DAILY SHARE QUOTATIONS
Hong Kong Stock
Exchange
Buyers Boliare
mann maai
$310
$565
31.65
$1.85
$575
Sharebrokers'
Association
Nominal
WEDNESDAY, JANUARY 3.
Bellers
Bayara
lumina!
Banks
$1,895
H.K. Banks
$1,830
£132
Do. (London) ...
£13
Chartered Banks
21st
£26)
Mercantile Bks. “À"
£12
Do.
£12
3101
Bank of East Asia....
3072
N. G. & 8. Barka
$7.
$20
Am, O. Fin, Corp: 8.
Ch. Fin. Corp. Ord.
35"
Do.
Prof. 8
Insurances
Canton Learances... $310
Underwriter
313
Union Insurances ...
3565
$576
3575
144
86 3
China Fires.........
$525
$260
F.K. Firesúvam
$265
$6)
International Assoe, 3.
Shipping
$34
Douglasen
$31!
#12)
Steamboats
$15
$30
Indos (prof.)
$80
Do. (ref.)
$30
50%.
$15
77 ate.
$34 Balatoon......
60 ata. Baguio Gold
$36 Benguet Consolidated
145 ote 136
31 st..
Do. Exploration
39 ctr
30 ula
Do. Goldfeld
LAR
35 at
Big Wedge
28 ots
39
Gold Creek.
V
$9
Ipc Mining
#7)
24/
$18
$4.35
$66
$35"
30/7❘ Shall
SID
Waterhoata
Mining
83 ate. Amtamoks..............
Itogona
Kailans
Langkats (single)
Explorations...... Shanghai Loans
$12.80 Rasba *********
1...
Tronoh Mines
16 Venezuein Gold Fids.
Docks, Wharrés,
Godowns, sta.
I.K. & K. Wharves.
Do. (new)...70 c
$115
$21
Providente (old)... 32.70
#181
H.K. & W. Docks
$8
S. China Mutors * A'
Do
#g
36.30 $70%
$149 Shanghai Dooks S.;
#7
New Enginearings.
Hongkaw....... $7.
HONG KONG DAILY PRESS, THURSDAY, JANUARY 4, 1934.
MONEY AND MARKETS
THE WORLD OF
BUSINESS
Japan's Ascendancy in Textile Exports
When industrialism was young
were
LONDON EXCHANGE RATES
On" Amsterdam Athens ..... Belgrado Berlin Bombay
Paris
Prague vide Rio de Janeiro
Brussela In England; the new-fangled ma-
Bucharest chines
carefully guarded, There was a ban on their export Buenos Aire abroad. It was Slater, I believe, Copenhagen who managed to smuggle" out the Geneva...... secret of the textile. machines, and Helsingfors to set up new models in Rhode Hongkong Island. Gradually the ban relaxed, Lisbon
Madrid not only because of Slater's ex- ploit, but because of the Milan...
also growth of a notion in England Montevideo
Montreal that the British were inherently
New York superior in the use of the new machines. Even if foreigners did. Oslo obtain them, ran the theory, they could not import the skill, which would remain an English monopoly. the Richard Cobden spoke of "special aptitude" of the English 80 anything for manufactures. was exported- the machines with the goods. Some there were who believed that eventually the one would neutralize the other. "But their voices could not be heard $17.60 above the voices which echoed the $4.45 Cobdenite conceit of special Yet to-day. in" the aptitudes." very special trade of cotton tex- tiles. Japan has just taken the lead away from Britain exporter. JAPANESE INDUSTRIALIZATION
25/
$8.70
$17.06
19/-
1116;
-$2.70/192
$14
34
34
3147
38
$341
Lands, Hotels, and
Buildings
H.K. Hotels
361
H.K Tands... $701
$20 $14
Shangbai Lande...S.
Metropolitan Lands..
26.10
53.85
18
$137
$11.00
180
$140
Asin Realtias "A"S.
Do.
*T**
Chinese Eriates......
H.K. Realties..........................
Chins Dg5. D DebenturesS.
Hamphreysoth New Asia Hotel
$20 -397
Cotton Mille
Ewas
$117 Sha Cotton...S.
