
791.
$8
Wallace Harper......
China Sports Ltd ....
0183
H.K Wûg On
B'bai
$185
$28.40
***
premo. (Anzanited)
Industrials
Malabon Sugars ...
Caldbeck, Tord.) 8.
Canton Icoa..................... Cements (comb.)....
Do (old).. Do. (DOW)... Ropes
Miscellaneous
Dairy Far Der A Wings................
Amusements.........
Constructions, (old)
Do.
(new)
Lane Crawfords......$4.15
Mackintoeba 10949
Nanyang Tobacco...
Sinceros ............
$281
B. Ind. G. Bonds... 80%,
H.K. Gort, Laus... $4
LOCAL AND REGULAB OUTWARD MAILS,
း
$4
85 ata
**The Times ** Comment. The Times commenting on this question says:-
construction
The of the grid. chairtean was able to slate, how- ever, that the experience gained in connection with the grid might remain of direct value in another direction: when foreign countries had re-established their purchasing power, he said, the proved ability of this country to manufacture. large generators and high-pressure power transmission systems ought to be productive substantial re- sulta.
Doring Long Reconstruction.
war-
HONG KONG STOCK MARKET
YESTERDAY'S OFFICIAL
QUOTATIONS
A better tone prevailed in the market to-day, there being a per- sistent demand for most of the dividend-paying issues, notably_for Trams, Electrics, Telephones, Star Ferries and Dairy Farms, all of these being distinctly firmer.
Bales.
Union Insurances $545, Pruvidents (New) #1,48.
Hotels $7.35.
Hong Kong Lands $78.
Hong Kong Trains. $23.20/23.-10. China Lights (Old) 813. Electrics 874.
Telephones $31.20. Dairy Farms 8251. Lane, Crawfords $1,20.
Buyers.
Hong Kong Banks $1,760. Bank of East Asin $101. Canton, Insurances $300. Union Insurances $640. Hong Kong Fire Insurances $200. Provident, (Old) $3.85. Providents (New) 81.40. Hotels $7.30,
Hong Kong Lands $78. Hong Kong Trams $23.20. Star Ferries. $04. Yaumati Ferries $28).
11
China Lights (New) $12.40,- Electrics 873.85.
NEW YORK STOCK EXCHANGE
ASIA LANDS, LTD., QUOTATIONS
(INCORPORATED IN HONG KONG.)
Tel. 28380--Gloucester Building, Rodi 300.
[NEUTER'S AMERICAN SERVICE }
Low: July 16. July 17.
13
New York: July 17.
Dow Jones Averages:
30 Industrials
High-1838
105.81
Change.
41.22 106.10'
108,27 2.17 up
66.53
13.23 $4.60
85.10
.41 up
37.60 87.86
-16.63 37.10
37,56
.37 op
20" Rails
20 Utilities
40 Bands
03.78 88.68 88,84 .16 up
Asia Lands, Limited, has received the following report hom their Now-
York correspondents, E. A. Pierce & Co. The market does not look particularly dangerous, except possibly for the so-called "wet" tooks: where speculation has been violently. carried on, and would avoid thems at prosent from the trading standpoint. We think rails should gather strength and believe in trading positions on the long side. Wheat: More buying of all
"
ballish Canadian Crop te went forward on a large scale, influenced by reports and the strength of the stocks market. Cotton: General demand has been influenced by the strength of stocks and grains in the West-Belt and reports of insufficient showers in the Southern Belt Selling forced a recession near the close. Silver: This market continues to receive public support, with commission houses the principal buyers of offers from profit-takers on foreign accounts. Business Done: 0,380,000 shares,
1992
Div. $ HIGE Low FzE. 80.
LAST SALE
July 15. July 17.
100
30%
3.00 Air Reduction
2007 $1011
131
42)
6.00 Allied Chemical & Dye
1314
120/
95
29
4.00
American Can
031
914
5A
America Smolting.....
408
137 #93
701
0.00 American Tel. & Tel.
1303
131
44
5.00 American Tobacco. “B
013
NI
408
11
1.00 American Waterworks
30
40A
211
3
Anaconda Copper Mining
20
287
200 Auburn
76%
+
Bendix Aviation
20%
48
18
1.60 Borden Company
36
7+
Canadian Pacific
20
20
161
J. I Cane
007
DOS
4
0.50 Caterpillar Co.
17#
2:00 Chase National Bank
33) bid 34) bid
37
1.00 Chrysler Motors
36
361
68
3.40 Consolidated Gas of N.Y.
014 01
Curtiss Wright
61
23
3.00 Drugs, Inc.
54
841
Telephones $31.20.
