12
DAILY SHARE QUOTATIONS
Hong Kong Stock
Exchange
7.
Snarebrokers' Association
N... bark...
Buyera
Bain Nouil
THURSDAY, JULY 25..
Julları
Bayw
Salar
Lig
} Banky
$1,030 e. div.
1.K. Baus
$1,030
fox div | 2102
213)
20. (London) ... Chartered Exults ...
gart £13,
3lercantile Bics. "A"
-Da
Bank of East Asia...
£134 £31 2.34 $76
Am. O. r'iu. Corp:
34.
[Ch. Fin: Corp, Urd, S.
Dn.
Pvt
Insurances
Canton Insurances.
203
$195
110 cts
Underwriters .........
Union insuraÇOS .........
$370
$389
Juina Fires
$200
e.. Fires.............
3378 $309 $175
International Assou, d.
54
Shipping
836
Douglases
535
24
Steamboats
330
indos (prot.)
મ $30
13
Do. (det.)
*12
71/20
spells.....
71/3
up.
Waterrott
$11
Mining
Amitecooks re
169 c.71
Balatcos......
21ta.
Bengust Consolidated. 1hots
10/6
20/8
Flet-
$18
92 at $12
1 ote
10 ot./
[301 Ots)
Baguio Golt
Du
Do.
Exploration lots. Goldbeli...
Big Wedge...
Gold ever
Gold Creek........................ **
8 st.
ct...
3 stb.
United Paracales ...
12 t
Salacut Mining...l ath.
90 ats,
po Mining.
30 ats.
Itogona
13/
Kailasan
$14
Langkali (sugio) 3.
Exploramus.
"Shanghai 1825 3.
Bus A
32.30 Venezuela Gold Fids. $1.10
Docks, Wherye,
Godowns, sta.
1
*40
Providents (olu). ...
S. China Motors' A'
Do.
3201-Shanguat Laudé...a,
ان
HONG KONG DAILY PRESS, FRIDAY, JULY 26,
LIQUIDATOR PLEADS A
CHECKMATE
Very Little For Creditors
Shanghal, July, 20.
In an official statement yester- day, Mr. Frank Hough, liquidator of the American-Oriental Banking Corporation, the American-Orien- tal Finance Corporation, and the Raven Trusi Co., laid stress on the fact that very little would be available for creditors in the fin- ance corporation. Those who owed money to the American-Oriental Finance Corp. he said, while will ing to pay upon the return of the securities they had as collateral, would not do so because it is im- possible for the liquidator to gain possession of the securities, which have been re-hypothecated with other banks. .`
for liquidation, it will be realized that the work of liquidation, can- not be finished in a short space of time.
an
He often heard the Bank refer red to as an American bank. The Bank happened to be a bank established in Shanghai by American, but it was not in any way. affiliated with any bank in the United States to the extent would have that its operations been controlled by United States banking laws. Without a doubt, thousands of people entrusted their money to the Bank with this im-
cession in their minds.
1935.
NEW FORK' STOCK EXCHANGE QUOTATIONS APPEAR ON PAGE 4
CUSTOMS" WAR ENDED
Special to the "Hong Kong Daila Preșa" (Comright),]
Paris, July 24.. The approach of the orange crops in Spain put an end to the Franco-Spanish customs war
which had been raging Aercely or two weeks past. The dispute arőse because the Spanish Goy- erament suddenly applied special "devaluation tax" on all French experts" to Spain. The French Government thereupol closed the frontier for all except transit goods.
As the "export of oranges 19 one of the chief items of Spain's foreign trade. and дя oranges must be disposed of as soon as they are ripe, Spain is faced with grave losses if she is unable to sell the fruit to France. Kence Government can- The liquidation of the three rapidly
Harry Acelled the special devaluation tax. Raven companies is proceeding un- Lucker, ass'stant to the liquida- which was the cause of the whole der greas difficulties Mr. Houghtof. This branch was much small-dispute.- said. The present condition of er and, from the branch's balance
1
The liquidation of the Tientsin branch of the Bank is progressing the Spanish
under
Mr.
sheets, was in better condition than the home office, with the ex- ception of the Nichols Rug, loan account of $1,000,000. The other
Fransacean Euo Mən
ነኔ
MODERN HANNIBAL'S DIFFICULTIES
y turned into cash. In fact, a re- mittance was received in Shanghal | [Special to the "Hong Kong Dally soon after Mr. Lucker took charge
Press" (Copyright).] of $96,080.