Shanghai Stockholm Vienna Yokohama Silver (spot) Silver (forward) War Loan
(BRITISH WIRELESS SERVICE.}.
Starling Parity
... 375 Drachmas
278,316 Dinars 90.43 Marks 18. ed.. per Rupės 35. Belgna 813,688 Lei 47.56d. per Paso
Jan 1
Jan. 2.
1910 Florins
8.10
9.10
559)
659)
240
240
13,01
13.03
1/0 1/18
23.40
23.42
850
330
357 5.0.
35 S.0.
99.40
16.80
16.68
2261
£26}
Holiday
1/82
1091
1001
39 9/16
39 19/32
81.13/18
011
33) S.0.
18.189 Kroner' 26.32 Franca 193.23 Marks
110 Escudos 25,29) Pesetas" 92,48 Lire
50.88d. per. Pesa
4.867 Dollars 4.967 Dollars
29.40
334 S.O. 5.13
5.13.
19,90
13
1/2 1/32
PRESIDENT Tiners
Fastest Time Hong Kong to San Francisco. Speed with Comfort.
To SAN FRANCISCO 18 Days via Shanghai, Kobe, Yokohama, Honolulu
Fortnightly sailings Pres. Wilton ....Jan. 16, Midnight Pres. Coolidge Jan. 20, Midnight Pros. Lincoln... Feb. 13, Midnight Pres. Hoover ...Feb, 23, Midnight Pros. Cleveland ...Mar. 13, Midnight
TO VICTORIA, SEATTLE 17 Days
via Shanghai, Kobe,
Yokohama".
Fortnightly sailings Pres. Grant Jan. 5, Midnight Fren. Cleveland...Jan. 18, Midnight Pres. Jackson.... Feb. 2, Midnight. Pres. Jefferson....Feb. 18, Midnight Pres. Grant...... Mar. 2, Midnight
ROUND TRIP FARES TO EUROPE & AMERICA.
Direct Special through rates to Europe via United States. connections with "all Atlantic lines.
Chaise of rail lines acrosa
United States and Canada, liberal stopover privileges for Sight-wooing. Full particulars upon application.
"
fortnightly via Suez to Europe & America
Fortnightly sailings on Saturdays via Manila, Straits. Colombo, Bombay, Suez Canal, Alexandria, Naples, Gation, Marseilles,
Pres. Harrison .....Feb.
TO
Next Sailing...
New York and Boston,
3, 8.a.m.
Feb. 17, 8 ́am. Pres. Johnson ....Mar. 8, 8. Pres. Monroe Mar. 17, 8 a.m.
MANILA
........Pres. Polk Jan. 6, 8 a.m. -
Prep. Wilson ... Jan. 9.8 p.m. Pres. Cleveland......Jan. 13, 8 p.m. Pres. Coolidge......Jan. 18, 9 pm,
Fres. Adams ... Jan. 40, 8 1.1. Pree. Jackson Jan. 97, 6 p.m. Pres. Harrison... Feb. 9,8 m.
Connecting with 8.8. MAYON T. CEBU, ILOILO, ZAMBOANGA
DOLLAR STEAMSHIP LINES
6.15
5.164
19.90
18.159 Kroner
18491 FraTICA 184.95 Kronen 2.god. per Gold Milreis
83
62 31/32
.125 v*
109)
18.150 Kronor 34.55) Schillings 24.50d. per Yen
Holiday 19.39 201
Free. Polk
Pres. Adams
21%
4) 8.0. Holiday 19.39)
1/2'16/39
Closing Quotations
January 3, 1934.
ON NEW YORK:-
..10 5/16
101
1011
Bank Bills, on demand.371
Credits, 60 days' aight.. nom
OS BATAVIA:-
On demand
ON PARIS:-
Bank Bills, on-demand 605
as an
ON LONDON:-
Telegraphic Transfer... Bank Bills, on demand Bank Bill, 4 months'
sight
54
•158
Credits, four months'
sight
Credits, 4 months' sight 645
ON
SHANGHAI : ---
O'Y SAIGON!-
On Demand
110
On demand
601
ON MANILA:
62)
On demand
72
ON BANGIOE:~
17
On demand
Telegraphic Transfer... Bank, on demand
161
BAR SILVER, per oz.
