1935-06-11 — Page 13

NORD LLOYD

HAMBURG AMERIKA LINIE • NORDDEUTSCHER LLOYD

KANZURG

Far Eastern Mail Passenger and Freight Service Through hooking to America via Europe and Europe via America. Booking around the world. - Through bookings to London.

OUTWARD SAILINGS

(NDL) FRANKEN"......for Shanghai, Taku. Dairen, Tsingtau, Y'hama., Nagoya, Кобо

+ (NDL), “SCHARNHORST".

for Shanghai....

17th June

22nd June

(HAL) m.v.KULMERLAND"

for Shanghai, Taku, Dairen, Kobe, Ouka, Yokohama, Nag ya.......... HOMEWARD SAILINGS

... 4th July

• (HAL)»s. "OLDENBURG" for Genon, Mareilles, Antwerp,

-R'dam., 'burg

12th Jome

* (NDL) 88. “ALSTER"...tor Genoa, Marseiller, Oran,"

Glanca, Antwerp, R'dam, Eh, Bremen *{B} .v." SAUERLAND" for Genoa, Barcelona, Rilam.,

Hamburg.... †(HAL) mv. BURGENLAND"

21st June"

for Cenon, Mllen., Rotterdam,

'burg

Prager Veksel. Limited Passenger Accommodation.

Mad Jane

"

4th July

N.D.L. HONGKONG/SOUTH SEA ISLANDS SERVICE, 6.2. "BREMERHAVEN" 26th June, to KAVIENG, RABALL, TULAGI and Porta

For further particulars and passage fares, etc. apply - HAMBURG AMERIKA LINIENORDDEUTSCHER LLOYD JEBSEN & CO., AGENTS, MELCHERS & CÒ., AGINTS,

Queen's Building, Tel. 26378, AGENTS:

12, Polder Street, Tel. 29383.

CANTON

CARLOWITZ & CO., Shakee Road.

JEBSEN &C), Shameen. B.O.

BALI JAVA

HONG KONG DAILY PRESS, TUESDAY, JUNE 11, 1935.

MONEY AND STOCKS

The Silver Outlook

(Special Air Mail Service)

London, May 25.

In the pursuit of its sliver pur- chase programme the United States Administration has excited denunciations from almost every corner of the world. The Chinese

and Mexican Governments have entered official protests. The Bank for International Settlements" 23- signs four pages of its armuai re- port for 1935 to describing the in- Jurious effects and the disturbing repercussions of the United States

programme. The Westminster Bank now devotes the May cum- ber of its review to the same topic. with similar comments upon it. and the newspapers representing high finance in France and Ger many have both lately published closely similar general condemna- tion of it, the "Temps" on May 6 and the "Frankfurter Zeitung" on May 12. On the American side the National City Bank and other great Anancial institutions have been equally critical. In fact, the United States Administration has been going counter to the advice and warnings of almost all the voices which collectively constitute International financial opinion and of some also who cannot be SO Classed

At least two of the critics men- tioned, after roundly denouncing the "sliver programme.

pause to acknowledge that they cannot un- derstand the purpose behind t so obvious is the damage and so imperceptible the benefit derivable from it. And speculators, it seems, have in the last week been won- dering whether Washington would recognise itself in error and

n Bome lease why not visit BALI & JAVA-treat: hence considerable the tales of Romance and Beauty. Through faren to Europe by steamer all the way or by steamer and Acroplane combined Special reduced round trip fares. Through

fares to Australia anel South Africa.

TO MANILA, MAKASSAR. BALI

& SOERABAIA

8.8. "

"TJIBADAK

11th June, Tou.m.

TO BATAVIA DIRECT 8.8. TJISALAK " 18th June, 11 w..

TO AMOY & SHANGHAI M.S. TJISADANE" 12th June, Noon.

May to September „Special Reduced Summer Round-Trip Fare Hongkong/Batavia. Hongkong.

H.K.$250.

For further information opply: Thos. Cook & Son, Lid, American Express Co., Inc. American Lloyd. Holland-China Trading Co., Cantou. JAVA-CHINA-JAPAN LINE York Building.

Tal. 28015.

J.L

THE WORLD'S GOLD

(Special Air Mail Service)

London, May 25. Is France to be driven, much against her own desires, to aban-

don the gold standard?

movements gire

te-

silver sales yesterday and, from China.

especially counter-messages from the United again to-day. Yet States do not confirm that but rather the contrary:

view.

ARTIFICIAL INTERFERENCE

LONDON EXCHANGE RATES

Amsterdam Athena Belgrade

Berlin Bombay Brut.... Bucharest .. Buenos Aires Copeohagen Geneva...... Helsingfors Hongkong Lisbon. Madrid Milno

Montevideo Montreal New York Oulo

Paris..... Prague

Rio de Janeiro

Shanghai Stockholm

Vicans ....... Yokohama

Sterling Parity

11.10 Florins

514 S

(BRITISH WIKHLISH SERVICE ›

June, 3.