83
22
2.00 Du Pont de Nemours
BO
831
Cements (Combined) $61, ».. Dairy. Farms $28.40.* Watsons 89.
351
3.00 Eastman Kodak
87
BOL
B
Electric Auto-Lite Co
201
8% s. Electric Bond & Share .....
37€
381
Government Loans 41 per cent.
Prem. (Assented).
20
21
Electric Power and Light...
13# 14
30
84
0.40. General Electric
28994
198
1.60
General Foods
381
Sellers.
1.00 General Motors
327
33
10 10
Gillette Safety
16
165
1.50 Gold Dust
254
201
44
10%
0.60 International Hirvester
43
- International Tel. & Tel.
208
20
.34
4.00 Liggett & Myers “B”
90
81
1.00 Loc's Inc.
201
37
34
Montgomery Ward
20
2.80 National Biscuit
572
·384
1,00
National City Bank
372 bid
bin
319
10
1.20 National Dairy Products
34
9
0.60 Otis Elevator
02
37
10%
2,00
Pacific Gas & Electric
31A
66
0.50 Pennsylvania Railway
384
38%
Radio Corpo.
107
12
Sears Roebuck
437
29
1.00
Standard Brands
342
Standard Gas.....
201
1.00 Standard Oil Co. of New
Jersey
39
40}
14
1.00 Texas Corporation
201
28
21
-
Trans-America .....
BA
1.00 Union Carbide & Carbon
49
500 Union Pacific
196
195
United Air and Transport...
45
0.40 United Corporation
13
13
64)
子
576
Lane, Crawfords $4.40.
THE EXCHANGE MARKET
MESSRS. ROZA BROS.. REPORT
Messrs.. Roza. Bros. have for warded us the following exchange market report for yesterday:
Silver prices were unchanged yes. terday, the quotations remaining at 18:11/16 for Ready and 18 13/16 for Forward. Silver advices re- ported speculators as having oper ated both ways. America bought. The tone at the close was steady. In America the rate was higher at 40 for Spot, The market was strong.
Market.
The terms of the long-experienced re-organisation of Dorman, Long and Co. now announced are no less drastic than circumstances
New York advices reported the rant, though involving the writ-opening rate at 4.77 and the clos ing down of the assets by nearlying rate at 4.79. £9,500,000. The alteration in the capital structure from £11.248.140
Opened steady but later firmed to £1,750,078 is in preparation for the acquisition of the South Durup owing to selling pressure on the ham Steel and Iron Co, which part of speculators both here and
in Shanghai. owns 6 pc. of the Cargo Fleel Iron Co. It is hoped that the pros perity of the steel industry in the Tee-side area will be restored by this effective consolidation.
Sterling,
On June 17 the Shanghai Cham- ber passed a resolution to the effect that noy artificially stimulated rise in the price of silver without a corresponding rise in the world price of cominodities would sericus ly reduce China's export trade and generally, would be disastrous to Chinese trade As this resolution seemed to imply that the Shanghai Chamber was opposed to the pro- posals to rehabilitate silver, the China Association in London in- quired of Shanghai whether its re- solution merely registered an ob jection to raising the price of silver alone, or did the Chamber agree that if plans for raising the price af commodities generally, including silver, were puccessful the Chinese import trade would be stimulated without injury to her export trade. The Chamber at Shanghai has re- plied that it is in favour of an increase in the price of silver ifceive thirty 6 p.. Preference shares tively.
of £rach and thirty Preferred it is accompanied by an increase
Business as done early in the in the world price of commodities, Ordinary shares in the reorganised
Preference shareholders morning at 34 15/16 for near de capital. provided only that it is due to n natural growth of demand and not will have os. written off from their livery. The roarket closed at lunch to arbitrary of artificial
£1 shares, and 171⁄2 8d. will be time with sellers at 35 for cash, 36 written off the £ Preferred Or August and 353 September, buyers dinary shares will be reduced to dinary shares, while the £1 Orat, 3/16 higher respectively.