ON SINGAPORE:—
On demand
ON JAPAN :——
On-demand
ON INDIA :—
H. K. STOCK MARKET
SOVEREIGNS, Bank Buying
Rate ...
Jan.
6, Ham.
Jan. 20, 88.m
AMERICAN
Pre Hayon
LINE
PEDDIE BUILDING HONG KONG, CANTON BRANCH ~4, SHAKKI ROAD.
1/62 19 6/18
NEW
YORK
STOCK
EXCHANGE
C.P.R. PRESIDENT
AND 1934
The wonder to many will be that the blue ribbon has been taken away by an Oriental country Industrialization once seemed a western, it not a British, monopoly. The East, so full of man power, never appeared likely to develop out of the handicraft stage. But Japan is a country which is neither East nor West. Its racial strain 19 as mixed as is that of the British. I would not say that this is the
shot reason they have ahead of the British. Japan does not possess British inventiveness. It can improve, but not originate: 18.10 It does possess, however, the virility associated with national mixtures which have been well salted by the sea. And to that virility, it added an almost German regi- mentation. What a combination of characteristics for the super- man to handle! The Japanese became very live clay in the hands „Markets displayed further firm- of the superb potter- who was ness this morning, with a number Mikado in the year, 1887. He was of buying orders going unsatisfied. To All Officers and Employees.
Although for nearly five years the Emperor Mell, a sovereign | Late in the morning who, with the help of an illustrious transpired in Trams at 8211, Dairy adverse economic conditions have set of statesmen, proceeded to Farms" at $283, and Hong Kong curtalled the revenues of the Com-
Industries Lands at 8701. There were eri-pany the strenuous efforts make Japan modern.
The state har-quiries. for Wharves, Hotels and Canadian Pacific officers and em- were subsidized,
situation nessed the workers to serve them. China Lights, the market closing ployees to meet the It was what the Japanese thein- frm in all of the above.
Sales. selves call the Renovation of 1867.
Union Insurances $575. Underwriters $1.65.- Realties $51/5.85. Electrics $741.
$12.8
$12.80
813
Zoong Sinka ..... S.
370
Wing On Textiles(S.)
4117 $131 $70
Public Uilities
3211
Tramways.*****
$15
$153
Punk Trains (ok)......
[+
3100
Star Ferrice
Do (new)
171
843
Yaumati Ferrier
$931
+3
$211
$9.85 $0.50 $73
$24)
China Lighta (old)... $9.80
Do. (now)...
H.K. Electrics ****
Macao do.
Sandakan Lights.
$103
$9.00
$731
173
$231
$10
$243
Telephones (old)
$13
Do.
(new)...
441
$112
China Buses.....8.
Tractions
Do. (pre£).. eas
Industrials
$18
Malabon Sugarai
$18
321
Caldbeck, Tord.) 8.
$19 Macgregora (prot.)8.
$21
Canton Icea *********
Szą
Cements (comb.)...!
Do.
(old)...)
$2.45 $2.45
36
$28
15
Do. (Dew)...)
Hopas
MiscellaneoRK
Dairy Farmas
Amuseruante .........
(new) 50 cta
Crawfords......
Mackintosha.............
$13.10 Sinceres ..............
EARLY EXPERIENCE Of course the, process of indus- trialization was slow. For many years the " special aptitude" of the English remained supreme. Japan's chance came during the World War. With the industrial nations of the "world engrossed in war making. Oriental customers had to fend for themselves, and they began to produce poor imita- tions of western goods. Japan was the only one which ventured into spite of the export field. But. the great opportunity, the pro- ducts were up to neither standard nor pattern Matches would not ignite; pencils were found, with no lead in the middle; crockery $10.10 came to market broken and minus $22
handles. It seemed as if Japan were muffing a chance and that it would disappear. as a world-ex- porter of finished goods when the westerners. got back into their peace stride. The expectation was never realized. Japanese learned the lesson that it does't pay not to deliver goods according to sample.
12.10
$1
Der A Wings.....
$101 $2
Chi Etainment.......
Constructiona, (old)
Do.