Milan, July 24,
"Miss Dolly" arrived at Aosta on The modern "Hanniba?" and
Tuesday night at 11 pm, "both doing well." The local population
NOTHING FROM RAVEN TRUST
business in Shangha! and in the rest of China is not the great ob- stacle to be overcome. It is the internal conditions of the three companies and the m'smanage-outstanding Items are being rapid- ment of the affairs for several years back. Statements have been 33 ct made to the press by those who controlled the destinies of the enterprises to the effect that the frozen assets when thawed out would be sufficient to pay the creditors 100 per cent. Why such a statement should be made by those who should have been in timately fam iar with the real condition of the three companies is hard to understand. unless it was meant to ease their own positors. tion for the time being in Shang-
14.
$78
-76 170 ats
10-ots,
180 34
$100
hai.
..K. & K. Wharres
Do.
(old)!
$74 86 at
Ju
(new)
!su ota!
Do (new)
H.K.&W, Docks
og"
$80
Shanghai Dock S
34
New Engineerings5.
Hongsew*
Lands, Hotels, and
Buildings
$3.00
H.K. Hopeis
$3.90
$31
$31
3100
Du. 4% Debentures
Metropolitan Liauda..
$4
H.K. Man
14.
China Dua ..
$113
Do. Debentures 5.
$8.10
Humphreys Stavan
New Asa Hotel
35
Asia itvaltion “Â ̈♪.
Do, "B" D.
$88
Chinese Extatan......... ---
Cotton Mil
37 น
Eura
$5.
185
S'hai Cottsustuli,Se
$40
10.
new,
Zoong dings
Wing Un Foxtiles(15.)
$27
Publio Utilities
$121
$73
Poak Irams (vict) ...
- Da
(αow,...
'The
ǝ7%
ditar Ferrion
#76
$174
$4 $6
$597
302
Macau da,
Sandakan laghta .......)
Telepass (ou) ... $21.
a d
$8.30
$11
Do. (W) $8.1U China Budos. D
c d
31255) Tramway
317.60 Yamati Forries
Chias Ligate
HK Electrica
$13
$1.80
$2
18+ 5104
Tractions
Du. · (prof.) awam.
"Industrials
Malabon sugar.....
Caid back,
tundi, B..
Mwogregor/pref.155.
Canton Less $1.45 Lemanta
Miscellaneous
$15.80) Dairy Farının
Amusemen, de ................
$1.10 Uunstructions, (old)| $1.10
100 uts
Lane Crawfords... -
· Macaintoshe ****mains
Nanyang TobacMS, „-
Sinceras..
VNITROUS
$185
J4
Ch. Laiminents......
++++
$4.95
13.35
70 08
Wm. Powells
19
$1.35
93.
81%
อร
pram.
$55.