7.321

odunent

7.33 517 8.

12.24

29.17

490

.. 375 Drachmas $76.316 Dinars 90.48 Marks

1. 6d. per Rupee

35 Belga 913,368 Lei 47.50d. per Pasc 18.159 Krone; 25.294 Franes 198.23 Marka

******

110 Esendos 35.92) Pesetas 02.46 Lire

218

12.20

13

PRESIDENT Liners

DOLLAR STEAMSHIP LINES

AMERICAN MAIL

2/4-11/16

15.20

2/4 3/16

To-

A

36 5/16

50 13/16

59 16/16

50.86d. per Peso

391 8.0.

4.887 Dollars

4.94)

4.867 Dollare

4.95)

18.169 Kroner

194.91 France 75 11/64 184.95 Kronen 16.gad. per Gold

~75 17/64

118 9/16

1181

1/71

Milreia

...boliday

...... 18.159 Кодог

Silver (spot) ....... Silver (forward) War Loan

ON LONDON:

34.58 Schillings 261

14.58d. per Y

4.951 4.951

321 324

33 1/16

33 5718

24%

31 105 15 161

31% 105 13/16

Closing Quotations

Jun 8 1433.O NAW YORK:-

Telegraphic Transfer... Bank Bilis, on demand (23) Bank Bills,mooth

right

Credita, four months'

sight

IN SHANGHAI :--

On Demand

ON SINGAPORE...

On demand

Bank Billa, en devand 5′′

Credits, 60 days got g ON BATAVIA:

Un demand

ON PARIS

UN SAIGON:-

Bank Bills, on demand 880 Credits, 4 months' aght 910

14

.On demand

hod

ON MANILA:--

On demand

314

Ox BAKUZOS:-

On demand

1981

On demand.

ON INDIA-

SOVEREIGNS, Bank Buying

Telegraphic Transfer... Bank, on demand

Rate

1521

2/41

BAR 81, per ol

................ 32 11/18

ON JAPAN:-

BIG BOND ISSUE

Nanking Approves

Shanghai, June 5.

The United States silver pro- The fptation of $70,000,000 Sze- gramme is considered by the critics | chuen Financial Readjustment

to be a typical plece of artificial Bonds was approved by the Exe- interference. with conditions incutive Yuan ‘yesterday, markets which, by contrast, considered natural. The

are

tale opens for present practical pur-

roses) at the end of 1933. Silver,

whose price in 1931 had been 15. or less than a quarter of a dollar per ounce, was then purchasable in the open market at somewhat less than half a dollar per ounce, and the United States Treasury found it to purchase newly mined American silver at 644 cents. Next, when the "open" price is still un- der half a dollar, the United States Treasury "naturalises" ail silver stocks in the United States at that price that is, pays out to those surrendering the silver $1 for every two ounces. On the contrary. it

recessary arrangements for the issue having beer completed between Dr. H. H. Mr. Shieh Ling. Special Financial Kung, Minister of "Finance, and

Commissioner for Szechuen, who left for the capital last night on his way to Chungking.

The bonds are secured on the Salt Tax at 6 per cent. and are to be redeemed in 124 years. the amount, $44,000,000 is to be used for the liquidation of old debts of the province, which are reported to amount to $73,000,000, and the remaining $26.600,000 will be appropriated for the rehabili-

tation of war areas in Szechen. Arrangements are understood also to have been completed

RISING PRICE AND SILVER

Effect on China and India

'(Special At Mail Service)--

London, May 25.

The serious effect on China and

saver due to United States policy India of the rise in the price of

is discussed in an article in the Westminster Bank review.

It is paradoxical, it is stated; that China, the country which was supposed to be helped by the silver purchase policy, is the one it has most seriously hit. China's present circumstances would be serious enough to any country, but they are disastrous in one whose Government 1$ by no means

secure and whose currency system is still in an almost chaotic condi- Lion.

Substitution of the gold for the standard could not be introduced

books the saver It purcases, both redemption of $23,000,000 in notes at the moment and a paper cur-

newly mined and dishoarded me- tal as a Treasury asset at $1.29 per ounce, thus making a large paper profit. And this price of $1.29 is indicated the Agure at: which ultimately the Administra-

Issued by the Szechuan Provincial Bank. A Ican of $23,000,000 is to

rency would be disastrous,

SHANGHAI KOBE

YOKOHAMA

LINE

HONOLULU-SAN FRANCISCO

LOS ANGELES

S.S. “PRESIDENT COOLIDGE”

SAILING FROM HONG KONG

11.00 A.M., SATURDAY, JUNE 15th ARKÍ ES SHANGHAI-MONDAY, JUNE 17th

SPECIAL SUMMER ROUND-TRIP RATES TO JAPAN NOW IN EFFECT,

DOLLAR AMERICAN

STEAMSHIP LINES

MAIL LINE:

FËDDER BUILDING-HONG KONG.