34.45
Lane
84.45
$21
Nanyang Tobacco... $34
$13
12.10
Wm. Pawella
Watsonen
.361
$12
$2
M. Greyhounds......
SE
H. U. Enterprises ...
***
United Theatres ...
'''',
B. Ind. G. Bonds... 78%,
prem.
H.K. Gert, Loans... $:03)
Wallace Harper ................
#140 HLK Wing Co
$140
$140
$8**
Shai Dio.
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 Daily Press
Canton Agents
John H. Ferguson & Co.
32, B. O. Shameen.
13624.
CHEAP LABOUR.
YESTERDAY'S OFFICIAL
QUOTATIONS
Buyers.
Hong Kong Banks $1,825. Canton Insurances $310. Union Insurances $565," Douglases $34.
business
Benguet Explorations 31 cts. Wharves $1154.
Ewo Cottons Sh: $12.86, Hotels $8,30.
Hong Kong Lands $70 Realties $6.10.
Hong Kong Trams #214. China Lights (Old). 89.85: China Lights (New) 39.70. Electrics $73,
Telephones (Old) 8247. Dairy Farma" $28.10. Watsons 861. Constructions (New) 50 cents. Government Loans 5 per cent.
Premium.
Sellers. "Underwriters $1.65. Humphreys $11.90. Lane, Crawfords $4.45.
Mr. E. W. Beatty Reviews Prospects
ASIA LANDS, LTD., QUOTATIONS
`(INCORPORATED IN HONG KONG).
Tel. 28320-Gloucester Building, Room 308.
(REUTER'S 'AMERICAN SERVICE)
New York: January 2
30 Industrials.
Dow Jones Averages High-1882/33. Low: Dec, 30.
Jan, 1
Change
108.97
61.16 -99.00
100.36
dup
20 Raila
56.63
25.43 .40.80
40.97
.17 up
of
20 Utilities
37.73
- 18.33 23.98
23.18
.11 down
40 Bonds
89.07
73.21 81.0
84.00
.88 up
Commodity Index
60,44
41.98 44.30
"45.20
.0 up
without sacrificing operating effic- lency deserve all praise and have qualified us to benefit from any. improvement which should ac- company a renewal of trade. So far as one can judge from reliable statistical surveys conditions in Canada and elsewhere have shown signs of improvement within the last few months and if this' ink, provement continues we may look forward to a brighter year in 1934 than that which has closed. The trade of Canada' is however so much infuenced by the uncertain- ty of general world conditions, that it is wise to continue with prudence and to maintain the practice of rigid "economy.
Following the directions of Ca- nadian National Canadian Paciic Act of 1933 Joint committees of the Canadian Pacific and Cana- dian. National Railways have" been studying methods of eliminating costly duplication of services which militate against the remunerative operation of both ystem. With the appointment by the Govern- ment of the new CNR. Board of Trustees - which has full power granted under this Act to co- operate with the Directors of the Wages, of course, are not the
Canadian Pacife... Railway" Com- Cotton textiles, in which Japan criterion of labour cost. It is cost
pany it is expected that the mea- now in the ascendancy as a per unit of work. If an operative world provider, started the "Her can do twice as much work asures of co-operation which have mit Kingdom" on its Industrial another operative, and is paid been recommenced by these Com career. They have since been its twice as much there is no differen-mittees will be extended in the special solicitude. Britain noticed cial, Mr. John Grey of Burnley hope of still further improving the competition only when peace made certain calculations for plain the financial position of both rail- returned to the war-racked world goods showing that the cost of Way
I am gratified to think that Japan was responsible for as much weaving, including overhead char- as 10 per cent of the world's tex-ges in Lancashire, was no dearer the dificult years though which we have been passing have de- tile exports. "In 1923 the ratio than the cost in Japan. No com- jumped to 16 per cent, at Britain's petent student of the subject has expense, though Britain was still since put cheap labour in the van in the lead, with 47 per cent of explanations of Japan's success. British. manufacturers, feeling the pinch, began to talk about their
A royal commission, under the new rival. At first the more or less comforting explanation appeared chairmanship of Mr. J. E. Clynes that cheap labour and cheap gave the reason for Japan's ability labour only accounted for Japan's to compete as the fact that the But, as Britain's trade Japanese were more skilful than BUCCCES. declined and Japan's advanced, it the British in mixing the cheaper was felt that a more thorough-Indian cotton with the dearer going study should be made. American cottons. Then British d British missions went to the Far industry has been singularly han- East, and put the cheap labour dicapped since the war with a argument in its proper place, burden of fixed costs for debt which was somewhere near the charges which were contracted bottom. They observed that in during the war-time inflation the competition between Japanese But, over and above all, the reason arid Chinese textiles in China for Japan's success must be at Japan was winning out. If cheap tributed, I suggest, to the organ labour were the explanation of zation which has been developed Japan's success, why couldn't the in Japan since the days of the Chinese, who underlive the Japa- Emperor Melji. Japan was a bust
ness corporation- long before, the nese beat the Japanese in China?