- Yen.
sures.
$13.80
$1.50
$1.90
$190
SUNDAYS A HOLIDAYS
{ 7,16 mm, ki ƒ 7,00 mai, i
5.00 p
17.00 p
WEEE DATH.
FUR.
From Q.P.O.
FEOX Вилонетах BRANCE P,O,;
FROK G.P.O.
FROM Shana GWAX BRAKE P.O.
CADLOD ...
Famahti and Wuchow (By)
direct steamer)
6.00 p.m.
4.00, p.
17.00 p
*400 p
600 pa
(7:16 am, & ƒ 7.80 8.00, ***1.15 p.,
6.00p.m.
1,80 p.
18.15 1.16
P. Sundays 8.15 only
Vacao & Trueban
mocy (Except Estordays)
Kaubong (except Fatordays)
Fatebay and Wuchow (lig.15
1min)
F
fid n
TH
Jai Po
Ebunchan
Steangchow
Aberdeen Stanley
Autau
1,00 p.m. (0,00 a.m. &
***} { 8,00 patth
£9.00 &
8.00 p. 1,00p.m. 6.00 P
*8.00 12 1280 pin.
8.30
Pingshan, Santia
Statin
Bletanker and, Bheung-
8.00
shmi
Famina Brekk & Taiping
Salung***
هو
6.00 p.10. 6.00 p.m.
9.00
màf830 am
·5.00 px.
7,15 te
11.00 $12. 9,001,"
11.00 8.
(11.00am.
&6.00pm
8.00 1, 11.00 12. 8.30 ..
10,30
10,30 m,
Lap Sundays
8,30 3 Lonly
6.00 p.m. 0.00 .
7:00 pm
mea-
at 1/5 11/32, buyers at 1/5 13/32 The market opened with sellera but the selling rate soon rose to 1/5 7/10 at which rate & small business was reported for near de livery. The market closed at lunch time with sellers at 1/8 15/32 July, £1 nominal of Debenture stock, and|1/8) August and 1/5 17/32 Septem. in respect of each £100 held re her, buyers at 1/16 higher respec-
For the proprietors of Dorman, Long the propozal that they should surrender 10% out of each
Gold Dollars.
The heavy fall which has taken place since the War in the price of
28 each. Redeemable prior lien Merchants were quoted at 114 silver has reduced the purchasing stock bearing interest of 5 pc for for near delivery, power of all silver-using countries, £2,500,000 will be created wince it has the effect of depreciat-issued repayable at par on Novem ing their currencies. Because of
N
and
Shanghai Dollars. Shanghai dollars were quoted at
Firm.
Shanghai.
Early advices reported
and stockholders'of the South Dur-sellers at 1/3 0/10 but absequent hum Co.
ly the market gradually rose to 1/3 sellers for near, buyers prob ably at 1/16 higher.
E
South Durham Purchase Terras,
The scheme in so far as it con- ceras the South Durham Freel and Iron Co., is one of purchase, the consideration being that £330,000 in cash will be paid for the $300,000 of 4 pc.Debenture stock, £135,005
Strong.
# 8 8 6 ÷ ÷ + 5 1 4 8 8 8 458°525#*2898781 8858ÕHan 739+17¶ 15*384788
Packard Motors
Socony-Vacuum Corpn.
United States Steri Westinghouse E, & M.
40A
44
56
Asia Lands Limited
Gloucester Building Tel. 28380 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
Carton Agents
John H. Ferguson & Co.
32, B. C. Shameen.
EXCHANGE
CLOSING QUOTATIONS
the fall in the purchasing power of ber 1, 1973. Under the terms of the 111 for delivery.
