1934-02-17 — Page 13

Ballere

-

Sharebrokers'

Association

61m

Bayar

DAILY SHARE QUOTATIONS

Hong Kong Stock

Baysi

Exchange

$1,835

FRIDAY.

Nominal FEBRUARY 16,

53373

Banks

H.K. Banka **** $1,895

Do. (London) ...

Chartered Banks... Hercantile Bks "A"

Da..

Bank of East Asis,

Insurances

$230

F18 eest

£12

308

N. 0. & 3. Barka

$20

Am O. Fin.Corp:

8.

$1

Ch. Fia. Corp. Ord. 3.

Do.

Prof. S

Canton Insurances...

9310

$1.60

Underwriters

314

3670

Union Insurano... 1860

$5.5

China Fires****

3425

$286

16.30 Laternational Assce..

FI.K. Fires.

$376

Shipping

$35

Douglases

#12)

Steamboate

130

Indoa (pref.)

$33

Do. (def.)

Shella

$11

Waterboate

32.60 80 gta. $14

185 ats.

$40

Balatcos

80 ete. Amtamoks

42 ota. Baguio Gold

840 Benguet Consolidated

خاب 130

971

HONG KONG DAILY PRESS, SATURDAY, FEBRUARY 17, 1934.

MONEY AND MARKETS

THE EXCHANGE MARKET

MESSRS. ROZA BROS.

REPORT

LONDON EXCHANGE RATES

Silver prices rose to the extent of 5/16 over the holidays, quotations being 20 3/18 for Ready and 20 for Forward. Silver ad- vices reported speculators as hav- Ing operated both ways. The tone

America the Helsingfors was uncertain. In

Lisbon.... rate was substantially higher at 45 Hongkong

was The market

Madrid 3/8 for Bpot.

Geneva

(BRITISH WIRELESA SERVICE)

205 12.89

1/8 3/32 21.79

Оп Amsterdam Athens

Sterling Parity

Feb. 19.

the

Belgrade... Berlin ...... Bombay Brusseln Bucharest Buenos Aires Copenhagen ......

19.10 Florin 373 Drachuse 276,318 Dinars 20.43 Marks 1a. 8d. per Ruper

7.571

Feb. 14. 7.55

534 S.

525 S.

227

12.914

1/8 1/16

30 Belgus

21.884

..... 813,568 Lei"

510

510

47.58d. per Pesa 18.159 Kroner $5.294 Franca 193.23 Marka

36 8.0.

361 8.0.

22.40

22.40

16.58

15.72

228

2281

1/6

1/81

110 Escudos 25.22 Pesstas

109%

1091

37 19/32

37 15/32

92.48 Lire.

58

57 13/18

50.88d. por Peso

371 8.0.

98 8.0.

5.08

5.071

5.04

5.031

Osto

18.159 Kroner. 19.90

19.90

Paris......

Prague. .................

124.21 France 164.25 Kronen

77 11/32 1031

77.3/32

1113

The

Rio de Janeiro ... 98.90d. par Gold

Shanghai Stockholm,

4 3.0. "1/48

41 8.0.

1/41

19.394

19.39+

Vienna.

28+

281

24.584. per Yen

1/21

191

1/2 9/32 201

.19 15/16

24% 101 15/18

20 5/18 2017

New York advices reported the Milan

Montreal opening rate at 5.03 and the Montevideo New York closing rate at 5.03). The market was steady.

STO

firm.

$181

230

$35

$11.

$11

78 CIA.

49 ct, $381

21/32 fot

116 ata.

[321ots. Do.

Exploration

Do. Goldfield

26 at

Big Wedge.....

Hi

Gold Creok..

$7

Itogona

Ipo Mining..

98/9

Kailans

****

$7

$17

Langksts (single) B

$17

$1.50

Explorations...... B.

16.80

Shanghai Loans 8.

$8.40

Raabs teen...

Tronoh Mines

19/-

Venezuela fold Fide

381

$118

H.K. & K. Wharves

$118-

$3 70

39.75

Do. (new)

80 ot.

86 cta.

H,K. & W, Docks

$13

W

$2

SR

Do.

"A"

$140

Shanghai Docks S.

33 *** $146

$6.80

New Engineering 8.