(LOW)
The Raven Trust Company will have 1tle, if anything, to offer to the
creditors. Considering the amount of money deposited in the the Raven Trust Company by Fublic in the form of fixed trust. certificates, the loss to the credi-
was
in high spirits and gave Halliburton and his companion
an enthusiatic welcome. Mean- while it is reported that the American journalist has struck two more unforeseen snags. First the Italian Government Insisted on frontier his depositing at the half the value of the elephant, then no soper was this paid (after great difficulties) then. It but that the frontier: turned was impassable til the animal had satisfied a strict veterinary
Transocean Kuo Min
will be terrific. The fact. that the other companies had operated for some time past on overdrafts in the Bank, amounting to nearly two million dollars. In- dicates that a great deal of the cash put into the Raven Trust Com- any and the Finance Corporation was wasted
The Finance Corporation pre-examination—
a problemn and very little serits will be available for the creditors. The practice of re-hypothecating with other banks and E A. Perce & Co. in New York of customers' Securities, even when' wholly owned by the bustomers, placed in the Finance Corporation as collateral against loans or margin accounts, has created a situation that is ex-
Those who
owe
2.9
EX-KING INTENTIONS
[Special to the "Hong Kong Dally Press) (Copyright)1
Take the Bank, for example, he said. A fairly large percentage of the loans outstanding, which were carried as assets, were loans to affiliated companies, which the officials must have known were worthless. Many loans have been carried on the books of the Bank as assets, which, if ordinary busi- ness judgment had been used. would have been written off sever- al years ago as uncollectable and worthless. Many such loans had no security backing and of many of those that had the security was .worthless. To attribute the failure
Budapest, July 24. Ex-King George II of Greece of the three companies to bad
the declared immediately after business conditions or the Roose-remely bad. velt silver policy was stretching a money to the Finance Corporation, recent London conversations with Chle: burgomaster of point. The condition of the three while willing to pay upon return Kotzias,
Athens; reports the Berliner Tage- companies had been for several of the securities they have 184 " years unsound, Mr. Hough said, collateral, will not do so because blatt, firstly that under no circum- #425
and he feels from what he has it is impossible for the liquidator | stances would he return to Greece seen that liquidation would have ga'n possession of these securi-As the result of a "Coup d'Etat" if the restoration is made been forced even if general bust-des, which have been re-hypothe- even
by this cated with other banks. In other possible
procedure; ness conditions were good.
words, there is no money in the secondly even after the plebiscite
conducted in a the though Finance Corporation for
quidation's obligations to other free from all forms and pressure will not claim his rights as King free the customers' banks" to
of Greece unless in his opinion securities they hold as collateral.
is so great as to Mr. Henry 8. De Vault, the audi- the majority effort to uncover assets which can be turned into tor, has his organization working guarantee that his return would
cause no disturbance in the coun cash. Such work takes time and 'n the three companies which are
try.- patience. He is conscious of the in liquidation, as well as in the
Transocean Kuo Vin fact that the interested creditors Asia Realty Company. The com- and the public are anx'ous to plete statement and analysis of know the truth, but, when it is each one of the companter will be considered that it has taken some given out within the next two
These statements years for the three companies to month. work themselves into the position show the exact condition of the which caused the officials to apply four companies mentioned.
אן
t:
TIME AND PATIENCE
ה!
staf employed
the liquidation are working hard to unearth facts and figures and trace back for some years various Items in an
$1.80
$10.70
NEW YORK
#42
bets
$2}
$3
H.70
3
M. Greyhounds......
's. U. Enterprism .....!
Ch,G,61926. Bds. 52%
pre... Goru, 4% unane 017
Wallace Harper
Do.
STOCK AND
COMMODITY QUOTATIONS
(Through Renter's Agency)
New York-London
Cotton, October
312
V
Cotton, May
Rubber, December .....
H.K. Wing Un
193
8'
Do.
#58
Chicago Wheat, September
Vibro Fileng....! $24
AIR EXERCISES OVER LONDON
刂
GOODWIN BETWEEN FORMER ENEMIES.
(Special to the "Hong Kong Dally
·Press" (Copyright))
J
The
Chicago Wheat, December
Corn, September
"Corn, December
Last.
July 25 Close" Open 10.20 10.40 11.00
4951.
495) 4951 4957 11.50 11.48 11.50 11.39 11.40 11.40
.12.13 12.10 12:15
874
11.51
11.42
12.03
98
851
881
891
761"
631
64
761
431
87+
761
834
STOCKS
441 44
44
Consolidated Gas of N.X
25#
201
261
261
81
B
87
87
371381 381 38
381
''':', ទទួ
94
407 411
American Smelting
EL Bond and Share
General Motors
Int. Tel and Tel. Loew's Inc.
Montgomery Wi
NX. Central Standard Oll: Co; of N.J.
London, July 24. An official communique on last night's air exercises, issued from
Berlin, July 24. the Air Ministry, shows that Lon-
British Legion's visit "da don is not so vulnerable as unoff- clal comments had led many to character sed as an important step forward on the way to the con- think Fighters can be said to have inflicted very heavy casualties cillation of the nations and the
establishment of peace, by the forÜ8. Steel. among the attacking force.