scheme £1,287,930 will be required silver China has not been able, to for distribution to the Debenture buy as much. from abroad as she would have been able to do if the price of silver had remained high. In fact the' affect of the low value of her currency in exchange is to cause China increasingly to indus- trialize herself. The danger of industrial competition from a coun: try with a low standard of living is too obvious to need emphasis. It is clearly apparent in the inroads made by Japanese competition in cash for £130,100 of 4) P.C. cash, finishing with sellers at 1/5 Cargo Fleet Debentures, and 19/32 July/August and 1/5 Rep- £521,325 in cash in respect of tember, buyers at 1/10 higher res- £490,500 6 p.2. "A" Debentures of pectively. the Cargo Fleet. The purchase
Gold Dollars. price for the shares is £300,000 in Strong. Business was done in the cash and 150,000 6 p.. Preferred Inter-Bank market at 38 and 36 Ordinary shares for 300,000 6 p.c. September, 30 August and also 25 Cum, Preference shares; £350,000 August. The market closed with 5 pic. A First Mortgage Resellers at 35 July. 35 11/16 August, deemable Debentura stock and and 30 September, buyers at 35 £282,500 e n.c. Preferred Ordinary for rear, 36.16/16 August and af shareef in mitisfaction of 350,000 September. South Durham Ordinary and £298,010 5p.c. A" First Mort
Firm. Sellers were indiented at gage Redeemable Debenture stock, 1/3 for near, buyers at 1/3 13/10 £203,910 6 pc. non-cumulative Pre July. ference and 220,433 8 p.c. Preferred Ordinary in satisfaction of 587,820 "B" Ordinary shares.
IN THE AFTERNOON. Market,
Sterling. 'Business' was done at 1/5 0/10
July 17, 1823. followed by transactions at 7/54 for ON LONDON:-
Telegraphic Transfer.... Bank Bille, on demand Bank Bills, 4 months'
sight. Oredits,
Advocates of the rehabilitation of silver contend that an appreciable rise in the price of silver would increase the purchasing power and therefore the standard of living in China, and would prevent the hot house growth of industry, such as might be expected to happen under the stimulus of a depreciated cur- rency. They further contend, there fore, that a rise in the price of silver, by increasing the purchasing power of the Far Eastern market, would increase the demand fer, and thus raise the price, of com- modities, but that, on the other hand, unless the outlet for silver among the Western gold-using nations is increased there would be a check to the possible absorption of silver by the gold, or former
gold-using, countries. Hence the suggestion that more monetary use should be made of silver by the nations generally,
Electrical Mapulacturers and the Grid.
An interesting passage in the speech of Sir Hugo Hirst, the chairman, at yesterday's meeting
Shanghai.
Tel, 18624
LONDON EXCHANGE RATES
IBETTIAH WIRELESS SERVICE.]
HUOBY, July 17.
Faris
85 7/32
4 months'
New York
4.78
night
1,52
Montreal
7:014 (3)
O
NEW YORK:4
Brussels...
23.89
Bank Bills, on demand 31 nom
Genera
17.25
ON
Credite, 60 days' aight. nom PARIS:—
Amsterdam
'8.20
Milan
*}
Bank Bills, on demand 6 s
Credits, 4 months' sight #45
ON INDIA--
Bank, on demand
: Telegraphic Transter... 194
Qala
Berlia Stockholm Copenhagen
Vienna
19.07)
19:40
22.40
10,90
30 com
ON SHANGHAI:--
On Demand...ise ON KOBE:-
14
On demand ........
$192
877 nom
Pragat Helsingfors Madrid Lisbon Athens Bucharest
112
2201
30 15/16
110:
585
245
appeared, and South Durham O MANILA 2-** shareholders have received a com- On demand The proposals are far-reaching, munication to reject the scheme. Or SINGAPORE:**** and are, certain to be scanned care. The cash payments with bare dis On demand antennent à 60°4 fully by the proprietors of the tributions to the South Durham ON BATAVIA merging undertakings, meetings of Co: do not seem unfair. The sperifies On demand the shareholders of the Dorman, is made by the proprietors of the ON SAIGONN Long Co. being called for July 27 Dorman, Long Co., who, as in al!
On demand and the South Durham meetings such cases, have to recognise that ON BANGKOK:- for July 19. Though the proposals. their assets have already deprociat
On demand
131 are only now in the hands of theed, and that the best hope of re SOVEREIGNS, Bank Baying shareholders, opposition has already covery is for the undertaking to he
Rate
1/08 (Contimed at foot of next col.) revalued.
BAR SILVER, per ....... 18 11/16
-Belgrade
Buenos Aires Montevideo Bombay...
· Sbanghai Hong Kong Yokohama. Silver (Spot) SilverForward) War Loan 31%
4 official
42 official
34 nom: 1/01/16 1731 1/55/16
1/3
18 11/16
18 13/10/
DEL
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