***

$354

Hongkow

Lands, Hotels, and

38.30

36.33

$8.33

4773

328

$14

$6.30

$22.6

Docks, WhaZTOS, Godowna, eta,

Providente (old)

S. China Motors' A

Buildings

H.K. Hotels

H.K Landa... 373

Shanghai Landa...8.

Metropolitsa Lazda..

H.K. Realties..........

$15 China Dod

Do DeboaturesS. Humphreys

New Asia Hotel'

$140 Asia Realties "A".

Do.

3137

$11.30

$13, Ewas...

Shan Cottons......S

Market

Steady at the opening but lat- er armed up considerably. tone was strong.

Sterling

The market opened with sellers Yokohama

near

at 1/6 5/16 but business was soon Silver (spot)

de-silver (forward) done at 1/6 11/32 for

War Loan livery followed by transactions at 1/8 13/32 for March. 1/6 7/16 for pear, 1/61 cash, 1/6 17/32 March, cash, and 1/8 9/16 March and also for February. The market closed at lunch time with sellers at 1/8 17/32 for February and 1/6 probably at 9/16 March, buyers 1/6 9/16 for cash and 1/6 19/32 March.

U.S. Dollars

Business was done early in the morning at 384 for cash but sell- ers soon came out at 38% at which rate business was done for March delivery followed by transactions delivery. Subsequently for near

39 was done for March and also last day of February. The market closed at lunch time with sellers at 38 15/16 for near and 39 March, for cash Buyers probably at 38 and 39 1/16 March,

Yen

:600

ex div. 3113

Nominal, 129.

"BE.

$20

397

Chinese Estates.....!

Cotton Mills

$134 14

$118

813 Zoong Sings......S.

$131.

170

Wing On Textiles/S.) $70

Public Utiliting

Tramways.********

($22.00

*322.60|

$15.00 Poak Trains (old). 372

Do. (new)...

Yaumati Ferries...

China Lights (old)... $9 60

Do. (now)..

Do. Rights

H.K. Electrica ...*****

Macao do,

Sandakan Lighta...

Do. (old)...

315)

371

$95

323

18.70

+6#

$78

Shanghai Dollars Sellers at 110 for cash.

Shanghai

sellers

Early advices indicated at 1/4, 7/16 but subsequently the market frmed up to 1/4 11/16, buyers probably at 1/43 for cash.

U.S. Dollars.

Opened with sellers at 347-but the selling rate gradually, rose to 351. buyers probably at 351 cash.

IN THE AFTERNOON

Strong.

Market

Sterling Business was done at 1/5 19/32 for March followed by transac tions for cash and 1/6 March and cash. Towards the close 1/8 21/32 was also done for March de- livery, finishing with sellers at 1/6 February and 1/5 21/32 March, buyers at 1/6 21/32 for cash and 1/8 11/16 March.

U.S. Dollars."

.

1944

Star Ferrien

$941

39 EU

101

123

E

#251

Telephones (old}

$28

$:3

Do.

(new)

$14.85

$73

China Buses......8.

48

Tretions

15/.

Do. (pref.)....

Industrials

5141

Malabon Sugar

$16

$21

Caldbeck, Yord.) 8.

$19

Macgregora (prof.)8.

Canton Ives

$1.80

Cements (comb.)....

31.90

53

Do. (new)...

$1.90

$7.10

Ropes

$6.30 $81

...

Miscellaneous

$291

Dairy Farma suosmens Der A Wing.........................

$20

Amusemente "ma i

$5

$101

Ch. Rainmont......

$10

12

52 ct.

Constructions, (old)

Dio.

$1.90

new cta

34.10

Lane Crawfords......]

$4.10

Macintosha zizoniert

Nanyang Tobacco.... $4

313.10 Binceres ...............

**131

37.80 Watsons

17.60

U.S. Dollars...... Sellers at 35 3/18 for near, buy- ers at 35 5/18 February.

$7:00

Wm. Powells....

31.10

$2

M. Greyhounds...

8. C. Enterprises

$13

32

United Theatres... 6.

81

B. Int. G. Bonds....E0%

18

Wallace Harper.....

3140

,מוות

HB. Gort, Loans... $106

A.K. Wing On

S'ha Do.

Asia Lands Limited

Gloucester Building

Tel. 26631 (Two lines)

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 Agenta.

John H. Ferguson & Co.