Last evening eight.squadrons of mer President, Colonel Crosfield bombers carried out raids, and and a member of the delegation, only one full squadron completely Captain Hawes, in an interview, evased the defending fighters given just before their departure During the night thirty ralds were on Tuesday, which was published carded out and 11 of these were in the "Berliner Tageblatt" on intercepted and the early morning Wednesday.
The object of our journey" sta a concentrated attack on London targets was made by eight squated the British ex-soldiers, "was to drons and seven were intercepted gain the true impression of Ger- many, and this object has been
completely atta'ned. We must say that before our arrival we had not the proper knowledge of the pre- sent day in Germany where we find great importance attached to keeping the front fighters' spirit alive but we found no evidence that the doctrine of hate is being taught"
t8
Will
401
· 313 32. 321 321 321 181 184 184 181 181 461
461 461 481 411...... 413. 14130141304414.
mammer
11
FRENCH AND BELGIAN PREMIERS MEET
'Special to the "Hong Kong Daily Press"}
by Telegraph. Copyright, ' Tals
Ordinance. Meruyor
1894 graphic Received, July 25, 4-50 p.m.)
Paris, July 25. Lengthy conversations took place on Wednesday between M. Lavaj and M. Van Zeeland, the Belgian Premier.
Asked later what the talk had been about, Van Zeeland said his mission had been to thank the chief of the French Government for the honours conferred on the late Belgian Ambassador, who died last week.
When the same question was but to M. Laval, the Prerch Pre- mier declared that all the ques- tions that were interesting both France and Belgfum were discuss- ed, and in particular matters' con- cerning the coxhmon frontiers. Trapani Kuo Mir
ANTI-GERMAN FEELING
Washington, July 24
A resolution demandag an in vestigation into the question of whether the United States would- be warranted in sever'ng diploma- i' tic relations with Germany: is be The British Legion delegates con- ing prepared by the Democrats in cluded by saying that they regard the Senate it as their duty to remove mistrustSenator King is leading the in the'r own country in order to movement, declaring that Hitler's facilitate the rapprochement of the Government has been the oppres nations and expressed the bellet sor of Jews and Catholics and has that with goodwill and hardwork falled to discharge its obligations
to the United Blated this goal is attainable. Franiocran Kua Hin,
MEMBERS.
S E. Levy & Co.
7. IK HOUSE BIABET INVESTMENT BANERES 4 BROKERS
NEW YORK CUTTON EXCHANGA
COMMODITY EXORANOM, INC, 37.
CHIQAUD BOARD OF TRADE E
CANADIAN COMMODITY LACHAN E, INC
CORRESPONDENTS 2^8
WHITE, WELD & CO. NEW YORK
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by
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FROM
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1. AND
ALL BOOK STORES.
THE TAIKOO DOCKYARD & ENGINEERING COMPANY OF HONGKONG, LIMITED.
BUILDERS OF ALL CLASSES OF SHIPS. BUILDERS OF RECIPROCATING STEAM ENGINES. BUILDERS OF MARINE AND LAND BOILERS. BUILDERS OF TURBINE MACHINERY
Under License From Messrs. Parsons. BUILDERS OF DIESEL ENGINES
Under Special License
From Messrs. Sulzer Bros., Winterthur, Licensed To Manufacture Lanz Perlit Iron, Specially Suitable
For Internal Combustion Engine Working Parts.
DOCK &
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FOR DUCKING VERY LARGE, AS WELL AS SMALLER VESSELS,
ON ANY TIDE.
ALL CLASSES OF SHIP, ENGINE AND BOILER ́· REPAIRS AND EXTENSIVE
WELDING, BOTH ELECTRICAL AND OXY- ACETYLENE SKILFULLY AND PROMPTLY CARRIED OUT.
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HONG KONG, CHINA & JAPAN.
TEL, ADDRESS: Afroobock," HONG KONG. TRLEYHOSE: 30211.
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