CANTON BRANCH 2004, SEAKEE ROAD.

CONSIGNEE NOTICES,

CONSIGNEES NOTICE.

THE BEN LINE STEAMERS. LIMITED,

FROM LEITH, MIDDLESBRO'

ANTWERP, LONDON AND STRAITS.

THE Steamship

- BENĹBDL”

CONSIGNEES of Cargo are hereby informed that all Goods are being landed at their risk into the hasardons and/or extra hazardous Godowns of the Hong Kong and Kowloon Wharf and Godown Co., Ltd., whence and/or from the wharves Delivery may be obtained.

No Claims will be admitted after the Goods have left the Godowns, and al Goods remaining undelivered" after the 14th Jane, 193, will be enbject, to Rent, All Olaims against the Steamer must be presented to the Undersigned on or before the 28th June, 1939, or they will not be recognized.

To comply with the General Bonded Warehouse Regulations, consignees must have Revence Officer in attendance when damaged datable goods se examined

AD

•

ebated and damaged Gooda

CONSIGNEE NOTICES.

HAMBURG-AMERIKA LINIE.

NOTICE TO CONSIGNEES.

NHE M.V.

LEVERKUSEN" having arrived, from Hamburg and Parta of call, Conngness of Cargo are hereby notified that their Goods are being landed and placed at their risk into the Hong Kong and Kowloon Wharf and Godown Company's godowns at Kowken, where delivery may be obtained as soon as the Goods are landed

Optional Cargo will not be landed bere, unless Notice has been givan 48 hears prior to vessel's arrival, but carried on from port to port to the final fert #! Call to which the option extends.

No Claims will be admitted after the Goods have left the Godowns, and all Goods remaining undelivered after e 16th June, 1985, will be ur jack. Rent.

All broken, abafed, and damaged Groods are to be left in the Godown where they will be examined on 1 Stk Jane, 196, at 10 am by one Surveyors, Mesars. Goddard & Dougla Warehouse Regulations, consignees must To comply with the General Fonded hare Revenue Officer in attendance when damaged dut'able.

goods are

are to be left in the Godowns, where ined. ·

broken. be given by the Central Bank For While the special export tax on the purpose. while the Szechuen

silver has provided the Chinese they will be examined on the 18th authorities will raise the remain-Government with a currency re- June,835, at 10 am. by Mesura, der,

serve fund, further rises in the Goddard & Douglas, price of silver must create a posi-

No Fire Insurance has been offected. Bill of Lading will be countersigned tion in which reserve funds, how-

hy ever large, could not.possibly pre- GIBB. LIVINGSTON & Co., Ltd, vent further defation and serious

Agenta.

tion intends to see silver bought for two days before taking an aero- Mi, aneh will stay in Nanking and so'd in the open market. Thereafter, by its own

plane for Chungking. Final sane- purchases in foreign markets. and

tion is expected to be given to the by the incitement thereby given to specu- Council In the near future.

flotation by the Central Political aggravation of the present Hong Kong 7th June 1928. [1500 lators, the market price is raised to about three-quarters of a dol- lar. The 64 cents paid out to local miners is evidently inade- quate, and is raised Brst to 71

cents and then to 774 cents. Thi

be

AGGRIEVED PARTIES

This country, then, through In-

troubles.

India's Position

Continuation of the rise in SERVICE TO READERS silver would endanger India's position also. If diver rises to over 48.7d per standard. ounce the

claims must reach us before. the 8th July, 1985, or they will not be recognized.

No Insurance will be effected, Billa of Lading will be counterzigzed by

JEBSEN & CO...

Agents.

Rosa 'Kong, 9th June, 1985,

(+503

BAMBURG ALËRIKA LINIE

NOTICE TO CONSIGNEES.

THE M.V.

has only just over the present mardia, is on the roster at least of

ket price in the United States, and potentials aggrieved parties. What position of India would be akin to THE HONG "KONG If the market price were any high-le pointed out that a

Is the United States design? It that of China, and the alternatives

T BIG GOLD MOVEMENTS

er the price to

desire miners must

DAILY PRESS, LTD., to would be similarly unpalatable.

“BURGENLAND” domestic silver-mine If the link with sterling were and the HONG KONG Forts of call, Consignees of Cargo are further raised again.

benefit the Recent gold

baving wrived, from Hamburg and owners, could be tar The inconvenience caused by cheaply satisfied by voting a direct its own level, dearer silver would WEEKLY PRESS, throughing landed and placed at their risk into

mare broken, and the rupee left to ind ample proof of the difficulties

hereby notified that their Goods are which have lately faced the gold silver in China, Mexico,

this rapid upward valuation of subsidy. One dismisses" the fan- bring to India the consequences bloc.