39, B, C. Shamsen.

Tel. 18624.

4867 Dollars 4.867 Dollar

Milreis

18.159 Kronor 34.56 Schillings

Closing Quotations

ON NEW YORK!-

Bank Bills, on demand 274 Credits, 80 days' sight.. nom OS BATAVIA Z

On demand

Credita; 4 months' sight 615

February 16, 1934..

ON

LONDON!-- Telegraphic Transfer... Bank Bills, on demand Bank Bills, 4 month

sight

I BE

ON PARIS:***

Credits, four months'

Bank Bills, on demand 57"

sight

1/02

ON

SHANGHAI:---

ON SAIGON:

On Demand

110

.On demand

ON MANILA:-

83

On demand

ON BANGKOK :-

On demand

1241

On demand

Telegraphic Transfer...

Bank, on demand

ON SINGAPORE:--

On demand

ON JAPAN →→→

ON INDIA:

SOVERSIONS, Bank Buying

Rate

BAR SILVER, per ok

5:

742

1241

20 3/16

MR. R. MCKENNA EXCHANGE DIFFI-

On Inflation's Part In British Recovery

CULTIES

China And Argentina

"Deliberate inflation" as the

(Special Air-Mall Service)

London, Jan. 27," most important element in Britain's trade recovery was commented up- on by Mr. Reginald McKenna,

Last week's article has opened up chairman of the Midland Bank, as interestisg inquiries on the working the bank's annual meeting of the Eastern exchanges, and one's London recently.

sympathies are all with those who After criticising the

encounter difficulties, since admit- to a managed currency, he added: tedly the problem of silver and the

There is similar shrinking from exchanges recognition of the fact that infia-

objection!

tion is sometimes destrable. The

word inflation is in constant use

as a term of reproach; but just as deflation may be good or bad ac

at the cording to the conditions time it is put into operation, so also with inflation.

is,

'metaphorically The principal stumbling-block speaking, rather a Chinese puzzle.

rates, or, rather, the finding of appears to be the method of quoting equivalent rates, and the writer has been urged to be as simple as possible in his explanations. ·

At the risk, then, of treating "Not a voice has been heard 'in protest against the inflation we readers as babe and sucklings" in have, experienced in the past two these matters, examples are given years. The fact that inflation haut illustrate the conversion of one been undertaken quite deliberately Eastern currency into another. on a large scale is simply ignored, Suppose a merchant has a rate in Business was reported at 39 1/18 and the fact that this inflation Hong Kong dollars and wishes to for near delivery. The market has been the most important ele- find the equivalent in Straris dol- are, say, Is, Ed. and 2s, 4d respec- closed with sellers at 39 for nearment in our trade recovery receives lars, and that the rates on London tively. In all such calculations it no grateful recognition. and 39 1/18 March buyers at 39

Bank Deposits for near and 39 3/16 March.

"The public are not in the hablis wise to work equivalents per 100, Shanghai...

as closely at Mathematicians dislike this rule, as of observing variations in the and to adopt that bete noir of quantity of money variations in the Bank rate, but mathematical masters, chain rule. the figures of bank deposits show it is supposed to lead to mechanical the great increase since February reasoning; but, all the same, it is much used by Eastern exchange 1932 of nearly £300 millions. much additional purchasing power operators. With two such quota- has been put at the disposal oons the computation may be set

Straite $ . =100. H.K, $ the public by the action of the out in this way:--

If I HK. 8, 14 pence Bank of England in buying first

1 Straits $ and 998. securities and later gold.

== 50 Straite $

Firm. Sellers were indicated at 1/41 for near, buyers at 1/4 cash.....

H.K. STOCK MARKET

WEEKLY REPORT

BC

100x14

19:3

"We have seen a revival of busi- ness and a return to employment. accompanied by a comparatively slight rise in the price level; but

Now, if the Hongkong dollar as the recovery has not been at- tended by any of the dreaded hor stood at is. 2d., owing to a low price rors of uncontrolled inflation, no of silver, it would be natural, as one, recognises it for the deliberate stated Inet week, for local dealers in Singapore to order their goods inflation which it really is."

The Government policy of chear from Hong Kong rather than from Consisting, as it did of barely three working days, owing to the and abundant money, primarily London, since for every $100 Hong for the specialKong curranty they would have to intervening China New Year, it was embarked upon

13

PRESIDENT Liners

N.