ها
ORGANIZATION ...
monstrated so effectively the re- sourcefulness and loyal co-opera- tion of our officers and employees and feel sure that so fine a spirit will enable 114 to successfully overcome any difficulties that may for the time being hamper. our progress
Herewith I send you my sincere wishes for good health and hap- piness during the coming year. E. W. BEATTY.
world ever heard about such things as corporate states. In the cotton. industry, for instance, the whole. of the process from the growth of the raw material to the disposal of the finished product is in the hands of a handful of men who are tied hand in glove with the state. By comparison the British "Tugged are still a nation of individualists/
Asia Lands, Limited, has received the following repert form their New Yark correspondente, E A. Pierce & Co. The market was dull, prices tend- ing to soften towards the close. Motor and steel bares were the principali interesta.
Wheat: The uncertainty over monetary developments is curtailing interest and there was little pressure,
■1
Cotton: The Trade bought more liberally. Southern selling was moderate. The sction of the market reflected a decided improvement in sentiment.
Silver: Asiatic and European accounts were credited with early buying, with trade and banking connections moderate sellera, Business Done: 1,270,000 shares.
431
· 1012.
"
43
1935,
HIGH
Drv Low PER Sx
LAST SALE
Des., 30. Jan, S.
105
201
200 Air Beduction.
#00
142
49
6.00 Allied Chemical & Dye
1481
149
298
4:00 American Can.................
.081974
50
137#
702
9.00 American Tel. & Tel. :...
American Smelting..........
443
44
111
1109
Det
$4
5.00 American Tobacco
69
691
11
1.00 American Waterworks
18
18
***
Anaconda Copper Mining
142
148
28.
2.00 Auburn
542
547
211
44
Bendix Aviation
17.
17:
18.
1.60 Borden Company
201
204
904
71
Canadian Pacific
187
100+
164
J. I. Cassandr
684
88
292
0.50 Caterpillar Co....
944
25
47
170
1.40 Chase National Bank
194 Bid 101Bid
49
1.00 Chrysler Motors
87
684
3.40 Consolidated Gas of N.Y.
281
38
Curtis Wright
2
851
2.00 Du Pont de Nemours
982
3.00 Eastman Kodak,
eiques.
art
801
Electric Auto-Lite Co...
19
391
0% & Kiestrie Bond & Share ......
48
Electric Power and Light...
16
0.40 General Electric
18.
301
1.00 General Foods
401
1.
100 General Motors
Gillette Safety
272
7
24
BIZ тая 40%
1.90 Gold Dust ......
0.60 International Harvester
International Tel. & Tel: 4.00 Liggett Myers "B"
Low's
100 Montgomery Ward
201 2.80 National Biscuit
1,00 National City Bank
1.90 National Dairy Products
0.00 Otis Elevator
..
1.30 Pacific Gas & Electric ......
Packard Motors......
80 Pennsylvania Railway Radio Corpa...... Bears Boebuck
1:00 Standard Brands
Standard Gina
1.00 Standard Of Co. of
Bocony Vacuum Corpu 1.00 Texas Corporation o
Trans-America
1,00 Union Carbide & Carbon 80 Ution Pacino
United Air and Transport.. United Corporation laju United States Steel Westinghouse E & M
21 Bid
453
29***EN-CHITE922889******TRE TEN TAK 3.
18
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