Peru, tastie theory that the silver proof a seriously overvalued currency. their London Office, at 53, Godown Company's godowns at Kowloon the Hong Kong & Kowloon Wharf & Sixteen tons of gold, valued at

Guatemala, and elsewhere has gramme is a reprisal for British That was the "question which 257,000,000 francs (£8,000,000 ap-

been much advertised. The peo-non-stabilisation of the pound or export tax or the lowering of the

This might be checked by an FLEET STREET, B. C. 4, Tel. where divery may be o

be obtained as 200M was being asked in all financial proximately at present rates), left

pl of these countries finding it an attempt to coerce Great Bri- circles of the world yesterday when Paris yesterday for Le Havre to be rutable to melt down the local tain into stabilisation. Is the Ad-latter step would no doubt be un. 3137, are prepared to give bere, unless Notice has been given 43

silver content of the rupee. The

Optional Cargo will not be landed the Bank of France announced an shipped to the USA in the linerevertiments have intervened with bimetallic world currency system popular in India and would in- Subscribers

coinage and sell it as bullion, the ministration out

hours

crs prior to Vessel's arrival, but carried increase in its rate of discount Washington. 4

and Visitors on from port to port to the final port probibitions against the export of by its own unaided effort? This melting down of coins for The Federal Reserve Board re-silver and other embargoes. It appears also fanciful. from 2 per cent.. to 3 per cent.

evitably lead to some hoarding and

of call to which the option extends, sale advice regarding accommoda- No China will be This charge is regarded as fur-ports that during Apr: the USA. the silver price were a halfpenny what the single gold standard, in abroad, but would probation available, motoring faci

admitted Goods have left the Godowns, and all

after

the ther evidence that the goid hold-absorbed $148,808.000 (£28,721,600) more than 4s. per ounce, as .com its day, was established by mea prove the least harmful solution 'ings of the countries remaining on

of gold, of which $94,890,000 pared with the present

of the difficulty. approxi-sures which might be considered the metal -standard

(£18.978,000) was from the Nether-

lities, suitable being lands and $32,510,000 (26,502,000) Government must be expected to safe to presume that the United

centres, etc. mate 38...per ounce, the Indian artificial, In any case, it is un-

shopping As for America herself, the heavily strained to preserve the from France. integrity and exchange value of the currencies concerned.

are

France is the chief stronghold of gold-backed money, and the Bank rate change has naturally given the foreign exchange, gold, and money markets of all countries a good deal to think about.

One of the first effects was to send down the prices of British Government stocks, on our stock markets yesterday.

ww

It is stated that the central gold reserves of four European gold bloc countries declined by $425,000,000 (£85,000,000) from mid March to the end of April..

to

establish a

not but

bencats she is likely to derive from do the same, and the Westminster States policy is ultimately aimless her silver purchases do not seem Bank. in its latest review, ands and therefore in the long run re- proportionate to the harm wrought it timely already to consider a degligible. At the moment of writing by the policy elsewhere, particu

berate debasement of the silver a Washington telegram announces larly in one of her nearest and rupee in order to obriate this. At a ban on

the import into the potentially largest markets. this moment, the price being some United States of silver coins from two-pence under the recent 3 Hong Kong, China, Mexico, Peru, quotation, the urgency. appears Chile, and elsewhere. At first this less than a week ago. This is 10 was taken to be part, however, merely the

a measure of con great importance, but apparenty.

In some quarters the abandon, ment of gold by France would be hailed as a first step towards cur- reney stabilisation, but the difficul- ties of stablishing on a gold basis are being increased by the Amert- can accumulations of the metal. ful' permanence,

Recipe "What is the best way to serve

sequence of a sterling apprecia- the ban does not extend to bullion tripe?" asks a lady reader. Many tion against the dollar of doubt melted from coins, and is in that people and it profitable to dish it

case of no great moment.

up as novels

Goods remaining andsiivered after the 12th June, 1936, will be biset te Beat

All broken, chafed and damaged Goods are to be left in the Godowne, where they will be examined on 11th JBDC, 1936

at 10 am, by our Burveyors, Warehouse Hegulations or signeay mast To comply with the General Bonded) have Revenue Olier in artandasco ben damared ·dutiable goods are examined, s

All Claims must reach us before the sth July, 1985, they not. be recognized

Be Insurance will be effected; Bill of Lading will be countersigned by

JRESEN & CO

Agenta,

If, when at home, they will Mesara, Goddard & Douglas. call or telephone to the above address, they will receive the wondo utmost assistance and the latest available information on all subjects of enquiry wil be placed at their disposal.

Hong Kong, 6th June, 1935.

13582