Fastest Time Hong Kong to San Francisco. Speed with Comfort.

To SAN FRANCISCO 18 Days via Shanghai, Kobe, Yokohama, Honolulu

Fortnightly railings Pres. Hoover ...Feb. 24, 10 am. Prea Cleveland...Mar. 13. Midnight Pres. Coolidgo...Mar. 24, 10 am. Prem Taft Apr. 10, Midnight Fros. Hoorer....Apr. 21, Midnight ROUND TRIP FARES TO

TO VICTORIA, SEATTLE 17 Days

via Shanghai, Kobe, Yokohama

Fortnightly sailings Pres, Grant... Mar. 2, Michight Pres. McKinley ...Mar. 18 Midnight Free, Jackson.....Mar. 30, Midnight. Apr. 13, Midnight Pro. Jefferson

EUROPE & AMERICA,

Direct

Special through rates to Europe via United States.

Choice of rail lines across connections with all Atlantic lines. United State sid Canada, liberal stop-ovar, privileges for Sightseeing. Full particulare upon application.

Fortnightly via Suez to Europe & America

Fortnightly sailings on Saturdays vis Manila, Straits, Colombo. Bombay, Suez Canal, Alexandria, Naples, Ganos, Marseilles, New York and Boston,

Pres. Eaves ... ...Feb. 17, 8 a Pres. Johnson "......Mar. 8, 8. Pres. Monroe ..... Mar. 17, Fam. Pra Van Buren.Mar. 31, 6 am.

Pro, Garfield Apr. 14, 8 a.1). Pres. Polk.....Apr. 38, 8.m. May 15, 8 a.m. Pres. Adams ........ Pres. Harrison May 26, 8 mm.

TO MANILA

Next Sailing.............. Pres. Hayes Feb. 17, 8 a.m.

Pres. Grant ....... Feb. 24, 6 pm. Pres. Johnson Mar. 3,8 a.. Prea. Cleveland. Mar. 8,6 p.m. Pres. MoKinley ...Mar. 10, 6 pm.

"Pres. Coolidge.......Mar. 15; 9 p.m. - Pres. Monroe........Mar. 17, 8 am Pras. Jackson.......Mar. 14, 6 p.m. Pres, Van Buren... Mar 31, 8 BES

Connecting with 8.8. MAYON TO CEBU, ILOILO, ZAMBOANGA

STEAMSHIP MAIL

DOLLAR

AMERICAN

YEDDEZ ZUILDING-HONG KONG.

CANTON BRANDE :Ą, SĦAKËR, ROAD.

LINES LINE

NEW YORK STOCK EXCHANGE

ASIA LANDS, LTD., QUOTATIONS (INCORPORATED IN HONG KONG).

Tel 28380-Gloucester Building, Room 308.

"{REUTER'S 'AMERICAN SERVICE)

New York: February 16.

Dow Jones Averages High-1933/34. Low: Feb, 14.

20 Industrials

20 Rails

20 Utilities

"40 Bonds

Commodity Index

Change 108.30 1.6% up

Feb., 15.

110.74

30.18 106.78

56.94

25.43 30.70

31.84 1.14 up

37.73

19.33 28,66

**01.40 80.44

78.31 91.49

: 41.99 54.64

29.16 ..50 up 91.9 60 ap 54.92.38 up

-Axia Landa, Limited, has received the following report from their New York correspondents, E. A. Pierce & Co. It seems that the course of the market since the end of last week tas demonstrated that the irregularity was not fundamental and was simply a temporary break. So long as general business news continues favourable, with principal business indices showing increased activity, we think that the buying side is relatively safe. Wheat: Market dull. The strength of securities and cotton helped by European political news restrains pressure, although the Liverpool market was not disturbed.

Cotten: The rally attracted Southern selling and there was quite a bit of realising. There was some uneasiness due to delay in the passage of the Bankhead Measure.

Silver: The general undertone was steady in sympathy with the stocks market and on continued talk of remonetisation possibilities. The banks were big sellers.

Business Done: 2,880,000 shares.

1935 HIGH Low +

434

181 161

LAST SALE

Div. $

Feb., 14: Feb, 16,

PRE SEL

$1014

3103

4

119

471 3.00 Air Reduction

1514

154

156

704

LU%{

49

8.00 Allied Chemical & Dre 4.00 American Can

105

1062

18

101

-#

American Radiator.......

497

501

55

10

-

American Smelting..

1214

1221

13st

$6

9.00 American Tel & Tel.

+!

76

782

944

603

6.00 American Tobacco

231

234

1.00 American Waterworks...

18+

171

2x

Anaconda Copper Mining

531

5143

841

31

2.00 Auburn

Bendix Aviation

.201

-217

226

25 xd

25

31⭑

18

160 Borden Company

20%

76.

-Canadian Pacific

79.

814

103

But

alg

0.50 Caterpillar Co........

30 xd

317

40%

157

1.40 Chase National Bank

28 bid - 291bla

561

-581

1.00 Chrysler Motors

31 3.40 Consolidated Gas of N.Y."

432

432

4+

41

Curtiss Wright

3

1021

2.00 Du Pont de Nemours .........

1004

1024

46

3.00 Eastman Kodake

88+

90

24

10

Electric Auto-Lite Co.

27

281

48

10

#%, Electric Bond & Share ......

198

201

Electric Power and Light...

0.40 General Electric

221

1.60 General Foods ....Se

301

41

10

113

201

151

not to be expected that the past object of converting national debts pay only 50 Straite dollars. Given week could be an active one. to lower interest rates, had been a rise in exchange, owing to an ap-201 Rates, however, remained quite in farce for nearly two years, he preciation in the price of silver to, steady throughout the period, and said, and the success of the policy say, 18, Bd. for the Hong Kong in maintaining the general aver-dollar, by the same chain of reason- even to-day, although the resump-

100% 18. tion of business was purely nomin-age of prices at a level which rening we find t al, buying orders for different sec-dered production profitable was to- tions of the list were not lacking.

Business Done During The Week.

Hongkong Bank, $1835. Union Insurances, $575 $576. China Providents (New), 75 cta.

85.cts.

Hotels, 86.35. Tramways, 822.60. Star Ferries, 3941. China Lights (Old), $9.80. Telephones (Old), $28. Telephones (New), #13. Canton Icea, 81.80.- Antamoks; 80:cts. Benguet Explorations,

32+ cts. China Buses; Sh. 813.40.

day beyond question.

"For the time being; there in ne need to

BG

84.28

concern ourselves with and therefore 100 Hong Kong dol- any metallic basis for our currency.lars are worth 04.28 Straite dollars. Our own standard, based on the In other words, the local dealer general commodity price level, would have to surrender 14.22 the one best suited to the needs of Straits dollars more than be would of population; when, owing to a low price of the great masses

silver, the Hong Kong dollar was throughout the world...

Until the world has learned how, rated at 18, 2d., and as this repre to secure exchange stability with senta a high percentage on the cost out leopardy to stability of pur of the goods, he naturally tends to chasing power, our inflexible task place his orders in Singapore rather must be to demonstrate that wise than buy them through Hong Kong management of a monetary unit Hence the Hong Kong mercantile cts with no axed attachment to gold agent's buying from London falls is both practicable and in its-re-loft and that of the merchant in suits highly beneficial" Bingapore increases.

378

22

1.00 General Motors

1. Gilletts Safety

1.00 Gold Dust

0.60 International Harvester

International Tel. & Tel.

4.00 Laggett & Myers" "B"

Montgomery Ward

+86 x 85

84

100 Loew's lo

322

82

337

31

980 National Biscuitumikian

1,00 National City Bank

281bid

·201

1,20 National Dairy Products

157

0,00. Otis Elevator

17

17

-10 Pacids, Gas & Electric IKE

Packard Motor

21

44

38 xd 271

Radio Corpn.

7-

17

wha Pennsylvania Railway

Sears Roebuck ...

1.00 Btandard Brands

Standard Gas The 1.00 Standard Oil Cof

*Jersey

Bocony-Vacuum “Corpn.

1.00 Texas Corporation

Trans America

1.00 Union Carbide & Carbon

22

194

30+

133

∙101 MIT

80

144.

234

101

404

Union: Facise

130

United Air and Transpor

United Corporation wit

United States Steel

571

Westinghones E. & K

•BRESTRES***CER REEFSETFEE